SONGA OFFSHORE. Annual Report 2005 Årsrapport 2005

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1 SONGA OFFSHORE Annual Report 2005 Årsrapport 2005

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3 SONGA OFFSHORE Annual Report 2005 Directors Report 4 Financial Statements, Songa Offshore Group Notes to the consolidated accounts Financial Statements, Songa Offshore ASA Notes to the accounts Auditor s Report 38 Corporate Governance Årsrapport 2005 Styrets beretning Regnskap, Songa Offshore Konsern Noter til konsernregnskapet Regnskap, Songa Offshore ASA Noter til regnskapet Revisjonsberetning 78 Eierstyring og selskapsledelse 79

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5 SONGA OFFSHORE Annual Report 2005

6 DIRECTORS REPORT NATURE OF BUSINESS AND HISTORY The Songa Offshore Group (Songa Offshore ASA and subsidiaries) own and operate offshore drilling rigs. Songa Offshore AS was established in January 2005 and signed an agreement for the purchase of two semi-submersible rigs from the Mexican company IPC. The rigs were re-named Songa Venus and Songa Mercur. Songa Offshore ASA was established in April 2005 and acquired 100% of the shares in Songa Offshore AS. Songa Offshore ASA s shares were listed on the OTC market in May Subscription rights, which were listed on the OTC market, were issued in connection with the issuance of a bond loan. The rigs were delivered to Songa Offshore in June 2005, and subsequently moved to Galveston, Texas, where upgrading of the rigs was begun. In November 2005, Songa Offshore purchased a drilling ship, which was renamed Songa Saturn. Songa Saturn is currently being refurbished and reclassified at a shipyard in Turkey. By the end of September, Songa Offshore had assembled a highly experienced management team comprising recognized figures within the industry. Operational management work out of the offices in Houston, Texas. The financial management team is located in Oslo. Customer contact is effectuated from the Houston offices, and the head office is located in Oslo. The Company is also in the process of establishing an office in Perth, Australia, in connection with the drilling contract signed for the Songa Venus rig. In October 2005, Songa Offshore bought a % share in the semi-submersible rig Deepsea Bergen. The Company has been listed on the Oslo Stock Exchange since 26 January In March 2006, Songa Offshore signed a contract to purchase a semi-submersible rig, the Stena Dee; it is expected that Songa Offshare will take possession of it in April In addition to Songa Offshore ASA, the Group comprises the subsidiaries: Songa Offshore AS Songa Mercur AS Songa Venus AS Songa Saturn AS KS Bjørgvin Offshore Bjørgvin Offshore AS Picture: Songa Dee CONTINUED OPERATIONS Pursuant to Section 3-3a of the Norwegian Accounting Act, the Board confirms that the prerequisites for continued operations are present. The basis for this assumption is the profit and loss forecast for the year 2006, as well as the Group s long-term strategic forecasts for the coming years. The Group s current economic and financial situation is sound. 4

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8 Songa Venus FUTURE DEVELOPMENTS Songa Offshore is now well positioned to participate in the positive market development for mobile drilling vessels. The Company will have two of its vessels in operation at high day rates for the next 1-2 years, and expects this to continue in the future. The Company has chosen to enter into short-term contracts, which are generally priced higher than long-term contracts, and it will therefore be important to monitor market developments so as to maintain optimal positioning at all times. Songa Offshore continuously review the opportunities for growth as long as it remains in line with the positive market developments characterised by high exploitation efficiency and high day rates. If the Company is unable to identify attractive growth opportunities through acquisitions of rigs or companies, it will focus on paying out dividends to its investors and adapting to market developments over the next few years. High oil prices, decreases in oil reserves, increased prospecting activities in new areas and high activity in established fields give rise to a very strong demand for mobile drilling vessels. These factors stimulate market growth for drilling vessels, and the Company anticipates that there will be consolidation among the market players. Songa Offshore will approach both market growth and market consolidation aggressively. High day rates for drilling rigs have resulted in several players ordering new rigs. Once these rigs are delivered, Songa Offshore will follow the market developments closely. The Board emphasises that there is a large degree of uncertainty in connection with the forecasting of future developments. RISK EXPOSURE AND RISK MANAGEMENT The business of Songa Offshore entail risks that are normal to the industry. Examples of such risks are the ability to complete shipyard projects at the agreed time and price, developments in one s own costs, supplier costs, interest rates and currency exchange costs as well as risks associated with customers credit quality. 6

