Technical management of LPG vessels to be outsourced

(May 22, 2001) Barber Shipping Management is to take over the technical management of Norsk Hydro's LPG vessels.

The Hydro Agri Turnaround process, started in 2000, has resulted in increased focus on core activities. Within the Ammonia Trade & Shipping segment, this has motivated the sale and outsourcing of non-core business units.

In this regard, Ammonia Trade & Shipping has considered its technical ship management operation, which is currently facilitated through Hydroship Services AS in Porsgrunn, not to be core business.

Besides the issue of cost, safety and quality have been the main focus areas in this process. An invitation to submit proposals for the technical management was issued to 13 companies worldwide.

Following an elaborate process, Ammonia Trade & Shipping has decided, subject to final signing of agreements, to award Barber Shipping Management AS with the contract for technical management of Hydro's LPG vessels. The contract will take effect from 1 June, 2001.