Q4 2010 REPORT AND PRELIMINARY RESULT 2010

Revenues in Q4 2010 were USD 28.6 million (USD 28.0 million in Q4 2009) with an EBITDA of USD 11.1 million (USD 7.7 million exclusive USD 6.6 million capital gain). After depreciation of USD 7.6 million (USD 10.3 million) the operating profit (EBIT) was USD 3.5 million (USD 4.0 million).

The EBITDA for the year was USD 53.1 million (USD 50.7 million in 2009), with an EBIT of USD 9.4 million (USD 10.9 million).

The Q4 net financial expenses were USD 0.3 million (USD 2.2 million). The profit before tax in the quarter was USD 3.2 million (USD 1.8 million), with a net profit after tax of USD 0.7 million (USD 0.3 million).

The Board has resolved to propose for the AGM in May to pay a dividend of NOK 0.50/share.