OSLO, Norway, Jan. 10, 2003 (PRIMEZONE) -- The financial results in 2002 as in 2001 show another relatively good year for I.M. Skaugen ASA although the performance in the second half of 2002 was somewhat weaker. The overall result, as well as the present financial position of the company is considered acceptable by the Board during the present economic cyclical down turn. A dividend payment for 2002 of NOK 7.00 per share (NOK 7.50 in 2001), totalling USD 5.5 million, will be proposed at the Annual General Meeting on February 27.
I.M.Skaugen as a group reported a net pre-tax result of U.S. $4.8 million (U.S. $10.4 million in 2001) and net result after tax of U.S. $11 million (U.S.$ 0 in 2001). The EBITDA result is U.S. $25.8 million for 2002 (U.S. $33.9 million for 2001). The results for 2002 are affected by an unrealised currency loss of U.S. $4 million due to the appreciation of the Norwegian krone against the U.S. dollar during 2002 of about 23 percent. I.M. Skaugen has a convertible bond of NOK 124 million nominated in NOK.
The markets served by Norgas Carriers experienced a "10 year low" in terms of earnings on t-c basis and the results improved due to focus on cost and efficiency programs, which we have successfully implemented. The shuttle tanker business of SPT create a more steady earning level and we enjoyed another year with improved market share of the U.S. oil imports (14%). The outlook for I.M. Skaugen in 2003 is considered positive, despite current political turbulence and the sluggish economic growth prospects in the world. A looming conflict in Iraq and the ongoing conflicts in Israel and Palestine make any predictions more uncertain.
I.M. Skaugen ASA, Its Board of Directors