PROSPECTUS

VERITAS PETROLEUM SERVICES B.V.

(Organisation number: 58848754)

Listing on Oslo Børs 7.00 per cent Veritas Petroleum Services B.V.

Senior Secured Callable Bond Issue 2014/2019

ISIN NO 0010708506

________________________________________________________

THIS PROSPECTUS SERVES AS A LISTING PROSPECTUS ONLY AS REQUIRED BY

NORWEGIAN LAW AND REGULATIONS. THIS PROSPECTUS DOES NOT CONSTITUTE AN

OFFER TO BUY, SUBSCRIBE OR SELL ANY OF THE SECURITIES DESCRIBED HEREIN,

AND NO SECURITIES ARE BEING OFFERED OR SOLD PURSUANT TO IT. THIS

PROSPECTUS HAS NOT BEEN APPROVED BY THE U.S. SECURITIES AND EXCHANGE

COMMISSION.

________________________________________________________

Manager:

Arctic Securities AS

3 February 2015

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Important information

This Prospectus has been prepared by Veritas Petroleum Services B.V. (the "Issuer") in order to provide information about the Issuer, its subsidiaries and the combined business in connection with the listing on the Oslo Stock Exchange of the bonds issued in the 7.00% Veritas Petroleum Services B.V. Senior Secured Callable Bond Issue 2014/2019 (the "Bonds") (the "Bond Issue"). In this Prospectus the term "Group" refers to the Issuer and its subsidiaries.

For the definitions of terms used throughout this Prospectus, see section 10 "Definitions and Glossary of Terms".

_______________________

The Issuer has furnished the information in this Prospectus and accepts responsibility for the information contained herein. No other party makes any representation or warranty, expressed or implied, as to the accuracy or completeness of such information, and nothing contained in this Prospectus is, nor shall be relied upon as, a promise or representation by any party. This Prospectus does not contain any offer to subscribe and/or purchase the Bonds. The Norwegian Financial Supervisory Authority has reviewed and approved this Prospectus in accordance with sections 7-7 and 7-8 of the Norwegian Securities Trading Act. The Norwegian Financial Supervisory Authority's control and approval in this respect is limited to whether the issuer has included descriptions according to a pre-defined list of content requirements. The Norwegian Financial Supervisory Authority has not verified or approved the accuracy or completeness of the information provided in this Prospectus. It is the Issuer's responsibility to ensure that the information in this Prospectus is accurate and complete. Furthermore, the Norwegian Financial Supervisory Authority has not made any sort of control or approval of the corporate matters described in or otherwise included in this Prospectus.

All inquiries relating to this Prospectus should be directed to the Issuer. No person has been authorized to give any information about, or make any representation on behalf of, the Issuer in connection with the issue of the Bonds, and, if given or made, such other information or representation must not be relied upon as having been authorized by the Issuer.

The information contained herein is as of the date of this Prospectus and subject to change, completion or amendment without notice. There may have been changes affecting the Issuer or its subsidiaries subsequent to the date of this Prospectus. The delivery of this Prospectus at any time after the date hereof will not, under any circumstances, create any implication that there has been no change in the Issuer’s affairs since the date hereof or that the information set forth in this Prospectus is correct after its date. However, in accordance with section 7-15 of the Norwegian Securities Trading Act, every new factor, material mistake or inaccuracy which may have significance for the assessment of the Bonds and which is brought to light between the publication of this Prospectus and the listing of the Bonds, respectively, on Oslo Børs, will to the extent required be included in a supplement to this Prospectus.

The distribution of this Prospectus in certain jurisdictions may be restricted by law. The Issuer requires persons in possession of this Prospectus to inform themselves about and to observe any such restrictions. This Prospectus serves as a listing prospectus as required by applicable laws and regulations. This Prospectus does not constitute an offer to buy, subscribe or sell any of the securities described herein, and no securities are being offered or sold pursuant to it.

The Bonds have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws.

The content of this Prospectus is not legal, business or tax advice. Each reader of this Prospectus should consult its own legal, business or tax advisor as to legal, business or tax advice. If investors are in any doubt

about the contents of this Prospectus, they should consult their stockbroker, bank manager, lawyer, accountant or other professional adviser.

Investing in the Bonds involves certain inherent risks. Each potential investor in the Bonds must determine the suitability of that investment in light of its own circumstances. In particular, each potential investor should:

• have sufficient knowledge and experience to make a meaningful evaluation of the Bonds, the merits and risks of investing in the Bonds and the information contained or incorporated by reference in this Prospectus or any applicable supplement;

• have access, and knowledge of, appropriate analytical tools to evaluate, in the context of its particular financial situation, an investment in the Bonds and the impact the Bonds will have on its overall investment portfolio;

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• have sufficient financial resources and liquidity to bear all of the risks of an investment in the Bonds;

• understand thoroughly the terms of the Bonds; and

• be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for economic, interest rate and other factors that may affect its investment and its ability to bear the applicable risks.

For an overview of relevant risk factors for the Bonds, please see section 1 "Risk Factors" of this Prospectus.

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TABLE OF CONTENTS

1. RISK FACTORS 6

1.1 General 6

1.2 Risks relating to industry and market conditions 6

1.3 Financial risk factors 8

1.4 Risks related to the Group's operations and company specific risks 9

1.5 Risks Related to the Bonds 11

2. RESPONSIBILITY FOR THE PROSPECTUS 14

2.1 Persons responsible for the information 14

2.2 Declaration by persons responsible 14

3. THE BONDS 15

3.1 Use of proceeds 15

3.2 Terms of the Bonds 15

4. COMPANY AND GROUP OVERVIEW 19

4.1 Incorporation, registered office and registration number 19

4.2 History 19

4.3 Organizational structure 20

4.4 Industry specifics 21

4.5 Business overview 22

5. BOARD OF DIRECTORS AND MANAGEMENT 24

5.1 The Issuer's board of directors 24

5.2 Group Management 24

5.3 Conflict of interests 26

5.4 Corporate governance 26

5.5 Contact details of the Group 26

6. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 27

6.1 Shareholders of the Group 27

6.2 Shareholder loan 27

6.3 Related party transactions 27

7. FINANCIAL INFORMATION 28

7.1 Introduction 28

7.2 Historical financial information 28

7.3 Auditing of historical annual financial information 29

7.4 Legal and arbitration proceedings 29

7.5 Significant change in the Issuer’s financial or trading position 29

8. TREND INFORMATION 30

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8.1 Material factors affecting the Issuer's prospects 30

8.2 Material contracts 30

9. ADDITIONAL INFORMATION 31

9.1 Third party information 31

9.2 Documents on display 31

9.3 Statutory auditors 31

9.4 Advisors 31

9.5 Expenses 31

9.6 Documents incorporated by references 31

10. DEFINITIONS AND GLOSSARY OF TERMS 33

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1. RISK FACTORS

1.1 General

Investing in the Bonds involves inherent risks. This section 1 "Risk factors" contains an

overview of the risk factors that are known to the Issuer and considered material by it. If

any of the events or circumstances discussed below occurs, the Group's business,

financial condition, results of operations and cash flow could be materially and adversely

affected, and this may have a material adverse effect on the Group's ability to meet its

obligations (including the payment of the principal amount and payment of interest)

under the Bonds.

