Stolt-Nielsen Limited                                          [GRAPHIC OMITTED]

A subsidiary of               Aldwych House               Tel:  +44 207 611 8960
Stolt-Nielsen S.A.            71-91 Aldwych               Fax:  +44 207 611 8965
                              London WC2B 4HN             www.stolt-nielsen.com
                              United Kingdom

NEWS RELEASE
                                                    Contact: Richard M. Lemanski
                                                             USA 1 203 625 3604
                                                             rlemanski@stolt.com

                                                             Valerie Lyon
                                                             UK 44 20 7611 8904
                                                             vlyon@stolt.com


              Stolt-Nielsen S.A. Reports Third Quarter 2003 Results

London,  England - October 16, 2003 - Stolt-Nielsen S.A.  (NasdaqNM:  SNSA; Oslo
Stock  Exchange:  SNI) today  reported  results  for the third  quarter  and the
nine-month  period ended August 31,  2003.  Net loss for the latest  quarter was
$36.2 million,  or $0.66 per share, on net operating  revenue of $774.8 million,
compared with a net income of $1.8 million, or $0.03 per share, on net operating
revenue of $753.2  million  for the third  quarter in 2002.  The basic  weighted
average number of shares  outstanding for the third quarter of 2003 and 2002 was
54.9 million.

Net loss for the nine-month  period ended August 31, 2003 was $99.6 million,  or
$1.81 per share,  on net operating  revenue of $2.3  billion,  compared with net
loss of $1.7  million,  or $0.03 per  share,  on net  operating  revenue of $2.0
billion for the same period of 2002. For the nine-month period of 2003 and 2002,
the basic weighted average number of shares outstanding was 54.9 million.

Commenting on the results,  Niels G.  Stolt-Nielsen,  Chief Executive Officer of
Stolt-Nielsen  S.A.  said,  "While  SNSA  had  another  tough  quarter,  we  are
encouraged by what we are seeing behind some of the reported numbers. Underlying
business conditions at Stolt-Nielsen  Transportation Group remain solid, despite
the decline in reported results in the latest quarter.  Stolt Offshore continues
to make good  progress  with the  implementation  of its Blueprint for recovery,
dealing  appropriately with its legacy contracts and ensuring the quality of new
and  future  business.  Stolt  Sea Farm  continues  to  suffer  the  effects  of
industry-wide  weakness,  though there has been some  evidence of  strengthening
prices in Europe recently."

"SNSA and Stolt  Offshore have been informed by their primary  lenders that they
have agreed to extend the  waivers  granted by the lenders  until  November  26,
2003.  Stolt Offshore  continues its negotiation with its lenders to restructure
Stolt Offshore's  credit  facilities and SNSA is negotiating with its lenders to
extend or refinance SNSA's $180 million revolving credit facility, which matures
in  accordance  with its  terms on  November  26,  2003.  SNSA may also  require
amendments to its financial covenants to ensure ongoing compliance.


                                      -1-

<PAGE>


"Much has been written in the press in recent weeks about the legal situation in
the Stolt-Nielsen  Transportation Group. SNTG was granted conditional amnesty by
the Department of Justice's Antitrust Division in January 2003. Although we have
acknowledged the existence of uncertainty  regarding the status of that amnesty,
it has not been revoked. The Company's outside counsel,  White and Case LLP, has
told the Company that any speculation to the contrary is just that."

"The Stolt-Nielsen  Transportation  Group (SNTG) reported income from operations
of $21.8  million in the third  quarter of 2003 compared to $36.5 million in the
third quarter of 2002.  Adjusted for  non-recurring  items<f1>,  the comparative
figures were $31.4 million in the third quarter of 2003 and $38.3 million in the
third quarter of 2002. For the nine-month period in 2003, income from operations
was $77.5  million  and  compared  to $91.3  million  last  year.  Adjusted  for
non-recurring  items<f2>, the comparative figures were $94.1 million in 2003 and
$99.4 million in 2002.

