Annual Report 2008 - TTS Group ASA

a n n u a l r e p o r t 2 0 0 8

ttS Group
This is TTS 4
Financial highlights 6
Key events 2008 8
report from the ceo
We are level-headed optimists 9
buSineSS areaS
Dry Cargo Handling Division 12
Marine Cranes Division 16
Port and Material Handling Division 20
Deck Machinery Division 24
Drilling Equipment Division 28
Services Division 32
Breakthrough for TTS in the market
for trailer-mounted land rigs 36
corporate covernance
information
Shareholder information 38
Corporate governance 41
Senior management 44
Board of Directors 46
d i r e c t o r ’ S r e p o r t a n d
accountS
Director’s report 48
ProFiT anD loSS aCCounT anD noTES
- Group 55
- TTS Marine aSa 91
auditors report 109
responsibility statement 110
ttS
Companies in the TTS Group 112
organisation 114
2
ttS – continuously
generating profits
by being the preferred
global supplier for
handling equipment
to the maritime and
oil & gas industry.

Port and
material
handling
equipment
• Yard equipment
• Heavy load
equipment
• Port equipment
Maritime
• roro-equipment
• Hatch covers
• Side doors
• Cruise- and Yacht
equipment
• Hose handling cranes
• Cargo cranes
• Davits
• anchor- and
mooringwinches
oil & Gas
• offshore cranes
• offshore handling
equipment
• Drilling equipment
• Drilling packages
• HMi & Controls
Services
• Emergency
assistance
• Service agreements
• Modernisation
and conversions
• Simulation
and training
• inspections
and surveys

4-8 t t S G r o u p
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this is ttS
eStabliShmentS
1966 TTS is established.
1995 TTS is listed on oslo Stock Exchange.
2001 TTS establishes joint venture in Shanghai, China.
2002 TTS establishes rep. office in Pusan, Korea.
2005 TTS establishes TTS Bohai in Dalian, China.
2005 TTS establishes TTS Marine inc. in Florida, uSa.
2006 TTS establishes TTS Marine s.r.l. in Genova, italy.
2006 TTS establishes TTS Vietnam, Haiphong, Vietnam.
2007 TTS establishes Sense Drill Fab aS, norway.
2007 TTS establishes Sense EDM Pte ltd, Singapore.
2007 TTS establishes TTS Keyon Marine, Zhangjiagang, China.
2008 TTS establishes Jiangnan TTS, nantong, China.
2008 TTS establishes TTS Marine Equipment (Dalian), China.
acquiSitionS/SaleS
1996 TTS acquires Mongstad Engineering aS, Bergen, norway.
1997 TTS acquires norlift aS, Bergen, norway.
2000 TTS acquires aktro aS, Molde, norway.
2001 TTS sells TTS Construction aS, Bergen, norway.
2001 TTS acquires Hamworthy KSE aB, Dry Cargo Division.
2001 TTS acquires Hydralift Marine, and sell TTS-aktro aS.
2004 TTS acquires 100 % of joint venture in Shanghai, China.
2004 TTS acquires lMG, lübeck, Germany.
2004 TTS acquires liftec oy, Tampere, Finland.
2005 TTS acquires navCiv Engineering aB, Gothenburg, Sweden.
2005 TTS acquires Kocks GmbH, Bremen, Germany.
2007 TTS acquires iCD Projects aS, Ålesund, norway.
2007 TTS acquires 100 % of joint venture in Pusan, Korea.
2007 TTS acquires Sense EDM aS, Kristiansand, norway.
2007 TTS acquires 100% Sense MuD aS, Kristiansand, norway.
2008 TTS acquires Wellquip Holding aS, Kristiansand, norway.
4
annual
turnover
noK mill
4500
4000
3500
3000
2500
2000
1500
1000
500
0
96 97 98 99 00 01 02 03 04 05 06 07 08
port and material handling equipment
marine equipment
offshore and drilling equipment

companies in the ttS Group Sales and service network
TTS is an international group which develops and supplies handling equipment
to the marine and oil & gas industry. The operations are divided into six divisions:
marine cranes, dry cargo handling, port & material handling, deck machinery,
drilling equipment and Services. TTS is the second largest supplier in the world within
its market segments. TTS has a workforce of 1550 employees with main emphasis on
engineering expertise. The group has subsidiaries in norway, Sweden, Finland, Germany,
China, uSa, italy, Czech republic, Korea, Canada, Vietnam and Singapore. TTS Marine aSa
is headquartered in Bergen, norway and listed on the oslo Stock Exchange.
5

4-8 t t S G r o u p
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financial highlights
ProFiT anD loSS aCCounT (noK 1 000)
6
2008 2007 2006 2005 2004
operating income 4 196 482 2 459 964 1 604 030 1 149 831 786 174
operating profit/loss before depresiation (EBiTDa) 145 459 167 767 107 061 73 966 44 822
operating profit/loss (EBiT) 114 616 134 636 98 145 66 402 38 769
Pre-tax profit/loss 36 819 97 568 84 492 56 297 31 251
net profit/loss 36 392 79 041 60 481 40 239 21 630
BalanCE SHEET (noK 1 000)
Fixed assets 1 508 802 1 215 577 460 996 429 629 335 374
Current assets 2 871 919 1 886 377 1 172 135 753 157 465 029
Total assets 4 380 721 3 101 954 1 633 130 1 182 786 800 402
Equity 989 056 933 596 598 061 394 932 260 909
long-term liabilities 532 297 588 878 196 635 77 279 76 294
Current liabilities 2 825 808 1 579 479 838 434 710 574 463 199
Total equity and liabilities 4 380 721 3 101 954 1 633 130 1 182 786 800 402
Key ratioS
FinanCial STrEnGTH
Equity to assets ratio (as a percentage of total capital) 22.6 % 30.1 % 36.6 % 33.4 % 32.6 %
ProFiTaBiliTY
EBiTDa margin 3.5 % 6.8 % 6.7 % 6.4 % 5.7 %
EBiT margin 2.7 % 5.5 % 6.1 % 5.8 % 4.9 %
Profit margin (pre-tax) 0.9 % 4.0 % 5.3 % 4.9 % 4.0 %
Profit margin (after tax) 0.9 % 3.2 % 3.8 % 3.5 % 2.8 %
raTE oF rETurn
return on equity 3.7 % 10.5 % 14.1 % 14.3 % 12.0 %
return on total capital 2.6 % 4.3 % 5.5 % 5.0 % 4.5 %
SHarES
Equity per share 38.18 36.20 26.59 21.39 17.36
Earnings per share (noK) 1.41 3.40 2.92 2.19 1.44
number of shares, end of year 25 908 25 738 22 493 20 116 16 315
average number of shares 25 840 23 250 20 832 18 460 15 029
nominal value, end of year 0.50 0.50 0.50 0.50 0.50
defininitions
Earnings per share: Profit after taxes divided on total number of shares at the end of the fiscal year.
Profitability, equity: Profit before tax as a percentage of equity.
Profitability, total capital: operating profit as a percentage of total capital.

turnover
noK Million
786
1150
2004 2005 2006 2007 2008
ebitda
noK Million
45
1041
74
1863
1604
107
order bacKloG
noK Million
2273
2460
168
6949
4196
145
2004 2005 2006 2007 2008
8159
2004 2005 2006 2007 2008
turnover
2008
2007
MC
26 %
MC
28 %
DE
25 %
DCH
29 %
order bacKloG
2008
2007
MC
29 %
MC
35 %
DE
10 %
DE
17 %
DM
12 %
DCH
36 %
DCH
39 %
DE
14 %
DCH
38 %
DM
11 %
PMH
8 %
PMH
14 %
DM
11 %
DM
10 %
PMH
4 %
PMH
3 %
dry carGo handlinG
mnoK 2008 2007
Turnover 1 239.6 874.4
EBiTDa 85.0 95.7
order backlog per 31.12. 3 151 2 619
marine craneS
mnoK 2008 2007
Turnover 11 070 687.7
EBiTDa 41.8 34.9
order backlog per 31.12. 2 370 2 433
decK machinery
mnoK 2008 2007
Turnover 447.8 299.5
EBiTDa 22.3 5.3
order backlog per 31.12. 902 681
port and material handlinG
mnoK 2008 2007
Turnover 350.5 332.8
EBiTDa 32.5 25.6
order backlog per 31.12. 326 216
drillinG equipment
mnoK 2008 2007
Turnover 1 057.4 265.1
EBiTDa -24.6 13.9
order backlog per 31.12. 1 410 999
7

4-8 ttS Group
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Key events 2008
For the fifth year running, TTS reported a
significant growth in turnover. The result,
however, is somewhat reduced, owing to writedown
of an individual contract. Turnover
increased by 70 percent to noK 4 196 million,
and earnings before depreciation (EBiTDa)
reduced by 13 percent to noK 145.5 million.
at the start of the new year, TTS has an order
backlog of noK 8 159 million, a 17 percent
increase since 2007. This includes the downward
revision of approximately noK 600 million
related to confirmed and anticipated cancellations
owing to the international economic
crisis.
in connection with cancellations of agreed orders,
TTS has realised losses on currency hedging
contracts and made provisions for potential
losses of about noK 30 million. The financial
crisis, however, has lead to shorter delivery times
and more favourable prices on the raw materials
and components used by TTS.
Effective as of 2009, TTS has organised service
and after sales in a separate division. The aim
of the Services division is to strengthen TTS’
position as consultant and provider of after
sales services following the delivery of new
equipment.
8
TTS implemented acquisition of the norwegian
drilling technology company, Wellquip, thereby
strengthening the Drillig Equipment division’s
expertise and capacity to deliver in relation
to complete drilling packages. Wellquip has,
among other things, developed and patented
an automatic multifunctional roughneck.
TTS experienced a breakthrough in the market
for trailer-mounted land rigs and will deliver
twelve 150-ton rigs to a total value of about
noK 700 million. The rigs are equipped with
patented technology and advanced solutions
for control and automation.
TTS reported strong growth in the market for
deck machinery. in Dalian, China, TTS established
a wholly-owned subsidiary company associated
with the Deck Machinery division, producing
winches and other deck machinery.
in order to maintain solid equity in the presently
unstable markets, TTS has proposed to the annual
general meeting that there be no dividend paid
out for 2008.

johanneS neteland
PrESiDEnT & CEo
TTS MarinE aSa
We are level-headed optimists!
2008 was an extraordinary year. our clearest
memory is that of the americans electing their first
afro-american president. Barack obama presented
his call for change with a drive and credibility that
captured the hearts of his voters and generated
hope for a better future – not just in the uSa, but
all over the world.
The support for obama increased in line with
the development of the financial crisis and ensuing
upheaval of international economy. Subsequently,
following his inauguration, he had his hands full by
reducing expectations of how swift and efficient
his administration would be able to implement
measures to transform the downturn of the economy
from recession to recovery. The financial
crisis in itself will be overcome in the not too
distant future, but the crisis in the real economy
is serious and severe, striking with brutal force.
Mainly, it will affect countries and people with the
least ability to tolerate such changes to and setbacks
in their subsistence level, but we will nevertheless
all be affected, including us here in TTS.
When, during the autumn last year, the financial
crisis was turning into crisis with a capital C,
we in TTS warned about letting pessimism get the
upper hand. Based on our third-quarter results,
which for the umpteenth time showed a record
high level in turnover, results and order backlog,
we took the liberty of drawing attention to the
vast gap between the positive development in our
operations and the general picture being painted
by the media of the future development of the
economy. as for TTS, we expressed our faith in
continued progress. at the same time, we pointed
out that norwegian authorities and norges Bank
(norwegian State Bank) should do more to curb the
fluctuations of the exchange rate of the norwegian
Krone. our basis was concern for the strong
fluctuations in the value of the norwegian Krone in
relation to the major currencies over a short period
of time. a number of contracts involving exportrelated
operations have exchange rates fixed a
given levels. if these contracts are cancelled, and
the forward currency position accordingly has to
be terminated, norwegian companies such as TTS
risk considerable losses if cancellation takes place
at a point in time when the currency position is
unfavourable.
Both our faith in continued progress and our
worry regarding currency proved to be valid. The
underlying operation of TTS continued along the
same positive path in the fourth quarter, but for
the parts of our group that settle their business
in norwegian Krone, the fluctuations of exchange
resulted a reduction of the result. all the same,
2008 as a whole proved to be yet another acceptable
year for TTS.
Could we, and should we – in hindsight – have
predicted the rather extraordinary currency challenges
that cost TTS in all noK 29 million on the
bottom line? let others be the judge of that.
Paradoxically, norwegian politicians and authorities
9
president & ceo

4-8 T T S G r o u P
9-11 report from the ceo
12-37 B u S i n E S S a r E a S
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maintained that the weakening of the norwegian
Krone was generally positive for export-related
operations, which in a sense is correct. However,
what they failed to include in the assessment, was
the adverse effect of such strong fluctuations from
one week to another, or even from day to day. For
a small country with an economy primarily aimed
at trade and commercial interfacing with other
nations, having a national currency carries a considerable
risk. it is stability and predictability of external
con ditions that gives industry exposed to compe-
tition the best foundation to navigate through
turbulent times. The conclusion of this autumn’s
unpleasant surprises is obvious; norwegian inclusion
in the European common currency must come
about – sooner rather than later.
an annual report is primarily history of what
has been. Most of us, however, reflect mainly on
what the future will bring. in TTS, we are levelheaded
optimists. We have, for a number of years,
informed the stock market of our assessment of
the potential for turnover and results within our
areas of operation, and we have usually been
pretty accurate. TTS is and will remain predictable
– even with the constraints that follow from doing
business in 12 countries on three continents.
TTS presently constitutes six divisions with a
total of 1 550 employees with vast technical expertise
in the areas of maritime equipment, terminal
and material handling and equipment to the oil and
gas industry. We started 2009 with an order back-
10
– norwegian inclusion
in the european
common currency must
come about – sooner
rather than later
log of noK 8.2 billion. Even taking into account the
substantial number of cancellations toward the end of
last year, we have never had order books as full as
at the start of the new year. a stringent appraisal
of the quality of volume of orders indicates further
cancellations in the region of noK 500 million. The
overall picture indicates that we will have our hands
full endeavouring to complete all deliveries within the
agreed delivery times. This, in turn, means a continued
growth of turnover for the TTS Group. With regard to
results, there is a higher degree of uncertainty than
in 2008, but we note that changes to the market
situation have already given us lower prices on steel
and components purchased from suppliers, in addition
to lower transportation cost. TTS is making money
and expects this to continue.
But, and this is an important but; we can with a
high degree of certainty state that the order backlog
will not remain at the same high level at the end
of 2009 as at the start of the year. For parts of our

operations, activities will presumably be somewhat
lower in 2010. Some of this is due to natural
fluctuations in our markets, but the primary cause
of a lowered demand is the financial crisis affecting
all countries. it is hard to predict how long the crisis
will last, and what consequences it will have for our
customers and partners, but we do believe that it
will take some time for things to improve.
We will meet these challenges by strengthening
efforts related to services, product development
and sales. TTS holds a solid position in many of our
niche markets, but in turbulent times competition
is strong. However, not all of our competitors have
equally favourable premises and financial solidity
to handle the consequences of the economic crisis.
in other words, there is potential for maintaining
a high level of activity through strengthening our
presence in the market, and securing a larger
share of the total volume of contracts. Furthermore,
we will actively work at developing interdivision
co operation in order to increase sales to each
customer, as well as strengthening our position as
consultant and provider of after sales services
following the delivery of new equipment. Moreover,
we will aggressively utilise the opportunities
that this situation offers to acquire new companies
that naturally fall under, and can strengthen, the
TTS Group.
While seizing the market opportunities, we will
be following a more prudent strategy, which implies
that the organisation’s operations and manning will
be reduced to a lower level for as long as the
markets remain weak. Through its organisation into
26 operative units, TTS has the advantage that our
managers are closer to their respective markets,
and are quick to pick up on the need for adjustments.
in other words, it is not someone “far away”
or “high up there” who makes the decision on
how to handle potential surplus capacity in the
organisation.
For TTS, it is not a question of either or, but
rather of both doing this and that. We will, in other
words, both strengthen our market efforts and
adapt our organisation to the demand for our
products and services. readjustment is tough, but
our managers and employees are used to such processes.
Handled correctly, both our organisation
and the individual affected will come through
strengthened.
as supplier in competitive markets, we are used
to being met with high expectations by our
customers, and we experience pleasure and satisfaction
at being able to fulfil these expectations.
Expectations to TTS as a company should be high,
and we will work hard to meet our performance
measures. We are still level-headed optimists!
Johannes D. neteland
PrESiDEnT & CEo
11

4-8 T T S G r o u P
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The Dry Cargo Handling division maintained
a high level of activity throughout 2008.
The division is well prepared to meet the
challenges resulting from the
financial crisis and economic
downturn in the global markets.
Stellan bernSro
DirECTor DrY CarGo
HanDlinG DiViSion
in recent years, tts has built up a substantial order backlog
in the market for marine cargo access equipment. For the
Dry cargo Handling division, the market at the beginning of
last year was exceptional, however, during the course of the year,
the order intake declined as a result of the impact of the financial
crisis on international shipping. all in all, the division’s turnover
increased by 42 percent to nOK 1 240 million. Operating profit
dropped from nOK 95 million to nOK 85 million, mainly due to
weak growth in the segment for hatch covers.
the Dry cargo Handling division is the largest division of tts,
and in 2008 the division once again consolidated its position as a
leading global supplier. – In 2008, we received a number of orders
for cargo access equipment for numerous series of car carriers, one
of tts’s areas of expertise. Our systems for cargo handling were
the preferred choice to the world’s largest roro vessels, which are
currently under construction at a Japanese shipyard, says stellan
Bernsro. He has been Head of the Dry cargo Handling division
since 2006. Bernsro is trained as a naval officer and holds a master
in industrial engineering and management, and he is also Managing
Director of tts ships equipment aB.
the Dry cargo Handling division has a broad range of products
within cargo access equipment, such as hatch covers, roro equipment,
side-loading systems and purpose-built equipment for cruise
ships and mega yachts. the division has furthermore contributed
to tts’ successful targeting deliveries of equipment to offshore
vessels. In the market for service and after sales support, the Dry
cargo Handling division has seen a considerable level of activity,
strongly contributing to the development and upgrading of expertise
in the tts Group’s joint targeting of this segment.
the Dry cargo Handling division is managed from Gothenburg,
sweden, and has operations in Germany, norway, Italy, Usa and
Vietnam. tts’ acquisition of the Dry cargo Handling division in
2002 opened the door to the market in china, through the division’s
50 percent ownership interest in the joint venture company tts
Hua Hai ships equipment, shanghai, in partnership with the stateowned
shipbuilding group china state shipbuilding corporation
(cssc). through its Dry cargo Handling division, tts is furthermore
owner of 50 percent of the manufacturing company tts
12
dry cargo handling

– the organisation has solid
expertise and a documented
capacity for implementing
high-quality projects.
13

turnover
noK Million
484
649
728
874
1240
order bacKloG
noK Million
1035
1063
2619
3100
2004 2005 2006 2007 2008 2004 2005 2006 2007 2008
Keyon Marine equipment, which manufactures steel structures for
hatch covers, ro-ro equipment and cranes. In addition to this, the
joint venture company tts Hua Hai ships equipment participates
with an ownership interest of 40 percent in the company Jiangnan
tts Marine equipment, which focuses on manufacturing of hatch
covers.
the Dry cargo Handling division has 197 employees, whereof
90 are based in sweden, 58 in Germany, 24 in norway, eight in
Italy, 11 in Usa and six in Vietnam. the joint venture companies in
china employ around 300 people. In 2008, the management of this
global operation was strengthened by the appointment of a new
managing director to tts ships equipment GmbH in Germany, as
well as the addition of an associate with extensive experience from
operations in sweden to the sales and representative office in
Vietnam. effective as of this year, the Dry cargo Handling Division
transferred its activities within service and after sales support in
Usa and Vietnam to the tts Group’s newly established service
division.
operations
the Dry cargo Handling division is a provider of services within
design and engineering of equipment for marine cargo access systems.
through ownership interests in operations manufacturing steel
structures in china, tts has gained control of major parts of the
value chain through to completed deliveries of, among others,
hatch covers and roro equipment.
In recent years, an increasingly larger part of the Dry cargo
Handling deliveries constitute equipment for purpose-built vessels
for transportation of cars within, as well as between, continents.
tts is among the world’s leading suppliers in this niche of the roro
market.
Furthermore, the Dry cargo Handling division has made extensive
deliveries of hatch covers to dry bulk carriers, container vessels
and dry cargo carriers. another speciality is side-loading systems for
various ship types, and in addition to this, specialised equipment for
cruise ships and yachts is an important business segment.
each of the six wholly owned companies that form the Dry cargo
Handling division has built up special competence within the various
parts of their product repertoire, from which products and systems
are delivered to all major shipbuilding nations worldwide. Product
806
ebitda
noK Million
48
61
90
95
85
2004 2005 2006 2007 2008
development is organised internally and in teams formed crosscompany.
the joint venture company, tts Hua Hai ships equipment
co. Ltd. in shanghai, china, designs and manufactures hatch covers
and some roro equipment for chinese shipyards.
ship design today is to a large extent concerned with giving ships
a design that minimises their impact on the environment and reduces
fuel consumption. this, in turn, places new demands on the equipment
for cargo handling equipment. tts is in close cooperation with
shipping companies and shipyards regarding development of products
and solutions that will be environmentally sound both short term and
in the long run.
market outlook
the global shipbuilding market is cyclical, and subsequent to a
number of exceptional years, tts is prepared to face a decline in
the contracting of new vessels. the Dry cargo Handling division
has for this reason strengthened its focus on service and after sales
support, in order to compensate the anticipated reduction in the
demand for new cargo handling equipment.
the financial crisis and unforeseen rapid decline in the world
economy has affected tts’ order intake. However, at the start of
2009, the Dry cargo Handling had a sound order backlog of nOK
3 100 million, including half of the joint venture company in
china’s order backlog. risk and security of the order backlog is
subject to continuous evaluation. the order intake is expected to
be somewhat lower in 2009 than last year, affecting turnover and
operations in the coming years.
Strategy
the Dry cargo Handling division’s organisation has solid expertise
and a documented capacity for implementing high-quality projects.
On this basis, the division will continue to have a strong focus on
marketing and sales in all established markets. In light of the current
market situation, the division will concentrate on adapting its organisation
to a lower level of activity in respect of deliveries to new
vessels, and further strengthen its operations in other markets segments,
as well as in new market segments. Development of new
products will be given high priority, and the division will place
more emphasis on consulting and assisting shipping companies in
the process of upgrading and modernising their tonnage.
15
dry cargo handling

4-8 T T S G r o u P
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in 2008, the Marine Cranes Division experienced
the full effect of its restructuring to the production
of cranes for the offshore market. Yet again,
the division reported a strong
growth in turnover; however,
currency losses weakened an
otherwise solid result.
ivar K. hanSon
DirECTor MarinE CranES
DiViSion
tHe MarIne cranes DIVIsIOn develops and supplies
cranes to ships as well as to vessels and installations offshore.
the division resumed its operation in the offshore market
in 2007, and during that year the division’s turnover increased by
a whole 56 percent. In 2008, the growth was even higher, at 61
percent, yielding a turnover of nOK 1 107 million. the offshore
sector made up 63 percent of this turnover. the division’s operating
profit before depreciation was nOK 42 million, compared to nOK
35 million in 2007. the operating profit includes actual currency
losses of nOK 10 million.
the Marine cranes Division is managed from Bergen, norway,
and has branch offices in Kristiansand and Ålesund, as well as
Os outside Bergen. Furthermore, the division has operations in
Lübeck in Germany, in shanghai and Dalian in china, and a sales
and representative office in Busan, south Korea. In shanghai, tts
has a wholly-owned subsidiary company, while in Dalian tts participates
in a joint venture company together with the state-owned
shipbuilding group Dalian shipbuilding Industry corporation
(DsIc).
the Marine cranes division has 576 employees, whereof 231 are
based in norway, 271 in china (including the JV company), 67 in
Germany and seven in south Korea. Ivar K. Hanson has headed the
Marine cranes division since 2004. He holds a Masters in Business
and economics, as well as a degree in mechanical engineering, and
has worked for tts for a total of 14 years.
– We have succeeded in our strategy of building up a global
corporation for the development and production of a wide range
of cranes to various types of vessels and handling equipment to the
offshore industry. In 2008, underlying operations yielded margins
as expected, but with regard to results we were unfortunately hit
by cancellations of orders with a loss on exchange. this as a result
of abnormal fluctuations in the currencies that we deal in, says Ivar
K. Hanson, head of the Marine cranes division.
In 2008, the Marine cranes division experienced a breakthrough
in the market for anchor handling winches through orders for five
16
marine cranes

marine cranes
sets with a first delivery in June of this year. In 2008, the division
furthermore secured its first two orders for 250-ton offshore
cranes with active heave compensation for operation of heavy loads
at great depths, of which the first is to be delivered in 2010.
operations
the operation of the Marine cranes division is based around several
centres of expertise on product segments and solutions. For our
customers within the maritime sector, product development and
sale of cylinder cranes are primarily based in Bergen, while product
development and sale of wire luffing cranes take place in Lübeck,
Germany. after-sales support, service and industrial products to
the shipping companies are handled by our office in Kristiansand.
the development and sale of purpose-built cranes for offshore
vessels and installations is managed from Bergen. the branch office
in Ålesund, with the support of related centres of technologies in
Os and Kristiansand, develops control systems and software for
winches for deep-sea cranes. tts is known for delivering advanced
systems that ensure efficient cargo handling, even in very rough
seas, active heave compensation.
the wholly-owned company in shanghai carries out engineering,
project management, assembly and follow-up of deliveries to
ship-owners and shipyards in asian markets outside of china.
Moreover, the company functions as purchasing office for the
division. the joint venture company, tts Bohai Machinery, in
Dalian, carries out engineering, project management, assembly and
testing of standard marine cranes to shipyards in china. Both in
18
turnover
noK Million
236
309
440
688
1107
2004 2005 2006 2007 2008 2004 2005 2006 2007 2008
– 2009 will see
a turnover at the same
level as in 2008.
order bacKloG
noK Million
159
390
600
2433
2371
ebitda
noK Million
-11,2
2004 2005 2006 2007 2008
shanghai and Dalian, cranes and related equipment are assembled
for customers in the offshore sector of asia, while offshore customers
in europe get their deliveries from Bergen.
market outlook
at the start of 2009, the total order backlog of the Marine cranes
division had reached nOK 2 370 million, including the joint venture
company in china, which is at the same level as last year. as a result
of the financial crisis, the order backlog was reduced in the fourth
quarter, owing to received and anticipated cancellations. a large
number of these cancellations were made by customers who had
placed orders for cranes to bulk carriers. so far, the offshore market
has been less sensitive to the crisis, however, one must reckon on
postponements in the building schedules that in turn will affect
tts. the unexpected downturn in international economy has,
since October last year, resulted in a weakened demand for
products from the Marine cranes division in both the maritime
sector and the offshore sector.
the sizeable order backlog, however, means that the division in
2009 will see a turnover at the same level as in 2008. With regard
to results, this year looks to be another good year, provided that
financial matters do not have unexpected negative effects. the
order intake in 2009 is expected to be substantially lower than in
2008, affecting turnover and operation in the coming years.
as a consequence of changes to the market situation, the Marine
cranes division will intensify its sales efforts to consolidate tts’
position as leading supplier of cranes to ships and offshore vessels,
as well as other handling equipment to the offshore industry. the
challenges that follow in the wake of the financial crisis demand
particular attention to follow-up of customers and commitments.
cooperation with other divisions in tts will be strengthened, both
with regard to service and after sales support to existing customers,
and in relation to development and marketing of new concepts.
Product development focusing on technology and equipment to the
deepwater industry will continue to remain a priority.
0,2
13
35
42

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The Port and Material Handling division
continued its success in 2008. The division
is well equipped to handle challenges
following the international
economic crisis.
lennart SvenSSon
D i r E C T o r P o r T a n D M a T E r i a l
HanDlinG DiViSion
in recent years, tts has built up terminal and material
handling equipment to become a considerable business domain
of the tts Group. the Port and Material Handling division near
doubled its turnover in 2007, and last year the turnover increased
by a further 5 percent to nOK 350 million. Operating profit went
up by 20 percent to nOK 32.5 million.
the Port and Material Handling division’s primary products are
shipyard equipment and equipment for handling containers in
port. the division is managed from Gothenburg, sweden, and has
operations in Finland and norway. In all, the division has 63
employees, whereof 15 are based in sweden, 19 in norway and
29 in Finland. On 1 October last year, Lennart svensson took over
as head of the Port and Material Handling division after Göran
Johansson. svensson is a naval architect and Mechanical engineer,
and has been Managing Director of tts Port equipment aB in
Gothenburg since its establishment in 2005. Prior to this, he was
Marketing Director of tts ships equipment aB, and svensson
has for most of his working career been involved in marine cargo
handling.
tts Handling systems again reported a high level of activity
related to production lines for shipyards in china and India. as a
consequence of the development in the shipbuilding market, the
division has had fewer deliveries to shipyards focusing on newbuildings,
while the demand from shipyards concentrating on
repairs and maintenance has increased.
In 2008, tts Port equipment delivered an advanced passenger
gangway for the new terminal at risavika in stavanger. Furthermore,
the division successfully completed a major project for
transfer and reconstruction of linkspan, a special ramp linking
vessel and quay, from ports in the netherlands and england to
Belfast in northern Ireland. this year, tts will deliver linkspan to
rotterdam in the netherlands, Harwich in england and ystad
in sweden. the division will moreover focus strongly on sale of
consultancy services to ports that are working on projects to increase
the efficiency of cargo handling.
20
port and material handling

– We expect a strong growth
in the market for systems
that contribute to a more
efficient cargo handling.
21

turnover
noK Million
66
141
179
333
350
2004 2005 2006 2007 2008 2004 2005 2006 2007 2008
again, 2008 saw an increase in the demand for systems for transport
with loading cassettes. tts made deliveries of such systems
to steelworks and operations within the paper industry, as well as
to ports in spain and north africa. tts Liftec has developed an
advanced trailer for this purpose, called Durion, with a remotely
controlled drive unit.
operations
the Port and Material Handling division’s activities are built
around three centres of excellence, in which each unit has its area
of expertise. In addition to linkspans, passenger gangways and
automatic mooring systems, the product portfolio for cargo
handling has expanded to include a unique system for the handling
of containers through the use of cassettes. the cassettes were
originally developed to handle special transport requirements for
industries such as the steel and paper. Moreover, the division’s
recent innovation in developing c-aGVs (cassette- automated
Guided Vehicles) for the transport of containers in ports and
terminals world-wide. a manual version of the cassette system,
using translifters, was put into operation for the first time in a
container terminal in 2007 at aPMt Virginia, Usa. In collaboration
with a swiss supplier, tts has further developed the automated
– the port and material
handling division is less
sensitive to general
fluctuations in the level
of economic activity.
order bacKloG
noK Million
76
72
148
216
326
ebitda
noK Million
4
7
13
26
32
2004 2005 2006 2007 2008
version of the cassette system to include a wireless energy transfer
technology that adopts inductive energy.
– We are hopeful that 2009 will see the first contract for
delivery of such an automated system, which in that case would be
operational in four years, says Lennart svensson, head of the Port
and Material Handling division.
– In general, we expect a strong growth in the market for
systems that contribute to a more efficient cargo handling in ports,
and tts has products and solutions that fulfil this requirement. By
increasing the loading and discharging capacity in existing ports,
one may to an extent avoid costly development of new port
facilities, svensson emphasises.
market outlook
at the start of 2009, the Port and Material Handling division had an
order backlog of nOK 325 million, compared to nOK 216 million
the year before. We still except to see a growth in turnover this
year. the anticipated decline in the sale of production lines and
special equipment for heavy load handling to shipyards will likely
be compensated by a higher volume of sales of port equipment.
– Our deliveries are to a greater extent than in other parts of
the tts Group aimed at public market players, and as such, the
Port and Material Handling division is less sensitive to general
fluctuations in the level of economic activity, svensson maintains.
Strategy
the primary strategy of the Port and Material Handling Division is
to further develop good cooperation between the units in sweden,
Finland and norway with regard to product development and
sales. Furthermore, the division will focus on the development of
solutions that are efficient, as well as environmentally friendly.
the division will continue its long-term marketing efforts to
customers in europe, north-africa, Usa and asia, and is working
alongside other divisions to introduce tts to geographically new
markets, such as Brazil.
23
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in 2008, the Deck Machinery division reported
significant progress with regard to both
turnover and results. The division has established
extensive operations in China
and is currently targeting, and
has gained a foothold, in the
offshore market.
edGar bethmann
DirECTor DECK MaCHinErY
DiViSion
SInce tHe acqUIsItIOn of Kocks in Germany in the
autumn of 2005, tts has made deck machinery one of its
target areas. the first two years saw the implementation of
a major organisational restructuring, which strengthened the
division’s sales force and ability to deliver high-quality products. In
2008, this restructuring yielded results by increasing turnover with
50 percent to nOK 448 million, while operating profit increased
from nOK 5.3 million to nOK 22.3 million.
the Deck Machinery division is managed from Bremen in
Germany, and the division has operations in Ostrava in the czech
republic, Busan in south Korea and Dalian in china. the operations
in china started out as a division for deck machinery in the joint
venture company tts Bohai Machinery in 2007, which in 2008 was
reorganised to become a fully owned subsidiary company. In total,
the Deck Machinery division has 162 employees, whereof 44 are
based in Germany, 33 in the czech republic, 44 in south Korea
and 41 in china. edgar Bethmann is Head of the Deck Machinery
division and Managing Director of tts Kocks GmbH. He holds
an engineering degree in machine construction, and was Managing
Director of tts ships equipment GmbH prior to being appointed
Head of the Deck Machinery division in 2005.
operations
the Deck Machinery division supplies various types of winches and
other deck machinery to the maritime and offshore industries. In
principle, these winches are utilised by all types of vessels, and tts
holds a particularly favourable position in the market for supplying
winches to LnG ships. the level of activity within service and after
sales support is increasing.
the division has developed and extended their product range
by smaller electric and frequency controlled electric winches. 36
electric winches have been delivered in 2008 and the number of
deliveries for 2010 will increase up to 560. tts further offers a
broad range of larger, and technically advanced hydraulic winches,
with either centralised hydraulic supply or self contained.
24
deck machinery
We will focus
on recruitment
of highly qualified
personnel, who
will serve our
customers world
wide.

