STOLT-NIELSEN S.A.                                  [LOGO OF STOLT-NIELSEN S.A.]

c/o Stolt-Nielsen Ltd.       Tel: +44 207 611 8960
Aldwych House                Fax: +44 207 611 8965
71-91 Aldwych                www.stolt-nielsen.com
London WC2B 4HN
United Kingdom

            STOLT-NIELSEN S.A. PURCHASED 100,000 OF ITS COMMON SHARES

LONDON, ENGLAND - FEBRUARY 28, 2005 - Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo
Stock Exchange: SNI) announces that Stolt-Nielsen Transportation Group Ltd.
(SNTG), a 100% owned subsidiary of SNSA, purchased today 100,000 of SNSA Common
Shares on the Oslo Stock Exchange at an average price of NOK 210.25 per share
(approximately $31.15 at the current exchange rate). The shares were purchased
in accordance with the repurchase program announced on August 25, 2005,
authorizing Company to purchase up to $200 million worth of its Common Shares or
related American Depositary Shares.

Accordingly, in conformity with applicable Oslo Stock Exchange requirements, we
report that Stolt-Nielsen S.A., through its wholly-owned subsidiary,
Stolt-Nielsen Transportation Group Ltd., after this transaction has the
following ownership (in the aggregate) in Stolt-Nielsen S.A., whose Common
Shares are secondarily listed on the Oslo Stock Exchange with primary listing
(through ADS arrangements) in the United States:

Total number of Common Shares purchased: 100,000
Total number of Common Shares owned after purchase: 1,711,650
Percentage of issued shares of such class of shares following such purchase:
2.6%

Including today's purchases, the Company has purchased Common shares totaling
approximately $58.0 million under the $200 million repurchase program announced
on August 25, 2005.

All Common Shares purchased by SNTG are classified as non-voting shares held in
Treasury and issued but not outstanding.

Any further buyback transactions will be disclosed through the disclosure system
of the Oslo Stock Exchange, a press release, and on the Company's website at
www.stolt-nielsen.com.

Contact: Richard M. Lemanski
         U.S. 1 203 299 3604
         rlemanski@stolt.com

         Jan Chr. Engelhardtsen
         UK 44 20 7611 8972
         jengelhardtsen@stolt.com

ABOUT STOLT-NIELSEN S.A.
Stolt-Nielsen S.A. (the "Company") is one of the world's leading providers of
transportation services for bulk liquid chemicals, edible oils, acids, and other
specialty liquids. The Company, through the parcel tanker, tank container,
terminal, rail and barge services of its wholly-owned subsidiary, Stolt-Nielsen
Transportation Group, provides

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                                                    [LOGO OF STOLT-NIELSEN S.A.]

integrated transportation for its customers. Stolt Sea Farm, wholly-owned by the
Company, produces and markets high quality turbot and Southern bluefin tuna. The
Company also owns 25% of Marine Harvest, the world's leading producer and
supplier of farmed salmon.

FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These statements may be identified by the use of words
like "anticipate," "believe," "estimate," "expect," "intend," "may," "plan,"
"project," "will," "should," "seek," and similar expressions. The
forward-looking statements reflect our current views and assumptions and are
subject to risks and uncertainties. The following factors, and others which are
discussed in Stolt-Nielsen S.A.'s public filings and submissions with the U.S.
Securities and Exchange Commission, are among those that may cause actual and
future results and trends to differ materially from our forward-looking
statements: the general economic conditions and competition in the markets and
businesses in which Stolt-Nielsen S.A. operates; changes in the supply of and
demand for parcel tanker, tank container and terminal capacity in the markets in
which Stolt-Nielsen S.A. operates; changes in the supply and demand for the
products we transport, particularly the bulk liquids, chemicals and other
specialty liquids that form the majority of the products that Stolt-Nielsen S.A.
transports; prevailing market rates for the transportation services that
Stolt-Nielsen S.A. offers; changes in bunker fuel prices; the cost and
feasibility of maintaining and replacing Stolt-Nielsen S.A.'s older ships and
building or purchasing new ships; the outcome of legal proceedings; the outcome
of discussions with customers concerning potential antitrust claims; the impact
of negative publicity; environmental challenges and natural conditions facing
Stolt-Nielsen S.A.'s aquaculture business; the impact of laws and regulations;
uncertainties inherent in operating internationally; Stolt-Nielsen S.A.'s
relationship with significant customers; the conditions and factors that may
influence the decision to issue future dividends; the market for long-tem debt
and operating hazards, including marine disasters, spills or environmental
damage. Many of these factors are beyond Stolt-Nielsen S.A.'s ability to control
or predict. Given these factors, you should not place undue reliance on the
forward-looking statements. Should one or more of these risks or uncertainties
occur, or should management's assumptions or estimates prove incorrect, actual
results and events may vary materially from those discussed in the
forward-looking statements.