Highlights;

• Earnings from shipping activities of NOK 47.7 million, up from NOK 32.8 million in first quarter 2015.
  
• Earnings from ship owning companies of NOK 45.5 million, up from 27.7 million in first quarter 2015.
• Earnings before tax of NOK 47.7 million, up from NOK 35.4 million in first quarter 2015.
• Successful consolidation of multiple ship owning companies to increase efficiency and cash-pooling.
• Successful refinancing of LGC ship owning company
• 882 days without lost time incidents (LTI), and only 4 LTI in the last 8 years.

Complete report for 1st Quarter 2016 is enclosed.

Stavanger 12 May 2016
Solvang ASA