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Pensions (Tables)
 12 Months Ended
Dec. 31, 2017
Pensions (Tables) [Abstract]  
Calculation of Annual Pension Costs
The Company established a defined benefit plan for qualifying employees in 2010.  Under the plan, the employees, from the age 67, are entitled to 70% of the base salary at retirement date.  Parts of the pension are covered by payments from the National Insurance Scheme in Norway.  The defined benefit plan is insured through an insurance company.
 
(Dollars in thousands)
                  
Calculation of this year's pension costs:
  
2017
    
2016
    
2015
  
Current service cost
    
329
      
344
      
289
  
Financial costs
    
6
      
6
      
6
  
Pension costs for the year
    
335
      
350
      
296
  
Amounts Recognised in the Statement of Financial Position at the Reporting Date
The amounts recognised in the statement of financial position at the reporting date are as follows:
 
     
2017
      
2016
      
2015
  
Present value of the defined benefit obligation
    
1,481
      
1,128
      
949
  
Fair value of plan assets
    
1,266
      
963
      
801
  
Net pension obligation
    
215
      
165
      
148
  
Remeasurement loss
    
211
      
60
      
48
  
Net balance sheet recorded pension liability December 31
    
425
      
225
      
196
  
                         
Change in Gross Pension Obligations
      2017       2016       2015  
Change in gross pension obligation:
                        
Gross obligation January 1
    
1,111
      
945
      
706
  
Current service cost
    
325
      
360
      
285
  
Interest charge on pension liabilities
    
31
      
27
      
24
  
Past service cost - curtailment/plan amendment
    
-
      
(19
)
    
-
  
Settlement (gain)
    
-
      
(128
)
    
-
  
Social security expenses
    
(44
)
    
(48
)
    
(43
)
Remeasurements loss/(gain)
    
227
      
(18
)
    
(27
)
Exchange rate differences
    
58
      
(8
)
    
(20
)
Gross pension obligation December 31
    
1,708
      
1,111
      
925
  
Change in Gross Pension Assets
      2017       2016       2015  
Change in gross pension assets:
                        
Fair value plan asset January 1
    
886
      
744
      
511
  
Interest income
    
20
      
17
      
24
  
Settlement
    
-
      
(128
)
    
-
  
Employer contribution
    
313
      
338
      
303
  
Remeasurements (loss)/gain
    
16
      
(79
)
    
(79
)
Exchange rate differences
    
47
      
(7
)
    
(30
)
Fair value plan assets December 31
    
1,282
      
886
      
728
  
Company pension contributions assumptions
The Company expects to contribute $305 thousand to its defined benefit pension plan in 2017.
 
Assumptions
  
2017
    
2016
    
2015
  
Discount rate
    
2.40
%
    
2.60
%
    
2.70
%
Yield on pension assets
    
2.40
%
    
2.60
%
    
2.70
%
Wage growth
    
2.50
%
    
2.50
%
    
2.50
%
G regulation*
    
2.25
%
    
2.25
%
    
2.25
%
Pension adjustment
    
0.50
%
    
0.00
%
    
0.00
%
Average remaining service period
    
18
      
19
      
18
  
                         
* Increase of social security base amount ("G") as per Norwegian regulations.