Havtor A/S

Havtor A/S (Havtor) has been one of the most prominent shipping interests. Well managed and well positioned, it is one of the largest companies in the liquid gases transportation sector and it has been one of the most active companies with regard to mergers and acquisitions in the past two years. More recently, as a result of its merger with Bergesen (see article elsewhere in this issue) it has formed one of the biggest shipping companies in the world. Havtor A/S is the result of a merger between A/S Hav, A/A Havtor, B.O. Steen Shipping AS and A/S Havmoy. In 1995, Havtor acquired the gas carrier activities of Kvaerner, Neste OY, International Shipholding Corporation and Partrederiet Nemo, while simultaneously merging with Havtor Management Shipping AS. Because of the consecutive mergers and acquisitions, comparison of results between the first nine months of 1995 and corresponding periods in prior years is not applicable. Therefore, we present separately Havtor’s results for the first nine months of 1995 and for prior years. Regardless of the applicability of comparisons between different periods, a look into Havtor’s financial performance provides a clear picture of Havtor’s evolution until its merger with Bergesen.

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