Highlights;

• VLGC marked with first quarter historically high rates.
• Earnings from shipping activities of NOK 32.8, up from NOK 15.7  million in first quarter 2014.
• Earnings before tax of NOK 35.4 million, up from NOK 16.9 million in first quarter 2014.
• We have increased our share in Partrederiet Clipper Star DA with 2%, in Partrederiet Clipper Sky with 3%, and in Victory DIS with 1.53%.
• We have taken delivery of "Clipper Jupiter", a Large Gas Carriers (LGC) from Hyundai Heavy Industries in South Korea.
• We now have 524 days without lost time incidents (LTI), and only 3 LTI in the last 7 years.

Complete report for 1st Quarter 2015 is enclosed

Stavanger 12th of May 2015
Solvang ASA