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FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2011

FINANCIAL INSTRUMENTS [Abstract]

Carrying Value of Estimated Fair Value of Financial Instruments

The carrying value of estimated fair value of the Company's financial instruments at September 30, 2011, and 2010 are as follows:

				September 30, 2011								December 31, 2010
All figures in USD ‘000		Fair Value Hierarchy Level (1)		Fair Value				Carrying Value				Fair Value				Carrying Value
Cash and Cash Equivalent		Level 1			10,404				10,404				17,221				17,221
Marketable Securities		Level 1			550				795				-				-
Loan to First Olsen Ltd – refer to Note 11					26,809				26,809				26,809				26,809
Working capital, cooperative arrangements					28,600				28,600				22,034				22,034
Credit Facility					170,000				170,000				75,000				75,000

(1) The fair value hierarchy level is only applicable to each financial instrument on the balance sheet that are recorded at fair value on a recurring basis

Fair value of assets and liabilities measured on a recurring basis

The carrying value of estimated fair value of the Company's financial instruments at September 30, 2011, and 2010 are as follows:

				September 30, 2011								December 31, 2010
All figures in USD ‘000		Fair Value Hierarchy Level (1)		Fair Value				Carrying Value				Fair Value				Carrying Value
Cash and Cash Equivalent		Level 1			10,404				10,404				17,221				17,221
Marketable Securities		Level 1			550				795				-				-
Loan to First Olsen Ltd – refer to Note 11					26,809				26,809				26,809				26,809
Working capital, cooperative arrangements					28,600				28,600				22,034				22,034
Credit Facility					170,000				170,000				75,000				75,000

(1) The fair value hierarchy level is only applicable to each financial instrument on the balance sheet that are recorded at fair value on a recurring basis

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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.

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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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-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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-Publisher FASB

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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