Solvang: 4th Quarter report 2016

Highlights;

• Earnings from shipping activities (ship management and ship ownership combined) at NOK 28.3 million.

• Impairment charges of NOK 38.7 million, reducing earnings from shipping activities to a loss of NOK 10.3 million.

• Earnings per share of NOK 1.56 excluding impairment charges.

• LPG market under continued downwards pressure

• Total average technical off-hire per vessel of only 0,2 days in Q4 and a total of 0,64 days for entire 2016

• Continued strong HSE results with only 5 minor LTI in the last 9 years, and a LTIF of 0.24.

Complete report for 4th quarter 2016 is enclosed.

Stavanger 27th of February 2017
Solvang ASA