Annual Report

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Vessel Vessel Client Location Status African Caribe Saipem/Chevron Cabinda, Angola 20 months, terminates June 2010 African Fjord Diamond Int/ENI Congo 3 years, terminates May 2011 African Installer Geocean Libya 6 months, terminates August 2010 African Worker Total Angola 3 years, terminates February 2013 African Lifter Sonangol Angola 5 years Sarah Sonangol Luanda 10 year backstop in effect Karianne Sonangol Ulstein Yard Delivery October 2010, 10 year backstop African Challenger Sonangol Yantai Yard Delivery March 2012, 5 year backstop Key figures In USD 1 000 unless otherwise stated 2009 2008 2007 Profit & Loss Operating revenue 100 654 63 463 0 Operating profit 3 312 15 349 -7 034 Adjusted Operating profit 1 13 732 -893 -7 034 Net profit -41 629 19 979 3 394 Earnings per share (USD) -0,61 0,28 0,06 Balance sheet Total assets 544 598 398 384 425 307 Interest bearing debt 456 526 287 276 365 557 Net interest bearing debt 439 258 246 164 143 279 1 2008 operating profit adjusted for gain on sale in connection with the sale/leaseback transaction of two barges. 2009 operating profit adjusted for the USD 3 million break fee relating to the On&Offshore acquisition and the USD 7,4 million provision for bad debt on the African Installer. 2 Marine Subsea Annual Report 2009
Content Chairman’s Remarks Vessel.................................................... 2 Key figures............................................ 2 Content................................................. 3 Chairman’s Remarks............................. 3 Highlights 2009.................................... 5 2010 To Date....................................... 5 Vision, contents.................................... 5 Board of Directors................................ 6 Managing Director’s statement............ 7 Corporate Management....................... 8 Marine Subsea’s Corporate Structure.............................. 9 Marine Subsea Fleet............................ 12 Board of Directors Report................... 16 Share Information................................ 18 Marine Subsea experienced a remarkable achievement during the difficult 2009 financial year, and secured that the company is now fully financed. We took delivery of 3 more vessels, all in operation on good contracts. Our first Offshore Intervention Vessel, “Sarah” completed several offshore tests in the North Sea satisfactory at year end. She is now on her way to Angola. The company has strengthened the organization considerably, particularly in the subsea construction/well intervention business segment. Our UK office has more than 30 highly skilled engineers and project managers, capable of performing engineering, planning and executing offshore projects. Our group of partners and team of employees have again worked diligently together with the board, throughout 2009. We were faced with severe challenges, but finally achieved the major goals defined for our company, and is therefore well positioned to continue and service the oil and gas industry in West-Africa. I am proud to conclude that although 2009 proved to be an extremely difficult year for the industry as a whole, Marine Subsea managed to “sail safely through these difficult waters.” Thank you team. Consolidated statement of comprehensive income................... 20 Consolidated statement of financial Position............................. 21 Marten Rød Chairman Consolidated statement of changes in equity............................ 22 Consolidated statement of cash flow......................................... 23 Notes – Marine Subsea Consolidated............... 24 Income statement................................ 56 Balance sheet....................................... 57 Statement of changes in equity.......... 58 Cash flow statement........................... 59 Notes – Marine Subsea AS.................. 60 Auditors’ report................................... 68 Annual Report 2009 Marine Subsea 3
Page 1: Annual Report 2009
Page 5 and 6: Highlights 2009 August November Dec
Page 7 and 8: Managing Director’s statement Mar
Page 9 and 10: Marine Subsea’s Corporate Structu
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Page 13 and 14: Marine Subsea Fleet Offshore Interv
Page 15 and 16: Marine Subsea Fleet Semi-Submersibl
Page 17 and 18: Board of Directors Report The compa
Page 19 and 20: I SARAH LIMASSOL MARINE SUBSEA MAR.
Page 21 and 22: Consolidated statement of financial
Page 23 and 24: Consolidated statement of cash flow
Page 25 and 26: Notes - Marine Subsea Consolidated
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Notes - Marine Subsea Consolidated
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Annual Report 2009 Marine Subsea 55
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Balance sheet As of 31 December (Al
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Cash flow statement Year ended 31 D
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Notes - Marine Subsea AS Name 2009
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Notes - Marine Subsea AS Note 6 - T
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Notes - Marine Subsea AS Note 9 - T
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Notes - Marine Subsea AS Note 14 -
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