BSEE Director Shares Insights at OTC Houston
"So we are here at OTC, surrounded by extraordinary displays of technology…showcasing capabilities that far exceed what was possible only a few short years ago, and underscoring the fact that the oil gas industry is one of the most innovative and complex on the planet. It is truly awe inspiring, and as a regulator, somewhat daunting to realize that this also poses a challenge for us (regulators). Your industry sets a very aggressive pace, you are the source of new ideas and technology. The challenge for those of us who are regulators is to keep pace with you, and to understand the safety and environmental implications of this technology, so that offshore resources can be developed without incident.
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…
Skaugen Reports Loss
The I.M. Skaugen group reported a pre-tax result of minus MUSD 1.5 in 2Q04 (MUSD 0.8 in 1Q04, minus MUSD 3.0 in 4Q03 and MUSD 2 in 2Q03). The result on EBITDA basis is MUSD 3.8 for this period (MUSD 4.4 in 1Q04, MUSD 5.4 in 4Q03 and MUSD 7.5 in 2Q04). 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.
