Stolt-Nielsen Makes Management Changes

July 29, 2003

Stolt-Nielsen has announced organizational and management changes at the company's Transportation Group. Jacob Stolt-Nielsen, Chairman of Stolt-Nielsen S.A. (SNSA), said: "The actions we are announcing today are aimed at putting the focus on the future of the business and reflect our plans for ensuring the long-term success of the Stolt-Nielsen Transportation Group, an outstanding company composed of excellent people." Effective immediately, the Board of Directors of Stolt-Nielsen S.A. has elected James B. Hurlock, 69, as Interim Chief Executive Officer of Stolt-Nielsen Transportation Group. Mr. Hurlock currently serves as a Director of Stolt Offshore S.A. He succeeds Reginald J. R. Lee, who will serve as an advisor to the company until his planned retirement at the end of 2003. "We are pleased that Jim has agreed to take on this task," said Mr. Stolt-Nielsen. "His credentials, integrity and character are of the highest order. He knows both our company and our business, and he has the management experience and ability to get the job done." Stolt-Nielsen S.A. also announced today that Samuel Cooperman, who was Chairman of the Board of the Transportation Group, is taking a management position within SNSA. The company initiated board changes at its SNTG subsidiary consistent with the realignment in management structure.

Stolt-Nielsen Makes Management Changes

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