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FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2010

Carrying value of estimated fair value of financial instruments

All figures in USD ‘000	Fair Value Hierarchy Level		2011 Fair Value			2011 Carrying Value			2010 Fair Value			2010 Carrying Value
Cash and Cash Equivalents		1		24,006			24,006			17,221			17,221
Marketable Securities		1		583			583			-			-
Working capital, cooperative arrangements (current assets)				12,779			12,779			-			-
Loan to First Olsen Ltd – refer to Note 4				-			-			26,809			26,809
Working capital, cooperative arrangements (non-current assets)				18,941			18,941			22,034			22,034
Credit Facility				(230,000	)		(230,000	)		(75,000	)		(75,000	)

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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+ Details