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(From Lloyds List)
Byline: New role as sector specialist proves a shrewd move, writes Jerry Frank
NORWAY'S Bergesen Worldwide Gas has lifted a $43m fourth quarter pre-tax profit and left behind a $59m loss booked a year earlier as global gas needs continue to fuel its rise in fortune.
The Norwegian shipowner signed off the year of its historic transformation into a gas shipping specialist with a $281m pre-tax profit that turned around its predecessor's $5.3m loss in 2004.
The world's premier gas tanker owner reported operating profit up to $48m over the three-month period from $33m a year earlier, with the full year operating result at $186m compared with $106m in 2004.
Oslo management yesterday gave upbeat noises for the rest of this year with further gains expected and a higher operating profit anticipated than in 2005.
However, BW Gas shares listed on the Oslo Stock Exchange had lost NKr3 in value by early afternoon yesterday to NKr90.