Im Skaugen Asa News

I.M. Skaugen ASA, Oslo (IMSK) will take delivery of its sixth vessel in the newbuilding program, MV "Norgas Napa", on October 31, 2003. The vessel is built by the Hudong - Zhonghua Shipbuilding Group in Shanghai, China. The successful completion of the newbuilding program combined with the new alliance with A.P. The Norgas fleet currently consists of 19 gas carriers (18 with ethylene carrying capacity) has about 150,000 cbm capacity. The age of the Norgas fleet have with these new vessels been reduced to an average of 16 years. The total delivered cost (incl. of all pre delivery cost such as supervision and financing cost during construction) is about $21.5 million per vessel.

I.M. Skaugen ASA announced that Skaugen PetroTrans (SPT), its 50 percent owned joint venture company, has appointed Mr. Per Voie as its President. He succeeds Mr. Trygve Munthe, who was named its President of SPT in 1993. Mr. Per Voie (52) comes to SPT after a 28-year career with the Stolt Nielsen Group where he has held a variety of managerial positions. Most recently as General Manager of the recently commissioned "Stolthaven New Orleans LLC". Skaugen PetroTrans is the leading US lightering company handling more than 1.2 million barrels of crude oil per day employing an average of 11 aframax tankers. The company has completed 11,500 lightering operations handling more than 5 billion barrels over its 22 years of operations. SPT is owned 50% by I.M.

Stolt-Nielsen S.A. appointed Otto H. Fritzner as CEO of Stolt-Nielsen Transportation Group (SNTG). Fritzner most recently served as Managing Director, Ship Owning at SNTG. He succeeds James B. Hurlock, who was named Interim CEO of SNTG in July 2003. • SNTG's global operations will be organized into three regions - the Americas, administered from Greenwich, Conn.; Asia-Pacific, administered from Singapore; and Europe, the Middle East, India and Africa (EMEIA), administered from Rotterdam, SNTG's corporate headquarters. • SNTG's Indian Ocean Service and the Europe-to-Asia Pacific Service will be operated out of Rotterdam. I.M. Skaugen ASA announced that Skaugen PetroTrans (SPT), its 50 percent owned joint venture company, has appointed Per Voie as its President.

Teekay LNG Partners LP, a Bahamas maritime firm, will pay $106m to buy four liquefied petroleum gas carriers. Upon their delivery to Teekay LNG, all of the vessels will run on long-term, fixed-rate time-charters, Teekay said Wednesday. The company expects that each ship will generate about $11.6m per year in revenues. Three of the LPG carriers are under construction and will be purchased from IM Skaugen ASA upon their delivery from the shipyard between early 2008 and mid-2009. Source: United Press International