9 Financial Risk The Company will attempt to minimize the financial risk by using hedging instruments when appropriate, but will not be able to eliminate the risk entirely. Songa Offshore is exposed to interest rate and foreign exchange rate fluctuations. The Company operates in USD. Leasing contracts in currencies other than USD will be affected by exchange rate fluctuations. The Company is also exposed to risks in relation to asset financing. Songa Offshore will only choose debt financing if appropriate after assessing the cost of borrowing vs. the returns. However, the success of any given finance strategy is uncertain. Market Risk The Company s investments in drilling rigs involve substantial risks. There is risk connected to cost overrides related to rig refurbishment projects. There is inherent risk in the operation of drilling. And there are also risks tied to customers ability to meet payments. Liquidity Risk The value of the rates obtained by the Company in the market may vary. This means that a strong decline in rates could adversely affect liquidity, which in turn could cause the Company to be unable to meet its financial obligations. In that case, the rigs could be subject to a forced sale at prices that would result in a loss. HEALTH, SAFETY AND THE ENVIRONMENT Health, Safety and the Environment (HSE) are key to Songa Offshore s operations. Our basic vision and policy are that all accidents can be prevented. Songa Offshore focuses systematically on training and certification of personnel, as well as integrating instructions, routines and rules so as to prevent situations that could cause injury to personnel or damage to equipment. There have been no recorded incidents of injury to personnel or damage to equipment since start up. Neither have there been any recorded accidents. Recorded sick leave on the wholly-owned rigs is 0%; this is a result of the rigs undergoing refurbishing at the shipyards with few crew members. EQUAL OPPORTUNITY The Group complies with its expressed attitude that there shall be no discrimination based on race, religion or sex. The rig industry has been, and still is, a heavily maledominated industry, and currently only men are employed on the rigs. In administration/management 38% are women. Senior management is dominated by men, while at the middle management level, there is an even number of men and women. ENVIRONMENTAL REPORTING The Company s rigs were not operational in Songa Offshore will place great emphasis on the rigs meeting all statutory requirements for emissions, pollution and environmental impact. Procedures have been implemented to avoid incidents with negative environmental impact. CORPORATE GOVERNANCE Since its beginning, corporate governance has been an important focus for the Group. Substantial resources have been invested in forming the Company s strategy for corporate governance. The objective has been to achieve a high credibility with the Company s shareholders, customers, employees and society in general. Please see page 41 in the Annual Report for more information about corporate governance INTERNATIONAL FINANCIAL REPORTING STANDARDS The EU Commission has determined that all stock listed companies within the EU shall prepare their accounts in accordance with the IFRS (approved by the European Union) as of Under the EFTA Agreement, Norwegian companies are subject to the same account presentation requirements as companies within the EU. Songa Offshore has prepared its financial statements in accordance with the IFRS. The parent 7

