As part of the plan to scale down the Company's activities, the following changes of organization will take place: the Company's CEO, Mr. Jon Christian Syvertsen, resigns and will serve through his notice period of 6 months until 30 June 2012 at which time Mr. Fredrik Platou, the company's current CFO, will succeed his position as both CEO and CFO.
The Company will seek to scale down various outsourcing agreements during Q1 and Q2 2012 in order to reflect the Company's reduced level of activities and to reduce overhead costs where possible.
The Board of Directors wishes to thank Mr. Syvertsen for all his efforts in maneuvering the Company through these difficult times.
Oslo, 13 December 2011
This information is subject to the disclosure requirements according to section 5-12 of the Norwegian Securities Trading Act.