Evergas acquire all Solvang’s shares in Evergas Solvang
Ethylene (ESE) Joint Venture

Copenhagen, 05 August 2013

The company is pleased to announce that it has reached an agreement with Joint Venture partner Solvang ASA, whereby Evergas will take over Solvang’s stake in the ESE joint venture with effect from 31 December 2013 following which Evergas will be the sole shareholder of the company. Business will continue as usual for the rest of the year with ESE acting as the joint marketing vehicle for existing business and business concluded within 2013 for the companies’ ethylene carriers.

Fully fledged organization supporting company growth
Effective immediately the entire commercial staff of the joint venture excluding its Managing Director but including its Middle East office has been transferred to Evergas with the chartering and operational staff joining the rest of the Evergas organization. The ESE team will continue to service the existing joint venture business for the remainder of the year, but will also immediately focus on developing and maintaining new and existing business for Evergas. Martin Ackermann, CEO of Evergas says: “The immediate addition of the seasoned, dynamic and very experienced commercial professionals to the Evergas organization emphasizes our commitment to the business, and enables us to service and enhance value for our close clients across the globe. Most of the team members are originally from within Evergas, and we are very pleased to see them return to our company”

Modern and advanced fleet in place
The company has over the past year taken delivery of eight highly advanced vessels, and new deliveries will continue uninterrupted for the next years ahead. Another six new and efficient 12.000 m3 ethylene carriers will join the fleet in the months to come restoring original company fleet size. The additional four ethylene new buildings announced in 2012 of either 12.000 m3 or 17.000 m3 for which the company holds very attractive options have now been chosen as 17.000 m3, and the company is in advanced design discussions with the builders. In 2015 deliveries of the highly advanced LNG / Ethane carrier series will commence, and will equally be a landmark in the Evergas fleet development. “Having renewed and developed our fleet in counter-cyclical times will prove long-term value to our close customers and stakeholders, whilst building on our strong commercial relations, in-house know-how and relative market size to peers”, ends Martin Ackermann.

About Evergas
Evergas is one of the world’s leading seaborne transporters of petrochemical gases and natural gas liquids. The company is situated in Copenhagen, Singapore and Dubai and employs more than 400 people around the world. Within natural gas liquids and petrochemical gases the Evergas owned and leased fleet contains 16 ethylene carriers of 10-17.000 m3 including new buildings and options, 6 fully pressurized vessels of 5.000 m3 and an innovative series of LNG carriers of 27.500 m3 is under construction. Visit our company at www.evergas.net

About Greenship Holdings
Greenship Holdings of Singapore is a fully owned subsidiary of Jaccar Holdings, and has established two separate entities, Greenship Gas and Greenship Bulk, to expand into ship-owning and operating activities in the gas and dry bulk sectors through their fully owned subsidiaries Evergas and Setaf Saget, respectively.

About Jaccar Holdings
Jaccar Holdings is a privately owned investment company with its main focus within the maritime sector. The company is a major shareholder of Bourbon, Sinopacific Shipbuilding, Sapmer, Piriou and Greenship Holdings. JACCAR Holdings seeks to support fully empowered managers to achieve their strategies by inspiring growth to deliver value. Visit the company at www.jaccar.net

Evergas press release