The Board of Directors of I.M. Skaugen SE (“IMSSE”) refers to its announcement on 31 May 2018, where it was announced that IMSSE, together with its wholly owned subsidiaries, SMIPL Pte Ltd (“SMIPL“) and IMSPL Pte. Ltd. (“IMSPL”) (collectively the “IMS Scheme Companies“), filed applications (the “Applications”) to the High Court of the Republic of Singapore (the “Singapore Court“) on 31 May 2018 for a moratorium to commence the reorganisation of liabilities and businesses of the IMS Scheme Companies (“Scheme Moratorium“). The Board of Directors of IMSSE also refers to its announcement on 8 June 2018 (made on www.skaugen.com), where it was announced that the Applications will be heard by Justice Kannan Ramesh on 27th June 2018 at 2.30pm, and that the IMS Scheme Companies will seek, among other things, approval from the Singapore Court to extend the Scheme Moratorium at the hearing.

Please be informed that following the hearing of the Applications on 27th June 2018 and 28th June 2018, the Singapore Court has granted certain orders (the “Orders”), which include:

  1. For a period of three (3) months from 28th June 2018:

    a) no resolution shall be passed for a winding up of the IMS Scheme Companies;

    b) no appointment shall be made of any receiver or manager over any property or undertaking of the Applicant;

    c) no proceeding, whether before a court or arbitral tribunal, and whether current, pending or threatened against the Applicant, shall be commenced or continued against the Applicant (other than proceedings under Section 211B or Sections 210, 211D, 211G, 211H, or 212), except with the leave of the Court and subject to such terms as the Court may impose;

    d) no execution, distress, or other legal process against any property of the Applicant shall be commenced, continued, or levied, except with the leave of the Court and subject to such terms as the Court may impose;

    e) no step to enforce any security over any property of the Applicant, nor any step to repossess any goods held by the Applicant under any chattels leasing agreement, hire-purchase agreement or retention of title agreement, shall be taken except with the leave of the Court and subject to such terms as the Court may impose; and

    f) no right of re-entry or forfeiture under any lease in respect of any premises occupied by the Applicant (including any enforcement pursuant to Section 18 or 18A of the Singapore Conveyancing and Law of Property Act (Cap. 61) shall be enforced, except with the leave of the Court and subject to such terms as the Court may impose;

  2. The IMS Scheme Companies shall submit to the Court information relating to the financial affairs of IMS Scheme Companies and their subsidiaries as specified in the Orders. Depending on the information, such information will be submitted to the Court within two (2) or six (8) weeks of the date of the Orders (as the case may be).

The moratorium will provide much-needed space and time for the IMS Scheme Companies to implement their restructuring plan (Annex 1 to the announcement on 31 May 2018). The IMS Scheme Companies will in due course file applications in the Singapore Court to commence a scheme of arrangement to reorganise the liabilities and businesses of the IMS Group.

Should you have any further queries, please contact Bente Flø, Chief Financial Officer, on telephone +47 23 12 03 00 /+47 91 64 56 08 or by e-mail:bente.flo@skaugen.com.

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The Board of Directors of I.M. Skaugen SE (“IMSSE”) refers to its announcement on 31 May 2018, where it was announced that IMSSE, together with its wholly owned subsidiaries, SMIPL Pte Ltd (“SMIPL“) and IMSPL Pte. Ltd. (“IMSPL”) (collectively the “IMS Scheme Companies“), filed applications (the “Applications”) to the High Court of the Republic of Singapore (the “Singapore Court“) on 31 May 2018 for a moratorium to commence the reorganisation of liabilities and businesses of the IMS Scheme Companies (“Scheme Moratorium“).

Please be informed that the Applications are directed to be heard before Justice Kannan Ramesh, sitting at the Singapore Court, on 27th June 2018 at 2.30 pm. At the hearing of the Applications, the IMS Scheme Companies will seek, among other things, approval from the Singapore Court to extend the Scheme Moratorium.

Any person who intends to oppose the making of an order under the Applications may appear at the time of hearing by himself or his solicitor for that purpose. Affidavits in opposition to the Applications shall be filed and a copy thereof served on IMSSE, SMIPL and/or IMSPL (as the case may be) or their solicitor, BlackOak LLC, by no later than 18th June 2018. IMSSE, SMIPL and/or IMSPL (as the case may be) may file an affidavit in reply to the affidavit filed in opposition to the Application(s). Such affidavit shall be filed by no later than 25th June 2018, and a copy thereof served on the party opposing the Application(s) or its solicitor.

Should you have any further queries, please do not hesitate to contact us.

8th June 2018

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“The Board of Directors of I.M. Skaugen SE (“IMSSE“) wish to announce that IMSSE, together with its wholly owned subsidiaries, SMIPL Pte Ltd (“SMIPL“) and IMSPL Pte. Ltd. (“IMSPL“) (collectively the “IMS Scheme Companies“), filed applications to the High Court of the Republic of Singapore (the “Singapore Court“) on 31 May 2018 for a moratorium to commence the reorganisation of liabilities and businesses of the IMS Scheme Companies (“Scheme Moratorium“).

With the filing of the Scheme Moratorium, the IMS Scheme Companies automatically qualify for protection from the Singapore Court under a 30-day moratorium that will apply against creditors’ claims. In the weeks to come, the IMS Scheme Companies will seek approval from the Singapore Court to extend the moratorium.

The moratorium will provide much-needed space and time for the IMS Scheme Companies to complete their business transformation from seaborne transportation of LPG/Petrochemicals to regional distribution of LNG through its unique fast-track, low capex Small Scale LNG concepts; target areas for growth and pursue new business opportunities; and focus on the ongoing discussions with strategic investors.

IMS presented a restructuring plan on 4 April 2018 which had the support from most of its stakeholders. IMS is now seeking the assistance of the Singapore courts to complete this plan. The restructuring plan, if implemented, is in line with IMS’ wishes to be in a position to be able to pay its liabilities in full with its upcoming cash flow matching an amended amortisation schedule of its liabilities. To achieve this, IMS will need the assistance of the Singapore Court through the scheme of arrangement process.

IMS Scheme Companies will subsequently file applications in the Singapore Court to commence a scheme of arrangement to reorganise the liabilities and businesses of the IMS Group. Details of the matters that brought about this situation as well as the proposed restructuring plan are set out in Annex [1]. The indicative timelines of a Singapore Court scheme of arrangement are set out in Annex [2]. An overview of the scheme of arrangement in Singapore is set out in Annex [3].

We are confident that the process will lead to a reinvigoration of the IMS Group and it will assist us to generate significant cash flow for the benefit of all stakeholders.

In the meantime, the IMS Group continues to pursue SSLNG opportunities, via Norgas Carriers AS, Norgas Carriers Pte Ltd, and Somargas II Pte Ltd, which the IMS Group has kept outside of the process described above.  The IMS Group thanks its clients and key stakeholders for their continued support which is equally as important to the survival and success of the IMS Group as the process described above.

The IMS Group is committed to the clients and key stakeholders built over the years and will, in the spirit of corporate transparency, seek their opinions throughout the reorganization to achieve a swift and collaborative outcome amidst these trying times.

Should you have any further queries, please do not hesitate to contact us.”

31 May 2018

Annex 1_Proposed restructuring plan

Annex 2_Indicative timelines

Annex 3_Overview of the scheme of arrangement in Singapore