Annual Report

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Corporate Management 1 2 1. Christian Nygaard (57), Managing Director Christian Nygaard has 30 years of international experience from oil related industries. He has had management positions from Teekay Petrojarl, Technip (Paris), Spars International Inc. and Aker (Houston). He holds degrees in Naval Architecture and Business Administration from the UK and the USA, respectively. 3 4 2. Erik Sandøy (33), Financial Director Erik Sandøy has previous experience from Goldman Sachs International and Bridgehead Corporate Finance. He also holds Business degrees from University of British Columbia and Norwegian School of Management BI 3. Knut E. Harto (52), Director Projects Knut E. Harto has 25 years of international managerial experience from oil related service industries. Previous positions include Director of Subsea Projects in ABB, later Vetco Gray, where his latest projects were in Angola. Knut E. Harto has a degree in Industrial Management from the University of Wyoming in the USA. 5 6 4. Graham Medhurst (42), Director Operations Graham Medhurst has held senior positions in subsea construction, intervention, well servicing and project management both onshore and offshore. He has extensive upstream experience from previous positions in Technip Offshore, Chevron and Schlumberger. 7 5. Svein Guldteig (50), Director Technical Svein Guldteig has more than 20 years of experience from the international shipping and offshore industries. Previous positions include General Manager at Wilhelmsen (Technical & Op. Solutions) and at Barber Marine Consultants and Vice President at Norwegian Gas Carriers. Svein Guldteig is a Master of Business and Administration from BI Norwegian School of Management, ESCP-EAP from Paris and a Master of Science in Marine Machinery/Ship Management from the Norwegian University of Science and Technology in Trondheim. 6. Petter Hernæs (56), Director HSEQ Petter Hernæs has more than 18 years of international managerial experience within the oil and gas industry. He has worked with Hempel Nutec AS which later became Falck Nutec AS. He holds a degree from the Norwegian Royal Naval Academy. 7. Thomas Fjell (36), Director of Strategic & Legal Affairs Thomas J. Fjell has a law degree from the University of Oslo. Prior to joining Marine Subsea, Thomas worked as an attorney for 10 years advising a variety of global and domestic business clients on legal and strategic issues related to corporate restructurings, mergers, acquisitions and joint ventures. 8 Marine Subsea Annual Report 2009
Marine Subsea’s Corporate Structure Each of Marine Subsea’s vessels is organized as a single purpose company registered in Cyprus. To facilitate the operation of the fleet, Marine Subsea has acquired three companies; Marine Subsea UK Ltd (formerly TS Marine Ltd.), Interoil Angola Limitada and Marine Subsea Nigeria Ltd. In addition, Marine Subsea has entered into an agreement to acquire all shares in On & Offshore AS subject to financing. The final transaction has not yet occurred, and there exists uncertainty whether the option to acquire the company will be exercised. Marine Subsea AS (Norway) Marine Subsea Cyprus Holding Ltd (Cyprus) Interoil Angola Lda. (Angola) Marine Subsea Worker Ltd. (Cyprus) Marine Subsea Worker Singapore Pte Ltd (Singapore) Marine Subsea Sarah Ltd. (Cyprus) Marine Subsea Solver Ltd. (Cyprus) Marine Subsea Nigeria Ltd. (Nigeria) Marine Subsea Installer Ltd. (Cyprus) Marine Subsea Fjord Ltd. (Cyprus) Marine Subsea Karianne Ltd. (Cyprus) TEN Marine Subsea Drilling Ltd. (Cyprus) Marine Subsea UK Ltd. (Scottland) Marine Subsea Lifter Ltd. (Cyprus) Marine Subsea Caribe Ltd. (Cyprus) Marine Subsea & Consafe Ltd. (Cyprus) Marine Subsea Cyprus Holding Ltd. MSCH is the Holding company in Cyprus and 100% owner of all the Cypriot vessel owning companies. The company employs 3 people and is responsible for accounting, administration and management services relating to the vessels and the vessel owning companies. Arik Gilad (62), General Manager Arik Gilad has more than 30 years experience in large scale of marine management, crewing, operations, I.T systems, QA systems/DPA, and the last 10 years managing director of a shipping company in Cyprus Annual Report 2009 Marine Subsea 9
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: Managing Director’s statement Mar
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 and 62:
Notes - Marine Subsea AS Name 2009
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:
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