results for Bermuda-based Smedvig Tankships Ltd.

Smedvig lost $18.8 million or $1.05 per share in 1994 compared to $8.3 million or 48 cents per share a year earlier.

Smedvig, which operates modern, medium-sized crude oil carriers, commenced operations in mid-1993.

Results improved in the last quarter of 1994 but were still in the red with the company reporting a $2.37 million loss or 13 cents per share.

"I remain optimistic with regard to a significant market improvement in 1995/96, based on healthy oil consumption increase and continued scrapping,'' commented Mr. Peter T. Smedvig, board chairman.

The figures reflect a disappointing freight market, particularly through the first ten months of 1994, according to Mr. Smedvig.

In 1994, average daily time charter earnings were $14,128 for the Suexmaxes, $12,428 for the Aframaxes, $10,241 for the ULCC, and $7,860 for the dry bulk carriers.

Corresponding daily earnings for fourth quarter were; $17,708, $15,476, $15,314 and $6,795 respectively.

Expenses for year-end and fourth quarter were $27.8 and $6.9 million respectively.

Total liabilities and shareholders' equity at year end were $354.4 million in 1994 compared to $354.0 a year earlier.

Operating losses last year were $14.0 million after ordinary depreciation of $17.6 million while costs were $5.1 million which included losses on bonds of $718,000, according to a release from the company.

Operating loss for fourth quarter was $894,102 after ordinary depreciation of $4.8 million.

Cash flow for the year was about $400,000 while cash flow in fourth quarter was $2.9 million.