Highlights;

• Earnings from shipping activities (ship management and ship ownership combined) of NOK 52 million, up from NOK 35.6 million in second quarter 2015.
• Earnings before tax of NOK 58.1 million, up from NOK 34.2 million in second quarter 2015.
• Strong contract coverage in a LPG market under considerable downwards pressure.
• Successful consolidation of multiple ship owning companies to increase efficiency and cash-pooling.
• Successful financing of Panamax VLGC new-buildings.  
• Gain of NOK 21 million on sale of 37.5% of a share in one of the ship-owning companies.
• Continued strong HSE results with only 5 minor LTI in the last 9 years.

Complete report for 2nd Quarter 2016 is enclosed.

Stavanger 29th of August 2016
Solvang ASA