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Notes – Marine Subsea Consolidated<br />
The following tables summarise the components of the defined benefit plan:<br />
Amounts in USD 1 000 2009 2008<br />
Defined benefit obligation at the end of the year 300 146<br />
Fair value of plan assets -178 -79<br />
Unrecognised net acturial loss -76 -74<br />
Retirement benefit obligation 46 -8<br />
The movement in the defined benefit obligation over the year is as follows:<br />
Beginning of the year -9 2<br />
Current service cost 184 66<br />
Interest cost 8 1<br />
Fair value loss/(gain) 0 0<br />
Contribution by plan participants -136 -75<br />
Retirement benefit obligation 46 -8<br />
The amounts recognised in the income statement are as follows:<br />
Current service cost 184 66<br />
Interest cost 8 1<br />
Total defined benefit plan, expense 192 66<br />
The principal actuarial assumptions use were as follows:<br />
Discount rate 4.50% 3.80%<br />
Expected return on plan assets 5.70% 5.80%<br />
Future salary increases 4.50% 4.00%<br />
Future pension increases 1.40% 1.50%<br />
Increase of social security base amount (G) 4.25% 3.75%<br />
The Group alos has a defined contribution pension shemes in the subsidiaries Marine Subsea UK Ltd and Lewis Ltd.<br />
The pension cost charge represents contributions payable by the companies to the fund and amounted to USD 115 (2008: USD 88)<br />
Pension cost charged related to defined contibution pension shemes for expathriates are USD 29 (2008: USD 19)<br />
Note 22 – Comittments<br />
Capital commitments contracted for at the balance sheet date, but not recognised in the financial statements are as follows:<br />
Vessels under contstruction<br />
Amounts in USD 1 000 Yard Country Delivery Contract cost Remaining expenditure<br />
“Karianne” – # 287 SX 121 Ulstein Norway Oct 2010 206 000 85 700<br />
Fixed contract cost and remaining expenditure include yard contract, variation orders and other equipment related to the vessel. Working capital for<br />
operational start-up is not included.<br />
Remaining expenditure for Karianne is based on a forward contract entered into in December 2009 with a NOK / USD exchange rate of 5,793.<br />
<strong>Annual</strong> <strong>Report</strong> 2009 Marine Subsea 49