"SNTG's parcel tanker division  reported income from operations of $17.8 million
in the third  quarter of 2003  compared to $25.7 million in the third quarter of
2002 and $22.5 million in the second  quarter of 2003.  Most of this decline can
be attributed to additional  legal costs, a weaker  commodity  market,  that was
offset by an  exceptionally  strong second  quarter 2003 market for our regional
fleet in Europe after a harsh winter.  The Stolt Tankers Joint Service Sailed-in
Index in the third quarter of 2003 was down three percent from the third quarter
of 2002 but unchanged  from the second  quarter of 2003. We continue to rollover
existing  contracts of  affreightment at levels broadly in line with a year ago.
In recent weeks, the impact of the improving global economies has been seen with
a stronger spot market and larger contract nominations.

"At SNTG's tank container  division,  income from operations was $4.1 million in
the third  quarter of 2003  compared to $6.2 million a year ago and $7.0 million
in the second quarter of this year.  While  utilization  remains at a high level
and  shipments  are up some 15 percent on a  year-to-date  basis,  margins  were
negatively  impacted by pricing pressure in certain markets and higher operating
costs due to the fuel surcharges, repositioning expenses and a weaker USD.

"SNTG's terminal division reported income from operations of $5.4 million in the
third  quarter of 2003  compared  with $6.4 million in the third quarter of 2002
and $3.7 million in the second  quarter of 2003. The decline from the comparable
quarter of last year was the result of a late start to the  alcohol  season this
year in Santos  and  weaker  results  in  Stolthaven's  joint  ventures  in Asia
Pacific. Utilization remains strong at all locations.

"At the end of the third quarter,  SNTG completed the refinancing of three 5,400
deadweight   ton  late  1990's   built  ships  via  a   sale/leaseback   raising
approximately $50 million.

"Before  minority  interests,  Stolt Offshore S.A. (SOSA) reported a net loss of
$22.5  million  for the third  quarter of 2003  compared  to a net loss of $17.2
million for the same period last year.

--------------------------------------------------------------------------------
<f1>  Non-recurring  items in the third  quarter of 2003 were:  $0.2  million of
restructuring charges, $4.0 million of antitrust and other investigation related
legal  expenses,  and $5.4 million loss on the sale of Vopak and Univar  shares.
This compares to $1.8 million of  restructuring  charges in the third quarter of
2002.

<f2> Non-recurring items for the nine-month period in 2003 were: $1.6 million of
restructuring charges, $9.6 million of antitrust and other investigation related
legal  expenses,  and $5.4 million loss on the sale of Vopak and Univar  shares.
This compares to $8.1 million of restructuring  charges in the nine-month period
in 2002.


                                      -2-

<PAGE>


"Stolt  Offshore  has  taken  important  steps  towards  settlements  on  legacy
contracts,  implemented the bulk of the changes required under the Blueprint for
recovery,  is actively engaged with its banks in working towards an agreement on
financial restructuring and is making commercial progress in its target markets.
Stolt Offshore plans to complete the worldwide  implementation  of the Blueprint
model by November 30, 2003.

"Good  progress was made on the  ExxonMobil  Erha project in Nigeria with 65% of
the design engineering  complete and early fabrication work on target. The Total
Girassol Phase Two project in Angola concluded in August with excellent  results
with  the  installation  and  tie-in  of  pipelines,  umbilicals  and  manifolds
accomplished  in record time.  The two long-term ship charters with Petrobras in
Brazil continue to produce steady revenues.

"In line with market activity across the industry,  Stolt Offshore saw low order
intake during the quarter,  although  bidding  levels  continue to be high.  The
backlog now stands at $1.2  billion,  of which $334 million is for the remainder
of this year. At the same point in 2002, the backlog was $1.8 billion, with $487
million for the  remainder  of that year.  A  year-on-year  comparison  does not
reflect the improved  quality of backlog or the uneven timing of contract awards
inherent in the offshore construction industry.

"Three  outstanding  issues will impact Stolt Offshore  fourth quarter  results.
These are the  collection  of  receivables  from the  largely  completed  legacy
contracts,  the potential  disposal of assets and  businesses,  and decisions on
impairment  of assets in the fourth  quarter.  It is because of the  uncertainty
surrounding  these  issues that Stolt  Offshore  indicated  on September 17 that
losses for the year may be substantially higher than previously indicated.

