Cargo containment system for the IMS newbuildings – the Wintergas vessels

The new and unique conceptual design for cargo containment systems are made by our own IMS teams, and the first vessel will be delivered mid 2008. Wintergas will be capable of carrying LPG and petrochemi-cal gases as a 5800cbm semi-refrigerated gas carrier and additionally 3800cbm chemical capacity, or the vessel can trade as a 9600cbm chemical vessel in compliance with IMO 2.

fully integrated shipping company that designs, builds, owns, mans and manages our own ships. IMSK customers are

majo

r interna

tiona

l com

panies

in th

e oil a

nd p

etro

chem

ical in

dustr

y, whom

we serve

world-

Listed on the Oslo Stock Exchange, I.M. Skau-gen SE (IMSK) - www.skaugen.com - is a Marine Transportation Service Company engaged in the hassle-free transportation of petrochemi-cal gases LPG and LNG, marine transfer of crude oil and LNG, as well as the design and construction of smaller and specialised high quality marine vessels.

IMSK is a fully integrated shipping company that designs, builds, owns, mans and manages our own ships. IMSK customers are major interna-tional companies in the oil and petrochemical industry, whom we serve worldwide from our operations in Dubai (UAE), Freeport and Hous-

ton (USA), Oslo and Stavanger (Norway), Singa-pore, Sunderland (UK) and Nanjing, Shanghai, Taizhou, Zhangjiagang and Wuhan (China). IMSK operates recruitment and training programmes in St. Petersburg (Russia) and Wuhan (China) for the crewing of vessels. IMSK employs approximately 1,600 people and currently operates 38 vessels worldwide. The fleet comprises petrochemical gas and LPG car-riers, Aframax tankers and lightering support vessels, barges and tugs.

IMSK has a comprehensive newbuilding pro-gramme in China for three 3,200cbm LPG

Company Overviewvessels; three purpose designed combination carriers with LPG/Ethylene/VCM and Organic chemicals carrying capability; and up to ten ad-vanced 10,000-12,000cbm LNG/LPG/Ethylene gas carriers for delivery from beginning 2007 and onwards. IMSK has invested in infrastructure with both a shipyard and a cargo plant maker in China to ensure innovative and flexible vessels at low cost. Four of six new purpose-designed and built Aframax- sized tankers were delivered to SPT during 2007 on a long-term bareboat charter, with the remaining two vessels due for delivery during spring 2008.

I.M. Skaugen SEHolding Company (Norway)

I.M. Skaugen Marine Services Pte. Ltd.Holding Company (Singapore)

Singco Gas Pte. Ltd.Ship owning company (Singapore)

Norgas Fleet Management Co. Ltd.Fleet management (China)

Skaugen Marine Construction Co. Ltd. Management and supervision (China)

Wuhan University of Tech -Skaugen Training and Consulting CO. Ltd.

Recruitment and training of crew (China)

Shenghui Gas & ChemicalSystems Co. Ltd.

Manufacturer (China)

Hubei Tian En Petroleum Gas Transportation Co. LtdLPG transportation (China)

Skaugen Wuzhou Shipbuild.Co. Ltd.

Shipbuilding facilities (China)

Norgas Carriers ASManagement company (Norway)

Norgas Asia Pte. Ltd.Marketing (Singapore)

Norgas Americas Inc.Marketing (USA)

Changhang - Skaugen Ship Management Co. Ltd.

Crew management (China)

Gas activities

Marine construction activities

Marine transfer activities

FiveStar Marine Ltd.Manufacturer (China)

Wuhan Marine Equipment Ind. Park Co. Ltd

Marine equipment park (China)

Skaugen Trading Co. Ltd.Trading house (China)

Skaugen (China) Holding Co. Ltd. *Holding Company (China)

100% 100%

100%

100%

50%

50% 50% 100%

49% 85% 100%

Skaugen PetroTrans Inc.Management Company (USA)

SPT Offshore LLC.Lightering support vessels (USA)

SPT Marine Services Ltd.Ship to Ship Operations (UK)

PetroTrans Holding Ltd.Holding Company (Bermuda)

50%

100%

100%

100%

25% 50%

100% 25%

Somargas Ltd. Ship owning company (HK)

Nordic LNG AS Sales and logistics of LNG (Norway)

49,7%

40%

2

*Under formal approval by Chinese authorities

fully integrated shipping company that designs, builds, owns, mans and manages our own ships. IMSK customers are

majo

r interna

tiona

l com

panies

in th

e oil a

nd p

etro

chem

ical in

dustr

y, whom

we serve

world-

Contents2 Company Overview

4 Welcome to Our 2007 I.M. Skaugen Business Review

6 Summary of 2007 Performance

8 Norgas Carriers

10 Skaugen Marine Construction

14 Skaugen Trading Company

16 Nordic LNG

18 Skaugen PetroTrans

20 Financial Highlights

24 The Fleet

26 Key People

27 Addresses

The business review is on the basis of I.M. Skaugen’s preliminary figures as released on 10 January 2008. The official Annual Report for 2007 will be available in full on the web from 18 February 2008 and the official legal Norwegian version will be published on the same date.

3

mus

t attra

ct the best talent from around the world.

When I b

egan

work

ing at

the co

mpany, we were solely Norwegian and operating from Norw

ay. Tod

ay we a

re globa

l in our

This has been very much a year of reaping ben-efit from some of our new initiatives. Our first “self-designed and built” gas tankers were de-livered from our shipyard in China to Skaugen Marine Construction (SMC), vindicating our de-cision to move into China over a dozen years ago - as well as our approach to renewing the fleet by using our own know-how and talented team of professionals. Two gas vessels were com-pleted during 2007 and two will be completed in the first half of 2008 – at considerably below prevailing market rates – and we see no reason why SMC, the programme manager, should not continue this success as we complete up to 12 further vessels.

Our SMC initiatives were a reason - though by no means the only ones – why we performed particularly well during 2007. Norgas was also a good performer. It is true that we are fortunate to be riding the wave of a particularly strong petrochemical market at present, but it is due to the hard-fought efforts of previous years that we have been able to retain and extend our customer base and to focus on cost and service leadership in the industry. As the golfer Gary Player famously remarked: “The harder I work, the luckier I seem to get!”

