Annual Report 2010 - SBM Offshore

Financial Review / Financial Statements 2010
in thousands of US$
Land and
buildings
Vessels and
floating
equipment
Machinery
and
equipment
Other fixed
assets
Assets under
construction
Cost 103,650 2,316,110 41 85,041 1,261,522 3,766,364
Accumulated depreciation and
impairment (17,358) (1,137,739) (27) (45,852) - (1,200,976)
Book value at 1 January 86,292 1,178,371 14 39,189 1,261,522 2,565,388
Additions 2,859 2,724 4 4,802 628,732 639,121
New in consolidation - 900 - - - 900
Disposals - (58,918) - (693) - (59,611)
Depreciation (2,635) (261,649) (13) (13,971) - (278,268)
Impairment - - - - (40,098) (40,098)
Exchange rate differences 2,332 - - 925 (448) 2,809
Other movements /
deconsolidation 20,398 764,893 - 19,673 (804,903) 61
Total movements 22,954 447,950 (9) 10,736 (216,717) 264,914
Cost 129,906 2,651,634 45 102,604 1,084,903 3,969,092
Accumulated depreciation and
impairment (20,660) (1,025,313) (40) (52,679) (40,098) (1,138,790)
Book value at 31 December 109,246 1,626,321 5 49,925 1,044,805 2,830,302
In 2010, the line 'other movements' includes the impact
of deconsolidation of 20% of the shares in the Paenal
Yard joint venture.
For 2010, the impairment charges relate to an
additional reduction of the carrying amount to its
recoverable amount of the MOPUstor unit under construction
and to the partial impairment of two inventory
tankers.
The recoverable amount for the MOPUstor is calculated
with a discount rate of 8% and is based on the
value in use of the asset.
Based on an impairment analysis, the book value of
two inventory tankers was reduced to its lower fair
value less cost to sale.
These impairment losses have been included in the
gross margin in the income statement under the Lease
and Operate segment.
For 2009, the impairment charge was related to the
impairment of the MOPUstor unit under construction
and to the full impairment of an installation tool
that was built by services department but for which
development has been discontinued. These impairment
146 SBM Offshore – Annual Report 2010
losses were included in the gross margin in the income
statement under the Lease and Operate segment and
the Turnkey Services segment respectively.
Property, plant and equipment at year-end include:
• Ten (2009: ten) integrated floating production,
storage and offloading systems (FPSOs), each
consisting of a converted tanker, a processing plant
and a mooring system; One of the FPSOs is in lay
up at the end of December 2010.
• Two (2009: two) floating storage and offloading
systems (FSOs), consisting of a converted or
newbuild tanker and mooring system including the
fluid transfer system;
• Four second-hand tankers (2009: four) and one
barge (2009: one);
• One semi-submersible production platform
(2009: one);
• Two MOPU(stor) facilities under construction
(2009: two);
• The ‘Normand Installer’, a deepwater installation
vessel;
• The ‘Dynamic Installer’, a dynamically positioned
diving support vessel.
2009
Total