"Stolt Sea Farm Holdings plc (SSF) reported a loss from  operations in the third
quarter of 2003 of $18.7 million  compared  with income from  operations of $2.3
million in the third quarter of 2002 and a loss from  operations of $8.1 million
in the second quarter of 2003.  Salmon spot prices in the U.S.  remained strong,
but SSF's  results  in the  Americas  region  were  held  down by some  contract
commitments  and  having  fewer  fish  available  on the East  Coast due to last
winter's super chill and poor growth in Chile. Salmon pricing in Europe was weak
most of the third quarter, but in recent weeks prices have improved some 25%. In
Asia,  SSF's  results were  negatively  impacted by a writedown of inventory and
lower bluefin tuna prices and volumes as some of the harvest was deferred to the
fourth quarter. The turbot operations in Iberia posted another solid quarter.

Looking forward,  Mr.  Stolt-Nielsen said, "While many challenges remain, we are
upbeat  about  the  outlook  for  SNTG,  which  will  benefit  from a  continued
strengthening of global economic conditions. SOSA is on the right track with its
new management  team and Blueprint.  And prices appear to be moving in the right
direction  for SSF. We remain  fully  committed  to working  with our lenders to
reach a mutually satisfactory resolution to our current financial situation.

About Stolt-Nielsen S.A.
Stolt-Nielsen  S.A. 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 its parcel tanker, tank container,  terminal, rail
and barge services,  provides integrated  transportation for its customers.  The
Company also owns 63.5 percent of Stolt  Offshore  S.A.  (NASDAQNM:  SOSA;  Oslo
Stock Exchange:  STO), which is a leading offshore contractor to the oil and gas
industry. Stolt Offshore specializes in providing technologically  sophisticated
offshore  and subsea  engineering,  flowline  and  pipeline  lay,  construction,
inspection,  and  maintenance  services.  Stolt  Sea Farm,  wholly-owned  by the
Company,  produces and markets  high  quality  Atlantic  salmon,  salmon  trout,
turbot, halibut, sturgeon, caviar, bluefin tuna, and tilapia.


                                      -3-

<PAGE>

Forward-looking Statements
Certain  statements  made in this press  release  may  include  "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 our 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   terms,   conditions   and  amount  of  our
indebtedness;  our ability to recover costs on significant projects; the general
economic  conditions  and  competition in the markets and businesses in which we
operate;  the outcome of legal  proceedings;  the impact of negative  publicity;
environmental challenges and natural conditions facing our aquaculture business;
the  impact  of  laws  and  regulations;  uncertainties  inherent  in  operating
internationally;  our  relationship  with significant  customers;  and operating
hazards,  including marine disasters,  spills or environmental  damage.  Many of
these factors are beyond our ability to control or predict. Given these factors,
you should not place undue reliance on the forward-looking statements.


<TABLE>

------------------------------------------------------------------------------------------------------------------
                           Conference Call Details                       PostView Facility
------------------------------------------------------------------------------------------------------------------
<S>                       <C>                                 <C>
  Date & Time                 October 16th, 2003                 Available directly after the conference
                              10AM EDT (3PM BST)                           Until 5:00pm EDT
                                                                      on Friday, October 17th, 2003
------------------------------------------------------------------------------------------------------------------
    Phone             +1 866 389 9773 (in U.S.)                        +1 866 276 1167 (in U.S.)
                      +44 1452 569 113 (outside U.S.)                  +44 1452 550 000 (outside U.S.)
------------------------------------------------------------------------------------------------------------------
Reservation Number              588162                                            588162
--------------------------------------------------------------------------------------------------------------------
Live Webcast conference call is available via the company's Internet site www.stolt-nielsen.com commencing on
Thursday, October 16th, 2003 at 10:00am EDT (3:00pm BST). A playback of the conference call commences on
                         Thursday, October 16th, 2003 after 12:00 noon EDT (5:00pm BST).
--------------------------------------------------------------------------------------------------------------------
</TABLE>


                                  - end text -
                                - tables follow -

<PAGE>

<TABLE>


                                                         STOLT-NIELSEN S.A. AND SUBSIDIARIES
                                                        CONSOLIDATED STATEMENTS OF OPERATIONS
                                                  (in U.S. dollar thousands, except per share data)



