Annual Report

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Note 4 – Other operating expenses Amounts in USD 1 000 2009 2008 Consultant fee in Glens Commercial ltd 0 1 600 Break fee On&Offshore AS 3 000 0 Other consultant fees 3 470 1 810 Other operating expenses 33 1 918 Total operating expenses 6 503 5 328 Fees to auditor – see group note 25 Note 5 – Financial income and expense Amounts in USD 1 000 2009 2008 Financial income: Interest income 33 873 33 054 Currency gain 0 6 070 Changes in fair value – callable option bond loan 28 12 724 Group contribution from Marine Subsea I Inc 348 0 Group contribution from Marine Subsea Cyprus Holding Ltd 0 19 500 Total financial income 34 248 71 349 Financial expenses: Interest expenses 22 067 31 396 Amortisation of debt issue cost of issued bond loan 17 373 2 567 Currency loss 7 848 0 Changes in fair value – convertible bond loan 0 1 917 Other financial expenses 7 302 4 007 Total financial expenses 54 590 39 886 62 Marine Subsea Annual Report 2009
Notes – Marine Subsea AS Note 6 – Taxes Amounts in USD 1 000 2009 2008 Current income tax Tax payable 0 0 Deferred tax -4 169 4 169 Income tax expense reported in the income statement -4 169 4 169 Reconciliation of tax expense Profit/ (loss) before tax -29 001 20 880 Tax calculated at domestic tax rates applicable to profits in the country -8 120 5 846 Permanent differences, net 1 857 -4 369 Exchange differences -3 621 3 160 Changes in temporary differences 17 912 -1 167 Tax losses for which no deferred income tax asset was recognised -5 064 699 Tax calculated at losses carry forwards -7 133 0 Tax charge -4 169 4 169 The weighted average applicable tax rate was 28% (2008: 28%). Deferred income tax: Deferred tax assets; - Deferred tax assets to be recovered after more than 12 months 13 861 7 374 Deferred tax liabilities; - Deferred tax liability to be recovered after more than 12 months 6 551 11 543 Deferred tax liabilities (net) -7 310 4 169 - Less tax losses not recogniced 7 310 0 Deferred tax liabilities (net) 0 4 169 The gross movement on deferred income tax account is as follows: Beginning of year 4 169 0 Deffered tax assets Deferred tax assets regarding losses carry forwards -1 821 (7 372) Deferred tax liabilities regarding debt financing -3 041 11 542 Deffered tax liabilities regarding fixed assets -841 2 Deffered tax assets regarding pension -13 -2 Less valuation allowances 1 546 0 End of the year 0 4 169 Annual Report 2009 Marine Subsea 63
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 and 60: Cash flow statement Year ended 31 D
Page 61: Notes - Marine Subsea AS Name 2009
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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