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Words & Expressions

Words & Expressions
ASA
Public limited company in Norway.
 
BHP
Brake Horse Power, measure of engine power.
 
Bollard Pull
A tug's pulling power in tonnes.
 
BRA
Brazil.
 
Boat- year
Use of one vessel for one year.
 
CEO
Chief Executive Officer.
 
CFO
Chief Financial Officer.
 
Charterer
The company paying for the assignment.
 
Charter- party (CP)
Contract for hiring a vessel.
 
CSV
Construction Subsea Vessel
 
DNV
Det Norske Veritas. Classification company. Controlling and approving the vessels technical condition, security and quality according to the company's own rules and the national laws.
 
DP
Dynamic Positioning system: Used to hold a vessel and/ or other floating installations in an exact position.
 
DWT
Dead Weight Tonnes. The vessel's carrying capacity measured in tonnes of cargo and supplies.
 
EBITDA
Operating profit before depreciation.
 
EBIT
Operating profit.
 
FAR
The company code (ticker) at the Oslo Stock Exchange.
 
GDP
Gross Domestic Product.
 
IFRS
International Financial Reporting Standards.
 
IMO
International Maritime Organization- The UN's advisory committee.
 
IOM
Isle of Man.
 
ISPS
International Ship and Port Facility Security code. International framework to detect/ assess security treaths and take preventive measures against security incidents affecting ships or port facilities used in international trade.
 
ISM
International Safety Management code.
 
ISO
International Standards Organization.
 
Jackup
Jackup drilling/ production platform.
 
LIBOR
London Interbank Offered Rate
 
LTI
Injuries that result in absence from work beyond the day or shift on which it occurs.
 
LTI- frequency
Lost Time Injuries (Number of injuries per million of hours worked).
 
NIS
Norwegian International Ship Register.
 
NOR
Norwegian Ordinary Ship Register.
 
OSCV
Offshore Subsea Construction Vessel.
 
OSV
Offshore Service Vessels.
 
ROV
Remotely Operated Vehicles: submarine unit used for inspections and maintenance work.
 
Semi submersible
Semi submersible drilling/ production platform.
 
SGP
Singapore.
 
Spot rate
Rates for single assignments based on the current market situation.
 
TBN
To Be Named.
 
UNGC
United Nations Global Compact.
 
VAE
Value Adjusted Equity
 
 

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