Highlights 1st Quarter 2012

Highlights 1st Quarter 2012
  • Accommodation unit “Haven” operated successfully with 100% uptime at Ekofisk throughout the quarter
  • The Singapore Appeal Court hearing in early February related to payment demands made under Refund Guarantees, resulted in a favorable outcome for the Company, releasing approx 94 MEUR

Summary
During the 1st quarter, management continued to focus on streamlining operations and reporting procedures in close cooperation with OSM Offshore. Operations experienced some technical deficiencies that require repair or modifications which may be expected in early day operation of new units. The Company and OSM Offshore deal with these matters without interfering on services provided to ConocoPhillips. We continue to receive positive feedback from guests on “Haven” suggesting that the level of service and quality for our hotel and catering services are highly appreciated.

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