Note 1 - Beerenberg

Beerenberg Corp. AS
& beerenberg Corp. as Group
Annual report
2012

Photography:
Fredjonny and Fredrik Arff
Prepress & printing:
www.bodoni.no

Contents
Our VisIon 3
Management report 5
The Beerenberg Corp. AS board of directors 18
Beerenberg Corp. AS management 20
Annual report 2012 22
Group Accounts 2012 – Beerenberg Holding AS Group 27
Note 1 Information about the Group 34
Note 2 Basis of preparation 34
Note 3 Accounting principles 35
Note 4 Financial risk management 46
Note 5 Internal Segment reporting 48
Note 6 Operating revenues 49
Note 7 Other operating costs 50
Note 8 Personnel costs 51
Note 9 Finance income and finance costs 51
Note 10 Tax 52
Note 11 Property, plant and equipment 53
Note 12 Intangible assets and Goodwill 54
Note 13 Financial instruments 56
Note 14 Goods 60
Note 15 Trade receivables and other receivables 60
Note 16 Bank deposits and cash equivalents 61
Note 17 Share capital and shareholder information 61
Note 18 Earnings per share 61
Note 19 Loans to key employees 62
Note 20 Employee benefits – pensions 62
Note 21 Remuneration of key employees 64
Note 22 Warranty liabilities and provisions 64
Note 23 Trade payables and other payables 65
Note 24 Financial instruments, other investments 65
Note 25 Operational leasing 66
Note 26 Contingent outcomes 66
Note 27 Related parties 67
Note 28 Group entities as at 31.12.2012 67
Note 29 Events after the reporting date 67
Note 30 Derivatives 68
Note 31 Net capital employed 68
Note 32 Interest-bearing debts 68
Note 33 Secured Liabilities 70
Note 34 Contracts 71
Annual accounts 2012 73
Income Statement 74
Balance Sheet 75
Statement of Cash Flows 77
Note 1 Accounting principles 79
Note 2 Segment information 81
Note 3 Liquid assets 81
Note 4 Long-term manufacturing contracts / Goods 81
Note 5 Salary costs / Number of employees /
Remuneration / Loans to employees 82
Note 6 Employee benefits – pensions 83
Note 7 Intangible assets and tangible non-current assets 85
Note 8 Equity and shareholder information 86
Note 9 Secured debts and guarantee liabilities 87
Note 10 Tax 88
Note 11 Consolidated items 89
Note 12 Receivables and Liabilities 89
Note 13 Intragroup balances 90
Note 14 Shares in subsidiaries – Parent company 90
Note 15 Warranty provisions & contingent outcomes 90
Auditing report 91
1

Our VisIon:
Beyond Expectations
Our vision commits the corporation and all of its employees to seek
solutions that exceed the expectations of the wider world.
Our core values:
Inclusive – Innovative – Responsible
The company shall be inclusive towards individuals, other
companies and society as a whole. An open and accommodating
attitude shall prevail throughout the group. The company’s ability
to be innovative will help safeguard our own future, improve
conditions for the local environment and generally help create
positive social development. A responsible attitude shall prevail at
the company at all levels and in all contexts.
3

4
Beerenberg CORP. AS Group group accounts 2012

Management report
Message from the CEO
Macroeconomic developments 2012 was an uplifting
year for the oil services industry – a sector where the level
of activity is affected by the market’s expectations towards
future oil prices. The year saw a steady improvement in the
capital markets along with record high oil prices averaging
USD 112 per barrel (Brent), cf. EIA.
Leading analysts (Nordea) have forecast an average oil price
of USD 108 per barrel in 2013. This level would be sustainable
for the industry and would generate increased activity and
investment. OPEC production targets, political development
in the Middle East, the further handling of the European
debt crisis and new investment in unconventional oil and gas
exploitation are four crucial issues that in this context would
have a decisive effect on supply, demand and prices.
The domestic market
The year 2020 was previously considered a significant crossroads
in relation to the level of activity on the Norwegian
Continental Shelf (NCS). This crossroads is about to lose its
significance in light of the finds made on the NCS in recent
years. Output from new fields put into production after
2011 is expected to reach 2 million barrels of oil equivalents
per day by 2019. The Johan Sverdrup field is expected to
begin production in the same year (1.9 billion exploitable
oil equivalents). Also exciting is the news that Statoil and
Rosneft have agreed to conduct a joint investigation and test
drilling on both sides of the maritime boundary between
Norway and Russia.
The NCS is currently the world’s largest offshore market
measured by the level of investment. Leading analysts
predict that investment and operating expenditure (CAPEX
and OPEX) combined will exceed NOK 318 billion in 2013,
compared with the NOK 283 billion seen in 2012. Total
investment in 2017 has been estimated at NOK 420 billion by
leading analysts. (Rystad Energy)
A steady course Beerenberg saw a slight increase in
the level of activity in 2012 compared with the previous
year. Operating profits and margins rose significantly, thus
sustaining the run of consecutive increases over the last four
years (since 2008).
Brent Crude - Daily Closing in 12 previous months
Production by by operator
$/BBL
130
2 500
Thousand boe/d
Majors Statoil Others
125
120
2 000
115
110
1 500
105
100
1 000
95
90
500
85
80
Feb 12 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 13 Feb
-
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Fields with start-up after 2012
Source: Rystad Energy UCube
5