SPT has once again had difficult conditions to contend with in 2007, in no small part due to having to hire-in vessels at high market rates to cover contracted business. This situation should have eased towards the end of the year as this business, too, took on newly-built vessels, but some unfortunate events took their toll with sud-den very weak spot markets for tankers. It has been four years since the six new ships, with the special features designed by our own teams, were ordered and the commencement of deliv-eries has been a welcome relief to everyone in-volved with the company. They are without doubt excellent performers with enhanced service and productivity features that should change the way business is done.

But 2007 has also been about building even more of our future. Nordic LNG, the natural gas busi-ness we are developing in conjunction with our

partner, Lyse Gass, is gaining momentum. Lyse and their partners have begun construction of the 300,000 tons liquefaction plant in Stavanger, we have a long-term contract with Shell for the supply of gas and our Multigas vessels that can be used for the transportation of LNG are well into the build phase. Our first customers have been signed up and we are on target for a fully operational service in early 2010.

A longer-term activity – that of CO2 transpor-tation – is also moving from the conceptual stage towards a bona fide business proposition. Though carbon capture and storage (CCS) is still in its infancy, it can undoubtedly be part of the solution when it comes to reducing CO2 emis-sions – particularly by power generators. Our involvement, as a transportation partner, in a study in conjunction with one of Europe’s leading power companies is just a first step, but it shows our determination to be at the forefront of the industry as and when this business takes off.

The global villageI would like to take his opportunity to touch on a broader issue that I believe is not just impor-tant to I.M. Skaugen, or Norway, but to every business operating, wherever they may be in the world.

To compete in a global marketplace, we - as many Norwegian based companies need to – must attract the best talent from around the world. When I began working at the company, we were solely Norwegian and operating from Norway. Today we are global in our presence and have a multicultural approach to our business. We aim to hire the most talented people with the highest enthusiasm and wherever we can find them in the world to make up our industry-leading team.

China has been a great source of talent for us. The country already produces more university graduates than all of Europe; India is not far behind, and as the number of graduates from emerging economies soars over the next 20 years, it will become increasingly important for Norwegian companies to draw on the wid-

Welcome to our 2007 I.M. Skaugen Business Review

4

mus

t attra

ct the best talent from around the world.

When I b

egan

work

ing at

the co

mpany, we were solely Norwegian and operating from Norw

ay. Tod

ay we a

re globa

l in our

est possible pool of talent. For example, Saudi Arabia has now more than 22 universities and if you look at the history of the region you see their commercial and inventive acumen stretches back far longer than in Europe. The same goes for China.

In a different sphere, take a look at football. The team that my young son Alex supports, Arsenal, was once uniformly English. Now, it is a mul-tinational team full of talent. You may think that individuals from so many different coun-tries, speaking so many different languages, and each with their own individual style of play, could not gel as a team. But actually it works. As Arsenal’s French manager, Arsène Wenger, explains: “Each person brings from his own culture a positive side, which comes together in the service of efficiency. That is the beauty. It is almost magical.” In less than a decade Arse-nal has won several Premiership titles, four FA cups, and come within minutes of winning the Champions League.

Unity in Diversity But, diversity is not only good in itself. It also acts as a magnet for talent. Talented people are drawn to cities like New York, London - and now Shanghai - because they are exciting, cos-mopolitan places - and that in turn boosts eco-nomic growth. But the biggest economic benefit of immigration is the stimulation of innovation. Many exceptional individuals with brilliant new ideas are often immigrants. Instead of following conventional wisdom, immigrants tend to see things differently, and as outsiders are more de-termined to succeed. 21 of Britain’s Nobel-prize winners arrived in the country as refugees.

Most innovation nowadays comes from groups of talented people sparking off each other – and

foreigners with different ideas, perspectives and experiences add something to the mix. People from different backgrounds thinking different-ly, bouncing ideas off each other and can solve problems better and faster, as a growing volume of research shows. Just look at Silicon Valley. Google, Yahoo! and eBay were all co-founded by immigrants arriving not as university graduates, but as children. In fact, nearly half of America’s venture-capital-backed start-ups have immi-grant co-founders.Diversity is not only vital in high-tech, it’s cru-cial to the economy as a whole, because an ever-increasing share of our prosperity comes from companies that solve problems - be they developing new medicines, computer games or environmentally friendly technologies, design-ing innovative products and policies, or providing original management advice.

The bottom line is this: since diversity boosts innovation and innovation is the source of most economic growth, critics who claim that immi-gration has few or no economic benefits are pro-foundly mistaken. For one, we are determined to show that our method of employing the best people, wherever they may be, will help to drive our own innovative, forward-thinking ways.

Finally, I would like to thank each and every one of our stakeholders who has contributed to a successful year for the company. Your efforts are much appreciated. I truly hope that you will all continue to be a part of the I.M. Skaugen fam-ily in 2008 as we look to continue our winning ways.

Morits Skaugen, CEO10 January 2008

Ibsen statue donated by Morits Skaugen to Shanghai Theatre.

5

Innovation is key to all aspect of our organization. We strive to be in the forefront of development in order to always maintain our co

st and

servic

e leade

rship. In-

Summary of 2007 performanceFor the year, I.M. Skaugen Group (IMS) re-ported a net pre-tax profit of USD22.2 million in 2007 (USD11.0 million in 2006). The result on an EBITDA basis was USD42 million in 2007 (USD34.7 million in 2006).

Norgas, our petrochemical gas carrier business, had a satisfactory performance, supported by continued global economic growth - especially in the emerging markets – and record high crude oil prices. Norgas’ performance benefited from an increase in export volumes from the Middle East to both Europe and Asia to meet petro-chemical cracker demands. Overall, for the year,

there was a solid increase in freight volumes and lower idle time. Once final figures are col-lated, we anticipate the record for the year will show that we enjoyed double digit growth in ‘ton-miles’ for the services we perform.

Skaugen Marine Construction (SMC) is our Chinese-based shipbuilding activity and has responsibility for all aspects of our newbuild-ing programme - including managing our joint venture and alliance partnerships. During the year, SMC completed the construction of its first two vessels, both of them 3,200cbm pressurised

LPG Carriers. These vessels have been sold by SMC to third-party customers – along with a third ship of the same design, once completed in early 2008. Additionally, the first LPG/ethylene/VCM/organic chemical carrier - built on behalf of Norgas and named “Norgas Pan”- was success-fully launched on 25 December 2007.

