First vessel in multigas series

Naming ceremony

At the ceremony, Morits Skaugen, CEO of I.M. Skaugen, stated: "This is an important day for everybody at the company and especially for those concerned in the development of these highly advanced gas carriers.  We have been responsible for all elements in this project - from initial design right through to construction. The vessel is built at our joint venture facilities in China - and I am delighted that the first of these unique and highly specialized gas carriers will soon be demonstrating first-hand why we decided to construct such an innovative, industry-leading ship."

The 10,000 cbm sized vessel is scheduled to be delivered to its owners, a Singapore based company called Singco Gas Pte Ltd, a 50/50 joint venture between GATX Corporation (www.gatx.com) and by I.M. Skaugen Marine Services Pte Ltd, a 100% owned subsidiary of Norway-based I.M. Skaugen SE (www.skaugen.com) by end of this year/early January 2010. Flying Singaporean flag. "Norgas Innovation" will initially enter the fleet of Norgas Carriers, the I.M. Skaugen company involved in the maritime transportation of petrochemical gases and LPG.

The delivery of theseries of six vessels will be completed over the next two years, but the longer-term plan is to build at least ten of these Multigas carriers, as Skaugen states.

Irrespective of the liquefied gas being carried, cargo boil-off gas on the Multigas ships will be reliquefied by specialist equipment onboard and returned to the cargo tanks. When LNG is being carried, an innovative Mini LNG plant will be utilized to reliquefy all natural gas boil-off. The Mini LNG plant's patented and licensed technology was developed by Skaugen in cooperation with SINTEF Energy Research in Norway.

The I.M. Skaugen Group (IMSK) named the first ship in its new series of multigas carriers, the "Norgas Innovation", in a ceremony at the Skaugen JV Shenghui Gas & Chemical Systems' facilities in Zhangjiagang, north of Shanghai, China.

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