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The Gas Activities, and mainly Norgas experienced a much weaker EBITDA result in 2Q04 than anticipated. A worldwide shortage of product supply resulted in more idle time for the MNGC fleet and thus a reduced EBITDA contribution. The general picture is still considered optimistic for the world economy in late 2004 and beyond and hence also for Norgas.
SPT - The Shuttle Tanker Activities reported a satisfactory overall performance and achieved acceptable results after a challenging period in the beginning of the year. SPT enjoys a position of being an integral part of our customers' logistic chain. SPT continues the focus on being a "High Reliability Organization" (HRO) characterized also 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. We formed two key strategic alliances in 4Q03, with Teekay re SPT and with AP Moller- Maersk re Norgas. These 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 7 percent since 1 January 2004 and 97 percent in the last 12 months. Including the dividends the 12 months yield has been 123 percent. In March 2004 a dividend of NOK 7 per share was paid (USD 1) and in Nov 2003 an extraordinary dividend of NOK 13 per share was paid (USD 1.85). |