deck machinery
– Our focus is on the development of new products, in order
to deliver efficient and environmentally sound winches to our
traditional markets, as well as to various niche markets. We have an
extensive level of expertise within the division, and a functional
cooperation between our operations in europe and asia, says
edgar Bethmann, Head of the Deck Machinery division.
collaborating with the Marine cranes division, the Deck
Machinery division has taken part in tts’ general targeting of
the offshore market, achieving favourable results. the division has
developed tailor-made winches for use at great ocean depths, and
participates in the development of packages of technologically
advanced handling equipment for use on special-purpose vessels
dedicated to deep-sea operations.
the Deck Machinery division focuses strongly on service and
after sales support. – now that tts has established its own service
division, we will continue to strengthen our efforts in this area. We
will focus on recruitment of highly qualified personnel, who will
serve our customers world wide. Proximity to the market and
market participants is essential in order to develop and strengthen
our position as provider of service and after sales support,
Bethmann points out.
market outlook
at the start of 2009, the Deck Machinery division had an order
backlog of about nOK 900 million, compared to nOK 681 million
at the start of 2008. the order intake in 2008 was particularly
26
turnover
noK Million
50
257
300
448
order bacKloG
noK Million
2005 2006 2007 2008 2005 2006 2007 2008
– ttS delivered its first winches
to offshore vessels in 2008.
366
462
681
902
ebitda
noK Million
2,5*
-5,4
2005 2006 2007 2008
*) Q4. only
high at shipyards in south Korea, while the growth in the chinese
market has stagnated.
the healthy order backlog results in the division increasing
its turnover yet again in 2009. Long term, the development in
turnover will depend on the duration of the global economic crisis.
the division is dealing aggressively with the situation; through
targeting of new geographical markets, such as Brazil, as well as
niche markets that have not yet been introduced to this part of
tts’ products and expertise.
Strategy
the organisation of the Deck Machinery division is well equipped to
continue the work of developing new products and increasing sales
efforts in established, as well as new markets. In china, tts will set
up a separate sales operation for winches and other deck machinery.
as a result of the anticipated lower level of activity in the maritime
segment, the division’s targeting of the offshore sector will be intensified.
acquisition of companies that possess interesting and relevant
technology is continuously being evaluated, in addition to expanding
existing operations and strengthening collaboration with other
divisions of the tts Group. service and after sales support will be
further prioritised in order to enhance customer satisfaction and
strengthen the total earnings of the Deck Machinery Division.
5
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The Drilling Equipment division reported a high
level of activity in 2008. The market for TTS’
land rigs has shown strong growth, while
the development in the market
for drilling equipment to the
offshore sector remains uncertain
as a result of the financial crisis.
tom fedoG
DirECTor DrillinG EquiPMEnT
DiViSion
ttHrOUGH tHe acqUIsItIOn of sense eDM as in 2007,
tts made drilling equipment a separate business domain.
the company, now tts sense as, has its head office in
Kristiansand, norway and a branch office in stavanger, norway, as
well as a subsidiary company in edmonton, canada. sense was
founded in 1999. In 2005, sense merged with stavanger-based
eDM, a company with a history dating back to 1996.
tts sense as has a wholly-owned sales and service company in
singapore, and a sales office in Houston, Usa. tts sense Mud as
is a wholly-owned subsidiary company in Kristiansand, focusing on
the handling of drilling mud. tts sense eDM has a 49.9 percent
ownership interest in tts sense DrillFab as, a company located in
Kristiansand that carries out testing and assembly of equipment. In
2007, tts acquired the drilling technology company Wellquip
Holding as in Kristiansand, to be merged with tts sense in 2009.
Wellquip has developed and patented an automatic multifunctional
roughneck, which constitutes part of two complete drilling
packages currently under development by tts sense.
In 2008, the Drilling equipment division reported a turnover of
nOK 1 057 million, compared to nOK 265 million in the period
of tts’ ownership in 2007. the turnover in 2008 is divided into
50 percent from the offshore sector and 50 percent from the
onshore sector. Operating profit before depreciation was nOK
-24.6 million, compared to nOK 13.9 million under tts’ ownership
in 2007. the basis of the weak result was write downs in relation to
the ability contract. Without the write downs, the result would
have been nOK 38.6 million.
all in all, the Drilling equipment division has 318 employees,
whereof 221 are based in Kristiansand, 21 in stavanger, 55 in
edmonton, ten in singapore and one in Houston. the Drilling
equipment division is headed by tom Fedog, who is Managing
Director of tts sense. He has worked for the company since its
establishment in 1999. Fedog has an advanced degree in business
administration and extensive experience from aker Kværner
Maritime Hydraulics.
– In 2008, the division worked on equipment packages for two
advanced jack-up rigs, to be delivered in the course of 2009 and
28
drilling equipment

turnover
noK Million
265
1057
order bacKloG
noK Million
2010. Furthermore, the division delivered two land rigs and two
work-over rigs out of a total delivery of nine larger land rigs
and two maintenance rigs to ability Drilling asa. Our targeting
of the market for deliveries of smaller land rigs has had very
promising results, and we have signed contracts with schlumberger
and Weatherford, says tom Fedog.
operations
the Drilling equipment division develops and supplies advanced
drilling equipment and drilling systems to the international oil
and gas industry, including complete drilling packages, drilling
equipment and pipe handling equipment. Furthermore, the division
supplies patented technology for rigs that combine drilling,
maintenance and service. these rigs are used for drilling operations
both on land and at sea.
tts sense will deliver a complete drilling equipment package
to Jurong shipyard in singapore. the equipment constitutes part
of the shipyard’s delivery of a highly advanced jack-up rig for
production in the north sea. the rig has been contracted by the
company Petroprod, owned by Larsen Oil & Gas in Bergen.
Furthermore, the division will deliver yet another drilling package
to Keppel FeLs in singapore, to be used on a mobile jack-up rig
currently under construction in Kristiansand for skeie Drilling
and Production (sKDP).
as previously mentioned, tts sense has signed a contract for the
delivery of altogether nine large land-based drilling rigs to ability
Drilling. the first two rigs were delivered in 2008, and two rigs will
be delivered in 2009. Delivery of the remaining five drilling rigs
– our targeting of the
market for deliveries of
smaller land rigs has had
very promising results.
999
1410
2007 2008 2007 2008
ebitda
noK Million
13,9
-24,6
2007 2008
has been postponed by agreement until 2011. as the marked has
shown a downward trend, uncertainty has increased with regard to
whether the final 5 rigs will be delivered or not. consequently, we
have chosen to terminate the total contract evaluation of the 9 rigs,
and charged capitalised costs for 2007 as an expence in the 2008
accounts. this has entailed a reduction of the Drilling equipment
division’s eBItDa result of nOK 63.1 million. In 2008, tts
has an accounted loss on the ability deliveries caused by delays
related to development and testing.
In the space of 2008 and 2009, tts sense will deliver 11
Ultrasingle drilling rigs to schlumberger and Weatherford.
In addition to the major contracts, the Drilling equipment
division has signed a number of contracts for single deliveries of
equipment to various operators within the oil and gas industry.
market outlook
at the start of 2009, the Drilling equipment division had an order
backlog of nOK 1 410 million, compared to nOK 999 million
twelve months previously.
since last autumn, the market for drilling equipment has been at
stand-still owing to financial unrest and the crisis in international
economy. this situation is expected to continue in 2009. In 2009,
tts sense will focus on areas where investment into the oil and gas
industry will continue despite the challenges in the financial market
and relative low energy prices.
Strategy
tts sense will continue its strategy concerning deliveries of
high end/high performance drilling equipment to the onshore and
offshore industry. acquisitions will be evaluated in order to develop
and strengthen tts’ position in the global market for rigs and
drilling equipment. through its global presence, the division is
well-positioned to challenge major competitors in the market.
Development of cooperation with relevant centres in the group will
be intensified in order to utilise synergistic effects, including lowcost
production.
In 2009, the division will focus on implementation of signed
contracts and targeting of niche markets that have been less affected
by the global economic crisis.
31
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as of 1 January 2009, TTS has organised service
and after sales support in a separate division.
our aim is to strengthen the group’s position as
consultant and provider of services following
the delivery of new equipment,
and this will be ascertained
through global presence.
marGrethe hauGe
DirECTor
SErViCES DiViSion
h
IstOrIcaLLy, tts has based its portfolio of service and
follow-up of customers on a network of agents. the
reasoning behind this was that the “critical mass” has been
too small to build up a separate organisation for operation in the
market for afters sales support. a service organisation primarily
based on independent agents, however, has the weakness that the
agents’ competence regarding various parts of tts’ product range
has been limited. Furthermore, the agents have to little degree
re-allocated turnover to tts, and accordingly, the company has
given away an important share of the market to others. customers
often choose other suppliers to handle more complete and efficient
services related to maintenance of their equipment and other
follow-up, and tts would now like to seize a larger share of this
segment.
the market for sale of new equipment within tts’ business
areas has, in the recent years, been characterised by formidable
growth, which in turn is reflected in the group’s growth in turnover
and order backlog. the company’s divisions have focused on
delivering in line with increased demand, which has affected their
capacity to offer services on complete equipment deliveries. all the
same, the turnover within after sales support has had a substantial
growth. this market is less sensitive to economic fluctuations than
the sale of new equipment, and the profit margins are usually
higher.
Margrethe Hauge has been appointed head of the services division.
she started in tts in 2008, in a newly established position as group
director for after sales, and has been responsible for establishing a
new direction for tts services, and consequently for the planning of
operations of the new division. she holds a Master of Business and
economics, and has previously worked for Hydro seafood and for
Kverneland, a manufacturer of agricultural machines.
– Our aim is to build up an organisation that will form an integral
part of tts, with a target turnover of nOK 1 billion. the most
important key to success will be the establishment of a global sales
and service network in prime locations, and having colleagues
32
Services

Services
present to the market a uniform profile, says Margrethe Hauge.
customers have high expectations of what a good service provider
should be able to offer, and our employees will endeavour to fulfil
these expectations through a more uniform representation of
tts services.
operations
right from the start, the services division has been provided with
operations and employees from the established divisions. as such,
the sales and representative office in Vietnam, with its seven
employees, and the office in south Korea, with eight employees,
have both been formally transferred to the services division. the
same applies to the service organisation that tts set up in Usa,
with 11 employees. Furthermore, tts has established a matrix
organisation toward those responsible for service and aftersales in
the product companies. they report on a technical level to the
services division. In all, the combination of local representatives
and co-workers in centres of excellence of services will constitute
about 175 persons in the tts Group.
– We plan on expanding the global representation based on
where our customers have the greatest need for our presence. In
that respect, singapore stands out at this phase, as well as the
Middle east and south america. It is furthermore natural to include
china in the global service network, Margrethe Hauge points out.
activities within the service area are at present primarily
reactive to customer inquiries, and concentrated on repairs and
maintenance of existing equipment. tts will increasingly arrange
34
for agreements that ensure continuous service for our customers,
and will further actively seek to come up with solutions that may
fulfil our customers’ requirements. this means an increased focus
on training as support for the customers’ operators, in order for
them to implement efficient use of advanced equipment more
swiftly. For tts, it is important to obtain a higher degree of standardisation
related to purchasing of parts and components used in
our service work.
market outlook
In tts, the activities in the market for after sales support and
service constitute about 10 percent of the total turnover. In comparable
operations, this share is often more than 20 percent. tts’
long-term goal is for after sales and service to make up 20 percent
of the group’s total turnover. this means that tts must be present
with its expertise where service is conducted, and come up with
service solutions that help the customer achieve efficient operation.
We are entering a challenging period, in which the customers are
assessing how much of their service can be postponed while the
world economy remains unstable. nevertheless,tts view the
possibilites in service and aftersales positively, as there are a lot of
service opportunities to be seized in merely increasing the market
share of our own already installed equipment!
– this market is less sensitive to economic fluctuations
than the sale of new equipment, and the profit margins
are usually higher.

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Breakthrough in
the market for trailermounted
land rigs
Through the Drilling Equipment division,
TTS is supplier of land rigs of various sizes
and categories. in the course of only a few
years, Edmonton in Canada has seen the
build-up of extensive operations relating
to development, production and assembly
of trailer-mounted land rigs. The unique
technology has made these rigs a TTS
bestseller.
eDMonTon in alBErTa has more to offer than
its excellent ice hockey team. With just over
1 million inhabitants, the city is home to a major
university at the forefront of engineering education. The
infrastructural premises for the company, which today
constitutes TTS Sense (Canada) ltd., were consequently
excellent. The company has seen an exceptional transformation
from tired old building to state-of-the-art rig
Shop. Presently, the company has 100 employees and is
managed by Michael Symchuk. He holds a degree in
Mechanical Engineering Technology, and has been on
board since the incorporation of the company in alberta
in october 2005.
We have a conciderable time focused on implementing
our concept for mobile land rigs with the most progressive
36
our land rigs are unique;
based on offshore solutions
with regard to safety
and environment.
and advanced technology on the market. During the
course of 2008, we experienced a breakthrough in the
market as a result of two major contracts worth a total of
noK 700 million, says Michael Symchuk.
patented technology
The land rigs, which have become a Canadian speciality,
have 125 to 150 tons of hook load capacity, while TTS
Sense, norway, delivers 250-ton rigs. The rigs are based on
patented rack and pinion technology, combined with an
efficient mast design where the Top Drive is mounted on
rails located on the front face of the mast. a mechanical
pipe handling machine ensures safe and efficient handling
of all types of drill pipes. With its compact design and low
weight, this rig is perfect for fast and efficient well-to-

well relocation. The rig is usually mounted on a trailer,
with two hydraulic cylinders that are used to swiftly
swing the mast up into a vertical position in preparation
for drilling operations.
- our land rigs are unique; based on offshore solutions
with regard to safety and environment. This, coupled with
the advanced solutions for control systems and automation,
results in a high level of reliability, even under
extreme weather conditions, Michael maintains.
prestigious contracts
last year, TTS Sense Canada entered into contracts with
two of the worlds largest oilfield service companies,
Sclumberger and Weatherford to deliver in total 11 150-ton
mobile land rigs in 2008 and 2009. These contracts
represent a great recognition of the company’s technolgy.
in January this year, TTS Sense Canada signed yet another
major contract for 150-ton mobile land rigs, this time for
the Mexican company Maquinaia, ingenieria y Proyectos
del Puerto (MiPPSa).
intensifying market efforts
- These contracts, of which one is with a major market
player within the oil industry, helps strengthen TTS’s
position as a global supplier of land rigs. on the basis of
these deliveries, we will intensify the marketing of our
concept for land rigs, as well as the expertise that we
represent, says Michael Symchuk.
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Shareholder information
Share price performance
in March 1995, TTS Marine aSa completed a public share issue,
and 3 May 1995, the company was listed on the SMB list of
the oslo Stock Exchange.
Date Price
Subscription price at time of offering noK 23.00
opening price 03.05.95 noK 26.50
31.12.95 noK 32.50
31.12.96 noK 41.00
31.12.97 noK 40.00
31.12.98 noK 15.00
31.12.99 noK 14.00
31.12.00 noK 23.51
31.12.01 noK 16.00
31.12.02 noK 7.51
31.12.03 noK 9.71
31.12.04 noK 18.90
31.12.05 noK 31.20
31.12.06 noK 72.75
31.12.07 noK 95.50
31.12.08 noK 16.50
(The share price has been adjusted to reflect
the 1:2 share split in april 1996.)
in the period 01.01.08 - 14.04.09. the trade in
the TTS share has been as follows:
01.01.08 14.04.09
number of shareholders 1 200 1 407
Foreign holdings 36.8 % 21.2 %
01.01.08 – Average per
14.04.09 trading day
number of trades 10 179 32
Value (noK 1000) 432 668 1 340
number of shares (1000) 16 257 50
average price 26.61
38
information
TTS emphasizes the importance of giving the shareholders, the
stock market and the general public the best possible knowledge
of the Group’s operations and performance. relevant information
will be made available through stock market reports and press
releases. regular financial reports are issued in the form of
annual reports and quarterly interim reports. The company is
also in constant contact with financial analysts.
The company’s financial calendar is as follows:
4. quarter 2008/preliminary annual result 2008 26 February
1. quarter 2009 14 May
2. quarter 2009 21 august
3. quarter 2009 05 november
annual general meeting 28 May
annual general meeting will be held at the company’s premises
in Bergen.

800
700
600
500
400
300
200
100
0
movements in share capital, riSK adjustment
Date Type of Share capital Number Nominal
value transaction after transaction shares in NOK
03.05.95 Public offering 1 911 000 1 911 000 1.00
19.04.96 Share split 1 911 000 3 822 000 0.50
20.05.96 Private placing 2 101 000 4 202 000 0.50
10.12.96 Private placing 2 146 130 4 292 260 0.50
10.01.97 Private placing 2 223 879 4 447 758 0.50
16.01.97 Private placing 2 348 149 4 696 298 0.50
23.04.97 Private placing 2 578 149 5 146 298 0.50
26.05.98 Private placing 2 680 649 5 361 298 0.50
04.10.99 Private placing 2 930 649 5 861 298 0.50
17.04 00 Private placing 3 220 649 6 441 298 0.50
26.04.00 Private placing 3 436 681 6 873 362 0.50
10.05.01 Private placing 3 494 181 6 988 362 0.50
18.01.02 Private placing 3 851 323.5 7 702 647 0.50
28.02.02 Private placing 7 422 752 14 845 504 0.50
15.10.04 Private placing 8 157 552 16 315 104 0.50
14.02.05 Private placing 8 857 552 17 715 104 0.50
22.02.05 Private placing 8 970 552 17 941 104 0.50
31.03.05 Private placing 9 026 802 18 053 604 0.50
04.07.05 Private placing 9 101 802 18 203 604 0.50
12.09.05 Private placing 10 001 802 20 003 604 0.50
30.09.05 Private placing 10 058 052 20 116 104 0.50
30.05.06 Private placing 10 133 052 20 266 104 0.50
11.09.06 Private placing 10 226 802 20 453 604 0.50
12.12.06 Private placing 11 246 452 22 492 904 0.50
25.05.07 Private placing 11 624 838.5 23 249 677 0.50
29.05.07 Private placing 11 681 088.5 23 362 177 0.50
19.11.07 Private placing 12 781 088.5 25 562 177 0.50
21.12.07 Private placing 12 869 139.5 25 738 279 0.50
28.05.08 Private placing 12 954 139.5 25 908 279 0.50
ttS share value 2008–2009
16.04.08 16.05.08 16.06.08 16.07.08 16.08.08 16.09.08 16.10.08 16.11.08 16.12.08 16.01.09 16.02.09 16.03.09
NOK
90
80
70
60
50
40
30
20
10
0
39

corporate Governance
TTS Marine aSa (TTS) applies the norwegian code of practice for corporate
governance, dated 4 December 2007, as guidelines for its work.
The following principles for corporate governance have been adopted
by the Board of TTS Marine aSa:
1. review of corporate governance
The intent of TTS’ principles of corporate governance is to clarify the
roles of the shareholders, the Board of Directors and management
beyond what follows from legislation. These principles constitute part
of the company’s annual report.
“The Spirit of TTS” is available on the company’s website,
www.tts-marine.no and describes 1) Vision and Strategy 2) Corporate
Culture and Core Values 3) Management and 4) Ethical Guidelines.
as a global group with companies in 12 countries, there is a continuous
focus on unifying the companies, corporate cultures and
environments. Through a process involving all companies and divisions,
we have examined and established our core values, integrity, openness,
loyalty and initiative. our core values shall influence TTS’s activities, in
order that they contribute to cooperation and progress for each and
everyone in the TTS Group.
2. business
TTS Marine aSa’s articles of association are available on the company’s
website. in accordance with article 3:
The company’s purpose is to engage in industrial activities related
to marine equipment, shipyard systems, oil and gas production, port
terminal systems, and any related activities, as well as participation in
or acquisition of other enterprises.
3. equity and dividends
EquiTY
Total equity at 31 December 2008 was noK 4 381 million, with an
equity capital of noK 989 million, giving an equity-to-assets ratio of
22.6 percent. TTS has an unsecured debenture where the covenants’
requirement is noK 550 million in equity and more than 22.5 percent
equity ratio, where equity ratio is normative for minimum equity.
SHarEHolDEr PoliCY
TTS aims to give our shareholders a competitive long-term return that
reflects the risk inherent to the company’s operations. Based on TTS’
growth strategy, the shareholders’ return should be realised through
an increase in the value of their shares, together with dividends when
circumstances so permit. Growth by means of acquisitions will be
implemented through balanced financing of equity and debt.
The Board of TTS Marine aSa will propose to the annual General
Meeting, on 28 May 2009, that no dividend shall be paid out for the
accounting year 2008.
STraTEGY For FurTHEr GroWTH
TTS has, since 1996, completed fourteen successful acquisitions, establishing
a leading position in its segments of the market for handling
equipment. This has entailed a considerable growth, and turnover has
increased from about noK 260 million in 1997 to about noK 4.2 billion
in 2008.
TTS GrouP 4-8
rEPorT FroM THE CEo 9-11
BuSinESS arEaS 12-37
corporate Governance 38-47
DirECTor’S rEPorT anD aCCounTS 48-110
The international offshore and shipbuilding industry has experienced
five good years. This has entailed excellent market conditions for offshore
and ships equipment, which is TTS’ core business. accordingly, TTS
noted a record high order backlog at the end of 2008.
The global markets and economic cycles have shown a negative trend
in the last year. Consequently, there is far greater uncertainty surrounding
the future development in our markets.
in the coming years, TTS will continue to expand the group’s activities
within its segments for handling equipment for ships, ports and offshore
installations, in addition to advanced drilling equipment for offshore
and land-based units.
auTHoriSaTionS To THE BoarD
on 22 May 2008, the annual General Meeting adopted a resolution to
give the Board authority to issue a maximum of 4 000 000 shares against
cash redemption or non-monetary consideration, including mergers.
This authorisation is valid until the annual General Meeting for 2008,
28 May 2009. at 31 March 2009, no shares have been issued.
on 30 May 2006, the annual General Meeting adopted a resolution
to give the Board authority to issue a maximum of 340 000 shares
against cash redemption for the benefit of the company’s executive
management. This authorisation is valid until 30 May 2008. 340 000
shares have been issued in the form of options. 340 000 options were
exercised within the due date.
on 24 May 2007, the annual General Meeting adopted a resolution
to give the Board authority to issue a maximum of 380 000 shares
against cash redemption for the benefit of the company’s executive
management. This authorisation is valid until 24 May 2009. 380 000
shares have been issued in the form of options. at 30 March 2009,
none of these options have been exercised.
on 22 May 2008, the annual General Meeting adopted a resolution
to give the Board authority to issue a maximum of 420 000 shares
against cash redemption for the benefit of the company’s executive
management. This authorisation is valid until 22 May 2010, with a
possible first time exercise of options following the presentation of the
first quarterly results for 2009, equivalent to a maximum of 50 percent
of the allocated options. The number of shares for further exercise
of options constitutes 12.5 percent following the presentation of the
results for the second, third and fourth quarter of 2009 and the first
quarter of 2010, in addition to options not previously exercised.
on 22 May 2008, the annual General Meeting adopted a resolution
to give the Board authority to purchase/own a maximum of 300 000
of the company’s own shares. This authorisation is valid until the
annual General Meeting for 2008, 28 May 2009. at 30 March 2009,
the company’s holding of own shares was 133 100, with a maximum
holding in the period of 133 100 shares. TTS has made use of the
authorisation to purchase own shares and subsequently sell these
shares to employees at a discounted rate.
41

4. equal treatment of shareholders and transactions with
closely related parties
SHarE CaPiTal anD SHarEHolDErS
The share capital at 31 December 2008 and at 30 March 2009 was
noK 12 954 139.50 divided into 25 908 279 shares at a nominal value
of noK 0.50 each. The company has only one class of freely negotiable
shares, which are listed on the oslo Stock Exchange’s Match list under
the ticker symbol TTS. Each share is allocated one vote. a list of the
TTS’ 20 major shareholders is available on the company’s website.
oWn SHarES
own shares are purchased on the oslo Stock Exchange. TTS maintains
its preceding years’ practice of selling own shares to its employees
at a discounted rate, but in 2008 employees were given no offer to
purchase shares.
THE BoarD oF DirECTorS anD GrouP ManaGEMEnT
TTS Marine aSa’s Board of Directors and Group Management are
viewed as closely related parties of TTS, using the oslo Stock Exchange
for the transaction of TTS shares.
There have been no closely related transactions between the Board
of Directors or the Group Management and TTS. according to the
norwegian code of practice for corporate governance, a company is
advised to implement guidelines assuring that closely related parties
give notice of closely related transactions. Based on the current Board
of Directors and Group Management, the company has deemed such
guidelines to be unnecessary.
CloSElY rElaTED CoMPaniES
The joint venture companies in the TTS group are treated as closely
related companies with transactions as shown in note 19.
on 2 november 2007, Sense EDM aS established a letter of intent
in respect of an acquisition of 100 percent of the shares in Wellquip
Holding aS. The transaction was effectuated in February 2008. neram
aS, owned by Trym Skeie, and lesk aS, owned by lena Skeie, companies
that are both shareholders of TTS Marine aSa, own 9.8 percent and
4.9 percent respectively of the issued share capital of Wellquip.
The value of Wellquip Holding aS has been verified by third party
DnBnor Markets.
5. freely negotiable shares
as transpires from the articles of association posted on the company’s
website, no form of transfer restriction have been effectuated.
6. annual General meeting
The annual General Meeting (aGM) is usually held at the end of May.
The annual General Meeting for 2008 will be held on 28 May
2009 in accordance with the financial calendar published for 2009.
agenda papers for the annual General Meeting, including the
n ominating committee’s recommendations, are distributed to the
share holders at the latest two weeks prior to the annual General
Meeting, and are available on the company’s website at the latest
three weeks prior to the annual General Meeting.
Shareholders unable to attend may vote by proxy. The registration
deadline is set to the day before the annual General Meeting.
The Chairman of the Board, chairman of the nominating committee,
auditor and CEo are present at the annual General Meeting, in addition
to other board members when appropriate. The annual General Meeting
elects its own chair; usually this is the Chairman of the Board.
on account of a low turnout for the general assemblies, TTS does
not deem it necessary for the full Board of Directors to be present. We
have, for the same reason, found it unnecessary to establish routines
to secure independent chairing of the annual General Meeting. Should
there be particular items on the agenda requiring need for such measures,
this will be individually considered for each general assembly.
42
7. nominating committee
in TTS, a nominating committee is statutory according to the articles
of association. in accordance with the annual General Meeting on
22 May 2008, a nomination committee was appointed with the following
members:
n a M E P o S i T i o n
Harald Espedal Managing Director, Skagenfondene
Bjørn Sjaastad Managing Director, Frontline Management
Bjørn olafsson Managing Director, Frende liv aS
The nominating committee appoints its own chairman of the committee.
Bjørn olafsson was elected to chair the committee.
no one in the nominating committee is a member of the Board of
TTS Marine aSa or part of the management of TTS, as such ensuring
independence. The nominating committee has knowledge of TTS and
its shareholders, so that the interests of the shareholders are protected.
The nominating committee recommends candidates to the Board
and related remuneration, where the nominating committee’s recommendation
is substantiated.
according to the norwegian code of practice for corporate governance,
the chairman of the nominating committee should be elected at
the annual General Meeting. TTS views it as more appropriate that the
committee decides on the distribution of tasks, including the election
of a chairperson.
8. corporate assembly and board of directors, composition
and independence
as TTS Marine aSa has fewer than 200 employees, the management
model does not include a corporate assembly. There are two employee
representatives on the Board of TTS Marine aSa.
in accordance with the annual General Meeting on 22 May 2008,
the shareholders elected the following members to the Board:
n a M E S T a T u S P o S i T i o n
nils o. aardal not up for election CEo, J.o. odfjell aS
anne Breive re-elected CFo, løvenskiold Vækerø aS
Kjerstin Fyllingen new Group Director, TrygVesta aS
Birger Skeie new Skeie Technology aS
Bjarne Skeie new Skeie Technology aS
in accordance with ordinary election of two employee representatives
to the Board of TTS Marine aSa, the following were appointed to the
Board in September of 2008:
naME CoMPanY PoSiTion
olav Smeland TTS Marine Cranes aS Director
anne-Karin Bedringås TTS Marine Cranes aS Director
Mette abrahamsen TTS Marine Cranes aS 1st Deputy Director
Jan ove Hovdenak TTS Marine Cranes aS 2nd Deputy Director
Birger Skeie was elected Chairman of the Board. TTS’ Board members
are elected for a two-year period. Each Board member’s CV is available
in the annual report.
Birger Skeie and Bjarne Skeie are both representatives for Skeie
Technology, which is the company’s major sharholder. The other shareholder-elected
Board members are independent of management, the
company’s major shareholders and primary business connections.
Furthermore, the composition of the Board upholds shareholder interests,
and the company’s requirements for expertise, capacity and diversity
in a fine collegiate body. The complementary expertise of the Board
ensures the Board member’s ability to assess matters from different
perspectives before reaching a final conclusion.
at 31 March 2009, Bjarne Skeie, Director of the Board, is owner
of 3 770 517 shares in TTS Marine aSa, through Skeie Technology in

which he owns all of the the voting shares. nils o. aardal, Director of
the Board, owns 75 000 shares in TTS and olav Smeland, Director of
the Board, owns 1 250 shares. The other Directors of the Board do not
hold any shares. none of the Board Directors hold any options.
according to the norwegian code of practice for corporate governance,
the Chairman of the Board should be elected by the annual
General Meeting. in TTS, the Board appoints its own chairman.
9. the work of the board
The Board has eight scheduled meetings annually, in addition to further
meetings as required. a total of 14 board meeting were held in 2008.
as a result of the tremendous expansion that the company is undergoing,
the work of the Board has been intensified, with increased
focus on strategic work and acquisitions. in the coming years, TTS will
continue to expand the group’s activities within its market segment
for handling equipment for ships, ports and offshore installations, as
well as advanced drilling equipment for offshore and land based units.
Procedures for the Board and management have been established,
focusing on distribution of tasks and responsibilities.
The Board of TTS Marine aSa has an audit committee:
auDiT CoMMiTTEE
nils olav aardal (Chairman)
anne Breive
Kjerstin Fyllingen
according to the norwegian code of practice for corporate governance,
the Board should have a deputy chairman who may function when the
Chairman of the Board is unable to or disqualified from heading the work
of the Board. at present, TTS does not have a deputy chairman. This is
assessed on an annual basis. TTS previously had a deputy chairman.
10. risk management and internal control
The TTS Group has a decentralized structure with operative boards in
each company holding an average of six to eight board meetings a
year. The largest company in each division reports on all the companies
in its own division. The President and CEo is chairman of the board in
all of the division’s Board of Directors. The head of division is chairman
of the board of the companies within the division. in addition to this,
the boards consist of personnel from various companies in different
divisions, as well as external board members as required. an authority
matrix has been established detailing which matters may be dealt with
at the various levels.
Procedures and systems upholding uniform reporting have been
prepared for monthly reporting with a more comprehensive quarterly
reporting. included in the reporting are any variances or measures
for the most significant projects. This project reporting may be more
frequent as required.
11. remuneration of the board of directors
Based on the recommendation of the nominating committee, the
annual General Meeting determines the remuneration of the Board
of Directors. remuneration is not linked to the company’s result. There
is no share option programme for the Board of Directors.
Members of the Board of Directors, or companies with whom they
are associated, are not usually given separate tasks by TTS in addition
to their function as members of the Board. Still, should such tasks be
assigned, this will be based on the approval of the Board of Directors.
There were no such assignments in 2008.
The nominating committee’s proposal for remuneration of the Board
of Directors is presented in the call for the annual General Meeting
on 28 May 2009.
12. remuneration of executive management
Guidelines for remuneration of executive management are presented
in note 4. according to the note, share options constitute part of the
remuneration.
Share options for executive management (see item 3 – authorisations
to the Board) include the group management. at the end of 2008, and
at 30 March 2009, a total of 800 000 authorised share options had
been issued to group management. 380 000 options may be exercised
up until 24 May 2009 at a price of noK 79 and 420 000 options may
be exercised up until 22 May 2010 at a price of noK 81 per share.
DiSTriBuTion oF oPTionS anD SHarES aT 31 MarCH 2009:
Name Position Number of Number of
options owned shares
Johannes D. neteland President & CEo 200 000 105 000
olav Bruåsdal Financial Director 80 000 34 000
Hans-Jan Erstad Chief of Staff 80 000 20 000
ivar K. Hanson Head of Division 80 000 20 000
Stellan Bernsro Head of Division 80 000 20 000
Edgar Bethmann Head of Division 80 000 20 000
Tom Fedog 1) Head of Division 80 000 281 420
lennart Svensson 2) Head of Division 0 200
Margrethe Hauge 3) Head of Division 40 000 100
Total 800 000 500 720
1) Owns Wary AS (100 %) that owns 50 % of Itlution AS and Itlution II AS
that owns in all 562 840 shares in TTS Marine ASA.
2) Started as head of the Port and Material Handling division on
1 October 2008.
3) Started in TTS as group director in February 2008, and was appointed
head of the newly established Services division as of 1 January 2009.
13. information and communication
The company has established guidelines for the handling of information
and communication. These guidelines also address contact with the
owners separate from the general assembly.
The reporting by TTS of financial and other information is based on
transparency, respecting the principles of equal treatment of stock
market participants.
a financial calendar is available on the company’s website. any
dividend proposal is presented in the fourth quarterly report and the
call for an annual general meeting.
information for the shareholders of the company is posted on the
company’s website at the same time as it is distributed to the shareholders
(with the exception of the call for an annual general meeting,
see item 6).
14. company takeover
The company’s articles of association do not include mechanisms aimed
at preventing takeover, nor are other hindrances in effect to reduce
transfer of the company’s shares.
no main principles have been established for TTS’ response to a prospective
takeover bid, other than that the norwegian code of practice
for corporate governance will have a normative function.
15. auditor
The auditor conducts a minimum of two meetings a year with the audit
committee, part of the meeting without management present. one of
the meetings is conducted in connection with the review of the annual
accounts. The auditor is present at board meetings as required.
remuneration payable to the auditor, specifying the division between
auditing and other services, is shown in note 4.
The extent of services other than audit services is addressed in the
meeting between the auditor and the audit committee. it has not been
deemed necessary by the Board to implement additional guidelines
with regard to the management’s access to making use of the auditor
for services other than auditing.
43

