Stolt-Nielsen S.A.
Ticker: STLBY Aldwych House, 71-91 Aldwych
Exchange: NASDAQ-National Market London, Foreign WC2B 4HN
Industry: Transportation 1716118960

Type of Shares:American Depositary Receipts Filing Date:12/11/95
U.S. Shares:7,500,000 Offer Date:1/26/96
Non-U.S. Shares:0 Filing Price: -
Primary Shares:7,500,000 Offer Price:$18.75
Secondary Shares:0 Gross Spread:$1.03
Offering Amount: $0 Selling:$0.60
Expenses:$2,519,477 Reallowance:$0.10
Shares Out After:51,855,855

ManagerTierPhone
Furman Selz IncorporatedLead Manager (212) 309-8200
Fahnestock & Co. Inc.Co-manager (212) 668-8000
Lazard Freres & Co.Co-manager (212) 632-3000
Natwest Securities LtdCo-manager (212) 602-4800
Smith Barney Inc.Co-manager (718) 921-8473

Auditor: Arthur Andersen
Audited
Income
Latest
Unaudited
Income
Prior
Unaudited
Income
Balance
Sheet
11/30/94 8/31/95 8/31/94 8/31/95
Revenue:$1,078.00$980.00$807.80Assets:$1,726.90
Net Income:$34.40$75.70$30.50Liabilities:$1,129.40
EPS:$0.87$1.68$0.78Equity:$597.50

Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year,
unaudited figures are partial year

Business Description
The company is one of the world's leading providers of transportation services for bulk liquid chemicals, edible oils, acids and other specialty liquids. The company, through its parcel tanker, tanker container, terminal, rail and barge services, is able to provide an integrated solution for its customers' transportation requirements.The company is the largest operator of parcel tankers in the world, operating an estimated 24% of the world's deadweight ton capacity of parcel tankers over 10,000 dwt.

Use of Proceeds
The proceeds from the proposed offering will be used for general corporate purposes including repaying certain indebtedness and if deemed appropriate by the company to fund a portion of the purchase price of parcel tankers under construction.

Last updated: 10/28/96

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