Offshore Offshore Market Market by province
by province
NOK million nominal
North Sea Barents Sea Norwegian Sea
450 000
400 000
350 000
300 000
250 000
200 000
150 000
100 000
50 000
-
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Source: Rystad Energy Offshore Market Report
The Offshore Market at the NCS
450 000
Costs at NCS, excluding taxes and internal**
NOK million nominal
Capex Opex Suppliers purchases Non Op Genex
400 000
350 000
300 000
250 000
200 000
150 000
100 000
50 000
-
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Note:
Non-op = All costs in E&P companies not charge to licenses, i.e. seismic for regional/rounds, non-op reservoir modeling, non-op studies, international
Genex = All General and Administrative expenses not charge to licenses, like top management for non-op, sales & trading activity, legal, BD development
Suppliers purchases = All purchases by oil service suppliers from other oil service suppliers within defined oil service segments (office cost and real estate not included)
** Taxes and internal = All CO2 tax, tariffs, injection gas and operators own, internal employees, i.e. everything that is not bought by oil service suppliers
Source: Rystad Energy Offshore Market Report
6

Management report
The vast majority of sectors within the oil services industry
can expect to see a continued increase in demand in the coming
years. In light of current market capacity and demand,
growth areas such as subsea equipment and installation and
M&M-related EPCI deliveries are particularly attractive for
Beerenberg. The group is focusing both on broadening the
range of services it delivers and on widening the geographical
target markets for its in-house technologies. In this context,
focus on development and on the commercialisation of
technology will remain at the heart of Beerenberg’s activities.
An ever increasing part of Beerenberg’s overall activity level
will be realised through the sale of in-house technology. The
“In-house technology” segment (Business Centre) generated
almost one third of the group’s total turnover as well as just
under half of the company’s operating profits in 2012.
Health, Safety and the Environment Beerenberg’s
zero accidents philosophy is deeply embedded in the company’s
HSE/Q policies and other business strategies. Proactive
HSE/Q and risk management processes are not merely a
priority for Beerenberg – they are a prerequisite.
Beerenberg is working tirelessly to improve its risk assessment
and risk management processes, and in 2012 the group
updated its processes for managing operational and strategic
risks. Beerenberg considers the ongoing improvement
of its HSE processes to be a long-term investment in the
company’s future risk profile, profits, reputation and growth
potential.
In 2012 Beerenberg continued to sustain the ongoing
improvement trend as planned. Beerenberg adheres to the
guidelines set by the Petroleum Safety Authority Norway
and the Norwegian Labour and Welfare Administration for
categorising and recording incidents. The group recorded no
incidents leading to sickness absence during 2012. It has also
strongly emphasised the need to reduce the number of injuries
requiring medical treatment and has achieved highly
satisfactory results in this respect (TRIF 2.4). However,
during the first half of 2012 Beerenberg did record two cases
of falling objects with critical potential as well as three “red
incidents” during the company’s operations. Measures were
taken at the end of the first half of the year, and the company
did not identify any further critical incidents in the last six
months of the year.
Beerenberg has in recent years focused on work-related
stresses and strains, and especially on preventive work
relating to noise, chemicals, vibration and ergonomics. The
company has been working closely with the operators Statoil
and ConocoPhillips, and in 2011 it established a preventive
health regime for its employees. Key priorities in 2013 will
be to ensure the satisfactory completion of a health monitoring
programme and to develop good training schemes for
work-related stresses and strains.
Beerenberg participated in several major collaborative projects
with the Norwegian Oil and Gas Association (formerly
the Norwegian Oil Industry Association) in 2012. Two of the
working groups completed their work in 2012: the groups
focusing on “Tightness testing of respiratory protective
equipment” and “Falling objects”. Three of the working
groups began their work in 2011 and will continue until 2013.
Beerenberg is participating in two noise groups and one
group investigating vibrations. Beerenberg is an important
resource for the sector, particularly in view of the company’s
long-term commitment to mapping health risks, dating
back to 1985 and carried out in partnership with Kokstad
Bedriftshelsetjeneste.
Skills development Further developing intellectual human
capital is a well established concept at Beerenberg and
one that is systematically addressed in order to underpin the
group’s overarching business idea. The company’s strategy
for growth and for increasing its level of activity requires
constant focus on skills development. The company’s ambition
of continuously improving its competitiveness and its
aim of being an attractive employer entail an active skills
development programme for all of its employees. In 2012 the
company focused on further developing its in-house training
programmes to include certification of employees working
in areas that are not currently covered by training schemes
offered in the public sector or by other external providers. A
total of 40 employees took and passed their trade certificate
tests in an ISO subject in 2012.
In 2012 Beerenberg continued its management development
programmes for project managers, foremen and safety officers.
The programmes last for two years, and the company’s
vision and values are embedded in the programmes. The
programmes have now been extended to include an annual
refresher session. Management development initiatives at
Beerenberg aim to underpin the company’s strategy and
business targets and to support and further develop the company’s
HSE culture. The emphasis is on creating clear lines
of responsibility and following up on managers and staff.
7

