Annual Report

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Notes – Marine Subsea AS (All amounts in USD 1 000 if not otherwise stated) Note 1 – Summary of significant accountiong policies The financial statements for Marine Subsea AS are prepared in accordance with simplified IFRS according to the Norwegian accounting Act § 3-9. This means that the IFRS measurement rules are used and its accounting principles applied for presentation of the notes. The company’s accounting policies are specified in note 2 (Consolidated financial statements). These financial statements are presented in USD, which is the company’s functional currency, and rounded up to thousands (1 000). Shares in subsidiaries are recorded in accordance with the cost method in the parent company accounts. The investments are rewieved for impairment annually or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Note 2 – Subsidiaries and transactions with related parties Name Amounts in USD 1 000 Acquisition date Country of incorporation Share ownership Share capital Number of shares Book value Total equity Total net Profit 2009 Marine Subsea Cyprus Holding Ltd 26.06.07 Cyprus 100 3 1 000 3 37 250 Marine Subsea Inc 16.11.07 Panama 100 0 100 0 0 315 Interoil Angola Ltd 06.03.08 Angola 99 0 8 500 3 182 1 711 Lewis Ltd (see Group note 27) 05.02.08 Scotland 0 100 1 000 0 0 -1112 Marine Subsea Nigeria Ltd 01.09.08 Nigeria 100 0 6 -6 0 Owned by Marine Subsea Cyprus Holding Ltd: Marine Subsea Sarah Ltd 03.10.07 Cyprus 75 1 1 000 1 -12 437 -3 670 Marine Subsea Karianne Ltd 28.06.07 Cyprus 75 3 1 000 3 -17 263 -307 Marine Subsea Worker Ltd 03.10.07 Cyprus 100 1 1 000 1 -2 981 -362 Marine Subsea Installer Ltd 03.10.07 Cyprus 100 1 1 000 1 -11 085 -7 055 Marine Subsea Fjord Ltd 08.08.07 Cyprus 100 1 1 000 1 6 072 6 375 Marine Subsea Caribe Ltd 28.06.07 Cyprus 100 3 1 000 3 4 767 6 474 Marine Subsea Lifter Ltd 28.06.07 Cyprus 75 3 1 000 3 -2 266 -439 Marine Subsea Solver Ltd 21.05.08 Cyprus 100 2 1 000 2 1244 1 302 Marine Subsea Ten Drilling Ltd 16.05.08 Cyprus 100 2 1 000 2 -899 -593 Marine Subsea Worker Singapore Pte Ltd 12.11.09 Singapore 100 0 100 0 -111 111 Marine Subsea UK 21.12.09 Scotland 60 5 2 999 5 -461 -466 Investment by Marine Subsea Cyprus Holding in Joint Venteure Marine Subsea & Consafe Ltd 25.10.07 Cyprus 40 3 1 000 3 24 461 -3 881 Marine Subsea AS has entered into management agreements with the subsidiaries. Marine Subsea AS has entered into credit facility agreements with the subsidiaries. 60 Marine Subsea Annual Report 2009
Notes – Marine Subsea AS Name 2009 2008 (All amounts in USD 1 000 if not otherwise stated) Subordinated loan Receiveables Interest income Management income Subordinated loan Receiveables Interest income Management income MS Caribe Ltd 0 0 0 183 0 0 0 226 MS Karianne Ltd 0 0 0 276 0 0 0 426 MS Lifter Ltd 0 0 0 239 0 0 0 182 MS Cyprus Holding Ltd 10 000 68 794 31 789 0 10 000 333 009 25 733 0 MS Worker Ltd 0 0 0 183 0 0 0 0 MSD Installer Ltd 0 0 0 239 0 0 0 293 MS Sarah Ltd 0 0 0 1 161 0 0 0 681 MS Fjord Ltd 0 0 0 183 0 0 0 226 MS Solver Ltd 0 0 0 57 0 0 0 293 MS Drilling Ltd 0 0 0 239 0 0 0 293 Marine Subsea II Inc 0 0 0 0 0 8 563 0 Marine Subsea Inc 0 0 939 0 0 24 272 4 627 0 Marine Subsesa UK 0 0 0 0 0 0 0 0 Interoil Angola 0 -20 65 0 0 638 23 0 Total 10 000 68 774 32 793 2 761 10 000 357 927 30 946 2 620 The subordinated loan is subordinated to any and all of the Borrower’s present and future obligations to Norsk Tillitsmann ASA The subordinated loan is repayable at the end of 2012. There is a credit line with maximum amounts between MS Cyprus Holding and the subsidiaries. The loan may be drawn in one ore more drawdowns. Repayable on demand. Within the maximum loan amount, repaid amounts may be redrawn. Interest is paid according to loan agreement (group note 19): Libor + 6,0% bond loan – face value USD 130 million + margin 2,5% Current receivables from subsidiaries at the end of 2009 is TUSD 7 626. This is related to borrowing cost prepaid by Marine Subsea AS. Related parties, see group note 5. Note 3 – Employee benefit expenses Amounts in USD 1 000 2009 2008 Salaries and wages employees 2 052 2 871 Accruals according to bonus plans 2 000 0 Payroll tax 258 412 Pension 187 140 Other employee benefit expense 338 324 Total employee benefit 4 834 3 746 The average number of employees during the period is 10 Remuneration to management, see group note 5 Retirement benefit obligation, see group note 21 Remuneration to senior executives, see group note 6 Remunteration to the Board of Directors, see group note 5 Annual Report 2009 Marine Subsea 61
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 55 and 56: Annual Report 2009 Marine Subsea 55
Page 57 and 58: Balance sheet As of 31 December (Al
Page 59: Cash flow statement Year ended 31 D
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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Annual Report

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