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BW Gas Ltd (OSL:BWGAS) (Hamilton, Bermuda, 30 September 2008)
Right-sizing of the organisation BW Gas has faced significant challenges over the past year caused by the back-taxing by the Norwegian government and difficult freight markets. In order to create a sustainable organisation in terms of size, competency and cost base, we will in the near future right-size the shore based organisation.
These changes are expected to reduce the current administration costs with approximately NOK 85 million (USD 14.7 million) on an annual basis over time. The majority of the savings will be realised in 2009. Furthermore, we have estimated a one-off provision of approximately NOK 50 million (USD 8.6 million) to be expensed in the third quarter. Changes to the management team Garup Meidell will from 1 October 2008 take on the position as Deputy CEO with responsibility for business strategy, long-term projects, investor relations and human resources.
Nicholas M. Gleeson will be appointed CFO and Director Finance Division from the same date. Prior to joining BW, he was the CFO Asia and UK for the financial services group Compagnie Financiere Tradition. He has also more than 10 years experience with Philips Electronics in Audit Chief, Financial Controller and CFO roles in various Asian countries and multinational joint ventures. He holds an MBA from INSEAD and a Bachelor of Commerce from the Australian National University.
BW Fleet Management A separate fleet management organisation is to be established, combining the strengths of the technical management teams in BW Gas and BW Shipping. The key objective is to leverage our strengths across the fleet and stay ahead of the competition going forward.
Morten Steen Martinsen, Director Technical and Marine Division, will from 1 October 2008 become the Managing Director of BW Fleet Management. He will continue to be a member of the BW Gas management team, and seek to ensure reliable, high-quality and cost effective operations.
"We see these changes as necessary steps to create a sustainable organisation going forward, and to ensure our position as the leading global provider of gas marine transportation services," says CEO Jan Håkon Pettersen.
Contacts Jan Håkon Pettersen Managing Director and CEO Ph: + 47 22 12 06 00 E-mail: jan.hakon.pettersen@bwgas.com
BW GAS - THE LEADING CLEAN ENERGY CARRIER BW Gas is a leading global provider of gas marine transportation services. The company is the largest owner and operator of LPG (liquefied petroleum gas) carriers and one of the largest independent owners and operators of LNG (liquefied natural gas) carriers. BW Gas owns, part-owns and/or operates a fleet of 71 vessels including newbuildings, of which 58 are LPG vessels transporting mainly LPG and ammonia and 13 are LNG vessels. Currently the company employs approximately 1,600 seagoing personnel and 180 onshore employees.
For more information on BW Gas visit our website: www.bwgas.com