10 company s financial statements were prepared in accordance with the Norwegian accounting principles (NGAAP). PROFIT & LOSS, CASH FLOW, INVESTMENTS, FINANCING AND LIQUIDITY Group revenue was USD 1.2 million. The year-end result was USD 24.9 million. The parent company had no revenue, while the year-end result was USD 20.0 million. The aggregate cash flow from operational activities in the Group was USD 6.0 million and in the parent company USD 2.6 million. The Group s first year of operations was characterised by major acquisitions and the financing of these, as well as establishing a professional organisation and close monitoring of the rig refurbishing projects. There has been no ordinary operating income in After year-end 2005, the Group signed a contract to purchase a semi-submersible rig, the Stena Dee. The price is USD 270 million. In connection with this acquisition, a bond loan of USD 75 million has been isssued. In addition, the Company has carried out an increase of share capital of 6,300,000 shares at NOK 58, and raised NOK million. As of December 31, 2005, the Group cash holdings were USD 2.2 million. As of December 31, 2005, the Group s short-term debt comprised 15.7 % of the total Group liabilities. The Group s debt/equity ratio is high, but will be significantly improved when the rigs are put into operation and generate positive cash flows. The Group s total assets at year-end was USD million, and in the parent company USD 253 million. As of December 31, 2005, the equity ratio in the Group was 22.8%, and in the parent company 26.6%. NET INCOME AND LOSS AND ALLOCATIONS FOR THE PERIOD The Board recommends the following allocations of this year s loss in Songa Offshore ASA: Other equity (USD mill.) -20,0 Total allocated (USD mill.) -20,0 As of December 31, 2005, the Company has no distributable equity. Oslo, 28 March 2006 Arne Blystad Øystein Stray Spetalen Einar J. Greve chairman of the board board member board member Jon Chr. Syvertsen Gunnar Hvammen Robert J. Scott board member board member ceo 8

11 SONGA OFFSHORE GROUP COMPANY STRUCTURE Songa Offshore ASA 50% 100% 100% 100% 90% Songa Management AS Songa Offshore AS Songa Saturn AS Bjørgvin Offshore AS 10% Bjørgvin Offshore KS 100% 100% 100% 20,187% 20,187% Songa Managment Inc. Songa Venus AS Songa Mercur AS KS Deep Sea Drilling Company KS Deep Sea Drilling Company II WORLDWIDE OFFICES Norway Office Haakon VIIs Gate 1, 8th Floor P.O. Box 1468, Vika 0161 OSLO Singapore Office Songa Offshore Pte. Ltd. 63 Market Street #09-03 SINGAPORE (048942) Tel: USA Office 2925 Briarpark Dr. Suite 100 Houston, TX Office: Fax: Guinea Office Haakon VIIs Gate 1, 8th Floor P.O. Box 1468, Vika 0161 OSLO Tel: Australia Office Songa Venus AS Level 2 24 Kings Park Road West Perth WA 6005 Australia 9

12 Songa Offshore Group FINANCIAL STATEMENTS Songa Offshore Group CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2005 Amounts in USD 000 (earnings per share in USD) Notes 2005 Revenue Other operating costs Depreciation 10-6 Finance costs Loss before tax Tax income 7 LOSS FOR THE YEAR Net earnings per share (usd) Basic 8-0,47 10

13 Songa Offshore Group CONSOLIDATED BALANCE SHEET AT 31 DECEMBER Amounts in USD 000 Notes 2005 ASSETS Non-current assets Property, plant and equipment Investments Deferred tax assets Total non-current assets Current assets Other current assets Cash and cash equivalents Total current assets TOTAL ASSETS EQUITY AND LIABILITIES Equity Share capital Share premium Paid in, not registered share capital Other equity Total equity Non-current liabilities Bond loan - interest bearing Bank loans - interest bearing Obligations under finance leases 16, Total non-current liabilities Current liabilities Bank loan - interest bearing Obligation under finance lease Interest payable Trade accounts payable Derivative financial instruments Other current liabilities Total current liabilities Total liabilities TOTAL EQUITY AND LIABILITIES

14 Songa Offshore Group CONSOLIDATED STATEMENT OF CASH FLOWS Amounts in USD 000 Notes 2005 Operating profit (loss) before tax (29 330) Cash flows from operating activities Increase in receivables (2 419) Increase in payables Increase in fair value of BOP option Non cash expense from redemption of bond loan Net cash flow from operating activities (6 061) Cash flows from investing activities Proceeds from disposal of property, plant and equipment Purchase of property, plant and equipment ( ) Acquistion of available-for-sale investement 21 (34 056) Net cash flow used in investing activities ( ) Cash flows from financing activities Proceeds from issue of share capital Proceeds from issue of bonds and new bank loan raised 14, Net cash flow from financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period CASH AND CASH EQUIVALENTS AT END OF PERIOD Songa Offshore Group STATEMENT OF CHANGES IN EQUITY Amounts in USD 000 Notes Share capital Share premium reserve Paid in, not registered capital Other equity Total equity Equity at inception Issue of share capital Issue of warrants Paid in, not registered capital Profit (loss) for the period EQUITY AS AT

