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13. PRoPeRty, PlAnt AnD equiPment (Cont’D)
(a) The Group’s vessels include a vessel of a subsidiary which had been last revalued in August 1998 based on a valuation carried
out by independent professional valuers using the fair market value basis. The carrying value of the vessel of RM2.818million
has been stated on the basis of its 1998 valuation as allowed by FRS 116 by virtue of the transitional provisions of IAS 16. Had
it been carried at historical cost, the carrying value of the vessel would have been RM Nil (2009: RM Nil).
(b) The net carrying amounts of property, plant and equipment held under hire purchase and finance lease arrangements are as
follows:
group Company
2010 2009 2010 2009
Rm’000 Rm’000 Rm’000 Rm’000
Motor vehicles 999 870 313 361
Plant and machinery 939 2,725 — —
1,938 3,595 313 361
Details of the terms and conditions of the hire purchase and finance lease arrangements are disclosed in Note 29.
(c) The Group and the Company acquired property, plant and equipment by the following means:
group Company
2010 2009 2010 2009
Rm’000 Rm’000 Rm’000 Rm’000
Cash 79,222 57,331 775 591
Hire purchase and finance lease arrangements 383 305 — —
79,605 57,636 775 591
(d) The net carrying amounts of property, plant and equipment pledged as securities for borrowings (Notes 28 and 30) are as follows:
group
2010 2009
Rm’000 Rm’000
Tender assisted drilling rigs and plant and machinery 565,402 644,858
Vessels, ROVs and SAT system 142,847 94,865
708,249 739,723
105
SapuraCrest Petroleum Berhad
Annual Report 2010