Gotaas-Larsen Forms New LNG Marketing Unit

Gotaas-Larsen Shipping Corp., a subsidiary of IU International Corp., 1500 Walnut Street, Philadelphia, Pa. 19102, has announced the formation of Gotaas-Larsen LNG, Inc.

The new company, a wholly owned subsidiary of Gotaas-Larsen Shipping Corp., will be responsible for the marketing of Gotaas- Larsen's liquefied natural gas (LNG) vessels and operating capabilities. Kenneth A.B.

Trippe, Gotaas-Larsen president, noted that the decision to form a separate LNG company reflects the increasing importance of LNG business to Gotaas-Larsen.

Gotaas-Larsen's fleet includes four 125,000- cubic-meter-class vessels for transportation of LNG. Three of the vessels are chartered through the year 1995 to supply natural gas from Das Island, Abu Dhabi, to Tokyo Bay, Japan. The fourth is currently operating in the Indonesia-to-Japan trade.

Nevil M.E. Proes, senior vice president of Gotaas-Larsen, will serve as president and director of the new company. Mr. Proes joined Gotaas-Larsen in February 1977, after six years as president of Texas Eastern LNG, Inc., a subsidiary of Texas Eastern Transmission Corp., Houston, Texas. He previously served for 34 years in various capacities with Shell International Petroleum Co.

Gotaas-Larsen is a diversified shipping company whose other a c t i v i t i e s include transportation of crude and refined petroleum products, chemicals, coal and grain. The company also operates semisubmersible drilling rigs and has interests in cruise ships, primarily serving Caribbean ports. Its principal offices are in New York City and Oslb, Norway.

IU International is a diversified company serving worldwide ocean shipping, trucking, distribution, utilities, agribusiness and industrial markets.

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