During the year, SMC was affected by the pres-sure of high activity in the whole shipbuilding value chain. With rapid growth in the global economy in general - and in China in particu-lar - coupled with very strong demand for the construction of new vessels, this impacted our

new building costs. Since the start of our new building programme we have, along with oth-ers, suffered considerable price increases in raw materials and specialised components. At the same time we have also encountered an unfa-vourable shift in exchange rates. These factors are not unique to us, as evidenced by the steep increase in prices for comparable activities, both on a global basis and in Asia in particular.

Despite these challenges, the work of SMC, in its first full year of operation, is a significant development towards the continued success of

the company. Our innovative strategy of building tailored and specialised ships - both for our own Norgas fleet and to sell in the market - at costs below what others can offer, provides us with a financial and operational flexibility unavailable to other operators.

The performance of SPT, our Marine Transfer Operation, suffered due to challenging trading conditions across the year. During the first half of 2007, SPT had to hire-in additional shipping capacity - at high levels in a buoyant market - to meet customer contract obligations. The weak spot tanker market that evolved in the second half of the year, prior to the winter season, brought further difficult conditions for SPT, particularly in 4Q07 when it had some excess short-term tanker capacity that was difficult to employ in a profitable way.

In the second half of the year, the first four of SPT’s six new Aframax tankers were delivered. Due to scheduling challenges in repatriating the vessels from Japan to USA, only two became operational before the end of the year, while a further two will become operational in early January 2008. The remaining two ships will be delivered early in 2008. Going forward, the new vessel additions will allow SPT to reduce tanker costs and improve competitiveness, offering the opportunity to revert to profitability.

At the Annual General Meeting on 3 March 2008, the Board will recommend a dividend payment equal to NOK1.75 per share, the same as was paid in 2007. This dividend represents approxi-mately a three per cent direct yield on the share price of NOK56.00 at year-end.

With the fleet renewals programme continuing successfully for both Norgas and SPT, as well as SMC effectively operating its newbuilding pro-gramme, I.M. Skaugen believes it will continue to improve its operational targets, producing a sound financial performance for the coming year.

6

Innovation is key to all aspect of our organization. We strive to be in the forefront of development in order to always maintain our co

st and

servic

e leade

rship. In-

7

satisfactory performance, supported by continued global economic growth. Norgas’ performance benef ted from an increase in export v

olumes fro

m the Middle East. Sat-

NorgasNorgas generated an EBITDA of USD43 mil-lion for the full year 2007 (USD41.8 million in 2006).

Norgas operates its fleet through a pool opera-tion in conjunction with Camillo Eitzen, under the name ENGC. During 2007, this global al-liance continued to bring cost synergies and improved levels of service to customers.

Norgas benefited from particularly strong lev-els of shipments of ethylene out of the Middle East (ME) to both Europe and South East Asia. Saudi Arabian volumes were also increased as a result of the temporary closure of a domes-tic polyethylene plant, necessitating the use of downstream plants in other countries. This special situation is expected to continue into the first part of 2008, but we believe the volumes in general out of the Middle East will continue to grow in the years ahead. There were also size-able new volumes out of Iran this year.

Idle time for the 2007 totalled 3.1 per cent com-pared to 14 per cent for the whole of 2006.

The firm order book for vessels in the ‘semi-ref’ sector presently stands at 36 per cent of the to-tal fleet (total fleet is 2,237,000cbm or 303 ves-sels) with estimated deliveries of 314,000cbm

in 2008, 346,600cbm in 2009 and 147,500cbm in 2010 onwards. Despite this historically high fig-ure of new ships being built in relation to existing ship capacity, this is balanced by an expected growth in global petrochemical production capacity, which will also be high by historical standards.

The increased demand for vessels is particularly high due to the additional growth in ton-miles created by a strong rise in ME exports. We expect Europe and USA to gradually become import-ers of product on a sustainable basis and this is a historical shift as these regions have in the past been exporters. The ME exports will more than double in volume in the coming five years, ensuring that many of these new vessels are absorbed. There will be an additional need for vessels resulting from an expected shift in global trading patterns. We believe older tonnage is be-ing scrapped at a normal pace, further reducing the supply of vessels.

With the significant new shipping capacity that is expected to come online during 2008 and 2009, vessel utilisation and rates could be affected - particularly as increased capacity in this in-terim period could well outpace demand. There could also be some delays in bringing the new volumes out of Iran. However, our view is that

Financial highlights - USD (1 2007 2006 2005 2004 2003 2002Freight revenue on a T/C basis 72.6 67.4 70.66 42.9 35.2 25.1

Vessel operation expenses (25.5) (24.2) (19.7) (19.1) (21.6) (18.9)

Other operating and admin costs (4.1) (1.4) (4.3) (2.0) (2.9) (1.7)

EBITDA 43. 0 41.8 46.6 21.8 10.5 4.5 1) USD million

8

satisfactory performance, supported by continued global economic growth. Norgas’ performance benef ted from an increase in export v

olumes fro

m the Middle East. Sat-

with growth in world GDP running at around four or five per cent a year and driven more by the emerging markets - alongside increased ocean transportation movement both out of the Middle East and within Asia - demand for our services longer-term should offset the expected rise in tonnage supply.

Norgas Chinese activitiesOverall, the business in China saw steady growth in 2007 and improved operational activities. These operations encompass three gas-related activities, undertaken by TNGC, Norgas Fleet Management (NFM), Changhang Ship Manage-ment Company (CSSM) and Wuhan-Skaugen Training Center (WSTC).

TNGC is our joint venture company which trans-ports LPG and other petrochemicals on the Yangtze River and we are the only non-Chinese company transporting LPG domestically in China.

Norgas Fleet Management (NFM) and Chang-hang Ship Management Company (CSSM), both undertake recruitment, crewing and training. Thanks to their efforts, over 40 per cent of our ship- and shore-based crew are now Chinese.

WSTC once again saw an increase in the num-ber of students pass through the university, un-dertaking courses including the handling and transportation of hazardous cargoes and vessel maintenance.

In 2007, we laid the foundation stone at Wuhan Marine Equipment Industrial Park (WMEIP) in Wuhan. This maritime industrial park is a joint venture between Wuhan Hi-Tech State Holding Group Co. (50%), China Changjiang National Shipping Group Corp. (25%), and I.M. Skaugen (25%). We hope this will become the leading park in China for companies offering maritime equipment and services.

9

Our

inno

vativ

e str

ategy

of bu

ilding tailored and specialized ships, at costs below what others can of er,

prov

ides u

s with

a f na

ncial a

nd ope

ratio

na

l f ex

ibility unavailable to other operators

SMCIn its first full year of operation SMC generated an EBITDA of USD8.1 million (negative USD1.2million in 2006).

