Annual Report

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Note 12 – Other payables Amounts in USD 1 000 2009 2008 Accrued interest 3 771 2 625 Accrued expenses 5 748 592 Other current liabilities 193 0 Total other current liabilities 9 711 3 217 The carrying amount of trade and other payable is considered to approximate their fair value. Note 13 – Earnings per share Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year. 2009 2008 Profit (loss) attributable to equity holders of the -24 832 20 880 Company Weighted average number of ordinary shares in 68 173 66 724 issue (thousands), adjusted with split of shares in January Basic earnings (loss) per share (USD per share) -0,37 0,3 Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The company had in 2008 two categories of dilutive potential ordinary shares: convertible debt and share options. For the share options, a calculation is done to determine the number of shares that could have been acquired at fair value (determined as the average annual market share price of the Company’s shares) based on the monetary value of the subscription rights attached to outstanding share options. The number of shares calculated as above is compared with the number of share that would have been issued assuming the exercise of the share options. 2009 2008 Profit attributable to equity holders of the company -24 832 20 880 Adjusted profit / (loss) attributable to ordinary equity holders of the parent company -24 832 20 880 Weighted average number of ordinary shares in issue (thousands) 68 173 66 724 Weithted average number of shares under option 0 1 000 Weighted average number of shares that would have been issud at average market price 0 -545 Weighted average number of ordinary shares for 68 173 67 179 diluted earnings per share (thousands) Diluted earnings per share (USD per share) -0,36 0,31 66 Marine Subsea Annual Report 2009
Notes – Marine Subsea AS Note 14 – Interest-bearing debt Interest-bearing debt, see group note 19 2 009 2 008 Secured debt 0 287 276 Pledged assets: Bank deposits 0 15 241 Investments in subsidiaries 0 3 Total 0 15 243 Restricted bank deposits for employees taxdeduction USD 195 (2008 – USD 142) All debt are refinaced in 2009 and all new agreements are set in Marine Subsea Cyprus Holding Ltd Note 15 – Commitments The company leases a car. The annual leasing cost is USD 27. The duration of the contract is 3 years and expires in 2010. The company also leases office accomodations: 5 year subcontract with Interoil Exploration and Production ASA – annual rent is USD 105. 3,5 year and 5 year contracts with Vital – annual rent is USD 79 and 83 Regarding the parent company guarantees, refrence is made to note 19 in the Group accounts. Annual Report 2009 Marine Subsea 67
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Annual Report 2009
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Content Chairman’s Remarks Vessel
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Highlights 2009 August November Dec
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Managing Director’s statement Mar
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Marine Subsea’s Corporate Structu
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Marine Subsea’s Corporate Structu
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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 and 62: Notes - Marine Subsea AS Name 2009
Page 63 and 64: Notes - Marine Subsea AS Note 6 - T
Page 65: Notes - Marine Subsea AS Note 9 - T
Page 70: signatur.no • 100112 Main Office,
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Annual Report

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