Stolt-Nielsen Reports Talks with Lenders Continuing

Tuesday, December 16, 2003
Stolt-Nielsen S.A. ( said that while the waivers of covenant defaults granted by its primary lenders expired today, the Company and its lenders remain in constructive discussions aimed at establishing longer-term waivers. "We continue to work closely with our primary lenders toward longer-term waivers that will give us the necessary time to allow us to develop a sensible financial restructuring plan," said Niels G. Stolt-Nielsen, Chief Executive Officer of SNSA. "SNSA is taking action to improve its liquidity, reduce debt and strengthen its balance sheet." 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. (Nasdaq: 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.

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