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May 10, 2002

NORWAY/SPAIN: Turbot producer Stolt Sea Farm starts Spanish expansion

Oslo, Norway-based Stolt Sea Farm Holdings (SSF), the world's largest producer of farmed turbot, halibut, sturgeon caviar and bluefin tuna, and a wholly owned subsidiary of Stolt-Nielsen SA, will soon begin construction on a new land based turbot farm in Cape Vilano, Galicia, Northwestern Spain.

Oslo, Norway-based Stolt Sea Farm Holdings (SSF), the world’s largest producer of farmed turbot, halibut, sturgeon caviar and bluefin tuna, and a wholly owned subsidiary of Stolt-Nielsen SA, will soon begin construction on a new land based turbot farm in Cape Vilano, Galicia, Northwestern Spain.

This new turbot farm, near SSF’s existing facility in Lira, will provide the company with an additional 1000 tons of turbot bringing its total capacity to 4000 tons upon completion in March of 2004. When finished, the new facility will be the largest land based farm in existence for any species of fish and will employ upwards of 30 people when peak production is reached.

SSF CEO James Stove Lorentzen said: “This expansion reinforces SSF’s position as the industry leader in farmed turbot and provides us with the volume needed to meet the growing demand for this premium product.

“This project is the result of a long working relationship between the local authorities and our local management. By utilising the latest technology, we provide strong environmental protection. At the same time we create jobs and economic benefits in a region where investment has been lacking.

“Many people have been involved in the process including the Galician Government and its President Fraga. Their support has been instrumental to our success from the very start to the last few days when we secured the final permits and licences.”

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