Stolt Offshore S.A.                                            [Graphic omitted]


A subsidiary of        C/o Stolt Offshore M.S. Limited     Tel: + 44 1932 773700
Stolt-Nielsen S.A.     Dolphin House                       Fax: + 44 1932 773701
                       Windmill Road                       www.stoltoffshore.com
                       Sunbury-on-Thames
                       Middlesex,  TW16 7HT
                       England

NEWS RELEASE
                                     Contacts:  Julian Thomson/Fiona Harris
                                                US  +1 877 603 0267 (toll free)
                                                UK +44 1224 718436
                                                julian.thomson@stoltoffshore.com

                                                Patrick Handley
                                                UK +44 207 396 5395
                                                phandley@brunswickgroup.com

                                                Tim Payne
                                                US +1 212 333 3810
                                                tpayne@brunswickgroup.com

               Stolt Offshore S.A. Announces Third Quarter Results
         Implementation of Blueprint on Track for Completion by Year-End

London,  England - October 15, 2003 - Stolt Offshore S.A. (NasdaqNM:  SOSA; Oslo
Stock  Exchange:  STO) today  reported  results  for the third  quarter and nine
months ended August 31, 2003. The net loss for the quarter was $22.5 million, or
$0.24 per share, on net operating revenue of $397.9 million, compared with a net
loss of $17.2 million,  or $0.21 per share,  on net operating  revenue of $368.9
million for the same period last year.1

For the nine-month  period ended August 31, 2003 the Company reported a net loss
of $132.0 million, or $1.42 per share, on net operating revenue of $1.2 billion.
This  compares  with a net loss of $12.1  million,  or $0.14 per  share,  on net
operating revenue of $996.4 million for the same period last year.2

Tom Ehret,  Chief Executive Officer,  Stolt Offshore,  said: "A net loss for the
quarter, while in line with our expectations, is still disappointing. That said,
we are  putting  Stolt  Offshore  back on  track  and the  Board is  focused  on
returning the Company expeditiously to profit.

"Despite the demanding market conditions,  experienced  throughout the industry,
we continued to make  substantial  progress on four fronts since the period end.
We  have  taken  important  steps  towards   settlements  on  legacy  contracts,
implemented  the bulk of the changes  required under the Blueprint for recovery,
we are working  towards an agreement  with the banks on financial  restructuring
and are making commercial progress in our target markets.

"We are on track to complete the worldwide implementation of the Blueprint model
by November  30. The Board is targeting  second half 2004 for improved  earnings
resulting from the Blueprint reforms.

--------
1 The  weighted-average  number of common share equivalents  outstanding for the
quarter was 92.4 million compared with 83.1 million for the same period of 2002.
2 The  weighted-average  number of common share equivalents  outstanding for the
latest  nine-month  period was 92.7 million  compared  with 85.1 million for the
first nine months of last year.

<PAGE>
"All of us at Stolt  Offshore  are  working  hard to  complete  this  period  of
restructuring.  We have excellent  people,  assets and systems in Stolt Offshore
but it will take time to demonstrate our full potential. I am however, confident
that we will succeed."


Quarter Review

In line with market activity across the industry, we saw low order intake during
the quarter, although bidding levels continue to be high.

On  an  operational  front,  successful  projects  in a  number  of  areas  have
underlined our ability to execute  demanding  contracts in  traditional  and new
markets,  particularly  in deepwater.  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.  Projects in the UK and Norway are also running well. We have extended
our  profitable  joint  venture  with Lukoil for the  operation  of Seaway Heavy
Lifting for six years to 2010.

At August 31, 2003 Stolt  Offshore had $385 million drawn on long-term  external
debt facilities and available cash of $139.4 million. The cash balance is higher
than  historical  levels as a result of being fully drawn on the  external  debt
facilities and closing out foreign  exchange  hedges to capitalise on favourable
exchange rate movements and to improve liquidity.  In line with the treatment at
the end of the second  quarter,  the Company  continues  to classify all debt as
short term whilst restructuring negotiations are ongoing.