Prospective investors should carefully consider all the information set out in this

Prospectus and particularly the risk factors set forth below before making an investment

decision, and should consult their own expert advisors as to the suitability of an

investment in the Bonds. An investment in the Bonds is suitable only for investors who

understand the risk factors associated with this type of investment and who can afford a

loss of all or part of the investment.

The order in which the risks are presented below is not intended to provide an indication

of the likelihood of their occurrence nor of their severity or significance.

1.2 Risks relating to industry and market conditions

1.2.1 General global fuel testing market risk

The Group provides fuel testing and inspection services primarily within the maritime

sector. Key customers include ship owners, fuel suppliers, brokers, traders and vessel

charters.

The Group is exposed to the risk of a general market downturn affecting its customers

and thereby reducing the level of demand for its services. Any such reduction in the

activity levels of the Group may have a negative effect on the trading price of the Bonds

and the Issuer's ability to pay all or part of the interest and/or principal on the Bonds.

1.2.2 Changes in government regulations

Changes in government regulations and other laws may affect the operations of the

Group and its customers. Examples of such changes are changes in taxes or changes to

marine fuel regulations. Such changes could have substantial impact on the operating

costs of the Group which could reduce the Issuer's ability to service its debt under the

Bond Issue.

1.2.3 LNG growing as an alternative fuel for transportation

LNG is in the early stages of becoming a mainstream fuel for transportation. The Group

does not currently test LNG fuel as a part of its operations, but research efforts have

been undertaken by the Group in order to develop LNG fuel tests to offer clients in the

future. However, there can be no assurances as to when such LNG fuel testing will be

operational and what level of revenue this will produce for the Group. Consequently, the

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emergence of LNG as an alternative mainstream source of fuel could reduce the demand

for the Group's fuel testing services. General market information1 indicates that an

expected increase of the global fleet size is likely offset a potential downward effect for

the Group. Nevertheless, growth of LNG as a fuel for transportation may potentially

reduce the Group's revenue and thus negatively affect the Issuer's ability to service its

debt under the Bond Issue.

1.2.4 Flash point limits

The International Maritime Organization ("IMO")2 is considering the introduction of a US

proposal to reduce flash point limits for distillate fuels. This change could differentiate

between airline and maritime limits. The consequence would be that sample

transportation costs would increase, which in turn would have a negative effect on the

revenue of the Group and consequently may reduce the Issuer's ability to service its

debt under the Bond Issue.

1.2.5 Sulphur limits within fuels

Sulphur Emission Control Areas are sea areas in which stricter controls have been

established to minimize airborne emissions in accordance with the International

Convention for the Prevention of Pollution from Ships3.

Due to new regulations of IMO the requirements in certain emission control areas have

changed as of 1 January 2015. This has led to a further restriction on allowed sulphur

content to 0.10% down from 1.00%4. Whilst increased regulation would normally have a

positive effect on the Group's business, there is a risk for the Group that customers

using distillate fuels will test less frequently than when using heavier fuels. This could in

consequence reduce the revenue of the Group and negatively affect the Issuer's ability

to service its debt under the Bond Issue.

1.2.6 Increased use of mass flow meters

Primarily affecting the Singapore and Rotterdam bunkering markets, an increased use of

mass flow meters has the potential to reduce the requirements for bunker quantity

surveys ("BQS") within the Group. The magnitude of this risk will depend on the

development of mandatory implementations by various port authorities around the

world.

The risk magnitude will also depend on the general development of technical skills of

shipping crews. Using mass flow meters requires extensive knowledge and practice to be

able to run the controls. If the required competence is not in place, the mass flow

meters might not be used properly which may lead to questions being asked regarding

the integrity of the test results. These developments may have a negative effect on the

total revenues of the Group, and thus negatively affect the Issuer's ability to service its

obligations under the Bond Issue.

1 Source: http://www.lr.org/en/marine/projects/global-marine-fuel-trends-2030.aspx 2 Source: IMO quoted to www.bunkerworld.com , published November 21, 2014 3 Source: IMO webiste;http://www.imo.org/About/Conventions/ListOfConventions/Pages/International-Convention-for-the-

Prevention-of-Pollution-from-Ships-(MARPOL).aspx 4 Source: IMO webiste; http://www.imo.org/About/Conventions/Pages/Action-Dates.aspx

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1.2.7 Acts of terrorism and natural disasters

Acts of terrorism and natural disasters may affect the Issuer directly or indirectly

through an adverse effect on the general economic climate or direct attacks on its

personnel or property. This may again have a material adverse effect on market

conditions and the trading price of the Bonds, but also on the Issuer's overall costs and

ability to service its debt under the Bond Issue.

1.2.8 General improvement of fuel quality

The Group is exposed to the risk of breakthroughs in research and development that will

improve the general fuel quality level. This could lead to a reduced need for the testing

services provided by the Group. Consequently such fuel quality improvements could

have a substantial impact on the Group's revenue, which could impact the Issuer's ability

to service its debt under the Bond Issue.

1.2.9 Competition

The market in which the Group operates is populated by a fairly limited number of

participants. The Group cannot ensure that it will be able to respond to existing and new

sources of competition. If the current competitors or new market entrants introduce new

products or services with better features, performance, prices or other characteristics

than the Group's products and services, such increased competition may materially

adversely affect the Issuer's business, results of operation and financial condition. This

would then in turn affect the Issuer's ability to service its obligations under the Bond

Issue.

1.3 Financial risk factors

1.3.1 Currency risk

The Group operates its business in several jurisdictions and is therefore exposed to

currency risk. The Group has currently not entered into any hedging arrangements to

limit the currency risk of its business.

The Group primarily invoices its customers in USD, while lab expenses are incurred in

several currencies where USD and Euro are the most important ones. The currency risk

related to the Group's business could impact the costs of the Group and reduce the

Issuer's ability to service its debt under the Bond Issue.

1.3.2 Credit risk

The Group's revenue depends on its customers' and clients' ability to make payments.

