Note 7 - Investment in Associated Companies

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

December 31, 2016

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

Siem Offshore

Ghana Ltd

Total

Profit and loss account

Operating revenues

5,651

436

242

-

-

6,328

Operating expenses

-4,770

-21

-79

-

-

-4,870

EBITDA

881

415

163

-

-

1,458

Depreciation and Amortisation

-486

-

-87

-

-

-573

Operating profit (EBIT)

394

415

76

-

-360

885

Net financial items

9

7

-22

-

-

-6

Taxes

-

-

-

-

-

-

The year’s net profit after tax

403

422

54

-

-360

-

879

Siem Offshore’s share of net profit

167

174

27

-

-180

188

Adjustments consolidated accounts

-

-

-8

-160

-168

This year’s share of net profit after tax

167

174

19

-160

-180

-

19

Statement of financial position

Non-current assets

0

-

1,296

-

1,296

Current assets

513

-17

6

-

-

502

Cash

2,642

1,125

48

-

-

3,815

Total assets

3,154

1,109

1,350

-

-

5,613

Equity

3,601

1,108

616

-

-

-

5,324

Non-current liabilities

0

0

642

-

-

642

Current liabilities

-446

1

93

-

-

-353

Total liabilities

-446

1

734

-

-

-

289

Total equity and liabilities

3,154

1,109

1,350

-

-

-

5,613

Siem Offshore's share of booked equity

1,488

458

308

-

-

2,254

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

15

324

124

-

-

463

Net book value in Siem Offshore as of December 31

1,503

782

432

-

-

2,717

Ownership interest

41.3%

41.3%

50.0%

0.0%

100.0%

49%

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

Net book value as of January 1

1,295

596

513

153

14,103

16,660

Investment in associated companies

-

-

-

-

-

This year's share of net profit

167

174

27

-

-180

-

188

Adjustments consolidated accounts

26

4

-107

-161

-

-

-238

Capital increase, correction previous year

-

-

Change of ownership% or sale

-

-

-

-

-13,923

-13,923

Dividends

-

-

-

-

-

-

Effect of exchange rate differences

15

6

1

8

-

30

Net book value as of December 31

1,503

780

434

-

-

-

2,717

Of which:

Adjustments IFRS and fair value in excess of book value for vessel and goodwill as of January 1

0

314

123

120

2,874

0

3,431

Capital increase, correction previous year

0

0

0

0

0

0

Adjustment for depreciation IFRS

0

4

0

0

0

0

4

Amortisation of fair value in excess of book value for vessels and goodwill

0

0

0

-120

-2,834

0

-2,954

Effect of exchange rate differences

0

0

0

0

0

0

15

6

1

0

-40

-18

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

15

324

124

0

0

0

463

Company NAME

PR Tracer

Offshore ANS

KS Big

Orange XVIII

Rovde

Ind.park AS

Sentosa

Offshore DIS

Secunda

Holdings LP

Siem Offshore

Ghana Ltd

Total

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

41.3 %

41.3 %

50.0 %

5.0 %

50.0 %

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

Investment in associated companies

-

-

-

-

-

This year's share of net profit

398

186

46

9

-489

150

Adjustments consolidated accounts

-

-

-9

-

-1,701

-1,710

Capital increase, correction previous year

2,427

2,427

Change of ownership% or sale

-

-

-

-

-

-

Dividends

-513

-797

-

-77

-

-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

Amortisation of fair value in excess of book value for vessels and goodwill

-

-

-

-

-1,443

-1,443

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 (1)

Oslo, Norway

Equity accounting

0.00%

0.00%

-

-

Secunda Holdings LP (2)

Halifax, Canada

Equity accounting

100.00%

100.00%

15,519

-

Total

17,381

5

(1) Sentosa filed for bankrupcy in 2016.

(2) The Group aquired 100% of Secunda Holdings LP with effect from 1 June 2016. The Accounts of Secunda have since then fully consolidated into the Group accounts.

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

Siem Offshore

Ghana Ltd

Total

Profit and loss account

Operating revenues

6,533

452

263

4,494

33,067

44,810

Operating expenses

-4,820

-21

-39

-186

-23,920

-28,985

EBITDA

1,713

431

225

4,309

9,148

15,825

Depreciation and Amortisation

-862

-

-105

-1,200

-6,171

-8,338

Gain on sale

-

-

-

-

-

-

Impairment

-

-

-

-

-

-

Operating profit (EBIT)

851

431

120

3,109

2,976

7,486

Net financial items

113

18

-27

-2,928

-3,500

-6,324

Taxes

-

-

-

-

-455

-455

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

Non-current assets

466

-

1,563

12,244

48,852

63,125

Current assets

568

-17

71

30

4,214

4,867

Cash

2,213

698

10

1,054

4,406

8,381

Total assets

3,248

682

1,643

13,328

57,472

76,373

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

Siem Offshore

Ghana Ltd

Total

Equity

3,132

682

781

662

22,459

27,715

Non-current liabilities

-

-

736

7,556

31,580

39,872

Current liabilities

116

-

126

5,110

3,433

8,786

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

41.3 %

41.3 %

50.0 %

5.0 %

50.0 %

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

Investment in associated companies

-

-

-

-

-

This year's share of net profit

398

186

46

9

-489

150

Adjustments consolidated accounts

-

-

-9

-

-1,701

-1,710

Capital increase, correction previous year

2,427

2,427

Change of ownership% or sale

-

-

-

-

-

-

Dividends

-513

-797

-

-77

-

-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

Amortisation of fair value in excess of book value for vessels and goodwill

-

-

-

-

-1,443

-1,443

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

-

Total

24,895

5

Board Of Directors

Financial Statements

Notes