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37. SuBSiDiARieS AnD ACtivitieS (Cont’D)
name of Country of Proportion of
Subsidiaries incorporation Principal Activities ownership interest
(e) held through Sapura energy Sdn. Bhd. (cont’d)
2010 2009
% %
* Sarku Utama Sdn. Bhd. Malaysia Dormant 100 100
* Sarku Vessels Pte. Ltd. Federal Territory Leasing of barges, vessels 100 100
of Labuan, Malaysia and operational equipment
* Prominent Energy Malaysia Leasing of barges, vessels 100 100
Sdn. Bhd. and operational equipment
+ Subsidiaries consolidated under the merger method of accounting
* Audited by firms other than Ernst & Young
# Audited by affiliate of Ernst & Young, Malaysia
38. SigniFiCAnt eventS
a) On 16 March 2009, TL Offshore Sdn Bhd, a wholly owned subsidiary of the Company, received a Letter of Award from Sabah Shell
Petroleum Company Limited (“SSPC”) for the performance of offshore installation works (“Works”) at SSPC’s Gumusut-Kakap
Offshore Fields.
The Works are expected to be for a duration of 3 years with a base price of USD825 million and will be executed by SapuraAcergy
Sdn Bhd, a jointly controlled entity.
b) On 1 August 2008, Geomark Sdn Bhd (“Geomark”), a wholly owned subsidiary of the Company, had entered into a shareholders’
agreement with AP Prakash Shipping Company Pte Ltd (“APPPL”) to participate in the construction and ownership of a new vessel
by Quippo Prakash Pte Ltd (“QPPL”) (“JV Agreement”).
The joint venture became effective on 21 May 2009 with Geomark and APPPL holding 26% and 74% equity respectively (Note
17).
c) On 28 July 2009, TL GeoSciences Sdn Bhd (“TLGS”), a wholly owned subsidiary of the Company, had completed the acquisition
of the remaining 30% shareholding in TL Geohydrographics Sdn Bhd (“TLGH”) from William Adam Petrie for a total cash
consideration of RM18 million. With the acquisition, TLGH has become a wholly owned subsidiary of TLGS (Note 37).
d) On 24 August 2009, TL Geotechnics Sdn Bhd (“TLGSB”), a wholly owned subsidiary of TLGS, had completed the acquisition of 60%
shareholding in TL Oilserve Sdn Bhd (“TLOSB”) from Scomi Group Berhad for a cash consideration of RM8.2 million.
Subsequently on 30 September 2009, the Company transferred its 40% direct shareholding in TLOSB to TLGSB, thus making TLOSB
a wholly owned subsidiary of TLGSB (Note 37).
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SapuraCrest Petroleum Berhad
Annual Report 2010