Norway’s Knutsen OAS Shipping has achieved record results in healthy gas and tanker markets.

Accounts reveal the Seglem family’s private shipping empire, based in Hausesund, produced net profit of $626m in 2022, against $560m the year before.

Revenue passed $1bn for the first time at $1.02bn, up from $880m in 2021.

Earnings from the Knutsen NYK Offshore Tankers (KNOT) shuttle tanker fleet owned 50% with Japan's NYK came in at $320m, against $287m 12 months earlier.

The LNG carriers logged a profit of $301m, versus $268m in 2021.

The company, which is run by Trygve Seglem, also retains two product tankers and has formed a new company — Knutsen NYK Carbon Carriers — with NYK to enter the CO2 shipping sector.

The 2022 figures reflect the high activity in the group, chief financial officer Geir Tore Henriksen told Finansavisen.

Separately, the Seglem family’s holding company TS Shipping Invest Group posted revenue of just over NOK 1.5bn ($136m), and operating earnings of NOK 893m.

This was its best-ever result and reflected significant fleet growth, combined with a commitment to long-term contracts for both tankers and gas carriers.

TS Shipping said the group’s LNG contact backlog was $10.5bn at the end of the year, and this is expected to grow.

It added that the full-year results for 2023 are expected to be “satisfactory”.

Knutsen OAS is now among the world’s six largest owners of large LNG carriers.

It claims to have the most modern fleet of 20 ships, with another 20 on order in South Korea.