                                                                  Three months ended                       Nine months ended
                                                          -----------------------------------    -----------------------------------
                                                            August 31,            August 31,       August 31,             August 31,
                                                                  2003                  2002             2003                   2002
                                                           ----------------------------------    -----------------------------------
                                                                         (Unaudited)                              (Unaudited)


<S>                                                          <C>                 <C>                <C>                 <C>
Net operating revenue                                        $    774,807        $    753,185       $ 2,281,757         $ 2,042,756
Operating expenses                                                721,851             684,392         2,166,182           1,828,348
                                                           -----------------     ---------------- --------------    ----------------

Gross profit                                                       52,956              68,793           115,575             214,408

Equity in net income of non-consolidated
  joint ventures                                                    5,431               6,565             7,390              15,707
Administrative and general expenses                               (58,576)            (51,324)         (169,915)           (155,993)
Restructuring charges                                                (158)             (1,749)           (1,637)             (8,147)
Gain (loss) on disposal of assets, net                             (6,317)              8,227              (410)              9,595
Other operating income (expense), net                                (405)             (3,479)             (331)             (3,276)
                                                           -----------------     ---------------- --------------    ----------------
    Income (loss) from operations                                  (7,069)             27,033           (49,328)             72,294

Non-operating income/(expense):
    Interest expense, net                                         (23,649)            (23,482)          (67,800)            (69,648)
    Foreign currency exchange gain (loss), net                      1,129               1,547             2,019                 606
                                                           -----------------     ---------------- --------------    ----------------
    Income (loss) before income tax and minority interest         (29,589)              5,098          (115,109)              3,252

Income tax provision                                              (13,601)            (11,419)          (30,581)             (7,813)
                                                           -----------------     ---------------- --------------    ----------------
     Loss before minority interest                                (43,190)             (6,321)         (145,690)             (4,561)

Minority interest                                                   6,950               8,140            46,065               2,851
                                                           -----------------     ---------------- --------------    ----------------
     Net income (loss)                                     $      (36,240)       $      1,819       $   (99,625)        $    (1,710)
                                                           =================     ================ ==============    ================


PER SHARE DATA
------------------
Net income (loss) per share:
     Basic                                                 $        (0.66)       $         0.03     $     (1.81)        $     (0.03)
     Diluted                                               $        (0.66)       $         0.03     $     (1.81)        $     (0.03)

Weighted average number of Common Shares and
  equivalents outstanding:
       Basic                                                       54,949                54,949          54,949              54,934
       Diluted                                                     54,949                55,267          54,949              54,934

SELECTED CASH FLOW DATE
-----------------------
Capital expenditures and acquisition of subsidiaries       $       22,145        $       35,696     $    64,543        $     92,999

Depreciation and amortization (excluding drydocking)       $       48,122        $       50,937     $   145,713        $    152,652
</TABLE>

<PAGE>

<TABLE>

                                                                      STOLT-NIELSEN S.A. AND SUBSIDIARIES
                                                                          CONSOLIDATED BALANCE SHEETS
                                                                           (in U.S. dollar thousands)


                                                                August 31,      November 30,               August 31,
                                                                      2003              2002                     2002
                                                          ------------------     -----------------    -----------------

                                                              (Unaudited)            (Audited)             (Unaudited)
<S>                                                    <C>                 <C>                    <C>
ASSETS
------
Cash and cash equivalents                                  $       247,478        $      22,873        $      19,219
Trade receivables, net (a)                                         595,056              573,041              510,118
Inventories                                                        250,616              231,498              199,186
Prepaid expenses                                                    71,093              113,971               99,671
Other current assets (c)                                            75,266               88,131               84,826
                                                            ------------------     -----------------    -----------------
     Total current assets                                        1,239,509            1,029,514              913,020

Fixed assets, net of accumulated depreciation                    2,255,227            2,395,125            2,402,675
Investment in and advances to non-consolidated
joint ventures                                                     140,268              130,853              133,457
Goodwill and other intangible assets, net                           81,103               85,957              228,659
Other non-current assets                                           148,717              145,626              175,242
                                                            ------------------     -----------------    -----------------
     Total assets                                          $     3,864,824         $  3,787,075         $  3,853,053
                                                            ==================     =================    =================

LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Loans payable to banks                                     $       530,808        $     331,985        $    268,262
Current maturities of long-term debt and capital
lease obligations (b)                                            1,225,991              165,067              89,336
Accounts payable                                                   575,444              434,993             309,075
Accrued liabilities (c)                                            324,198              332,359             325,601
                                                           ------------------     -----------------    -----------------
     Total current liabilities                                   2,656,441            1,264,404             992,274


Long-term debt and capital lease obligations (b)                        34            1,155,010           1,294,469
Other non-current liabilities                                      180,151              174,702             189,870
Commitments and contingencies
Minority interest                                                  145,248              203,140             265,997

Capital stock and Founder's shares                                  62,639               62,639              62,639
Paid-in surplus                                                    338,028              340,893             354,060
Retained earnings                                                  664,860              778,290             879,384
Accumulated other comprehensive loss                               (48,553)             (57,979)            (51,616)
Treasury stock                                                    (134,024)            (134,024)           (134,024)
                                                          ------------------     -----------------    -----------------
     Total shareholders' equity                                    882,950              989,819           1,110,443
                                                          ------------------     -----------------    -----------------
     Total liabilities and shareholders' equity           $      3,864,824         $  3,787,075        $  3,853,053
                                                          ==================     =================    =================

Total interest-bearing debt and capital lease
  obligations net of cash and cash equivalents:           $      1,509,355         $  1,629,189        $  1,632,848
                                                          ------------------     -----------------    -----------------

Minority interest in Stolt Offshore                       $        131,908         $    191,674        $    251,423
                                                          ------------------     -----------------    -----------------

</TABLE>

(a) As of August 31, 2003, a total of $89.7 million of Stolt Offshore claims and
variation orders not yet formally agreed with customers have been included as
receivables, $79.4 million of which relates to three projects in West Africa and
Egypt. A timetable for resolution of the claims and variation orders relating to
these projects is being implemented with the respective customers. In compliance
with U.S. GAAP reporting requirements, these have been recorded as revenue in
establishing the statements of operations. The comparable amount as of August
31, 2002 was $42.5 million and as of November 30, 2002 was $46.2 million.
Excluded from the project results are $138.1 million of additional claims over
which Stolt Offshore considers there is doubt as to final agreement.

(b) As a result of SNSA's and Stolt Offshore's current projections indicating
that they will not be in compliance with their existing bank debt covenants on
November 30, 2003 and SNSA's loan agreements' cross-defaulting provisions, SNSA
has classified $1,086,339 of long-term debt as short term in compliance with
U.S. GAAP reporting requirements.

(c) Includes Stolt Offshore assets of $19,867 and liabilities of $20,028 held
for sale that have been identified for disposal at August 31, 2003 and for which
Stolt Offshore management believe a sale is probable within one year based on
the current status of negotiations.

<PAGE>



                                          STOLT-NIELSEN S.A. AND SUBSIDIARIES
                                                 SELECTED SEGMENT DATA
                                               (in U.S. dollar thousands)


The following  tables present the contribution to net operating  revenue,  gross
profit,  income (loss) from  operations,  net income (loss) and total assets for
each of the Company's three reportable segments and other corporate items:

