Annual Report 2010 - SBM Offshore

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The Company has US$ 10.0 million available tax losses that are not valued in a deferred tax asset (2009: US$ nil). Deferred tax assets per locations are as follows: 2010 2009 2010 2009 2010 2009 in thousands of US$ Assets Liabilities Net Netherlands 10,740 8,576 (978) (1,048) 9,762 7,528 USA 4,890 4,511 - - 4,890 4,511 Other 87 - - - 87 - Book value at 31 December 15,717 13,087 (978) (1,048) 14,739 12,039 14. Inventories in thousands of US$ 2010 2009 Materials and consumables 18,187 18,274 Goods for resale 11,093 7,489 Total 29,280 25,763 There is no material difference between fair value and cost as stated above. In 2010 there was no write-down of inventories to net realisable value included in the income statement (2009: nil). There was no reversal of previous inventory write-offs (2009: nil). 15. Trade and other receivables Financial Review / Financial Statements 2010 in thousands of US$ Note 2010 2009 Trade debtors 369,205 384,671 Taxes and social security 16,831 31,899 Other receivables 54,007 41,945 Accrued income in respect of delivered orders 103,612 59,467 Current portion of finance leases 12 76,427 68,872 Securities 4 1,710 Other prepayments and accrued income 103,474 92,998 Total 723,560 681,562 SBM Offshore – Annual Report 2010 151
Financial Review / Financial Statements 2010 The maximum exposure to credit risk at the reporting date is the fair value of each class of receivable as mentioned above. The Company does not hold any collateral as security. Trade debtors include retentions of US$ 15.0 million (2009: US$ 15 million). The most significant item within retentions shall be resolved early in 2011 as an agreement was reached with the client in December 2010. The carrying amounts of the Company’s trade debtors are distributed in the following countries: in thousands of US$ 2010 2009 Netherlands 1,175 557 Angola 52,313 64,180 Australia 7,855 19,342 Brazil 132,972 114,694 USA 32,198 26,491 Norway 2,551 2,225 Malaysia 11,970 11,544 Equatorial Guinea 4,098 2,344 Nigeria 19,170 35,588 Other 104,903 107,706 Total trade debtors 369,205 384,671 The trade debtors balance is the nominal value less an allowance for estimated impairment losses as follows: in thousands of US$ 2010 2009 Gross amount 374,058 390,166 Impairment allowance (4,853) (5,495) Total Trade debtors 369,205 384,671 152 SBM Offshore – Annual Report 2010
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Annual Report 2010
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Financial Review / Financial Statem
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1 2 Overview 11 Message from the CE
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Semi-Submersible Drilling Rig Tensi
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Deck view of the FPSO Espirito Sant
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I am pleased to report that the Com
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In addition to these main centres,
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Highlights 2010 Financial • Turno
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Shareholders As the shares are bein
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Corporate Strategy In line with the
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Lease and Operate The lease and ope
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World Map of SBM Offshore Project E
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Report of Board of Management Repor
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Report of Board of Management Compo
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Report of Board of Management requi
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Report of Board of Management In co
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Report of Board of Management Remun
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Report of Board of Management Secti
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Report of Board of Management was a
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Report of Board of Management Actua
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Report of Board of Management With
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Report of Board of Management Infor
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Disconnectable Turret of the FPSO O
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Introduction The relatively high oi
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Turnkey Systems A major highlight o
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Top: Deep Panuke Production Field C
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Report of the Board of Management 0
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At the start of 2010, the Company o
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SBM Offshore employees on board an
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contract will be based on a product
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Semi-Submersible Drilling Rigs The
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Semi-Submersible drilling rig 'Delb
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Top: SBM Services repairing the Sof
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y a large buoyant structure when di
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For smaller gas-supply rates, the C
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Corporate Governance Corporate Gove
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If either the GM or the Supervisory
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Appointment and Remuneration Commit
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of the Supervisory Board are meant
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Notice to convene a meeting The not
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Routine inspection on the Yme MOPUs
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• no agreement has been concluded
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Risk Management Risk Management ope
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Strategic Irregular order intake In
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the consequences of the Deepwater H
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Funding risk Success in obtaining n
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Supervisory Board and has been disc
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Michael Wyllie British, 1958 Chief
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Annual Report 2010 - SBM Offshore

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