FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES (Tables)

12 Months Ended

Dec. 31, 2014

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, 2015 and 2014 are as follows:

All figures in USD '000	Fair Value Hierarchy Level		2015 Fair Value			2015 Carrying Value			2014 Fair Value			2014 Carrying Value
Cash and Cash Equivalents		1		29,889			29,889			100,736			100,736
Warrants in NAO		3		-			-			-			-
Credit Facility		2		(330,000	)		(330,000	)		(250,000	)		(250,000	)