Golar LNG says Q4 profit falls 40%

(Bloomberg) Golar LNG Ltd., an owner of liquefied natural gas tankers, said fourth-quarter profit declined 40 percent because of idle ships and rising crew and maintenance costs.

Net income was $10.6 million, or 16 cents a share, compared with $17.8 million, or 27 cents, a year earlier, Hamilton, Bermuda-based Golar said today in a statement to the Oslo exchange.

Operating costs rose 13 percent to $27.3 million, while sales fell to $45.2 million from $45.4 million in the year-ago period.

Golar, created by Norwegian billionaire John Fredriksen, has wagered $1.1 billion on liquefied natural gas since 2001, buying seven LNG tankers without first signing contracts for their use. The company in December won a five-year contract to provide three tankers to Royal Dutch Shell Plc.

"The Board expects that the earnings from the company's spot vessels and those under charter to Shell will show further improvement from the fourth quarter of 2005 during the first quarter of 2006," Golar said in the statement.

Shell Tankers Ltd. will charter the one-year-old Golar Viking, which will be renamed Gracilis, and two new LNG ships slated for delivery from shipyards this year. Shell International Trading and Shipping Company Ltd. will be the technical manager of all three vessels.

CME Q4 profit more than doubles on TV Nova

(Bloomberg) Central European Media Enterprises Ltd., owned by cosmetics heir Ronald Lauder, said fourth-quarter profit more than doubled as it acquired the most popular Czech TV station and income from Romania and Ukraine improved.

The Bermuda-based company's net income rose to $34.6 million from $13 million a year ago, the company said in a filing to the Prague Stock Exchange.

Net revenue rose 134 percent to $152.5 million, in line with a $151 million median forecast of five analysts surveyed by Bloomberg.

Central European Media Enterprises, known as CME, benefited from including its most valuable asset, the No. 1 Czech television TV Nova, acquired last year.

TV Nova accounted for more than half of total net revenue in the October-December period while net revenue from Romania increased a third and a Ukrainian unit generated more than 50 percent higher revenue.

"The transforming impact of TV Nova in the Czech Republic on our results masks the spectacular growth recorded by our core station group, driven by Romania and Ukraine," CME Chief Executive Officer Michael Garin said in the statement.

The company's shares rose 3.2 percent to 1,455 koruna ($61.12) in Prague. The stock closed at $59.37 in New York yesterday.

Earnings before interest, taxes, depreciation and amortisation rose 130 percent to $70.2 million in the last three months of 2005.

Net income from continuing operations, or net income adjusted for one-time items, increased 162 percent to $29.7 million, more than the $21 million median forecast by analysts.

CME's net income for 2005 surged 129 percent from the previous year, to $42.5 million, while net income from continuing operations advanced 169 percent to $43 million.

The preliminary earnings are based on US generally accepted accounting principles.

Willis Group forms reinsurance subsidiary

(Bloomberg) Willis Group Holdings Ltd., the world's third-largest insurance broker, has formed a new company in Oslo to advise clients on catastrophe reinsurance and other products.

Willis Re Norway AS will work with existing teams in Copenhagen and London, and will be headed by Erik Roenningen, according to an e-mailed statement from the company. Willis is based in Bermuda and run from London.

SeaDrill posts Q4 profit of $1.1m on rig demand

(Bloomberg) SeaDrill Ltd., an oil driller set up by Norwegian billionaire John Fredriksen last year, posted a profit in the fourth quarter as energy companies stepped up the search for oil and gas, causing rig rates to climb.

Net income in the quarter was $1.1 million, or 1 cent per share, the Bermuda-based company said in a statement to the Oslo exchange today. From the time it was set up on May 10 through December 31, the company had a net loss of $2.6 million, or 1 cent a share.

Fredriksen, 61, is expanding his drilling business through acquisitions to take advantage of rising demand, as record oil and gas prices last year prompted producers to spend more on exploration.

SeaDrill this year has gained control of Mosvold Drilling Ltd. and Smedvig ASA, Norway's largest oil-rig owner.