Stolt-nielsen — Earnings Release 2010

Apr 7, 2010

Stolt-Nielsen S.A. Reports Unaudited Results For the First Quarter of 2010

LONDON, April 7, 2010 - Stolt-Nielsen S.A. (Oslo Børs: SNI) today reported

unaudited results for the first quarter ended February 28, 2010.  Net profit

attributable to shareholders in the first quarter was $18.8 million, with

revenue of $428.3 million, down from $22.3 million and $430.5 million

respectively in the fourth quarter.

Highlights for the first quarter of 2010 compared with the fourth quarter of

2009 were:

·        Stolt Tankers reported an operating profit of $3.0 million, down from

$11.3 million, reflecting modestly lower trading results and the reversal in the

fourth quarter of certain cost provisions from prior periods.

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

unchanged at 1.15.

·        Stolthaven Terminals reported an operating profit of $15.5 million, up

from $14.5 million, as additional capacity came onstream and throughput volumes

increased.

·        Stolt Tank Containers reported an operating profit of $10.6 million, up

from $9.7 million, reflecting stable market conditions overall and the benefits

of actions to reduce operating costs.

·        Stolt Sea Farm reported an operating profit of $1.4 million, compared

with a loss of $2.0 million.

·        Stolt-Nielsen Gas commenced operations in the first quarter of 2010 and

reported an operating loss of $2.7 million, due to poor market conditions, ship

repositioning and prolonged waiting times.

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

Officer of SNSA, said:

"Our first quarter results reflect the challenging market conditions that we

have consistently communicated to the market over the past several quarters.

Results for Stolt Tankers' deep-sea trade were essentially flat, which was

reflected by the sailed-in index, while results for our European and Southeast

Asian regional fleets were disappointing.  Stolthaven Terminals and Stolt Tank

Containers both reported higher operating profits driven by increased capacity

and healthy demand.  Results at Stolt Sea Farm showed signs of improvement due

to higher turbot prices."

"During the first quarter we took delivery of Stolt Avance, our first

acquisition in the very large gas carrier (VLGC) segment.  This ship will trade

alongside the time-chartered ship Yuhsho in the spot market.  Poor first-quarter

operating results reflected the significant oversupply of ships, which has

brought freight rates below voyage-cost levels.  We expect this situation to

improve as new Middle East gas production reaches the market later this year."

"We question the sustainability of the strong recovery in China once the

stimulus is cut back. As the traditional Chinese export markets are buying less,

China in turn becomes more dependent on its domestic demand, which will take

some time to develop.  We therefore repeat our concerns about the market

fundamentals going forward.  Our strategy is to continue to operate our

businesses in a conservative manner, exercising tight control over our costs and

capital expenditures."

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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#1401066]