IMSK Multigas order

I.M. Skaugen ASA (IMSK) confirmed that a new 50/50 joint venture with GATX Corp. has been created. This new joint venture will assume the ownership of the first four 10,000 cbm sized “Multigas” carriers currently under construction at Skaugen Marine Construction (SMC) in China. These Multigas carriers will have the unique design capability to carry LNG, in addition to Ethylene and LPG.

This new joint venture, Singco Pte Ltd, will be owned by GATX Corporation and by I.M. Skaugen Marine Services (IMSMS) Pte Ltd, a 100% owned subsidiary of I.M. Skaugen ASA. These new gas carriers will join the Norgas pool of gas carriers upon their completion.

I.M. Skaugen joined forces with GATX in 2000 for the joint construction and joint ownership of the six “Somargas” Ethylene carriers (four 8,600 cbm size and two 10,200 cbm size) built by I.M. Skaugen in China and delivered in 2002 and 2003. With this new joint venture structure we will now continue the long-term partnership with GATX.

IMSK has now also agreed for SMC to commence construction of up to four “Ultragas” carriers of, 12.000 cbm size. Two of these have been confirmed and two will be reconfirmed by end 2007. IMS now has 8 carriers of the unique Multigas design combining the technology to carry LNG with the capability to carry ethylene and various LPG cargoes. These ships will also join the Norgas pool when delivered.