Skaugen Marine Construction (SMC) was estab-lished in the fall of 2006 to manage the IMS new-building process in China. On behalf of IMS, SMC has developed streamlined marine construction activities for the building of new gascarriers, and is responsible for all aspects of this programme, including the management of Chi-nese alliances and joint venture partnerships. The work of SMC is key to the future financial and operational success of the IMS Group.

In total, the pioneering newbuilding programme comprises the construction of up to 16 ships

for delivery between now and 2010. 12 of these ships have so far been confirmed with our sup-pliers and joint venture partners, two ships have already been delivered and a third one is sched-uled for delivery in 2Q08. The confirmed ships comprise three Wintergas (WG) series vessels, six Multigas (MG) series vessels and three pres-surized Summergas (SG) series vessels.

Our ‘build and sell’ programme of Summer-gas ships comprises the Mei Wen Ti, the Qin Shi Huang and the Xi Shi – all 3,200cbm pres-surised gas carriers. All three of these vessels have been sold, with the first of these, Mei Wen Ti, delivered in 2007, while the Qin Shi Huang and the Xi Shi will be delivered in 1Q and 2Q08, respectively.

Financial highlights - USD million 2007 2006Operating revenue manufacturing services 52 705 29 587

Cost of good sold (43 459) (29 572)

Other operating and admin costs -(1 156) (1 272)

EBITDA 8 090 (1 257)

These first SMC ships are a strong validation of our innovative newbuilding strategy. The ships are built to industry-standard quality and are completed by the combined efforts of SMC and our alliance and JV partners. Moreover, we de-livered these ships at a cost significantly below comparable industry market prices. Through this unique process of ship building, we have proven our significant competitive advantage within the shipping industry.

One note of caution is that we have recently ex-perienced a significant increase in the construc-tion costs of our ships, especially relating to the specialised cargo containment systems for our unique combination carriers. Since the start of our newbuilding programme we have seen considerable price increases in raw materials and for specialised components, while we have also encountered unfavourable movements in exchange rates. The major part of these cost increases has been applied in 2H07.

It should, however, be noted that the specifica-tions for these vessels are much higher than those of regular ethylene gas carriers and, therefore, the value of comparable ships would be much greater. In this respect, we believe we still have a significant competitive advantage when we compare our new vessels to similar offerings in the newbuilding market.

10

Our

inno

vativ

e str

ategy

of bu

ilding tailored and specialized ships, at costs below what others can of er,

prov

ides u

s with

a f na

ncial a

nd ope

ratio

na

l f ex

ibility unavailable to other operators

11

NO PROBLEMS

The concept is based on management ofqualified subcontractors to build customized and specialized ships more cost effectively. Thus our slogan – SMC – Ships More Competitive.

SHIPS MORE COMPETITIVE

SMC is committed to provide quality services and products through our network of established, reliable subcontractors and partners. We work with a broad base of marine equipment andmaterials suppliers in China and worldwide.

12

Shipbuilding by subcontracting – the SMC concept

SMC has even taken the step and invested in subcontractors and established two key joint ventures, the shipyard Skaugen WuzhouShipbuilding and Shenghui Gas and Chemical Systems manufacturer of components for the marine and petrochemical industries.

Basic Design & Class DrawingsDetail Design

Production Design

Tailormade & SpecializedShips for Low Cost

Hull Building -Yards

Class Approval & Site Survey

Legal Advisory

Surface Preparation & Coating Application

Cargo Tanks Insulation

Outfitting

Heavy Lift & Installation Operations

Project Management

Feasibility Studies

Yard Screening & Assesment

Cost Estimates & Budgeting

Conceptual Design

Procurement

Finance & Accounting

Site Supervision

Technical Support

Skaugen MarineConstruction Co., Ltd.

Manufacturing pressure vessels and gas cargo plant

components and systems

Shenghui Gas & ChemicalSystems Co., Ltd.

Investing in Yardinfrastructure enables yard

to efficiently build high quality ships

Skaugen WuzhouShipbuilding Co., Ltd.

SMC Subcontractors Ships More CompetitiveJoint Ventures

The concept is based on management of qualified sub

contract

ors to b

uild cu

stomized

and s

pecialize

d ships more cost effectively. Thus our slogan – SMC – Ships More Competitive.

13

The concept is based on management of qualified sub

contract

ors to b

uild cu

stomized

and s

pecialize

d ships more cost effectively. Thus our slogan – SMC – Ships More Competitive.

Joint Ventures-Sound Partnerships

Shenghui is a manufacturer of non-standard pressure vessels, spherical tanks, cryogenic steel structures and gas cargo plant systems – all used in the marine and petrochemical industry.

I.M. Skaugen has a 50% stake in the company as it is one of the few companies in China that can produce the marine gas cargo plant related equipment and components needed for our gas carriers.

Shenghui is a well established company with a very professional organization that has been working with major foreign companies within the marine and petrochemical industry for many years.

Shenghui Gas & Chemical Systems Co., Ltd.

Skaugen Wuzhou Shipbuilding is a CooperativeJoint Venture 85% owned by I.M. Skaugeninvesting in the yard’s infrastructure. Theseinvestments improve quality, productivity and

safety in the yard in Taizhou, and allow it toproduce high quality, tailor made and state-of the-art ships built to our exacting requirements.

Skaugen Wuzhou Shipbuilding Co., Ltd.

Nordic LNG

The SMC built Wintergas (WG) series as well as th

e Multi

gas (

MG) seri

es of

ships are unique with sophisticated and state-of-the-art modern technology.

16

The SMC built Wintergas (WG) series as well as the Multigas (MG) series of ships are unique with sophisticated and state-of-the-art modern technology. They are both combination carriers for multiple products. WG of gas and chemical and the MG series of ships are made capable of handling LNG as well as all the petrochemical gases. These ships are all ordered by IMS to enter new markets on the back of our existing franchise in Norgas.

An example of the use of these vessels is the new initiatives in the LNG business this year where the Norwegian utility provider Lyse Gass (www.lyse.no) and its partners Celsius Invest AS and IMS have joined forces to create a unique LNG “small scale” supply chain for the Nordic markets.

