Stolt Sea Farm Confirms It is in Discussions With Hydro Seafood

Business Wire, Oct 26, 1999

LONDON--(BUSINESS WIRE)--October 26, 1999--

Stolt-Nielsen SA. (Nasdaq:STLTF,STLBY; Oslo Stock Exchange:SNIB) today confirmed that its subsidiary, Stolt Sea Farm, is involved in preliminary discussions and evaluations with the aim of purchasing the Hydro Seafood aquaculture business from its parent company, Norsk Hydro ASA. The process is still in the early stages and no clear terms of agreement have been reached. The potential transaction involves the purchase of 100% of Norsk Hydro's interests in Hydro Seafood's aquaculture activities in Norway, Scotland, Ireland, and France. A combination of the two companies would create the world's leading aquaculture business, with total salmon production of between 130,000 and 140,000 tons per year, farming and sales in all significant markets in the world, and combined net operating revenue in excess of $500 million.

Stolt Sea Farm, headquartered in Oslo, wholly-owned and operated by Stolt-Nielsen S.A. (SNSA), produces and markets high quality Atlantic salmon, salmon trout, turbot, halibut, sturgeon, and caviar. Production sites are located in Europe and the Americas with marketing offices in Europe, North America, and Asia Pacific.

SNSA also wholly-owns the Stolt-Nielsen Transportation Group Ltd. (SNTG) and 45 percent of percent of Stolt Comex Seaway S.A. (Nasdaq: SCSWF,SCSAY; Oslo Stock Exchange:SCS, SCSA). SNTG is one of the world's leading providers of transportation services for bulk liquid chemicals, edible oils, acids, and other specialty liquids. SCS is among the largest subsea services contractors in the world.

This news release contains forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Actual future results and trends could differ materially from those set forth in such statements due to various factors. Additional information concerning these factors is contained from tine to time in the Company's U.S. SEC filings, including but not limited to the Company's report on Form 20-F for the year ended November 30, 1998. Copies of these filings may be obtained by contacting the Company of the U.S. SEC.