The tonnage swap agreement between I.M. Skaugen subsidiary, Norwegian Gas Carriers (NGC), and Gibson Gas Tankers, first announced on 3rd December, was completed on 24th December. LPG/E/C Teviot (1989/8327 CBM) has been renamed Norgas Carine, and will sail in the NGC pool. The vessel has already loaded her first cargo under new ownership. As part of the swap agreement NGC gave away the LPG Norgas Mariner (1982/6568 CBM) and the LPG Norgas Transporter (1982/6077 CBM). As reported earlier, the transaction will contribute approximately NOK 44 mill. to the 4Q97 net result of I.M. Skaugen ASA.
In case of questions, please contact Mr. Jan Ivar Thomas, Asst. Vice President of Finance, Pho No (47) 22 83 30 60, Mob No (47)915 35 682, Tfax (47) 22 83 30 61 or by e-mail jan.ivar.thomas@ngc.no.