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    Stolt Offshore lowers 2002 guidance; announces management changes

    News // October 11, 2002
    Stolt Offshore has announced full year 2002 earnings that are below previous guidance due to three factors: operational problems on projects, a timing delay on a major pipelay contract in Nigeria and a continuing weak market in the Gulf of Mexico. The company now anticipates the year-end results to be about breakeven.

    In addition, the company announced that Bernard Vossier is to retire from his position as CEO, effective immediately.

    Vossier will continue to serve as a member of the Board.

    Stolt Offshore's results for the third quarter and nine months ended August 31 were a net loss for the quarter of $17.2 million, or $0.21 per share, on net operating revenue of $368.9 million, compared with a net income of $17.5 million, or $0.20 per share, on net operating revenue of $365.6 million for the same period last year.

    Excluding a one-off gain of $8.0 million on the sale of Big Inch Marine Systems, the net loss for the quarter was $25.2 million or $0.30 per share. The weighted-average number of common share equivalents outstanding for the quarter was 83.1 million compared with 87.2 million for the same period of 2001.

    For the nine-month period ended August 31, 2002 the company reported a net loss of $12.1 million, or $0.14 per share, on net operating revenue of $996.4 million. This compares with a net loss of $4.3 million, or $0.05 per share, on net operating revenueof $838.7 million for the same period last year. Excluding a one-off gain of $8.0 million on the disposal of Big Inch Marine Systems, the net loss for the nine-month period ended August 31, 2002 was $20.1 million or $0.24 per share. The weighted-averagenumber of common share equivalents outstanding for the latest nine-month period was 85.1 million compared with 87.2 million for the first nine months of last year.

    The company has also announced that Alan Brunnen, Chief Operating Officer and Joel Leroux, Director of Product Lines, are leaving the company.

    Bruno Chabas has been appointed the new Chief Operating Officer and Jan Chr Engelhardtsen has been appointed interim Chief Financial Officer.

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