Second row, from the left: Edgar Bethmann, Hans-Jan Erstad,
lennart Svensson, Stellan Bernsro, Mette Henriksen and Tom Fedog.
First row: Margrethe Hauge and Johannes D. neteland.
ivar K. Hanson was not present.
44
PHOtO: HeLGe sKODVIn

Senior management
johannes d. neteland
preSident & ceo
neteland (51) is President & CEo
of TTS Marine aSa. He has an
advanced business administra tion
degree from the norwegian
School of Economics and
Business administration (nHH).
neteland worked for Statoil from
1981-1988, was the deputy
managing director of Block
Watne Boliger from 1988-1989
and the marketing director of the
Ekornes Group from 1989-1991.
He was the division director of
Vital Forsikring from 1991-1998
until he assumed his current
position.
mette henriksen
actinG cfo
Henriksen (47) is acting Chief
Financial officer of TTS Marine
aSa. She holds a Master of
Economics from the norwegian
School of Economics and
Business administration (nHH),
as well as a Master of Science
in Public accounting. Henriksen
held a position with Deloitte in
oslo and Bergen for 15 years as
account Manager. From holding
the position of Chief accountant
at Hansa Borg Bryggerier aSa,
she was appointed Director of
Finance of TTS in 2005. Henriksen
has been acting Chief Financial
officer since January 2009.
hans-jan erstad
vice preSident
Erstad (65) is Hr Manager with
additional responsibility for corporate
iT and quality assurance
projects. He is an automation
engineer and has also studied
economics, management and
contract management. Erstad has
worked in defence, maritime and
offshore industry. For many years
he also worked as a consultants
for more than 40 norwegian
companies. He started in TTS in
1995 and has been responsible
for iT, logistics and industrial
development. He assumed his
current position in 2002.
Stellan bernsro
executive vice preSident
Bernsro (48) is Director of Dry
Cargo Handling division and
Managing Director of TTS Ships
Equipment aB. Bernsro holds a
Master of Science in industrial
Engineering and Management, an
Engineering degree in Mechanics
while being graduated Captain
in the royal Swedish navy.
Bernsro has experience from
management positions in marine
diesel engine service, industrial
gas applications and production
automation, prior to joining TTS
in 1996. He was initially assigned
as contract manager and was
in 2005 appointed managing
director, while during the spring
2006 assuming current position.
ivar K. hanson
executive vice preSident
Hanson (44) is division Director
for Marine Cranes and Managing
Director of TTS Marine Cranes aS.
He has an advanced degree in
business administration from the
norwegian School of Economics
and Business administration
(nHH) and is a mechanical
engineer. Hanson has worked as
a contract coordinator and bid
manager. He started at TTS as
a shipyard consultant in 1994
and was appointed managing
director of TTS automation aS in
1999 and TTS Handling Systems
aS in 2000. From 1 January
2003 to 30 May 2004, Hanson
was director in Prosafe Drilling
Services aS for Technology
and Projects in the engineering
division. He took up his current
position with TTS in 2008.
lennart Svensson
executive vice preSident
Svensson (52) is Director of the
Port and Material Handling
division. Svensson is a naval
architect and Mechanical
Engineer. He has eight years of
experience from various enterprises
that are currently part of
the MacGregor Group and two
years as Marketing Director at
Daros Piston rings aB. Svensson
has worked for TTS since 1996
and as managing director in
TTS Port Equipment aB since the
company was established in
2005. He took up his current
position in the autumn of 2008.
edgar bethmann
executive vice preSident
Bethmann (51) is the division
Director for Deck Machinery and
Managing Director of TTS Kocks
GmbH. He has a Bachelor of
Commerce degree from the
German institute of Technology
at the university of Clausthal-
Zellerfeld, Germany. Bethmann
has 16 years’ experience from
the shipbuilding industry in
Germany, partly as a technical
director. Since 2000, he has been
Managing Director of TTS Ships
Equipment GmbH in Bremen.
Bethmann took up his current
position in the autumn of 2005.
tom fedog
executive vice preSident
Tom Fedog (46) is division
Director for Drilling Equipment
TTS GrouP 4-8
rEPorT FroM THE CEo 9-11
BuSinESS arEaS 12-37
corporate Governance 38-47
DirECTor’S rEPorT anD aCCounTS 48-110
and Managing Director of TTS
Sense aS. He has an advanced
degree in business administration
from the university of agder.
Mr. Fedog has long experience
from the oil and gas industry.
He worked 13 years at aker
Maritime Hydraulics, in different
departments. He also worked
several years as President for
Maritime Hydraulics Canada.
Thereafter he became the Vice
President of the Business
Development department in the
company. Mr. Fedog has since
1992 to 2000 been member of
the Corporate Management Team
at Maritime Hydraulics. From
2000 and until the merge with
TTS-group he was President
and shareholder of Sense
Technology aS. He took up his
current position in the spring
of 2007.
margrethe hauge
executive vice preSident
Hauge (38) is Director of Services
division. She holds a degree in
Master of Science in Business
and administration from the
university of Mannheim in
Germany, specialising in logistics
and Marketing. after finishing
her degree, Hauge worked for
Hydro Seafood aS for three
years, before taking up a position
in Kverneland aSa, a company
manufacturing agricultural
machines. in Kverneland aSa,
she held several positions; among
these, she was Managing Director
of the business domain spare
parts, Managing Director of
Kverneland Group australia,
and in the last year Managing
Director for business area Crop
Care. Hauge started in TTS
Marine aSa in February 2008.
45

4-8 T T S G r o u P
9-11 rEPorT FroM THE CEo
12-37 B u S i n E S S a r E a S
38-47 corporate Governance
48-110 DirECTor’S rEPorT anD aCCounTS
the board of directors ttS marine aSa
birger Skeie
chairman of the board
Skeie (58) has a background in
economics studies and more
than 30 years’ experience from
development and management
of companies within the shipping,
rig, offshore and equipment
industries. He held various positions
in Mosvold Shipping aS
(1974-1981) and norwegian rig
Consultants aS (1981-1986).
Skeie was with the Skeie Group
in (1986-1990), first as financial
director, then later as executive
vise president. He was in Skeie
Shipping & offshore (1990-
1992), then in Hydralift (1992-
2006) first as financial director,
then as managing director from
1997. Hydralift saw a tremendous
organic growth through acquisitions
and was sold to national
oilwell in the autumn of 2002.
in 2002, the company was the
major shareholder of TTS Marine
aSa (39.1 percent). Skeie started
as managing director of Skeie
Technology aS in 2006, and was
seconded as managing director of
Skeie Drilling & Production aSa
in 2007. Skeie was a member of
the Board of Directors of TTS
Marine aSa in the period 2002-
2004, and has been chairman of
the board since 2008. He has no
shares or options in TTS Marine
aSa. Skeie is a norwegian citizen.
anne-Karin bedringås
d i r e c t o r o f t h e b o a r d
Bedringås (44) completed three
years of Business College in
lillesand and arendal. She joined
Hydralift, now TTS, in 1985. Her
previous work in Hydralift/TTS
included executive work, transportation
and l/C in the after
Sales and Stock department.
Following this, she worked as a
46
purchaser in the Ma department
in Kristiansand, and she is currently
a project secretary in sales
and logistics, in the crane department
in Kristiansand. She has
acted as employee representative
on the Board of TTS Marine aSa
since 2008. Bedringås holds
no shares in TTS. Bedringås is a
norwegian citizen.
olav Smeland
d i r e c t o r o f t h e b o a r d
Smeland (34) holds a degree as
Technical Economic Engineer
(Machinery) at agder College,
Grimstad division. He has previously
been employed by Hydralift,
and has worked for TTS since
1998. He has worked primarily as
purchaser for parts and accessories
related to crane production.
Presently, he is Project Manager
in the Marine Crane Division’
branch office in Kristiansand.
Smeland has acted as employee
representative on the Board
of TTS Marine aSa since 2006.
Smeland owns 1 250 shares in
TTS. Smeland is a norwegian
citizen.
Kjerstin fyllingen
d i r e c t o r o f t h e b o a r d
Fyllingen (51) is corporate director
of TrygVesta, Private & Commercial
norway. She holds a Diploma in
Economics and an MSc in leadership,
both from the norwegian
School of Management Bi.
Fyllingen previously worked for
Vital Forsikring, where she held
various managerial positions in
charge of the business segments
Public Sector, as well as Customer
Service Private & Commercial.
Fyllingen has furthermore held
various managerial positions in
DnB within the areas of iT and
Economics. She has been head
of infodoc international and held
various positions within Economics
in DnV. Fyllingen has been a
member of the board since 2008.
She has no shares or options
in TTS Marine aSa. Fyllingen is
a norwegian citizen.
bjarne Skeie
d i r e c t o r o f t h e b o a r d
Skeie (63) has an engineering
background and is known as an
entrepreneur, industrial developer
and investor in the rig, offshore
and equipment industries. This
includes the founding of Maritime
Hydraulics aS (1970), as well as
acquisitions and restructuring of
a number of companies that were
merged and listed on the oslo
Stock Exchange as Skeie Group
(1986/87). He undertook further
establishments and acquisitions
of new companies, one of which
was Hydralift (1990), a company
that saw tremendous organic
growth through acquisitions.
Hydralift was sold to national
oilwell in the autumn of 2002, at
the time the major shareholder
of TTS Marine aSa (39.1 percent).
He founded Sinvest in 2002,
which was sold in 2006. in 2006,
Skeie Drilling & Productions was
established, and in 2007, Skeie
energy was established. as of
april 2008, Skeie Technology aS
owned 3 406 917 shares (13.2
percent) in TTS Marine aSa.
Bjarne Skeie owns 20 percent of
all the shares and 100 percent
of the a-class voting shares in
Skeie Technology aS. He holds
no options in TTS Marine aSa.
Skeie was Chairman of the Board
of TTS Marine aSa in the period
2002-2003 and has been a
member of the board since 2008.
Skeie is a norwegian citizen.
nils o. aardal
d i r e c t o r o f t h e b o a r d
aardal (61) with a background in
economics studies, aardal has
over 30 years’ experience of the
shipping and offshore industry
through managerial and board
positions with Jo Tankers and
odfjell Drilling. He has also held
many posts as a director within
banking, marine insurance and
interest organisations. Today, nils
o. aardal is a working director of
the ship-owning companies that
are used by Jo Tankers, and he
also holds board positions within
the marine industry. aardal has
been a member of the TTS Marine
aSa board since 1999. aardal
owns 75 000 shares in TTS. He
has no options in the company.
aardal is a norwegian citizen.
anne breive
d i r e c t o r o f t h e b o a r d
Breive (43) is CFo of løvenskjold
Vækerø. She has a Bachelor
of Commerce degree from the
norwegian School of Management
(Bi) and an MBa degree
from Glasgow university. During
the period 1994-2005, she held
various managerial positions in
the norske Skog Group, including
that of Vice President Corporate
Funding and Vice President
Corporate Controlling. Breive was
CFo of Statnet from 2005-2008.
Breive has been a member of
the TTS Marine aSa board since
2005. She has no shares or
options in the company. Breive
is a norwegian citizen.

From the left: Bjarne Skeie, anne Karin Bedringås,
olav Smeland, Kjerstin Fyllingen, Birger Skeie,
nils o. aardal, anne Breive.
PHOtO: HeLGe sKODVIn
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director’s report for 2008
introduction
the tts Group (tts) had its best operating year ever in 2008
despite for the financial turmoil in the finacial markets and the
increasing international financial crisis.
However due to the increased uncertainty in the market, the
Board has deceided to end the total contract evaluation of costs
related to a contract of delivery of 9 rigs to ability Drilling. Due to
the uncertainty related to wheter the last 5 rigs will be delivered,
capitalized costs related to the total contract evaluation in the 2007
accounts of nOK 79 million, have been taken into the accounts of
2008. after this depreciation the operating result (eBItDa) for
2008 is nOK 145.5 million (nOK 167.8 million in 2007). Pre-tax
profit was nOK 36.8 million (nOK 97.6 million) and net profit
was nOK 36.4 million (nOK 79 million). the board propose that
the result is allocated to other reserves.
In 2008, the turnover in tts was nOK 4 196 million (nOK
2 460 million). at the start of the new year, the order backlog was
nOK 8 159 million (nOK 6 946 million).
In 2008, tts developed and consolidated its position as leading
global supplier within the group’s prioritised business segments;
handling equipment to the maritime sector, to the onshore and
offshore sector, as well as to ports and terminals.
operations
tts is an international group that develops and supplies handling
equipment to the maritime industry and to the oil and gas industry.
Operations have been organised in five divisions; Dry cargo
Handling, Marine cranes, Port and Material Handling, Deck
Machinery and Drilling equipment. as of 2009, after sales support
and services in all areas of operation have been organised in a new
division; the services division.
In 2008, tts acquired the norwegian drilling technology company
Wellquip, thereby strengthening the Drilling equipment
division’s expertise and ability to deliver with regard to complete
drilling packages. In Dalian, china, tts established a wholly-owned
subsidiary company associated to the Deck Machinery division.
tts Marine equipment co. Ltd. manufactures winches and other
deck equipment. In total, the tts Group comprises 24 operative
and wholly-owned units in 12 countries.
In china, tts holds a 50 percent ownership interest in two
joint venture companies, tts Hua Hai ships equipment co. Ltd.
and tts Bohai Machinery co. Ltd., with partners china state
shipbuilding corporation (cssc) and Dalian shipbuilding Industry
corporation (DsIc) respectively. through the Dry cargo Handling
division, tts holds a 50 percent ownership interest in the privately
48
owned manufacturing company tts Keyon Marine equipment co.
Ltd., a company which supplies steel structures for hatch covers,
roro equipment and cranes. Furthermore, the joint venture company
tts Hua Hai ships equipment participates with an ownership
interest of 40 percent in the company Jiangnan tts (nantong) ships
equipment co. Ltd., which manufactures hatch covers.
marKet and diviSionS
through its activities in the dry cargo handling division, tts is a
leading supplier of cargo handling systems for ships; side loading
systems, roro equipment, hatch covers and special equipment for
offshore vessels, yachts and cruise ships. the division reported
continued growth in deliveries in 2008. the level of activity was
particularly brisk in the market for handling equipment to car
carriers. as a result of the negative trend in global economy, the
division was, in the fourth quarter, forced to record losses on several
contracts with weak margins, and moreover take a loss on currency
hedging contracts in connection with cancellation of contracts.
this meant that the division’s result was somewhat weaker than
in 2007.
the marine cranes division develops and supplies marine cranes,
and is the world’s leading supplier of hose handling cranes. the
division is furthermore a major supplier of provision cranes and
cargo cranes. For the offshore sector, the division delivers cranes
and other handling equipment for vessels and installations. In 2008,
the division continued its progress in all business areas. Operations
were mainly as expected, but the Marine cranes division recorded
losses on currency contracts, that was weakening the result of the
division in the fourth quarter.
the port and material handling division supplies shipyard production
systems and systems for material handling in shipyards and
other industries, as well as loading and transport systems to ports.
the division’s turnover increased further in 2008, and the result
was considerably better than in 2007.
the deck machinery division manufactures winches and other
deck machinery for the maritime industry and for the offshore
sector. the division reported a significant growth in turnover in
2008, with a solid result.
the drilling equipment was established following tts’ acquisition
of sense eDM. the division supplies drilling equipment to offshore

igs and complete drilling rigs for onshore use. the growth in turn-
over in 2008 was excellent, but the result was strongly affected
by the depreciation related to the rigs in the ability Drilling
contract. Furthermore, the division was greatly affected by the
financial crisis after several projects failed to be completed owing
to lack of financing.
the ttS Group
at 31 December 2008, the tts Group had a workforce of 1 236
employees. Of these, 557 were based in norway, 105 in sweden,
29 in Finland, 175 in Germany, 35 in the czech republic, 8 in
Italy, 195 in china, 11 in Usa, 55 in canada, 50 in south Korea,
6 in Vietnam and 10 in singapore. at the start of the new year,
tts’ three joint venture companies in china had a total of 418
employees.
the parent company, tts Marine asa, has its head office in
Bergen, norway, and is listed on the Oslo stock exchange.
tts has reached a dimension where considerable synergies
can be obtained through a higher degree of interfacing between
divisions and corporate units. this requires a degree of central
management to ensure support and loyalty with regard to approved
principles for coordination of operation. at the same time, the
established principle for operations in tts is based on extensive use
of local management and direction. Proximity to operations and
results in each of the operative units motivates management and
employees to greater efforts, and this in turn strengthens the
perception of the individual customer’s experience that their needs
and requirements are being met in a satisfactory manner.
In tts, product development is primarily performed on a
project basis. Prior to the signing of contracts, considerable
development takes place in some of the projects in cooperation
with the customers. However, for some of the new product areas,
product development will not be tied to any one single project.
among other things, tts has developed a winch for anchor
handling with so-called active heave compensation, which means
that loads can be placed safely on the seabed regardless of surface
weather conditions.
Goal and StrateGy
tts’ goal is to develop and supply equipment to the maritime
industry and to the oil and gas industry of a quality that strengthens
our customers’ productivity and value generation. Our expertise
and our resources are aimed at design and engineering, as well as
assembly and testing of products. Other activities that are included
in a total delivery are primarily purchased from cooperating
companies. after sales support and service is on of the group’s
areas of priority.
tts’ strategy is to build up and maintain a relationship of trust
with our customers through development and delivery of products
that are competitive as regards price and quality. this means that
tts must have a global competitive structure to match the lowest
bidder. In addition to this, the reliable and professional handling of
guarantee issues is necessary in order to become a preferred supplier.
tts has a program of specific actions for the implementation
of such a strategy.
tts has based its growth and development on a combination of
organic growth and acquisition of companies in areas that supplement
tts’ established operations and that create synergistic effects. this
strategy will be continued.
review of the annual accounts
financial reSultS for 2008
In 2008, tts achieved a pre-tax profit of nOK 36.8 million (nOK
97.6 million) and a net profit of nOK 36.4 million (nOK 79
million). earnings per share was nOK 1.41 (nOK 3.40).
the group’s turnover was nOK 4 196 million (nOK 2 460
million), and earnings before depreciation (eBItDa) was nOK
145.5 million (nOK 167.8 million). there was an increase in
turnover of 70 percent and a decrease in operating profit of 15
percent. the turnover was higher than previously communicated in
the guiding presented by the company at the start of the year.
Operating profit was weaker than anticipated, due to the depreciation
in the ability Drilling contract and to unexpected losses on
foreign exchange in the wake of the downturn of international
economy toward the end of the year. In addition to this, two of the
group’s companies delivered a weaker result than expected.
accountinG principleS
the annual accounts of the group have been prepared in accordance
with the annual accounts of the mothercompany. tts Marine asa
have been prepared in accordance with norwegian reporting
standards. the accounting principles are the same as for the annual
accounts for 2007.
balance Sheet
the total assets at 31 December 2008 were nOK 4 380.7 million
(nOK 3 102 million) with a total equity of nOK 989.1 million
(nOK 933.6 million), equivalent to an equity ratio of 22.6 percent
(30.1 percent).
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tts’ debenture of nOK 500 million, which was taken up in
2007 in connection with the acquisition of sense eDM as, has
a covenants’ requirement to equity of a minimum of nOK 550
million and an equity ratio of 22.5 percent.
the increase of intangible assets to nOK 1 205.2 million
(nOK 1 075.4 million) is primarily related to the acquisition of
Wellquip as. the increase in tangible fixed assets to nOK 124.7
million (nOK 78.3 million) is mainly due to increased inventory
and equipment.
Fixed assets constitute nOK 104.1 million (nOK 61.9 million),
of which nOK 87.4 million (nOK 57 million) are ownership
interests in the three joint venture companies in china. Of the
remaining nOK 16.7 million (nOK 4.9 million), the investment in
Fastship Inc constitutes nOK 2.9 million (nOK 3 million).
Increase in current assets to nOK 2.871,9 million (nOK
1 886.3 million) is a result of increased activity, in addition to
resources from acquired companies.
net interest-bearing debt at 31 December 2008 was nOK 509.7
million (nOK 253.2 million). cash reserves as of 31.12.07 were
nOK 267.2 million (nOK 353.1 million).
the tts Group has income and expenses in foreign currencies,
where the financial risk has been reduced by the use of hedging
instruments, described in greater detail in accounting Principles.
the annual accounts shows actual loss on currency hedging
contracts of in all nOK 10 million in connection with cancellations
of firm orders and has made appropriations of further loss on
currency of in all about nOK 20 million.
the annual accounts have been prepared in accordance with the
International Financial reporting standard (IFrs). the accounts
provide a true picture of the company’s financial position at
31 December 2008. the Board and management are not aware of
any events that have occurred subsequent to the balance sheet date
of 31 December 2008 that may be of material significance to tts
and the annual accounts for 2008.
at the end of 2008, tts Marine asa had a share capital of nOK
12 954 140 divided into 25 908 208 shares at nOK 0.50 each.
order bacKloG
the order backlog at 31 December 2008 was nOK 8 159 million
(nOK 6 949 million). these figures include 50 percent of the order
backlog of the joint venture companies.
On the basis of confirmed and anticipated cancellations that have
followed in the wake of the financial crisis and the downturn in the
global economy, tts made a downward adjustment of the order
backlog in the fourth quarter of about nOK 600 million. Presumably,
50
the order backlog will have to be adjusted downward with a further
nOK 400 million in 2009 for the same reason.
continued operation
the requirement for continued operation pursuant to section 3-3
of the norwegian accounting act has been fulfilled, and the annual
accounts have been prepared according to this. at 31 December
2008, the equity ratio was 22.6 percent of a total balance of nOK
4 380 million, with net interest-bearing debt of nOK 509.7 million.
business areas
tts develops and supplies and delivers handling equipment to the
maritime industry and to the oil and gas industry. the operations
have been organised in five divisions in 2008.
d r y c a r G o h a n d l i n G d i v i S i o n
the Dry cargo Handling division reported a turnover in 2008 of
nOK 1 240 million (nOK 875 million). earnings before depreciation
(eBItDa) were nOK 85 million (nOK 95.5 million). the
eBItDa margin was 6.9 percent compared to 10.9 percent in
2007.
at 31 December 2008, the order backlog was nOK 3 151
million (nOK 2 619 million). toward the end of 2008, the market
for equipment to bulk carriers was affected by the economic crisis,
resulting in cancellations. In spite of this, the Dry cargo Handling
division reported a positive net order intake in the fourth quarter.
marine craneS diviSion
the Marine cranes division reported a turnover in 2008 of nOK
1 107 million (nOK 688 million). earnings before deprecation
(eBItDa) was nOK 41.8 million (nOK 34.9 million). the eBItDa
margin was 3.8 percent compared to 5.1 percent in 2007.
at 31 December 2008, the order backlog was nOK 2 371
million (nOK 2 433 million). the market for cargo cranes to
bulk carriers is affected by the economic crisis, and for tts it has
resulted in a substantial number of cancellations.
port and material handlinG diviSion
the Port and Material Handling division reported a turnover in
2008 of nOK 350.5 million (nOK 333 million). earnings before
depreciation (eBItDa) were nOK 32.5 million (nOK 25.6
million). the eBItDa margin was 9.3 percent compared to 7.7
percent in 2007.
at 31 December 2008, the order backlog was nOK 326 million
(nOK 216 million). the market outlook for the division’s products
remains good.

d e c K m a c h i n e r y d i v i S i o n
the Deck Machinery division reported a turnover in 2008 of nOK
448 million (nOK 300 million). earnings before depreciation
(eBItDa) were nOK 22.3 million (nOK 5.3 million). the eBItDa
margin was 5 percent compared to 1.8 percent in 2007. In 2008, the
division established a new wholly-owned company in Dalian in china
for production of winches and other deck machinery. start-up costs
related to this have been included in the accounts.
at 31 December 2008, the order backlog was nOK 902 million
(nOK 681 million). the level of activity in the market for the
division’s products remains high.
drillinG equipment diviSion
the Drilling equipment division reported a turnover in 2008 of
nOK 1 057 million (nOK 265 million). earnings before depreciation
(eBItDa) were nOK -24.6 million (nOK 13.9 million).
the eBItDa margin was -2.3 percent compared to 5.2 percent
in 2007. Without write-downs the eBItDa margin is 3,6 procent.
the division was established in May 2007, following tts’
acquisition of sense eDM as, and the figures for 2007 reflect the
period under tts’ ownership.
the division has a program for delivery of large rigs for onshore
use to ability Drilling asa. the total contract is 9 rigs and the total
development costs has been allocated to the 9 rigs. Due to the
negative development in the market since the change of year and
increased uncertainty related to wheter all rigs will be delivered,
the Board decided to end the total contract evaluation and to depreciate
the activated costs of nOK 79 million. In addition costs for
compensation to the customer related to delays in the start
of the project has been taken into the accounts. costs related to
further development- and testing has also been taken into the
divisions accounts.
at 31 December 2008, the order backlog was nOK 1 410 million
(nOK 999 million). as a result of the economic crisis the market
for equipment deliveries to the offshore market is at a standstill,
however the onshore market shows potential.
risk factors and risk management
the tts Group is exposed to various types of risks, and the Board
closely monitors development within the different risk areas.
On a monthly basis, the Board reviews operating reports prepared
by the administration. In addition to the continuous risk
management, the Board and administration carry out specific risk
analyses in connection with major investments and acquisitions, as
well as risk analyses of projects.
marKet riSK
at the end of 2008, tts reported a record high order backlog. as
a result of the financial crisis, the order backlog is encumbered
with uncertainty due to the risk of cancellations and payment
difficulties on part of the customers. In addition to this, many of
the group’s projects depend on the customer’s ability to finance
their investments. In general, the risk of lack of financing has
increased throughout the market. Moreover, a lower level of
activity within shipbuilding could affect the group’s activity level in
the long run.
financial riSK
tts is exposed to financial risk related to credit risk, liquidity risk
and currency risk.
credit risk is the risk of financial losses should a contractual
partner fail to fulfil his obligations. the customer base is differentiated,
and historically the group has seen only a modest loss on
accounts receivable. the development of the global economy in
general, and of the ship building industry and offshore industry in
particular, has resulted in an increased credit risk. as a consequence
of the increased risk level, actions have been taken to limit risk
exposure. allocation for loss of accounts receivable was increased
by nOK 11.4 million at the end of the year.
Liquidity risk is the risk of the group being unable to fulfil its
financial obligations as they fall due. at 31 December 2008, tts has
an unused bank overdraft of nOK 325 million.
tts is exposed to a considerable currency risk through its high
degree of export. the group’s primary trading currencies are euro
and UsD. tts’ policy is to limit currency risk through hedging all
contractual revenue.
operational riSK
the group’s deliveries are primarily organised in the form of
projects. Uncertainty in the ship building industry has resulted in
cancellations and delays of deliveries, and the likelihood of further
cancellations and delays is still present. tts has a large contract
with ability drilling consisting of 9 rigs for onshore use. this has
been a challanging project and the customer had no total financing
for the project by the end of 2008. the uncertainty in the market
has increased sinse the year end, which is the cause to the depreciation
of the ability Drilling contract in 2008.
the situation in the market is being closely monitored, and tts
is continuously working at reducing the group’s exposure to loss in
the event of cancellations.
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organisation
orGaniSation and environment
the number of employees in the tts Group increased by 62 persons
to 1 236 persons. In the three joint venture companies, manning
increased from 361 to 418.
absence due to illness was 2.4 percent in 2008, compared to
3.2 percent in 2007. twelve minor personal injuries were reported
during the year, compared to 20 in 2007. the number of days of
absence due to personal injuries in 2007 was 83. a key area for
continuous improvement is work within Health, safety and
environment (Hse).tts has prepared its own Hse Handbook,
which has been translated into most of the languages native to the
group’s employees.
tts has put down considerable resources in establishing a crossborder
connection between the managers and employees. through
a process involving all companies and divisions, we have examined
and established our core values, integrity, openness, loyalty and
initiative. Our core values shall influence tts’s activities, so that
they contribute to cooperation and progress for each and everyone
in the tts Group.
the work to increase cooperation and interaction between
divisions and companies has high priority in order to achieve
synergistic effects with regard to revenue and cost. this work has
been organised in various project groups with a high degree of
involvement by the operative units. the priority areas are marketing
and sales support, purchasing, technical operation, as well as
service and after sales support. With regard to service and after
sales support, evaluation and discussions of how tts may increase
its activities in the aftermarket on a long term basis has led to
the organisation of this business areas in a new division as of 2009;
the services division.
tts works systematically to increase the level of quality on all
deliveries. For several years there has been an ongoing process of
quality control in the group, and our aim is for all tts companies
to be IsO-certified by the end of 2009.
the tts Group’s activities are primarily related to design, engineering,
assembly and testing of equipment. assembly and testing
of tts products is based on a very limited use of chemicals harmful
to human health or to the environment.
the products supplied by tts are primarily electro-hydraulically
powered, and there is little risk of environmental pollution. the
tts Group’s operations are not regulated by licenses or regulatory
orders.
52
equal opportunitieS
tts aims to ensure equal working conditions, equal opportunities
and equal treatment regardless of gender, religion or ethnic background.
the aim is equal treatment of all with regard to recruitment,
remuneration and promotion.
among tts’s employees, most of them have engineering
expertise. Women are typically underrepresented in this field; of
the total workforce of 1 236 employees, 257 of these, constituting
20.8 percent (18.1 percent in norway), are women. 185 of the
women in tts hold positions within administration, finance or sales
and marketing, giving a 35.4 percentage of women within these
functions.
three of the seven board members of tts Marine asa are
women; two of these were elected by the shareholders and one was
elected by the employees.
among the group management of nine persons, one is a woman.
neW manaGerS in 2008
On 1 October 2008, Lennart svensson was appointed head of the
Port and Material Handling division, following Göran Johansson’s
retirement. svensson is a Mechanical engineer, and has been
Managing Director of tts Port equipment aB in Gothenburg
since its establishment in 2005. Prior to this, he was Marketing
Director of tts ships equipment aB, and svensson has for most
of his working career been involved in marine cargo handling.
Margrethe Hauge, who started in tts in 2008 in charge of the
group’s aftermarket activities, is as of 1 January 2009 appointed as
head of the new services division.
Mette Henriksen is acting chief Financial Officer, in place of
Olav Bruåsdal, who is absent due to illness, and she is part of group
management.
corporate governance
introduction
a more detailed account of the applicable principles for corporate
governance is provided on page 41-43 in this annual report.
the same applies to election of a new Board of Directors and nominating
committee at the annual General Meeting on 22 May 2008,
as well as the employees’ election of members to the Board.
capital Structure
at the start of the year, the company’s capital structure was nOK
12 869 140 divided into 25 738 279 shares at a value nOK 0.50.

