RE-PURCHASE/EXCHANGE OFFER OF BONDS - I.M. SKAUGEN SE NO001058799.1 (TICKER: IMSK09 PRO)

I.M. Skaugen SE offers to re-purchase/exchange up to a combined volume of NOK
150 million in IMSK09 PRO. All bondholders in IMSK09 PRO are offered to partly
re-purchase and partly exchange their holdings in IMSK09 PRO. The Bondholders
subscribing to the offer will receive 50% of allocated volume at 100.00 % (par)
in cash and 50% of allocated volume at 100.00% (par) in a new bond issue.
Accrued interest of IMSK09 PRO will be paid out in cash as part of settlement.
 
If bondholders representing more than NOK 150 million in face value accept this
re-purchase/exchange offer, each bondholder's allocated volume will be reduced
pro-rata rounded off to the nearest whole NOK 500,000 (nominal value of the
bonds).
 
The new bond issue will mature on 29 March 2013 and have coupon of 3 months
NIBOR plus 8.0%. The new bond issue will have same covenants as the other I.M.
Skaugen SE bonds issues. Please contact Fearnley Fonds ASA for further details.
 
The offer period will end at 17:30 CET on Tuesday 27 September 2011 with trade
date on Tuesday 27 September 2011 and settlement date on Friday 30 September.
 
Bondholders interested in this re-purchase/exchange offer, are requested to
contact  his/her contact person in Fearnley Fonds ASA or Per Bjørnar Fausa on +
47 22 93 63 66 or Thomas Berg-Nielsen on + 47 22 93 63 51 before 17:30 CET  on
Monday 26 September 2011.
 
The re-purchase / exchange offer is part of the IMS Group's efforts to mitigate
the liquidity risk in 2012,  and the up to NOK 75 million cash repayment will
also improve our book equity ratio and bring us closer to the company stated
goal of a ratio above 30%.
 
Following completion of the re-purchase / exchange offer, the remaining
outstanding bond portfolio includes IMSK 04 (ISIN NO 001036789.9) NOK293.5M that
matures in June 2012, IMSK09 (ISIN NO 001058799.1) NOK150M that matures in Sept
2012, IMSK10 (ISIN NO 001060468.9) NOK350M that matures in March 2013 and the
new NOK 75M note that matures in March 2013.
 
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The offer and all acceptances of the offer are governed by Norwegian law. Any
disputes arising out of, or in connection with, the offer, is subject to
Norwegian law and shall exclusively be settled by Norwegian courts with the Oslo
district court as legal venue.
 
Fearnley Fonds ASA is acting on behalf of I.M. Skaugen SE in connection with the
offer. Fearnley Fonds ASA is not acting on behalf of any other party in
connection with the offer and will not be responsible to any party other than
I.M. Skaugen SE for providing (i) the protections normally granted to their
customers or (ii) advice in relation to the offer.
 
This document does not constitute or form part of, and should not be construed
as an offer or an invitation to sell, or issue or the solicitation of any offer
to buy or subscribe for, any  securities in any jurisdiction where such is
unlawful. Consequently, the offer does not constitute an offer in any
jurisdiction or in any circumstances which would require I.M. Skaugen SE to
prepare or register any prospectus, offering document or circular relating tothe
purchase of bonds in such jurisdiction. The distribution of this offer in
certain jurisdictions may be restricted by law. Any persons reading this offer
are required to inform themselves of and observe any such restrictions.
I.M. Skaugen SE
 
If you have any questions, please contact:
 
Bente Flø, Chief Financial Officer, on telephone
+47 23 12 03 30/+47 91 64 56 08 or by e-mail: bente.flo@skaugen.com. This press
release is also available on the Internet at our website:
http://www.skaugen.com.
 
I.M. Skaugen SE (IMS) is a marine transportation service company engaged in the
transportation of petrochemical gases, chemicals, LPG and LNG, marine transfer
of crude oil and LNG, as well as design and construction of smaller, specialized
high quality vessels. We are listed on the Oslo Stock Exchange under the ticker
code, IMSK.
 
IMS employs approximately 2.000 people around the world and currently operates
about 40 vessels worldwide. The fleet comprises petrochemical gas, LPG and LNG
carriers, Aframax tankers and lightering support vessels, barges and tugs.
 
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Source: I. M. Skaugen SE via Thomson Reuters ONE
 
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