The Nordic LNG AS (www.nordiclng.com) is ex-pected to deliver its first product in 2010, cre-ating a North European market leader in the distribution of LNG. The J/V formed decided to enter this business and Lyse and its partners decided to build a 300,000 tones per year lique-faction plant in Stavanger and we will offer our 10,000cbm sized Multigas carriers for the dis-tribution of natural gas based energy in the form of LNG. The natural gas will be sourced from the North Sea via the Kaarstoe transshipment point and piped to the new plant at Risavika near Stavanger. From the plant Nordic LNG will ship the product to customers in Scandinavia by use of new import terminals to be constructed in Sweden and Norway initially.

The partners have jointly established Nordic LNG AS (IMS share is 40%) that will be the company responsible for the sales and the logistic of the LNG made by the liquefaction plant that based in Stavanger. The potential customers will be able to substitute heavy fuel oil and LPG as the sources for the creation of energy, and this will make a positive environmental impact and be economically advantageous for the customers.

The SMC built Wintergas (WG) series as well as th

e Multi

gas (

MG) seri

es of

ships are unique with sophisticated and state-of-the-art modern technology.

17

SPT

Goin

g forward,

the new vessel additions will allow SPT to reduce tanker costs and improve competitiveness, offering

the op

portunity to revert to profitability. Going forward

, the ne

w ve

s-

SPT generated an EBITDA of negative USD4.6 million for the full year 2007 (negative USD0.6 million for 2006).

SPT is the largest marine transfer company in the world, providing transfer of crude oil and LNG, primarily in the waters of the US coasts. In 2007 it initiated services in European waters, as well as off West Africa, following the acquisi-tion of a specialized company based in UK, now named SPT Marine Services. SPT handles around 900,000 barrels of oil a day, equating to roughly 11 per cent of US seaborne oil imports.

European marine transfer activities for SPT are continuing to grow steadily, with business in the Mediterranean particularly encouraging. Our marine transfer support operations have also been satisfactory in the US west coast in 2007.

As SPT maintains its push to develop operations in the LNG marine transfer market, the company completed trials of marine transfers of LNG in US coastal waters – the first ever of their kind. SPT now also undertakes the business of man-aging port operations at LNG receiving facilities around the world and sees this as a growing

area as it seeks to utilize its competence in this specialised field of marine transfer business.

SPT experienced a year with challenging trad-ing conditions. The high chartering-in cost of tankers to cover customer contracts continued to impact the business throughout the year and this was compounded in 2H07 by a reduction in volumes handled on behalf of customers. The excess capacity resulted from lower volumes arising from unplanned maintenance activities at offloading centres and the drawing down of US oil stocks. The temporary short-term excess

18

Goin

g forward,

the new vessel additions will allow SPT to reduce tanker costs and improve competitiveness, offering

the op

portunity to revert to profitability. Going forward

, the ne

w ve

s-

tanker capacity that was created could not be utilised in the low returning spot markets at satisfactory rates.

On the positive side, SPT took delivery of four specially designed and constructed new vessels during the year and these vessels began opera-tions late in 2007 and early 2008 in the US Gulf. Between January and spring 2008 the company will take delivery of a further two Aframax tank-ers, all on 15-year (10-year fixed, with a five-year option) bareboat agreements. These new additions to SPT’s fleet will provide the company with much greater flexibility in its activities and enable a return to profitability in 2008.

Financial highlights - USD million 2007 2006 2005 2004 2003 2002Freight revenue on a T/C basis 91.2 102.3 138.3 133.7 134.0 115.0

Vessel operation expenses (95.8) (102.8) (127.0) (118.0) (114.0) (90.0)

EBITDA (4.6) (0.5) 11.3 15.7 19.5 25.0

19

FinancialHighlights

Since the end of 2006 the IMSK share price increased by 27 per cent. The 12-month yield, including dividends, was 31 per cent. The divi-dend to be paid in March is equal to NOK1.75 per share. The average annual yield over the last 10 years has been 39 per cent.

I.M. Skaugen ASA was in December 2007 trans-formed from a Norwegian Joint Stock Public Company (ASA) to a European Joint Stock Pub-lic Company (Societas Europea, hereafter called “SE-Company”). The new official name is I.M. Skaugen SE. The transformation to the SE com-pany will have no affect on the listing of the com-pany’s shares on the Oslo Stock Exchange.

The Board of I.M. Skaugen would like to thank everybody involved with the company during 2007 for the efforts they have made in continu-ing to improve operational excellence across the Group. It is a credit to every person that the company is both able to successfully manage its core business while pursuing new initiatives that we hope will bring further long-term benefits to all our stakeholders. Let us hope this momen-tum is maintained through the coming year.

10 January 2008Board of directors, I.M. Skaugen SE

Erik EikChairman

Bertel O. Steen jr.Deputy Chairman

Karen Helene Ulltveit-Moe

Ingelise Arntsen

Morits SkaugenCEO

Christian Wessel

Jon-Aksel Torgersen

Liselott Kilaas01

.01.

98

04.0

9.98

14.0

4.99

18.1

1.99

11.0

9.00

22.0

8.01

10.1

0.02

05.0

1.04

17.1

2.04

15.0

9.05

13.0

6.06

21.0

2.07

17.1

0.07

70

60

50

40

30

20

10

0

clos

e pr

ice

(NO

K)

IMSK Share price 1998 - 2007

20

USD million 2007 2006 2005 2004 2003 2002

Gross freight revenues 190.1 193.2 185.2 148.6 209.4 189.0

EBITDA 42.0 34.6 46.3 24.9 24.4 25.8

EBIT 29.8. 21.1 34.4 12.3 9.7 13.8

Pre-tax result -before variance on derivative of convertible bond

22.2 10.1 28.9 4.1 20.3 4.8

Total assets 431.0 334.0 289.3 207.0 224.9 193.6

Liquid assets 112.0 81.2 83.0 19.8 39.2 32.4

Equity at book value 122.6 111.0 86.9 83.6 72.0 71.3

Net interest bearing debt 158.5 112.2 89.8 86.1 92.2 68.5

Current ratio 1) 434% 493 % 460 % 239 % 287 % 273 %

Equity ratio 2) 29% 33 % 30 % 40 % 32 % 36.8%

Interest coverage ratio 3) 3.5 3.5 5.16 2.68 3.3 5.42

EBITDA ratio 4) 22.1% 16.7% 25.0 % 17.0 % 11.6% 13.5%

Financial Summary

Key figures per shareMarket value NOK 56 44.00 58.75 38.5 35.5 18.75

Dividend NOK 1.75 0 4.38 1.75 5.00 1.75

EBITDA USD 1.55 1.28 1.88 1.09 1.11 1.17

EBIT USD 1.10 0.78 1.39 0.54 0.45 0.62

Equity at book value USD 4.5 3.87 3.24 3.37 3.13 3.25

No. of shares (excl. treasury shares)

End of period 27 178 590 27 186 590 25 553 260 23 909 240 21 975 920 21 907 188

Average number of shares 27 180 233 26 980 745 24 721 404 22 953 448 21 994 172 22 180 296

1) Current assets divided by current liabilities2) Book equity divided by total assets3) EBITDA divided by net interest expenses4) EBITDA in per cent of gross freight revenue

Key Figures from 2004 is in accordance with IFRS. Previous period is in accordance with NGAAP.