There is a risk that the customers or clients of the Group are delayed when making

payments or fail to pay some or the entire invoiced amount. If customers and clients, or

any one of them, delay or fail in paying significant amounts of outstanding invoices, this

may impair the Group's liquidity position and the business, results of operations and

general financial condition of the Group. As a consequence, the Issuer's ability to service

its debt under the Bond Issue may be negatively affected.

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1.3.3 Financial covenants

The Bond Agreement contains financial covenants and the Issuer's ability to comply with

the financial covenants will depend on the Issuer's results, which is dependent on the

prevailing economic and competitive conditions in addition to financial, operational and

other factors outside the Issuer's control. There can be no guarantee that the Issuer will

be able to comply with all financial covenants for future or current debt, or that its

lenders will agree to waive or amend applicable covenants in order to avoid a default on

the Issuer's future or current debt commitments. A failure by the Issuer to comply with

financial covenants in loan agreements may lead to a default and subsequently to the

Bondholders losing parts or all of their investment in the Bonds.

1.3.4 Risks related to access to funds

The Group may be dependent on obtaining additional debt or equity financing in the

future. However, there can be no assurance given that the Group will be able to meet

such future financing needs or that such financing will be obtained on acceptable terms.

If the Group is unable to obtain future debt and/or equity financing on acceptable terms,

this could adversely affect the business, financial condition, results of operations and

liquidity of the Group.

1.3.5 The Issuer's historical financial statements may not be indicative of future

performance

The Issuer has limited operating history as a separate entity, and the historical financial

statements from 2013 and earlier of the Issuer may not be indicative of the Issuer's

future results of operation, financial position and cash flows.

1.3.6 Overall tax structure

The Group operates in numerous countries throughout the world. Consequently, the

Group will be subject to changes in tax laws, treaties or regulations or the interpretation

or enforcement thereof in various jurisdictions. Tax laws and regulations are highly

complex and subject to interpretation. The Group's income tax expense will be based on

its interpretation of the tax laws in effect in various countries at the time the expense is

incurred. If applicable laws, treaties or regulations change or other taxing authorities do

not agree with the Group's assessment of the effects of such laws, treaties and

regulations, this could have a material adverse effect on the Group's business, financial

condition, results of operations and liquidity position. This could again negatively affect

the Issuer's ability to service its debt under the Bond Issue.

1.4 Risks related to the Group's operations and company specific risks

1.4.1 Operational risk

The Group is exposed to risk associated with the fuel testing services performed. For

example, providing inaccurate test results can lead to loss of reputation and credibility,

leading to decreased demand for the Group's services.

Furthermore, the services provided by the Group are exposed to human error, which

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may negatively affect the quality of the provided services. This could harm the Group's

market position and thereby affect its business, financial condition, results of operations

and prospects.

1.4.2 Environmental risks

The Group's operations are subject to numerous environmental laws and regulations. In

the event that the Group is unable, at any time, to comply with applicable environmental

laws and regulations, it may be subject to significant fines, penalties or liabilities.

Environmental laws may result in a material increase in the costs of the Group's

operations or otherwise adversely affect the Group's financial condition, results of

operations and prospects. Environmental laws may also expose the Group to liability for

the actions of third parties. Some environmental laws provide for joint and several strict

liabilities for remediation of releases of hazardous substances, which could result in

liability for environmental damage without regard to negligence or fault. Any liability for

the Group pursuant to the aforementioned could adversely affect the Group's business,

financial condition, results of operations and prospects.

1.4.3 Health and safety risks

The Group is bound by laws and regulations to preserve the safety, health and work

environment of its employees. The Group is exposed to the risk of work accidents and

harm to personnel and property. Due to the nature of the fuel testing business, there are

risks of work accidents such as personnel coming into contact with hazardous heavy

fuels and chemicals. A failure to comply, or to implement adequate procedures to ensure

compliance with HSE-requirements may lead to loss of reputation, fines, law suits and

penalties. This may have a material adverse effect on the Group's business, operations

and financial conditions.

1.4.4 Incurrence of liability not covered by insurance

Although the Group maintains liability insurance in an amount that it considers adequate,

its insurance may not cover all potential losses and liabilities associated with its

operations. The occurrence of a casualty, loss or liability against which the Group is not

fully insured could significantly reduce its revenues or otherwise impair the Issuer's

ability to meet its debt obligations under the Bond Issue.

1.4.5 Dependence upon key personnel

The successful development and performance of the Group's business is to a large extent

dependent on its ability to attract and retain key employees and management personnel.

The Group's success depends, to a significant extent, on the continued services of the

individual members of its employees and management team, who have substantial

experience in the business. There can be no assurance that key employees or members

of the management will remain with the Group or that the Group will be able to attract

new qualified personnel when needed or at all. Any loss of the services of key members

of the management or key employees could have a material adverse effect on the

Group's business, operations and financial condition.

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1.4.6 Legal claims and disputes

The Group may be exposed to legal claims from customers, authorities or other third

parties and will from time to time be involved in disputes in the ordinary course of its

business activities. Such claims and disputes may disrupt the Group's business

operations and could also adversely affect the result of the Group's operations and

financial condition.

1.5 Risks Related to the Bonds

1.5.1 Credit rating

The Issuer has not sought, nor does it intend to seek, the credit rating of an independent

rating agency and there has been no assessment by any independent rating agency of

the Bonds. The lack of a credit rating might affect the demand for the Bonds and the

thereby the possibility for investors to sell the Bonds at an acceptable price or at all.

1.5.2 Pre-defined majorities may amend the terms of the Bond Agreement

The Bond Agreement contains provisions for calling a meeting of the bondholders in the

event that the Issuer wishes to amend the terms and conditions of the Bond Agreement.

These provisions permit defined majorities to bind all bondholders including bondholders

who did not attend and vote at the relevant meeting and bondholders who vote in a

manner contrary to the majority. Consequently investors who only hold a small amount

of Bonds cannot be assured that the terms of the Bonds will stay the same until the

maturity date.

1.5.3 Trading and liquidity risk

There is currently no public trading in respect of the Bonds which are being issued and

there can be no assurance that an active secondary market for the Bonds will develop

or, if it develops, that it will continue. Even though the Bonds will be listed on Oslo Børs,

there can be no assurance that investors will be able to re-sell their Bonds at or above

the issue price or at all. Several factors over which the Issuer has no control may affect

the trading market for, and trading value of, the Bonds. These factors include:

• the level, direction and volatility of market interest rates, general economic

conditions and the investment appetite of investors;

• the financial condition of the Issuer; and

• the market for similar securities.

No predictions can be made about the effect which any future events will have on the

market price of the Bonds prevailing from time to time. Investors should consider the

potentially limited secondary market before making a decision to invest in the Bonds.

