Stolt-nielsen

Earnings Release • Sep 17, 2010

Stolt-Nielsen S.A. Receives Refund For Remaining Six Newbuildings

LONDON, September 17, 2010 - Stolt-Nielsen S.A. (Oslo Børs: SNI) announced today

that it has received refunds of $211.3 million, plus accrued interest, as part

of an early termination agreement with SLS Shipbuilding Co. Ltd. (SLS) of South

Korea.  The refunds were for progress payments made on six ships ordered in

2006 and 2007 as part of a series of eight parcel tankers to be built by SLS.

Due to extensive delays at the yard it was unlikely that the ships would have

been delivered within the terms of the shipbuilding contracts.

Upon receipt of these refunds the Company has cancelled four of the newbuilding

contracts with SLS.  It is anticipated that the final two newbuilding contracts

will be cancelled shortly on receipt of outstanding interest of approximately

$300,000.

As announced on August 17, 2010, the Company earlier received a full refund of

$84.5 million, plus accrued interest for two of the other ships in the series,

bringing the total refund received for the eight ships to $295.8 million plus

accrued interest.

The refunds will be used by the Company to repay loans taken to fund the

cancelled newbuildings and for general corporate purposes.

Commenting on the refunds, Mr. Niels G. Stolt-Nielsen, Chief Executive Officer

of SNSA, said: "We are pleased with the cooperation demonstrated by SLS and the

Korean banks allowing for the early termination of the shipbuilding contracts,

resulting in the full refund of all progress payments made.  We continue to

explore alternatives to grow the fleet either through newbuilding orders or

acquisitions in the second hand market, but we are in no rush to replace the

orders as we believe time is working in our favour due to the present difficult

market conditions."

For additional information please contact:

Jan Chr. Engelhardtsen

Chief Financial Officer

UK +44 (0) 20 7611 8972

j.engelhardtsen@stolt.com

Jens F. Grüner-Hegge

V.P. Corporate Finance

UK +44 (0) 20 7611 8985

j.gruner-hegge@stolt.com

About Stolt-Nielsen S.A.

Stolt-Nielsen S.A. (SNSA or the "Company") is a leading global provider of

integrated transportation solutions for bulk liquid chemicals, edible oils,

acids, and other specialty liquids through its three largest business divisions,

Stolt Tankers, Stolthaven Terminals and Stolt Tank Containers. Stolt Sea Farm

produces and markets high quality turbot, sole, sturgeon, and caviar.

Stolt-Nielsen Gas transports liquefied petroleum gas (LPG) with its growing

fleet of very large gas carriers (VLGCs). Stolt-Nielsen S.A. is listed on the

Oslo Stock Exchange.

Forward-Looking Statements

This press release contains "forward-looking statements" based on information

available to the Company on the date hereof, and the Company assumes no

obligation to update any such forward-looking statement. These statements may be

identified by the use of words like "anticipate," "believe," "estimate,"

"expect," "intend," "may," "plan," "project," "will," "should," "seek," and

similar expressions. The forward-looking statements reflect the Company's

current views and assumptions and are subject to risks and uncertainties. The

Company does not represent or warrant that the Company's actual future results,

performance or achievements will be as discussed in the those statements, and

assumes no obligation to, and does not intend to, update any of those

forward-looking statements other than as may be required by applicable law.

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

(Norwegian Securities Trading Act)

[HUG#1445091]