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UNITOR REPORTS RECORD YEAR; NET INCOME INCREASES 16 PERCENT; REVENUES INCREASE 19 PERCENT; RAISES DIVIDEND 40 PERCENT

    UNITOR REPORTS RECORD YEAR; NET INCOME INCREASES 16 PERCENT;
      REVENUES INCREASE 19 PERCENT; RAISES DIVIDEND 40 PERCENT
    MASTEMYR, Norway, March 2 /PRNewswire/ -- UNITOR (Unitor Ships Service A.S.) today reported a 16.4-percent increase in net income of NOK 114.1 million ($17.6 million), or NOK 6.77 per share ($1.04 per ADR), for the year ended Dec. 31, 1991, as compared with NOK 98.0 million, or NOK 5.97 per share, in 1990, according to Karsten Houm, managing director.
    Revenues for 1991 were NOK 1.4 billion ($215.7 million), an increase of NOK 221 million or 19 percent over the prior year.  Nearly three quarters of this growth was due to traditional maritime activities, while the remainder was from consolidation of full-year results of the Kjemi-Service A.S. and Corroless acquisitions into the UNITOR Group in the second half of 1990, Houm said.
    The proposed dividend per share is NOK 1.75 ($.27 per ADR), a 40 percent increase from last year's NOK 1.25.
    "The results for 1991 are the best in the company's history.  We are very satisfied, considering the substantial work that has been carried out in order to strengthen UNITOR's organization and develop new products," Houm commented.
    In fiscal 1991, NOK 20 million ($3.1 million) was spent on the development and launch of new product groups, as compared with NOK 5 million spent on these activities in 1990.  In particular, the introduction of Corroless marine chemicals and the development of the OIL BAG concept were given special priority.
    Operating income for the year totalled NOK 153.7 million ($23.7 million), and rose NOK 37 million or 32 percent.  Income before taxes and minority interest was NOK 145.8 million ($22.5 million) as compared to NOK 111.1 million in 1990, a 31 percent improvement.  Total taxes were NOK 32.5 million ($5.0 million), an increase from NOK 23.6 million in 1990.
    For 1991, net interest and financial expense amounted to NOK 8.0 million ($1.2 million), an increase over NOK 5.4 million in 1990.  This year's figures include NOK 17 million ($2.6 million) in losses on currency hedging contracts that UNITOR entered into at the beginning of the year to hedge against currency fluctuations for the company's considerable U.S. dollar profits.  This loss was partially offset by other positive financial items, primarily interest income.
    The group's pre-tax profit margin (before extraordinary items and minority interest) was 10.4 percent in 1991, a gain over the 9.4 percent recorded in 1990.
    Fourth-quarter 1991 net income was NOK 29.7 million ($4.6 million), an increase of 30 percent from the NOK 22.8 million reported in 1990. During the same period, revenues rose 16 percent to NOK 349 million ($53.8 million) from NOK 302 million and operating income rose 237 percent to NOK 36.5 million ($5.6 million) from NOK 10.8 million in 1990.
    UNITOR supplies high-quality chemicals and related products and equipment to the international merchant fleet of over 23,000 vessels. It has been listed on the Oslo Stock Exchange since 1978 and its ADRs have traded on the "Pink Sheets" (Symbol: 3UNSSY) since April 1991. Each UNITOR ADR is the equivalent of one Norwegian UNITOR share.
    Currency exchange rate:  U.S. $1.00 equals NOK 6.49.
    NOK equals Norwegian krone.
                              UNITOR GROUP
                     Consolidated Statement of Operations
                       (Amounts in thousands, unaudited)
    Three months ended                                          Percent
     Dec. 31                         1991               1990     Change
    Operating revenues     NOK 349,052   $53,783   NOK 302,153    15.5
    Cost of goods              155,204    23,914       134,464    15.4
    Gross profit               193,848    29,869       167,689    15.6
    Depreciation                17,569     2,707        19,627   (10.5)
    Other operating expenses   139,791    21,540       137,221     1.9
    Operating income            36,488     5,622        10,841   236.6
    Net interest and other
     financial expense/(income) (3,659)     (564)       (3,449)    6.1
    Income before taxes
     and minority interest      40,147     6,186        14,290   181.0
    Extraordinary items             --        --        (9,392)     --
    Minority interest                0         0         3,338      --
    Income after extraordinary
     items and min. int.        40,147     6,186        27,020    48.6
    Income taxes                10,402     1,603         4,192   148.1
    Net income              NOK 29,745    $4,583    NOK 22,828    30.3
    Earnings per share        NOK 1.75      $.27      NOK 1.39    25.9
    Weighted average shares
     outstanding            16,976,739  16,976,739  16,391,841     3.6
    Currency exchange rate: U.S. $1.00 equal NOK 6.49
                             UNITOR GROUP
                   Consolidated Statement Of Operations
    Twelve months ended                                         Percent
     Dec. 31                        1991               1990      Change
    Operating revenues    NOK 1,400,006  $215,717  NOK 1,178,818  18.8
    Cost of goods               634,508    97,767        565,586  12.2
    Gross profit                765,498   117,950        613,232  24.8
    Depreciation                 55,864     8,607         47,970  16.5
    Other operating expenses    555,906    85,656        448,742  23.9
    Operating income            153,728    23,687        116,520  31.9
    Net interest and other
     financial expense/(income)   7,958     1,226          5,406  47.2
    Income before taxes
     and minority interest      145,770    22,461        111,114  31.2
    Extraordinary items               0         0         (9,392)   --
    Minority interest               810       125          1,003 (19.2)
    Income after extraordinary
     items and min. int.        146,580    22,586        121,509  20.6
    Income taxes                 32,516     5,011         23,557  38.0
    Net income              NOK 114,064   $17,575     NOK 97,952  16.4
    Earnings per share         NOK 6.77     $1.04       NOK 5.97  13.4
    Weighted average shares
     outstanding            16,740,639  16,740,639    14,589,698  14.7
    Currency exchange rate: U.S. $1.00 equals NOK 6.49
    -0-              3/2/92
    /CONTACT:  Philip L. Thomas of P.L. Thomas Group, 312-906-8060, for UNITOR Ships Service A.S./
    (3UNSSY) CO:  Unitor Ships Service A.S. ST: IN:  MAR SU:  ERN SM-OS -- NY046 -- 3980 03/02/92 12:43 EST
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Date:Mar 2, 1992
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