Stolt Offshore New Shares Begin Trading in Oslo

Stolt Offshore S.A. announced that 62.5 million Common Shares that previously have been issued will begin trading on March 12, 2004 on the Oslo Bors. These represent the 45.5 million Common Shares issued in the recent private placement and the 17.0 million Common Shares issued in connection with the conversion of Class B Shares held by Stolt-Nielsen Transportation Group Ltd, a subsidiary of Stolt Nielsen S.A. The 45.5 million Common Shares issued in the private placement are subject to certain transfer restrictions and are therefore registered on a separate ISIN. These shares will trade on a separate ticker code, STON, until March 24, 2004 from which time all Common Shares will trade on the STO ticker code.