Glossary
ASA:
public limited company (Norway)
AGM:
annual general meeting
Bareboat charter:
charter party for a vessel which assigns responsibility for operation and maintenance to the charterer
DNV:
Det Norske Veritas. Norwegian classification society which surveys and approves the technical condition, safety and quality of vessels to its own rules and national government regulations
DP:
dynamic positioning. A station system which uses telecommunications, satellites and propellers/thrusters to compensate wind, wave and current forces to keep the unit on station
EBITDA:
operating result before depreciation
EU:
European Union
FPSO:
floating production, storage and offloading vessel
GBP:
pound sterling
HSE:
health, safety and the environment
IFRS:
International Financial Reporting Standards
IMO:
International Maritime Organisation. The UN’s advisory body for shipping
ISM:
International Safety Management Code. Standard for safety management systems on vessels
ISO:
International Organisation for Standardisation
Libor:
London interbank offered rate. Interest rate charged in London for lending Euro-currencies to banks
LTI:
Lost-time injury. Occupational injury which causes the employee to be absent from work for one complete shift, i.e. 12 hours.
MARPOL:
The international convention for the prevention of pollution from ships
MSV:
multi-service vessel
NCS:
Norwegian continental shelf
Nibor:
Norwegian interbank offered rate
NOK:
Norwegian krone (currency of Norway)
OSE:
Oslo Stock Exchange
PRS:
Prosafe’s ticker code on the OSE
PSA:
The Petroleum Safety Authority Norway
SE:
Societas Europaea. European public limited company
SEK:
Swedish krone (currency of Sweden)
SGD:
Singapore dollar
Time charter:
charter party for a vessel which assigns responsibility for operation and maintenance to the owner
TLP:
tender-leg platform
UKCS:
UK continental shelf
USD:
US dollar
VPS:
Norwegian Central Securities Depository