Page 15: of Maritime Reporter Magazine (February 1999)

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December Winners

MARINE FINANCE

Oslo: December Ended

Slightly Lower

Following a series of turbulent months, maritime shares at the Oslo Stock Exchange continued to fall during the first half of December before a strong comeback in the second half made the Shipping

Index drop only less than one percent in the period.

The All Share Index fell by 1.9 percent in December.

But even though shipping & offshore did better than the Oslo market in general dur- ing this last month, the maritime sector ended 1998 as the worst per- forming sector. The

Shipping Index lost 45.5 percent for the year while the All

Share Index dropped 26.7 percent, conclud- ing the worst year since the start of today's indices in 1983.

As in November,

Awilco dominated the offshore list as they saw solid gains for both share classes. Only three other offshore shares ended

December on the posi- tive, while TGS Nopec experienced yet anoth- er weak month. The stock fell by as much as 34.4 percent in the period following a 31.8 percent drop in November. Stolt Comex Seaway also struggled as their stock fell almost 30 percent. With oil prices below $10 per barrel, a lot of offshore shares fell dramatically during the period, and the smaller companies were particularly hurt. The market cap- italization of offshore shares on the SMB List fell by more than 30 percent, including the delisting of

Discoverer as they merged with ProSafe. A total of eight shipping shares experience double digit gains in December, with Wabo, First Olsen Tankers and

Royal Caribbean Cruises on top. Also NCL Holding, the other cruise share in Oslo next to RCCL, did well as the share rose 19.2 percent. Jinhui Shipping and Transportation dropped all of 30 percent in

November, but rebounded nicely this month with a 14.3 percent gain. Problems in Russia sent

Nomadic Shipping down all of 41.7 percent, while

Belships, Mosvold Shipping and Loki also dropped considerably.

Shipping List Change

Wabo Main +26.1%

First Olsen Tankers Main +23.4%

Royal Caribbean CruisesMain +22.1%

NCL Holding Main +19.2%

Jinhui Shipping and Trans.Main +14.3%

Offshore List Change

Awilco A Main +15.2%

Awilco B Main +13.6%

Smedvig B Main +3.6%

Siem Industries Main +2.3%

Transocean Offshore Main +0.1%

December Losers

Shipping List Change

Nomadic Shipping Main -41.7%

Belships Main -30.0%

Mosvold Shipping Main -25.0%

Loki Main -23.1%

Stolt-Nielsen B Main -19.8%

Offshore List Change

TGS Nopec Main -34.4%

Stolt Comex Seaway Main -29.4%

Stolt Comex Seaway A Main -25.9%

Petrolia Drilling SMB -25.8%

Navis SMB -22.6%

New Listings 1998

Havila Supply

Northern Offshore

Nortrans Offshore Ltd.

Polar Holding

Tanker Navigation

Team Shipping

Market Summary 1998

Sector Manager

Offshore Pareto Fonds og DnB Markets

Offshore Fearnley Fonds

Offshore Pareto Fonds og DnB Markets

Offshore Pareto Fonds og Bergen Fonds

Shipping Fearnley Fonds

Shipping DnB Markets

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Delistings 1998

Brevig Supply: Acquired by GulfMark Offshore Inc.

Marine Drilling Companies (Norway): Acquired by Marine Drilling Companies Inc.

Nordstrom & Thulin B: Merged with Argonaut AB

Saevik Supply: Acquired by Trico Marine

Delistings Resulting From Mergers 1998

Discoverer: Merged with ProSafe

Seateam Technology: Merged with Det Sondenfjeldske

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