1.5.4 Restrictive covenants

The Bond Agreement imposes restrictive covenants limiting the Group's freedom of

operation and activities, including, but not limited to, covenants that limit its ability to:

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incur obligations that rank ahead of the obligations under the Bond Agreement;

merge or consolidate with other entities to the extent such merger or

consolidation has a material adverse effect;

de-merge or initiate other forms of corporate re-organization involving a split of

the Issuer or any of its subsidiaries to the extent such de-merger or re-

organization has a material adverse effect;

suspend or terminate the operations of the business if such actions could

reasonably be expected to have a material adverse effect;

substantially change the general nature or the scope of the business of the

Group;

sell or otherwise dispose of all or a substantial part of the Group's assets or

operations assets, unless:

o the transaction is carried out at fair market value and fair market terms;

and

o such transaction does not have or could not reasonably be expected to

have a material adverse effect;

enter into certain transactions with affiliates outside the ordinary course of

business;

change the type of organization or jurisdiction of incorporation of the Issuer;

create or incur certain liens outside the ordinary course of business;

declare dividends, repurchase shares or initiate other distributions to its

shareholders during the term of the Bonds, unless the Net Interest Bearing Debt

to EBITDA (both terms defined in the Bond Agreement, and such ratio defined as

"Gearing Ratio") is below 3.00; and

incur or guarantee certain additional indebtedness outside the ordinary course of

business, unless the Net Interest Bearing Debt to EBITDA ratio (both terms

defined in the Bond Agreement, and such ratio defined as "Gearing Ratio") is

below 4.00.

The restrictions in the Bond Agreement may prevent the Group from taking actions that

it believes would be in the best interest of the Group, and may make it difficult for the

Group to execute its business strategy successfully or compete effectively with

companies not subject to similar restrictions.

Furthermore, the Bond Agreement requires the Group to maintain specified financial

ratios and to comply with certain financial tests. The Group's ability to meet such

financial ratios and tests can be affected by events beyond the Group's control, and no

assurance can be given that the Group will be able to comply with such requirements.

The Issuer cannot assure investors that it will be granted waivers or amendments if for

any reason it is unable to comply with the restrictive covenants in the Bond Agreement.

The breach of any of these covenants could result in an event of default under the Bond

Agreement which may lead to the investors losing parts or all of their investment in the

Bonds.

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1.5.5 Change of control events trigger a put option for the Bondholders

Upon the occurrence of a Change of Control Event (as defined in the Bond Agreement),

each individual bondholder has a right of pre-payment of the Bonds at a price of 101 per

cent of par value plus accrued interest on the Bonds. A change of control in the

ownership of the Issuer is outside its control and the Issuer may not have sufficient

funds to make the required redemption of Bonds upon the occurrence of a Change of

Control Event. The Issuer’s failure to redeem tendered Bonds would constitute an event

of default under the Bond Agreement and may lead to the Bondholders losing parts or all

of their investment in the Bonds.

1.5.6 The Issuer may prepay the Bonds at predefined price levels

Under the Bond Agreement the Issuer may redeem the Bond Issue in whole or in part at

a price equal to par value of the Bonds plus an applicable call premium. The applicable

premium will vary according to the relevant redemption date of the Bonds. This feature

is likely to serve as a limit on the market value of the Bonds, as the market value of the

Bonds generally will not rise substantially above the price at which they can be

redeemed by the Issuer. In the event of a redemption of the Bonds it may not be

possible for the Bondholders to reinvest the proceeds received from the redemption at

an interest rate equal to or higher than that on the Bonds.

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2. RESPONSIBILITY FOR THE PROSPECTUS

2.1 Persons responsible for the information

The person responsible for the information given in this Prospectus is the board of

directors of the Issuer.

2.2 Declaration by persons responsible

The board of directors of the Issuer accepts responsibility for the information contained

in this Prospectus. The board of directors of the Issuer confirms that, having taken all

reasonable care to ensure that such is the case, the information contained in this

Prospectus is, to the best of our knowledge, in accordance with the facts and contains no

omissions likely to affect its import.

___ February 2015

Veritas Petroleum Services B.V.

__________________________

Eirik Gunnar Andreassen

Chairman

__________________________

Constantijn Marie Franciscus Peeters

Director

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3. THE BONDS

3.1 Use of proceeds

The net proceeds of the Bonds have been applied towards refinancing of parts of the

shareholder loans provided in connection with the Issuer's acquisition of the VPS Group

and for general corporate purposes of the Group.

3.2 Terms of the Bonds

The summary below describes the principal terms of the Bonds. Certain of the terms and

conditions described below are subject to important limitations and exceptions. The Bond

Agreement attached to this Prospectus contains the complete terms and conditions of

the Bonds.

ISIN: NO 0010708506

The reference name of the Bond

Issue:

7.00% Veritas Petroleum Services B.V. Senior Secured

Callable Bond Issue 2014/2019

Issuer: Veritas Petroleum Services B.V

Currency of the Bonds: USD

Issue size: USD 70,000,000

Nominal value: Each Bond has a nominal value of USD 200,000

Securities form: The Bonds are electronically registered in book-entry

form with Verdipapirsentralen ASA (the VPS), Fred.

Olsens gate 1. Postboks 4, 0051 Oslo, Norway.

Issue Date: 1 April 2014

Interest bearing from and

including:

Issue Date

Interest bearing to: Maturity Date

Maturity Date: 1 April 2019

Interest Payment Dates: 1 April and 1 October each year and the Maturity Date.

Issue Price: 100% (nominal value)

Interest Rate: 7.00% p.a.

As the interest rate is fixed, the issue price is 100% and

the Bondholders do not have any costs related to the

interest payments, the yield for the Bondholders is 7%

per year.

Day count fraction: Interest is computed on the basis of a 360-day year

comprised of 12 30-day months (30/360).

Business Day Convention: No adjustment will be made, notwithstanding the period

end date occurs on a day that is not a Business Day,

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and if such date is not a Business Day, payments of

interest will be made on the first following day that is a

Business Day (No adjustments of Business Day).

Amortization: The Issuer shall repay the Bonds in full at the Maturity

Date at 100% of par value.

Business Day: Any day on which commercial banks in Oslo and New

York are open for general business, and can settle

foreign currency transactions and the Norwegian Central

Bank's Settlement System is open.

Taxation: The Issuer shall pay any stamp duty and other public

fees accruing in connection with the Bonds, but not in

respect of trading in the secondary market (except to

the extent required by applicable laws), and shall

deduct at source any applicable withholding tax payable

pursuant to law, subject to standard gross up provisions

and gross up call provisions.

