2.2.0.25falsefalse0210 - Disclosure - Employee Benefit Planstruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010
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<div style="font-family: 'Times New Roman',Times,serif">
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>(10) EMPLOYEE BENEFIT PLANS</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><i>401(k)</i>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">     We offer a 401(k) plan to all of our U.S. employees and provide matching contribution to those
employees that participate. The matching contributions paid by us totaled $1.4 million, $1.3
million and $0.8 million for the years ended December 31, 2010, 2009 and 2008, respectively.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><i>Multi-employer Pension Obligation</i>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">     Certain current and former U.K. subsidiaries are participating in a multi-employer retirement
fund known as the Merchant Navy Officers Pension Fund (MNOPF). At December 31, 2010, we had $5.1
million accrued related to this liability, which reflects all obligations assessed by the fund’s
trustee on the Company. We continue to have employees who participate in the MNOPF and will as a
result continue to have routine payments to the fund as those employees accrue additional benefits
over time. In addition, we have been advised by the trustee that as of March 31, 2009, the MNOPF
was underfunded and as a result there is the potential that in the future participating employers
will be assessed additional obligations to correct the underfunding. The amount and timing of
additional potential future obligations depends on a number of factors, but principally on future
fund performance and the underlying actuarial assumptions.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><i>Norwegian Pension Plans</i>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">     The Norwegian benefit pension plans include approximately seven of our office employees and
260 seamen and are defined benefit, multiple-employer plans, insured with Nordea Liv. We also have
instituted a defined contribution plan in 2008 for shore based personnel that existing personnel
could elect to participate in while discontinuing any further obligations in the defined benefit
plan. All newly hired shore based personnel are required to join the defined contribution plan.
Benefits under the defined benefit plans are based primarily on participants’ years of credited
service, wage level at age of retirement and the contribution from the Norwegian National
Insurance. A December 31, 2010 measurement date is used for the actuarial computation of the
defined benefit pension plans. The following tables provide information about changes in the
benefit obligation and plan assets and the funded status of the Norwegian defined benefit pension
plans (in thousands):
</div>
<div align="center">
<table style="font-size: 9pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="70%">
<!-- Begin Table Head -->
<tr valign="bottom" style="font-size: 20pt">
<td width="71%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 9pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2009</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Change in Benefit Obligation</b>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Benefit obligation at beginning of the year
</div></td>
<td> </td>
<td align="left">  $</td>
<td align="right">8,083</td>
<td> </td>
<td> </td>
<td align="left">  $</td>
<td align="right">5,615</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Benefit periodic cost
</div></td>
<td> </td>
<td> </td>
<td align="right">933</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">698</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Interest cost
</div></td>
<td> </td>
<td> </td>
<td align="right">334</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">284</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Benefits paid
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(337</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(499</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Actuarial gain (loss)
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(574</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">842</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Translation adjustment
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(50</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1,143</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td style="border-top: 1px solid #000000"> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:45px; text-indent:-15px"><b>Benefit obligation at year end</b>
</div></td>
<td> </td>
<td align="left">  $</td>
<td align="right">8,389</td>
<td> </td>
<td> </td>
<td align="left">  $</td>
<td align="right">8,083</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td style="border-top: 3px double #000000"> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="center">
<table style="font-size: 9pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="70%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="71%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 9pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2009</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Change in Plan Assets</b>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Fair value of plan assets at beginning of the year
</div></td>
<td> </td>
<td align="left">  $</td>
<td align="right">5,350</td>
<td> </td>
<td> </td>
<td align="left">  $</td>
<td align="right">3,741</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Actual return on plan assets
</div></td>
<td> </td>
<td> </td>
<td align="right">311</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">276</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Contributions
</div></td>
<td> </td>
<td> </td>
<td align="right">518</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,116</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Benefits paid
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(147</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">-</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Administrative fee
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(50</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(37</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Actuarial gain (loss)
</div></td>
<td> </td>
<td> </td>
<td align="right">45</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(570</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Translation adjustment
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(8</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">824</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td style="border-top: 1px solid #000000"> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:45px; text-indent:-15px"><b>Fair value of plan assets at end of year</b>
</div></td>
<td> </td>
<td align="left">  $</td>
<td align="right">6,019</td>
<td> </td>
<td> </td>
<td align="left">  $</td>
<td align="right">5,350</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td style="border-top: 3px double #000000"> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="center">
<table style="font-size: 9pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="70%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="71%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 9pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2009</b></td>
</tr>
<tr>
<td style="font-size:10pt"> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Funded status
</div></td>
<td> </td>
<td align="left">  $</td>
<td align="right">2,370</td>
<td> </td>
<td> </td>
<td align="left">  $</td>
<td align="right">2,733</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Social security
</div></td>
<td> </td>
<td> </td>
<td align="right">401</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">385</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td style="border-top: 1px solid #000000"> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Net obligation including social security</b>
</div></td>
<td> </td>
<td align="left">  $</td>
<td align="right">2,771</td>
<td> </td>
<td> </td>
<td align="left">  $</td>
<td align="right">3,118</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td style="border-top: 3px double #000000"> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="justify" style="font-size: 10pt; margin-top: 10pt">     Amounts recognized in the balance sheet consist of (in thousands):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="68%">
<!-- Begin Table Head -->
<tr valign="bottom" style="font-size: 20pt">
