251844 Awilco_aars_eng.ps - COSL Drilling Europe AS

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Notes Awilco Offshore group Statement of changes in equity Awilco offshore group Note 12 Income tax in USD thousands 2005 Current income tax Current income tax charge 4 576 Adjustments to previous years -227 Deferred income tax Relating to origination and reversal of temporary differences -3 916 Income tax expense 433 Reconciliation of total income tax expense during the year to the income tax expense at the statutory income tax rate applicable in Norway: 2005 Profit before tax 2 341 Tax at Norway's statutory income tax rate of 28 % 656 Non-deductible expenses 4 Adjustment to previous years -227 Income tax expense 433 Tax effect charged to equity is as follows: Tax effect of share issue costs -435 Deferred income tax at December 31, 2005 relates to the following: Deferred tax assets Accrued liabilities, other provisions 622 Investments 286 Tax loss and tax credits from CFC companies 2 696 Tax losses carried forward 1 857 Deferred tax assets 5 461 Deferred tax liabilities Accelerated depreciation for tax purposes -238 Other temporary differences (untaxed reserves) -9 106 Deferred tax liabilities -9 343 Net deferred income tax liability -3 882 Deferred tax cost Deferred tax, opening balance 6 294 Adjustments to previous years / translation adjustments 1 504 Deferred tax, ending balance 3 882 Deferred tax expense -3 916 The accommodation rigs have been organized under the Norwegian tonnage tax regime since the acquisition date of the rigs. In 2005, the tax law was amended such that with effect from fiscal year 2006, the accommodation rigs will no longer qualify for the tonnage tax regime. The Group will not be in position to benefit from the deferred taxation allowed under the new income tax regime. Consequently, deferred tax on historical operating profits from the accommodation units will eventually become payable. The amended tax regulation is reflected in the deferred tax provision recorded in the balance sheet. Tax losses carried forward are available indefinitely to offset against future taxable profits. A deferred tax asset has been recognized in respect to these tax losses as they may be used to offset taxable profits by group contribution in the Norwegian tax group. 32
Awilco Offshore group Notes Note 13 Cash and cash equivalents The Group's cash and cash equivalents are denominated in the following currencies as of December 31: in USD thousands 2005 US Dollar 25 524 Norwegian kroner 10 145 Other currencies 84 Total cash and cash equivalents 35 753 Restricted bank deposits (tax withheld from employees) 71 Cash deposited in banks earns interest at floating rates based on daily bank deposit rates. As of December 31, 2005, the Group had unused credit facilities of USD 179.8 million. In January 2006, the credit facility limit was increased from USD 210 million to USD 410 million, with substantially the same terms. In February 2006, the Group issued unsecured bonds in the amount of USD 100 million. Note 14 Trade receivables, prepayments and other receivables in USD thousands 12.31.05 Receivables from trade customers 10 531 Prepayments 925 Other receivables 151 Total 11 607 Trade receivables are non-interest bearing and are generally due on 60 days terms. 33
Page 1 and 2: Awilco Offshore ASA Annual Report 2
Page 3 and 4: Key figures Figures in USD 1.000 In
Page 5 and 6: Premium Drilling In it’s venture
Page 7 and 8: Depreciation expense was USD 7.2 mi
Page 9 and 10: Awilco Offshore has built up site t
Page 11 and 12: PPL Design: Class: Water depth Dril
Page 13 and 14: Port Rigmar Design: Built / convert
Page 15: USD mill. Paid 1q06 2q06 3q06 4q06
Page 18 and 19: Profit and Loss Statement Awilco Of
Page 20 and 21: Cash Flow Statement Awilco Offshore
Page 22 and 23: Notes Awilco Offshore group Note 1
Page 24 and 25: Notes Awilco Offshore group Stateme
Page 40 and 41: Proforma figures 2004 Awilco Offsho
Page 42 and 43: Balance sheet Awilco Offshore group
Page 44 and 45: Profit and Loss Statement Awilco pa
Page 46 and 47: Cash Flow Statement Awilco parent c
Page 48 and 49: Notes Awilco parent company Note 1
Page 50 and 51: Notes Awilco parent company The com
Page 54 and 55: Notes Awilco parent company Deferre
Page 60: Auditor's Auditors Report report fo

251844 Awilco_aars_eng.ps - COSL Drilling Europe AS

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