Blueprint Progress

The bulk of the  changes in  personnel,  structure  and  processes  required  to
implement the  Blueprint are now in place,  and the programme is on schedule for
completion  by  year-end,  by which time we will be in a position to reflect the
costs of the Blueprint  implementation.  However,  the following steps have been
completed:

o    A new project-driven organisation,  with clear lines of accountability,  is
     largely in place.  All but two of the top thirty  managerial  positions are
     filled. Cost savings will be achieved through the geographic reorganisation
     into new Regional Businesses.

o    The adoption of the Blueprint has enforced  stringent  tendering  practices
     across our Company.  These  measures  are  designed to contain  revenue and
     contractual  risk to areas  within  Stolt  Offshore's  control,  to  ensure
     projects  are at all times cash  positive,  and to  deliver  an  acceptable
     economic return.

o    New corporate  functions and control systems have been  implemented  across
     the  Company,   particularly  in  respect  of  financial  control,  project
     management,   marine  operations,   strategic  planning  and  supply  chain
     management.

o    The previously  announced  disposal of assets and businesses is progressing
     according to plan.  Discussions are now being held with interested  parties
     on the potential sale of Serimer Dasa, our welding services  business,  the
     ROV Drill Support business, and six individual ships. We are also examining
     the best ownership structure and ongoing  operational  relationship for the
     Paragon companies in Houston and Paris.

<PAGE>
Financial Restructuring

The Blueprint for financial  recovery and its rapid  implementation has provided
the  basis  for  Stolt  Offshore  to  progress  its  negotiations  with its lead
creditors.  The purpose of these  negotiations is to redress potential  covenant
breaches,  to  increase  performance  bond  capacity  and to  agree  appropriate
utilisation of cash proceeds from the divestment  programme.  To facilitate this
process the Banks are considering a waiver of covenant  breaches to November 26,
2003.


Projects - Revenue Recovery

During the quarter,  substantial  progress was made towards collecting  revenues
from our legacy projects.

o    We are working with our customers and making good progress  completing  the
     OGGS  contract in Nigeria and closing the Burullus  contract in Egypt.  The
     Management aims to have these contracts closed by year-end.

o    The Hubline project in North America is essentially complete,  but due to a
     dispute over the cost-plus  part of this  contract,  there may be a delayed
     collection  of  revenues.  We are  confident  of our legal and  contractual
     position as we seek to collect amounts owed to us.

o    Progress continues with the installation of subsea  umbilicals,  risers and
     flowlines on the Bonga  project in Nigeria.  While losses have risen during
     the quarter,  we are working  closely  with our  customer to ensure  timely
     completion and to mitigate losses.


Outlook

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 our industry.


Earnings Guidance

Three outstanding issues prevent us from giving guidance at this time. 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 the company  indicated  on September 17 that losses for the year may
be substantially higher than previously  indicated.  The Board anticipates these
will be resolved by mid-November and we expect to provide earnings  guidance for
Fiscal Year 2003 at that time.

********************************************************************************
Stolt  Offshore is a leading  offshore  contractor  to the oil and gas industry,
specialising in technologically  sophisticated  deepwater engineering,  flowline
and pipeline lay, construction, inspection and maintenance services. The Company
operates  in  Europe,  the Middle  East,  West  Africa,  Asia  Pacific,  and the
Americas.
********************************************************************************
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;  our relationship with significant  customers;  the outcome of
legal  proceedings;  uncertainties  inherent in operating  internationally;  the
impact of laws and  regulations;  and operating  hazards,  including  spills and
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.

<PAGE>
<TABLE>
<S>                                                        <C>
Conference Call Information                                Replay Facility details

Lines will open 10 minutes prior to conference call        This  facility  is  available   from  5pm  BST  (12pm  EDT)
                                                           Wednesday   October   15th,   until  10pm  BST  (5pm  EDT),
Date        :   Wednesday, October 15, 2003                Wednesday, October 22, 2003.
Time        :   2pm BST* (9am EDT**)
                                                           Dialling from the UK       :  0800 953 1533
Freephone Dial In Numbers:
UK                     :   0800 953 0938                   Dialling from the US       :  1 866 276 1167
USA                    :   1 866 389 9773
Norway                 :   800 165 33                      International Dial In      :  44 1452 55 00 00
France                 :   0805 110 466
Italy                  :   800 783 256                     Passcode                   :  111900#
Netherlands            :   0800 023 4993

International Dial In  :   +44 1452 569113

Reservation No          :  111900

*BST= British Summer Time  ** EDT =Eastern Daylight
Saving Time

Alternatively a live webcast and a playback facility will be available on the Company's website www.stoltoffshore.com
</TABLE>
                                   -end text-
                                 -tables follow-

<PAGE>
                      STOLT OFFSHORE S.A. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                      (in thousands, except per share data)

<TABLE>
<CAPTION>
                                                               Three Months Ended                   Nine Months Ended
                                                          Unaudited         Unaudited          Unaudited        Unaudited
                                                          August 31,        August 31,        August 31,        August 31,
                                                             2003              2002              2003              2002
                                                        ---------------  -----------------   --------------   ---------------