In accordance with the resolution adopted at the annual General
Meeting on 30 May 2006, the Board has issued 340 000 purchase
options, of which 170 000 options were exercised in May 2008 at
a rate of nOK 35 each.
at the annual General Meeting on 22 May 2008, the Board was
granted authority to increase the company’s share capital with up to
nOK 2 million, by issuing 4 000 000 shares at a nominal value of
nOK 0.50. the Board was furthermore given authority to increase
the company’s share capital for the benefit of the company’s
employees with up to nOK 210 000 by issuing 420 000 shares each
at a nominal value of nOK 0.50.
future prospects
the financial crisis and subsequent crisis in the market economy,
places particular demands on management and control of operations
in tts. the Board considers the situation to be uncertain. the
downturn in the shipbuilding. market was expected, and formed
the basis for the group’s targeting of the marine maintenance
market. at the start of the new year, a new division, the services
division, was established to facilitate this targeting. Furthermore,
the group has used considerable resources on developing a new
business segment within oil and gas. consequently, the Board
maintains its faith in continued progress for tts – based on a solid
Bergen, 27 april 2009
the Board of tts Marine asa
order backlog and healthy level of activity in several of the group’s
markets. the crisis has resulted in more favourable prices on raw
materials and components used by tts for their products.
tts has the structure and flexibility to enable the group to adapt
to changes in activity levels. at the end of 2008, approximately
20 percent of the work force was contracted personnel. tts is
already in the process of reducing the number of contractors in
parts of the group.
In the long term, our markets will depend on the rate of investment
and will to invest within the maritime sector and the oil
and gas sector.
allocation of annual profit for ttS marine aSa
In 2008, the tts Group’s net profit was nOK 36.4 million. the
equity capital at 31 December 2008 was nOK 989.1 million.
tts Marine asa’s net profit in 2008 was nOK -2.5 million, and
the equity capital at 31 December was nOK 877.7 million.
Based on the unstable economic situation internationally, the
Board proposes that tts Marine asa’s result for 2008 in its
entirety is allocated and employed as Other equity capital.
accordingly, the Board proposes that no dividend shall be paid
out to the shareholders.
Birger skeie anne Breive
cHaIrMan DIrectOr
nils Olav aardal Bjarne skeie
DIrectOr DIrectOr
Olav smeland anne-Karin Bedringås
DIrectOr DIrectOr
Kjerstin Fyllingen Johannes D. neteland
DIrectOr PresIDent & ceO
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consolidated profit and loss account
ttS Group
1 january - 31 december
TTS GrouP 4-8
rEPorT FroM THE CEo 9-11
BuSinESS arEaS 12-37
CorPoraTE GoVErnanCE 38-47
director’S report and accountS 48-110
(aMounTS in noK 1000) iFrS iFrS
2008 2007
oPEraTinG inCoME noTES
income from projects 1, 2 4 176 497 2 452 225
other operating income 19 985 7 739
Total operating income 4 196 482 2 459 964
oPEraTinG CoST
Cost of sales 3 333 041 1 757 915
Personnel costs 4, 5 448 051 341 697
Depreciation of tangible fixed assets 6, 7 30 496 17 187
other depreciations/write-downs 8 347 15 944
other operating costs 18 283 726 207 087
losses on accounts receivable 3 917 829
income from investments in joint ventures 10 -17 712 -15 331
Total operating expenses 4 081 866 2 325 328
operating profit 114 616 134 636
FinanCial inCoME anD ExPEnSES
other interest income 22 18 107 9 930
other financial income 22 28 067 11 749
other interest expenses 22 -89 663 -42 258
other financial expenses 22 -34 307 -16 489
net financial items -77 797 -37 068
profit before income tax 36 819 97 568
income tax expences 14 427 18 527
net profit for the year 36 392 79 041
Earnings per share (noK) 23 1.41 3.40
Diluted earnings per share (noK) 23 1.41 3.37
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balance sheet
ttS Group
aSSetS
(aMounTS in noK 1 000) iFrS iFrS
31.12.08 31.12.07
fixed assets noTES
Deferred tax assets 14 74 793 43 648
inTanGiBlE FixED aSSETS
research and development 7 236 838 167 337
licences and patents 7 9 654 3 107
other intangible fixed assets 7 4 097 4 619
Goodwill 7 954 614 856 691
Total intangible fixed assets 1 205 203 1 031 754
TanGiBlE FixED aSSETS
land 6 14 673 15 466
Buildings 6 29 288 16 876
Machinery and vehicles 6 24 785 8 783
Furniture, office-, and computer equipment 6 55 950 37 192
Total tangible fixed assets 124 696 78 317
FixED aSSET inVESTMEnTS
investments in joint ventures 10, 19 87 407 57 022
investments in shares and other financial instruments 8 1 945 2 153
other receivables 11 3 400 1 891
Pensions 5 11 362 792
Total fixed asset investments 104 114 61 858
total fixed assets 1 508 802 1 215 577
current assets
inventories 3 212 828 100 582
Work in progress 3 33 105 30 680
Total inventories 245 933 131 262
aCCounTS rECEiVaBlE
receivables from customers 11 732 239 423 867
other receivables 11 468 076 137 500
accrued, non-invoiced production 2 884 156 596 638
Financial derivatives 20 70 360 53 988
Prepayments to suppliers 2 203 922 189 984
Total receivables 2 358 282 1 401 977
Bank deposits, cash in hand, etc. 15 267 233 353 138
total current assets 2 871 919 1 886 377
total assets 4 380 721 3 101 954
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equity and liabilitieS
(aMounTS in noK 1000) iFrS iFrS
31.12.08 31.12.07
equity noTES
Share capital 16 12 954 12 869
Company’s own shares 16 -67 -2
Share premium reserve 16 122 891 611 580
other equity 16 853 278 309 149
total equity 989 056 933 596
liabilities
ProViSionS For liaBiliTiES anD CHarGES
Deferred tax 14 33 560 25 712
Total provisions for liabilities and charges 33 560 25 712
oTHEr lonG-TErM liaBiliTiES
Debt to financial institutions 12, 13 532 297 563 166
Total other long-term liabilities 532 297 563 166
CurrEnT liaBiliTiES
Debt to credit institutions 13, 15 244 634 46 634
Payables to suppliers 607 375 290 989
income tax payable 14 4 211 14 657
other taxes payable 44 775 34 171
Prepayments from customers 2 931 910 570 445
non-invoiced production costs, suppliers 2 72 102 273 715
Financial derivatives 20 351 342 20 480
other current liabilities 17, 21 569 459 328 388
Total current liabilities 2 825 808 1 579 479
total liabilities 3 391 664 2 168 357
total equity and liabilities 4 380 721 3 101 954
Bergen, 27 april 2009
The Board of TTS Marine aSa
Birger Skeie anne Breive nils aardal Bjarne Skeie
CHairMan DirECTor DirECTor DirECTor
olav Smeland anne-Karin Bedringås Kjerstin Fyllingen Johannes D. neteland
DirECTor DirECTor DirECTor PrESiDEnT & CEo
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consolidated equity Statement
ttS Group
(ifrS)
Share
Share Own premium- Other
(aMounTS in noK 1 000) noTES capital shares reserve equity Total
equity as of 1 january 2007 11 246 -3 318 550 268 268 598 062
Dividends 0 0 0 -22 493 -22 493
Company’s own share 0 1 0 -165 -163
new issue 16 1 623 0 299 980 0 301 602
new issue expenses 16 0 0 -9 377 0 -9 377
options cost 16 0 0 2 427 0 2 427
Currency differences 25 0 0 0 -15 503 -15 503
net profit for the year 0 0 0 79 041 79 041
equity as of 31 december 2007 12 869 -2 611 580 309 149 933 596
Depreciation of share premium account 0 0 -500 000 500 000 0
Dividends 0 0 0 -32 173 -32 173
Company’s own share 0 -65 0 -2 850 -2 915
new issue 16 85 0 5 865 0 5 950
new issue expenses 16 0 0 0 0 0
options cost 16 0 0 5 447 0 5 447
Currency differences 25 0 0 0 42 758 42 758
net profit for the year 0 0 0 36 392 36 392
equity as of 31 december 2008 12 954 -67 122 892 853 275 989 056
58

consolidated cash flow Statement
ttS Group
1 january - 31 december
(aMounTS in noK 1 000)
2008 2007
cash flow from operations
net profit for the year 36 819 97 568
Tax paid during the period -36 806 -14 092
Depreciation 30 497 17 340
other depreciations/write-downs 347 15 943
net change in project accruals 219 861 -162 444
interest cost 89 663 42 258
Share of gain from associated companies -17 712 -15 331
Foreign currency gains/losses on loans 0 4 333
Difference between pension charges and payments to/from pension schemes -7 720 -2 963
inventories, customer receivables and payables to suppliers -106 657 256 497
other receivables and other short-term liabilities -123 924 -216 518
net cash flow from operations 84 368 22 591
cash flow from investments
acquisition of subsidiaries (less cash balances in subsidiaries) -70 000 -566 946
receipts from sale of fixed assets 0 542
Disbursements for acquisition of tangible fixed assets -67 701 -12 682
acquisition of intangible fixed assets -72 507 0
Payments on other claims (loans) -1 509 4 835
Foreign currency gains/loss related to investments -3 968 0
net cash flow from investments -215 685 -574 251
cash flow from financing
receipts from new short-term/long-term debt 0 500 000
repayment of short-term/long-term debt -24 976 -113 492
net change in bank overdraft 181 179 11 786
Dividends paid to to company shareholders -32 173 -22 493
interest paid -89 663 0
Paid-in equity 3 035 292 063
net cash flow from financing 37 402 667 864
net change in cash and cash equivalents -93 915 116 204
Cash and cash equivalents at the start of the period 353 138 236 934
Foreign currency effect on cash and cash equivalents 8 008 0
Cash and cash equivalents at the end of the period 267 231 353 138
This consists of:
Bank deposits 267 231 353 138
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accounting principles
ttS Group
1. General information
TTS is a global company that creates and supplies innovative systems
and equipment to the Marine and offshore industries.
The operations are organised into the following divisions: Dry Cargo
Handling, Marine Cranes, Port and Material Handling, Deck Machinery
and Drilling Equipment. TTS is among the world’s leading suppliers in
its market segments.
TTS Marine aSa is registered and domiciled in norway, and the head
office is located in Bergen. The group has companies in norway,
Sweden, Germany, Finland, China, the uS, the Czech republic, italy,
Canada, Singapore as well as offices in Korea and Vietnam. The company
is listed on the oslo Stock Exchange. This consolidated accounts were
approved by the Board on 27 april 2009.
STruCTural CHanGES
at 25 May 2007 TTS Marine aSa acquired 100 per cent of the shares
in Sense EDM in Kristiansand, norway. The corporate figures have not
been changed as a result of the acquisition.
2. accounting principles
The most important accounting principles applied in the preparation of
the consolidated accounts are described below. These principles have
been applied identically to all the periods that are presented unless
otherwise stated in the description.
2.1 basic principles
The consolidated accounts for TTS Marine aSa Group have been prepared
in accordance with international reporting Standards (iFrS) as adopted
by the European union. Discretionary standards and interpretations as at
31.12.08 have not been implemented.
The consolidated accounts have been prepared on the basis of the
principle of historic costs, with the following modifications: shares held
available for sale and financial derivatives are obligations estimated to
actual value in the profit and loss accounts.
Preparation of the accounts according to iFrS requires the use of estimates.
Furthermore, application of the company’s accounting principles
requires that management perform evaluations. areas that to a great
extent involve such evaluations or high degree of complexity, or areas
where assumptions and estimates are material to the consolidated
accounts, are described in note 4.
a ) i n T E r P r E T a T i o n S E F F E C T i V E a S o F 2 0 0 8
iFriC 14, iaS19 – The limit on a defined benefit asset, minimum funding
requirements and their interactions, provides guidelines for the evaluation
of the amount of over-financing that may be recognised in the
balance sheet as assets in accordance with iaS 19. it further explains
how pension funds or pension obligations may be affected by statutory
or contractual requirements to financing. This interpretation has no
effect on the group, as the group has a net pension obligation by
60
the fact that its net pension obligation is lower than the present
value of the net pension obligation and is not subject to the minimum
requirement to financing.
iFriC 11, iFrS 2 - Group and treasury share transactions, provides
guidelines as to whether share based transactions that involve own
shares or shares in associated companies (such as options for shares in
the parent company) shall be recognised as settled by equity instruments
or by cash in the company accounts of the parent company and each
individual associate company. This interpretation has no effect on the
consolidated accounts.
B ) i n T E r P r E T a T i o n S E F F E C T i V E i n 2 0 0 8 , B u T n o T r E l E V a n T
T o T H E G r o u P
The following interpretations of published standards are mandatory for
periods that begin on 1 January 2008 or later, but are deemed to be
of no relevance to the group:
• IFRIC 12, Service concession arrangements
C ) S Ta n D a r D S , a M E n D M E n T S a n D i n T E r P r E TaT i o n S To E x i S T i n G
S Ta n D a r D S T H aT H aV E n oT Y E T E n T E r E D i n To F o r C E a n D
W H E r E T H E G r o u P H a S C H o S E n n oT To i M P l E M E n T E a r lY
a P P l i C aT i o n
The following standards, amendments and interpretations to existing
standards have been published and will be mandatory for the group for
annual periods beginning on 1 January 2009 or later, but the group has
chosen not to implement early application. The effect of implementation
of standards, amendments and interpretations, beyond what is discussed
above, is currently being assessed by the group.
• IFRS 8, Operating Segments replaces IAS 14 (effective as of
1 January 2009). The new standard requires use of a managerial
approach where segment information is presented in the same way
as in internal reporting. The new standard will entail no significant
change to the group’s reporting, as segment reporting at 31.12.2008
essentially corresponds to internal reporting in the group.
• IAS 23 (amended) Borrowing cost (effective as of 1 January 2009).
• IAS 1 (revised) Presentation of financial statements (effective as
of 1 January 2009). The revision entails presentation of a separate
statement for the total result, Comprehensive income, which at
present is presented in the equity capital statement.
• IFRS 2 (revised), Share-based payments (effective as of 1 January
2009).
• IAS 32 (revised), Financial instruments; presentation and IAS 1
(revised), Presentation of financial statements – Puttable financial
instruments and obligations arising on liquidation (effective as of
1 January 2009). Presumed at present to be of no relevance to the
group.
• IFRS 1 (revised), First time adoption of IFRS and IAS 27 (revised),
Consolidated and separate financial statements. (effective as of
1 January 2009) The amendment in iFrS 1 will not have any effect
on the consolidated accounts as this as of 31.12.2008 is prepared
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• IAS 27 (revised), Consolidated and separate financial statements
(effective as of 1 July 2009)
• IFRS 3 (revised), Business combinations (effective as of 1 July 2009)
• IFRS 5 (revised), Non-current assets held for sale and discontinued
operations (and delegated amendments in iFrS 1, First-timeadoption
(effective as of 1 July 2009)
• IAS 28 (revised), Investments in associates (and delegated amendments
in iaS 32, Financial instruments; Presentations, and iFrS 7,
Financial instruments. Disclosures.
• IAS 36 (revised), Impairment of assets (effective as of 1 January
2009)
• IAS 38 (revised), Intangible assets (effective as of 1 January 2009)
• IAS 19 (revised), Employee benefits (effective as of 1 January 2009)
• IAS 39 (revised), Financial Instruments; Recognition and measurement
(effective as of 1 January 2009)
• IFRIC 16, Hedges of a net investments in a foreign operation
(effective as of 1 october 2008)
2.2 consolidation principles
a) SuBSiDiariES
Subsidiaries are all the units where the group has a controlling influence
over the unit’s financial and operational strategy, normally through
ownership of more than half of the voting capital. Subsidiaries are
consolidated from the point in time when control is transferred to the
group and eliminated from consolidation when such control ends.
The purchase method of accounting is used for the acquisition of subsidiaries.
The historical acquisition cost is measured as the fair value of
the compensation. identifiable assets acquired and liabilities assumed
are recorded at fair value at the time of the acquisition in the accounts.
The portion of the historical cost that exceeds the fair value of identifiable
net assets in the subsidiary is recognised on the balance sheet as
goodwill. if historical cost is lower than fair value of identittiable net
assets in the subsidiary, the difference is recognised in profit and loss
account at the time of acquisition (se article 2.6).
all intragroup transactions, outstanding accounts and unrealised gains
between group companies are eliminated. The accounting principles in
subsidiaries are changed as required to achieve compliance with the
group’s accounting principles.
B) JoinT VEnTurES
Joint ventures are units where the group has a controlling influence
together with other parties, but not alone. investments in joint ventures
are recorded in the accounts in accordance with the equity method.
investments in joint ventures companies are recorded in the accounts
at the historical cost at the time of acquisition and include goodwill
(which is reduced by any subsequent write-downs) (see article 2.6).
The group’s share of the profit or loss in joint ventures is recognised
in the profit and loss account and added to the book value of the
investments together with the share of equity changes not recognised
in the profit and loss account. The group does not recognise its share
62
of the losses in the profit and loss account if this entails that the book
value of the investment becomes negative (including unsecured claims
against the unit), unless the group has assumed liabilities or granted
guarantees for the joint venture company’s liabilities.
The group’s share of unrealised gains on transactions between the group
and its joint venture companies are eliminated. The same applies to
unrealised losses unless the transaction indicates a write-down of the
asset transferred. The accounting principles in joint ventures have been
changed as required to achieve compliance with the group’s accounting
principles.
2.3 Segment information
a business segment is a portion of the business operations that delivers
products or services that are subject to a risk and return that are distinct
from that of other business areas. The group’s primary reporting format
is business segment.
a geographic market (segment) is a portion of the business operations
that delivers products or services within a limited geographic area that
are subject to a risk and return that are distinct from that of other
geographic markets. The secondary reporting segment is geographical
segment.
2.4 foreign currency translation
a) FunCTional anD PrESEnTaTion CurrEnCiES
The accounts of the individual units in the group are measured in the
currency that is used primarily in the economic area where the unit
operates (functional currency). The consolidated accounts are presented
in norwegian kroner (noK), which is both the functional and presentation
currency for the parent company.
B) TranSaCTionS anD BalanCE SHEET iTEMS
Transactions involving foreign currencies are translated into the functional
currency using the exchange rates that are in effect at the time of
the transactions. Foreign currency gains and losses that arise from the
payment of such transactions and the translation of monetary items
(assets and liabilities) in foreign currencies at the rates in effect on the
date of the balance sheet are recognised in the profit and loss account.
C) GrouP CoMPaniES
The profit and loss account and balance sheet for group units with
a functional currency different than the presentation currency are
translated as follows:
i. balance sheet is translated at the closing rate on the date
of the balance sheet
ii. profit and loss account is translated at the average rate during
the year
iii. translation differences are entered directly against equity and
specified separately
Goodwill associated with the acquisition of a foreign unit are allocated
to the acquired unit and translated at the rate in effect on the date of
the balance sheet. This is for acquisitions from 2004 and later.

2.5 tangible fixed assets
Tangible fixed assets are recorded in the accounts at historical cost less
depreciation. The historical cost includes the costs directly related to
the acquisition of the fixed asset.
Subsequent expenses are added to the value of the fixed asset on the
balance sheet or recorded separately on the balance sheet, when it is
probable that the future economic benefits associated with the expense
will accrue to the group and the expense can be measured reliably.
other repair and maintenance costs are recorded in the profit and loss
account in the period when the expenses are incurred.
land is not depreciated. other fixed assets are depreciated based on
the straight-line method, so that the historical cost of the fixed asset
is depreciated to the residual value over the expected time of use:
Buildings 50 years
Machinery and vehicles 3-5 years
Fixtures/office equipment 5 years
Computer equipment 3 years
Depreciation or tangible fixed assets is recognised on a separate line in
the profit and loss account.
When the book value of the fixed asset is higher than the estimated
recoverable amount, the value is written down to the recoverable
amount.
Gains and losses on disposals are recognised in the profit and loss
account and represent the difference between the sales price and book
value.
The need for write down is taken into continuous evaluation by supervision
of indicators.
2.6 intangible fixed assets
a) GooDWill
Goodwill is the difference between the historical cost of the acquisition
of a business and the fair value of the group’s share of the net identifiable
assets in the business at the time of the acquisition. analysis
of acquisition distributes added values between goodwill and other
assets.
Goodwill from the acquisition of subsidiaries is classified as an
intangible fixed asset. Goodwill associated with the acquisition of
an interest in joint ventures is included in the investments in joint
ventures according to equity method. Goodwill is tested annually for
impairment in value and recorded on the balance sheet at historical
cost less write-downs. The write-down of goodwill is not reversed.
B) PaTEnTS, TECHnoloGY anD DEVEloPMEnT
Patents and technology have a limited useful life and are recorded
at historical cost on the balance sheet less depreciation. Patents and
technology are depreciated by the straight-line method over their
expected useful life (2 to 15 years).
Development costs associated with market surveys, market development
and the development of new products are normally charged
against operating income as they are incurred. order-related development
is charged directly to the projects. For certain special projects
the development costs are capitalised, cf. note 8. in such cases the
development costs are depreciated over their expected useful life
(2 to 15 years).
Depreciation of intangible fixed assets is recognised on a separate line
in the profit and loss account.
2.7 financial assets
The group classifies financial assets into the following categories:
(a) loans and receivables
(b) assets available for sale (investments in shares)
(c) assets to fair value over result ( derivatives)
a) loanS anD oTHEr rECEiVaBlES
loans and receivables are classified as current assets unless they mature
later than 12 months after the date of the balance sheet. in this case
they are classified as fixed assets. loans and other are assessed to
nominal value reduced by a provision for bad debt.
B) aSSETS aVailaBlE For SalE (inVESTMEnTS in SHarES)
investments in shares are included in the fixed assets unless the
manage ment intends to sell the investment within 12 months from
the date of the balance sheet.
investments are assessed at fair value on balance day. Possible
changes in fair value are entered directly against equity.
By possible sale are or written downs the entire value adjustment
entered against equity is recognised in the profit and loss account
as a gain or loss from investments in securities.
C) aSSETS To Fair ValuE oVEr rESulT
See 2.9
2.8 leases
leases of property, plant and equipment where the Group has substantially
all the risks and rewards of ownership, are classified as finance
leases. Finance leases are capitalized at the inception of the lease at
the lower of the fair value of the leased property or the present value
of the minimum lease payments.
lease payments are apportioned between the finance charges and
reduction of the lease liability.
Property, plant and equipment acquired under finance leases are
depreciated over the shorter of the useful life of the asset or the lease
term.
leases where a significant portion of the risks and rewards of
ownership are retained by the lessor are classified as operating leases.
Payment made under operating leases is charged to the income statement
on a straight-line basis over the period of the lease.
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2.9 derivatives and hedging
in accordance with adopted guidelines and the group’s strategy, the
group utilises hedging of contractual income in a foreign currency at
the date of signature of the contract. The same may apply to individual
larger sub-contracts in foreign currencies.
a C T u a l V a l u E H E D G i n G
Derivatives are recognised on the balance sheet at actual value at the
date of entry of the forward currency contract, and subsequently on a
continuous basis at actual value. The group only enters into forward
currency contracts that qualify for actual value hedging.
at the start of the hedging transaction, the group documents the
relation between hedging instruments and hedge objects. Furthermore,
the group documents whether the derivatives used are efficient in
balancing changes to the actual value related to the hedge objects.
Such evaluations are documented both at the start of the hedge and
continuously during the hedging period.
actual value of the derivatives used for hedging are set out in note 20.
actual value of the derivatives is classified as current assets or shortterm
liabilities, as the hedges and derivatives in all material aspects fall
due within 12 months.
Changes to actual value of the derivatives are passed to the income
statement together with changes to actual value related to the associated
hedged asset or obligation. The impact on the result is posted
to operating income if it is related to hedging of contractual income
and to operating cost if it is related to hedging of contractual costs.
The ineffective profit and loss related part of the hedge value is posted
to operating income and operating cost together with the changes in
value of derivatives.
in the event that the hedge no longer fulfils the criteria for hedging
accounting, the derivative is carried over at actual value to the result.
This applies to derivatives where the underlying delivery contract has
been cancelled.
DEriVaTiVES aT aCTual ValuE in ProFiT anD loSS aCCounT
Derivatives that do not fulfil the criteria for hedging accounting are
carried over at actual value to the result. Changes to the actual value
of the derivatives are recognised in the profit and loss statement as
financial expenses and financial income.
2.10 inventories
inventories are valued at the lower of historical cost or net realisable
value. The historical cost is calculated by means of the first-in, first-out
principle (FiFo). For finished goods and work in progress, the historical
cost consists of the product design expenses, consumption of materials,
direct wage costs, other direct costs, and indirect production costs
(based on a normal capacity level). loan costs are not included.
64
2.11 receivables from customers
receivables from customers are recognised initially at nominal value
considered to be fair value on the balance sheet, that is nominal value.
For subsequent measurement receivables from customers are assessed
at nominal value less provisions for losses that have incurred. Provisions
for losses are recognised when there are objective indicators that the
group will not receive settlement in accordance with the original terms.
Considerable financial difficulties on part of the customer, likelihood of
bankruptcy on part of the customer and significant delays on payment,
are all deemed to be indicators of the need to write down accounts
receivables. Changes in the provisions are recognised in the profit and
loss account as losses on accounts receivable.
receivables in foreign currency are converted to noK at the exchange
rate on the balance sheet date.
2.12 cash and cash equivalents
Cash and cash equivalents consist of cash and bank deposits. Bank
deposits in foreign currencies are assessed to the exchange rate of the
balance sheet date. Withdrawals from the bank overdraft constitute
part of current liabilities.
2.13 Share capital and premium
ordinary shares are classified as equity.
Expenses that are directly attributable to the issuance of new shares or
options less taxes are entered against the equity as a reduction in the
proceeds.
When the company’s own shares are purchased, the consideration, is
entered as a reduction of the equity (attributable to the company’s
shareholders). if the company’s own shares are subsequently sold
or reissued, the proceeds are entered as an increase in the equity
attributable to the company’s shareholders.
2.14 loans
loans are recorded at their fair value when they are disbursed, less any
transaction costs. in subsequent periods, loans are recorded at their
amortised cost, as calculated by means of the effective interest rate.
The difference between the loan amount disbursed (less transaction
costs) and the redemption value are recognised in the profit and loss
account over the term of the loan.
loans are classified as current liabilities unless there is an unconditional
right to postpone payment of the debt by more than 12 months
from the date of the balance sheet. The next years payment is classified
as short term debt.
2.15 accounts payable
accounts payable are measured in actual value at the date of recognition
in the balance sheet. upon subsequent measuring, accounts payable are
valued at amortised cost using the method of effective interest rate.
2.16 taxes
Tax in the profit and loss account encompasses both the tax payable
for the period and the change in deferred tax.

Deferred tax is calculated for all the temporary differences between the
financial and tax values of assets and liabilities and tax losses carry
forward. Temporary differences are only offset between the norwegian
companies in the group. Deferred tax is determined by means of the
tax rates and tax laws that have been adopted or essentially adopted
on the date of the balance sheet, which are assumed to apply when the
deferred tax asset is realised or when the deferred tax is settled.
Deferred tax assets are recognised on the balance sheet provided future
taxable income is probable and the temporary differences can be offset
against this income.
Deferred taxes are not calculated based on temporary differences from
investments in subsidiaries and associated companies when the group
controls the timing for the reversal of the temporary differences and it
is probable that they will not be reversed in the foreseeable future.
2.17 pension obligations, bonus schemes and other
compensation schemes for employees
a) PEnSion oBliGaTionS
The companies in the group have different pension schemes. The pension
schemes are financed in general by payments to insurance companies
or pension funds, as determined by periodic actuarial calculations.
The group has both defined contribution and defined benefit plans.
a defined contribution plan is a pension scheme in which the group
pays fixed contributions to a separate legal entity. The group does not
have any legal or other obligation to pay additional contributions if
this unit does not have sufficient funds to pay all employees benefits
relating to their service in current and prior periods. a defined benefit
plan is a pension scheme that is not a defined contribution plan. For
defined contribution plans, the group pays contributions to publicly
or privately administered pension insurance plans on a mandatory,
contractual or voluntary basis. The group does not have any further
payment obligations after the contributions have been paid. The
contributions are recorded as a payroll expense in the accounts as
they fall due. Contributions paid in advance are recognised as an asset
in the accounts if the contribution can be refunded or reduce future
payments. a defined benefit plan is typically a pension scheme that
defines the pension payments employees will receive when they retire.
Pension payments are normally dependent on one or more factors
such as age, years of service for the company and salary level.
The liability recorded on the balance sheet relating to defined benefit
plans is the net present value of the defined benefits on the date of the
balance sheet less the fair value of the pension assets and adjusted for
unrecognised estimate deviations. The pension obligation is calculated
annually by an independent actuary on the basis of a linear model. The
net present value of the defined benefits is determined by discounting
the estimated future payments at the interest rate for a bond issued by
a company with high creditworthiness in the same currency as the
benefits will be paid with a term that is approximately the same as the
term of the associated pension obligation.
Estimate deviations due to new information or changes in the actuarial
assumptions in excess of 10 per cent of the value of the pension assets
or 10 per cent of the pension obligations will be recorded in the profit
and loss account over a period that corresponds to the employees’
expected average remaining service lifetime.
Changes in the pension plan’s benefits are entered as an expense or
income on a current basis in the profit and loss account, unless the
rights in accordance with the new pension plan are contingent on
the employee remaining in service for a specified period of time
(accrual period). in this case the cost related to the change in benefits
is amortised linearly over the accrual period.
The employer’s share of national insurance contributions are charged
against income based on the pension premiums paid, as well as the
accrued change in the net pension obligation.
B) EMPloYEE oPTionS
in accordance with authorities granted by the annual General Meeting,
the management of the company has been granted options to purchase
shares in the parent company. The fair value of allotted options is
calculated as part of the salary cost with a corresponding increase
in equity. The fair value is measured on the date of allotment and
distributed over the intervals till the employee has worked up an
unconditional right to exercise the options. Fair value of allotted
options is estimated on the date of allotment using the Black & Sholes
option pricing model. ref. note 16.
C) GrouP BonuSES
The group records a liability and a cost for any group bonuses. Whether
the bonus shall be calculated and paid and the size of the bonus is
dependent on the profit for the year. The bonus is paid to all of the
employees in the following year.
2.18 provisions
The group recognises provisions for restructuring, legal requirements,
etc., when: There is a legal or self-imposed obligation to do so as a
result of earlier events, there is a preponderance of evidence that the
obligation will be settled by a transfer of economic resources, and the
size of the obligation can be estimated with an adequate degree of
reliability.
The group recognises provisions for expected guarantee liabilities
based on experience and contract. additionally the group recognises
provisions for remaining work or claims from the customer regarding
long-term construction contracts.
appropriations are measured at current value of excepted payments in
order to fulfil the obligation. a pre-tax discount rate is used, reflecting
the present market situation and risk specific to that obligation. an
increase in the obligation due to altered time frame is recognised on
the balance sheet as a financial cost.
65

4-8 T T S G r o u P
9-11 rEPorT FroM THE CEo
12-37 B u S i n E S S a r E a S
38-47 CorPoraTE GoVErnanCE
48-110 director’S report and accountS
2.19 recognition of income
income from the sale of goods and services is assessed at the net fair
value after the deduction of value added tax and possible rebates.
The group’s income is related to long-term construction contracts,
service contracts and after-sales.
revenue from long-term production contracts are recognised in the
balance sheet in accordance with guidelines in iaS 11 using the method
of continues settlement, ref. item 2.20 for more detail. The group’s
products are frequently sold with a warranty period of +/- two years.
as for other matters, reference is made to information regarding
guarantee liabilities in paragraph 4 and note 21.
income connected to service contracts and after-sales is recognised
in the period it is accrued. intragroup income is eliminated.
interest income is recognised in the profit and loss account over
time in accordance with the effective interest method. if receivables
are written down, the book value of the receivables are reduced to
the recoverable amount.
2.20 construction contracts
revenue from long-term manufacturing projects is allocated in step with
the degree of progress of the project, if the outcome of the transaction
can be estimated in a reliable manner, according to iaS 11. Progress is
measured as accrued hours in comparison to total estimated hours, when
reliable estimates are available. in some parts of the group, progress is
measured against specific milestones.
When the outcome of the transaction cannot be reliably estimated,
only the revenue corresponding to accrued project costs will be entered
as income. in the period where it is identified that a project will give a
negative outcome, the estimated deficit on the contract will be fully
allocated.
Cost relating to manufacturing projects are allocated in step with
the degree of progress on a level with the revenue. in the event that a
major discrepancy between what is considered as actual progress and
budgeted costs based on calculated degree of completion, the degree
of competition will be adjusted so that it to a greater extent will
correspond to the actual progress of the manufacturing project.
upon establishing accrued costs for manufacturing contracts, purchasing
relating to future activities of a contract will not be taken into
account. The purchases/costs are posted as goods, advance payments
or other liquid assets depending of type of costs.
incurred costs and profit received related to all construction contracts
in progress, where the incurred costs and profit received (less recognised
losses) exceed the payments on account invoiced, will be recorded
on the balance sheet as an asset. The asset is classified as accrued,
non-invoiced production.
if the payments on account invoiced for all the construction contracts
in progress exceed the incurred costs and income recognised
(less losses) this is presented as prepayments received from customers
under short term liabilities.
2.21 cash flow statement
The cash flow statement has been prepared based on the indirect method.
66
3. financial risk management
3.1 financial risk factors
The TTS Group’s activities entail various types of financial risk; market
risk (including currency risk and floating rate of interest risk), credit risk
and liquidity risk.
The Board has primary responsibility for the establishment and supervision
of the group’s framework for risk management. The principles of
risk management have been established in order to identify and analyze
the risk to which the group is exposed. Principles and systems for risk
management are regularly reviewed to reflect any changes in activities
and market conditions.
The auditing committee implements follow-up of managements’
supervision of the group’s principles and procedures for risk management.
The group’s main risk management plan focuses on the unpredictability
of the capital market, and attempts to minimize its potentially negative
effects on the group’s financial results.
The group engages in international operations and is especially exposed
to currency risk risk. The group makes use of hedging to reduce the risk
of currency exposure. risk management routines are determined by the
Board.
The TTS Group has a decentralized structure with operational supervision
of the various business units, where the main management of financial
risk is determined by the Board. This applies to areas such as currency
risk, interest rate risk, credit risk and use of financial derivatives.
For the classification of financial assets and liabilities, reference is
made to note 29.
marKet riSK
Market risk is the risk of changes to market prices, such as foreign
exchange rates, interest and stock-exchange values, affecting the
income or value of financial instruments. Management of market risk
intends to supervise that risk exposure lies within a set framework.
a) CurrEnCY riSK
The TTS Group operates internationally and is exposed to currency risk
in a number of foreign currencies. The consolidated accounts are to
a great extent affected by the exchange rate of noK against SEK,
uSD and Eur. The group endeavors to reduce the risk of exposure to
exchange rate fluctuations by obtaining an optimal balance between
incoming and outgoing payments in the same currency, in addition
to forward exchange transactions at an acceptable exchange rate.
Currency risk is to a large extent related to contracts for delivery that
involve income and expenses in foreign currencies. Following contract
signing, the guidelines are to sell and purchase foreign currencies on
a forward exchange contract, to reduce the currency risk in cash flows
designated in foreign currencies. With a production process based on
the use of an international network of sub suppliers, purchases may
further be optimized with regard to currency.
in order to manage the currency risk of future trade transactions and
assets and liabilities recognised in the balance sheet, the TTS Group’s
units use forward exchange contracts. When necessary, forward
exchange contracts are continued as they mature.
These hedging activities meet the requirements of hedge accounting.
interest on loans is in the currency corresponding with cash flows

generated by the underlying operations, primarily in Euro. This ensures
financial hedging without the use of derivatives, and accordingly
does not necessitate hedging.
For other monetary assets and obligations in foreign currency,
net exposure is kept at an acceptable level by purchasing and selling
foreign currency at spot prices whenever necessary.
The company has investments in foreign subsidiaries where net
assets are exposed to currency risk at conversion of currency.
See also note 25.
SiGniFiCanT CurrEnCiES THrouGHouT THE YEar:
Average exchange rates Spot prices
Q1 Q2 Q3 Q4 31.12.08
SEK 0.8512 0.8513 0.8483 0.8775 0.9042
Eur 8.006 8.03 8.171 9.099 9.865
uSD 5.2514 5.0862 5.4534 6.4125 6.9989
SEnSiTiViTY analYSiS
a 10 percent strengthening of the Euro against noK at year-end
would have increased equity and result with the figures given below.
The analysis is subject to other variables being constant.
Equity Result
after tax
31 December 2008 9.406 6.559
31 December 2007 9.589 1.989
a 10 percent weakning of the Euro against noK would have the same
effect as regards to amount, only with the opposite denominator,
subject to other variables being constant.
a 10 percent strengthening of the SEK against noK at year-end would
have increased equity and result with the figures given below. The
analysis is subject to other variables being constant.
Equity Result
after tax
31 December 2008 28.770 6.022
31 December 2007 26.643 6.932
a 10 percent weakning of the SEK against noK would have the same
effect as regards to amount, only with the opposite denominator,
subject to other variables being constant.
B) inTErEST raTE riSK
The TTS Group’s interest-bearing debt is based on a floating rate of
interest. This involves an interest rate risk for the group’s cash flow.
The group’s surplus liquidity are in the form of bank deposits and not
in liquid securities.
any divergence from the use of a floating rate of interest and
placement of surplus liquidity shall be determined by the Board.
Entries exposed to interest rate risk are bank deposits and long-term
liabilities.
S E n S i T i V i T Y a n a lY S i S o F C a S H F l o W F o r i n S T r u M E n T S o F
VariaBlE inTErEST
The following table illustrates the group’s sensitivity to potential
fluctuations in interest rate levels. Calculations take into account all
interest-bearing entries. all effects will brought forward to the profit
and loss account, as the company has no hedging instruments related
to interest that will be directly charged to equity.
The analysis is subject to other variables being constant.
Fluctuations Effect Effect
in interest rates on result on equity
2008 +/- 1 % point 5 285 0
2007 +/- 1 % point 2 939 0
Calculations are made on the basis of an average of net interest-
bearing debt. For details of net interest bearing debt, see note 12.
credit riSK
Credit risk is the risk of financial losses should a customer or opposite
party to a financial instrument become unable to fulfil his obligations
according to contract.
Credit risk is dealt with at a corporate level. Credit risk arises in
transactions with derivatives, bank deposits and financial institutions,
in addition to transactions with customers.
Maximum risk exposure is represented by the extent of financial
assets recognized in the balance sheet.
The counterparty for pension resources is a norwegian insurance
company, and risk related to this is regarded as minimal. The counterparties
for derivates are banks, and the credit risk related to these is
considered to be insignificant. The same applies to bank deposits.
These days’ unrest in the financial markets entails an increased credit
risk. in 2008, the group implemented actions against increased risk
by close monitoring of customers and suppliers.
High-risk customers are monitored on a regular basis Historically, the
group has had no substantial losses on accounts receivable.
as of 31.12, the group had the following maturity distribution on its
external customers:
Not yet 0–3 3-6 > 6
Total due months months months
31.12.2008 732 239 331 082 274 189 88 761 38 208
31.12.2007 423 867 204 515 146 233 27 281 45 838
it is considered that it is not required to write down the value of overdue
account receivables.
These account receivables relates to independent customers which
previously not failed to fulfill their obligations to the group. The
invoicing is to a great extent in accordance with milestones bases on
progress in each project. Due to delay in delivery, a gap between due
date and payment date may occur from time to time.
at 31.12.08, the provision for loss on accounts receivable was MnoK
15.4, compared to MnoK 4.0 in 2007. For more details see note 11.
67