15 Songa Offshore Group NOTES TO THE CONSOLIDATED ACCOUNTS Note 1 GENERAL INFORMATION Songa Offshore ASA is an offshore drilling contractor registered in Norway. Its headquarters are in Oslo, Norway, and the rig operations are run from Houston, Texas. The Company is listed on Oslo Stock Exchange from 26 Jan At year end the company was listed on the Norwegian OTC-list Over The Counter share trade. Songa Offshore ASA was established 18 April In June, the company acquired two semi submersible drilling rigs from the Mexican company IPC. The rig Songa Venus (formerly the Mata Redonda) is a Friede Goldman design rig built in 1975 and substantially enhanced in 2004/05. The Songa Mercur (formerly the La Muralla) is a Friede Goldman 9500 design, the rig is built in 1990 and substantially enhanced and refurbished in Both rigs can operate at a water depth of ft. In August 2005, Bob Scott was appointed CEO of Songa Offshore ASA. The organization comprises approximately 114 rig crew personnel and 34 management and staff. The company acquired the drill ship Glomar Robert F. Bauer (subsequently renamed Songa Saturn) in November 2005, a vessel formerly owned by Global SantaFe. The Songa Saturn is a Global Marine designed drill ship built in 1983 and substantially enhanced and refurbished in In the end of October 2005 Songa Offshore ASA purchased % of the semi submersible rig Deep Sea Bergen. The rig is a 3rd generation rig built in 1982 and upgraded in 1988/2000, and can operate at a water depth of ft. In March 2006 the company entered into a memorandum of agreement to acquire the semi submersible rig Stena Dee. The rig is a 3rd generation rig built in 1984 and upgraded in 2004, and can operate at a water depth of ft. All rigs and vessels have one to three-year employment contracts from Q except for Songa Mercur. Songa Offshore s vision is to be a leading company in the global market for drilling contractors. The objective is to acquire, enhance and efficiently operate drilling vessels. The aim is to build on its current position, both operationally and financially, and the company expects to make further investments and acquisitions. Songa Offshore s chartering policy is based on operational management of the company s vessels (time-charter). From time to time the company may lease out a rig without operational management (bare boat charter). Refer to note 19 for information about significant transactions in Note 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. BASIS OF PREPARATION The consolidated financial statements of Songa Offshore Group have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the EU. The consolidated financial statements have been prepared under the historical cost convention except for financial instruments. CONSOLIDATION Subsidiaries The consolidated financial statements incorporate the financial statements of the company and entities (including special purpose entities) controlled by the company (its subsidiaries). Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. The purchase method of accounting is used to account for the acquisition of subsidiaries by the Group. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The excess of the cost of acquisition over the fair value of the Group s share of the identifiable net assets acquired is recorded as goodwill. Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of 13

