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IM Skaugen subsidiary issues statement regarding Hurricane Katrina.

NORDIC BUSINESS REPORT-5 September 2005-IM Skaugen subsidiary issues statement regarding Hurricane Katrina(C)1994-2005 M2 COMMUNICATIONS LTD

The Norwegian shipping company IM Skaugen ASA said on Monday (5 September) its 50%-owned subsidiary SPT had issued a statement regarding the effects of Hurricane Katrina on its operations.

SPT had only a brief interruption at the height of the storm, and all of its vessels were within days operating at pre-storm utilisation levels, according to the company.

There was no physical damage to SPT's fleet, nor injury to the crews aboard the vessels, the company added.

In total, SPT estimates that it lost very few operating days to Katrina-related delays.

The reduced capacity in the oil import infrastructure would last for some time and would cause volumes of crude oil to be imported to be lower for some days or weeks, but crude vessels would also be employed as storage vessels.

Overall utilisation would thus not be impacted to a great extent, the company said.

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Publication:Nordic Business Report
Article Type:Brief Article
Geographic Code:4EXNO
Date:Sep 5, 2005
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