NOTE 15 – LIABILITIES

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NOTE 15 – LIABILITIES          
           
Solvang ASA has a credit facility of NOK 60 million. The facility provides the ability to draw in both USD and NOK, unless the equivalent of the total drawdown does not exceed NOK 60 million. As of 31.12.2015 there was drawn USD 4,6 million and NOK 5,1 million on the revolving credit facility corresponding to NOK 45,8 million.
As security for this the company has furnished the shares of Clipper Shipping AS as collateral. Book value of the shares in Clipper Shipping AS is NOK 552 million as of 31.12.2015.

Solvang ASA has otherwise given a guarantee for the share of debt that its subsidiary Clipper Shipping AS is committed to through its ownership in shipowning companies. This is limited to ownership of the individual shipping partnerships. Share of the debt as of 31.12. amounts to MNOK 1 232.
           
Newbuild contract          
Solvang ASA has in 2015 signed two shipbuilding contracts with Hyundai Heavy Industries with a total value of MUSD 153.4. The first installment (10%) was paid upon signing the contract.
The contracts have always been intended for Partrederiet Clipper Sirius DA and will by the end of April 2016 be finally transferred to the company in the form of a Novation agreement. See note 20 for further details.
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