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FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES (Tables)
 12 Months Ended
Dec. 31, 2014
FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES [Abstract]  
Carrying value of estimated fair value of financial instruments
The carrying value and estimated fair value of the Company`s financial instruments at December 31, 2014 and 2013 are as follows:
 
 
All figures in USD ‘000
 
Fair Value Hierarchy
Level
  
2014
Fair
Value
  
2014
Carrying
Value
  
2013
Fair
Value
  
2013
Carrying
Value
 
Cash and Cash Equivalents
  
1
   
100,736
   
100,736
   
65,675
   
65,675
 
Investment in NAO
  
1
   
55,223
   
55,223
   
-
   
-
 
Warrants in NAO
  
3
   
-
   
-
   
915
   
915
 
Credit Facility
      
(250,000
)
  
(250,000
)
  
(250,000
)
  
(250,000
)