Career
He was a sea captain by profession. In 1916 in Risør he founded the shipping company which still exists under the name I. M. Skaugen. The company was passed on to the third generation represented by Morits Skaugen, Junior. and Brynjulf Skaugen, Junior., and split in two, in 1990.
The Norwegian Society for Sea Rescue vessel RS Kaptein Skaugen was named after Isak Martinius Skaugen, and given to the Society by Morits and Brynjulf Skaugen.