Annual Report

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Note 7 – Segment information 2009 Amounts in USD 1 000 Norway Cyprus Angola Scotland Unallocated/ eliminated Total Sales 2 760 68 448 35 870 2 753 -9 178 100 654 Cost of sales 0 43 784 30 731 1 404 -6 419 69 500 Employee benefit expenses 4 834 394 298 1 472 0 6 998 Other operating expenses 6 503 13 323 1 532 935 -3 707 18 586 Depreciation and amortisation 82 9 134 85 1 947 2 257 Total operating expenses 11 420 57 510 32 696 3 896 -8 179 97 342 Net operating profit (loss) -8 660 10 939 3 175 -1 143 -999 3 312 Share of loss of assosiates 0 -1 556 0 0 0 -1 556 Net financial income (loss) -20 342 -35 158 -261 25 12 837 -42 898 Net profit (loss) before income tax -29 002 -25 775 2 913 -1 117 11 838 -41 142 Income tax expense -4 169 4 254 1 156 0 -754 488 Net profit (loss) -24 833 -30 029 1 757 -1 117 12 592 -41 629 2008 Amounts in USD 1 000 Norway Cyprus Angola Scotland Unallocated/ eliminated Total Sales 2 575 51 720 14 393 3 798 -9 024 63 463 Cost of sales 0 11 493 4 688 1 670 0 17 850 Employee benefit expenses 3 746 0 93 1 179 2 5 020 Other operating expenses 5 328 12 369 8 075 1 145 -2 171 24 745 Depreciation and amortisation 51 0 109 50 289 499 Total operating expenses 9 125 23 862 12 965 4 044 -1 881 48 114 Net operating profit (loss) -6 550 27 858 1 429 -245 -7 143 15 349 Share of loss of assosiates 0 -9 0 0 0 -9 Net financial income (loss) 35 291 -42 655 -30 22 17 156 9 784 Net profit (loss) before income tax 28 741 -14 806 1 398 -223 10 014 25 124 Income tax expense 4 169 1 053 530 0 -607 5 145 Net profit (loss) 24 572 -15 857 869 -223 10 621 19 979 36 Marine Subsea Annual Report 2009
Notes – Marine Subsea Consolidated Note 8 – Employee benefit expenses Amounts in USD 1 000 2009 2008 Salaries and wages employees 4 053 3 893 Bonus 2008 and 2009 2 000 0 Payroll tax 269 548 Pension 302 231 Other employee benefit expense 374 348 Total employee benefit 6 998 5 020 Average number of employees 31 24 The bonus is based on a combination of individual performance and economic result for the company. The Bonus shall have an upward limit equal to 150% of one year salary, but have no minimum limit. The bonus shall be suggested by the Managing Director and approved by the Board. Note 9 – Other operating expenses Amounts in USD 1 000 2009 2008 Consulting fee Glens Commercial Ltd 0 1 600 Break fee On&Offshore AS (note 27) 3 000 0 Bad debt 7 420 0 Other consultant fees 3 320 8 059 Other operating expenses 4 846 7 668 Total other operating expenses 18 587 17 327 During the fourth quarter of 2009, MS Installer Ltd had to make a provision for bad debt in the amount of USD 7,4 million as the charterer of African Installer defaulted on its payment obligations. The company is pursuing a claim of USD 9,1 million against the charterer. Annual Report 2009 Marine Subsea 37
Page 1 and 2: Annual Report 2009
Page 3 and 4: Content Chairman’s Remarks Vessel
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
Page 11 and 12: Marine Subsea’s Corporate Structu
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
Page 35: Notes - Marine Subsea Consolidated
Page 55 and 56: Annual Report 2009 Marine Subsea 55
Page 57 and 58: Balance sheet As of 31 December (Al
Page 59 and 60: Cash flow statement Year ended 31 D
Page 61 and 62: Notes - Marine Subsea AS Name 2009
Page 63 and 64: Notes - Marine Subsea AS Note 6 - T
Page 65 and 66: Notes - Marine Subsea AS Note 9 - T
Page 67 and 68: Notes - Marine Subsea AS Note 14 -
Page 70: signatur.no • 100112 Main Office,

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