Operating profits increased by 59% from 20.1m in first half of 2005 to 32.0m. The results from associated companies rose from 5.3m in first half of 2005 to 9.6m this year. Interest charges increased from 2.3m in first half of 2005 to 2.5m in 2006. The net profit per average share issued amounts to 3.85 compared to 2.46 in the first half of 2005. Net profit over the full year 2006 is expected to be 25 to 35% above 2005.

The main objectives outlined in the report aim at further acquisitions and fleet expansion and renewal in the harbour towage sector and the extension of current contracts and the acquisition of new work in the terminals division. An increased growth in salvage, towards the top segment, and preservation of market share is the goal.

The Transport & Heavy Lift division are looking for autonomous growth through additional long term contracts for transport activities and consolidation of the results for the heavy lift operations.

A comprehensive fleet renewal programme, based on proven technology and standardisation, will support the aforementioned strategy. In the first half year 11 tugboats and 7 work vessels were ordered and a further 22 tugs were ordered by associate companies.