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Notes – Marine Subsea Consolidated<br />
The carrying amount of trade and other receivables approximate their fair value.<br />
Shareholderloan to MSC is sold to Yantai Raffles Shipyard for USD 12 500. The group has an option to repurchase the shareholder loan.<br />
This option is valued to USD 25 000. Net loss related to the option is USD 2 528.<br />
Expiration date: 1 june 2010, but extension of 9–12 months being discussed with Yantai. See note 14.<br />
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.<br />
Note 16 – Cash and cash equivalents<br />
Amounts in USD 1 000 2009 2008<br />
Bank deposits denominated in NOK 404 410<br />
Bank deposits denominated in USD 6 047 5 065<br />
Bank deposits denominated in EUR 7 0<br />
Bank deposits denominated in GBP 607 0<br />
Restricted bank deposits denominated in NOK 203 25 546<br />
Restricted bank deposits denominated in USD 10 000 10 091<br />
Total cash and cash equivalents 17 268 41 112<br />
Restricted bank deposits for employees tax deduction USD 195 (2008: USD 142)<br />
Note 17 – Share capital<br />
Amounts in USD 1 000 Number of shares Share capital Share premium Total<br />
Inception on 8 October 2006 1 000 16 0 16<br />
At 31 December 2006 1 000 16 0 16<br />
Split of shares in the ratio 1:10 000 9 999 000<br />
Issue of share captital, net of issuance cost 30 January 2007 55 000 000 86 48 822 48 908<br />
Issue of share captital, net of issuance cost August 2007 1 000 000 2 2 060 2 062<br />
Total issued at 31 December 2007 66 000 000 104 50 882 50 986<br />
Total authorised at 31 December 2007 93 000 000<br />
Issue of share captital, net of issuance cost August 2008 2 173 200 4 9 325 9 329<br />
Total issued at 31 December 2008/2009 68 173 200 108 60 207 60 315<br />
Total authorised at 31 December 2008/2009 99 600 000<br />
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<br />
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<br />
not proposed any dividend to be paid in 2010.<br />
<strong>Annual</strong> <strong>Report</strong> 2009 Marine Subsea 43