Key FigureS

21

STaTeMeNTS oF iNCoMe

STaTeMeNTS oF CaSH FLoW

USD ‘000 2007 2006 2005Gross freight revenues 190 172 193 237 185 284

Operating revenue manufacturing services 39 847 13 412 (70)

Revenues 230 019 206 649 185 214

Voyage-related expenses incl. marketing (57 444) (52 969) (45 475)

Time-charter hire (54 858) (63 763) (55 950)

Cost of goods sold (30 601) (13 397) (325)

Gains from sale of assets 4 731 0 0

Depreciations (12 202) (13 532) (11 937)

Operating expenses (45 084) (41 880) (37 107)

Operating profit 34 561 21 108 34 420

Result from investments in associates - 383 54

Financial income 3 086 4 053 4 436

Financial expenses (15 166) (16 053) (11 160)

Gains/losses on exchange (254) 671 1 174

Net result before variance on derivative of CB 22 227 10 162 28 924

Variance on derivative of the convertible bond (CB) - 766 (8 250)

Net result before taxes 22 227 10 928 20 674

Taxes (6 000) (292) (167)

Net result for the year 16 227 10 636 20 507

Minority interests 2 091 953 1 067

Majority interests 14 136 9 683 19 440

Earnings per share (USD) 0.52 0.36 0.79

Diluted earnings per share (USD) N/A 0.33 1.00

USD ‘000 2007 2006 2005Cash flow from operations (27 193) 20 341 20 422

Cash flow from investments (18 174) (40 246) (8 837)

Cash flow from financing 76 131 18 169 51 639

Net change in cash and cash equivalent 30 764 (1 736) 63 223

Cash and cash equivalent at start of period 81 283 83 019 19 795

Cash and cash equivalent at end of period 112 047 81 283 83 019

22

baLaNCe SHeeTS

CHaNgeS iN equiTy

USD ‘000 2007 2006 2005

ASSETS

Intangible fixed assets 7 894 11 075 8 052

Tangible fixed assets 150 129 156 558 150 445

Financial fixed assets 33 985 15 749 11 864

Total fixed assets 192 008 183 382 170 361

Projects under construction 68 581 19 853 -

Receivables and other current assets 58 400 42 227 34 919

Cash and bank deposits 112 047 82 283 83 019

Total current assets 239 028 144 363 118 938

Non-current assets classified as held for sale 0 6 313 0

Total assets 431 036 334 058 289 299

EQUITY

Total equity majority interest 123 183 105 231 82 874

Minority interests 787 5 784 4 044

Total equity 123 970 111 015 86 918

Long-term liabilities, interest bearing 251 910 193 790 176 498

Other short-term liabilities 55 156 29 253 25 883

Total liabilities 307 066 223 043 202 381

Total equity and liabilities 431 036 334 058 289 299

USD ‘000 2007 2006 2005

Equity at start of period 111 015 86 918 83 590

Convertible bonds - 13 975 12 068

Fair value conversion right convertible bond - - (16 808)

Fair value adjustments 11 038 - 5 677

Acquisition of treasury shares (52) - (673)

Dividends (7 761) (1 301) (17 443)

Net result 16 227 10 636 19 440

Minority interest (6 497) 787 1 067

Equity at end of period 123 970 111 015 86 918

23

The Fleet - as pr. 10 January 2008

Vessel CBM Tanks Temp. IMO Bar Built/Rebuilt Acquired

Norgas Shasta 10 208 2 -104 7 2003 2003

Norgas Napa 10 208 2 -104 7 2003 2003

Norgas Sonoma 8 556 2 -104 7 2003 2003

Norgas Petaluma 8 556 2 -104 7 2003 2003

Norgas Alameda 8 556 2 -104 7 2003 2003

Norgas Orinda 8 556 2 -104 7 2002 2002

Norgas Carine 8 405 3 -104 4,5 1989 1997

Norgas Patricia 8 238 3 -104 4,5 1991 1991

Norgas Chief 8 070 4 -104 5 1983 1983

Norgas Trader 7 334 4 -104 4 1981 1988

Norgas Traveller 7 187 3 -104 5 1980/87 1991

Norgas Challenger 6 363 4 -104 4,6 1984 1989

Norgas Pioneer 6 133 6 -104 3,8 1979 1990

Norgas Energy 6 126 6 -104 3,8 1979 1979

Newbuilding programme

Norgas

ta

nkers w

ere delivere

d from our shipyard in China to Skaugen Marine Construction (SMC), vindicating our d

ecision

to move into China over a dozen ye

ars ag

o - a

s

Vessel Type CBM DWT Tanks IMO1) LOA Temp Ex. Del2)

Mei Wen Ti LPG Pressurized carrier 3200 2650 2 17,4 96 Amb.4) 1Q20075)

Qin Shi Huang LPG Pressurized carrier 3200 2650 2 17,4 96 Amb.4) 3Q20075)

Xi Shi LPG Pressurized carrier 3200 2650 2 17,4 96 Amb.4) 2Q20085)

Norgas Pan Special. LPG/Eth/Chemical combo carriers 3) 5800/9600 10200 4/11 3.0/0.2 109,5 -104 2Q2008

TBN Special. LPG/Eth/Chemical combo carriers 3) 5800/9600 10200 4/11 3.0/0.2 109,5 -104 1Q2009

TBN Special. LPG/Eth/Chemical combo carriers 3) 5800/9600 10200 4/11 3.0/0.2 109,5 -104 2Q2009