16 the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Joint ventures Joint venture is a contractual agreement that involves the establishment of a corporation, partnership or other entity in which each partner has an interest. The entity operates in the same way as other entities, except that a contractual arrangement between the partners establishes joint control over the economic activity of the entity. The Group s investment in joint controlled entities is recognized using the proportionate consolidation method. PRESENTATION CURRENCY AND FUNCTIONAL CURRENCY The Group presents its financial statements in USD. This is also the Group s functional currency. For consolidation purposes, the balance sheet figures for subsidiaries with a different functional currency, translated at the rate applicable at the balance sheet date and the income statement have been translated at the average rate for the period. Exchange differences are recognised in equity. When foreign subsidiaries are sold, the accumulated exchange differences relating to the subsidiary are taken to income. PROPERTY, PLANT AND EQUIPMENT Rigs and equipment are stated at cost less depreciation and impairment losses. The cost of an asset comprises its purchase price and directly attributable costs of bringing the asset to its working condition. In situations where it can be demonstrated that expenditures have resulted in an increase in the future economic benefits expected to be obtained from the use of the asset beyond its originally assessed standard of performance, the expenditures are capitalized as an additional costs of the asset. Depreciation is calculated using the straight line method. The Group as a lessee, finance leases The Group presents finance leases in the financial statements as assets and liabilities, equal to the cost price of the asset or, if lower, the present value of the cash flow to the lease. When calculating the present value of the lease the implicit interest rate in the lease is used when it can be determined. Direct costs relating to the lease are included in the asset s cost price. Monthly rent is separated into an interest element and a repayment element. Interest costs are allocated to different periods, so that the interest cost for the remaining debt is the same in different periods. Assets that form part of a finance lease are depreciated. The depreciation period is consistent for equivalent assets that are owned by the Group. If it is not certain that the company will take over the asset when the lease expires, the asset is depreciated over the lease s term or the depreciation period for equivalent assets owned by the Group, whichever is the shorter. CASH AND CASH EQUIVALENTS Cash represents cash on hand and deposits at bank that are repayable on demand. Cash equivalents represent short-term, highly liquid investments which are readily convertible into known amounts of cash with original maturities of three months or fewer and which are subject to an insignificant risk of change in value. ACCOUNTS RECEIVABLE Accounts receivables are carried at amortized cost. The interest element is disregarded if it is insignificant. Should there be objective evidence of a fall in value, the difference between the carrying amount and the present value of future cash flows is recognized as a loss, discounted by the receivable amount s effective interest rate. FINANCIAL INVESTMENTS The group holds financial instruments that are classified in the category: Available for sale. Financial instruments that are available for sale are presented as current assets if the management has decided to sell the instrument within 12 months of the balance sheet date. All purchases and sales of financial instruments are recognized on the transaction date. The transaction costs are included in the cost price. Financial instruments that are classified as available for sale are carried at fair value as observed in the market at the balance sheet date, with no deduction for costs relating to the sale. The gain or loss resulting from changes in the fair value of financial investments classified as available for sale are recognized directly in equity until the investment has been disposed of. The accumulated gain or loss on the financial instrument that has previously been recognized in equity will then be reversed and the gain or loss will be recognized in the income statement. The Group has no significant financial risk/hedging management policy and objectives. PRINCIPLES FOR ESTIMATING FAIR VALUE The following summarises the major methods and assumptions used in estimating the fair values of financial instruments reflected in the table: Investment available-for-sale None of the investments are in listed companies. The fair values cannot be reliably measured but are estimated to be equal to the carrying amount. Trade receivables and other receivables Interest free receivables are discounted if they have a material impact on fair value. The carrying amount has been reduced for impaired receivables and reflects a reasonable approximation of fair value. Cash and cash equivalents Fair value is assumed to be equal to the carrying amount. 14

