Annual Report

Notes – Marine Subsea Consolidated
Note 19 – Interest-bearing debt
Amounts in USD 1 000
Effective yearly
interest rate %
Maturity
As of 31 December
2009 2008
Libor + 6,0% bond loan – face value USD 130 million 9,5 2012 0 107 817
Libor + 6,0% bond loan – face value USD 170 million 8,9 2012 0 135 062
Fixed rate 7,5% convertible boan – face value NOK 390 million 14,6 2012 0 44 412
Series 1: face value USD 246,5 million (2) 12,3 2019 236 065 0
Series 2: face value USD 67 454 million (3) 12,4 2019 64 597 0
ECA facility A: face value USD 99,9 million (1) 7,4 2019 92 654 0
ECA facility B: face value USD 11,1 million (1) 13,5 2016 10 299 0
Total 403 615 287 291
Current portion 11 100 0
Non-current portion 392 515 287 291
Fair value of embedded conversion right of a convertible bond included in liability amount above 0 0
Fair value of embedded callable option of a bond loan is included in liability amount above 0 0
The exposure of the Group’s borrowings to interest rate changes and the contractual repricing dates at the balance sheet dates are as follows:
Amounts in USD 1 000
As of 31 December
2009 2008
6 months or less 102 953 0
6–12 months 0 0
1–5 years 132 100 287 291
Over 5 years 168 562 0
Total 403 615 287 291
Maturity for non current interest bearing debt are as follows:
Less than 1 year 45 966 23 657
Between 1 and 2 years 63 450 23 652
Between 2 and 5 years 248 299 337 012
Over 5 years 273 157 0
Total 630 872 384 321
The carrying amount and fair value of the non-current borrowings are as follows:
Year ended
Carrying amount
As of 31 December
Fair value
As of 31 December
2009 2008 2009 2008
Bond loans Marine Subsea AS 0 242 879 0 66 512
Bond loan Marine Subsea Cyprus Holding 300 662 0 122 825 0
Bank loan 102 953 0 102 953 0
Convertible bond loan 0 44 412 0 11 492
Total 403 615 287 291 225 778 78 004
Annual Report 2009 Marine Subsea 45