IMSK - Delivery of Wintergas #3 - named Norgas Camilla
(Thomson Reuters ONE) -
The I.M. Skaugen Group (IMS) announces that the last of the three vessels in the
Wintergas series has been successfully delivered. The vessel will complete its
gas trial and enter the Norgas fleet as a combination of gas and chemical
vessel. The delivery has increased the Group's liquidity with USD33.5 mill and
these funds will be applied to a reduction in working capital related debt
employed by the Group's ship building activity and this again improves the
equity ratio.
The delay of the vessel was caused by fraud committed by the trading company - a
joint Seller of the ship under the ship building contract. The vessel was
originally completed with crew onboard and ready for delivery since May 2010. In
addition to the operational loss, the USD 35 mill absorbed as working capital
was not able to generate proper returns during the whole period where the vessel
was detained. The vessel delivery was not achievable without constant support
from the Chinese government that has applied their resources to resolve the
complicated legal and political issues. Although Norgas Camilla has been
delivered, we are still proceeding with the arbitration process at HKIAC
(Hongkong International Arbitration Centre) for the economic loss we suffered
from the delayed delivery.
Furthermore, the Multigas vessels Norgas Vision (12 000cbm) and Norgas
Conception (10 000cbm) have completed their sea trials and these vessels will be
delivered in October this year. The two vessels are capable of carrying both LNG
and petrochemical gases. These deliveries mark the successful completion of our
current newbuilding program. Under this program we have by SMC - Skaugen Marine
Construction - completed building on 12 gas carrying vessels in China out of
which 9 has been retained by Norgas for its trading and 3 have been resold. Of
the 9 vessels retained by Norgas, 6 of them are the Norgas unique design of LNG
capable ethylene vessels and the other 3 vessels are with unique gas/chemical
design.
I.M. Skaugen SE
If you have any questions, please contact:
Bente Flø, Chief Financial Officer, on telephone
+47 23 12 03 30/+47 91 64 56 08 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 (IMS) is a marine transportation service company engaged in the
transportation of petrochemical gases, chemicals, LPG and LNG, marine transfer
of crude oil and LNG, as well as design and construction of smaller, specialized
high quality vessels. We are listed on the Oslo Stock Exchange under the ticker
code, IMSK.
IMS employs approximately 2.000 people around the world and currently operates
about 40 vessels worldwide. The fleet comprises petrochemical gas, LPG and LNG
carriers, Aframax tankers and lightering support vessels, barges and tugs.
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#1547121]
Unternehmensinformation / Kurzprofil:
Datum: 16.09.2011 - 10:57 Uhr
Sprache: Deutsch
News-ID 64592
Anzahl Zeichen: 3776
contact information:
Town:
Oslo
Kategorie:
Business News
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"IMSK - Delivery of Wintergas #3 - named Norgas Camilla"
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