4-8 T T S G r o u P
9-11 rEPorT FroM THE CEo
12-37 B u S i n E S S a r E a S
38-47 CorPoraTE GoVErnanCE
48-110 director’S report and accountS
liquidity riSK
liquidity risk is the risk of the group being unable to fulfil its financial obligations as they fall due. liquidity management shall, to the extent possible,
ensure that available liquidity is sufficient to meet obligations as they mature for payment, without this resulting in unacceptable loss or risk of
damage to the group’s reputation. The availability of sufficient liquidity to meet expected operating cost, as well as resources to service financial
obligations in the future, shall be secured.
TTS has a group accounting system which includes most of its subsidiaries. The group accounting system improves accessibility and flexibility in
the management of liquidity. The subsidiary companies regularly prepare cash flow projections for follow-up by the group.
The TTS Group’s strategy is to have sufficient cash or credit options to be able to, at any time, finance operations and investments throughout
the year, in accordance with the group’s strategy plan. The group regards it as most likely that it will be able to renew loan agreements or negotiate
alternative financing agreements upon expiry of the current agreements. Surplus liquidity is placed as deposits in bank on the best possible terms.
The table below gives an overview of the structure of maturity of the group’s financial obligations;
rEMaininG PErioD: More
2008
Long-term financial obligations:
< 6 months 6-12 months 1-5 year(s) than 5 years In total
interest-bearing non-current liabilities 0 0 531 811 486 532 297
Current financial obligations:
First year’s installment on non-current liabilities 15 484 15 483 0 0 30 967
interest-bearing current liabilities 175 730 27 937 0 0 213 667
Derivatives 175 000 176 342 0 0 351 342
accounts payable and other current liabilities 600 000 576 834 0 0 1 176 834
Total financial obligations 901 214 881 596 531 811 486 2 315 107
The syndicated loan from nordea constitutes part of short-term loans, and will be renewed within 6 months.
reference is made to note 13 for further discussion on the syndicated loan.
2007
Long-term financial obligations:
< 6 months 6-12 months 1-5 year(s)
More
than 5 years In total
interest-bearing non-current liabilities 0 0 562 764 386 563 166
Current financial obligations:
First year’s installment on non-current liabilities 13 086 13 086 0 0 26 172
interest-bearing current liabilities 0 20 461 0 0 20 461
Derivatives 10 000 10 480 0 0 20 480
accounts payable and other current liabilities 300 000 319 377 0 0 619 377
Total financial obligations 323 086 363 404 562 764 386 1 249 657
For further information of financial obligations se note 12,13,15,17,20, and 29. in addition to this is advance payment from costumers and cost
related to facilities under construction. These entries are items of accrual and ordinarily fall due within a year. Further information in note 2.
3.2 risk related to investment management
The TTS Group’s aim with regard to investment management is to
secure continued operations in order to ensure a return for the owners
and other partners, and maintain an optimum capital structure, so as
to reduce capital costs.
To improve the capital structure, the group may adjust the level of
dividend payment to shareholders, issue new shares or sell assets to
repay loans. The company’s gearing as of 31.12.08 and 31.12.07 is
illustrated below:
2008 2007
Total loan 776 931 609 800
-cash and cash equivalent 267 233 353 138
net interest-bearing debt 509 698 256 662
Equity 989 056 933 598
in total 1 498 754 1 186 782
Gearing 34.0% 21.3 %
68
3.3 estimation of fair market value
actual value of financial instruments traded in an active market is
based on the market value on the balance sheet date. Examples of
this are forward contracts in foreign currencies where actual value
is calculated by using a market-to-market rate on the balance sheet
date.
actual value of financial instruments not traded in an active market
is stipulated by the use of valuation techniques (primarily discounted
future prospective cash flows) or other relevant information for giving
a best estimate of actual value on the balance sheet date. an example
of this is shares held available for sale that have been estimated based
on information regarding transactions involving said shares.
accounts receivable and accounts payable are valued at face value,
less deductions for occurred or estimated losses on the balance sheet
date, an amount that is presumed to be equal to the actual value
of the entry.

4. risk related to key accounting estimates and
evaluations
accounting estimates and evaluations are based on a best estimate.
Estimates are evaluated on the basis of available information on the
balance sheet date, as well as management’s experience and expectation
of future events deemed likely to occur. When considering the
best estimate, allowance is made for relevant events that have occurred
subsequent to the balance sheet date and up until the Board’s
approval of the accounts, to the extent that such events are presumed
to significantly alter the estimates. Estimates are always associated
with uncertainty and consequently the recorded balance sheet and
result variables. These days’ unrest in the financial market significantly
increases the uncertainty of the premises for estimates and assessments
of likely future events. Below follows a discussion of the key
balance sheet items and appropriate profit and loss items where
estimates are considered to be associated with major risk which forms
the basis of the accounts.
a ) r i S K r E l a T E D T o S i G n i F i C a n T l o S S o F V a l u E o F G o o D W i l l
anD oTHEr inTanGiBlE aSSETS
Book value of goodwill and other intangible assets are evaluated
on an annual basis, and for each balance sheet date when there is
external or internal depreciation indicators. The assessment is based
on implemented tests of any depreciation performed in accordance
with requirements and guidelines given in iaS 36. as will appear from
section 2.6, depreciation tests have been carried through indicating
that there is no need for depreciation as of 31.12.2008. The premises
that form the basis of this assessment may be significantly affected
by future alterations to market conditions or events. reference is made
to a more detailed discussion of these balance sheet items in section
2.6 and accounting values in note 7.
B ) r i S K r E l a T E D T o a S S E S S M E n T o F C a P i T a l C o n T r a C T S
aCCorDinG To THE METHoD oF ConTinuouS SETTlEMEnT
Entering of income and appropriate commodity costs from capital contracts
is done according to the method of current settlement pursuant
to requirements and guidelines given in iaS 11. The method demands
of the group that it prepares reliable estimates (prognosis) for future
income and costs for each project as well as degree of completion on
the balance sheet date. accounting values related to capital contracts
have been further discussed in section 2.19 and note 11. income
forecasts are based on contractual values where future income in
foreign currencies is secured by forward contracts. Forward contracts
and hedging accounting is discussed in section 2.9 and the accounting
value of hedging instruments in note 20. Commodity cost forecast
is based on evaluation of calculated volume and evaluation of future
price levels. The price of steel, in particular, could significantly alter
commodity cost. in today’s market, there is particular risk related to
delays and cancellations of firm contracts. The group assesses the
likelihood of cancellations and delays on a continuous basis. Delays
and cancellation entail the risk of reduced income, increased costs,
and that any previously estimated margins must be charged as an
expense. in the event of cancellations, the foundation for hedging
accounting ceased to exist according to iaS 39. This entails a risk of
unrealised loss on forward contracts associated with cancelled projects.
C) riSK rElaTED To aSSESSMEnT oF FinanCial aSSETS anD
oBliGaTionS
The group’s financial assets and obligation are further discussed in
sections 2.7, 2.8, 2.9, 2.11, 2.12, 2.14 and 2.15. risk related to currency,
interest, credit and liquidity, as well as asset management is discussed
in section 3. These days’ unrest in the financial market could significantly
affect the premises for valuation, estimated cash flow and
liquidity in the course of the next accounting year. For further discussion
of this, reference is made to section 3 and, for accounting values
see note 11, 12, 15, 20, 22, and 29.
D) riSK rElaTED To GuaranTEE liaBiliTY
The group customarily offers a warranty period of +/- two years on its
deliveries. Management estimates appropriation for future guaranty
commitments based on information of historical guarantee claims,
together with information indicating that information regarding
previous expenses may differ from future obligations. Factors that
may affect estimated obligations include the outcome of productivity
and quality initiatives, as well as reference prices and labour costs.
Guarantee costs are further discussed in section 2.17, and accounting
values in note 21.
E) riSK rElaTED To PEnSion oBliGaTionS
net pension obligations are stipulated according to invoice calculations
based on the premises related to discount rate, future salary developments,
pension adjustment, expected returns on funds, as well as
demographic considerations such as disability and mortality. The
premises are stipulated based on observable market prices and historic
development of the group and society. Changes to these premises
could significantly affect the estimated pension obligation and pension
cost. Pension cost and other compensation payments to employees
are further discussed in section 2.17, and accounting values in note 5.
F ) r i S K r E l a T E D T o a C T u a l V a l u E o n S H a r E S
actual value on shares not traded in an active market is stipulated by
the use of valuation techniques. The group evaluates and chooses the
methods and premises that are primarily based on market conditions on
the balance sheet date. Changes to the market conditions may significantly
affect the actual value of shares. The accounting value of shares
is further discussed in note 8.
69

notes
ttS Group
note 1 Segment information
(aMounTS in noK 1 000)
P r i M a r Y r E P o r T i n G F o r M a T –
BuSinESS SEGMEnTS
The TTS Marine aSa Group is divided into five
strategic business units that are organised and
managed separately. The various business segments
sell various products aimed at different customer
groups with different risk profiles.
TTS GrouP 4-8
rEPorT FroM THE CEo 9-11
BuSinESS arEaS 12-37
CorPoraTE GoVErnanCE 38-47
director’S report and accountS 48-110
THE GrouP iS DiViDED inTo THE FolloWinG BuSinESS SEGMEnTS:
DCH: Dry Cargo Handling
MC: Marine Cranes
PMH: Port and Material Handling
DM: Deck Machinery
2008 Key Profit Figures
MC DCH PMH DM DE Annet Total
Turnover 1 107 028 1 239 622 350 484 447 748 1 057 357 -5 757 4 196 482
Earnings before depreciation (EBiTDa) 0 16 573 0 0 0 1 140 17 713
Depreciation 41 781 84 957 32 501 22 269 -24 565 -11 482 145 461
operating profit/loss -7 036 -3 494 -2 686 -2 231 -12 819 -2 579 -30 845
income form joint ventures 34 745 81 463 29 815 20 038 -37 384 -14 061 114 616
net financial items -27 728 -8 767 2 331 -2 446 -17 626 -23 561 -77 797
Pre-tax profit/loss 7 017 72 696 32 146 17 592 -55 010 -37 622 36 819
2007 Key Profit Figures
DE: Drilling Equipment
others: Corporate and others
MC DCH PMH DM DE Annet Total
Turnover 687 712 874 920 332 787 299 485 265 060 0 2 459 964
Earnings before depreciation (EBiTDa) 6 049 12 095 0 -2 813 0 0 15 331
Depreciation 34 878 95 728 25 627 5 278 13 877 -7 621 167 767
operating profit/loss -5 068 -2 810 -858 -2 779 -3 717 -17 896 -33 128
income form joint ventures 29 810 92 918 24 769 2 499 10 160 -25 520 134 636
net financial items -32 091 1 611 -2 213 -3 202 -859 -314 -37 068
Pre-tax profit/loss -2 281 94 529 22 556 -703 9 301 -25 834 97 568
2008 Segment liabilites and assets as of 31 December and investement expenses
MC DCH PMH DM DE Annet Total
assets 1 140 014 1 142 179 312 796 281 825 1 228 724 187 779 4 293 318
associated companies - 70 888 - - 3 201 13 314 87 403
Total assets 1 140 014 1 213 067 312 796 281 825 1 231 925 201 093 4 380 721
liabilities 991 012 789 678 207 870 226 695 1 055 777 120 632 3 391 664
investment expenses 37 196 179 993 8 344 46 165 166 635 941 439 273
2007 Segment liabilites and assets as of 31 December and investement expenses
MC DCH PMH DM DE Annet Total
assets 609 682 670 114 193 458 173 746 364 030 1 033 900 3 044 929
associated companies 0 41 089 0 0 4 100 11 836 57 025
Total assets 609 682 711 203 193 458 173 746 368 130 1 045 736 3 101 954
liabilities 420 699 501 087 143 373 204 861 237 255 661 083 2 168 358
investment expenses 7 719 2 751 5 647 905 114 868 528 097 659 987
intragroup transactions are eliminated within the individual segments.
Transactions and transfers between the various segments are at normal terms, consistent with those between independent parties.
71

71-89 noteS to the accountS ttS Group
note 1 cont.
SEConDarY rEPorTinG ForMaT – GEoGraPHiCal SEGMEnTS
The group’s activities are distributed primarily in the following regions:
Scandinavia
rest of Europe
asia
uSa/Canada
rest of World
Sales revenues 2008 2007
Scandinavia 917 143 634 053
rest of Europe 1 131 496 773 341
asia 1 178 568 882 641
uSa/Canada 328 679 0
rest of World 36 596 169 931
Sales are allocated based on the customer’s home country.
4 196 478 2 459 966
Segment assets 2008 2007
Scandinavia 2 893 013 2 415 900
rest of Europe 1 038 591 659 810
asia 275 883 44 942
uSa/Canada 173 237 13 795
rest of World 0 0
assets are based on where the assets are located.
4 380 721 3 134 445
Investment expenses 2008 2007
Scandinavia 199 756 652 985
rest of Europe 197 991 1 988
asia 28 006 655
uSa/Canada 9 331
rest of World 4 189 4 359
439 273 659 987
investment expenses are based on where the assets are located.
note 2 construction contracts
(aMounTS in noK 1 000)
2008 2007
income based on contracts 4 176 497 2 452 225
iTEMS on THE BalanCE SHEET rElaTED To ConSTruCTion ConTraCTS
Current assets
Completed production 1 410 289 930 414
invoiced production 526 133 333 777
accrued, non-invoiced production 884 156 596 638
Prepayments to suppliers 203 922 189 984
Total current assets 1 088 077 786 622
Current liabilities
Completed production 597 996 417 224
invoiced production 1 529 906 987 669
Prepayments from customers -931 910 -570 445
non-invoiced production cost, suppliers -72 102 -273 715
Total current liabilities -1 004 012 -844 161
risk related to the estimates that form the basis for posted values are further discussed in accounting
principles, in sections 2.20 and 4.
72

note 3 inventories
(aMounTS in noK 1 000)
2008 2007
inventories, incl. non-current 230 953 104 891
non-current iventories -18 125 -4 309
Total inventories 212 828 100 582
Work in progress 33 105 30 680
Book value of inventories pledged as security for liabilities 78 461 35 029
note 4 payroll expenses and employee information
(aMounTS in noK 1 000)
Payroll expenses 2008 2007
Salaries 351 741 257 269
Employer’s social security contribution 47 332 39 251
Defined benefit pension costs 7 020 5 644
Defined contribution pension costs 20 102 21 134
other benefits 21 855 18 400
Total payroll expenses 448 051 341 697
number of employees as of 31 December 1 236 787
number of employees in the group increased by 362 from 2007 to 2008. The acquisition of new companies
increased the number of employees by 18.
Remuneration to board members 2008 2007
Birger Skeie (Board Chairman from 22.05.08) 160 0
Bjarne Skeie (from 22.05.08) 102 0
nils aardal (Board Chairman to 22.05.08) 245 310
anne Breive 205 170
Hilde P. aa. Krøgenes (to 22.05.08) 73 150
agnar Gravdal (to 22.05.2008) 73 88
John M. lunde (to June 08) 0 63
Kjerstin Fyllingen (from 22.05.08) 120 0
olav Smeland 88 75
oddmund Hatletun (to September 08) 37 75
anne-Karin Bedringås (from September 08) 51 0
Total 1 153 931
*) The Annual General Meeting determines the remuneration to the Board from one general meeting to the next. For the accounting year 2007,
the same remuneration was stipulated as was determined by the Board at the Annual General Meeting for 2007.
noMinaTion CoMMiTTEE rEMunEraTion
TTS’s nominations committee comprises the following members: Bjørn olafsson (Chairman), Bjørn Sjaastad and Harald Espedal.
Proposed remuneration for 2008 was TnoK 40 for the chairman and TnoK 25 to members, a total of TnoK 65.
STaTEMEnT rEGarDinG THE STiPulaTion oF rEMunEraTion anD oTHEr BEnEFiTS For THE PrESiDEnT & CEo anD oTHEr ExECuTiVES
The remuneration policy of TTS Marine aSa is based on offering the group management competitive conditions. The level of remuneration shall
reflect to the company is a listed company focusing internationally. The annual remuneration is based on the group management taking into
account and the added value for the shareholders through increased company value.
remuneration consists of three main components: base salary, bonus and a share option program.
Bonus is determined on the basis of target results. in certain circumstances where change and development are of a decisive nature, the bonus is
further based on specific development targets. Bonus targets are revisited annually. The maximum bonus is one year’s base salary for the President
& CEo, and up to 50 percent for other executives.
Since 1998, a share option program has been active for the group management of TTS; the goal being that the group management shall have
the same incentive as the shareholders in respect of increasing company value over time. The annual General Meeting has each year given the
Board authority to establish share option programs with a two year term. redemption price equals market price on allotment. First exercise is
50 percent after one year. Thereafter 12.5 percent per quarter, in addition to share options that have not been previously exercised. Share options
may not be exercised subsequent to the second anniversary.
The group pension scheme in norway is based on approximately 65 percent of base salary at the age of 67, limited to a maximum of 12G, except
from Sense EDM thai has a contribution pension. For employees abroad, the schemes prevailing in the respective companies where they are
employed apply.
The period of notice is 6 months with a severance pay from 6 to 24 months, period of notice inclusive.
The share option program is conditional upon the annual General Meeting’s approval, based on the Board being granted authority to make such
allotments. The President & CEo’s remuneration is determined by the Board of TTS Marine aSa.
With respect to other executives, their remuneration is determined by the boards of the respective subsidiaries/President & CEo.
73

71-89 noteS to the accountS ttS Group
note 4 cont.
rEMunEraTion anD oTHEr BEnEFiTS For THE PrESiDEnT & CEo anD oTHEr ExECuTiVES
Other Bonus Share Pension
Name Position Remuneration benefits paid options Total benefits
Johannes D. neteland President & CEo 1 631 406 1 202 2 200 5 438 113
olav Bruåsdal Financial Director 1 074 221 207 880 2 382 89
Hans-Jan Erstad Manager Hr-iT-qa 713 89 84 880 1 766 169
ivar K. Hanson Man. Dir. MC 1 202 97 344 880 2 522 86
lennart Svensson Man. Dir. PMH 886 0 4 0 891 290
Stellan Bernsro Man. Dir. DCH 1 037 0 455 880 2 372 251
Edgar Bethmann Man. Dir. DM 1 405 164 0 880 2 449 0
Tom Fedog Man. Dir. DE 1 313 0 0 0 1 313 28
Margrethe Hauge (from March 2008) Man. Dir. Services 884 308 0 0 1 192 87
remuneration Taxable remuneration
other benefits Free car, life insurance, telephone, newspapers etc.
Bonus paid Bonus paid in current year
Share options Difference between market price and exercise price
Total Total taxable remuneration
The pension premium for the President & CEo is based on pension payments of approximately 65 percent of his base salary from the age of 67,
for the CFo approximately 65 percent of a maximum of 12G. in addition, an early retirement scheme from the age of 60 that pays approximately
60 percent of base salary is established. With effect from 2007, the group pension scheme will be based on approximately 65 percent of base salary
at the age of 67, limited to a maximum of 12G. additional pension benefits will be adjusted similar to other benefits.
The period of notice for the President & CEo is 6 months, with a severance pay of 24 months, period of notice inclusive, and from 6 to 24 months
for other group executives. .
auDiTor FEES
2008 2007
Statutory auditing 3 884 2 670
other certifications 123 110
other assistance including tax assistance 2 065 1 587
Total 6 072 4 307
note 5 pensions
(aMounTS in noK 1 000)
The norwegian companies in the group have defined benefit pension schemes that entitle the employees to defined future pension benefits dependent
on the number of years of service, salary level, retirement age and national insurance benefits received. The pension scheme includes 248 persons as
of 31 December 2008. The group’s obligations are covered primarily by an insurance company. The companies outside norway have pension plans
according to local practice and legislation, that is contribution pension. TTS Sense aS also has a contribution pension.
The net pension obligations based on the assumptions as of 31 December 2008 recorded on the balance sheet are determined as follows:
2008 2007
Insured Uninsured Total Insured Uninsured Total
Market value of pension funds 62 917 0 62 917 49 843 0 49 843
- net present value of accrued pension obligations -87 281 -1 658 -88 939 -55 677 -1595 -57 272
+ unrecognised estimate changes and deviations 41 641 -206 41 435 8 244 -23 8 221
- Change in employer’s share of ni contributions 3 817 234 4 051 0 0 0
= Total costs, including payroll expenses 13 460 -2 098 11 362 2 410 -1 618 792
Net pension costs are determined as follows: 2008 2007
Insured Uninsured Total Insured Uninsured Total
net present value of current year’s pension benefits accrued 5 541 174 5 715 4 737 133 4 870
+ interest payable on pension obligations 2 820 71 2 890 2 063 55 2 118
- Expected return on pension funds -3 062 0 -3 062 -2 322 0 -2 322
+ recognised estimate changes and deviations 723 -28 696 1 018 0 1 018
+ Change in employer’s share of ni contributions 747 35 782 0 -40 -40
= Total costs, including payroll expenses 6 769 252 7 020 5 496 148 5 644
Change in book value of funds: 2008 2007
Book value as of 1 January 792 -2 171
- Costs recognised during the year (see above) 7 020 5 644
+/- Pension payments and payment of pension premiums 17 589 8 606
= Book value as of 31 December 11 362 792
74

The following economic assumptions have been made
for calculation of the pension obligations: 2008 2007
31.12. 1.1. 31.12. 1.1.
return on pension funds 5.80 % 6.10 % 6.10 % 5.40 %
Discount rate 3.80 % 5.10 % 5.10 % 4.35 %
annual wage inflation 4.80 % 4.50 % 4.50 % 4.50 %
annual adjustment of the basic national insurance amount (G) 3.80 % 4.25 % 4.25 % 4.25 %
annual adjustment of pensions being paid out 3.80 % 2.35 % 2.35 % 1.65 %
Voluntary retirement 10.00 % 10.00 % 10.00 % 10.00 %
Withdrawal tendency for early retirement (aFP) 45.00 % 45.00 % 45.00 % 45.00 %
Employer’s share of national insurance contributions 14.10 % 14.10 % 14.10 % 14.10 %
risk related to the estimates that form the basis for the posted values are further discussed in accounting principles, in sections 2.17 and 4.
note 6 tangible fixed assets
(aMounTS in noK 1 000)
Furniture
Machinery and office Computer
Land Buildings and vehicles equipment equipment Total
aS oF 1 JanuarY 2007
Historical cost as of 1 January 739 13 823 25 631 9 907 42 159 92 259
accumulated depreciation as of 1 January 0 -2 045 -18 811 -6 826 -30 536 -58 218
Book value as of 1 January 739 11 778 6 820 3 081 11 623 34 041
2007 FinanCial YEar
Book value as of 1 January 739 11 778 6 820 3 081 11 623 34 041
Exchange differences 0 -1 027 -1 254 -418 -1 716 -4 415
acquisition of subsidiaries 14 727 5 518 1 128 401 18 224 39 998
additions during the year 0 698 5 068 4 074 19 341 29 181
Disposals during the year 0 0 -942 -1 511 -5 160 -7 613
Depreciation for the year 0 -91 -2 036 -1 754 -8 993 -12 874
Book value as of 31 December 15 466 16 876 8 784 3 873 33 319 78 318
aS oF 31 DECEMBEr 2007
Historical cost as of 1 January 15 466 19 012 29 631 12 453 72 848 149 410
accumulated depreciation as of 1 January 0 -2 136 -20 847 -8 580 -39 529 -71 092
Book value as of 1 January 15 466 16 876 8 784 3 873 33 319 78 318
2008 FinanCial YEar
Book value as of 1 January 15 466 16 876 8 784 3 873 33 319 78 318
Exchange differences -793 2 460 568 995 2 091 5 321
acquisition of subsidiaries 0 0 0 1 450 0 1 450
additions during the year 0 12 531 20 548 14 810 15 792 63 685
Disposals during the year 0 89 -317 0 -54 -281
Depreciation for the year 0 -2 667 -4 798 -3 436 -12 894 -23 796
Book value as of 31 December 14 673 29 288 24 785 17 692 38 250 124 696
aS oF 31 DECEMBEr 2008
Historical cost as of 1 January 14 673 34 092 50 430 29 708 90 682 219 584
accumulated depreciation as of 1 January 0 -4 803 -25 645 -12 016 -52 423 -94 888
Book value as of 1 January 14 673 29 288 24 785 17 692 38 250 124 696
Property in the norwegian companies has been pledged as security for long-term and short-term debt to credit institutions, see note 13.
ParT oF FixED aSSETS THaT arE lEaSED: Furniture
Machinery/ and office
and vehicles equipment
2008 FinanCial YEar
Book value as of 1 January 632 3 258
additions during the year 1 009 0
Disposals during the year -632 0
Depreciation for the year -100 -1 426
Book value as of 31 December 909 1 832
2007 FinanCial YEar
Book value as of 1 January 700 4 200
Depreciation for the year -68 -942
Book value as of 31 December 632 3 258
75

71-89 noteS to the accountS ttS Group
note 7 intangible fixed assets
(aMounTS in noK 1 000)
76
Customer- R&D, patents,
portfolio licences 1) Goodwill 2) Total
aS oF 1 JanuarY 2007
Historical cost as of 1 January 0 26 692 329 860 356 552
accumulated depreciation as of 1 January 0 -5 490 -22 081 -27 571
Book value as of 1 January 0 21 202 307 779 328 981
2007 FinanCial YEar
Book value as of 1 January 0 21 202 307 779 328 981
Exchange differences 0 212 -3 799 -3 587
additions during the year - internal developed 0 111 504 0 111 504
acquisition of subsidiaries 5 219 41 208 552 691 599 118
Disposals during the year 0 0 0 0
Depreciation for the year -600 -3 682 0 -4 282
Book value as of 31 December 4 619 170 444 856 671 1 031 734
aS oF 31 DECEMBEr 2007
Historical cost as of 1 January 5 219 179 616 878 752 1 063 587
accumulated depreciation as of 1 January -600 -9 172 -22 081 -31 853
Book value as of 1 January 4 619 170 444 856 671 1 031 734
2008 FinanCial YEar
Book value as of 1 January 4 619 170 444 856 671 1 031 734
Exchange differences 0 26 129 26 129
additions during the year - internal developed 0 72 227 0 72 227
acquisition of subsidiaries 0 10 000 71 814 81 814
Disposals during the year 0 0 0 0
Depreciation for the year -522 -6 179 0 -6 701
Book value as of 31 December 4 097 246 492 954 614 1 205 203
aS oF 31 DECEMBEr 2008
Historical cost as of 1 January 5 219 261 843 976 695 1 243 777
accumulated depreciation as of 1 January -1 122 -15 351 -22 081 -38 554
Book value as of 1 January 4 097 246 492 954 614 1 205 203
BooKED ValuTE r&D, PaTEnTS anD liCEnCES aS oF 31 DECEMBEr 2007:
Eu project, development of a Terminal System 13 791
Development costs in BoHai, China 6 530
Development onshore rigs 190 391
Development Heave Compensering VME 17 800
others 17 980
Total 246 492
1) iTEM ConSiSTS oF:
TTS Port Equipment AB has capitalised TNOK 13 791 related to development on ”Terminal System”.
TTS Marine Cranes AS has activated TNOK 6 530 related to development costs in China.
Drilling Equipment has activated an R&P rig solution, the JIM multifunctional roughneck and a mud treatment plant.
TTS Offshore Handling Equipment AS has activated own development of anchor handling winches with high pressure hydraulics.
TTS Marine Cranes AS has activated own development of a conceptual range for subsea cranes with secondary controlled AHC technology.
2) a SuMMarY oF THE GooDWill alloCaTion aT THE SEGMEnT lEVEl iS aS FolloWS:
2008 MC DCH PMH DM DE Others Total
Scandinavia 51 458 156 424 4 274 0 586 944 0 798 655
rest of Europe 33 975 22 963 42 908 54 060 0 0 153 906
asia 2 053 0 0 0 0 0 2 053
rest of World 0 0 0 0 0 0 0
Total 87 486 179 387 47 182 54 060 586 944 0 954 614
2007 MC DCH PMH DM DE Others Total
Scandinavia 49 458 156 424 3 449 0 516 089 0 725 420
rest of Europe 27 386 22 963 35 243 43 626 0 0 129 218
asia 2 053 0 0 0 0 0 2 053
rest of World 0 0 0 0 0 0 0
Total 78 897 179 387 38 692 43 626 516 089 0 856 691
risk related to the estimates that form the basis for the posted values are further discussed in accounting principles, in sections 2.6 and 4.