Optional redemption for tax

purposes:

In the event of certain developments affecting taxation,

the Issuer may redeem the Bonds in whole, but not in

part, at any time, at a redemption price of 100% of the

nominal value, plus accrued and unpaid interest, if any,

and additional amounts, if any, to the date of

redemption.

Please refer to clause 14.7 of the Bond Agreement for

further information about the optional redemption for

tax purposes.

Payment mechanics: Interest and principal due for payment is credited the

bank account nominated by each Bondholder in

connection with its securities account in VPS.

Ranking of the Bonds: The Bonds are senior debt of the Issuer and rank at

least pari passu with all other senior obligations of the

Issuer except for obligations which are mandatorily

preferred by law.

Security Interests: The Issuer’s obligations under the Bond Agreement are

secured by the following security interests which have

been granted on first priority in favour of the Bond

Trustee (on behalf of the Bondholders):

(i) pledge over all the shares in the Issuer;

(ii) pledge over all claims under the loan granted to

the Issuer by Veritas Petroleum Services Holding

B.V. in connection with the acquisition of the VPS

Group; and

(iii) pledge over all claims under any intragroup loans

(other than such arising under any group account

system of the Group) granted by the Issuer to

another member of the Group, which either singly

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or together with any such other loans or credits

amount to USD 2,000,000 or more to the same

member of the Group.

Change of control: Upon the occurrence of certain events constituting a

change of control event, the Issuer is required to offer

to repurchase the Bonds at a purchase price equal to

101% of their nominal value, plus accrued and unpaid

interest.

Call Option: The Issuer may redeem the Bonds (all or parts) as

follows:

(i) with settlement date any time from and including

1 April 2016, to but not including, 1 April 2017 at

a price equal to 106% of nominal value plus

accrued interest on the redeemed account;

(ii) with settlement date any time from and including

1 April 2017, to but not including, 1 April 2018 at

a price equal to 104.50% of nominal value plus

accrued interest on the redeemed amount; and

(iii) with settlement date any time from and including

1 April 2018 at a price equal to 101.50% of

nominal value plus accrued interest on the

redeemed amount.

Please refer to clause 10.2 of the Bond Agreement for

further information about the call option.

Listing and admission to

trading:

The Bonds will be listed on the Oslo Stock Exchange no

later than 31 March 2015.

Authorisations: The Bonds have been issued in accordance with a

written resolution of the management board of the

Issuer dated 28 March 2014, a written resolution of the

general meeting of the Issuer dated 28 March 2014, a

written resolution of the management board of Veritas

Petroleum Services Holding B.V. dated 28 March 2014

and a written resolution of the supervisory board of

Veritas Petroleum Services Holding B.V. dated 28 March

2014.

Limitation of claims: The time limit on the validity of claims is three years for

interest and ten years for repayment of principal.

Bondholders’ Meeting: The Bondholders' Meeting represents the supreme

authority of the Bondholders community in all matters

relating to the Bonds. If a resolution by the Bondholders

is required, such resolution shall be passed at a

Bondholders' Meeting. Resolutions passed at

Bondholders' Meetings shall be binding upon and prevail

for all the Bonds. Please refer to Clause 16 of the Bond

18

Agreement for additional information.

Trustee: Nordic Trustee ASA, reg. no. 963 342 624.

Nordic Trustee ASA represents the Bondholders. The

role and the authority of the Trustee is regulated in

clause 17.1 of the Bond Agreement.

Paying Agent: DNB Bank ASA, Dronning Eufemias gate 30, 0116 Oslo.

The paying agent is responsible for registering the

owners of the Bonds in the Securities Depository.

Securities Depository: The Securities Depository in which the Bonds are

registered is Verdipapirsentralen, Biskop Gunnerus’ gate

14A, 0185 Oslo, Norway.

Market-making: There is no market-making arrangement entered into in

connection with the Bonds.

Governing Law: The Bonds and the Bond Agreement are governed by

Norwegian law.

19

4. COMPANY AND GROUP OVERVIEW

4.1 Incorporation, registered office and registration number

The legal and commercial name of the Issuer is Veritas Petroleum Services B.V. The

Issuer is a private limited liability company incorporated under the laws of the

Netherlands, having its registered office at Zwolseweg 1, 2994 LB Barendrecht, the

Netherlands, with registration number 58848754 in the Dutch Business Register (In

Dutch: "Kamer van Koophandel"). The telephone number of the Issuer is +31 (0) 180 22

11 00. The Issuer was incorporated on 25 September 2013 to facilitate the acquisition of

DNV Petroleum AS.

The Issuer is a holding entity without any operational business and is therefore

dependent on its subsidiaries to service its debt obligations. An organizational structure

chart of the Group is included in section 4.3.

4.2 History

The Group operates within the marine fuel management sector. Since 1981 the Group

has provided marine residual fuel testing services, enabling ship owners and operators to

get insights into the quality of fuel supplied to their vessels and since 1987 offering

bunker quantity surveys for ship owners. Today these are the key services of the Group.

Important milestones for the Group are:

Year Milestone

1981 DNV starts Petroleum Services operation with first office and lab in Oslo,

Norway

1982 Labs opened in Teaneck and Singapore

1987 Introduction of Bunker Quantity Survey(BQS) for ships

1992 Lab opened in Rotterdam (Barendrecht), the Netherlands

1996 Lab opened in Fujairah, United Arab Emirates, launch of new service; bunker

alerts 2001 Lab opened in Algeciras, Spain, Headquarters opened in Singapore

2003 Lap opened in Houston, United States of America

2005 Teaneck and Algeciras labs closed

2007 Reached milestone of a 1,000,000 total FQT tested samples since 1981

2013 Oslo lab closed, IK VII Fund acquired DNV Petroleum Services AS from DNV

2014 DNV Petroleum Services is rebranded to Veritas Petroleum Services B.V.,

Headquarters moved to Rotterdam (Barendrecht), the Netherlands

The services provided by the Group enable ship operators to comprehensively

predetermine the quality of bunkers to be consumed by their vessels. This became a

serious constraint during the oil crisis in the 1970s when the increased application of

‘deep conversion’, high-yield refining techniques caused residual fuel quality to

deteriorate considerably.

20

Consequently, the shipping community saw an increase in damages to fuel pumps,

piston rings, cylinder liners and other costly engine parts on board their vessels. The

Group's fuel quality testing ("FQT") programme has assisted ship operators enrolled in

the programme with detecting poor quality bunkers delivered to their vessels and take

appropriate actions.

As a marine fuel management pioneer, the Group's corporate history reflects the

changing fuel priorities and requirements of ship operators, of which bunker regulations

have emerged as a key driver in recent years.

