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INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2014
INVESTMENTS [Abstract]  
Summary of the change in method of accouting
Based on the significance of the Company's ownership interest and potential future increase in ownership interest, through NAO's share repurchase program, the Company determined it has the ability to exercise significant influence over NAO and therefore, changed its method of accounting for the investment in NAO from an available-for-sale security to an equity method investment. The change in accounting method has been retrospectively applied to the consolidated financial statements as of and for the year ended December 31, 2014, resulting in the following adjustments:
 
All figures in USD '000
As previously reported
Adjustments
As adjusted
At December 31, 2014
   
Consolidated Statements of Operations
   
Dividends Received
252
(252)
-
Equity (Loss) Income
1,665
(106)
1,559
Net Loss
(12,808)
(358)
(13,166)
Basic and Diluted Earnings (Loss) per Share
(0.15)
(0.00)
(0.15)
    
Consolidated Statements of Comprehensive Income (Loss)
   
Net Income (Loss)
(12,808)
(358)
(13,166)
Unrealized Gain (Losses) on Available-for-Sale Securities
(7,194)
7,194
-
Total Other Comprehensive Income (Loss)
(20,680)
7,194
(13,844)
    
Consolidated Balance Sheets
   
Investment in Nordic American Offshore
55,223
6,836
62,059
Total Assets
1,169,024
6,836
1,175,860
Accumulated Other Comprehensive Loss
(8,032)
7,194
(838)
Accumulated Deficit
(12,808)
(358)
(13,166)
Total Liabilities and Shareholders' Equity
1,169,024
6,836
1,175,860
    
Consolidated Statements of Cash Flows
   
Net Income
(12,808)
(358)
(13,166)
Equity Loss (Income)
-
(1,497)
(1,497)
Return on Investment
-
1,929
1,929
Net Cash Provided by (Used in) Operating Activities
57,479
-
57,479
Summarized balance sheet information
Summarized balance sheet information for NAO is as follows:

All figures in USD '000
 
December 31, 2015
  
December 31, 2014
 
Current assets
  
14,565
   
51,743
 
Noncurrent assets
  
322,802
   
270,678
 
     Total Assets
  
337,367
   
322,421
 
Current liabilities
  
7,735
   
3,191
 
Noncurrent liabilities
  
48,775
   
-
 
Total Shareholders' Equity
  
280,857
   
319,230
 
     Total liabilities and equity
  
337,367
   
322,421
 
Summarized Statement of Operations
Summarized Statement of Operations information for NAO is as follows:
  
Years ended December 31,
  
From October 17, 2013 to December 31,
 
All figures in USD '000
 
2015
  
2014
  
2013
 
Operating Revenues
  
36,372
   
52,789
   
1,280
 
Net Operating (Loss) Income
  
(8,372
)
  
11,262
   
(258
)
Net (Loss) Income
  
(10,844
)
  
6,931
   
(70
)