Stolt-nielsen

Earnings Release • Sep 30, 2010

Stolt-Nielsen S.A. Reports Unaudited Results For the Third Quarter and First Nine Months of 2010

LONDON, September 30, 2010 - Stolt-Nielsen S.A. (Oslo Børs: SNI) today reported

unaudited results for the third quarter and first nine months ended August

31, 2010.  Net profit attributable to shareholders in the third quarter was

$26.8 million, with revenue of $456.8 million, compared with $27.5 million and

$463.0 million, respectively, in the second quarter.

In the third quarter, SNSA received a full refund of $84.5 million plus accrued

interest for progress payments made to SLS Shipbuilding Co. Ltd. (SLS) of South

Korea on two cancelled newbuildings.  In mid-September, subsequent to the close

of the Company's third quarter, SNSA received refunds totalling $211.3 million

plus accrued interest for progress payments made on the remaining six ships in

the cancelled series, for a total refund of $295.8 million, plus accrued

interest of $43.9 million.

Highlights for the third quarter of 2010, compared with the second quarter of

2010, were:

·     Stolt Tankers reported an operating profit of $7.5 million, down from $9.8

million.  Gains from the sale of assets were $2.2 million lower in the third

quarter.

·     The Stolt Tankers Joint Service Sailed-in Time-Charter Index[1] was 1.20,

up from 1.15, where the index had stood for three consecutive quarters.

·     Stolthaven Terminals' operating profit was essentially unchanged at $13.5

million, reflecting sustained demand for storage.

·     Stolt Tank Containers reported an operating profit of $16.9 million, up

from $15.9 million, reflecting improved utilisation and continued strength in

global demand for tank containers.

·     Stolt Sea Farm reported an operating profit of $2.5 million, down from

$4.8 million.  The third-quarter reflected a positive impact of $0.3 million

from the fair value accounting for inventories, compared with a positive impact

of $3.0 million in the previous quarter.

·     Stolt-Nielsen Gas reported a loss of $0.5 million, compared with a loss of

$2.6 million, reflecting improved market conditions in the very large gas

carrier (VLGC) market.

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

Officer of SNSA, said:

"SNSA's third-quarter results were in line overall with our second-quarter

performance.  While revenue was down at Stolt Tankers, operating profit

reflected the impact of lower shipowning costs.  Stolthaven Terminals reported

good results once again, reflecting the sustained demand for storage in our key

markets worldwide.  Stolt Tank Containers had another strong quarter, with

improved utilisation in its well-balanced global fleet.  At Stolt Sea Farm, the

turbot market is recovering slowly, though price competition remains intense.

Stolt-Nielsen Gas nearly broke even this quarter, as market conditions

improved."

"We are pleased to have fully recovered our progress payments of $296 million

plus interest on the eight large stainless steel parcel tankers we had ordered

from SLS in Korea.  We will continue to evaluate opportunities and will replace

these orders if the right project arises.  However, we see no signs of a

sustainable improvement in our tanker market in the near term, and the longer

current market conditions persist, the better our opportunities are likely to

be."

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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#1447925]