Solvang ASA Company disclosures

The result as per 3rd quarter 2010 is a loss before taxes of NOK 7.1 mill against a profit of NOK 16.9 mill as per 3rd quarter 2009. Out of this, profit on the investment portfolio was NOK 8 mill against a profit of NOK 27.8 mill the same period last year. The shipping activity gave a negative result of NOK 13.6 mill against a loss of NOK 5.1 mill per 3rd quarter last year.

Introduction

The result from the shipping activity is still not satisfactory. It is however expected that earnings from the fully refrigerated ships should improve during the winter 2010/2011.

As informed in the 2^nd quarter report, the result from the financing activities has improved through the quarter and the losses reported per 2^nd quarter have been reversed in this quarter.

Semiref/ethylene

For the semi-ref. ships in the 12,000 to 17,000 cbm segment earnings level was 31 % lower than in same period 2009 measured in USD. The level for 3^rd quarter alone was 5% better then last year and also better than 1^st and 2^nd quarter this year. The market was low through the first 6 months, but has showed some improvement in the 3^rd quarter. This is mainly due to increased export of ethylene out of the Arabian Gulf, but also some more activity in the general petchem market.

Even if we have seen an improvement in earnings levels in the 3^rd quarter and into the 4^th, the level is still not satisfactory. A somewhat volatile market is expected going forward as there are still a number of new buildings to be delivered in 2010 and 2011. This will give a net increase in the world fleet of larger ethylene ships.

LGC/VLGC

For the ships in the 60,000 cbm segment earnings level was 14% higher than for the same period last year measured in USD. Even if there is an improvement, earnings for these vessels are still at an unsatisfactory level.

For the company's two panmax VLGC ships of 75,000 cbm, earnings were somewhat higher compared to the LGC-segment. However due to a weak 3^rd quarter, the difference is less than earlier in the year. The company owns one VLGC of 82,000 cbm. which is entered into a time-charter contract as from August.

As earlier reported n the market for larger LPG vessel from 60.000 cbm to 82.000 cbm, the majority of the order book is delivered and there is not expected to be a net increase in the world fleet in the period up to 2013. Export of LPG out the Arabian Gulf is an important factor on the demand side in this market. This export has showed an increase in 2010 compared to 2009 levels. The reference index for spot voyages in this segment has increased gradually the last months and is now at a level equal to USD 700.000/month. It is expected that earnings from this segment should improve during the winter 2010/2011.

Taxes

In the accounts for the first six months a tax cost of the NOK 13,6 mill was booked according to the new tonnage tax rules. The amount is payable in instalments during the next 3 years. This tax relates to older vessel that have all been sold.

Solvang's present fleet is owned according to the standard Norwegian tax system. There is a continuous evaluation regarding the timing of entering this fleet into the new tonnage tax system.

General

No particular incident, apart from the tax issue mentioned above, has influenced the result in the period.

In an improving, but still demanding market, the company continues it focus on cost effective operation. As well as maintaining the favourable long term financing of the company's fleet.

The company had no ships going through periodical surveys during the period, while the figure was 3 for the same period last year.

Stavanger 4^th November 2010
Board of Directors
Solvang ASA

Report 3rd quarter 2010
The result as per 3rd quarter 2010 is a loss before taxes of NOK 7.1 mill against a profit of NOK 16.9 mill as per 3rd quarter 2009. Out of this, profit on the investment portfolio was NOK 8 mill against a profit of NOK 27.8 mill the same period last year. The shipping activity gave a negative result of NOK 13.6 mill against a loss of NOK 5.1 mill per 3rd quarter last year. *Introduction* The result from the shipping activity is still not satisfactory. It is however expected that earnings from the fully refrigerated ships should improve during the winter 2010/2011. As informed in the 2^nd quarter report, the result from the financing activities has improved through the quarter and the losses reported per 2^nd quarter have been reversed in this quarter. *Semiref/ethylene* For the semi-ref. ships in the 12,000 to 17,000 cbm segment earnings level was 31 % lower than in same period 2009 measured in USD. The level for 3^rd quarter alone was 5% better then last year and also better than 1^st and 2^nd quarter this year. The market was low through the first 6 months, but has showed some improvement in the 3^rd quarter. This is mainly due to increased export of ethylene out of the Arabian Gulf, but also some more activity in the general petchem market. Even if we have seen an improvement in earnings levels in the 3^rd quarter and into the 4^th, the level is still not satisfactory. A somewhat volatile market is expected going forward as there are still a number of new buildings to be delivered in 2010 and 2011. This will give a net increase in the world fleet of larger ethylene ships. *LGC/VLGC* For the ships in the 60,000 cbm segment earnings level was 14% higher than for the same period last year measured in USD. Even if there is an improvement, earnings for these vessels are still at an unsatisfactory level. For the company's two panmax VLGC ships of 75,000 cbm, earnings were somewhat higher compared to the LGC-segment. However due to a weak 3^rd quarter, the difference is less than earlier in the year. The company owns one VLGC of 82,000 cbm. which is entered into a time-charter contract as from August. As earlier reported n the market for larger LPG vessel from 60.000 cbm to 82.000 cbm, the majority of the order book is delivered and there is not expected to be a net increase in the world fleet in the period up to 2013. Export of LPG out the Arabian Gulf is an important factor on the demand side in this market. This export has showed an increase in 2010 compared to 2009 levels. The reference index for spot voyages in this segment has increased gradually the last months and is now at a level equal to USD 700.000/month. It is expected that earnings from this segment should improve during the winter 2010/2011. *Taxes* In the accounts for the first six months a tax cost of the NOK 13,6 mill was booked according to the new tonnage tax rules. The amount is payable in instalments during the next 3 years. This tax relates to older vessel that have all been sold. Solvang's present fleet is owned according to the standard Norwegian tax system. There is a continuous evaluation regarding the timing of entering this fleet into the new tonnage tax system. *General* No particular incident, apart from the tax issue mentioned above, has influenced the result in the period. In an improving, but still demanding market, the company continues it focus on cost effective operation. As well as maintaining the favourable long term financing of the company's fleet. The company had no ships going through periodical surveys during the period, while the figure was 3 for the same period last year. Stavanger 4^th November 2010 Board of Directors Solvang ASA This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
Report 3rd quarter 2010