The Gas Activities, and mainly Norgas, are enjoying a trend of improved results on "EBITDA basis". Certain key contract renewals for 2004 are also good indications of continued improvements in earnings.
SPT - The Shuttle Tanker Activities experienced a challenging 1Q04 and similar to 1Q03. Severe weather complications and annual tanker fleet renewals in an exceptionally strong tanker market are some key factors. SPT enjoys being an integral part of our customers logistic chain and continues the focus on being a "High Reliability Organization" characterized by superior customer service, a "can-do-attitude", and very high internal expectations for safety, punctuality and dependability. These factors are among the key drivers for the results
The outlook for IMS is considered positive. The two alliances we formed in 4Q 2003, with Teekay re SPT and with AP Moller- Maersk re Norgas, should further advance the IMS strategy and enable us to capitalize even further on our past accomplishments. With these two alliances, with acknowledged world-leading companies, place both of our key business units in prime global positions.
The IMS share price increased 17 percent since 1 January 2004 and 153 percent in the last 12 months. In March 2004 a dividend of NOK 7 per share was paid (USD 1) and in 2003 an extraordinary dividend of NOK 13 per share was paid (USD 1.85). Including the dividends the 12 months yield has been 268 percent.