Normal Gas Carriers News

IM Skaugen Announces Results

The IM Skaugen group reported a pre-tax result of MUSD 20.3 in 2003 including a net gain from sale of assets of MUSD 19.3 - (MUSD 4.8 in 2002). The result on EBITDA basis is MUSD 24.8 in 2003 (MUSD 25.8 in 2002 and MUSD 33.9 in 2001). The Board has decided to recommend to the Annual General Meeting on March 1st 2004 to pay a dividend of NOK 7.- per share (NOK 7.50 in 2002 and 7.00 in 2003). The payment of this dividend, for the calendar year 2003, is in addition to the extraordinary dividend paid in November'03 of NOK 13.00 per share. The outlook for IMS is considered positive. The two alliances we formed on October 1st 2003, with Teekay re future development of SPT and with AP Moller- Maersk re: Norgas…