Stolt Offshore Closes Subsequent Share Issue

Stolt Offshore S.A. (Nasdaq: SOSA; Oslo Stock Exchange: STO), announced that the offering of new shares closed at 11:00 p.m. (Central European Time) and 5:00 p.m. (New York City time), on May 25, 2004.

The offering was over-subscribed by more than 60%. The sale of 29.9 million shares will raise gross proceeds of $65.8 million. When the new shares are issued there will be 191,389,487 shares outstanding.