First, I declared no vested interest. I think there are 2 issues here. Tax claim of 200 mio NOK. Assuming provision need to make, and is already made in 2014 1H. 1H will be gone, if 2H is similar to 1H, EPS of 5cents means an PE of 17. It is not cheap. In fact, if you believe on peer valuation of around 12 for OSV company, it stand to fall further to 60 cents? I however, still feel that market overreacted. Why? Lets look at the graph: The fall in price is almost similar, what happen in July 2013. That is when the troubles at Brazil's Vard Niteró starts, the delays in delivery lead to provisions and collapse of Margins. Tax claim is one-off. What happen at Nitero is a operating issue. The tax issue and Nitero should not have the same impact. How much provision has Vard made ......