Consolidated Financial Report Q4/21.02.2011

Highlights of Q4 2010:

·         Term sheet approved for the refinancing of bond loan on 12 October 2010 (necessary to amend and restate on 31 January 2011)

·         Revenue: NOK 0.268 million

·         EBITDA: NOK -14.633 million

·         Monthly “burn rate” for Cecon organization approx. NOK 2.500 million

·         Loss for the period: NOK 305.544 million whereof NOK -142.400 is impairment of vessels under construction and NOK -135.583 million is non-capitalized interest on vessels under construction loan. 

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For further information contact:
CFO - Ivar Halvorsen - Phone: (+47) 48132245