TBN Advanced LNG/LPG/Ethylene gas carriers 10000 10600 2 5,2 137,1 -163 4Q2008

TBN Advanced LNG/LPG/Ethylene gas carriers 10000 10600 2 5,2 137,1 -163 2Q2009

TBN Advanced LNG/LPG/Ethylene gas carriers 10000 10600 2 5,2 137,1 -163 3Q2009

TBN Advanced LNG/LPG/Ethylene gas carriers 10000 10600 2 5,2 137,1 -163 4Q2009

TBN Advanced LNG/LPG/Ethylene gas carriers 12000 12600 2 5,2 152,3 -163 3Q2009

TBN Advanced LNG/LPG/Ethylene gas carriers 12000 12600 2 5,2 152,3 -163 4Q2009

To be conf.7) Type CBM DWT Tanks IMO(1 LOA Temp Ex. Del2)

TBN Advanced LNG/LPG/Ethylene gas carriers6) 12000 12600 2 5,2 152,3 -163 1Q2010

TBN Advanced LNG/LPG/Ethylene gas carriers6) 12000 12600 2 5,2 152,3 -163 2Q2010

TBN Advanced LNG/LPG/Ethylene gas carriers6) 12000 12600 2 5,2 152,3 -163 3Q2010

TBN Advanced LNG/LPG/Ethylene gas carriers6) 12000 12600 2 5,2 152,3 -163 4Q2010

1) IMO Bar. 2) Expected Delivery. 3) 9,600cbm of organic chemical capacity or 5,800cbm gas capacity. 4) Ambient. 5) Sold. 6) All data are preliminary and subject to adjustment. 7) To be confirmed

24

ta

nkers w

ere delivere

d from our shipyard in China to Skaugen Marine Construction (SMC), vindicating our d

ecision

to move into China over a dozen ye

ars ag

o - a

s

Vessel/Barge CBM DWT LOA Beam Draft Built Acquired

Tian En 1001 2 057 1 000 86.65 13.80 2.40 1999 1999

Tian En 101 1 590 800 62.50 14.00 2.23 1998 1998

Tian En 102 808 459.50 60.00 10.80 1.85 2000 2000

Tian En 103 1 213 689.20 60.00 15.00 1.90 2000 2000

Tian En 104 1 213 689.20 60.00 15.00 1.90 2000 2000

Tugs Power LOA Beam Draft Built Acuired

Tian En Tug-1 2x600kw 24.00 12.00 2.40 2000 2000

Tian En Tug-2 2x600kw 24.00 12.00 2.40 2000 2000

Vessel DWT (MT) LOA Beam Hull Built

SPT Explorer 105 060 240.5 m(789 ft) 42m (138 ft) Double hull 2008

SPT Navigator 3) 105 060 240.5 m(789 ft) 42m (138 ft) Double hull 2008

SPT Crusader 105 060 240.5 m(789 ft) 42m (138 ft) Double hull 2007

SPT Champion 105 060 240.5 m(789 ft) 42m (138 ft) Double hull 2007

SPT Challenger 105 060 240.5 m(789 ft) 42m (138 ft) Double hull 2007

SPT Conqueror 105 060 240.5 m(789 ft) 42m (138 ft) Double hull 2007

Moscow 4) 104 839 243 m (799 ft) 42 m (138 ft) Double hull 1998

NS Concept 4) 105 927 244 m (800 ft) 42 m (138 ft) Double hull 2006

Falster Spirt 4) 95 420 244m (800 ft) 42m (138 ft) Double hull 1995

SPT Sapphire 89 570 247m (810 ft) 42m (137ft) Double hull 1994

HS Elektra 105 994 243 m (799 ft) 42 m (138 ft) Double hull 1998

Support Vessels1) Size (bhp) LOA (ft) BHP Bow Thruster Built/rebuilt

Abdon Callais 2*CAT 3508 145 1610 Yes 1997

SPT Defender 2) 2*CAT 399 180 2250 Yes 1976/1992

SPT Guardian 2*CAT 399 180 2250 Yes 1981/1991

SPT Protector 2) 2*CAT 399 180 2250 Yes 1977/1991

SPT Pearl 3) 2*CAT 398 168 1800 Yes 1992

SPT Vigilance 2*CAT 399 180 2250 Yes 1982/2007

SPT Victory 2*CAT 399 180 2250 Yes 1981/2007

TNGC

SPT

1) Lightering support vessels. 2) Equipped with fire fighting cannons with 10,000 GPM output and dispersant capacities. 3) Expected delivery in May 2008. 4) Short term

25

26

Stefan NyströmVP Newbuilding ActivitiesI.M. Skaugen China Activitiesstefan.nystrom@skaugen.cn

Andrew SuTechnical DirectorSkaugen Marine Constructionandrew.su@skaugen.cn

Håkan WernerManaging DirectorNordic LNG AShwe@nordiclng.com

Simon DuncanPresidentSkaugen PetroTrans Inc.simon.duncan@skaugen.com

Trygve DyrlieVP Buisness DevelopmentSkaugen PetroTrans Inc.trygve.dyrlie@skaugen.com

Bård NorbergNew Business Projects/GRSI.M. Skaugen SE/ Norgas Carriers ASbard.norberg@norgas.org

Morten NæsVP IT ServicesI.M. Skaugen SE / Norgas Carriers ASmorten.nas@skaugen.com

Morits SkaugenChief Executive Officer

I.M. Skaugen SEmorits@skaugen.com

Bente FløChief Financial Officer

I.M. Skaugen SEbente.flo@skaugen.com

Michael YeoVice President

I.M. Skaugen Singaporemichael.yeo@asia.norgas.org

Terje ØrehagenPresident / COO

Norgas Carriers ASterje.orehagen@norgas.org

Lise Winther Technical Director

Norgas Carriers ASlise.winther@norgas.org

Ragnar Rud VP SHE & Q

Norgas Carriers ASragnar.rud@norgas.org

Steve ShihGeneral Manager

I.M. Skaugen Chinasteve.shih@skaugen.cn

Key People

27

I.M. Skaugen SEKarenslyst Allé 8 B, 0277 Oslo, NorwayP.O. Box 23 Skøyen, 0212 Oslo, Norway

Telephone: (47) 23 12 04 00Fax: (47) 23 12 04 01E-mail: info@skaugen.com

Organization number: NO 977 241 774 MVAwww.skaugen.com

GAS ACTIVITIES Norgas Carriers ASKarenslyst Allè 8 B0277 Oslo, NorwayP.O. Box 112 Skøyen0212 Oslo, NorwayTelephone: .....................................(47) 23 12 03 00Commercial fax: ............................(47) 23 12 03 01Fleet fax: .......................................(47) 23 12 03 70Adm./Finance fax: .........................(47) 23 12 03 55Purchase fax: ................................(47) 23 12 03 77E-mail: email@norgas.orgWebsite: www.norgas.org

