Note 7 - Investment in Associated Companies

Figures for associated companies included in the consolidated accounts based on the equity accounting.

December 31, 2015

       

Company name
(Amounts in USD 1,000)

PR Tracer
Offshore ANS

KS Big
Orange XVIII

Rovde
Ind.park AS

Sentosa
Offshore DIS

Secunda
Holdings LP

Total

             

Profit and loss account

           

The year’s net profit after tax

964

449

92

180

-978

707

             

Siem Offshore´s share of net profit

398

186

46

9

-489

150

Share of net result not included

       

-

-

Adjustments consolidated accounts

-

-

-9

-

-1,701

-1,710

This year`s share of net profit after tax

398

186

37

9

-2,190

-1,560

             

Statement of financial position

           

Total assets

3,248

682

1,643

13,328

57,472

76,373

Equity

3,132

682

781

662

22,459

27,715

Total liabilities

116

-

862

12,667

35,013

48,658

Total equity and liabilities

3,248

682

1,643

13,328

57,472

76,373

             

Siem Offshore’s share of booked equity

1,294

282

390

33

11,229

13,229

Added/reduced in the period

           

Change of ownership% or sale

           

Adjustments IFRS and fair value in excess of book value

         

for vessel and goodwill as of December 31

-

314

123

120

2,874

3,431

Net book value in Siem Offshore as of December 31

1,294

596

513

153

14,103

16,660

Ownership interest

41.33%

41.33%

50%

5.00%

50%

 

Company name
(Amounts in USD 1,000)

PR Tracer
Offshore ANS

KS Big
Orange XVIII

Rovde
Ind.park AS

Sentosa
Offshore DIS

Secunda
Holdings LP

Total

       

Specification of changes net book value in Siem Offshore’s accounts

       

Net book value as of January 1

1,651

1,339

550

257

16,426

20,222

This year’s share of net profit

398

186

46

9

-489

150

Adjustments consolidated accounts

0

0

-9

-

-1,710

-1,710

Capital increase, corrections previous year

-

-

-

-

2,427

2,427

Dividends

-513

-797

0

-77

0

-1,387

Effect of exchange rate differences

-241

-131

-74

-35

2,560

-3,041

Net book value as of December 31

1,295

596

513

153

14,103

16,660

             

Of which:

           

Adjustments IFRS and fair value in excess of book value

         

for vessel and goodwill as of January 1

-

373

157

144

482

1,156

Capital increase, correction previous year

-

-

-

-

2,427

2,427

Adjustment for depreciation IFRS

-

-

-9

-

-274

-283

Amortization of fair value in excess of

       

-1,443

-1,443

book value for vessels and goodwill

Effect of exchange rate differences

-

-59

-25

-24

1,682

1,574

Fair value in excess of book value for vessels and goodwill as of December 31

-

314

123

120

2,874

3,431

Company name

Registered
office

Consolidated as

Owner
interest

Voting
rights

Paid in
capital

Issued, not
paid in capital

PR Tracer Offshore ANS

Lysaker, Norway

Equity accounting

41.33%

41.33%

1,633

-

KS Big Orange XVIII

Lysaker, Norway

Equity accounting

41.33%

41.33%

8

5

Rovde Industripark AS

Vanylven, Norway

Equity accounting

50.00%

50.00%

222

-

Sentosa Offshore DIS

Oslo, Norway

Equity accounting

5.00%

5.00%

7,514

-

Secunda Holdings LP

Halifax, Canada

Equity accounting

50.00%

50.00%

15,519

-

December 31, 2014

   

Company name
(Amounts in USD 1,000)

PR Tracer
Offshore ANS

KS Big
Orange XVIII

Rovde
Ind.park AS

Sentosa
Offshore DIS

Secunda
Holdings LP

Total

             

Profit and loss account

           

The year’s net profit after tax

1,666

591

43

1,546

2,349

6,196

             

Siem Offshore´s share of net profit

689

244

21

77

1,174

2,205

Adjustments consolidated accounts

-77

-

-17

-

-304

-398

This year`s share of net profit after tax

612

244

4

77

871

1,808

             

Statement of financial position

           

Total assets

3,753

2,338

1,894

16,993

76,031

101,009

Equity

3,994

2,338

775

2,263

31,887

41,256

Total liabilities

-241

-

-1,119

14,731

44,143

59,752

Siem Offshore’s share of booked equity

1,651

966

388

113

15,944

19,061

Added/reduced in the period

           

Adjustments IFRS and fair value in excess of book value

           

for vessel and goodwill as of December 31

-

373

163

144

482

1,161

Net book value in Siem Offshore as of December 31 2014

1,651

1,339

550

257

16,426

20,222

Ownership interest

41,33%

41,33%

50%

5,00%

50%

 
             

Specification of changes net book value in Siem Offshore’s accounts

           

Net book value as of January 1

1,378

1,384

656

519

17,009

20,946

Investment in associated companies

 

-

-

-

 

-

This year’s share of net profit

689

244

21

77

1,174

2,206

Adjustments consolidated accounts

-77

0

-17

0

-304

-398

Dividends

0

0

0

-278

0

-278

Effect of exchange rate differences

-339

-289

-112

-61

-1,454

-2,255

Net book value as of December 31 2014

1,651

1,339

548

258

16,426

20,222