Annual Report 2010 - SBM Offshore

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24. Trade and other payables in thousands of US$ Note 2010 2009 Trade payables 153,709 201,230 Other payables 74,305 63,768 Taxation and social security costs 12,568 34,344 Pension costs 5,612 4,681 Instalments exceeding cost incurred 17 244,092 379,083 Advances received from customers 23,323 2,806 Accruals regarding delivered orders 83,865 32,929 Non-trade payables and accrued expenses 296,080 286,580 Total 893,554 1,005,421 The contractual maturity of the trade and other payables is as follows: in thousands of US$ 2010 2009 Within 1 month 143,007 170,771 Between 1 and 3 months 5,767 13,014 Between 3 months and 1 year 2,462 15,595 More than one year 2,473 1,850 Total Trade payables 153,709 201,230 25. Interest-bearing loans and borrowings - current portion in thousands of US$ Note 2010 2009 Bank interest-bearing loans and borrowings - current portion 21 277,828 328,237 Bank overdrafts 7,227 - Total 285,056 328,237 Bank overdrafts relate to short-term credit lines under which one day advances are permitted. For interest percentages, guarantees and other information, reference is made to note 21 - Interest-bearing loans and borrowings. The Company maintains lines of credit for financial derivatives, bank guarantees and bank overdrafts, secured by SBM Offshore N.V. or SBM Holding Inc. S.A. guarantees. Financial Review / Financial Statements 2010 The fair values of the borrowings and bank overdrafts equal their carrying amount, as the impact of discounting is not significant. 26. Derivative financial instruments For a detailed explanation of the derivative financial instruments reference is made to note 18 - Derivative financial instruments. SBM Offshore – Annual Report 2010 163
Financial Review / Financial Statements 2010 27. Commitments and contingencies Guarantees Under the terms of financing arrangements and as security for credit facilities made available to several subsidiaries, property of these Group companies has been mortgaged and movable assets and current assets have been given in lien to the Group’s bankers. At 31 December 2010, outstanding bank guarantees amounted to US$ 225.3 million (31 December 2009: US$ 478.2 million). 2010 2009 in thousands of US$ < 1 year 1-5 years > 5years Total Total Operating lease 2,908 5,051 - 7,959 7,744 Rental and leasehold 16,771 31,884 36,932 85,587 35,254 Total 19,679 36,935 36,932 93,546 42,998 The increase in rental and leasehold obligations in 2010 includes the impact of new long-term rental agreements for office space in Kuala Lumpur and Monaco. Contingencies Certain legal disputes with customers or subcontractors exist. Management is of the opinion that amounts provided for these disputes are adequate. At year-end 2010, the Company accounts for the Cidade de Paraty project with Petrobras, for which the final lease contract has not yet been signed, as construction work in progress. Based on a signed letter of intent from Petrobras and a signed letter of intent between the joint venture partners, the Company has accounted for the project's revenue and expenses based on its stage of completion as at 31 December 2010. 164 SBM Offshore – Annual Report 2010 Commitments Certain investment commitments have been entered into principally in respect of the FPSO Aseng, the Yme MOPUstor, the FPSO Espadarte relocation, the FPSO Cidade de Paraty and the EnCana MOPU. At year-end, the remaining contractual commitments for acquisition of property, plant and equipment and investment in leases amounted to US$ 644.5 million (2009: US$ 248.5 million). The obligations in respect of operating lease, rental and leasehold obligations, are as follows:
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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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