This paper reports an investigation of the application of the three-fluid model to estimate phase holdups in three-phase stratified flow. A computer code (PRESBAL) was developed and used to apply the three-fluid model with a variety of assumptions regarding modelling of wall and interface shear stresses. Alternative definitions of equivalent diameters were also investigated. Experimental data for oil-water-air stratified how obtained from the high pressure multiphase flow WASP facility and the data published by others have been chosen to compare with the various predictions; Tentative recommendations are made on the choice of friction relationships to provide the best representation of the data.