The Group has been serving the maritime industry since the launch of its commercial

FQT service in 1981. Today the Group offers a wide range of fuel management services

to assist ship operators, power plant operators and other industry operators, delivering

improvements to risk management, cost and operational efficiency, and compliance with

regulatory requirements.

4.3 Organizational structure

The following table sets forth the Group’s significant subsidiaries as of the date of this

Prospectus:

The Group has in each subsidiary a direct or indirect ownership for 100% of outstanding

shares.

21

4.4 Industry specifics

VPS is a leading provider of marine fuel management services5. The market where the

Group operates is driven by the use of petroleum products in the maritime industry.

Petroleum products are usually grouped into four categories6:

Light distillates - e.g. aviation and motor gasoline

Middle distillates - e.g. jet fuel, kerosene, gas and diesel oils

Residual or fuel oil - e.g. marine bunkers and crude oil used directly as fuel

Other - e.g. refinery gas, LPG, solvents, petroleum coke, lubricants, bitumen, wax,

and other refined products

Today, global refineries produce around eight million barrels of residual fuel oil ("fuel

oil", "heavy fuel oil" or "HFO") every day as a by-product of the refining process.

Residual fuel oil is essentially what is left, along with petroleum coke, after petroleum

refiners extract everything of value from the oil.

Fuel oil is considered to be a "bottom of the barrel" product and the fuel offered to the

market will have unavoidable waste products arising from the main refinery activity. As a

consequence, fuel oils often contain abrasive particles (catalytic fines) that may damage

machinery and also have higher sulphur and metal content. Being a product of relatively

low quality, the price compared to other "better" products like distillates, is relatively low

and as such it is often the preferred low-cost choice in many industries.

Power plants use fuel oil to produce electricity to the grid. In the industrial sector,

cement, aluminium and paper factories can be powered by heavy fuel oil. Residual fuel

oil is primarily used as bunker fuel on-board ships or power plants, as a feedstock to

more advanced refineries to produce higher end petroleum fuels/products, and to

produce energy for manufacturing plants.

Because of the relatively low price of fuel oil, residual fuel is the chosen fuel for most

large ships. A single container cargo ship consume up to 250 tons of fuel a day,

depending on ship size and operating speed. For larger ships, bunker fuel for a single

voyage can cost as much as USD 1 million.

Overall the demand for residual fuel oil has been slowly declining since its peak in 1980

as traditional consumption sectors (power generation and industrial heating) have

switched to coal and gas in the industrialised world. Other residual fuel consumers, most

notably bunkers, asphalt, and power/industrial, are experiencing growing demand in key

areas of the developing world. The energy consulting firm PIRA Energy Group expects

that in contrast to the last 15 years, global end-user demand for residual fuel products

will level off, or even grow7. In particular, fuel oil consumed by the maritime sector

("bunkers" or bunker fuel) is expected to grow as the global merchant fleet grows to

meet expanding trade volumes. As such, bunker fuel is expected to account for a

growing share of the total residual fuel oil demand going forward.

Testing of Residual Fuel Oils8

5 Source: The Issuer 6 Source. U.S. department of energy, http://energy.gov 7 Source: http://www.pira.com/services/multi-client-studies/residual-fuel-oil-outlook 8 Source: The Issuer

22

The technical properties of fuel oil (being a complex mixture of hydrocarbons and other

compounds) vary greatly depending on the crude oil used in the refining process and

also by the blending of the final product. Testing the finished fuel oil products is

therefore the most effective way to determine the actual fuel properties, and to ensure

that it does not contain excessive amount of components that can cause damage to the

machinery.

The increasing use of cracking processes to obtain a larger portion of distillates from

crude oil has resulted in increasing densities of residual fuels. In addition, heavier grades

of fuels are becoming more popular for large ships, and these grades usually have higher

density than the widely used 380 fuel grade9. Depending on the fuel treatment systems

installed on board the vessel, high density fuels may be more difficult to clean e.g. for

water and catalytic fines. The latter are highly abrasive particles which may cause wear

on engine parts like piston rings and cylinder liners.

Independent fuel oil testing is most commonly performed in the maritime, offshore,

power plant industries, as well as within the utilities and the industrial sector. Testing is

also commonly done on residual fuel oil used for feedstock to the various refinery

processes, but this is mostly done in-house at the refineries' own laboratory.

4.5 Business overview

The Group operates a global network of customer service offices and four specialist fuel

laboratories strategically located in Singapore, Rotterdam (Barendrecht), Houston and

Fujairah.

Source: Company

9 380 fuel grade indicates a type of Intermediate fuel oil with a maximum viscosity of 380 Centistokes.

23

The Group has established a strong global market position in providing FQT and BQS

services to the maritime industry throughout the years. Distinguishing itself from

competitors by having the competence and infrastructure to assist ship operators with

total fuel management solutions, delivering measurable improvements to risk

management, cost and operational efficiency, and compliance with regulatory

requirements.

The Group's services are provided in 150 key ports around the world to a stable client

base of about 900 companies with in total 10,000 vessels in service. The Group's 20

largest FQT clients account for approximately 25% of the total samples to be tested,

which gives the Group the opportunity to generate a stable cash flow throughout the

year. Furthermore no client of the Group generates more than approximately 0.75% of

the total invoiced amount each year, which means the Issuer is not dependent upon

individual clients for its revenue flows10.

The Group has had a consistent revenue growth and stable EBITDA margins of 25%-

30% over the last five years11.

10 Source: The Issuer 11 Source: The Issuer

24

5. BOARD OF DIRECTORS AND MANAGEMENT

5.1 The Issuer's board of directors

The table below sets out the names and details of the members of the board of directors

of the Issuer:

Name Position Sex Nationality

Eirik Gunnar Andreassen Director Male Norwegian

Constantijn Marie Franciscus Peeters

("Stan Peeters")

Director Male Dutch

Eirik Andreassen MSc., holds a Diploma, Mass. Inst. of Tech (MIT) and holds a Master of

Science in Naval Architecture from NTH. Eirik Andreassen has worked at DNV GL, the

Group's previous parent company for over 20 years and has held several leading

positions within the Group, amongst other director of international affairs and head of

classifications development.

Drs. Stan Peeters RC, holds a master degree in fiscal economics from Tilburg University

and an executive master degree in finance and controlling from Maastricht University.

Stan Peeters joined the Group in September 2014 and has 18 years of experience. He

started his carrier as a tax lawyer before taking on financial management roles both

within multinational companies (DSM, Philips) and Private Equity backed business (Van

Gansewinkel, Smartwares).

