FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES (Tables)

12 Months Ended

Dec. 31, 2013

FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES [Abstract]

Carrying value of estimated fair value of financial instruments

The carrying value and estimated fair value of the Company`s financial instruments at December 31, 2013 and 2012 are as follows:

All figures in USD '000	Fair Value Hierarchy Level		2013 Fair Value			2013  Carrying Value			2012  Fair  Value			2012 Carrying Value
Cash and Cash Equivalents		1		65,675			65,675			55,511			55,511
Marketable Securities		1		-			-			549			549
Warrants in NAO		3		915			915			-			-
Working capital, Related Party				-			-			36,987			36,987
Credit Facility				(250,000	)		(250,000	)		(250,000	)		(250,000	)