17 Derivatives Fair value is the discounted value of expected future cash flows based on quoted forward prices. If there are no quoted forward prices available, the value is calculated based on acknowledged valuation techniques and assumptions. Long-term interest-bearing debt and other long-term liabilities Fair value is calculated based on discounted expected future principal and interest cash flow. Trade payables and other short-term debt Interest free short-term payables are discounted if they have a material impact on fair value. DERIVATIVES THAT ARE NOT HEDGING INSTRUMENTS Derivatives that are not classified as hedging instruments are classified as financial assets at fair value through profit or loss and measured at fair value. Changes in the fair value of such derivatives are recognised in the income statement. An embedded derivative will be separated from the original contract and recognised as a derivative provided the following conditions are met: The underlying financial reality and risk of the embedded derivative is not closely related to the financial reality and risk of the original contract; There is a separate instrument with the same conditions as the embedded derivative that meets the criteria for a derivative, and The combined instrument (main contract and embedded derivative) is not measured at its fair value where changes in value are recognised in the income statement. SHARE CAPITAL Ordinary shares are classified as equity. Costs directly attributable to the issue of new shares or options are recognized as a reduction of equity, net of tax, from the proceeds. BANK BORROWING Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost using the effective interest method. TAX The tax expense consists of the tax payable and changes in deferred tax. Deferred tax is calculated at the nominal income tax rate of net temporary differences existing between accounting and tax values, and any carry forward losses for tax purposes at year-end. Deferred tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. SEGMENT INFORMATION The Group operates in only one segment, offshore drilling. For this area services offered are the same, the customer groups approached are the same and legal requirements that needs to be met are the same. The rigs are not yet in operation. Reporting to both the board of directors and CEO with the purpose of evaluating the unit s past performance and for making decisions about the future allocations of resources is done with information for one segment, offshore drilling and without specified geographic regions. The group is not managed by geographical areas. As such there is no financial information for geographical areas available. EARNINGS PER SHARE Basic earnings per share ( Basic EPS ) are calculated as net profit or loss for the period by the weighted average number of shares outstanding during the period. DEBT ISSUED WITH DETACHABLE WARRANTS When debt is issued with detachable warrants, a fair value calculation is made to allocate the proceeds received between the loan and the detachable instruments. The allocation is made based upon an estimate of market value at the date of issue. The loan is recognized at estimated fair value net of transaction costs and the estimated fair value of the detachable warrants is recognized as equity. The loan is subsequently stated at amortized cost using the effective interest method. SHARE BASED COMPENSATION The group issues equity-settled share based payments to certain employees. Equity-settled share-based payments are measured at fair value (excluding the effect of non market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight line basis over the vesting period, based on the group s estimates of the shares that will eventually vest and adjusted for the effect of non market-based vesting conditions. CRITICAL JUDGMENTS IN APPLYING THE ENTITY S ACCOUNTING POLICIES In the process of applying the entity s accounting policies, which are described in this note, management has made the following judgments that have the most significant effect on the amounts recognized in the financial statements (apart from those involving estimations, which are dealt with below). Financial lease In 2005, Songa Offshore ASA acquired a blow-out preventer (BOP) for use in offshore petroleum production. In order to finance the BOP, the Company entered into a sale-leaseback transaction with BOP 15, a special purpose financing entity. The arrangement is classified as a finance lease on the basis that the present value of the minimum lease payments amounts to at least substantially all of the fair value of the BOP. See note 17 for further details of the judgment. 15

18 Derivative financial instrument In connection with the sale-leaseback of the BOP (se section above) an option was written to the investors in the special purpose financing entity. The option is classified as a derivative finance instrument. See note 16 for further details of the judgment. Financial investment available for sale Songa Offshore s ownership of 20,187% of KS Deep Sea Drilling Company (DSDC) which owns the rig Deep Sea Bergen is treated as a financial instrument as defined in IAS 32 and 39 on the basis that Songa Offshore does not have significant influence in the company. See note 21 for further details of the judgment. USE OF ESTIMATES WHEN PREPARING THE ANNUAL FINANCIAL STATEMENTS The annual financial statements have been prepared in accordance with IFRS (International Reporting Financial Standards). This means that the management has used estimates and assumptions that have affected assets, liabilities, revenues, expenses and information on potential liabilities. This particularly applies to the valuation of financial investments and financial derivatives. Future events may lead to these estimates being changed. Such changes will be recognized when new estimates can be determined with reasonable certainty. For further information on valuation of financial investments and financial derivatives, see note 21 and 16 respectively. Note 3 SEGMENT INFORMATION There is only one segment, offshore drilling. As such the financial information for this segment is identical to the consolidated figures. Revenues at year end are from the investment in joint venture, Songa Management AS (Note 5). Note 4 OTHER OPERATING COSTS Amounts in USD Legal and other professional Legal services Management fee Accounting service and agency fee Other professional (2) Total legal and other professional Other Travel expenses Other office costs Payroll (1) Total other operating expenses Total other operating cost (1) Includes expensed amount regarding CEO s option plan, USD 465 (please see note 9) (2) Including remuneration to auditors: Fee paid for mandatory auditing services Fee paid for other attestation services Fee paid for tax advisory services Fee paid for services apart from auditing The fee to the auditor is excluded VAT

