Stelmar Selects Ernst & Young as Auditor

October 3, 2002

Stelmar Shipping Ltd. announced that the Company's Audit Committee, in consultation with the Board of Directors, has selected Ernst & Young as its new independent auditor. Stelmar does not expect this change to affect the filing of any of the Company's financial statements. Peter R. Goodfellow, CEO and president commented, "The selection of Ernst & Young follows a thorough search and evaluation process of several independent auditing firms. The audit committee, which consists of three non-executive directors, concluded that Ernst & Young LLP would bring the appropriate combination of skill and attention to the auditing effort. In keeping with best practices in corporate governance, Ernst & Young will only provide auditing related services to Stelmar."

Stelmar Selects Ernst & Young as Auditor

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