5.2 Group Management

The table below sets out the names and details of the members of the management of

the Issuer:

Name Position Sex Nationality

Eirik Gunnar Andreassen Chief Executive

Officer

Male Norwegian

Constantijn Marie Franciscus Peeters

("Stan Peeters")

Chief Financial

Officer

Male Dutch

Tejs Beltov Managing

Director Europe

Male Danish

Rahul Choudhuri Managing

Director Asia,

Middle East,

Africa

Male Singaporean

Michael MacNamara Managing Male American

25

Director

Americas

Jeroen de Vos Service Director

Technical

Male Dutch

Martin Verle Service Director

Testing

Male British

Eirik Andreassen M.Sc. - Please refer to the description provided under section 5.1.

Drs. Stan Peeters RC, - Please refer to the description provided under section 5.1.

Tejs Beltov MBA, has a background as Master Mariner supplemented with an education

as Naval Architect from the Technical University of Denmark and an MBA from AVT

Institute of Executive Education. Tejs Beltov joined the Group in May 2014 and comes

with more than 20 years of experience from key positions with leading companies within

the international marine and offshore industry.

Rahul Choudhuri MBA, holds a Diploma in Shipping and Port Management from the

University of Delaware USA and a Master Business Administration from Henley

Management College. Before joining the Group in 1991, Mr. Choudhuri was a ship

captain having sailed for 13 years. Prior to his current position as a managing director

for Veritas Petroleum Services (Asia) Pte Ltd., he was the operations manager in

Singapore and managed a team of bunker surveyors. Mr. Choudhuri is also a

participating member on the Singapore Shipping Association Technical & International

Committees.

Mike MacNamara holds a Master of Business Administration from Oklahoma City

University. Michael worked for Royal Caribbean Cruises Ltd. from 1999 - 2014, and as a

member of the executive management team held the positions of Vice President Energy

and previously as Vice President Fuel Supply. Prior to joining Royal Caribbean Cruises

Ltd, he spent 11 years in the oil & gas industry covering a broad range of functions

including exploration & development, processing & distribution, mergers & acquisitions,

international business development, strategic planning, and risk management. In

January 2015 Michael McNamara joined VPS as Managing Director Americas and is based

in Houston, USA.

Jeroen de Vos, graduated as Maritime Officer from the Nautical College in Rotterdam.

Before joining the Group in 1999 Jeroen de Vos sailed for ten years as engineer including

the Royal Dutch Navy. He joined the Group in 1999 as Technical Adviser and

subsequently as Station Manager in Rotterdam before assuming the position of Senior

Technical Consultant in 2013 in Singapore. Jeroen de Vos is currently Service Director

Technical and based in Rotterdam.

Martin Verle, an experienced British Marine Engineer who sailed for many years as sea-

going engineer with cape size bulk carriers, LPG tankers & cruise ships. Martin joined the

Group in 2000 as assistant technical advisor. Since then, Martin has worked in a variety

of positions within the Group e.g. technical advisor, deputy global technical manager,

operations manager, station manager and the last two years as business process

excellence manager in Singapore. As per 1 January 2015, Martin has been appointed as

26

testing director for the Group.

5.3 Conflict of interests

There are no conflicts of interest between any duties to the Issuer of the persons

involved with management or supervisory duties of the Group and their private interests

and/or other duties. No persons involved in the Bond Issue have any interests in it.

5.4 Corporate governance

The Issuer is a private limited company and therefore not subject to the corporate

governance code in its home jurisdiction as this code only applies to companies with

listed shares in the Netherlands.

5.5 Contact details of the Group

The members of the board of the Issuer and the group management may be contacted

at the Group’s head office located at Barendrecht, the Netherlands.

Visiting address Postal address Telephone Email

Veritas Petroleum

Services B.V.

Zwolseweg 1

2994 LB

Barendrecht

Veritas Petroleum

Services B.V.

PO Box 9515

3007 AM Rotterdam

Secretary to board

of directors and

group management;

Ms. Susan Straw

+00 31 180 221

103

Secretary to board

of directors and

group management;

Ms. Susan Straw

Susan.straw@v-p-

s.com

27

6. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

6.1 Shareholders of the Group

As of 31 December 2014, the share capital of the Issuer was USD 6,300,000 divided into

63,000,000 ordinary shares with a nominal value of USD 0.10.

Holders of ordinary shares of the Issuer have voting rights and are entitled dividends.

All the shares of the Issuer are held by Veritas Petroleum Services Holding BV.

The Issuer has no information or indications that a change of shareholders implying a

change of control in the ownership of the Issuer will occur in the foreseeable future.

6.2 Shareholder loan

Veritas Petroleum Services Holding B.V has provided the Issuer with a shareholder loan

in an amount of USD 7.9 million including accrued interest as per 31 December 2014.

This loan bears interest of 10% per annum. The interest is capitalised on each interest

calculation date and is not paid in cash to the shareholder unless there is a repayment of

the principal amount (in part or in whole) of the loan. The Issuer shall repay the principal

amount of the loan together with any accrued but unpaid interest thereon upon the

occurrence of a change of control in the ownership of the Issuer or on the first business

day after the expiry of a period of nine and a half years after 11 November 2013.

6.3 Related party transactions

All legal entities that can be controlled, jointly controlled or significantly influenced are

considered to be a related party. Also, entities which can control the Issuer are

considered a related party. In addition, statutory directors and close relatives are

regarded as related parties.

The Issuer has for its intra group transactions established a transfer pricing policy in

place based on arm-lengths' principle.

28

7. FINANCIAL INFORMATION

7.1 Introduction

The Issuer has a limited operating history as it was incorporated in September 2013.

Consequently the Issuer does not have complete annual accounts for the last two years.

The Issuer does however have special purpose financial statements for the period in

2013 after incorporation, i.e. from 25 September 2013 to 31 December 2013. The

special purpose financial statements are attached to this Prospectus.

In order to provide investors with the possibility to assess historical financial information

for the Group, the annual accounts for 2012 and 2013 of DNV Petroleum Services AS

have been included in this Prospectus. These accounts provide an overview of the

financial history prior to the Issuer's acquisition of DNV Petroleum AS.

The historical financial information which is included in this Prospectus through cross-

reference in section 9.6 is:

• 2013 special purpose financial statement for the Issuer;

• 2012 annual accounts for DNV Petroleum Services AS; and

• 2013 annual accounts for DNV Petroleum Services AS.

7.2 Historical financial information

The special purpose financial statements of the Issuer have been prepared in accordance

with the International Financial Reporting Standards (IFRS) issued by the International

Accounting Standards Board (IASB) and endorsed by the European Union (EU), effective

for annual periods beginning after 1 January 2013.