<S>                                                     <C>              <C>                 <C>              <C>
Net operating revenue                                      $   397,876        $   368,943     $  1,176,203        $  996,419
Operating expenses                                           (390,957)          (371,153)      (1,218,977)         (953,419)
                                                        --------------   ----------------    -------------    --------------

Gross profit/(loss)                                              6,919            (2,210)         (42,774)            43,000

Equity in net income of non-consolidated joint ventures          4,248              4,013            2,603             9,517
Administrative and general expenses                           (18,334)           (15,292)         (54,867)          (51,222)
Other operating income                                             716              5,077            1,005             5,911
                                                        --------------   ----------------    -------------    --------------

Net operating (loss)/income                                    (6,451)            (8,412)         (94,033)             7,206

Interest expense, net                                          (7,127)            (4,563)         (16,804)          (12,682)
Foreign exchange (loss)/gain                                      (25)                565          (1,623)               528
                                                        --------------   ----------------    -------------    --------------

Loss before taxes and minority interests                      (13,603)           (12,410)        (112,460)           (4,948)
Income tax provision                                           (7,192)            (5,506)         (16,647)           (4,526)
                                                        --------------   ----------------    -------------    --------------

Loss before minority interests                                (20,795)           (17,916)        (129,107)           (9,474)
Minority interests                                             (1,688)                717          (2,930)           (2,657)
                                                        --------------   ----------------    -------------    --------------

Net loss                                                   $  (22,483)        $  (17,199)     $  (132,037)        $ (12,131)
                                                        ==============   ================    =============    ==============


PER SHARE DATA
Net loss per share
     Basic                                                 $    (0.24)        $    (0.21)     $     (1.42)        $   (0.14)
     Diluted                                               $    (0.24)        $    (0.21)     $     (1.42)        $   (0.14)

Weighted average number of Common Shares
and Common Share equivalents outstanding
     Basic                                                      92,383             83,068           92,704            85,113
     Diluted                                                    92,383             83,068           92,704            85,113


SELECTED  INFORMATION
Capital expenditures                                        $    3,346        $    20,796      $    17,109         $  39,623
Depreciation and amortization                               $   23,090        $    24,575      $    71,219         $  67,927
</TABLE>

<PAGE>
                      STOLT OFFSHORE S.A. AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                                 (in thousands)

<TABLE>
<CAPTION>
                                                             Unaudited           Unaudited             Audited
                                                            August 31,           August 31,          November 30,
                                                               2003                 2002                 2002
                                                          ----------------    -----------------    -----------------

<S>                                                       <C>                 <C>                  <C>
ASSETS

     Cash and cash equivalents                                $   139,393         $      9,037          $    11,672

     Other current assets (a)                                     534,970              485,084              578,703

     Fixed assets, net of accumulated depreciation                728,421              778,631              782,843

     Other non-current assets                                      90,105              212,912               85,386

     Assets held for sale (b)                                      19,867                    -                    -
                                                          ----------------    -----------------    -----------------

               Total assets                                   $ 1,512,756         $  1,485,664          $ 1,458,604
                                                          ================    =================    =================

LIABILITIES AND SHAREHOLDERS' EQUITY

     Bank overdrafts                                          $    16,282         $      8,890          $    15,966

     Current portion of
     long-term debt and capital lease obligations                 435,003               40,031                   17

     Accounts payable and accrued liabilities                     612,351              398,356              539,797

     Long-term debt and capital lease obligations                       5              365,009              335,007

     Other non-current liabilities                                 67,399               61,229               50,760

     Liabilities held for sale (b)                                 20,028                    -                    -

     Shareholders' equity

          Common Shares                                           152,524              140,486              152,524

          Class B Shares                                           68,000               68,000               68,000

          Paid-in-surplus                                         404,230              403,076              416,677

          (Deficit)/Retained earnings                           (249,530)               37,793            (117,492)

          Accumulated other comprehensive loss                   (12,534)              (7,225)              (2,652)

          Treasury shares                                         (1,002)             (29,981)
                                                                                                                  -
                                                          ----------------    -----------------    -----------------
               Total shareholders' equity                         361,688              612,149              517,057
                                                          ----------------    -----------------    -----------------
               Total liabilities and shareholders'            $ 1,512,756         $  1,485,664          $ 1,458,604
               equity                                     ================    =================    =================

Total interest-bearing debt and capital lease                 $   312,778         $    404,893          $   339,318
obligations, net of cash and cash equivalents             ================    =================    =================
(including cash and overdrafts classified under
Assets and Liabilities held for sale).
</TABLE>

(a) As at August 31,  2003,  a total of $89.7  million of claims and  variation
     orders  not yet  formally  agreed  with  customers  has  been  included  as
     receivables  in other  current  assets,  $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 US GAAP, these have been
     recorded as revenue in  establishing  the  statements of  operations.  This
     compares to $42.5 million in claims and  variation  orders as at August 31,
     2002,  and $46.2  million at November 30, 2002.  Excluded  from the project
     results  are $138.1  million of  additional  claims  over which the Company
     considers there is doubt as to final agreement.

