Stolt-Nielsen Announces Organizational Changes

June 18, 2004

Stolt-Nielsen Transportation Group Ltd., a wholly owned subsidiary of Stolt-Nielsen S.A. (Nasdaq: SNSA; Oslo Stock Exchange: SNI), today announced organizational changes aimed at increasing both the Company's service capabilities to customers and its competitive advantage in the global marketplace for parcel tanker and related services. Otto H. Fritzner, SNTG's newly appointed chief executive officer, said: "The enhancements we are announcing today will increase the efficiency of our operations and enable SNTG to provide better service to its customers worldwide. By realigning our operations, maximizing the inherent strengths of our human resources and optimizing our cost structure we will extend our position as the high-quality, high-value leader in the industry." The planned changes, which will take place over the next nine months, will create the following organizational structure: * SNTG's global operations will be organized into three regions - the Americas, administered from Greenwich, Connecticut; Asia-Pacific, administered from Singapore; and Europe, the Middle East, India and Africa (EMEIA), administered from Rotterdam, SNTG's corporate headquarters. * SNTG's Indian Ocean Service and the Europe-to-Asia Pacific Service will be operated out of Rotterdam, to be closer to the Company's customers in the fast-growing EMEIA region. Customers in North and South America will continue to be served from Greenwich, SNTG's second-largest office after Rotterdam. * Certain staff functions will be relocated to SNTG's corporate headquarters in Rotterdam.

Stolt-Nielsen Announces Organizational Changes

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