Norway’s IM Skaugen (IMS) looks to be scaling back a subsidiary and the use of newbuilding subcontrators as a result of a costly shipbuilding programme.
The move was announced as the tanker and gas-carrier owner revealed a third-quarter profit of virtually zero with poor crude tanker markets eroding some improved gas markets.
Of particular note, however, in Friday’s announcement, issued after the Oslo market had closed, was a reference to the owner’s use of subsidiary Skaugen Marine Construction (SMC).
