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Note 10

Derivatives

The company has entered into forward contracts to hedge the price of bunkers. These contracts mature on a continuous basis from 01 January 2016 until 01 September 2017. As of 31/12/2015 these contracts had a negative present value of NOK 24,226 million, and they are presented in the accounts as current liabilities. The change in present value in 2015 is a negative NOK 7.565 million and the change has been entered against equity, see note 11.
The company also has three existing interest rate hedge contracts of NOK 200, NOK 151 and NOK 290 million respectively. The contracts run until 15.10.2018. Their present value at year end was negative at NOK 39,924 million, and they are presented in the accounts as current liabilities. The change in present value in 2015 is a positive NOK 8.994 million and the change has been entered against equity, see note 11. See note 26 in the consolidated accounts for a more detailed specification.

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