I.M. Skaugen Marine Services Pte. Ltd.78 Shenton Way #17-03Lippo CentreSingapore 079120Telephone: ..................................... (65) 6 226 6006Administration fax: ........................ (65) 6 226 3359E-mail: allnorgassingapore@sg.norgas.org

Norgas Carriers AS –St. Petersburg Branch OfficeTurgenev House Business Centre, Office 738, Fontanka EmbankmentSt. Petersburg 191025, RussiaTelephone: .............................. (7) 812 322 9278/79Fax: .............................................. (7) 812 325 9782E-mail: norgas@norgas.ruWebsite: www.norgas.ru

Norgas (Asia) Pte. Ltd.78 Shenton Way #17-03Lippo CentreSingapore 079120 Telephone: ..................................... (65) 6 226 6006Commercial fax: ............................ (65) 6 233 9071Administration fax: ........................ (65) 6 233 9072E-mail: commercial@asia.norgas.org

Norgas Americas Inc.Two Houston Center909 Fannin, Suite 3300 Houston, TX 77010, United States of AmericaTelephone: ................................... (1) 713 735 8880Fax: .............................................. (1) 713 975 8113E-mail:commercial@americas.norgas.org

Norgas Dubai OfficeMashreq Bank BuildingP.O.Box 8612Dubai, U.A.E Telephone: ................................... (971) 4 353 3733Fax: .............................................. (971) 4 353 3722E-mail: dubaioffice@norgas.org

Nordic LNCPostboks 8124, 4069 StavangerTelephone: ......................................(47) 52 97 90 00Fax: .................................................(47) 51 90 82 51E-mail: info@nordiclng.comWebsite: www.nordiclng.com

I.M. Skaugen Shanghai Rep. Office/Norgas Fleet Management Co. Ltd./Skaugen Trading Co. Ltd.1610 UC Tower, 500 Fushan Rd, PudongShanghai, 200122, P.R. of China Telephone: ..................................(86) 21 6163 2100Fax: .............................................(86) 21 6163 2111E-mail: webmaster@skaugen.cn Website: www.skaugen.cn

Changhang - Skaugen Ship Management Co. Ltd.27 E, Yidong Mansion 6 Chezhan Road, Jiangan District Wuhan 430017, P.R. of ChinaTelephone: ..................................(86) 27 8278 3057Fax: .............................................(86) 27 8281 2752E-mail: cssc@skaugen.cn Website: www.skaugen.cn

Wuhan University of Tech. - Skaugen Training and Consulting Co. Ltd. 688 You Yi Dadao, WuchangYu Jia Tou Campus (South)East Wing of New Marine Building Wuhan University of Technology Wuhan 430063, P.R. of China Telephone: ..................................(86) 27 8658 1288 Fax: .............................................(86) 27 8658 1166 Email: wstc@skaugen.cn Website: www.wstc.com.cn

TNGC - Hubei Tian En Petroleum Gas Transportation Co. Ltd.27/F Yidong Mansion,6 Chezhan Rd.Jiang An District, HankouWuhan 430017, P.R. of ChinaTelephone: .........................(86) 27 8278 5373/5215Fax: .............................................(86) 27 8221 0381E-mail: tngc-woc@skaugen.cn Website: www.tngcshipping.com

TNGC – Nanjing OfficeSuite 150251 Yangzhuxiang GongjianfangResidential DistrictNanjing 210006, P.R .of China Telephone/fax: ............................(86) 25 5238 9155

MARINE CONSTRUCTION ACTIVITIESSkaugen Marine Construction Co. Ltd.1610 UC Tower500 Fushan Rd, Pudong, Shanghai, 200122, P.R. of China Telephone: ..................................(86) 21 6163 2199 Fax: .............................................(86) 21 6163 2198 E-mail: webmaster@skaugen.cn

Skaugen Wuzhou Shipbuilding Co. Ltd. No. 57, Yanjiang Road, Qiansuo street Jiaojiang District, Taizhou CityZhejiang 318000, P.R. of ChinaTelephone: ..................................(86) 57 6888 2308Fax: .............................................(86) 57 6880 3021Shenghui Gas Chemical Systems Co. Ltd.Zhenshan Road (East), Jingang Town Zhangji-agang CityJiangsu 215632, P.R. of ChinaTelephone: ................................(86) 512 5837 3088Fax: ...........................................(86) 512 5839 1169Website: www.zshcm.com.cn

FiveStar Marine Limited Factory No.12, 175 Xi Mou Jing LuSongjiang Export Processing ZoneShanghai, 021611 P.R. of ChinaTelephone: ..................................(86) 21 5774 9640Fax: .............................................(86) 21 5774 9642E-mail: info@fivestarmarine.noWebsite: www.fivestarmarine.no

Wuhan Marine Equipment Industrial Park Co. Ltd.RM 2201 22nd FL. Hui Gu Shi Kong MansionHua Guang Ave Wuhan East Lake Hi-Tech Development Zone, Wuhan 430074, P.R. of ChinaTelephone: ..................................(86) 27 5973 1260 Fax: .............................................(86) 27 5973 1255 Email: sarah.tan@skaugen.cn

MARINE TRANSFER ACTIVITIESSkaugen PetroTrans Inc.Two Houston Center909 Fannin, Suite 3300Houston, TX 77010United States of AmericaTelephone: ................................... (1) 713 266 8000Fax: .............................................. (1) 713 266 0309E-mail: enquiries@skaugen.comWebsite: www.skaugenonline.com

SPT Offshore LLCP.O.Box 1056Freeport, TX 77542United States of AmericaTelephone: ................................... (1) 979 233 1744Fax: .............................................. (1) 979 233 0742E-mail: SPTOffshore@skaugen.com

SPT Marine Services Limited4 Douro Terrace, SunderlandSR2 7DX, United KingdomTelephone: ..................................(44) 191 568 1820Fax: .............................................(44) 191 568 1821E-mail: enquiries@skaugen.com Website: www.skaugenonline.com

I.M. Skaugen SE

Karenslyst Allé 8 B, 0277 Oslo, Norway

P.O. Box 23 Skøyen, 0212 Oslo, Norway

Telephone: (47) 23 12 04 00

Fax: (47) 23 12 04 01

E-mail: info@skaugen.com

Organization number: NO 977 241 774 MVA

www.skaugen.com