AN INTERNATIONAL AND MULTI-CULTURAL STAFF
– OUR MOST VALUABLE ASSET

We believe that, in the global market place, the winning companies are those that can put together a team of people with the best knowledge and highest enthusiasm anywhere in the world. I.M. Skaugen thus has a long-standing record of recruiting internationally and developing a multicultural mix of talents.

We have clear policies in place to enhance the recruitment and development of all our people, regardless of gender, religion, ethnic background or nationality. As a company that operates on a global basis, we strive to identify and promote talent wherever we can find it - aided by our non-discrimination policies. For a company of our size, we have a truly global representation and focus; so managing cultural diversity is a key challenge. We have been able to successfully manage complexities of our operations by the use of IT solutions and by being competitively sized. The board believes that the implementation of these policies is well monitored and that the daily activities of the management fully support these policies.

By year-end 2006, the total number of personnel employed by the Group was approximately 1,500, of which 623 were employed as sailing personnel and 637 in our construction facilities. 45 per cent of our sailing staff is now Chinese, which is in line with our China Activity policy. Shore-side staff is mainly divided between our offices in Houston (25 per cent), China (41 per cent), Singapore (12 per cent) and Oslo (16 per cent).

At the end of 2006, of the total number of personnel working in our offices worldwide, about 40 per cent were female. The Norway based parent company itself employs an equal percentage of men and women and, in the top management (Executive Committee), one third is female. We also comply with the new Norwegian rules regarding females on the Board of Directors.

The fact that we have almost 40 per cent females in the Group's on-shore activity, with international competence and a multicultural background, is a good sign that the policy we have adopted is being upheld.