Stolt Offshore Begins Trading New Shares

Stolt Offshore S.A. (Nasdaq: SOSA; Oslo Stock Exchange: STO), reports that the new Common Shares and ADR's, which have been issued following the Subsequent Issue which closed on May 25, will begin trading on the Oslo Boers and on the Nasdaq National Market on June 1, 2004.

Tom Ehret, Chief Executive Officer, said, "This marks the completion of the successful raising of $165 million in new equity before costs, in addition to the $50 million debt for equity swap. The over subscription of the Subsequent Issue reflects the market's recognition of the company's progress towards its restructuring goals in recent months."

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