Annual Report 2010 - SBM Offshore

Financial Review / Financial Statements 2010
Other employee benefits include, for a major part,
expenses related to hired people.
Pensions and other post-employment benefit plans
The Company has defined benefit pension plans,
based on final salary. The aforementioned pension
plans require contributions to separately administered
funds. The Company has also provided for certain
seniority and termination benefits. These benefits
are unfunded. The following tables summarize the
components of net benefit expense recognised in the
consolidated income statement and the funded status
and amounts recognised in the consolidated statement
of financial position for the respective plans.
Net benefit expense recognised within employee
benefits is:
2010 2009 2010 2009 2010 2009
in thousands of US$ Pension plans Other employee benefits Total
Current service cost 2,141 1,879 - - 2,141 1,879
Interest cost on benefit obligation 2,368 1,961 - - 2,368 1,961
Expected return on plan assets (2,088) (2,183) - - (2,088) (2,183)
Other (253) 1,319 (240) 965 (493) 2,284
Net benefit expense 2,168 2,976 (240) 965 1,928 3,941
The benefit (asset)/liability included in the statement of
financial position is:
2010 2009 2010 2009 2010 2009
in thousands of US$ Pension plans Other employee benefits Total
Defined benefit obligation 72,267 70,336 5,445 5,840 77,712 76,176
Fair value of plan assets (67,137) (67,431) - - (67,137) (67,431)
5,130 2,905 5,445 5,840 10,575 8,745
Unrecognised net actuarial
gains/(losses) (1,710) 1,744 - - (1,710) 1,744
Benefit (asset)/liability 3,420 4,649 5,445 5,840 8,865 10,489
132 SBM Offshore – Annual Report 2010