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21 NORTECHS FPSO ASA BOARD OF DIRECTORS`REPORT 2007 OFFICE TRANSLATION Operations and locations Nortechs FPSO ASA is developing floating production and storage vessels for the oil- and gas industry. The group will through subsidiaries own and operate the vessels. The company is located in Oslo. The group consists in addition to Nortechs FPSO ASA of the subsidiary Nortechs Pte Ltd. This company is located in Singapore. Working environment, personnel and gender quality Leave of absence due to illness for the group totaled 193 days in 2007, which equals approximately 2,1% of the total working hours for the group. The working environment is considered to be good and there are initiated consecutive actions for improvements. No incidences or work related accidents resulting in personal injury or material damage occurred during The group is developing a formally- and Health Environment Safety system (HMS) The group aims to be a workplace with equal opportunities with regards to sex, race and religion. The group has 35 employees of which 9 are female. The board of directors consists in accordance to Norwegian legislation, of representatives from both sexes. Environmental reporting The operations on shore do not pollute the environment. The activities at the shipyard and future operations are executed according to procedure- and reporting systems which maintain the national and international conventions and rules that are present where the group operates.

22 Going concern The financial statements have been prepared under the assumption of going concern. The company will complete the refurbishment of the FPSO East Fortune and continue the work to find engagement for the vessel. The market for floating oil production concepts is prosperous together with the current oil price, and the prospects for engagement appears to be good. Financial risk Overview purpose and strategy The group is exposed to different types of financial risk, especially exchange rate risk. The goal is to reduce the financial risk as much as possible. The company s current strategy does not include the use of financial instruments. This is, however, being considered continuously by the board of directors. Market risk The company is exposed to exchange rate risk, especially USD, since a substantial part of the company s costs and future income are denominated in foreign currencies. The group has not entered into forward contracts or other types of agreements to reduce the exchange rate risk and the related market risk. The company annual accounting for 2007 The company is in an establishing- and investment phase, and there has consequently not been any ordinary operating revenues for the financial year The company organizes all management and construction supervision through the subsidiary Nortechs FPSO Pte Ltd in Singapore. The company is refurbishing the vessel East Fortune at Drydocks World Shipyard in Singapore. The company s assets are mainly related to the procurement and refurbishment of this vessel into an FPSO unit. The vessel is expected completed in May The company has bought two hull sections which will be used to build new FPSO units. Thee refurbishments are in a planning process, but has not yet started. The company had in year 2007 a loss of NOK Total assets at year end amounted to NOK Total equity at year end 2007 was NOK , which translates into an equity ratio 62,7% of total assets. The board of directors considers the company s financial position as sufficient to run a safe business operation.

23 The company s liquidity reserves as of amounted to NOK The liquidity of the company and its finances is therefore considered as good. It is the board s view, that the income statement and balance sheet with enclosed notes, is sufficient information for the company s business and position. The board of directors are not aware of any circumstances that have significant impact for the evaluation of the company s financial position as of The board of directors has proposed the following distribution of the net loss for 2007: Loss carried forward NOK Total contributed NOK For the board of directors of Nortechs FPSO ASA Oslo, 1 April 2008 Carl Lieungh

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