<td width="71%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 0px solid #000000"><b>December 31,</b></td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2009</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Deferred costs and other assets
</div></td>
<td> </td>
<td align="left">  $</td>
<td align="right">406</td>
<td> </td>
<td> </td>
<td align="left">  $</td>
<td align="right">58</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Other liabilities
</div></td>
<td> </td>
<td> </td>
<td align="right">2,078</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">190</td>
<td> </td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 0px solid #000000"> </td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 0px solid #000000"><b>Year Ended December 31,</b></td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2009</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Components of Net Period Benefit Cost</b>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Service cost
</div></td>
<td> </td>
<td align="left">  $</td>
<td align="right">900</td>
<td> </td>
<td> </td>
<td align="left">  $</td>
<td align="right">647</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Interest cost
</div></td>
<td> </td>
<td> </td>
<td align="right">323</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">263</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Return on plan assets
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(311</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(276</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Administrative fee
</div></td>
<td> </td>
<td> </td>
<td align="right">50</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">37</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">National insurance (social security) contribution
</div></td>
<td> </td>
<td> </td>
<td align="right">136</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">117</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Recognized net actuarial gain (loss)
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(618</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1,337</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td style="border-top: 1px solid #000000"> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Net periodic benefit cost</b>
</div></td>
<td> </td>
<td align="left">  $</td>
<td align="right">480</td>
<td> </td>
<td> </td>
<td align="left">  $</td>
<td align="right">2,125</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td style="border-top: 3px double #000000"> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 30pt">     The vested benefit obligation is calculated as the actuarial present value of the vested
benefits to which employees are currently entitled based on the employees’ expected date of
separation or retirement.
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="60%">
<!-- Begin Table Head -->
<tr valign="bottom" style="font-size: 20pt">
<td width="68%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="8%"> </td>
<td width="1%"> </td>
<td width="7%"> </td>
<td width="1%"> </td>
<td width="8%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td nowrap="nowrap" align="left" style="border-bottom: 0px solid #000000"><b>Weighted-average assumptions</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2009</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Discount rate
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">3.2</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">4.3</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Return on plan assets
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">4.6</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">5.6</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Rate of compensation increase
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">3.0</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">4.3</td>
<td nowrap="nowrap">%</td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 30pt">     The weighted average assumptions shown above were used for both the determination of net
periodic benefit cost, and the determination of benefit obligations as of the measurement date. In
determining the weighted average assumptions, the overall market performance and specific
historical performance of the investments of the Norwegian pension plan were reviewed. The asset
allocations at the measurement date were as follows:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="60%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="68%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="8%"> </td>
<td width="1%"> </td>
<td width="7%"> </td>
<td width="1%"> </td>
<td width="8%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2009</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Equity securities
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">13</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">10</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Debt securities
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">66</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">69</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Property
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">19</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">20</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Other
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">2</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">1</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td style="border-top: 1px solid #000000"> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">All asset categories
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">100</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">100</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td style="border-top: 3px double #000000"> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 20pt">     The investment strategy focuses on providing a stable return on plan assets using a
diversified portfolio of investments.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">     The projected benefit obligation and the fair value of plan assets for the Norwegian pension
plan were approximately $8.4 million and $6.0 million, respectively as of December 31, 2010, and
$8.1 million and $5.4 million, respectively as of December 31, 2009. We expect to contribute
approximately $0.6 million to the Norwegian pension plan in 2011. No plan assets are expected to
be returned to us in 2011.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="justify" style="font-size: 10pt; margin-top: 10pt">     The following benefit payments, which reflect expected future service, as appropriate,
are expected to be paid (in thousands):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="45%">
<!-- Begin Table Head -->
<tr valign="bottom" style="font-size: 18pt">
<td width="65%"> </td>
<td width="10%"> </td>
<td width="1%"> </td>
<td width="23%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td nowrap="nowrap" align="center"><b>Year ended December 31,</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Benefit Payments</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td style="border-top: 1px solid #000000"> </td>
<td> </td>
<td nowrap="nowrap" colspan="3" align="right" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td align="center">
<div style="margin-left:15px; text-indent:-15px">2011
</div></td>
<td> </td>
<td align="left" nowrap="nowrap">  $</td>
<td align="right">337</td>
<td> </td>
</tr>
<tr valign="bottom" align="left">
<td align="center">
<div style="margin-left:15px; text-indent:-15px">2012
</div></td>
<td> </td>
<td> </td>
<td align="right">357</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td align="center">
<div style="margin-left:15px; text-indent:-15px">2013
</div></td>
<td> </td>
<td> </td>
<td align="right">368</td>
<td> </td>
</tr>
<tr valign="bottom" align="left">
<td align="center">
<div style="margin-left:15px; text-indent:-15px">2014
</div></td>
<td> </td>
<td> </td>
<td align="right">379</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td align="center">
<div style="margin-left:15px; text-indent:-15px">2015
</div></td>
<td> </td>
<td> </td>
<td align="right">390</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="3" align="right" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" align="left">
<td align="right">
<div style="margin-left:30px; text-indent:-15px">Total
</div></td>
<td> </td>
<td align="left" nowrap="nowrap">  $</td>
<td align="right">1,831</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td align="center">
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="3" align="right" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
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