I.M. Skaugen ASA, Oslo (IMS) - IMS reports an improved net pre-tax result MUSD 3.9 in 1Q02 (minus MUSD 0.2 in 1Q01 and MUSD 3.1 in 4Q01). The result includes a gain of MUSD 0.6 after the sale of the two Princess Chemical tankers. The EBITDA result is MUSD 8.3 for this period (MUSD 5.0 in 1Q01 and MUSD 11.3 in 4Q01).
The overall positive earning trend continues for the Group. This combined with recent positive macro economic reports, especially from the USA, indicates that the Company should have prospects for a 2002 with acceptable results. The improved macro economic outlook should lead to increased growth in industrial production and to growth in GDP; and this has historically been positive for the outlook for the Norgas earnings.
The IMS share price has increased 4.1 % since 1 January 2002 and 13.3 % in the last 12 months. The yield over the last 12 months has been about 24.4 % including the dividend of NOK 7.50 per share paid in March 02.
SPT - The Shuttle Tanker Activities continue to report satisfactory overall performance giving acceptable results. We have recently introduced new measures to even better the focus on customer service and in this context make a special effort to improve our "on time performance". We are pleased to report that these efforts are amongst the key drivers for the results achieved.
Norgas - The Gas Activities are showing unchanged results in 1Q02 versus 4Q01 and this is not satisfactory. The vessels earned on average USD 168,000 per vessel per month in 1Q02 vrs USD 164,000 in 4Q01. The focus on improving operation costs, however, continues at Norgas and our cost level for 1Q02 is in line with our plan for 2002 of a reduced EBIT break-even level for the Norgas fleet for the 5th year in a row.