<TABLE>

                                                              Three months ended                       Nine months ended
                                                       ------------------------------------     ------------------------------------
                                                          August 31,           August 31,        August 31,              August 31,
                                                                2003                 2002             2003                     2002
                                                       ------------------ -------------------   ------------------ -----------------
                                                                    (Unaudited)                              (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                <C>                     <C>              <C>                 <C>
NET OPERATING REVENUE:
Stolt-Nielsen Transportation Group:
     Stolt Parcel Tankers                              $       176,030        $     182,578      $     526,590      $    522,710
     Stolt Tank Containers                                      65,158               58,851            191,979           167,662
     Stolthaven Terminals                                       16,427               16,183             47,545            44,260
                                                       ------------------ -------------------   ------------------ -----------------
                                                               257,615              257,612            766,114           734,632
Stolt Offshore                                                 397,876              368,943          1,176,203           996,419
Stolt Sea Farm                                                 119,014              126,486            338,320           310,370
Optimum Logistics                                                    -                  252                560               738
SeaSupplier                                                        302                 (108)               560               597
                                                       ------------------ -------------------   ------------------ -----------------
     Total                                             $       774,807        $     753,185      $   2,281,757      $  2,042,756
                                                       ================== ===================   ================== =================
------------------------------------------------------------------------------------------------------------------------------------
GROSS PROFIT:
Stolt-Nielsen Transportation Group:
     Stolt Parcel Tankers                              $        36,525        $      43,768      $     108,285      $    116,279
     Stolt Tank Containers                                      11,373               11,998             34,964            33,142
     Stolthaven Terminals                                        6,429                6,544             17,307            15,600
                                                       ------------------ -------------------   ------------------ ----------------
                                                                54,327               62,310            160,556           165,021
Stolt Offshore                                                   6,919               (2,210)           (42,774)           43,000
Stolt Sea Farm                                                  (8,592)               8,549             (3,327)            5,052
Optimum Logistics                                                    -                  252                560               738
Sea Supplier                                                       302                 (108)               560               597
                                                       ------------------ -------------------   ------------------ -----------------
                                                       $        52,956        $      68,793      $     115,575      $    214,408
     Total                                             ================== ===================   ================== =================

------------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS:
Stolt-Nielsen Transportation Group:
     Stolt Parcel Tankers                              $        17,776        $      25,709      $      56,374      $     67,098
     Stolt Tank Containers                                       4,119                6,178             14,517            17,374
     Stolthaven Terminals                                        5,411                6,376             13,616            14,987
     SNTG Corporate                                             (5,353)                   -             (5,353)                -
                                                       ------------------ -------------------   ------------------ -----------------
       SNTG before Restructuring Charges                        21,953               38,263             79,154            99,459
     SNTG Restructuring Charges                                   (158)              (1,749)            (1,637)           (8,147)
                                                       ------------------ -------------------   ------------------ -----------------
                                                                21,795               36,514             77,517            91,312
Stolt Offshore                                                  (6,451)              (8,412)           (94,033)            7,206
Stolt Sea Farm                                                 (18,741)               2,343            (28,592)          (13,729)
Optimum Logistics                                                  (72)              (1,875)            (2,474)           (6,861)
SeaSupplier                                                       (897)              (1,352)            (2,887)           (4,123)
SNSA Other                                                      (2,703)                (185)             1,141            (1,511)
                                                       ------------------ -------------------   ------------------ -----------------
     Total                                             $        (7,069)       $      27,033      $     (49,328)     $     72,294
                                                       ================== ===================   ================== =================
------------------------------------------------------------------------------------------------------------------------------------

NET INCOME (LOSS):
Stolt-Nielsen Transportation Group                     $         8,896        $      20,415      $      38,090      $     48,390
SNTG Restructuring Charges                                        (158)              (1,826)            (1,637)           (8,147)
Stolt Offshore                                                 (22,483)             (17,199)          (132,037)          (12,131)
Stolt Sea Farm                                                 (27,105)              (3,167)           (47,776)          (22,009)
Optimum Logistics                                                  (78)              (1,893)            (2,548)           (6,875)
SeaSupplier                                                       (996)              (1,393)            (3,156)           (4,246)
SNSA:
     Minority interest in Stolt Offshore                         8,407                7,178             48,361             4,873
     Other                                                      (2,723)                (296)             1,078            (1,565)
                                                       ------------------ -------------------   ------------------ -----------------
     Total                                             $       (36,240)       $       1,819      $     (99,625)     $     (1,710)
                                                       ================== ===================   ================== =================
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
------------------------------------------------------------------------------------------------------------------------------------

