Listed on the Oslo Stock Exchange, I.M. Skaugen ASA (ticker IMSK) www.skaugen.com – is a Marine Transportation Service Company engaged in the hassle-free transportation of petrochemical gases and LPG, ship-to-ship transfer of crude oil and LNG, as well as the design and construction of smaller and specialized high quality marine vessels.

IMS is a fully integrated shipping company that designs, builds, owns, mans and manages our own ships. IMS customers are major international companies in the oil and petrochemical industry whom it serves worldwide from operations in Dubai (UAE), Freeport and Houston (Texas), Oslo (Norway), Singapore, Sunderland (UK), Nanjing, Shanghai, Taizhou, Zhangjiagang and Wuhan (China). IMS operates recruitment and training programmes in St. Petersburg (Russia) and Wuhan (China) for the crewing of vessels.

The fleet comprises petrochemical gas and LPG carriers, Aframax tankers, vessels and barges for the transportation of gases on the Yangtze River (China) and a number of workboats for Skaugen PetroTrans (SPT). IMS employs approximately 1,500 people and currently operates 44 vessels worldwide.

IMS has a comprehensive newbuilding programme in China for three LPG vessels of 3,200 cbm, three purpose-designed combination carriers with LPG/Ethylene/VCM and organic chemicals carrying capability, and up to ten advanced 10,000 cbm LNG/LPG/Ethylene gas carriers are on order for Norgas for delivery from early 2007 onwards. IMS has invested in infrastructure with both a shipyard and a cargo plant maker in China to ensure innovative and flexible vessels at low cost. Six new purpose-designed and built Aframax tankers are on order for delivery to SPT on a long-term bareboat charter commencing during 2007.

>> I.M. Skaugen corporate structure