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Bergesen Worldwide Gas taps into expanding new markets.

Europe Intelligence Wire

| March 01, 2006 | COPYRIGHT 2006 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(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.

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