Arne Smedal (1947)
Chairman

Mr. Smedal has served as a member of the Board of Directors since the Company’s inception in 2001. Mr. Smedal holds an MSc in hydrodynamics from the Norwegian Institute of Technology (NTNU) in Trondheim. Mr. Smedal has previous experience as President and CEO of Navis ASA from 1997 to 2001; Executive Vice President of Hitec ASA from 1996 to 1997; founder and President of Marine Consulting Group and Advanced Production and Loading (APL) from 1989 to 1996; as well as various positions, incl. Project Manager, VP marketing and President, at Pusnes from 1979 to 1988; and Det Norske Veritas (DNV) from 1974 to 1979. Mr. Smedal has served as Board member of various companies within the shipping and electronics industries and is a Norwegian citizen with residence in Arendal, Norway.

Number of shares:  6,962,000          Number of share options:   2,000,000

Hilde Drønen (1961)
Deputy Chairman

Mrs. Drønen has served as a member of the Board of Directors since 2006 and as Chairman of the Audit Committee since 2008. Mrs. Drønen holds a Business Administration degree from the Norwegian School of Management (BI) and is currently CFO of DOF ASA and has extensive experience from the offshore sector. Mrs. Drønen is represented in several other Boards of Directors; inter alia the Board of Directors of Tide ASA and DOF Subsea AS. Mrs. Drønen is a Norwegian citizen with residence in Bekkjarvik, Norway.

Number of shares:  47,000

Kåre Syvertsen (1950)
Board member and Group Manager Technology

Mr. Syvertsen has served as a member of the Board of Directors since the Company’s inception in 2001. Mr. Syvertsen holds an MSc in naval architecture from the Norwegian Institute of Technology (NTNU) in Trondheim. Mr. Syvertsen has previous experience as Vice President Technology of Navis from 1997 to 2001; Vice President Technology of Advanced Production and Loading (APL) from 1994 to 1997; Project Manager of Marine Consulting Group from 1990 to 1994; and Ass. Professor in Marine Technology at the Norwegian Institute of Technology (NTNU), Trondheim, from 1976 to 1990. Mr. Syvertsen is a Norwegian citizen with residence in Kristiansand, Norway.

Number of shares:  3,306,000          Number of share options:   1,000,000

Stephan M. Zeppelin (1974)
Board member

Mr. Zeppelin has served as a member of the Board of Directors since 2007. Mr. Zeppelin holds a Bachelor of Science degree in Business Administration with emphasis on finance from the University of Colorado, Leeds School of Business (1997). Mr. Zeppelin joined International Value Advisers in 2010 and has previous experience as Vice President of Wexford Capital LLC focusing on oil services, shipping and shipbuilding from 2004 to 2009; as Analyst/Associate at Bear Stearns & Co., New York, from 2000 to 2004; as Associate at Globecon Group Ltd, New York, from 1999 to 2000; and as Associate at Bankers Trust, New York, from 1998 to 1999. Mr. Zeppelin is a U.S. citizen with residence in CT, USA.

Number of shares:  55,000

May Britt Myhr (1960)
Board member

Mrs. Myhr has served as a member of the Board of Directors since 2010. Mrs. Myhr holds a Cand. Scient degree from the Norwegian Institute of Technology (NTNU) in Trondheim. Since 1992, Mrs. Myhr has held a number of positions within SINTEF within petroleum technology and currently serves as Managing Director of SINTEF Petroleum Research. Mrs. Myhr also has previous experience in different roles from the research environment at IKU (Institute for continental shelf research and petroleum technology) from 1986 to 1992 as well as from several committees and Boards of Directors; including INTSOK since 2005; OG21 (centralized strategy-body appointed by the Oil- and Energy-Department) from 2003; and Aker Exploration AS and ASA from 2008 to 2009. Mrs. Myhr is a Norwegian citizen with residence in Trondheim, Norway.

Number of shares:  0

Aasulv Tveitereid (1973)
Board member

Mr. Tveitereid has served as a member of the Board of Directors since 2010 and as a member of the Audit Committee since 2010. Mr. Tveitereid holds a degree from the Norwegian school of Economics and Business Administration (NHH) in Bergen. Mr. Tveitereid has 10 years experience as Oil & Oil Service Research Analyst in SEB Enskilda. Since 2008 he has been managing his own investment company; AAT Invest. Tveitereid is also a member of the board of Noreco ASA and Odim ASA. Mr. Tveitereid is a Norwegian citizen with residence in Oslo, Norway.

Number of shares:  150,000

Mai-Lill Ibsen (1955)
Board member

Ms. Ibsen has served as a member of the Board of Directors since 2010. Ms. Ibsen holds an MBA from Stanford Graduate School of Business and a Siviløkonom degree from the Norwegian School of Management (BI). She has previous experience as CEO of NOS ASA (Derivatives Clearing House) from 2005 to 2006; Managing Director in Citibank International plc, Norway and co-head of Nordics 2002 to 2005; and various positions, including Deputy CEO and Finance Director, at Eksportfinans ASA (Export Credit Agency) from 1985 to 2002. Since 2007, Ms Ibsen has been working primarily as a Non-Executive Director and has experience from several boards. Currently, Ibsen holds board positions with Carnegie ASA, KLP Banken AS, Folketrygdfondet, Kebony ASA and other companies. Ms. Ibsen is a Norwegian citizen with residence in Oslo, Norway.

Number of shares:  0

Jørgen Skotnes (1971)
Employee representative of the Board and Senior Structural Engineer

Mr. Skotnes has served as a member of the Board of Directors since 2009. Mr. Skotnes holds a B.eng (Hons) in Naval Architecture and Offshore Engineering from University of Strathclyde, Glasgow from 1999. Mr. Skotnes has previous experience from working with oil, chemical and gas carriers with Det Norske Veritas AS from 2002-2007; Hitec Framnæs from 2001-2002; Cammell Laird from 1999-2001. Mr. Skotnes is a Norwegian citizen with residence in Revetal, Norway.

Number of shares:  5,100                   Number of share options:   85,000