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    IHC Caland fails to meet profit target

    Yard News // January 31, 2003
    For the first time in many years, IHC Caland, the Dutch group that builds offshore vessels and platforms and dredgers, has failed to achieve its forecast profit for the year.

    In a recent statement, IHC Caland said that this was due to a one-time 25 million provision for restructuring and associated costs at its Van der Giessen-de Noord shipyard. Instead of a forecast net profit of 96 million, the Group result is forecasting a net profit of around 71 million (that is, 2.25 per share).

    "Without the problems at van der Giessen-de Noord, the Group was on schedule to meet (and even exceed) its profit target," said the company.

    IHC Caland said the offshore division of the company has a very successful 2002, with three new long-term FPSO lease and operate contracts received, plus the award of a major upgrade, on a lease basis, of an existing FPSO - the Kuito FPSO for Chevron, Angola. Two of the new lease contracts, together with the upgrade of the Kuito FPSO, are in joint venture with Sonangol, the Angola state oil company.

    Barring what it called "any surprises", the company expects to make a net profit of not less than 105 million in 2003. In the offshore market, the management remains confident that the market will continue to offer good opportunities. On the dredger/specialised shipbuilding side, the actions taken in the wake of the restructuring at van der Giessen-de Noord restructuring have reduced the Group's overall shipbuilding capacity, and refocus on dredger building.

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