The 2012 and 2013 annual accounts of DNV Petroleum Services AS have been prepared

in accordance with the provisions of the Norwegian Accounting Act and generally

accepted accounting principles in Norway.

Annual report page no.

Special purpose financial statements

2013 for the Issuer

2013

Income statement N/A 4

Balance sheet N/A 5

Cash flow statement N/A 7

Notes 8

Financial statements 2012 and 2013

DNV Petroleum Services AS

2012 2013

29

Income statement 1 3

Balance sheet 2 4

Cash flow statement 4 6

Notes 5 7

Significant accounting policies 5-7 7-9

7.3 Auditing of historical annual financial information

7.3.1 Audit opinion on the Issuer's special purpose financial statements 2013

The Issuer's 2013 special purpose financial statements have been audited by

PriceWaterhouseCoopers Accountants N.V., independent public accountants, Fascinatio

Boulevard 350, 3065 WB, Rotterdam.

The audit opinion of PriceWaterhouseCoopers is included in the special purpose financial

statements.

7.3.2 Audit opinion DNV Petroleum Services AS financial statements 2012 and 2013

The 2012 and 2013 financial statements of DNV Petroleum Services AS have been

audited by Ernst & Young AS, independent public accountants, Langelandsvergen1, N-

6010 Ålesund, Norway.

The audit opinions of Ernst & Young are attached as separate documents to this

Prospectus.

7.4 Legal and arbitration proceedings

The Issuer is not involved with any governmental, legal or arbitration proceedings

(including any such proceedings which are pending or threatened of which the Issuer is

aware), during the 12 months period prior to the date of this Prospectus which may

have, or have had in the recent past, significant effects on the Issuer’s financial position

or profitability.

7.5 Significant change in the Issuer’s financial or trading position

With the exception of the Bond Issue, the Issuer is not aware of any significant change

in the financial or trading position of the Issuer which has occurred since the end of the

last financial period on 31 December 2013 for which either audited financial information

or interim financial information have been published or any trends, uncertainties,

demands, commitments or events.

30

8. TREND INFORMATION

8.1 Material factors affecting the Issuer's prospects

There have been no material adverse changes in the prospects of the Issuer since the

date of its last published audited financial statements.

8.2 Material contracts

The Issuer has not entered into any material contracts outside the ordinary course of its

business.

31

9. ADDITIONAL INFORMATION

9.1 Third party information

The information in this Prospectus that has been sourced from third parties has been

accurately reproduced and, as far as the Issuer is aware and able to ascertain from

information published by those third parties, no facts have been omitted which would

render the reproduced information inaccurate or misleading.

9.2 Documents on display

Copies of the following documents will be available for inspection at the offices of the

Issuer at Zwolseweg 1, 2994 LB Barendrecht, the Netherlands, during normal business

hours from Monday to Friday each week (except public holidays) for a period of 12

months from the date of this Prospectus:

(a) articles of incorporation and articles of association of the Issuer; and

(b) the historical financial information set out in section 7.1 of this Prospectus.

9.3 Statutory auditors

The Issuer’s auditor is PriceWaterhouseCoopers Accountants N.V., independent public

accountants, Fascinatio Boulevard 350, 3065 WB, Rotterdam.

PriceWaterhouseCoopers Accountants N.V. is a member of the Netherlands Institute of

Public Accountants (NBA) and licensed by The Netherlands Authority for the Financial

Markets (AFM) to audit Public Interest Entities (PIE).

9.4 Advisors

Arctic Securities AS has acted as manager in connection with the issue of the Bonds.

Advokatfirmaet Wiersholm AS has acted as legal advisor to the Issuer with respect to

Norwegian law.

9.5 Expenses

The Issuer estimates the expenses associated with the listing of the Bonds to be

approximately NOK 1.2 million.

9.6 Documents incorporated by references

The below listed documents are incorporated by reference:

Document Link

Bond Agreement http://www.v-p-s.com/investor-

32

relations/Bond_agreement.pdf

2013 special purpose

financial statements for

the Issuer

http://www.v-p-s.com/investor-

relations/2013_special_purpose_financial_statements_for_th

e_Issuer.pdf

2013 audit statement for

the Issuer

http://www.v-p-s.com/investor-

relations/2013_audit_statement_for_the_Issuer.pdf

2012 annual accounts for

DNV Petroleum Services

AS

http://www.v-p-s.com/investor-

relations/2012_annual_accounts_for_DNV_Petroleum_Servic

es_AS.pdf

2012 audit statement for

DNV Petroleum Services

AS

http://www.v-p-s.com/investor-

relations/2012_audit_statement_for_DNV_Petroleum_Servic

es_AS.pdf

2013 annual accounts for

DNV Petroleum Services

AS

http://www.v-p-s.com/investor-

relations/2013_annual%20_accounts_for_DNV_Petroleum_S

ervices_AS.pdf

2013 audit statement for

DNV Petroleum Services

AS

http://www.v-p-s.com/investor-

relations/2013_audit_statement_for_DNV_Petroleum_Servic

es_AS.pdf

33

10. DEFINITIONS AND GLOSSARY OF TERMS

Bond Agreement means the bond agreement entered into between the

Issuer and Nordic Trustee ASA which regulates the Bond

Issue

Bond Issue means the issue of bonds in the 7.00% Veritas Petroleum

Services B.V. Senior Secured Callable Bond Issue

2014/2019

Bonds means the securities issued under the Bond Issue

BQS means bunker quantity surveys

Flash point limit the flash point limit of a volatile material is the lowest

temperature at which it can vaporize to form an ignitable

mixture in air

FQT means fuel quality testing

Group means the Issuer and its subsidiaries

HFO means heavy fuel oil

IMO means International Maritime Organization

Issuer means the issuer of the Bonds Veritas Petroleum Services

B.V., reg. no. 58848754

LNG means liquefied natural gas

LPG means liquefied Petroleum gas

Mass flow meter a mass flow meter, also known as an inertial flow meter

is a device that measures mass flow rate of a fluid

traveling through a tube. The mass flow rate is the mass

of the fluid traveling past a fixed point per unit time.

VPS Group means DNV Petroleum Services AS (a wholly owned

subsidiary of the Issuer) and all of its subsidiaries from

time to time

34

Veritas Petroleum Services B.V

P.O. Box 9515

3007 AM Rotterdam

phone: +31 10 292 26 00

e-mail: rotterdam@v-p-s.com

internet: www.v-p-s.com

Arctic Securities AS

P.O. Box 1833 Vika

0123 Oslo

Telephone: +47 21 01 31 00

Fax: +47 21 01 31 37

Email: mail@arcticsec.no

www.arcticsec.no