Consolidated Interim Financial Report Q1 2011

Highlights of Q1 2011:

Highlights of the quarter Q1/2011
• Revised and Amended Term sheet approved by the board in January 2011 for the refinancing
   of bond loans, closing in March 2011
• Full subscription of new bond issue
• Revenue: NOK 0.056 million
• EBITDA: NOK -14.377 million
• Loss for the period: NOK 70.408 million whereof NOK 28.600 million is non-capitalized interest
   on vessels under construction loan

Subsequent events:
• Davie Yards prolongation of CCAA, potential takeover of assets by Fincantieri
• Opening of new office and new alliance in the Netherlands

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For further information, please contact:
Ivar Halvorsen, CFO: +47 48 13 22 45