iMPairMEnT aSSESSMEnT
There are external indicators of the need to test for impairment of the carryvalue of the five assessements cash generating units (CGu) in accordance
with the rules in iaS 36. The TTS Group has defined five CGuS in the group, consistent with the five divisions above. The value of goodwill in the
balance sheet and important assumptions for the test are shown below:
note 8 Shares in other companies
(aMounTS in noK 1 000)
Ownership Historical Book value
interest cost 2008 2007
FixED aSSETS
Shin Young Heavy industry 13.4 % 222 222 222
FastShip inc.* 6.7 % 13 326 1 723 1 931
other 2 0 0
Total shares in other companies 13 550 1 945 2 153
other investment in shares are all defined as available for sale.
Goodwill Turnover EBITDA Margin
31.12.08 2008
(MNOK) (MNOK) 2007 2008 2009-2010 2011 WACC
DiViSion (CGu)
Dry Cargo Handling 179 1 240 11.0 % 6.7 % 5.6 % - 10.0 % 10.,0 % 9.1 %
Marine Cranes 87 1 107 5.1 % 3.8 % 6.1 % - 8.0 % 8.0 % 9.1 %
Port and Material Handling 47 350 7.7 % 9.3 % 8.9 % - 10.0 % 10.0 % 9.1 %
Deck Machinery 54 448 1.9 % 5.0 % 5.0 % - 8.0 % 8.0 % 9.1 %
Drilling Equipment 586 1 057 5.3 % -2.3 % 7.0 % - 10.0 % 10.0 % 10.5 %
Total 954 4 202
Test for depreciation is implemented by estimating a utility value for
each of the divisions, which is compared to the posted value. Estimated
utility value is based on discounted future cash flows, and is subject to
the following premises:
• Expected cash flows are set to EBITDA with deductions made for
investments and requirement for working capital, and is based on an
actual board-approved business plan for each division over the next
three years. The basis for this is a growth in turnover up until 2012.
From 2012, growth is assumed to be equal to inflation, and on this
basis calculation has been made of a terminal value at the end of
the fourth year (2012).
• Expected future revenues (EBITDA) is estimated at the same level as
comparable and competitive companies in the market.
• Inflation is presumed at 2.5 percent per year, and all values in the
estimations are based on real value (less inflation). The presumption
of inflation is according to estimates from norges Bank.
• The weighted average cost of capital (WACC) is estimated on the
basis of the capital asset pricing model and WaCC is on pre-tax
and basis. all divisions, with the exception of the Drilling Equipment
division are presumed to have the same WaCC (9.1 percent). WaCC
for the Drilling Equipment division is estimated to 10.5 percent due
to a Beta value differing from the other divisions. The Beta values
are estimated by comparing the values with other similar companies
listed on the stock exchange.
• The investment requirements of each division are based on an
investment plan approved by the Board.
• Change to the working capital is estimated on the basis of the
working capital constituting 8 percent of the division’s operating
income.
Based on the above presumptions, the estimated value in use exceeds
the carrying value for each CGu indicating that there is no need to
impair in any of the divisions.
Please note, however, that there is a high degree of uncertainty related
to the presumptions, and that changes to theses could entail future
write downs. The group has conducted sensitivity analyses that show
no need for write downs given the following premises:
- 10 % decline in sales revenues
- 1 %-point increase in the WaCC
- 1 %-point decrease in EBiTDa margin
The sensitivity analysis does, however, show that the risk of the utility
value falling below book value is greatest for the Drilling Equipment
division. in example, an EBiTDa that falls below 7 percent in future in
this division will require write downs, given that the premises remain
unchanged. The cause of a negative EBiTDa in 2008 for the Drilling
Equipment division is the loss on contract with ability Drilling aSa.
reference is made to note 24 for further discussion on the matter and
associated risks.
*) On the balance sheet as of 31.12.08, the company has entered 615 156 shares in FastShip Inc (FSI) with a recorded value of NOK 1.7 million.
The shares were written down by NOK 11.4 million in 2007, and further 0,2 in 2008 to estimated market value. Additionally, three convertible loans
have been entered with NOK 1.1 in the entry for other receivables. The convertible loans were written down by NOK 4.5 million in 2007, and
0.1 MNOK in 2008. Total write-downs related to FastShip in 2008 are NOK 16.2 million. TTS has been involved in the FastShip project since 1996.
There is still activity in the project. Should the project remain unrealized and TTS have to write off the remaining assets entries, equity will
be reduced by a corresponding amount.
risk related to the estimates that form the basis for the posted values are further discussed in accounting principles, in sections 2.7 and 4.
77

71-89 noteS to the accountS ttS Group
note 9 Subsidiaries
(aMounTS in noK 1 000)
The following subsidiaries are included in the consolidated accounts:
ttS marine aSa
Acquisition Ownership Voting
Subsidiaries Registered office date interest share
TTS Handling Systems aS Drøbak, norway 1994 100 % 100 %
TTS Ships Equipment aS Bergen, norway 1996 100 % 100 %
norlift aS Bergen, norway 1994 100 % 100 %
Hydralift Marine aS Kristiansand, norway 2003 100 % 100 %
TTS Ships Equipment aB Gothenburg, Sweden 2002 100 % 100 %
TTS Marine Shanghai Co ltd Shanghai, China 2002 100 % 100 %
TTS Marine Cranes aS Bergen, norway 2006 100 % 100 %
TTS Cranes norway aS Bergen, norway 2007 100 % 100 %
TTS offshore Handling Equipment aS Ålesund, norway 2007 100 % 100 %
TTS Sense aS Kristiansand, norway 2007 100 % 100 %
Associated companies
TTS Bohai Machinery Co. ltd Dalian, China 2005 50 % 50 %
ttS Ships equipment ab has the following investments:
Acquisition Ownership Voting
Subsidiaries Registered office date interest share
TTS Ships Equipment GmbH Bremen, Germany 1997 100 % 100 %
TTS Marine inc. Virginia, uSa 1994 100 % 100 %
TTS Hua Hai aB Gothenburg, Sweden 2002 100 % 100 %
TTS liftec oy Tampere, Finland 2004 100 % 100 %
TTS Port Equipment aB Gothenburg, Sweden 2005 100 % 100 %
TTS Marine S.r.l Genova, italy 2006 100 % 100 %
Associated companies
TTS Hua Hai Ships Equipment Co. ltd Shanghai, China 2002 50 % 50 %
TTS JV Jiangsu Shanghai, China 2007 50 % 50 %
TTS Keyon Marine Equipment Co. ltd Shanghai, China 2007 50 % 50 %
ttS Ships equipment Gmbh has the following investments:
Acquisition Ownership Voting
Subsidiaries Registered office date interest share
TTS-lMG Marine Cranes GmbH lübeck, Germany 2004 100 % 100 %
TTS Kocks GmbH Bremen, Germany 2005 100 % 100 %
ttS Kocks Gmbh has the following investments:
Acquisition Ownership Voting
Subsidiaries Registered office date interest share
TTS Kocks ostrava s.r.o ostrava, Czech republic 2005 100 % 100 %
TTS Kocks GmbH Korea Co. ltd Korea 2007 100 % 100 %
TTS Marine Equipment Dalian, China 2008 100 % 100 %
ttS Sense aS has the following investments:
Acquisition Ownership Voting
Subsidiaries Registered office date interest share
TTS Sense (Canada) ltd Edmonton, Canada 2007 100 % 100 %
TTS Sense MuD aS Kristiansand, norway 2007 100 % 100 %
TTS Sense Pte ltd Singapore Singapore 2007 100 % 100 %
TTS Sense Drillfab aS Kristiansand, norway 2007 50 % 50 %
TTS EDM inc uSa 2007 100 % 100 %
Maskinering og Sveiseservice aS Kristiansand, norway 2007 34 % 34 %
TTS Wellquip aS Kristiansand, norway 2008 100 % 100 %
Companies are accounted for in accordance with the equity method.
78

note 10 investments in joint ventures
(aMounTS in noK 1 000)
investments are accounted for in accordance with the equity method.
THE GrouP HaS THE FolloWinG inVESTMEnTS in JoinT VEnTurES:
Company Registered office Acquisition date Ownership interest Voting share
TTS Hua Hai Ships Equipment Co., ltd Shanghai, China 2002 50 % 50 %
TTS Jiangsu Shanghai, China 2007 50 % 50 %
TTS BoHai Machinery Co., ltd Dalian, China 2005 50 % 50 %
TTS Keyon Marine Equipment Co., ltd China 2007 50 % 50 %
TTS Sense Drillfab aS Kristiansand, norway 2007 50 % 50 %
Maskin og Sveiseservice aS Kristiansand, norway 2007 34 % 34 %
inTErEST in TTS Bohai TTS Hua Hai TTS Keyon
JoinT Machinery Ships Equipment Marine Equipment Sense
VEnTurES Co. Ltd incl. Jiangsu Co. Ltd Drillfab Total
opening balance 1 January 11 836 36 712 4 375 4 100 57 022
acquisition/Start-up of the company 0 0 0 -952 -952
Share of profit/loss 1 140 14 020 2 552 0 17 712
Effect of foreign currencies 764 10 099 1 858 0 13 621
Closing balance 31 December 13 394 61 731 8 785 3 148 87 403
There are no contingent liabilities related to the group’s shares in joint ventures, and no contingent liabilities in the joint ventures themselves.
GrouP’S SHarE oF THE ProFiT/loSS, Long term Current Long term Current
aSSETS anD liaBiliTiES aS oF 31.12.08 assets assets debt liabilities Income Profit/Loss
TTS Hua Hai Ships Equipment Co., ltd incl. Jiangsu 22 332 192 682 0 152 909 282 198 14 020
TTS Bohai Machinery Co., ltd 761 73 306 0 60 674 121 088 1 140
TTS Keyon Marine Equipment Co., ltd 4 557 42 409 0 38 180 69 500 2 552
Sense Drillfab 0 3 148 0 0 0 0
Total 27 650 311 545 0 251 763 472 786 17 712
GrouP’S SHarE oF THE ProFiT/loSS, Long term Current Long term Current
aSSETS anD liaBiliTiES aS oF 31.12.07 assets assets debt liabilities Income Profit/Loss
TTS Hua Hai Ships Equipment Co., ltd incl. Jiangsu 1 189 112 770 0 79 842 235 863 11 980
TTS Bohai Machinery Co., ltd 540 23 089 0 11 793 45 147 4 659
TTS Keyon Marine Equipment Co., ltd 1 288 14 811 0 11 724 21 890 115
TTS Kocks GmbH Korea Co. ltd 0 0 0 0 13 753 -1 423
Sense Drillfab 0 4 100 0 0 0 0
Maskin og Sveiseservice aS 0 2 595 0 0 0 0
Total 3 017 157 365 0 103 359 316 653 15 331
note 11 customer and other receivables
(aMounTS in noK 1 000)
2008 2007
receivables from customers 747 633 427 889
Write-down for losses on receivables from customers -15 394 -4 022
net receivables from customers 732 239 423 867
Booked value of net receivables from
customers by currency: 2008 2007
Euro 256 239 134 590
uSD 126 823 137 919
noK 232 344 138 894
other currencies 116 833 12 464
Total 732 239 423 867
Other receivables under fixed assets investments: 2008 2007
loan to Fast Ship 1) 1 143 1 281
Deposit 259 587
loan 1 998 23
other receivables 3 400 1 891
Other receivables under current receivables: 2008 2007
Foreign currency contracts 357 688 23 062
other receivables 110 388 114 438
other current receivables 468 076 137 500
For further information of customers and related
risk, see note 24 and 2.11, 3.1, 4.0 in accounting
principles.
1) TTS Marine ASA has a convertible loan of TNOK
1 143 towards Fast Ship. Ref Note 8. The loan was
written down by TNOK 4 549 in 2007 and further
TNOK 138 in 2008. All are long-term receivables
without fixed maturity.
79

71-89 noteS to the accountS ttS Group
note 12 long-term liabilities
(aMounTS in noK 1 000)
rEPaYMEnT ProFilE anD MaTuriTY
Balance as 2014
of 31.12.08 2009 2010 2011 2012 2013 and later
leasing debt 2 741 1 730 708 303 0 0 0
long-term liabilities 571 253 29 237 521 402 15 233 3 208 2 000 486
Total long-term liabilites 573 994
- first year of long-term debt instalments -30 967 0 0 0 0 0 0
- reclassified due Waier -10 730
Total booked debt to credit institutions 532 297 30 967 522 110 15 536 3 208 2 000 486
SPECiFiCaTion oF loanS
80
Type Foreign Nominal Instalment Book value Book value
of loan currency interest rate Maturity terms 2008 2007
TTS MarinE aSa
nordea Mortgage loan noK nibor+1.35 % 2011 4 per year 17 870 25 010
Elcon Finans other long-term noK 6.72 % 2009 12 per year 0 140
norfund Mortgage loan noK nibor+1.75 % 2011 4 per year 4 761 6 668
norsk Tillitsmann aS Bond issue noK nibor+1.6 %* 2010 none 500 000 500 000
TTS MarinE CranES aS
SG Finans other long-term noK 5.50 % 2010 12 per year 1 832 3 259
TTS SHiPS EquiPMEnT aS
Skandia Banken other long-term noK 4.50 % 2010 12 per year 909 632
TTS HanDlinG SYSTEMS aS
innovasjon norge Mortgage loan noK 6.50 % 2008 4 per year 0 4 613
TTS liFTEC oY
Sampo Bank Mortgage loan Eur 2 % 2009 4 per year 764 1 851
TTS SHiPS EquiPMEnT GMBH
nordea Mortgage loan Eur Euribor+1.275 % 2011 4 per year 24 406 26 868
TTS KoCKS GMBH
HypoVereinsbank Mortgage loan Eur Euribor+1.275 % 2011 4 per year 3 768 7 475
TTS KoCKS KorEa
Pusan Bank Mortgage loan KrW 4.40 % 2014 4 per year 11 197 12 823
TTS KoCKS oSTraVa
unicredit Bank Mortgage loan CZK Euribor+1.275 % 2012 4 per year 8 486
Total 573 994 589 339
*) In addition appr. 0.3 % in periodical cost. The repayment day of the Bond loan is 27.05.2010.
True value of loans is considered to be approximately equal to book value as the loans is based on market related terms, and also the fact thai no fixed
interest rate loan exist.
Book value of the group’s long-term loans in different currencies is as follows:
2008 2007
noK 525 372 540 322
Eur 28 989 36 194
CZK 8 486 0
KrW 11 197 12 823
Total 573 994 589 339
all loans are in the subsidiary’s own currency. See note 13 for security for long-term debt.
risk related to the estimates that form the basis for the posted values are further discussed in accounting principles, in sections 2.7, 2.14, 3 and 4.

note 13 assets pledged as security and guarantees
(aMounTS in noK 1 000)
TTS Marine aSa’s norwegian credit agreement has been established (50/50) with nordea norge aSa (nordea) and Sparebanken Vest,
with nordea as agent. TTS Marine aSa has the following agreements:
2008 2007
Limit Drawing Limit Drawing
Group account 330 000 6 179 70 000 0
Drawing facility, operations 175 000 175 000 100 000 0
Guarantee limit for TTS Group (incl. Sense norge) 425 000 423 753 300 000 230 882
Guarantee limit for Drawing facility, acquisition 0 0 50 000 0
as of 31.12.08, the norwegian companies, in addition to TTS Sense Canada, TTS Ships Equipment aB, TTS Port Equipment aB and
TTS Ships Equipment GmbH, all participate in the group account system. The same applies to the guarantee limit for the group, with
the exception of the TTS Sense group which has its own guarantee limit. The guarantee limits cover payment guaranties, contract guaranties
and tax guaranties. TTS Marine aSa furthermore has a drawing facility for operations and bridge financing in connection with acquisitions
(in addition to long-term loans, see note 12).
For the abovementioned agreements, the following assets (from TTS Marine aSa, TTS Handling Systems aS, TTS Ships Equipment aS and
norlift aS, who also have joint liability) have been pledged as collateral toward nordea:
2008 2007
Secured debt 198 179 109 800
Total drawdown in the guarantee pool 423 753 185 682
Assets at book value:
Customer/intragroup receivables 371 402 139 840
non-invoiced production 439 193 230 743
inventories/work in progress 78 461 35 029
Prepayments to suppliers 198 954 149 509
Property 3 080 3 365
Total assets pledged as security 1 091 090 558 485
in addiation following assets in the group have been pledged as security for garanties and credit agreements:
Total assests pledged as security (book value) 135 200 249 067
Total 1 226 290 807 552
The abovementioned includes; inventory, accounts receivable and cash balance. in addition to this is tenancy right with charge on machinery
and plant, as well as the shares in TTS Ships Equipment aS. The value of the mortgage bond is TnoK 200 000.
Collateral towards nordea will include the norwegian companies, in addition to security interest in the shares in TTS Ships Equipment aB.
T T S - K o C K S G M B H
The credit agreement for TTS Kocks GmbH at noK 39.5 million (4.0 MEur) has been established with Bayerische Hypo- und Vereinsbank
aktiengesellshaft (HypoVereinsbank) in Germany. The bank has a pledge in the company’s customers receivables and inventories, and additionaly
a parent company guarantee from TTS Marine aSa of noK 44.4 million (4.5 MEur). The assets of the company has a book value of noK 29,6
million (3.0 million Eur).
TTS-lMG MarinE CranES GMBH
The credit agreement for TTS-lMG Marine Cranes GmbH has been established with Bayerische Hypo- und Vereinsbank aktiengesellshaft
(HypoVereinsbank) in Germany with a total credit limit including bank guarantees of noK 88.8 million (9.0 million Eur) and a drawdown
of noK 5.6 million (0.6 million Eur) as of 31 December 2008. The bank has security in the company’s assets, in addition to a parent
company guarantee from TTS Marine aSa with a limit of noK 88.8 million (9.0 million Eur). The assets of the company has a book value
of noK 313.3 million (31.7 million Eur).
TTS liFTEC oY
The credit agreement for TTS liftec oy has been established with Sampo Pankki oyi (Sampo Bank) in Finland with a credit limit of
noK 32.5 million (3.3 million Eur) and a drawdown of noK 0.0 million (0.0 million Eur) as of 31 December 2008. The bank has a parent
company guarantee from TTS Marine aSa with a limit of noK 32.5 million (3.3 million Eur).
81

71-89 noteS to the accountS ttS Group
note 13 cont.
TTS MarinE SHanGHai Co. lTD
The credit agreement for TTS Marine Shanghai Co. ltd. has been established with DnB Bank aSa, Shanghai Branch with a credit
limit of noK 19.7 million (2 million Eur) and a drawdown of noK 9.8 (1.0 million Eur) as of 31 December 2008. The bank has
a parent company guarantee from TTS Marine aSa with a limit of noK 9.9 million (1 million Eur).
TTS KoCKS oSTraVa s.r.o
The credit agreement for TTS Kocks ostrava s.r.o has been established with uniCredit Bank Czech republic a.s in Check with
a credit limit of noK 1.9 million (5 million CZK) and a drawdown of noK 1.1 million (2.9 million CZK) as of 31 December 2008.
The bank has scurity in the comapny’s assets, in addition TTS Marine aSa is co-debtor. The assets of the company has a book value
of noK 19.1 million (53.9 million CZK).
TTS KoCKS KorEa
The loan to TTS Kocks GmbH Korea Co ltd. of noK 7.8 (1 448.0 million KrW) has been established with Pusan Bank in Korea.
The bank has scurity in the company’s buildings, in addition TTS Marine aSa is co-debtor. The building of the company has a book
value of noK 18.5 million (3 419.9 million KrW).
CoVEnanTS
The group has also undertaken to meet the following financial strength requirements for Nordea:
There is a requirement that the equity shall be greater than noK 800 million at any time. in addition the equity ratio shall be
greater than 25 per cent as of 31 December. With equity of noK 989 million and an equity ratio of 22.6 per cent, the group does
not meet these requirements.
The syndicated loan from nordea is subject to an annual renewal by 31 May 2009. accordingly, this loan formally matures for
payment on this date. reference is made to the maturity structure of the group’s financial obligations in section 3.1, in accounting
principles. nordea has granted a waiver of the covenants’ claim from 25 percent to 22.5 percent.
The group has also undertaken to meet the following financial strength requirements for Norsk Tillitsmann ASA:
There is a requirement that the equity shall be greater than noK 550 million at any time. in addition the equity ratio shall be
greater than 22.5 per cent as of 31 December. With equity of noK 989 million and an equity ratio of 22.6 per cent, the group
meets these requirements.
With regard to the debenture issue there is, in addition to a covenants claim of 22.5 percent equity capital share and nominal
equity capital of noK 500 million, several standard default clauses for this type of debenture issue. under these, the debenture issue
is deemed to be defaulted, should the aforementioned syndicated loan toward nordea be defaulted (cross default).
note 14 taxes
(aMounTS in noK 1 000)
Deferred taxes are netted if the group has a legal right to offset deferred tax assets against deferred taxes on the balance sheet
and if the deferred taxes are owed to the same tax authority.
The following amounts have been netted:
2008 2007
DEFErrED Tax aSSETS
- Deferred tax assets that reverse after more than 12 months
- Deferred tax assets that reverse within 12 months
-74 793 -43 648
Total recognised deferred tax assets -74 793 -43 648
DEFErrED TaxES
- Deferred taxes that reverse after more than 12 months 33 560 25 712
- Deferred taxes that reverse within 12 months
Total recognised deferred taxes 33 560 25 712
net deferred taxes on the balance sheet -41 233 -17 936
Change in recognised deferred taxes:
Book value as of 1 January -17 936 -15 929
recognised during the period (see specifications below) -30 144 -2 007
Deffered taxes related to the acquisition of TTS Sense posted against goodwill 6 426 0
To much allocated deffered taxes 421 0
Book value as of 31 December -41 233 -17 936
82

Change in deferred tax assets and deferred taxes (without netting within the same tax regime):
1.1.2007 Change 2007 31.12.2007 Change 2008 31.12.2008
DEFErrED TaxES
Fixed assets 2 061 5 491 7 552 -508 7 044
Construction contracts 21 872 38 015 59 887 33 071 92 958
other temporary differences 17 221 -12 691 4 530 11 915 16 445
Total deferred taxes 41 154 30 815 71 969 44 478 116 447
DEFErrED Tax aSSETS
accounts receivable -474 -138 -612 -2 190 -2 802
inventories -2 301 1 181 -1 120 168 -952
Pension funds -608 757 149 3 001 3 150
other provisions for liabilities and charges -1 713 -1 902 -3 615 3 217 -398
Total deferred tax assets -5 096 -102 -5 198 4 196 -1 002
net deferred taxes 36 058 30 713 66 771 48 674 115 445
Tax credit deduction carryforward -6 182 0 -6 182 0 -6 182
Tax allowance carryforward -1 260 0 -1 260 0 -1 260
Tax loss carryforward -47 552 -34 430 -81 982 -78 818 -160 800
net deferred tax assets -18 936 -3 717 -22 653 -30 144 -52 797
Changes in deffered taxes due to acquisition of TTS Sense 0 0 0 6 426 6 426
Excess allocation 1 749 1 709 3 458 421 3 879
of which unrecognised deferred
tax assets related to allowance 1 260 0 1 260 0 1 260
net deferred tax assets on the balance sheet -15 927 -2 009 -17 935 -23 297 -41 233
The deferred tax assets related to tax loss carryforwards are recognised on the balanace sheet when the management believes
that it is probable that the group can apply this against future taxable income.
Specification of differences between the financial profit
before tax and the tax basis for the year: 2008 2007
Pre-tax profit/loss 36 819 97 568
Permanent differences -14 334 -22 644
Change in temporary profit/loss differences -107 657 -14 212
application of tax loss carryforward -245 -34 048
Tax basis for the year -85 417 26 664
Breakdown of the tax charge:
Tax payable1 30 571 20 535
Change in deferred taxes -30 144 -2 009
Tax charge 427 18 526
1 ) Tax payable is related to the foreign subsidiaries’ taxable profit that cannot be offset against the tax loss carryforward in Norway.
Tax payable on the balance sheet: 2008 2007
Tax payable 30 571 20 535
Prepaid tax in foreign subsidiaries -26 360 -5 879
Tax payable on balance sheet 4 211 14 656
Average tax rate for the group is: 22.0 % 22.5 %
Calculated tax payable 8 100 27 319
Too little/much allocated deferred taxes 421 0
Profit JV -4 959 0
Permanent differences, including amortisation of goodwill -3 136 -8 793
Estimated tax charge 427 18 526
note 15 liquid assets/short-term interest-bearing liabilities
(aMounTS in noK 1 000)
2008 2007
Bank deposits, cash, etc. as of 31 December 267 233 353 138
Deposits(+)/withdrawals(–) in the cash pool account system as of 31 December -6 179 171 653
other short-term interest-bearing debt -509 698 -256 662
Drawing facilities, security and covenants are described in note 13.
83

71-89 noteS to the accountS ttS Group
note 16 Share capital and shareholder information
(aMounTS in noK 1 000)
Number of shares as of 31 December Nominal value Book value of share capital
25 908 280 0.50 12 954 140
THE FolloWinG CoMPaniES arE inCluDED in THE TTS MarinE GrouP:
Ownership Number
Company Owner interest Share capital of shares
norlift aS (former TTS Eiendom aS) TTS Marine aSa 100 % noK 500 000 500
TTS Handling Systems aS TTS Marine aSa 100 % noK 950 000 95 000
TTS Ships Equipment aS TTS Marine aSa 100 % noK 2 500 000 2 500
Hydralift Marine aS TTS Marine aSa 100 % noK 100 000 1 000
TTS Ships Equipment aB TTS Marine aSa 100 % SEK 2 000 000 2 000
TTS Marine Shanghai Co ltd TTS Marine aSa 100 % uSD 200 000 3 500
TTS Ships Equipment GmbH TTS Ships Equipment aB 100 % Eur 255 646 5 000
TTS Marine inc. TTS Ships Equipment aB 100 % uSD 190 000 1 900
TTS-lMG Marine Cranes GmbH TTS Ships Equipment GmbH 100 % Eur 25 000 1
TTS liftec oy TTS Ships Equipment aB 100 % Eur 76 500 1 020
TTS Port Equipment aB TTS Ships Equipment aB 100 % SEK 100 000 1 000
TTS Kocks GmbH TTS Ships Equipment GmbH 100 % Eur 1 000 000 1 000
TTS Kocks ostrava s.r.o. TTS Ships Equipment GmbH 100 % Eur 310 291 1 000
TTS Marine S.r.l TTS Ships Equipment aB 100 % Eur 10 400 1 000
TTS Marine Cranes aS TTS Marine aSa 100 % noK 1 000 000 1 000
TTS Cranes norway TTS Marine aSa 100 % noK 500 000 1 000
TTS offshore Handling Equipment TTS Marine aSa 100 % noK 100 000 100 000
TTS Sense aS TTS Marine aSa 100 % noK 1 200 288 400 076
TTS Kocks Korea TTS Ships Equipment GmbH 100 % KrW 1 513 390 000 1 000
TTS Hua Hai aB TTS Ships Equipment aB 100 % SEK 100 000 1 000
TTS Sense (Canada) ltd TTS Sense aS 100 % CaD 100 10
TTS Sense MuD aS TTS Sense aS 100 % noK 1 000 000 1 000
TTS Sense Pte ltd Singapore TTS Sense aS 100 % SGD 100 000 100 000
TTS Sense Drillfab TTS Sense aS 50 % noK 1 000 000 100 000
TTS EDM inc TTS Sense aS 100 % uSD 100 000 1 000
TTS Wellquip aS TTS Sense aS 100 % noK 1 100 000 110 000
THE larGEST SHarEHolDErS in TTS MarinE aSa aS oF 31 DECEMBEr 2008 WErE:
Shareholder Number of shares Ownership interest Voting share
Skeie Technology aS 3 406 917 13.15 % 13.15 %
rasmussengruppen aS 2 995 000 11.56 % 11.56 %
lesk aS 2 024 361 7.81 % 7.81 %
Stisk aS 2 024 361 7.81 % 7.81 %
Citibank n.a. london 1 608 600 6.21 % 6.21 %
nordea Bank PlC Finland 1 045 000 4.03 % 4.03 %
Morgan Stanley & co 999 000 3.86 % 3.86 %
Tamafe Holding aS 824 361 3.18 % 3.18 %
Verdipapir odin 810 000 3.13 % 3.13 %
rBC Dexia investor Services Bank 650 000 2.51 % 2.51 %
itlution aS 516 165 1.99 % 1.99 %
Skagen Vekst 476 000 1.84 % 1.84 %
DnB nor Smb 435 000 1.68 % 1.68 %
rBC Dexia investor Services Trust 390 000 1.51 % 1.51 %
Svenska Handelsbanken depot 376 400 1.45 % 1.45 %
odin Europa Smb 363 900 1.40 % 1.40 %
Skeie Consultants aS 363 600 1.40 % 1.40 %
Pensjonskassen Statoil 291 539 1.13 % 1.13 %
Stichting Shell Pens. 284 003 1.10 % 1.10 %
Holberg norge 278 400 1.07 % 1.07 %
Total 20 largest shareholders 20 162 607 77.82 % 77.82 %
Total others 5 745 673 22.18 % 22.18 %
Total 25 908 280 100.00 % 100.00 %
84

Shares ownded by board members and corporate management group and their related:
Board Per 31.12.08 Per 27.04.09
Bjarne Skeie 2) 3 770 517 3 770 517
nils o. aardal 75 000 75 000
olav Smeland 1 250 1 250
Corporate Management Group
Johannes D. neteland 105 000 105 000
- daugther anna S. neteland 100 100
olav Bruåsdal 34 000 34 000
Hans-Jan Erstad 20 000 20 000
ivar K. Hanson 20 000 20 000
Stellan Bernsro 20 000 20 000
Edgar Bethmann 20 000 20 000
Tom Fedog1) 281 420 281 420
lennart Svensson 200 200
Margrethe Hauge 100 100
1) Owns Wary (100 %) who ownsr 50 % of Itlution AS and Itlution II AS who own a total of 562.840 shares in TTS Marine ASA
2) Owns (20 % of the shares and 100 % voting shares) in Skeie Technology AS and Skeie Consultans AS.
on 22 May 2008 the annual General Meeting resolved to grant the Board authority to issue a maximum of 4 000 000 shares in the event of
an acquisition or merger. This authorisation is valid until the annual General Meeting for 2008, and no later than 30 June 2008.
as of 31 December 2008, 380 000 options were allotted that can be exercised until 24 May 2009 at a price of noK 79 (from an authorisation for
a total of 380,000 options granted at the ordindary General Meeting of 24 May 2007). in addition to 420 000 options that can be exercised until
22 May 2010 at a price of noK 81. (From an authoristion for a total of 420 000 options granted at the annual General Meeting of 22 May 2008).
THE DiSTriBuTion oF oPTionS iS aS FolloWS:
No. of options No. of options
that can be that can be
exercised until exercised until
Name Position Company 30.05.09 Price 24.05.10 Price Total
Johannes D. neteland President & CEo TTS Marine aSa 100 000 79.00 100 000 81.00 200 000
olav Bruåsdal Financial director TTS Marine aSa 40 000 79.00 40 000 81.00 80 000
Hans-Jan Erstad Chief of staff TTS Marine aSa 40 000 79.00 40 000 81.00 80 000
Göran K. Johansson Division Director TTS Port Equipment aB 40 000 79.00 40 000 81.00 80 000
ivar K. Hanson Division Director TTS Marine aSa 40 000 79.00 40 000 81.00 80 000
Stellan Bernsro Division Director TTS Ships Equipment aB 40 000 79.00 40 000 81.00 80 000
Edgar Bethmann Division Director TTS Kocks Gmbh 40 000 79.00 40 000 81.00 80 000
Tom Fedog Division Director TTS Sense aS 40 000 79.00 40 000 81.00 80 000
Margrethe Hauge Division Director TTS Marine aSa 0 - 40 000 81.00 40 000
Total number of options to leading employees 380 000 420 000 800 000
Share options exercised in 2008 resulted in the issue of a total of 170 000 shares. 170 000 of these shares were issued at noK 79 per share.
in accordance with authorities granted by the annual General Meeting in 2005, 2006, 2007 and 2008, TTS has issued share option programmes
to its Management group. Through these programmes, TTS’ Managment Group have a future right to purchase a number of shares at a strike price
equal to the marked rate on the date that the share purchase programme was initiated.
The option premium is estimated on the date of allotment using the Black & Scholes option pricing model (BS).
The options have a maximum term of two years, with a possible first exercise after one year (50 percent), then (12.5 percent) per quarter,
giving a weighted averaged of 15 months maturity which is employed in BS. The option premium is distributed over the option’s two-year term.
implied volatility is based on a combination of historic data and discretion. For options issued in 2006, a 30 percent volatility is used for 2006,
a 35 percent volatility for 2007, and 42 percent volatility for 2008.
For 2006, a risk-free interest rate of 3.5 percent is used, for 2007 a rate of 4.5 percent, and for 2008 a rate of 5.0 percent.
For 2008, noK 5 446 in option premium is charged as an expense classified as salary in the profit and loss account.
Employers’ national insurance contribution is charged as an expense over the vesting period. For 2008, noK 1 054 million is charged as an expense
classified as salary in the profit and loss account.
oWn SHarES
a resolution was adopted at the annual General Meeting of 22 May 2008 to authorise the Board to purchase a maximum of 400 000 of the
company’s own shares. This authorisation is valid to annual General Meeting of 28 May 2008, latest 30 June 2009. in the period TTS has owned
a maximum og 133 100 shares.
85

