Equity and Dividend

The Company seeks to maintain a healthy financial structure which is adjusted to its business and the offshore market fluctuations, as well as the duration of its contract portfolio. As of December, 31, 2012, the Group had an equity share of 53% (excluding discontinued operations). The Board of Directors continually reviews its capital situation in light of the Company’s targets, strategies and risk profile.

The Company also aims at providing its shareholders with a competitive return on investment over time, and targets that the underlying values shall be reflected in the Company’s share price. The Company shall aim at paying dividends to its shareholders on a regular basis to the extent prudent in the circumstances.

At the Company’s ordinary General Meeting on May 25, 2012, and in accordance with the proposal by the Board of Directors, the shareholders, resolved to grant the Board of Directors with authorization to issue up to 242,256 new shares. The authorization is restricted to the defined purpose of exercise of stock options under the Company’s stock options and bonus programme, and is limited in time to the date of the next Ordinary General Meeting, which is in accordance with the recommendation set out in the Code of Practice. This authority has not been used by the Board of Directors.

The Company does not hold treasury shares and the Board of Directors has not been granted any further authorizations to issue shares or other financial instruments.