Annual Report

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