71-89 noteS to the accountS ttS Group
note 17 other short-term liabilities
(aMounTS in noK 1 000)
2008 2007
Provisions for projects (see note 21) 144 419 83 870
other provisions to the obligations (see note 21) 69 111 33 319
Foreign currency contracts 80 782 57 411
other current liabilities 275 147 153 788
Total short-term liabilities 569 459 328 388
The best estimate for date of payment for completed projects is within 12 months from the balance sheet date.
note 18 other operating expenses
(aMounTS in noK 1 000)
2008 2007
rent, costs for premises 48 919 29 608
EDP costs 16 774 12 784
Marketing, travel 82 973 58 802
other 135 060 105 895
Total other operating expenses 283 726 207 088
note 19 related parties
(aMounTS in noK 1 000)
all the underlying subsidiaries (note 9), investments in joint ventures (note 10) members of the Board (note 4) and senior management
are regarded as related parties. The group has carried out various transactions with underlying companies and joint ventures.
all the transactions have been carried out at part of the ordinary operations and at arm’s length prices.
Sales: 2008 2007
Joint Ventures 52 476 3 802
Cost of sales:
Joint Ventures 201 574 35 057
iTEMS on THE BalanCE SHEET rElaTED To SalES anD CoST oF SalES To rElaTED ParTiES:
Current assets:
Joint Ventures 132 191 2 194
Current liabilites:
Joint Ventures 53 422 6 830
information of shares and share options of the board and corporate management group follows in note 16.
There are no further transaction with related parties.
note 20 derivatives
(aMounTS in noK 1 000)
2008 2007
Assets Liabilities Assets Liabilities
Forward currency contracts – fair value hedging 70 350 339 043 53 988 20 480
Forward currency contracts to fair value of the result 18 12 300 0 0
Forward currency contracts Total 70 368 351 343 53 988 20 480
The actual value of hedging instruments is classified as a short-term asset or obligation. actual value of the derivatives are classified
as current assets or short-term liabilities, as the hedge objects and derivatives in all material aspects fall due within 12 months.
ForWarD CurrEnCY ConTraCTS
The nominal value of the outstanding forward currency contracts at 31 December 2009 is noK 4 596 million compared to noK 2 347 in 2007.
Derivatives are in principle included at fair value on the date of signature of contract. The value is adjusted to actual value in later periods.
TTS enters into hedging contracts that qualify as, and are considered accounting wise to be, fair value hedges. in addition to this, the group
has hedging contracts that no longer meet the criteria of hedging accounting, as the underlying delivery contract has been cancelled. These are
considered at fair value in the profit and loss account.
Changes to fair value of the derivatives that meet the criteria of an effective hedge, are included in the profit and loss accounts together with changes
to actual fair value of the hedged asset or liability. Changes to fair value of derivatives is posted to the profit and loss accounts as operating income
or operating cost, both for derivatives that are effective hedges and those not qualified for hedging.
The ineffective portion of the hedge value amounts to noK 13 378 and is posted together with the changes in value of derivatives.
The asset or liability being hedged is contractual income or cost related to production cost. Hedged assets or liabilities are recognised in the balance
sheet at actual value. The hedged asset or liability represents, among other things, the part of the contractual income or cost that has not been
invoiced on the balance sheet date, or where invoices have not been received from the supplier. The asset and liability is included in other Short-term
assets and other Short-term liabilities respectively.
86

note 21 other provisions for obligations
(aMounTS in noK 1 000)
Delivered Product
projects* guarantees* Other Total
1 January 2008 83 870 24 519 8 800 117 189
Provisions for the year 85 949 10 967 34 407 131 323
utilised during the year -25 400 -2 112 -7 470 -34 982
31 December 2008 144 419 33 375 35 736 213 530
Classification on the balance sheet 2008 2007
other current liabilities 213 530 117 189
*) Obligations related to supplementary work and other claims from the customer
risk related to the estimates that form the basis for the posted values are further discussed in accounting principles,
in sections 2.17 and 4.
note 22 financial items and foreign currency gains/losses
(aMounTS in noK 1 000)
2008 2007
other interest income 18 107 9 930
interest on bank loans -89 663 -42 258
net foreign currency gains/losses -6 240 -4 739
Total -77 797 -37 067
net other financial expenses mainly consists of foreign exhange profits and loss, in addition to bank-related transaction cost.
note 23 earnings per share
(aMounTS in noK 1 000)
The earnings per share are calculated by dividing the portion of the net profit for the year that is attributable to the company’s
shareholders with a weighted average of the number of outstanding ordinary shares throughout the year, less the company’s own shares.
2008 2007
net profit for the year attributable to the company’s shareholders 36 392 79 041
Weighted average number of outstanding shares 25 839 23 250
Earnings per share (noK per share) 1.41 3.40
DiluTED EarninGS PEr SHarE
in calculating the diluted earnings per share, the weighted average of the number of outstanding ordinary shares adjusted for
the effect of the conversion of all the potential shares that can entail dilution is used.
The company has share options where a calculation is made to determine the number of shares that could have been subscribed
for at the market price (calculated at the average share price for the company’s shares throughout the year) based on the
monetary value of the subscription rights for the outstanding share options. The number of shares calculated as explained above
are compared with the number of shares that would have been issued if all the share options were exercised. The difference
is placed in the denominator in the fraction as shares issued without consideration.
2008 2007
Profit used to calculate the diluted earnings per share 36 392 79 041
average number of shares outstanding, ordinary shares 25 839 23 250
adjustments for share options 0 179
average number of ordinary shares for calculation of diluted earnings per share 25 839 23 429
Diluted earnings per share (noK per share) 1.41 3.37
87

71-89 noteS to the accountS ttS Group
note 24 events subsequent to the balance sheet date
There is not proposed dividend to shareholders for 2008.
a subsidiary of TTS Marine aSa within the Drilling Equipment division, TTS Sense aSa, has a significant delivery contract
for nine 250-ton rigs with the listed company ability Drilling aSa. rigs number 1 and 2 have been delivered. rigs number
3 and 4 are scheduled for delivery in May and July of 2009, respectively. rigs number 5-9 will, subsequent to renegotiation
in January 2009, be delivered 2010-2012. in total the contract amount of the 9 rigs constitute just over noK 1 billion.
The 9 rig contacts were assessed as one contract and accounted for according to continuous settlement pursuant
to iaS 11, Construction Contracts. in april of 2009, ability Drilling aSa defaulted on the third instalment of rig number 4 by
noK 24 million. accordingly, TTS considers there to be uncertains as to whether ability Drilling aSa is able to maintain the order.
The anticipated total loss on rigs 1-4 is charged as an expense of at 31.12.2008. This is the primary cause of modifications to
the accounts in relation to previously reported figures for the fourth quarter of 2008. at 31.12.2008, the TTS Group had an
outstanding claim against ability Drilling aSa of noK 86 million. as of april 2009, the outstanding claim is noK 127 million,
a part of which remains uncertain.
note 25 exchange differences
(aMounTS in noK 1 000)
Exchange differences includes differences that as a result of translation of the financial
reports of the foreign companies into noK.
at 01.01.2008 4 902
Exchange differences 2007
Corporate companies -13 729
Joint Ventures -1 774
at 31.12.2007 -10 601
Exchange differences 2008
Corporate companies 32 784
Joint Ventures 10 000
at 31.12.2008 32 183
note 26 contingencies
Provisions for contingent liabilities have been made (see note 21). Beyond what has already been earmarked, no significant
provisions are expected,
The previous owners of TTS offshore Handling Equipment aS have an earn-out of a maximum of noK 2 million in 2007,
noK 4 million in 2008 and noK 9 million in 2009, at most accumulated to noK 15 million. noK 2 million was realised
in 2007 and paid in 2008. Estimated earn-out for 2008 is noK 3 million.
The previous owners of Sense EDM aS have an earn-out of a maximum of noK 75 million for 2007 and 2008.
Earn-out was not paid for 2007.
The previous owners of Wellquip aS have an earn-out of a maximum of noK 20 million for 2008 and 2009.
note 27 Government grants
TTS has through one subsidiaries received a grant from public institutions to research and development activites that is
approved under the public institutions SKaTTEFunn. The company received a total of TnoK 459.
Governmental subsidies are recorded at fair market value when there is reasonable certainty that the subsidy will be received
and that the group will meet the requirements related to the subsidy.
note 28 business integration
(aMounTS in noK 1 000)
in February 2008, TTS Sense aS acquired 100 percent of the shares in Wellquip Holding aS in Kristiansand for cash of noK 70 million
plus an earn-out of noK 20 million subject to the development in 2008 and 2009. The company, with its 24 employees,
delivers drilling equipments to the offshore industry.
The explanation of acquired net assets and goodwill are as follows:
Acquisition cost:
Cash sum 70 000
in total acquisition costs 70 000
Fair market value of net acquired assets (e.g. goodwill) -3 257
Technology 10 000
Goodwill 63 257
88

note 29 financial risk management
(aMounTS in noK 1 000)
Financial assets and liabilities are desribed in accounting principles, sections 2.7, 2.9, 2.11, 2.12, 2.14 and 2.15.
risk related to the estimates that form the basis for the posted values are further discussed in accounting principles, section 3.
ClaSSiFiCaTion oF FinanCial aSSETS
2008 2007
Derivates Derivates
related to Assets related to Assets
hedging Loans and available In total hedging Loans and available In total
purposes receivables for sale 2008 purposes receivables for sale 2007
Financial assets:
loans to jointly controlled venture 0 0 0 0 0 0 0 0
Shares 0 0 1 945 1 945 0 0 2 153 2 153
other receivables 0 3 400 0 3 400 0 1 891 0 1 891
Financial current assets:
accounts receivable 0 732 239 0 732 239 0 423 867 0 423 867
other current receivables 0 468 076 0 468 076 0 137 500 0 137 500
Earned, not invoiced production 0 884 156 0 884 156 0 596 638 0 596 638
Derivatives 70 360 0 0 70 360 53 988 0 0 53 988
advances to suppliers 0 203 922 0 203 922 0 189 984 0 189 984
Bank deposit, cash in hand etc 0 267 231 0 267 231 0 353 138 0 353 138
Total financial assets 70 360 2 559 024 1 945 2 631 329 53 988 1 703 018 2 153 1 759 159
The group has no financial assets classed as hold to maturity or available for sale as of 31.12.06 or 31.12.07.
Fair market value of financial assets:
The group’s derivatives consist of forward exchange contratcs. The fair market value of forward exchange contracts is determined by employing
the market-to-market rate on the balance sheet date.
ClaSSiFiCaTion oF FinanCial liaBiliTiES
2008 2007
Derivates Derivates
related to Other related to Other
hedging financial In total hedging financial In total
purposes liabilities 2008 purposes liabilities 2007
Non-current financial liabilities:
interest-bearing non-current liabilities 0 532 297 532 297 0 563 166 563 166
Current financial liabilities:
First year’s instalment on non-current liabilities 0 30 967 30 967 0 26 173 26 173
interest-bearing current liabilities 0 213 667 213 667 0 20 461 20 461
Prepayment from customers 0 931 910 931 910 0 570 445 570 445
Costs related to facilities under construction 0 72 102 72 102 0 273 715 273 715
Derivatives 351 342 0 351 342 20 480 0 20 480
accounts payable and other non-current liabilities 0 1 176 834 1 176 834 0 619 377 619 377
Total financial liabilities 351 342 2 457 777 3 309 119 20 480 2 073 337 2 093 817
Fair market value of financial liabilities:
The group’s derivates consist of forward exchange contratcs. The fair market value of forward exchange contracts is determined by employing
the market-to-market rate given by the bank on the balance sheet date.
Fair market value related to non-current loans are regarded to be nearly approximate to the recorded value, as loans are given at market terms
and with a floating rate of interest.
89

profit and loss account
ttS marine aSa
1 january - 31 december
(aMounTS in noK 1 000) nGaaP nGaaP
2008 2007
oPEraTinG inCoME noTES
income from projects 2 727 -
other operating income 102 -
Group contribution from TTS - subsidiaries 26 753 14 414
Total operating income 29 582 14 414
oPEraTinG CoST
Cost of sales 24 -
Personell costs 1, 2 18 842 15 690
Depreciation 3, 4 395 269
other operating costs 1, 14 22 841 6 663
Write downs of shares 5 349 15 944
Total operating expenses 42 451 38 566
operating profit -12 869 -24 152
FinanCial inCoME anD ExPEnSES
income from investments in subsidiaries 6 21 580 80 543
income from investments in joint ventures 6 1 140 4 659
interest received from group companies 16 5 785 3 574
other interest income 16 19 551 5 766
other financial income 16 5 7
other interest expenses 16 -46 772 -27 514
other financial expenses 16 -688 -3 998
net financial items 600 63 036
profit before income tax -12 269 38 884
income tax payable 10 -9 767 -11 684
net profit for the year -2 502 50 568
TTS GrouP 4-8
rEPorT FroM THE CEo 9-11
BuSinESS arEaS 12-37
CorPoraTE GoVErnanCE 38-47
director’S report and accountS 48-110
91

4-8 T T S G r o u P
9-11 rEPorT FroM THE CEo
12-37 B u S i n E S S a r E a S
38-47 CorPoraTE GoVErnanCE
48-110 director’S report and accountS
balance Sheet
ttS marine aSa
aSSetS
(aMounTS in noK 1 000) nGaaP nGaaP
31.12.08 31.12.07
intangible fixed assets noTES
Deferred tax assets 10 56 745 46 978
Total intangible fixed assets 56 745 46 978
TanGiBlE FixED aSSETS
Machinery and vehicles 3 686 353
Furniture, office- and computer equipment 3 440 400
Total tangible fixed assets 1 126 752
FixED aSSET inVESTMEnTS
investments in associated companies 6 1 134 250 1 078 282
loans to companies in the same group 6 13 740 11 836
investments in associated companies 7 149 782 46 865
investments in shares and other financial instruments 5 1 945 2 153
other receivables 7 1 143 45 305
Pensions 2 1 663 209
Total fixed asset investments 1 302 522 1 184 649
total fixed assets 1 360 394 1 232 380
current assets
aCCounTS rECEiVaBlE
receivables from customers 7 2 936 49
intragroup accounts receivables 7 25 618 7 023
other receivables 3 700 4 858
other intragroup receivables 1 710 53 547
Total receivables 33 964 65 476
Bank deposits, cash in hand, etc. 11 128 039 203 427
total current assets 162 003 268 903
total assets 1 522 398 1 501 283
92

equity and liabilitieS
(aMounTS in noK 1 000) nGaaP nGaaP
31.12.08 31.12.07
equity
CallED-uP anD FullY PaiD SHarE CaPiTall noTES
Share capital 12 12 954 12 869
Company’s own shares 12 -67 -2
Share premium account 122 891 611 580
Total called-up and fully paid share capital 135 779 624 447
rETainED EarninGS
Valuation variable fund 189 485 134 308
other reserves 552 470 81 445
Total retained earnings 741 955 215 753
total equity 877 733 840 200
liabilities
oTHEr lonG-TErM liaBiliTiES
Debt to financial institutions 8, 9 622 632 531 816
Total other long-term liabilities 622 632 531 816
CurrEnT liaBiliTiES
Payables to suppliers 1 112 1 386
Payables to internal suppliers 1 271 1 122
other taxes payable 1 505 2 095
Dividends 22 - 32 173
other intragroup liabilities 18 2 315
other current liabilities 15 18 127 90 175
Total current liabilities 22 033 129 266
total liabilities 644 665 661 082
total equity and liabilities 1 522 398 1 501 283
Bergen, 27 april 2009
The Board of TTS Marine aSa
Birger Skeie anne Breive nils aardal Bjarne Skeie
CHairMan DirECTor DirECTor DirECTor
olav Smeland anne-Karin Bedringås Kjerstin Fyllingen Johannes D. neteland
DirECTor DirECTor DirECTor PrESiDEnT & CEo
93

4-8 T T S G r o u P
9-11 rEPorT FroM THE CEo
12-37 B u S i n E S S a r E a S
38-47 CorPoraTE GoVErnanCE
48-110 director’S report and accountS
equity Statement
ttS marine aSa
Company’s Share Valuation
Share own premium variance Other
(aMounTS in noK 1 000) capital shares account fund reserves Total
equity as of 1 january 2007 12 869 -2 611 580 134 308 81 455 840 200
Depreciation of share premium account 0 0 -500 000 0 500 000 0
options 0 0 0 0 0 0
Company’s own shares 0 -65 0 0 -2 850 -2 915
new issue 85 0 5 865 0 0 5 950
Cost of new issue 0 0 0 0 0 0
Cost of share option 0 0 5 447 0 0 5 447
Currency differences concerning equity method 0 0 0 0 31 553 31 553
Dividends 0 0 0
net profit for the year 0 0 0 53 577 -56 079 -2 502
equity as of 31 december 2008 12 954 -67 122 892 187 885 554 069 877 733
94

consolidated cash flow Statement
ttS marine aSa
1 january - 31 december
(aMounTS in noK 1 000) 2008 2007
cash flow from operations
net profit for the year -12 269 38 884
income from investments in subsidiaries -21 580 -85 202
Depreciation 395 269
Gains/losses on the sale of tangible fixed assets 349 15 994
Share of gain from associated companies -1 140 0
Foreign currency gains/losses on loans 1 704 -12 686
Difference between pension charges and payments to/from pension schemes -1 454 -4 063
inventories 0 26 223
Customer receivables and other receivables 31 512 186 393
Payables to supplies and other short-term liabilities -75 059 -62 693
net cash flow from operations -77 541 103 119
cash flow from investments
acquisition of subsidiaries (less cash balances in subsidiaries) 0 -524 969
receipts from sale of tangible fixed assets 173 0
Disbursements for acquisition of tangible fixed assets -941 -501
receipts on other claims (loans) 329 0
increase in long-term receivables 0 -24 783
receipts from group constributions/dividends 0 18 765
Payments on other claims (loans) -59 084 -13 561
net cash flow from investments -59 523 -545 049
cash flow from financing
receipts from new short-term/long-term debt 100 000 495 348
repayment of short-term/long-term debt -9 185 -109 861
Payment to group company 0 -38 348
net change in bank overdraft 0 0
Dividends paid to company shareholder -32 173 -22 493
Paid-in equity 3 035 292 063
net cash flow from financing 61 678 616 709
effect of exchange rate fluctuations on cash balances and cash equivalents
net change in cash and cash equivalents -75 386 174 779
Cash and cash equivalents at the start of the period 203 426 28 649
Cash and cash equivalents at the end of the period 128 039 203 428
This consists of:
Bank deposits etc. 128 039 203 427
95

4-8 T T S G r o u P
9-11 rEPorT FroM THE CEo
12-37 B u S i n E S S a r E a S
38-47 CorPoraTE GoVErnanCE
48-110 director’S report and accountS
accounting principles
ttS marine aSa
The financial statements have been prepared in accordance with
The norwegian accounting act of 1998 and generally accepted
accounting principles.
Subsidiaries, associated companies
Subsidiaries are valuated according to the equity method in the annual
accounts. The parent company’s share of the result is based on the
invested companies’ post-tax result after allowing for internal gains
and possible depreciation of any additional value arising because the
cost price of the shares was higher than the acquired share of the
book equity. in the profit and loss account, the share of the profit is
posted under financial items, while the assets in the balance sheet
are posted under financial assets.
also associated companies (joint ventures) are included in the
accounts in accordance with the cost method. This means that the
result is included as financial income and portion of equity is included
under financial assets.
operating income
operating income includes income on delivered products and services
granted over the year. The income is booked when the services are delivered.
classification and valuation of balance sheet items
Current assets and short term liabilities include items which fall
due within one year of the end of the financial year, as well as items
related to the operating cycle. other items are classified as fixed
assets/long-term liabilities.
Current assets are valued at the lowest of cost and market value.
Short-term liabilities are posted in the balance sheet at the nominal
value at the time of initial establishment.
Fixed assets are recorded at cost, but are written down to net
r ealizable value if the diminution in value is not expected to be
temporary. long-term liabilities are posted in the balance sheet at
the nominal value at the time the initial establishment.
accounts receivables
Trade debtors and other accounts receivables are recorded in the
balance sheet at their nominal value reduced by a provision for bad
debts. The provisions are made on the basis of an individual assessment
of each balance. in addition, an unspecified provision is made to
cover expected losses.
fixed assets
Fixed assets are booked on the balance sheet and depreciated over
the asset’s life span if the expected life span exceeds 3 years and has
a cost price higher than noK 15 000. Direct maintenance of assets
is expensed as incurred under operating expenses, while renovation
or upgrading is added to the asset’s cost price and is depreciated in
line with the asset.
96
pensions
The company has a defined-benefit pension. The pension expenses
and pension commitments are calculated on a straight-line earning
profile basis, based on assumptions relating to discount rates, projected
salaries, the amount of benefits from the national insurance Scheme,
future return on pension funds, and actuarial calculations relating
to mortality rate, voluntary retirement, etc. Pension funds are valued
at net realizable value and deducted in the net pension commitment
in the balance sheet. Changes in the commitment due to changes
in the pension plans are written down over the expected remaining
service period. The same applies to estimated differences if they exceed
10 % of the largest of the pension commitment and pension funds
(corridor).
Social security fees are expensed on basis of pension premiums
paid for pension schemes and accrued changes in net pension
commitment.
taxes
The tax expense in the profit and loss account includes both the
current tax payable and change in deferred tax. Deferred tax is
estimated to 28 % based on the temporary changes between taxation
and accounting values, as well as tax losses carried forward to the
end of the fiscal year. Tax-increasing and tax-reducing temporary
differences which are reversed, or could be reversed, during the
same period are offset against each other and recorded as a net sum.
Temporary changes are only assessed for the norwegian companies.
foreign currency
items in foreign currency are converted to noK at the exchange rate
on the balance sheet date. For future contracts, forward rates are used.
cash flow statement
The cash flow statement has been prepared according to the indirect
method. Cash and cash equivalents include cash, bank deposits, and
other short term investments which immediately and with minimal
exchange risk can be converted into known cash amounts, with due
date less than three months from purchase date.
cash and cash equivalents
Cash and cash equivalents consist of cash and bank deposits. Bank
deposits in foreign currencies are assessed to the exchange rate of the
balance sheet date.

notes
ttS marine aSa
note 1 personnel expenses, number of employees, other remunerations, loans to employees, etc.
(aMounTS in noK 1 000)
Payroll expenses 2008 2007
Salaries 13 710 10 156
Employer’s social security contribution 2 583 2 702
Pension costs 533 664
other benefits 2 016 2 168
Total personnel expenses 18 842 15 690
number of employees as of 31 December 8 6
Remuneration to board members 2008 2007
Birger Skeie (Board Chairman from 22.05.08) 160 0
Bjarne Skeie (from 22.05.08) 102 0
nils aardal (Board Chairman to 22.05.08) 245 310
anne Breive 205 170
Hilde P. aa. Krøgenes (to 22.05.08) 73 150
agnar Gravdal (to 22.05. 2008) 73 88
Kjerstin Fyllingen (from 22.05.08) 120 0
John M. lunde (to June 2007) 0 63
olav Smeland 88 75
oddmund Hatletun (to September 08) 37 75
anne-Karin Bedringås (from September 08) 51 0
Total 1 153 931
*) The Annual General Meeting determines the remuneration to the Board from one general meeting to the next. For accounting year 2008,
the same remuneration was stipulated as was determined by the Board at the Annual General Meeting for 2008.
noMinaTion CoMMiTTEE rEMunEraTion
TTS’s nominations committee comprises the following members: Bjørn olafsson (Chairman), Bjørn Sjaastad and Harald Espedal.
Proposed remuneration 2008 is TnoK 40 for the chairman and TnoK 25 to members, a total of TnoK 90.
STaTEMEnT rEGarDinG THE STiPulaTion oF rEMunEraTion anD oTHEr BEnEFiTS For THE PrESiDEnT & CEo anD oTHEr ExECuTiVES
The remuneration policy of TTS Marine aSa is based on offering the group management competitive conditions.
The level of remuneration shall reflect that the company is a listed company focusing internationally.
The annual remuneration is based on the group management taking part in the company’s results, and in the added value for the shareholders
through increased company value.
remuneration consists of three main components; base salary, bonus and a share option program.
Bonus is determined on the basis of target results. in certain circumstances where change and development are of a decisive nature,
the bonus is further based on specific development targets. Bonus targets are revisited annually.
The maximum bonus is one year’s base salary for the President & CEo, and up to 50 percent for other executives.
Since 1998, a share option program has been active for the group management of TTS; the goal being that the group management
shall have the same incentive as the shareholders in respect of increasing company value over time. The annual General Meeting has each year
given the Board authority to establish share option programs with a two year term. redemption price equals market price on allotment.
First exercise is 50 percent after one year. Thereafter 12.5 percent per quarter, in addition to share options that have not been previously exercised.
Share options may not be exercised subsequent to the second anniversary.
The group pension scheme in norway is based on approximately 65 percent of base salary at the age of 67, limited to a maximum of 12G.
For employees abroad, the schemes prevailing in the respective companies where they are employed apply.
The period of notice is 6 months with a severance pay from 6 to 24 months, period of notice inclusive.
The share option program is conditional upon the annual General Meeting’s approval, based on the Board being granted authority to make
such allotments. The President & CEo’s remuneration is determined by the Board of TTS Marine aSa.
With respect to other executives, their remuneration is determined by the boards of the respective subsidiaries / President & CEo.
97

97-108 noteS to the accountS ttS marine aSa
note 1 cont.
rEMunEraTion anD oTHEr BEnEFiTS For THE PrESiDEnT & CEo anD oTHEr ExECuTiVES
Other Bonus Share Pension
Name Position Remuneration benefits paid options Total benefits
Johannes D. neteland President & CEo 1 631 406 1 202 2 200 5 438 113
olav Bruåsdal Financial Director 1 074 221 207 880 2 382 89
Hans-Jan Erstad Manager Hr-iT-qa 713 89 84 880 1 766 169
ivar K. Hanson Man. Director MC 1 202 97 344 880 2 522 86
lennart Svensson Man. Director PMH 886 0 4 0 891 290
Stellan Bernsro Man. Director DCH 1 037 0 455 880 2 372 251
Edgar Bethmann Man. Director DM 1 405 164 0 880 2 449 0
Tom Fedog Man. Director DE 1 313 0 0 0 1 313 28
Margrethe Hauge (from March 08) Man. Director Services 884 308 0 0 1 192 87
remuneration Taxable remuneration
other benefits Free car, life insurance, telephone, newspapers etc.
Bonus paid Bonus paid in current year
Share options Difference between market price and exercise price
Total Total taxable remuneration
The pension premium for the President & CEo is based on pension payments of approximately 65 percent of his base salary from the age of 67,
for the CFo approximately 65 percent of a maximum of 12G. in addition, an early retirement scheme from the age of 60 that pays approximately
60 percent of base salary is established. With effect from 2007, the group pension scheme will be based on approximately 65 percent of base salary
at the age of 67, limited to a maximum of 12G. additional pension benefits will be adjusted similar to other benefits.
The period of notice for the President & CEo is 6 months, with a severance pay of 24 months, period of notice inclusive, and from 6 to 24 months
for other group executives.
auDiTor FEES
2008 2007
Statutory auditing 516 501
others certifications 52 67
other assistance including tax consulting 832 1 200
Total 1 400 1 768
98

note 2 pensions
(aMounTS in noK 1 000)
The norwegian companies in the group have defined benefit pension schemes that entitle the employees to defined future pension benefits
dependent on the number of years of service, salary level, retirement age and national insurance benefits received.
The pension scheme includes 8 persons as of 31 December 2008.
Net pension funds recorded on the balance sheet
are determined as follows: 2008 2007
Insured Uninsured Total Insured Uninsured Total
Market value of pension funds 13 144 0 13 144 11 355 0 11 355
- net present value of accrued pension obligations -14 805 -84 -14 889 -9 752 -175 -9 927
+ unrecognised estimate changes and deviations 3 997 -336 3 661 -1 002 -217 -1 219
accrued employer’s share of
- national insurance contributions -242 -12 -254 0 0 0
= net pension obligation 2 095 -432 1 663 601 -392 209
Net pension costs are determined as follows: 2008 2007
Insured Uninsured Total Insured Uninsured Total
net present value of current year’s pension
benefits accrued 602 11 614 619 10 629
+ interest payable on pension obligations 485 9 494 373 7 380
- Expected return on pension funds -640 0 -640 -767 0 -767
+ recognised estimate changes and deviations 38 -39 -1 258 0 258
+ Change in employer’s share of national insurance
contributions 63 3 66 0 -40 -40
= Total costs, including payroll expenses 549 -16 533 483 -23 460
Change in book value of funds: 2008 2007
Book value as of 1 January 209 -3 854
+ obligation with transfer of operation 0 3082
- Costs recognised during the year (see above) -533 -460
+/- Pension payments and payment of pension premiums 1 987 1 441
= Book value as of 31 December 1 663 209
The following economic assumptions have been made for calculation
of the pension obligations: 2008 2007
31.12. 1.1 31.12. 1.1
return on pension funds 5.80 % 5.40 % 6.10 % 5.40 %
Discount rate 3.80 % 4.35 % 5.10 % 4.35 %
annual wage inflation 4.00 % 4.50 % 4.50 % 4.50 %
annual adjustment of the basic national insurance amount (G) 3.75 % 4.25 % 4.25 % 4.25 %
annual adjustment of pensions being paid out 3.80 % 1.65 % 2.35 % 1.65 %
Voluntary retirement 10.00 % 10.00 % 10.00 % 10.00 %
Withdrawal tendency for early retirement (aFP) 45.00 % 45.00 % 45.00 % 45.00 %
Employer’s share of national insurance contributions 14.10 % 14.10 % 14.10 % 14.10 %
99

97-108 noteS to the accountS ttS marine aSa
note 3 tangible fixed assets
(aMounTS in noK 1 000)
100
Furniture
Machinery and office Computer
and vehicles equipment equipment Total
aS oF 1 JanuarY 2007
acquisition cost as of 31 December 7 010 5 891 15 368 28 269
accumulated depreciation as of 31 December -5 563 -4 391 -10 555 -20 509
Book value as of 31 December 1 447 1 500 4 813 7 760
2007 FinanCial YEar
Book value as of 1 January 1 447 1 500 4 813 7 760
Disposal of acc. depreciation related to transfer of operation -6 170 -5 891 -15 368 -27 429
additions during the year 5 244 4 390 10 555 20 189
additions during the year 0 501 0 501
Depreciation for the year -168 -101 0 -269
Book value as of 31 December 353 399 0 752
aS oF 31 DECEMBEr 2007
acquisition cost as of 31 December 840 501 0 1 341
accumulated depreciation as of 31 December -487 -102 0 -589
Book value as of 31 December 353 399 0 752
2008 FinanCial YEar
Book value as of 1 January 353 399 0 752
additions during the year 700 137 104 941
Disposals during the year -173 0 0 -173
Depreciation for the year -194 -181 -20 -395
Book value as of 31 December 687 355 84 1 126
aS oF 31 DECEMBEr 2008
Historical cost as of 31 December 1 368 638 104 2 110
accumulated depreciation as of 31 December -681 -283 -20 -984
Book value as of 31 December 687 355 84 1 126

note 4 intangible fixed assets
(aMounTS in noK 1 000)
R&D, Patents,
Licences Goodwill Total
aS oF 1 JanuarY 2007
Historical cost as of 1 January 5 550 26 104 31 654
accumulated depreciation as of 1 January -1 020 -6 290 -7 310
Book value as of 1 January 4 530 19 814 24 344
2007 FinanCial YEar
Book value as of 1 January 4 530 19 814 24 344
Disposals related to transfer of operation -5 550 -26 104 -31 654
additions during the year 1 020 6 290 7 310
Disposals during the year 0 0 0
Depreciation for the year 0 0 0
Book value as of 31 December 0 0 0
aS oF 31 DECEMBEr 2007
acquisition cost as of 31 December 1 020 6 290 7 310
accumulated depreciation as of 31 December -1 020 -6 290 -7 310
Book value as of 31 December 0 0 0
2008 FinanCial YEar
Book value as of 1 January 0 0 0
Disposals related to transfer of operation 0 0 0
Disposals of acc. depreciations related to transfer of operation 0 0 0
additions during the year 0 0 0
Disposals during the year 0 0 0
Depreciation for the year 0 0 0
Book value as of 31 December 0 0 0
aS oF 31 DECEMBEr 2008
Historical cost as of 31 December 0 0 0
accumulated depreciation as of 31 December 0 0 0
Book value as of 31 December 0 0 0
note 5 Shares in other companies
(aMounTS in noK 1 000)
Ownership Historical
interest cost Book value
2008 2007
Fixed assets
Shin Young Heavy industry 13.4 % 222 222 222
FastShip inc.* 6.7 % 13 326 1 723 1 930
Total shares in other companies 13 548 1 945 2 152
*) On the balance sheet as of 31.12, the company has entered 615 156 shares in FastShip Inc (FSI) with a recorded value of NOK 1.7 million.
The shares were written down by NOK 11.4 million in 2007 and further 0.2 million in 2008 to estimated market value. Additionally, three
convertible loans have been entered with NOK 1.1 in the entry for other receivables. The convertible loans were written down by NOK 4.5 million
in 2007 and 0.1 MNOK in 2008. Total write-downs related to FastShip in 2008 are NOK 16.2 million. TTS has been involved in the FastShip project
since 1996.There are still activity in the project. Should the project remain unrealized and TTS have to write off the remaining assets entries,
equity will be reduced by a corresponding amount. (In total NOK 3.2 million.)
101

