Code of Ethics



1.1 This Code of Ethics has been adopted by the Board of Directors of Ace Oil Tools AS.

1.2 The objective of the Code is to establish a healthy corporate culture in which employees work according to good standards for business practices and assume shared responsibility in upholding our reputation and Corporate Social Responsibility. In addition to ensuring that Ace Oil Tools (ACE) operates in an ethical manner, the Code also is also a tool for the exercise of value-based management and employee participation.

1.3 The Code applies to all ACE employees. It also applies to board members when they act on behalf of the company. All ACE employees of ACE shall act in accordance with this code. The Board of Directors is responsible for ensuring compliance with the Code.




2.1 ACE expects employees to act in a fair and honest manner, and demonstrate professional and personal integrity in their dealings with their employer and their colleagues, customers, suppliers, shareholders and competitors, and in the conduct of the business of ACE.

2.2 ACE does not tolerate discrimination on the grounds of ethnicity, nationality, religion, age, gender, disability or sexual orientation. Respect for the individual is fundamental; everyone shall be treated with dignity and respect.

2.3 ACE does not tolerate corruption. Employees of ACE shall neither directly nor indirectly, offer, promise, provide or accept bribes. The same principle applies to illegal or inappropriate gifts or other unreasonable advantages or benefits provided or accepted in order to obtain advantages for ACE or personal gain.

2.4 ACE requires employees to observe the legislation and regulations of the countries in which the company operates. The company’s internal guidelines also apply in such countries, provided they do not contravene local legislation.



3.1 Values
ACE employees shall act in an honest and professional manner and demonstrate personal integrity at all times. ACE expects all employees to contribute actively to the creation of added value and the positive development of ACE's reputation by engaging in value-based management and stimulating employee participation in an open corporate culture, characterized by high ethical standards and continuous improvement. These values shall assist managers and employees in solving the quandaries of their working lives with optimum efficiency. The fundamental ethical principles and values will also help ensure that ACE is and acts like a socially responsible company.


3.2 Working environment
3.2.1 ACE shall promote a professional, positive and stimulating workplace with an inclusive working environment.

3.2.2 ACE shall comply with all requirements of relevant legislation and seek to establish working methods that ensure a good and safe working environment. ACE shall not make use of child labour.

3.2.3 All employees are responsible for helping to create a working environment that is free of discrimination on the grounds of ethnicity, nationality, religion, age, gender, disability or sexual orientation. ACE does not tolerate behavior that may be perceived as derisive, humiliating or threatening.


3.3 Relationships with contractual partners, competitors and government authorities

3.3.1 Contractual partners shall be treated with due respect.

3.3.2 ACE shall maintain a constructive, open dialogue with government authorities.

3.3.3 ACE wants fair, open competition in all markets. Under no circumstances shall ACE or any of its employees participate in activities that contravene current anti-trust legislation.

3.3.4 ACE does not tolerate any form of bribery or corruption. ACE will take the necessary initiatives to prevent getting involved in financial transactions that may entail money laundering.


3.4 Loyalty, conflicts of interest and confidentiality

3.4.1 ACE requires all employees to show loyalty to the company and to refrain from any actions, or getting involved in interests, that may impede their ability to perform their work objectively and effectively.

3.4.2 Conflicts of interest should be avoided. If a conflict of interest arises, the relevant employee is responsible for assessing the situation and, if necessary, notifying his or her supervisor. This rule applies to all conflicts of interest that may involve customers, suppliers, current or future employees, competitors or other parties.

3.4.3 All employees hold all confidential information about ACE secret to prevent access to it by unauthorized parties, and shall exercise due caution in conversations about internal matters, in order to avoid being overheard by unauthorised parties.

3.4.4 Only the Managing Director and the Chairman of the Board, or a person delegated by them, may make public statements on behalf of ACE with regard to company finances, future prospects and the Board of Directors. 


3.5 Compliance, control and sanctions

3.5.1 ACE shall regularly ensure compliance with all aspects of this Code of Ethics, as an integral part of its internal and external auditing activities.

3.5.2 Any questions or uncertainty concerning the interpretation or application of the Code of Ethics should be addressed to the Managing Director or to the Chairman of the Board.

3.5.3 Any violation of the Code of Ethics must be reported immediately to the Managing Director or to the Chairman of the Board.

3.5.4 The identity of the reporting person and the subject of the report shall be held confidential.

3.5.5 The Managing Director or the Board shall investigate, without delay, all reported instances of violations of the Code of Ethics and initiate the necessary action and preventive measures.

3.5.6 All material violations of the Code of Ethics shall also be reported to the Board of Directors of ACE.