We prepared our first set of consolidated financial statements pursuant to IFRS for 2007. The IFRS standards have been applied consistently to all periods presented in the consolidated financial statements and when preparing an opening IFRS balance sheet as of 1 January 2006 (subject to certain exemptions allowed by IFRS 1) for the purpose of the transition to IFRS.

Change in parent company functional currency

With effect from 2009, we have reported using USD as the functional currency in the parent company, while we use NOK as the reporting currency. Prior period financial statements have not been restated, since this is not required by the standard.