In a General Meeting of I.M. Skaugen all items listed were disposed of as proposed in the summons. Morten Arntzen (new) and Morits Skaugen jr were elected board members for a period of two years and Egil Abrahamsen was elected for a period of up to one year. Egil Abrahamsen was appointed Chairman of the Board. Morten Arntzen (42 years) succeeds Tore Steen (72 years) on the Board of Directors. During the meeting a report on activites was submitted, including the prospects for 1998: NGC activities, with transport of petrochemical gases, have a contractual coverage of 50% for 1998, making the level of profitability more predictable than in 1997. NGC`s earnings in Asia are somewhat improved compared to 1997. SPT continue their positive development, and contracts with major customers have been renewed at improved rates. These two segments comprise the predominant share of the Group`s earnings. On 5 March 1998 the General Meeting approved the Board of Directors` Report with Accounts. The Group`s EBITDA profit was NOK 116 mill in 1997 (NOK 129 mill in 1996). Net profit for 1997 was NOK 30 mill (NOK 107 mill in 1996). No dividend was declared for 1997. For further details please see the company`s Annual Report and the press release dated 16 January 1998. The General Meeting re-elected Egil Abrahamsen and Morits Skaugen jr as board members. Morten Arntzen (42) was elected new board member to succeed Tore Steen (72), who wished to retire from the Board due to his age. Tore Steen has been a board member since 1991, when he was elected to the board of Skaugen PetroTrans AS. Morten Arntzen has broad international experience through his work in Oslo, New York and London, which has also given him shipping experience. Following a career in Manufacturers Hanover Trust, Chemical Bank and Chase Manhattan Bank, he is presently living in the U.S. In 1997 he was engaged as CEO by American Marine Advisors, an investment bank targeting the international maritime industry. Egil Abrahamsen has been elected to the board for a period of up to one year, while the other two members are elected for a two year period. The Board held a constituting meeting immediately after the General Meeting and re-elected Egil Abrahamsen as chairman. Egil Abrahamsen has expressed a desire to retire from the Board for the same reason as Tore Steen, but has been prevailed upon to serve for another, possibly shorter period, until a new board chairman may be elected. The General Meeting was given a presentation on the Group`s activities, from which we exerpt: If you have further questions, please contact Jan-Ivar Thomas, tel. 22 83 30 60, mobile phone 915 35682 or via e-mail: jan-ivar.thomas@ngc.no or X.400:G=JAN-IVAR;S=THOMAS;P=NGC;A=TELEMAX;C=NO. This press release is also accessible via Internet: http://www.huginonline.no/SKA Oslo, 5 March 1998 BOARD OF DIRECTORS I.M. SKAUGEN ASA |