I.M. Skaugen SE - expansion of Joint Venture in the GCC region by sale of vessel; Norgas Sonoma.
(Thomson Reuters ONE) -
Skaugen Gulf Petchem Carriers B.S.C. (SGPC) is a strategic partner and
associated company owned 35% by IMS and part of IMS' core business; liquefied
gas transportation. The joint venture is based in Bahrain and our two partners
are Elaf Bank with 30% (www.elafbank.net) and nogaholding with 35%
(www.nogaholding.com). The joint venture was established in December 2010 and
has had profitable operations since its establishment. The GCC or the Gulf
region is central to IMS' core business of gas transportation and thus adding
ownership of a fleet for the SGPC will further strengthen our presence in the
region and the base for further expansion.
The LPG/Eth Gas Carrier "Norgas Sonoma", a 8,556 cbm SR vessel built in
2003, was sold for USD25 million to SGPC. The vessel was delivered to the new
owners on 27(th) June 2013. IMS Group holds a 35% equity stake in SGPC and will
through this transaction thus reduce its equity interest in the vessel with 65%
and on a consolidated level the result from the vessel will be reduced to 35%
of the vessels earnings. The vessel will continue to operate in the Norgas pool
and under Norgas management.
The proceeds from the ship sale will be applied to repaying debt and
strengthen the balance sheet. IMS has in the last weeks repurchased IMSK bonds
for abt NOK107 million and realizes by these transactions a combined gain of abt
USD2.5 million (sale of ship and repurchase of bonds).
I.M. Skaugen SE
If you have any questions, please contact:
Bente Flø, Chief Financial Officer, on telephone +47 23 12 03 00 or by e-mail:
bente.flo(at)skaugen.com. This press release is also available on the Internet at
our website: http://www.skaugen.com.
I.M. Skaugen SE is a Marine Transportation Service Company, with a focus on
Innovative Maritime Solutions. Our core activity is the seaborne transport and
logistics of liquefied gases, such as petrochemical gases, LPG and now also LNG.
The I.M. Skaugen Group of companies (IMS) currently operates a fleet of 39
vessels worldwide of which 19 are gas carriers within the core business area. We
are also capable to provide on- and off-shore LNG terminal management as well as
ship to ship transfer services of LNG/LPG and on a global basis. We have in-
house capabilities for the development and design of specialized high quality
gas carriers for our niche markets and we recruit, train and employ our own team
of seafarers.
IMS employs approximately 2,000 people globally out of which 700 are within our
core gas activity, and with 23 nationalities represented. We manage and operate
our activities and service our clients from our offices in Singapore, Oslo,
Shanghai, St. Petersburg, Houston, Sunderland and Bahrain.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: I. M. Skaugen SE via Thomson Reuters ONE
[HUG#1712455]
Unternehmensinformation / Kurzprofil:
Datum: 27.06.2013 - 11:35 Uhr
Sprache: Deutsch
News-ID 273793
Anzahl Zeichen: 3684
contact information:
Town:
Oslo
Kategorie:
Business News
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"I.M. Skaugen SE - expansion of Joint Venture in the GCC region by sale of vessel; Norgas Sonoma."
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