Annual Report

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Note 13 – Investments in joint venture The Group owns 40% of Marine Subsea & Consafe Ltd (MSC). MSC is a joint venture with Consafe MSV AB (40%) and Sonangol Pesquisa & Producao S.A (20%), The joint-venture has a service contract with Sonangol and a purchase agreement with Consafe and Yantai for a semisubmersible crane vessel, Safe Challenger. Yantai has informed of their intention to acquire Consafe MSV’s interest in the joint-venture. Yantai has further agreed to take delivery of the unit, which is to be renamed African Challenger, for its own account and lease the unit to Marine Subsea under a 10-year bareboat lease with purchase option. The contract will be transferred to a new JV with Sonangol, Yantai and Marine Subsea. The terms of the bareboat agreement reflect the cost of the unit and the payments made to date. Marine Subsea is highly positive to this solution as it means that the new JV no longer requires financing, Yantai has an increased exposure and the organisational model is simplified. The final agreements are expected to be in place by the first half of 2010. The investment is recognized using the equity method in the Group accounts. Shares in MSC are owned by Marine Subsea Cyprus Holding Ltd. The Group has made a shareholders loan to MSC in December 2007 of USD 33 650, and additonal subordinated loans to fund the acitivity in the company. See note 15 Net investment in the group has increased by capitalized borrowing cost during the last years. This led to a write down of the investement to reconcile it with the Groups share of the equity in MSC. See note 10. The Group’s share of the results of its investments in joint venture, and its share of the assets and liabilities are as follows: 2009 Country Assets Liabilities Revenues Profit / (loss) % interest held Name MSC Cyprus 45 299 35 515 0 -1 556 40% Note 14 – Non-current receivables Amounts in USD 1 000 2009 2008 Subordinated loan to Marine Subsea & Consafe Ltd (MSC) 4 143 5 461 Shareholderloan to Marine Subsea & Consafe Ltd (MSC) 0 33 650 Prepayments Altic Shipping (note 5) 11 041 11 785 Borrowing cost Marine Subesea Karianne Ltd (note 19) 8 109 0 Other receivables (note 29) 9 524 16 Total non-current receivables 32 818 50 913 The carrying amount of non-current receivables approximate their fair value. The loans to MSC is subordinated external financing in MSC. The duration of the loan is 3 years from date it is given. Marine Subsea has obligation to prolong loans if necessary to achieve the external financing needed for MSC. See note 13 and 15. Note 15 – Trade and other receivables Amounts in USD 1 000 2009 2008 Trade receivables 17 436 16 449 Option regarding repurchase of shareholderloan to Marine Subsea & Consafe Ltd 25 000 0 Witholding tax Interoil Angola Ltd 1 283 856 Prepayments and accruals 6 120 4 054 Total trade and other receivables 49 839 21 360 42 Marine Subsea Annual Report 2009
Notes – Marine Subsea Consolidated The carrying amount of trade and other receivables approximate their fair value. Shareholderloan to MSC is sold to Yantai Raffles Shipyard for USD 12 500. The group has an option to repurchase the shareholder loan. This option is valued to USD 25 000. Net loss related to the option is USD 2 528. Expiration date: 1 june 2010, but extension of 9–12 months being discussed with Yantai. See note 14. Marine Subsea is in the process of agreeing a new JV structure directly with Yantai and foresees a significantly higher value than the carrying amount. Note 16 – Cash and cash equivalents Amounts in USD 1 000 2009 2008 Bank deposits denominated in NOK 404 410 Bank deposits denominated in USD 6 047 5 065 Bank deposits denominated in EUR 7 0 Bank deposits denominated in GBP 607 0 Restricted bank deposits denominated in NOK 203 25 546 Restricted bank deposits denominated in USD 10 000 10 091 Total cash and cash equivalents 17 268 41 112 Restricted bank deposits for employees tax deduction USD 195 (2008: USD 142) Note 17 – Share capital Amounts in USD 1 000 Number of shares Share capital Share premium Total Inception on 8 October 2006 1 000 16 0 16 At 31 December 2006 1 000 16 0 16 Split of shares in the ratio 1:10 000 9 999 000 Issue of share captital, net of issuance cost 30 January 2007 55 000 000 86 48 822 48 908 Issue of share captital, net of issuance cost August 2007 1 000 000 2 2 060 2 062 Total issued at 31 December 2007 66 000 000 104 50 882 50 986 Total authorised at 31 December 2007 93 000 000 Issue of share captital, net of issuance cost August 2008 2 173 200 4 9 325 9 329 Total issued at 31 December 2008/2009 68 173 200 108 60 207 60 315 Total authorised at 31 December 2008/2009 99 600 000 The total issued number of ordinary shares is 68 173 200 shares (2008: 68 173 200 shares) with a par value of NOK 0,01 per share. All issued shares are fully paid. All issued shares have equal voting rights and the right to receive dividend. No dividend has been paid in 2008 and 2009. The Board has not proposed any dividend to be paid in 2010. Annual Report 2009 Marine Subsea 43
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 41: 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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