                                                                                       As of
                                                       ------------------------------------------------------------------
                                                          August 31,            November 30,               August 31,
                                                                2003                    2002                     2002
                                                      -------------------     -----------------         -----------------
                                                          (Unaudited)           (Audited)                   (Unaudited)
<S>                                                <C>                  <C>                          <C>
TOTAL ASSETS:
Stolt-Nielsen Transportation Group                     $    1,826,909          $  1,827,686                  $  1,886,934
Stolt Offshore                                              1,512,756             1,458,604                     1,485,664
Stolt Sea Farm                                                522,064               494,837                       474,027
Optimum Logistics                                               2,012                 4,797                         5,501
SeaSupplier                                                     1,083                 1,151                           927
                                                       -------------------     -----------------             -----------------
     Total                                             $    3,864,824          $  3,787,075                  $  3,853,053
                                                       ===================    =================             =================
</TABLE>


<PAGE>

<TABLE>


                                                                STOLT-NIELSEN S.A. AND SUBSIDIARIES
                                                                        OPERATING YARDSTICKS
                                                                             (UNAUDITED)

                                                    1st Quarter         2nd Quarter         3rd Quarter         4th Quarter
STOLT PARCEL TANKERS DIVISION:
------------------------------------------------------------------------------------------------------------------------------------
<S>                                               <C>                  <C>                <C>                  <C>
Joint Service sailed-in time-charter index
------------------------------------------
     2001                                               1.02                1.07                1.14                1.13
     2002                                               1.07                1.07                1.08                1.05
     2003                                               1.00                1.05                1.05                 N/A
Volume of cargo carried - millions of tonnes
--------------------------------------------
     Joint Service fleet:
     -------------------
     2001                                                3.9                 4.1                 4.3                 3.9
     2002                                                3.4                 3.6                 3.5                 3.4
     2003                                                3.4                 3.5                 3.6                 N/A

     Regional fleets:
     ---------------
     2001                                                3.0                 2.7                 2.7                 2.4
     2002                                                2.4                 2.4                 2.4                 2.7
     2003                                                2.8                 2.7                 2.6                 N/A

Operating days
--------------
     Joint Service fleet:
     2001                                              6,792               6,881               6,826               6,496
     2002                                              6,257               6,117               6,076               5,972
     2003                                              5,718               5,721               5,717                 N/A

     Regional fleets:
     ---------------
     2001                                              5,565               5,688               5,681               5,771
     2002                                              5,674               5,617               5,583               5,707
     2003                                              5,798               5,987               6,016                 N/A

Average number of ships operated in the period
----------------------------------------------
     Joint Service fleet:
     -------------------
     2001                                                 76                  75                  74                  71
     2002                                                 70                  66                  66                  68
     2003                                                 64                  62                  62                 N/A
     Regional fleets:
     ---------------
     2001                                                 62                  62                  62                  63
     2002                                                 63                  61                  64                  64
     2003                                                 64                  65                  65                 N/A

Notes:
(a)  Joint Service and Regional fleet statistics include those for
     time-chartered ships
(b)  Regional fleet statistics include total joint venture activity
     and all cargo carried on behalf of the Joint Service
(c)  Regional fleet statistics include the results of both the Northern Europe
     and US Gulf barging activities


STOLT TANK CONTAINERS DIVISION:
------------------------------------------------------------------------------------------------------------------------------------

Tank containers operated and leased at end of period
----------------------------------------------------
     2001                                                15,670           15,295              14,737              14,184
     2002                                                13,946           14,157              14,568              14,955
     2003                                                15,316           15,583              15,888                 N/A

Tank container utilization - %
------------------------------
     2001                                                  67.7%            67.4%               66.5%               70.4%
     2002                                                  71.1%            77.6%               77.7%               76.9%
     2003                                                  78.7%            81.5%               78.8%                N/A


STOLTHAVEN TERMINALS DIVISION:
------------------------------------------------------------------------------------------------------------------------------------

Average marketable shell barrel capacity (millions of barrels)
--------------------------------------------------------------
     2001                                                  5.11             5.13                5.14                5.54
     2002(a)                                               2.82             3.03                3.32                3.37
     2003                                                  3.38             3.38                3.57                 N/A

Tank capacity utilization - %
-----------------------------
     2001                                                  94.5%            95.8%               94.7%               95.1%
     2002                                                  98.0%            98.1%               95.1%               97.0%
     2003                                                  96.6%            96.3%               97.9%                 N/A

</TABLE>

(a)  The reduction in capacity in 2002 reflects the sale of the Perth
     Amboy and Chicago terminals at the end of 2001.