Stolt-nielsen

Earnings Release • Jan 28, 2010

Stolt-Nielsen S.A. Reports Unaudited Results For the Fourth Quarter and Full Year of 2009

LONDON, January 28, 2010 - Stolt-Nielsen S.A. (Oslo Børs: SNI) today reported

unaudited results for the fourth quarter and full year ended November 30, 2009.

Net profit attributable to shareholders in the fourth quarter was $22.3

million, with revenue of $430.5 million.  Net profit attributable to

shareholders for the full year was $95.2 million, with revenue of $1,645.1

million.

Highlights for the fourth quarter of 2009 compared with the third quarter of

2009 included:

·        Stolt Tankers reported an operating profit of $11.3 million, down from

$14.2 million, primarily as a result of higher bunker costs and a reduction in

deep-sea operating days.

·        The Stolt Tankers Joint Service Sailed-in Time-Charter Index[1]

decreased to 1.15 from 1.20.

·        Stolthaven Terminals reported an operating profit of $14.5 million, up

from $14.0 million, primarily due to lower operating expenses and higher equity

income from its joint-venture terminals.

·        Stolt Tank Containers reported an operating profit of $9.7 million,

down from $13.2 million, reflecting higher ocean freight costs and increased

price competition.

·        Stolt Sea Farm reported an operating loss of $2.0 million, compared

with an operating profit of $0.5 million, reflecting a $2.8 million reduction in

the fair market value of inventories, versus a $1.2 million reduction in the

third quarter.

Commenting on the Company's results, Mr. Niels G. Stolt-Nielsen, Chief Executive

Officer of SNSA, said:

"Considering the challenging circumstances in our industry in 2009, I am pleased

with SNSA's full-year results.  In the fourth-quarter, results in tankers were

held down by a surge in bunker fuel prices and our tank container margins

continued to be squeezed by rising freight costs and keen competition.  Despite

lower throughput, Stolthaven's operating profit was up due to lower operating

costs and increased equity income from joint ventures.  Stolt Sea Farm reported

a loss this quarter, but has performed well under challenging market

conditions.  Overall, SNSA has emerged from 2009 relatively well positioned,

with a strong balance sheet."

"The economic outlook for 2010 remains uncertain.  While government stimulus

packages have helped to revive the financial markets, their impact on the

fundamentals of global demand, production and supply are less clear.  Therefore

we expect 2010 to be another challenging year and we intend to continue

operating our businesses in the conservative manner that has served us well to

date."

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[1] The Stolt Tankers Joint Service Sailed-in Time-Charter Index is an indexed

measurement of the sailed-in rate for the Joint Service and was set at 1.00 in

the first quarter of 1990 based on the average sailed-in time-charter result for

the fleet at the time.  The sailed-in rate is a measure frequently used by

shipping companies, which subtracts from the ships' operating revenue the

variable costs associated with a voyage, primarily commissions, sublets,

transshipments, port costs, and bunker fuel.

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

[HUG#1378047]