(b)  Assets and  liabilities  held for sale are those which had been  identified
     for disposal at August 31, 2003 and for which management  believe a sale is
     probable within one year based on the current status of negotiations.

<PAGE>
                      STOLT OFFSHORE S.A. AND SUBSIDIARIES
                               SEGMENTAL ANALYSIS
                                 (in thousands)

In  Quarter 3 2003,  the  Company  changed  its  method of  reporting  segmental
information  as  a  result  of  the  business  restructuring  announced  in  the
`Blueprint'.  The  information  for 2002 has been restated from the prior year's
presentation in order to conform to the new basis of segmentation.

The Company has six reportable segments based on the geographic  distribution of
the activities as follows:  the Africa and the  Mediterranean  (AFMED(a)) region
covers activities in Africa, the Mediterranean and Southern Europe; the Northern
Europe and Canada (NEC) region includes all activities in Northern  Europe,  the
Northern Atlantic Ocean, Scandinavia,  the Baltic States and Eastern Canada; the
Central  and North  America  (NAMEX)  region  includes  all  activity in Western
Canada,  the United States,  Central America and Mexico; the South America (SAM)
region incorporates  activities in South America and the islands of the Southern
Atlantic Ocean; the Asia and Middle East (AME) region includes all activities in
the Middle East,  the Caspian Sea and the Indian  sub-continent  including  Asia
Pacific and  Australasia.  The Corporate  segment includes items which cannot be
allocated to one particular region.  These include the activities of the SHL and
NKT joint ventures,  Serimer DASA and Paragon  Engineering  Services and Paragon
Litwin.   Also  included  are  assets  which  have  global  mobility   including
construction  support ships,  ROVs and other assets that cannot be attributed to
any one region;  and  corporate  services  provided for the benefit of the whole
group, including design engineering, finance and legal departments.

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
For the three months ended
August 31, 2003                          AFMED(a)        NEC          NAMEX         SAM          AME      Corporate          Total
------------------------------------------------------------------------------------------------------------------------------------
<S>                                     <C>          <C>           <C>           <C>          <C>         <C>          <C>
Net operating revenue - external(b)     $  142,576   $  143,498    $   46,210    $  15,088    $  6,202    $  44,302    $    397,876
Net operating revenue - internal(c)     $   22,445   $   36,226    $   13,097    $   5,899    $    375    $   2,355    $          -
(Loss)/income from operations           $ (32,568)   $   15,752    $  (3,162)    $   4,660    $(1,591)    $  10,458    $    (6,451)
    Interest expense, net                                                                                              $    (7,127)
    Foreign exchange loss                                                                                              $       (25)
------------------------------------------------------------------------------------------------------------------------------------
Loss before taxes and minority                                                                                         $   (13,603)
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
For the three months ended
August 31, 2002                          AFMED(a)        NEC          NAMEX         SAM          AME      Corporate          Total
------------------------------------------------------------------------------------------------------------------------------------
<S>                                     <C>          <C>           <C>           <C>          <C>         <C>          <C>
Net operating revenue - external(b)     $  155,650   $  134,622    $   30,720    $  12,371    $  7,256    $  28,324    $   368,943
Net operating revenue - internal(c)     $   35,504   $   35,950    $   16,362    $   3,465    $    263    $   (571)              -
(Loss)/income from operations           $ (27,815)   $    (186)    $    1,425    $   3,804    $    794    $  13,556    $   (8,412)
    Interest expense, net                                                                                              $   (4,563)
    Foreign exchange gain                                                                                              $       565
------------------------------------------------------------------------------------------------------------------------------------
Loss before taxes and minority                                                                                         $  (12,410)
interests
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
For the nine months ended
August 31, 2003                          AFMED(a)        NEC          NAMEX         SAM          AME      Corporate          Total
------------------------------------------------------------------------------------------------------------------------------------
<S>                                     <C>          <C>           <C>           <C>          <C>         <C>          <C>
Net operating revenue - external(b)     $  527,904   $  305,257    $  180,263    $  41,942    $ 16,943    $ 103,894   $   1,176,203
Net operating revenue - internal(c)     $   76,306   $   70,025    $   33,499    $  12,284    $    676    $   4,661   $           -
(Loss)/income from operations           $(133,350)   $   29,357    $  (4,815)    $  11,447    $(4,105)    $   7,433   $    (94,033)
    Interest expense, net                                                                                             $    (16,804)
    Foreign exchange loss                                                                                             $     (1,623)
------------------------------------------------------------------------------------------------------------------------------------
Loss before taxes and minority                                                                                        $   (112,460)
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
For the nine months ended
August 31, 2002                          AFMED(a)        NEC          NAMEX         SAM          AME      Corporate          Total
------------------------------------------------------------------------------------------------------------------------------------
<S>                                     <C>          <C>           <C>           <C>          <C>         <C>          <C>
Net operating revenue - external(b)     $  455,358   $  238,738    $  154,934    $  38,923    $ 19,859   $  88,607    $     996,419
Net operating revenue - internal(c)     $   66,771   $   65,879    $   42,823    $   9,826    $    851   $   3,136    $           -
(Loss)/income from operations           $    (558)   $    1,617    $  (7,323)    $   9,701    $    110   $   3,659    $       7,206
    Interest expense, net                                                                                             $    (12,682)
    Foreign exchange gain                                                                                             $        528
------------------------------------------------------------------------------------------------------------------------------------
Loss before taxes and minority                                                                                        $    (4,948)
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

