I.M. Skaugen ASA, Oslo (IMS) - The year 2001 was a year with improved profitability and acceptable profit levels for the company. IMS reports a net pre-tax result MUSD 10.2 accumulated for 2001 (MUSD 1.5 for 2000) and MUSD 3.0 in 4Q01 (minus MUSD 0.5 4Q00). The EBITDA result is MUSD 34.0 for 2001 (MUSD 24.4 accumulated for 2000) and MUSD 11.4 for 4Q01 (MUSD 6.4 for 4Q00). It is the third year in a row with improved EBITDA result. The overall results as well as the present financial position of the company during the present economic down cycle are considered by the board to be acceptable. Dividend payment of NOK 7.50 per share (total of MUSD 4.6) will be proposed paid for year 2001 at the Annual General Meeting.
SPT reported the best result in its history and the long-term focus we have had on quality of service, safety and reliability has lead to an increase in the overall activity of the company. We now handle about 1.1 million barrels of oil per day, which is about 14% of the total US seaborne crude oil import. The high activity and good results made SPT the chief contributor to the turnover and results of the group in 2001 and this is expected to continue into 2002.
The focus on improved cost of operations continues at Norgas and for the fourth year in a row we have reduced cost of operations by a reduced EBIT break-even level for the Norgas fleet. This year we reached the target of USD 226,000 per vessel per month as an average.
With GDP and industrial production growth on a downward trend and a 10-year low, the short term outlook is considered weak for the cyclical gas carrier activities of Norgas. The continuation of a soft market for the services offered by Norgas is therefore anticipated during the first half of 2002. The long-term outlook, however, is more promising with both an expected economic recovery during 2002 and a projected increase in exports of petrochemical and oil products from the Middle East to Europe and the USA.