97-108 noteS to the accountS ttS marine aSa
note 6 Subsidiaries
(aMounTS in noK 1 000)
Acquisition Ownership Voting
Subsidiaries Registered office date interest share
TTS Handling Systems aS Drøbak, norway 1994 100 % 100 %
TTS Ships Equipment aS Bergen, norway 1996 100 % 100 %
norlift aS Bergen, norway 1994 100 % 100 %
Hydralift Marine aS Kristiansand, norway 2003 100 % 100 %
TTS Ships Equipment aB Gothenburg, Sweden 2002 100 % 100 %
TTS Marine Shanghai Co ltd Shanghai, China 2002 100 % 100 %
TTS Marine Cranes aS Bergen, norway 2006 100 % 100 %
TTS Cranes norway aS Bergen, norway 2007 100 % 100 %
TTS offshore Handling Equipment aS Ålesund, norway 2007 100 % 100 %
TTS Sense aS Kristiansand, norway 2007 100 % 100 %
Associated companies:
TTS Bohai Machinery Co. ltd Dalian, China 2005 50 % 50 %
Companies are accounted for in accordance with the equity method.
TTS TTS TTS TTS TTS Cranes TTS TTS
TTS HS Norlift SE AS SE AB Ma.Sh Cranes AS Norway AS OHE AS Sense AS Total
Historical cost at time of acquisition 9 589 500 14 232 303 180 1 386 40 000 25 000 619 253 1 013 140
of which goodwill 7 129 255 163 2 053 23 165 506 719 794 229
of which excess value -453 19 950 19 497
Unamortised excess value/goodwill as of 31 December:
Goodwill 4 585 220 288 1 899 23 165 455 350 705 287
amortisation of GW -424 -13 524 -103 -1 493 -965 -22 083 -38 592
unamortised goodwill as of 31 December 0 0 4 161 206 764 1 796 -1 493 0 22 200 433 267 666 695
Calculation of profit for the year:
Share of profit/loss for the year 11 029 6 6 331 96 126 -1 844 -17 764 1 791 5 318 -40 970 60 022
amortisation of goodwill -424 -13 524 -103 -1 493 -965 -22 083 -38 592
Elimination of intragroup transactions 150 0 150
income from investments in subsidiaries 11 179 6 5 907 82 602 -1 947 -19 257 1 791 4 353 -63 054 21 580
Shares in subsidiaries:
opening balance 1 January 7 554 318 22 101 327 410 9 500 41 331 562 27 277 642 229 1 078 282
additions associated companies/subsidiaries 0 0 0 0 0 0 0 2 000 1 602 3 602
Disposals subsidiaries 0 0 0 0 0 0 0 0 0 0
income from investments in subsidiaries 11 179 6 5 907 82 602 -1 947 -19 257 1 791 4 353 -63 054 21 580
Group contributions/dividends 0 0 0 0 0 0 0 0 0 0
Foreign currency effects 0 0 0 26 714 4 075 0 0 0 0 30 789
uB 31.12. 18 733 324 28 008 436 726 11 629 22 074 2 353 33 630 580 777 1 134 250
SHarES in JoinT VEnTurES TTS Bohai
Machinery Co., Ltd
iB 01.01. 11 836
opening balance 1 January 11 836
acquisition/Start-up of the company 0
Share of profit/loss 1 140
Dividends 0
Forgiveness of debt 0
Effect of foreign currencies 764
Disposal of shares in associated companies 0
Closing balance 31 December 13 740
102

note 7 customer and other receivables
(aMounTS in noK 1 000)
2008 2007
receivables from customers 2 936 49
receivables from internal customers 25 618 7 023
net receivables from customers 28 554 7 072
rECEiVaBlES THaT MaTurE aFTEr MorE THan onE YEar
other receivables 1 143 45 304
loans to companies in the same group 149 782 46 864
Total 150 925 92 168
TTS Marine aSa has a convertible loan of noK 1 280 000 related to FastShip inc., see note 5.
There are no credit risk concentrations within the receivables from customers since the company has many customers distributed throughout
a number of countries.
note 8 long-term liabilities
(aMounTS in noK 1 000)
rEPaYMEnT ProFilE anD MaTuriTY
Balance as
of 31.12.08 2009 2010 2011 2012 2013 2014 and later
long-term liabilities 622 632 11 902 507 140 3 590 0 0 100 000
Foreign Interest Instalment Book
Specification of loans Type of loan currency rate Maturity terms value
nordea Drawing facility noK nibor + 1.35 % 0 100 000
nordea Mortgage loan noK nibor +1.35 % 2011 4 per year 17 870
norfund Mortgage loan noK 7.47 % 2009 4 per year 4 762
norsk Tillitsmann aSa Bond issue noK nibor +1.60 %* 2010 0 500 000
622 632
*) Additional 0.3 % in deferred cost.
See note 9 for security for long-term debt.
103

97-108 noteS to the accountS ttS marine aSa
note 9 assets pledged as security and guarantees
(aMounTS in noK 1 000)
The credit agreement for TTS Marine aSa in norway was established (50/50) with nordea norge aSa (nordea) and Sparebanken Vest
(SparebankenVest), and nordea is the agent:
TTS Marine ASA has the following agreements:
2008 2007
Limit Drawing Limit Drawing
Group account 330 000 6 179 70 000 0
Drawing facility, operations 175 000 175 000 100 000 0
Guarantee limit for Group 425 000 423 753 300 000 230 882
Drawing facility, acquisition 0 0 50 000 0
as of 31.12.08, the norwegian companies, in addition to TTS Ships Equipment aB and TTS Ships Equipment GmbH, all participate in the group
account system. The same applies to the guarantee limit for the group, with the exception of TTS Sense which has its own guarantee limit.
The guarantee limits cover payment guaranties, contract guaranties and tax guaranties.
TTS Marine aSa furthermore has a drawing facility for operations and bridge financing in connection with acquisitions (in addition to long-term
loans, see note 8).
For the abovementioned agreements, the following assets (from TTS Marine aSa, TTS Handling Systems aS, TTS Ships Equipment aS and norlift aS,
who also have joint liability) have been pledged as collateral toward nordea:
2008 2007
Secured debt 117 870 31 816
Assets at book value
Customer/intragroup receivables 178 335 0
non-invoiced production 0 0
inventories/work in progress 0 0
Prepayments to suppliers - -
Property 0 0
Total assets pledged as security 178 335 53 935
The abovementioned includes; inventory, accounts receivable and cash balance. in addition to this is tenancy right with charge on machinery
and plant, as well as the shares in TTS Ships Equipment aS. The value of the mortgage bond is TnoK 200 000.
CoVEnanTS
The group has also undertaken to meet the following financial strength requirements for Nordea:
There is a requirement that the equity shall be greater than noK 800 million at any time. in addition the equity ratio shall be greater than
25 per cent as of 31 December. With equity of noK 989 million and an equity ratio of 22.6 per cent, the group does not meet these requirements.
The syndicated loan from nordea is subject to an annual renewal by 31 May 2009. accordingly, this loan formally matures for payment on this
date. reference is made to the maturity structure of the group’s financial obligations in section 3.1, in accounting principles.
nordea has granted a waiver of the covenants’ claim from 25 percent to 22.5 percent.
The group has also undertaken to meet the following financial strength requirements for Norsk Tillitsmann ASA:
There is a requirement that the equity shall be greater than noK 550 million at any time. in addition the equity ratio shall be greater than
22.5 per cent as of 31 December. With equity of noK 989 million and an equity ratio of 22,6 per cent, the group meets these requirements.
With regard to the debenture issue there is, in addition to a covenants claim of 22.5 percent equity capital share and nominal equity capital
of noK 500 million, several standard default clauses for this type of debenture issue. under these, the debenture issue is deemed to be defaulted,
should the aforementioned syndicated loan toward nordea be defaulted (cross default).
104

note 10 taxes
(aMounTS in noK 1 000)
Change in deferred tax assets and deferred taxes:
DEFErrED TaxES
1.1.2007 Change 2007 31.12.2007 Change 2008 31.12.2008
Fixed assets 2 286 -2 142 144 -48 96
accounts receivable 0 0 0 0 0
Construction contracts 13 332 -13 332 0 0 0
Pensions 59 59 407 466
other temporary differences 0 0 0 0 0
Total deferred taxes 15 618 -15 415 203 359 563
DEFErrED Tax aSSETS
accounts receivable -392 392 0 0 0
inventories -2 133 2 133 0 0 0
Pension funds -1 079 1 079 0 0 0
other provisions for liabilities and charges -573 573 0 0 0
Total deferred tax assets -4 177 4 177 0 0 0
net deferred taxes 11 441 -11 238 203 359 563
Tax credit deduction carryforward -6 182 0 -6 182 0 -6 182
Tax allowance carryforward -1 260 0 -1 260 0 -1 260
Tax loss carryforward -38 339 -6 117 -44 456 -10 127 -54 583
net deferred tax assets -34 340 -17 368 -51 695 -9 768 -61 462
Excess allocation 1 431 2 026 3 457 0 3 457
of which unrecognised deferred tax assets
related to allowance 1 260 0 1 260 0 1 260
net deferred tax assets on the balance sheet -31 649 -15 342 -46 978 -9 768 -56 745
The deferred tax assets related to tax loss carryforwards are recognised on the balance sheet when the management believes that it is
probable that the company can apply this against future taxable income.
Specification of differences between the financial profit before tax and the tax basis for the year: 2008 2007
Pre-tax profit/loss -12 269 38 884
Permanent differences 106 -8 443
Change in the assessment in relation to previous year’s accounts 0 0
Change in temporary profit/loss differences -1 285 40 139
reversed share of profit/loss in subsidiaries -22 720 -85 202
application of tax loss carryforward 0 0
Tax basis for the year -36 167 -14 622
Breakdown of the tax charge:
Tax payable 0 0
Effect of group contribution on deferred taxes 0 0
Effect of too little allocated deferred tax assets 0 3 643
Change in deferred taxes -9 768 -15 330
Tax charge -9 768 -11 684
Tax payable on the balance sheet:
Tax payable 0 0
Tax effect of group contributions 0 0
Tax payable on balance sheet 0 0
Explanation of why the tax for the year is not 28% of the profit before tax:
28 % of the profit before tax -3 436 10 888
Permanent differences, including amortisation of goodwill 30 -2 361
result fron daughters and joint ventures -6 362 -23 857
Tax of lost of new issue not as a result 0 3 646
Estimated tax charge -9 768 -11 684
105

97-108 noteS to the accountS ttS marine aSa
note 11 liquid asset/interest-bearing liabilities
(aMounTS in noK 1 000)
2008 2007
Bank deposits, cash, etc. as of 31 December 128 039 203 427
Deposits(+)/withdrawals(–) in the cash pool account system as of 31 December -6 179 191 378
TTS Marine aSa administers a cash pool account system. The group has been granted a credit limit for the group of noK 330 000 000.
in addition TTS Marine aSa has a drawing facility of TnoK 100 000.
note 12 Share capital and shareholder information
Number of shares Nominal Book value of
as of 31 December value share capital
25 908 280 0.50 12 954 140
THE FolloWinG CoMPaniES arE inCluDED in THE TTS MarinE GrouP:
(aMounTS in noK)
Ownership Share Number
Company Owner interest capital of shares
norlift aS (former TTS Eiendom aS) TTS Marine aSa 100 % noK 500 000 500
TTS Handling Systems aS TTS Marine aSa 100 % noK 950 000 95 000
TTS Ships Equipment aS TTS Marine aSa 100 % noK 2 500 000 2 500
Hydralift Marine aS TTS Marine aSa 100 % noK 100 000 1 000
TTS Ships Equipment aB TTS Marine aSa 100 % SEK 2 000 000 2 000
TTS Marine Shanghai Co ltd TTS Marine aSa 100 % uSD 200 000 3 500
TTS Ships Equipment GmbH TTS Ships Equipment aB 100 % Eur 255 646 5 000
TTS Marine inc. TTS Ships Equipment aB 100 % uSD 190 000 1 900
TTS-lMG Marine Cranes GmbH TTS Ships Equipment GmbH 100 % Eur 25 000 1
TTS liftec oy TTS Ships Equipment aB 100 % Eur 76 500 1 020
TTS Port Equipment aB TTS Ships Equipment aB 100 % SEK 100 000 1 000
TTS Kocks GmbH TTS Ships Equipment GmbH 100 % Eur 1 000 000 1 000
TTS Kocks ostrava s.r.o. TTS Ships Equipment GmbH 100 % Eur 310 291 1 000
TTS Marine S.r.l TTS Ships Equipment aB 100 % Eur 10 400 1 000
TTS Marine Cranes aS TTS Marine aSa 100 % noK 1 000 000 1 000
TTS Cranes norway TTS Marine aSa 100 % noK 500 000 1 000
TTS offshore Handling Equipment TTS Marine aSa 100 % noK 100 000 100 000
TTS Sense aS TTS Marine aSa 100 % noK 1 200 288 400 076
TTS Kocks Korea TTS Ships Equipment GmbH 100 % KrW 1 513 390 000 1 000
TTS Hua Hai aB TTS Ships Equipment aB 100 % SEK 100 000 1 000
TTS Sense (Canada) ltd TTS Sense aS 100 % CaD 100 10
TTS Sense MuD aS TTS Sense aS 100 % noK 1 000 000 1 000
TTS Sense Pte ltd Singapore TTS Sense aS 100 % SGD 100 000 100 000
TTS Sense Drillfab TTS Sense aS 50 % noK 1 000 000 100 000
TTS EDM inc TTS Sense aS 100 % uSD 100 000 1 000
TTS Wellquip aS TTS Sense aS 100 % noK 1 100 000 110 000
106

THE larGEST SHarEHolDErS in TTS MarinE aSa aS oF 31 DECEMBEr 2008 WErE:
(FiGurES in noK)
Number Ownership Voting
Shareholder of shares interest share
Skeie Technology aS 3 406 917 13.15 % 13.15 %
rasmussengruppen aS 2 995 000 11.56 % 11.56 %
lesk aS 2 024 361 7.81 % 7.81 %
Stisk aS 2 024 361 7.81 % 7.81 %
Citibank n.a. london 1 608 600 6.21 % 6.21 %
nordea Bank PlC Finland 1 045 000 4.03 % 4.03 %
Morgan Stanley & co 999 000 3.86 % 3.86 %
Tamafe Holding aS 824 361 3.18 % 3.18 %
Verdipapir odin 810 000 3.13 % 3.13 %
rBC Dexia investor Services Bank 650 000 2.51 % 2.51 %
itlution aS 516 165 1.99 % 1.99 %
Skagen Vekst 476 000 1.84 % 1.84 %
DnB nor Smb 435 000 1.68 % 1.68 %
rBC Dexia investor Services Trust 390 000 1.51 % 1.51 %
Svenska Handelsbanken depot 376 400 1.45 % 1.45 %
odin Europa Smb 363 900 1.40 % 1.40 %
Skeie Consultants aS 363 600 1.40 % 1.40 %
Pensjonskassen Statoil 291 539 1.13 % 1.13 %
Stichting Shell Pens. 284 003 1.10 % 1.10 %
Holberg norge 278 400 1.07 % 1.07 %
Total 20 largest shareholders 20 162 607 77.82 % 77.82 %
Total others 5 745 673 22.18 % 22.18 %
Total 25 908 280 100.00 % 100.00 %
SHarES oWnDED BY BoarD MEMBErS anD CorPoraTE ManaGEMEnT GrouP anD THEir rElaTED:
Board Per 31.12.08 Per 27.04.09
Bjarne Skeie2) 3 770 517 3 770 517
nils o. aardal 75 000 75 000
olav Smeland 1 250 1 250
Corporate Management Group
Johannes D. neteland 105 000 105 000
- daugther anna S. neteland 100 100
olav Bruåsdal 34 000 34 000
Hans-Jan Erstad 20 000 20 000
ivar K. Hanson 20 000 20 000
Stellan Bernsro 20 000 20 000
Edgar Bethmann 20 000 20 000
Tom Fedog1) 281 420 281 420
lennart Svensson 200 200
Margrethe Hauge 100 100
1) Owns Wary (100 %) who ownsr 50 % of Itlution AS and Itlution II AS who own a total of 562 840 shares in TTS Marine ASA.
2) Owns 20 % of the shares and 100 % of the voting shares in Skeie Technology AS and Skeie Consultants AS.
on 22 May 2008 the annual General Meeting resolved to grant the Board authority to issue a maximum of 4 000 000 shares in the event
of an acquisition or merger. This authorisation is valid until the annual General Meeting for 2007, and no later than 30 June 2008.
none of these shares were issued in 2008.
as of 31 December 2008, 380 000 options were allotted that can be exercised until 24 May 2009 at a price of noK 79 (from an authorisation
for a total of 380 000 options granted at the ordindary General Meeting of 24 May 2007). in addition to 420 000 options that can be exercised
until 22 May 2010 at a price of noK 81. (From an authoristion for a total of 420,000 options granted at the annual General Meeting of
22 May 2008).
107

97-108 noteS to the accountS ttS marine aSa
THE DiSTriBuTion oF oPTionS iS aS FolloWS:
No. of options No. of options
that can be that can be
exercised exercised
Name Position Company until 30.05.08 Price until 24.05.09 Price Total
Johannes D. neteland President & CEo TTS Marine aSa 100 000 79.00 100 000 81.00 200 000
olav Bruåsdal Financial director TTS Marine aSa 40 000 79.00 40 000 81.00 80 000
Hans-Jan Erstad Chief of staff TTS Marine aSa 40 000 79.00 40 000 81.00 80 000
Göran K. Johansson Division Director TTS Port Equipment aB 40 000 79.00 40 000 81.00 80 000
ivar K. Hanson Division Director TTS Marine aSa 40 000 79.00 40 000 81.00 80 000
Stellan Bernsro Division Director TTS Ships Equipment aB 40 000 79.00 40 000 81.00 80 000
Edgar Bethmann Division Director TTS Kocks Gmbh 40 000 79.00 40 000 81.00 80 000
Tom Fedog Division Director TTS Sense aS 40 000 79,00 40 000 81.00 80 000
Margrethe Hauge Division Director TTS Marine aSa 0 - 40 000 81.00 40 000
Total number of options to leading employees 380 000 420 000 800 000
Share options exercised in 2007 resulted in the issue of a total of 170 000 shares at noK 35 per share, with a weighted average market price on
the date of issue of noK 79.00 per share. a resolution was adopted at the annual General Meeting of 22 May 2008 to authorise the Board to purchase
a maximum of 400 000 of the company’s own shares. This auhorisation is valid to annual General Meeting for 2008, latest 30 June 2009.
in the period TTS has owned a maximum of 133 000 shares. as of 31 December 2008 the company held 133 100 of its own shares.
note 13 other short-term liabilities
(aMounTS in noK 1 000)
2008 2007
other provisions 8 340 5 771
Short term debt related to TTS Sense aS 9 786 84 404
Total short-term liabilities 18 127 90 175
note 14 other operating expenses
(aMounTS in noK 1 000)
2008 2007
rent, costs for premises 735 12
EDP costs 2 055 816
Marketing, travel 6 221 2 871
other 13 830 2 964
Total other operating expenses 22 841 6 663
note 15 related parties
all the underlying subsidiares (note 6), joint ventures (note 6), members of the Board and corporate management group,
are regarded as related parties. The group has carried out various transactions with underlying companies and joint ventures.
all the transactions have been carriedout as part of the ordinary operations and at arm’s length prices.
note 16 financial items and foreign currency gains/losses
(aMounTS in noK 1 000)
2008 2007
income from investments in subsidiaries 21 580 80 543
income from investments in associated companies 1 140 4 659
internat interest income 5 785 3 574
other interest income 19 551 5 766
Dividends 5 7
Bank loans -46 773 -27 514
other financial expenses -3 547 -2 429
net foreign currency gains/losses 2 859 -1 569
Total 600 63 036
ForEiGn CurrEnCY GainS/loSSES
The foreign currency differences that are recognised
in the profit and loss account are as follow: 2008 2007
Foreign currency gains 35 270 1 652
Foreign currency losses -32 411 -3 220
Total 2 859 -1 569
Foreign currency gains are included in other financial income in the profit and loss account,
and foreign currency losses are included in other financial expenses.
108

auditor’s report
2008
To the Annual Shareholders' Meeting of TTS Marine ASA
PricewaterhouseCoopers AS
Postboks 3984 - Dreggen
NO-5835 Bergen
Telephone +47 02316
Telefax +47 23 16 10 00
Auditor’s report for 2008
We have audited the annual financial statements of TTS Marine ASA as of December 31, 2008, showing a loss of
NOK 2,501,659 for the parent company and a profit of NOK 36,391,864 for the group. We have also audited the
information in the directors' report concerning the financial statements, the going concern assumption, and the
proposal for the coverage of the loss. The annual financial statements comprise the financial statements of the
parent company and the group. The financial statements of the parent company comprise the balance sheet, the
statements of income and cash flows, the statement of changes in equity and the accompanying notes. The
financial statements of the group comprise the balance sheet, the statements of income and cash flows, the
statement of changes in equity and the accompanying notes. The regulations of the Norwegian accounting act
and accounting standards, principles and practices generally accepted in Norway have been applied in the
preparation of the financial statements of the parent company. International Financial Reporting Standards as
adopted by the EU have been applied in the preparation of the financial statements of the group. These financial
statements are the responsibility of the Company’s Board of Directors and Managing Director. Our responsibility
is to express an opinion on these financial statements and on other information according to the requirements of
the Norwegian Act on Auditing and Auditors.
We conducted our audit in accordance with laws, regulations and auditing standards and practices generally
accepted in Norway, including standards on auditing adopted by The Norwegian Institute of Public Accountants.
These auditing standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by management, as well as evaluating the overall
financial statement presentation. To the extent required by law and auditing standards an audit also comprises a
review of the management of the Company's financial affairs and its accounting and internal control systems. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion,
• the financial statements of the parent company have been prepared in accordance with the law and
regulations and give a true and fair view of the financial position of the company as of December 31,2008
and the results of its operations and its cash flows and the changes in equity for the year then ended, in
accordance with accounting standards, principles and practices generally accepted in Norway
• the financial statements of the group have been prepared in accordance with the law and regulations and
give a true and fair view of the financial position of the group as of December 31, 2008, and the results of its
operations and its cash flows and the changes in equity for the year then ended, in accordance with
International Financial Reporting Standards as adopted by the EU
• the company's management has fulfilled its duty to produce a proper and clearly set out registration and
documentation of accounting information in accordance with the law and good bookkeeping practice in
Norway
• the information in the directors' report concerning the financial statements, the going concern assumption,
and the proposal for the coverage of the loss are consistent with the financial statements and comply with the
law and regulations.
"Without qualifying our opinion above, we emphasise that there is significant uncertainty related to the estimates
which form the basis of the company’s impairment tests in the Drilling Equipment segment. We refer to further
remarks in the directors’ report and in note 7 to the financial statements of the group."
Bergen, April 27, 2009
PricewaterhouseCoopers AS
Geir Inge Lunde
State Authorised Public Accountant (Norway)
Note: This translation from Norwegian has been prepared for information purposes only.
Alta Arendal Bergen Bodø Drammen Egersund Florø Fredrikstad Førde Gardermoen Gol Hamar Hammerfest Hardanger Harstad Haugesund Kongsberg Kongsvinger
Kristiansand Lyngseidet Mandal Mo i Rana Molde Mosjøen Måløy Namsos Oslo Sandefjord Sogndal Stavanger Stryn Tromsø Trondheim Tønsberg Ulsteinvik Ålesund
PricewaterhouseCoopers navnet refererer til individuelle medlemsfirmaer tilknyttet den verdensomspennende PricewaterhouseCoopers organisasjonen
Medlemmer av Den norske Revisorforening • Foretaksregisteret: NO 987 009 713 • www.pwc.no
109

4-8 T T S G r o u P
9-11 rEPorT FroM THE CEo
12-37 B u S i n E S S a r E a S
38-47 CorPoraTE GoVErnanCE
48-110 director’S report and accountS
110
confirmation from the board of directors and chief executive officer
We confirm, to the best of our knowledge, that the consolidated annual accounts for
the period 1 January to 31 December 2008 have been prepared in accordance with current accounting
standards/IFrs and that the information herein gives a true and fair view of the company’s and
group’s assets, liabilities, financial position and profit as a whole, and that the annual report gives
a fair view of the development, result and position of the company and of the group, together
with a description of the principal risks and uncertainties facing the enterprise.
Bergen, 27 april 2009
the Board of tts Marine asa
Birger skeie anne Breive
cHaIrMan DIrectOr
nils Olav aardal Bjarne skeie
DIrectOr DIrectOr
Olav smeland anne-Karin Bedringås
DIrectOr DIrectOr
Kjerstin Fyllingen Johannes D. neteland
DIrectOr PresIDent & ceO

111

4-8 T T S G r o u P
9-11 rEPorT FroM THE CEo
12-37 B u S i n E S S a r E a S
38-47 CorPoraTE GoVErnanCE
48-110 DirECTor’S rEPorT anD aCCounTS
112 -115 orGaniSation
companies in the ttS Group
canada
ttS Sense (canada) ltd
6708 – 75th Street
Edmonton, alberta T6E 6T9
Tel: +1 780 430 1833
Fax: +1 780 430 1834
michael.symchuk@tts-sense.com
china
ttS hua hai Ships
equipment co ltd
18th floor, 3255 Zhou Jia Zui road
Cn-200093 Shanghai
Tel: +86 21 6539 8257
Fax: +86 21 6539 7400
info@tts-huahai.com
ttS-Keyon marine
equipment co ltd
lan Gan qiao, Fenghuang Town
Cn-216514 Zhang Jia Gang City
Tel: +86 5125 8425 988
Fax: +86 5125 8425 908
info@tts-keyon.com
ttS marine
Shanghai co ltd
no. 433 Gao Dong no.2 road
GaoDong industrial Park, PuDong
Cn-Shanghai 200137
Tel: +86 21 5848 5300
Fax: +86 21 5848 5311
sales@tts-marine.cn
ttS bohai machinery co ltd
Sujia, Dalian Wan Street
Cn-Dalian
Tel: +86 411 8711 2670
Fax: +86 411 8711 2702
info@tts-bohai.com
112
ttS marine equipment
(dalian) co ltd
Tuchengzi Cun, Dalianwan Street
Ganjingzi District
Cn-Dalian 116034
Tel: +86 411 8711 9663
Fax: +86 411 8711 9678
goran.bertilson@tts-me.cn
czech republic
ttS Kocks ostrava s.r.o.
u Řeky 808
CZ-720 00 ostrava-Hrabová
Tel: +420 596 782 708
Fax: +420 596 782 707
info@tts-kocks.cz
finland
ttS liftec oy
Tuotekatu 8
Fi-33840 Tampere
Tel: +358 3 31401400
Fax: +358 3 31401444
liftec@tts-liftec.fi
Germany
ttS Kocks Gmbh
Wachtstrasse 17–24,
DE-28195 Bremen
P.o. Box 104080,
DE-28040 Bremen
Tel: +49 421 52008-0
Fax: +49 421 52008-20
info@tts-kocks.de
ttS Ships
equipment Gmbh
Wachtstrasse 17–24,
DE-28195 Bremen
P.o. Box 100811,
DE-28008 Bremen
Tel: +49 421 3 35 84 0
Fax: +49 421 3 35 84 98
info@tts-se.de
ttS-lmG
marine cranes Gmbh
Einsiedelstrasse 6
DE-23554 lübeck
Tel: +49 451 4501 730
Fax: +49 451 4501 392
info@tts-lmg.de
italy
ttS marine s.r.l
Ponte Colombo
iT-16126 Genova
Tel: +39 010 24 81 205
Fax: +39 010 25 43 191
info@tts-marine.it
Korea
ttS Kocks Korea co.,ltd
#1664–10, Songjeong-Dong
Gangseo-Gu
Busan 618-819 Korea
Tel: +82 51 831 8401
Fax: +82 51 979 5610
mail@tts-kocks.co.kr
ttS Korea
rM 625, ocean Tower
# 760-3 Woo 1-Dong,
Haeundae-Gu
Busan 612-726 Korea
Tel: +82 51 740 6081-3
Fax: +82 51 740 6084
info@ttskorea.co.kr

norWay
ttS marine aSa
Folke Bernadottesvei 38
P.o. Box 3577
no-5845 Bergen
Tel: +47 55 94 74 00
Fax: +47 55 94 74 01
info@tts-marine.no
ttS Sense aS
andøyfaret 3
no-4623 Kristiansand
Tel: +47 38 00 05 70
Fax: +47 38 00 05 71
mail@tts-sense.com
ttS Sense aS
Jåttåflaten 10
no-4020 Stavanger
Tel: +47 51 81 16 00
Fax: +47 51 81 16 01
mail@tts-sense.com
ttS Sense drill fab aS
Spjotneset
no-4645 nodeland
Tel: +47 480 30 500
Fax: +47 3818 9001
jan.ove.aase@tts-sensedrillfab.com
ttS Sense mud aS
andøyfaret 7
no-4623 Kristiansand
Tel: +47 3800 0570
Fax: +47 3800 0571
mud@sense-mud.no
ttS marine cranes aS
Folke Bernadottesvei 38
P.o. Box 3566
no-5845 Bergen
Tel: +47 55 34 84 00
Fax: +47 55 34 84 01
info@tts-mc.no
ttS marine cranes aS
regional office
Barstølveien 26
Servicebox 602
no-4606 Kristiansand
Tel: +47 38 04 95 00
Fax: +47 38 04 95 01
info@tts-mc.no
ttS offshore handling
equipment aS
Corporate office:
Hundsværgata 8
no-6008 Ålesund
Tel: +47 70 11 51 51
Fax: +47 70 13 00 73
info@tts-ohe.no
ttS handling Systems aS
Holterkollvn 6
P.o. Box 49
no-1441 Drøbak
Tel: +47 64 90 79 10
Fax: +47 64 93 16 63
info@tts-hs.no
ttS Ships equipment aS
Folke Bernadottesvei 38
P.o. Box 3517
no-5845 Bergen
Tel: +47 55 11 30 50
Fax: +47 55 11 30 60
info@tts-se.no
SinGapore
ttS Sense
Singapore pte ltd
international Business Park
unit #03-23 nordic
European Center
Singapore 609927
Tel: +65 68906521/23
Fax: +65 68906522
mailsg@tts-sense.com
SWeden
ttS port equipment ab
Kämpegatan 3
SE-411 04 Göteborg
Tel: +46 31 725 79 00
Fax: +46 31 725 78 04
info@tts-port.se
ttS Ships equipment ab
Kämpegatan 3
SE-411 04 Göteborg
Tel: +46 31 725 79 00
Fax: +46 31 725 78 00
info@tts-se.se
uSa
ttS Sense uS
1400 Broadfield
Suite 200
Houston, Tx 77084
Tel: +1 281 405 2691
Fax: +1 281 405 2692
rolf.gullaksen@tts-sense.com
ttS marine inc.
6555 Powerline road, Suite 410
Fort lauderdale, Fl 33309
Tel: +1 954 493 6405
Fax: +1 954 493 6409
info@tts-se.us
vietnam
ttS vietnam
4th Floor, Harbour View Building
no 4, Tran Phu Street
Haiphong City
Tel: +84 31 3686518
Fax. +84 31 3686516
info@tts-se.vn
113

4-8 T T S G r o u P
9-11 rEPorT FroM THE CEo
12-37 B u S i n E S S a r E a S
38-47 CorPoraTE GoVErnanCE
48-110 DirECTor’S rEPorT anD aCCounTS
112 -115 orGaniSation
organisation
tom fedoG
arne lindeKleiv
michael SymchuK
berGtor hauGaa
jan ove aaSen
114
drilling
equipment
dry cargo
handling
Stellan bernSro
holGer elieS
jan maGnar Grøtte
madame he pu
maSSimo triGlia
barnard zhonG
port & material
handling
lennart SvenSSon
rolf-atle tomaSSen
tatu miiKKulainen
ivar K. hanSon
arne KnudSen
Sven-eriK herneS
li dali
marine
cranes
StiG eSpeSeth
deck
machinery
edGar bethmann
marcuS berGmann
Göran bertilSon
Services
marGrethe hauGe
torSten paaS
dan maGnuSSon
KyunG-hWan Kim

TTS Marine ASA
Johannes D. Neteland
PRESIDENT & CEO
Services
Margrethe Hauge
Deck Machinery
Edgar Bethmann
Marine Cranes
Ivar K. Hanson
Port and Material Handling
Lennart Svensson
Dry Cargo Handling
Stellan Bernsro
Drilling Equipment
Tom Fedog
EXECUTIVE VICE PRESIDENT
EXECUTIVE VICE PRESIDENT
EXECUTIVE VICE PRESIDENT
EXECUTIVE VICE PRESIDENT
EXECUTIVE VICE PRESIDENT
EXECUTIVE VICE PRESIDENT
TTS Marine Inc.
Torsten Paas
TTS Kocks GmbH
Edgar Bethmann
TTS Marine Cranes AS
Ivar K. Hanson
TTS Port Equipment AB
Lennart Svensson
TTS Ships Equipment AB
Stellan Bernsro
TTS Sense AS
Tom Fedog
PRESIDENT
PRESIDENT
PRESIDENT
PRESIDENT
PRESIDENT
PRESIDENT
TTS Vietnam
Dan Magnusson
TTS Kocks Ostrava s.r.o.
Edgar Bethmann
TTS Marine Shanghai Co. Ltd.
Arne Knudsen
TTS Handling System AS
Rolf-Atle Tomassen
TTS Ships Equipment GmbH
Holger Elies
TTS Sense Mud AS
Arne Lindekleiv
GENERAL MANAGER
PRESIDENT
PRESIDENT
PRESIDENT
PRESIDENT
PRESIDENT
TTS Korea
Kyung-Hwan Kim
TTS Kocks Korea Co. Ltd.
Marcus Bergmann
TTS-LMG Marine Cranes GmbH
Sven-Erik Hernes
TTS Liftec Oy
Tatu Miikkulainen
TTS Ships Equipment AS
Jan Magnar Grøtte
TTS Sense (Canada) Ltd
Michael Symchuk
PRESIDENT
PRESIDENT
PRESIDENT
PRESIDENT
PRESIDENT
PRESIDENT
TTS Marine Equipment (Dalian)
Göran Bertilson
TTS Bohai Machinery Co. Ltd.
Li Dali
TTS Hua Hai
Ships Equipment Co. Ltd.
Madame He Pu
TTS Sense Singapore Pte Ltd
Bergtor Haugaa
PRESIDENT
GENERAL MANAGER
GENERAL MANAGER
GENERAL MANAGER
TTS Offshore Handling
Equipment AS
Stig Espeseth
TTS Marine s.r.l.
Massimo Triglia
TTS Sense Drill Fab AS
Jan Ove Aasen
PRESIDENT
GENERAL MANAGER
PRESIDENT
TTS Keyon Marine
Equipment Co. Ltd
Barnard Zhong
S
GENERAL MANAGER
115

ttS marine aSa
Folke Bernadottesvei 38
Po Box 3577 Fyllingsdalen
n-5845 Bergen, norway
Tel: +47 55 94 74 00
Fax: +47 55 94 74 01
E-mail: info.bgo@tts-marine.no
www.tts-marine.com
• 25980 • Trykk: Molvik Grafisk AS