OREANDA-NEWS. On March 20, 2007 Stolt-Nielsen S.A. (NASDAQ: SNSA) (Oslo Bшrs: SNI) announced that it had identified errors in its prior year financial statements primarily arising from the accounting for its NYK-Stolt Tankers S.A. (NYK-Stolt) joint venture, reported the press-centre of  Stolt-Nielsen S.A.

While these errors may require that SNSA restate its previously issued audited financial statements for the years ended November 30, 2005 and earlier, management presently does not expect these errors to have any material adverse impact on SNSA's net cash flow for any of the affected prior periods.

Management is still assessing the full impact of these errors. Accordingly, SNSA will be delaying until further notice the release of its results for the fourth quarter and full year of 2006 as well as its conference call and presentation, which were scheduled for Wednesday, March 21, 2007.

Further information on the revised timing of these events will be announced in due course.
During the fourth quarter of 2006, SNSA had solid operational performance in Stolt-Nielsen Transportation Group (SNTG) as a result of good market conditions in all three divisions. The Stolt Tankers Joint Service Sailed-in Time-Charter Index was 1.34 during the fourth quarter, up 5% from 1.28 reported in the third quarter of 2006 and unchanged from the fourth quarter of 2005.

SNTG's parcel tanker division results for the fourth quarter were positively impacted by strong market conditions, reduced customer-related antitrust provisions, and lower bunker fuel prices partially offset by higher antitrust-related legal adviser expenses. Contracts during the fourth quarter were renewed on average at rollover rates. SNTG's tank container division improved performance in the fourth quarter as a result of strong market conditions and lower antitrust-related legal advisor expenses.

SNTG's terminal division continued to report good operational results in the fourth quarter benefiting from high activity levels and utilization. SSF's turbot operations benefited from strong market conditions, higher prices and lower costs and its 25% share of Marine Harvest again made a strong contribution.