(a)  The proposed  composition  of the AFMED segment is under  consultation  and
     should be regarded as provisional.
(b)  Three  customers  each  individually  accounted  for  more  than 10% of the
     Company's  revenue  for the quarter  and nine  months  respectively,  ended
     August 31, 2003.  The revenue from these  customers was $196.8  million for
     the quarter and $551.1  million for the nine months  ended August 31, 2003.
     These  revenues  are  attributable  to the  AME,  NAMEX,  NEC and  AFMED(a)
     segments.  In the  quarter  and nine  months  ended  August 31,  2002,  two
     customers  each  individually  accounted for more than 10% of the Company's
     revenue. The revenue from these customers was $80.9 million for the quarter
     and $211.1 million for the nine months and was  attributable to the NEC and
     AFMED(a) segments.
(c)  Internal  revenues are eliminated on consolidation of the Company's results
     and are therefore shown in the table to equal to zero.

                                 - more follows-
<PAGE>
                      STOLT OFFSHORE S.A. AND SUBSIDIARIES
                               SEGMENTAL ANALYSIS
                                 (in thousands)
                          Continued from previous page

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
As of August 31, 2003
                                        AFMED(a)        NEC          NAMEX         SAM         AME       Corporate          Total
------------------------------------------------------------------------------------------------------------------------------------
<S>                                     <C>          <C>           <C>           <C>          <C>         <C>          <C>
Segment assets                          $  539,732    $  143,295   $  140,936    $  80,115   $  45,095    $  419,857   $  1,369,030

Unallocated amounts:
Cash and cash equivalents (b)                                                                                          $    139,463
Restricted cash deposits                                                                                               $      4,263
------------------------------------------------------------------------------------------------------------------------------------
Total assets                                                                                                           $  1,512,756
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
As of August 31, 2002
                                        AFMED(a)        NEC          NAMEX         SAM         AME       Corporate          Total
------------------------------------------------------------------------------------------------------------------------------------
<S>                                     <C>          <C>           <C>           <C>          <C>         <C>          <C>
Segment assets                         $  482,000    $  128,161   $  255,873    $  79,852   $  41,469    $  486,044    $  1,473,399

Unallocated amounts:
Cash and cash equivalents                                                                                              $      9,037
Restricted cash deposits                                                                                               $      3,228
------------------------------------------------------------------------------------------------------------------------------------
Total assets                                                                                                           $  1,485,664
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
As of November 30, 2002
                                        AFMED(a)        NEC          NAMEX         SAM         AME       Corporate          Total
------------------------------------------------------------------------------------------------------------------------------------
<S>                                     <C>          <C>           <C>           <C>          <C>         <C>          <C>
Segment assets                          $  585,955    $  137,364   $  140,481    $  88,467   $  35,230    $  457,703   $  1,445,200

Unallocated amounts:
Cash and cash equivalents                                                                                              $     11,672
Restricted cash deposits                                                                                               $      1,732
------------------------------------------------------------------------------------------------------------------------------------
Total assets                                                                                                           $  1,458,604
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

(a)  The proposed  composition  of the AFMED segment is under  consultation  and
     should be regarded as provisional.
(b)  Cash and cash  equivalents  includes cash classified  under Assets held for
     sale.