Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
Content<br />
Chairman’s Remarks<br />
Vessel.................................................... 2<br />
Key figures............................................ 2<br />
Content................................................. 3<br />
Chairman’s Remarks............................. 3<br />
Highlights 2009.................................... 5<br />
2010 To Date....................................... 5<br />
Vision, contents.................................... 5<br />
Board of Directors................................ 6<br />
Managing Director’s statement............ 7<br />
Corporate Management....................... 8<br />
Marine Subsea’s<br />
Corporate Structure.............................. 9<br />
Marine Subsea Fleet............................ 12<br />
Board of Directors <strong>Report</strong>................... 16<br />
Share Information................................ 18<br />
Marine Subsea experienced a remarkable achievement during the difficult 2009<br />
financial year, and secured that the company is now fully financed. We took delivery<br />
of 3 more vessels, all in operation on good contracts. Our first Offshore Intervention<br />
Vessel, “Sarah” completed several offshore tests in the North Sea satisfactory at year<br />
end. She is now on her way to Angola.<br />
The company has strengthened the organization considerably, particularly in the<br />
subsea construction/well intervention business segment. Our UK office has more<br />
than 30 highly skilled engineers and project managers, capable of<br />
performing engineering, planning and executing offshore<br />
projects.<br />
Our group of partners and team of employees<br />
have again worked diligently together with the<br />
board, throughout 2009.<br />
We were faced with severe challenges, but finally<br />
achieved the major goals defined for our<br />
company, and is therefore well positioned<br />
to continue and service the oil and gas<br />
industry in West-Africa.<br />
I am proud to conclude that although<br />
2009 proved to be an extremely difficult<br />
year for the industry as a whole, Marine<br />
Subsea managed to “sail safely through<br />
these difficult waters.”<br />
Thank you team.<br />
Consolidated statement<br />
of comprehensive income................... 20<br />
Consolidated statement<br />
of financial Position............................. 21<br />
Marten Rød<br />
Chairman<br />
Consolidated statement<br />
of changes in equity............................ 22<br />
Consolidated statement<br />
of cash flow......................................... 23<br />
Notes –<br />
Marine Subsea Consolidated............... 24<br />
Income statement................................ 56<br />
Balance sheet....................................... 57<br />
Statement of changes in equity.......... 58<br />
Cash flow statement........................... 59<br />
Notes – Marine Subsea AS.................. 60<br />
Auditors’ report................................... 68<br />
<strong>Annual</strong> <strong>Report</strong> 2009 Marine Subsea 3