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Notes – Marine Subsea Consolidated<br />
Amounts in USD 1 000<br />
Vessels under<br />
construction<br />
Vessels<br />
Machinery<br />
equipments<br />
Accumulated cost 1 January 2008 135 774 0 179 135 953<br />
Additions 155 154 0 956 156 110<br />
Acquisition of subsidiay 0 0 622 622<br />
Capitalised borrowing cost 14 990 0 0 14 990<br />
Exchange differences 0 0 20 20<br />
Disposals -54 826 0 -6 -54 832<br />
Depreciation and amortisation 0 0 -160 -160<br />
Balance as at 31 December 2008 251 092 0 1 611 252 703<br />
Total<br />
Additions 14 312 149 828 1 209 165 349<br />
Acquisition of subsidiay 0 0 238 238<br />
Capitalised borrowing cost 5 027 6 869 0 11 896<br />
Exchange differences 0 0 99 99<br />
Disposals and liquidation 0 0 -1 079 -1 079<br />
Change of group -131 856 131 856 0 0<br />
Depreciation and amortisation 0 -1 773 -200 -1 973<br />
Balance as at 31 December 2009 138 575 286 780 1 878 427 232<br />
As at 1 January 2008 135 774 0 207 135 981<br />
Acquisition cost 115 318 0 1 592 116 910<br />
Accumulated depreciation and amortisation 0 0 -188 -188<br />
Balance as at 31 December 2008 251 092 0 1 611 252 702<br />
As at 1 January 2009 251 092 0 1 799 252 891<br />
Acquisition cost -112 517 288 553 467 176 503<br />
Accumulated depreciation and amortisation 0 -1 773 -388 -2161<br />
Balance as at 31 December 2009 138 575 286 780 1 878 427 232<br />
Economic life 20–30 years 3–5 years<br />
Depreciation method straight line straight line<br />
Vessels under construction include capitalized interest in connection with the building of certain assets. Book value of vessels under backstop<br />
contracts assumes a minimum level of vessel employment. Each vessel is treated as an independent cash generating unit. As the net present value of<br />
all vessels were higher than their book values,no impairments were made. For impairment tests, only firm contracts were included, as well as broker<br />
valuations of the market price of each vessel. 15% discount rate applied. Capitalized interest was TUSD 11 896 in 2009 and TUSD 14 990 in 2009.<br />
Interest rate was from 8,9%–14,6% both years.<br />
<strong>Annual</strong> <strong>Report</strong> 2009 Marine Subsea 41