TANJUNG OFFSHORE BERHAD

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NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2009 33. FAIR VALUES OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES 103 TANJUNG OFFSHORE BERHAD (662315-U) ANNUAL REPORT 2009 Method and assumption used by the management to determine fair values of each class of fi nancial instruments for which it is practicable to estimate that value are as follows: i) Cash and cash equivalents and short term borrowings The carrying amounts approximate fair values due to the relatively short-term maturity of these fi nancial instruments. ii) Receivables and payables, including balances with related parties The carrying amounts of trade and other receivables, trade and other payables approximate their respective fair values because these are subject to normal trade credit terms and/or are repayable on demand. iii) Non-current amount owing by subsidiary company No disclosure of fair values are made for amount owing by subsidiary company as it is not practicable to determine their fair value with suffi cient reliability since these balances has no fi xed repayment terms. iv) IMTN, Term loan and hire purchase payables The carrying amounts as disclosed in Note 20 to the fi nancial statements approximate the fair values, which is determined using discounted cash fl ow analysis. v) Serial payment bond The fair value of the serial payment bond has been determined using discounted estimated cash fl ow. GROUP COMPANY Carrying amount Fair value 2009 2008 2009 2008 RM RM RM RM Serial payment bond 125,597,500 145,597,500 125,435,561 145,435,561 34. SEGMENTAL REPORTING i) Business Segment The segmental information is not presented by business segment as there are no other signifi cant business segments other than the provision of integrated services to the oil and gas related industries. ii) Geographical Segment The segment results for the fi nancial year ended 31 December 2009 are as follows:
TANJUNG OFFSHORE BERHAD (662315-U) ANNUAL REPORT 2009 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2009 34. SEGMENTAL REPORTING (continued) ii) Geographical Segment (continued) Malaysia Indonesia United Kingdom Elimination Total RM RM RM RM RM Revenue 779,185,526 1,009,422 53,530,760 (184,069,006) 649,656,702 Results Segment result 32,826,261 (875,084) (29,874,540) - 2,076,637 Share of profi t from associate 2,697,947 Taxation (1,158,170) Net profi t/(loss) for the year 3,616,414 Minority interest (540,720) Profi t attributable to equity holders of the parent 3,075,694 35. SIGNIFICANT EVENTS i) On 06 March 2009, the Company has incorporated a wholly owned subsidiary, Tanjung Citech Sdn. Bhd. The current authorised and paid up share capital of Tanjung Citech Sdn. Bhd. are RM100,000 and RM2 respectively. The intended business activity of Tanjung Citech Sdn. Bhd. is manufacturing and marketing of waste heat recovery units for the offshore oil and gas industry. ii) On 04 September 2009, Tanjung Offshore Services Sdn. Bhd. (“TOS”) a wholly owned subsidiary of the Company has received a Letter of Award dated 3 September 2009 from Talisman Malaysia Limited for the provision of rigless abandonment equipment and services for a contract value of approximately RM15,000,000. iii) On 13 May 2009, TOS has on 13 May 2009 taken delivery of eleventh (11th) offshore support vessel, MV Tanjung Gelang which has been awarded a letter of award from Carigali-PTTEPI Operating Company Sdn. Bhd. for the provision of well testing and intervention services for total charter rates of approximately RM30,000,000. iv) On 16 November 2009,Tanjung CSI Sdn. Bhd. (“TCSI”) a wholly owned subsidiary of the Company has received Letters of Award from PETRONAS for the provision of various engineering equipment packages such as Metering System and Fire Alarm System for a combined value of approximately RM7,000,000. 36. SUBSEQUENT EVENTS AFTER BALANCE SHEET DATE i) On 05 January 2010, Tanjung Maintenance Services Sdn Bhd (“TMS”) a wholly owned subsidiary of the Company has on 5 January 2010 been approved by Petronas Carigali Sdn Bhd (“Petronas”) to provide wellhead maintenance services for Sabah, Sarawak and Peninsular Malaysia operations for total contract value of up to RM70,000,000. ii) On 06 January 2010, Tanjung Kapal Services Sdn. Bhd. (“TKS”), a wholly owned subsidiary of the Company has taken delivery of three (3) new units of AHTS vessels namely, MV Tanjung Biru 1, MV Tanjung Biru 2 and MV Tanjung Sari. With these new vessels deliveries, Tanjung will be operating fourteen (14) offshore support vessels effective March 2010. TKS also been awarded long term contracts from Petronas Carigali Sdn Bhd (“Petronas”) for the abovementioned AHTS vessels for tenures of between three (3) years and six (6) years. These contracts are estimated to be valued at approximately RM150,000,000 and are expected to commence between March and May 2010. 104
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