251844 Awilco_aars_eng.ps - COSL Drilling Europe AS

Awilco Offshore group Notes
Note 4
Specification of revenue and expenses
in USD thousands 2005
Rig operating expenses
Crewing expenses 11 370
Maintenance and stores 2 134
Spare parts and repairments 3 256
Insurance 1 070
Other operating expense 3 720
Total 21 551
General and administrative expenses
Employee benefit expenses 3 961
Management fee related parties 1 505
Other administrative expenses 1 364
Total 6 830
Fees to the Group's auditors are included in general and adminstrative expenses. The amounts for 2005 are shown below:
in USD thousands 2005
Audit fees (excluding VAT) 21
Audit related fees (excluding VAT) 62
Total 83
Note 5
Property,plant & equipment
Accomodation Jack-up rigs under Other Total
in USD thousands rigs construction assets
Acquisition cost, opening balance 86 606 22 021 - 108 627
Newbuilding,upgrades and reconstruction 8 775 183 016 299 192 090
Acquisition cost, ending balance 95 381 205 037 299 300 717
Accumulated depreciation, opening balance 11 403 - - 11 403
Depreciation 7 172 - 52 7 223
Accumulated depreciation, ending balance 18 574 - 52 18 626
Net carrying amount, ending balance 76 807 205 037 248 282 091
Specification of capitalization during the year
Installments to shipyards - 170 395 - 170 395
Acquisitions, reconstruction, capitalized costs 8 775 7 122 299 16 196
Capitalized interest - 5 499 - 5 499
Total capitalized during the year 8 775 183 016 299 192 090
Assets are depreciated on a straight-line basis over their expected lives as follows:
Accommodation rigs 30 years *
Equipment, components of the rigs 15-30 years *
Office equipment, cars, etc.
3-10 years
* Certain components, such as costs recognized in connection with major classification/dry-docking,have shorter useful lives.
27