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IMSK - Half-yearly Financial Result 2008

I. M. Skaugen SE The I.M. Skaugen Group (IMSK) today announces strong half year results

The pre-tax profit was USD17 million for the 1H08 compared to USD8.2 million for the 1H07. The result of the 1H08 on an EBITDA basis was USD32.2 million compared to USD16.1 million for the 1H07.

The pre-tax profit was USD8.7 million for the 2Q08 compared to USD1.6 million for the 2Q07. The result of the 2Q08 on an EBITDA basis was USD17.1 million compared to USD8.2 million for the 2Q07.

The I.M. Skaugen Group (IMSK) today announces strong half year results

The pre-tax profit was USD17 million for the 1H08 compared to USD8.2 million for the 1H07. The result of the 1H08 on an EBITDA basis was USD32.2 million compared to USD16.1 million for the 1H07.

The pre-tax profit was USD8.7 million for the 2Q08 compared to USD1.6 million for the 2Q07. The result of the 2Q08 on an EBITDA basis was USD17.1 million compared to USD8.2 million for the 2Q07.

I.M. Skaugen (IMS) is engaged in three business units; Norgas comprises the group's gas transportation activities, SMC is responsible for the new ship building activities in China. SPT is involved in marine transfer of crude oil and LNG.

Norgas, our petrochemical gas carrier business showed an acceptable performance driven by strong exports out of the Middle East with high fleet utilization levels as a result. The relative advantage of ME petchem producers increases as global feedstock prices continues to climb on the back of rising oil prices.

Skaugen Marine Construction (SMC), our China-based shipbuilding organisation. The second vessel in the Summergas series "Qin Shi Huang" was delivered to its new owners during the first quarter for the year generating a USD4.4 million profit. In the third quarter such ship shall be delivered to its new owners.

The SMC shipbuilding activities in China are susceptible to price changes of components, labor as well as fluctuations in exchange rates. In particular the strengthening of the RMB has affected construction cost of all players active in this market. In parallel, prices of materials and equipment have also increased on the back of rising metal prices and thus it is implied further increase in new building costs as a result of this. We are focused on locking in by contractual agreements as much as possible to hedge against such increases, but will not be able to control all such increases.

In June 2008, IMS entered an agreement, to sell two of its ships under construction in China to Teekay Corp/Teekay LNG Partners. Teekay has agreed to purchase the existing shipbuilding contracts for these vessels as well as to provide funding for the construction phase. IMS will subsequently lease back these ships for 15 years on an operational lease and at a fixed-rate with three five year extension options. By this approach we have either finalized or are in the process of securing both construction finance and post delivery financing for all our newbuildings in China and is thus not materially exposed to the prevailing uncertainties in the financial markets globally.

SPT, our Marine Transfer business. Following a challenging 1Q08 with difficult trading conditions SPT has continued into a steady path to improved profitability in the second quarter. All six new built ships have now been delivered to SPT, but only four have reached the USG as of yet. The new fleet reduces the cost base and provides the company with a modern state of the art core fleet.

Market conditions remain challenging as a general competition for market share is strong. In addition, high pressure on operating costs including bunkers adds further pressure on margins going forward.

SPT also continues to grow and expand its LNG related activities (LNG Marine Transfer and terminal management) and is involved with a number of key prospects which are at various stages of discussion.

I.M. Skaugen SE Board of Directors

If you have any questions, please contact: Bente Flø, Chief Financial Officer, on telephone +47 23 12 03 30/+47 91 64 56 08 or by e-mail: bente.flo@skaugen.com. This press release is also available on the Internet at our website: http://www.skaugen.com.

Listed on the Oslo Stock Exchange, I.M. Skaugen SE (IMSK) - www.skaugen.com - is a Marine Transportation Service Company engaged in the hassle-free transportation of petrochemical gases and LPG, marine transfer of crude oil and LNG, as well as the design and construction of smaller and specialized 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 international companies in the oil and petrochemical industry, whom we serve worldwide from our operations in Dubai (UAE), Freeport and Houston (USA), Oslo and Stavanger (Norway), Singapore, 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 carriers, Aframax tankers and lightering support vessels, barges and tugs.

IMSK has a comprehensive newbuilding programme in China for three 3,200 cbm LPG vessels; three purpose designed combination carriers with LPG/Ethylene/VCM and Organic chemicals carrying capability; up to ten advanced 10,000-12,000 cbm 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. Six new purpose-designed and built "Aframax"- sized tankers were delivered to SPT during 2007 and early 2008 on a long-term bareboat charter.

LINK: http://hugin.info/179/R/1235101/263180.pdf

I. M. Skaugen SE

http://www.skaugen.com

ISIN: NO0003072803

Stock Identifier: XOSL.IMSK

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I. M. Skaugen SE

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