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Dissolution of Evergas Solvang Ethylene joint venture

Solvang has requested the Evergas Solvang Ethylene (ESE) joint venture to be dissolved. For practical purposes, the partners have now agreed to operate with business as usual up to 31 December 2013 to fulfill all the contractual obligations currently held by ESE joint venture. Both parties are free to compete immediately on any new business with contractual start-up from January 1st 2014.

Solvang will market its semi-ref ethylene fleet through IGC (International Gas Carriers) in Oslo, along with all its other LPG vessels. Any new suitable business with startup from January 1st 2014 should be directed to IGC as per attached contact details. The ESE joint venture employees will transfer to Evergas and operate solely for Evergas from January 1st 2014, with the exception of the Managing Director of the joint venture, who will transfer to Solvang with a position in IGC to operate commercially the Solvang ethylene fleet.

IGC AS was established in 2008 and is  fully owned by Solvang and the company has the commercial operation of the Solvang fleet of LPG vessels. The staff derives many years of experience from the industry of seaborne transportation of petroleum gases and petrochemical gases.