ACAS is a special purpose vehicle which has commissioned the construction of the Vessel,
a state-of-the-art multi purpose construction vessel valued at approximately US$300
million. The Vessel is expected to be delivered in early 2012 and has secured a long-term
charter with a leading global industrial company based in Europe. ACAS’s immediate
parent company is AKOFS.
Based on the proforma management accounts of ACAS ended 31 August 2010: (i) the
book value and the NTA value of all the shares of ACAS was approximately NOK 99.4
million; (ii) the revenue of ACAS for the 12-month period ended 31 August 2010 was NOK
0; (iii) the losses before tax of ACAS for the 12-month period ended 31 August 2010 was
approximately NOK 2 million; and (iv) the losses after tax of ACAS for the 12-month period
ended 31 August 2010 was approximately NOK 1.4 million. Accordingly, the book value and
NTA value of the ACAS Shares as at 31 August 2010 was approximately NOK 49.7 million