19 Note 5 INVESTMENTS IN JOINT VENTURES Amounts in USD 000 Details of the Group s joint ventures at 31 December 2005 are as follows: Entity Address Industry Ownership interest Voting share Songa Management AS Haakon VIIs gate 1, 0161 Oslo, Norway Management services 50% 50% The following amounts are included in the Group s financial statements as a result of the proportionate consolidation of Songa Management AS Assets Liabilities Current Non-current - - Total Revenues Oper. Exp. Total Note 6 NET FINANCE COSTS Amounts in USD Exchange loss/(gain) Interest income Interest expense Recognized expense from redemption of bond loan (1) Other financial expenses (2) (158) 461 (6 959) (11 941) (6 229) Total (((24 826) (1) Recognized expense from redemption of bond loan is related to a five-year USD 110 million bond loan issued in June 2005 carrying a coupon of 6.5%. Subscribers to the bond loan received a total of 24.4 million detachable warrants, each with the right for three years to subscribe one share in Songa Offshore ASA at strike price USD 1.5 per share. Applying recognized option pricing methods, and based on a volatility of 33%, the value of the warrants is estimated to be USD 9.9 million and recognized as contribution to equity. The effective interest rate for the bond loan is estimated to be 9.1%. The bond loan was redeemed in September At redemption USD 11.9 million was recognized as finance cost, consisting of USD 9.2 million relating to the warrants and USD 2.7 million relating to net direct borrowing cost. (2) Other financial expenses include change in the fair value of the call option of USD 5.6 million regarding the sale and lease back of a blowout preventer (Note 16) 17

20 Note 7 TAX Amounts in USD TAX INCOME Tax payable Changes in deferred tax Tax income DEFERRED TAX AND DEFERRED TAX ASSETS Deferred tax assets Loss carried forward Deferred tax assets - gross Deferred tax liabilities Property, plant and equipment Interest bearing debt Deferred tax liabilities - gross Net recognized deferred tax liabilities Loss before tax Permanent differences Valuation of warrants regarding refinancing of bond loan Permanent difference on option BOP Permanent difference on issue expenses Total permanent differences Temporary differences Property plant and equipment Interest bearing debt Total temporary differences Loss carried forward Positive differences Negative differences Net temporary differences Net deferred tax asset is recognized since it is probable that future taxable profit will be available in the near future against which the temporary differences will be utilised. This is based on the fact that all rigs and vessels will have one to three-year employment contracts from Q except for Songa Mercur. A reconciliation of the effective rate of tax and the tax rate in Songa Offshore ASA s country of registration: 28% 2005 Pre-tax loss Tax assessed at the tax rate in Songa Offshore ASA s country of registration (28% in 2005) Non-deductible expenses Issue expenses recorded to Equity Tax income The effective rate of tax was 14,9% in Note 8 EARNINGS PER SHARE The basic earnings per share are calculated as the ratio of the loss for the year of USD 24.9 million divided by the weighted average number of ordinary shares outstanding, 52.7 million. Paid in, not registered, capital regarding warrants at year end is included in the calculation of average number of shares outstanding. At year end the retained earnings is negative. Diluted earnings per share is therefore equal to basic EPS. Potential ordinary shares regarding BOP call option (notes 16, 17), warrants and employee option plans are not treated as dilutive since their conversion to ordinary shares would decrease loss per share from continuing operations, thereby being anti dilutive. The following ordinary share transactions that occurred after the balance sheet date would have changed the number of ordinary shares outstanding at year end if those transactions had occurred before year end (as of 28 March 2006): Conversion of warrants Capital increase No. of shares Total increase % tax

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