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148
SapuraCrest Petroleum Berhad
Annual Report 2010
noteS to the FinAnCiAl StAtementS
31 January 2010
37. SuBSiDiARieS AnD ACtivitieS (Cont’D)
Details of the subsidiaries are as follows:
name of Country of Proportion of
Subsidiaries incorporation Principal Activities ownership interest
(b) held through Probadi Sdn. Bhd.
2010 2009
% %
* Tioman Drilling Company Malaysia Managing rigs involved in drilling 51 51
Sdn. Bhd. offshore oilwells under contracts
* Varia Perdana Sdn. Bhd. Malaysia Drilling of offshore oilwells under 51 51
contracts and managing of rigs
chartered out as bareboats
* Crest Tender Rigs Pte. Ltd. Federal Territory Leasing of vessels/ barges 51 51
of Labuan, Malaysia
(c) held through tl offshore Sdn. Bhd.
* Total Marine Technology Australia Development of marine technology 94 94
Pty. Ltd. and marine chartering, specialising
on ROVs
* Exercise Pty. Ltd. Australia Dormant 94 94
* Babalon Pty. Ltd. Australia Dormant 94 94
On 14 April 2008, the Company via its wholly owned subsidiary, TL Offshore Sdn Bhd, increased its shareholding in Total Marine
Technology Pty Ltd and it’s subsidiaries (“TMT Group”) to 90% of its issued and paid up share capital subsequent to the exercise of the
put options by Tom Pado, who disposed of his entire 10% shareholding in TMT Group.
Subsequently, on 10 June 2008, the Company via its wholly owned subsidiary, TL Offshore Sdn Bhd, increased its shareholding in TMT
Group to 94% of its issued and paid up share capital subsequent to the exercise of the put option by Paul and Geraldine Colley for the
4% out of their 10% shareholding in TMT Group.
The additional acquisition has resulted in the following:
RM’000
Purchase consideration satisfied by cash 7,875
Less: Minority interests acquired (4,125)
Goodwill arising from additional investment in subsidiary (Note 14) 3,750