Key events;

• Earnings from shipping activities at a loss of NOK 0.9 million.
   
• LPG market stronger than expected, but still muted.
   
• 4 ethylene carriers of 21.000cbm ordered at Hyundai Mipo for delivery in 2019.
   
• Total average technical off-hire per vessel of only 0.15 days in Q1.
   
• Continued strong HSE results with only 5 minor LTI in the last 9 years, and a LTIF of 0.24.

Complete report for 1st quarter 2017 is enclosed.

Stavanger 15th of May 2017
Solvang ASA