Date: June 24, 2011 at. 09:00 to 11:00
Subject: Discussion on change of situation and Voluntary Liquidation of Nordic Offshore Faroe Island.

Board Meeting: Nordic Offshore Faroe Islands
Location: Fåborg, Denmark
All Board Members where present: Søren Mikkelsen, Carl Erik Olsen, Pauli Joensen and Sámal Joensen.

It was agreed that the Nordic Offshore FO will cease all assets and on the 1.07.2011 file for Voluntary Liquidation of Nordic Offshore Faroe Island Sp/f.

A final statement shall be made per. 1.07.2011, where the surplus / deficit is distributed among the shear holders.

All fixed expenses in NO FO shall be terminated and all employment relationship also including Pauli´s will be terminated per. 1.07.2011, after which they are released from all bindings to NO DK and NO F0 and the employees are free to act in the future in another company´s.

In terms of future prospects, the owners agree that owners should continue there activities individually.