Production by lifecycle
Production by lifecycle
5 000
Thousand boe/d
Abandoned Producing Under development Discovery Undiscovered
4 500
4 000
3 500
3 000
2 500
2 000
1 500
1 000
500
-
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Source: Rystad Energy UCube
Key Financials
(NOKm)
1600
1400
1200
1000
1545
1461
1432
7,3% 7,3%
1418
9,0%
12,0%
1436
EBITDA%
12 %
10 %
8 %
800
5,1%
6 %
600
400
200
0
107 104
128
173
79
2008 2009 2010 2011 2012
4 %
2 %
0 %
EBITDA%
Revenue
EBITDA
8
Beerenberg CORP. AS Group group accounts 2012

Management report
The group’s 2-year management development programme
included around 200 employees last year. During 2012 a
total of 650 employees were involved in activities organised
by the company’s training and development department.
KPI measurements Targets are systematically monitored
in order to establish how the company meets and implements
key targets and strategies. Proactive monitoring of trends
in key areas such as HSE/Q, technology, finance, skills and
capacity, as well as staff and customer satisfaction provides
good trend data relating to the company’s development curve.
The group’s overarching goal of continually improving in key
business areas was reached in 2012. Expectations and targets
for further development in 2013 have been set out as part of
the strategy and budget planning processes.
Market and development Beerenberg estimates the
total value of the group’s order backlog at NOK 11.4 billion
(including the estimated value of options for contract extensions)
at the start of 2013, which is a radical increase on the
opening balance in 2012. On that basis the company expects
to see a significant increase in turnover in the coming years.
Growth in Beerenberg’s activities outside the NCS almost
doubled in 2012. Export volumes are expected to continue to
grow in 2013. This growth will predominantly be realised by
licensing technology and carrying out operations in various
geographical upstream regions such as Kazakhstan, the west
coast of Africa and GoM. Beerenberg’s in-house technology
segment is predicted to generate the bulk of the total operating
profit in 2013.
New finds in combination with extensive investment in
approved development projects and fields in production are
looking promising in respect of the expected level of activity
in the domestic market in the coming years. Beerenberg’s
position in the world’s largest offshore market (source:
Rystad Energy) provides realisable opportunities for continued
growth both in the domestic market and in the group’s
defined export markets.
Morten Walde
CEO
9

10
Beerenberg CORP. AS Group group accounts 2012

Management report
The business in 2012
Beerenberg’s core operations are primarily aimed at the
maintenance and modifications market. Framework conditions
for the industry are undergoing significant change. The
demand for innovation, increased maintenance efficiency
and standardised operating models has increased as a result
of an ageing platform fleet and increased demand for cost
efficiency, safety and installation integrity.
Production by operator
Production by 5 000
4 500
4 000
3 500
Thousand boe/d
Majors Statoil Others
In the period 2007 (1st generation) to 2010 (2nd generation)
Beerenberg developed a system for integrated operation (IO/
OPC) that fulfils the above-mentioned objectives for its entire
portfolio of assignments. The results in terms of continuous
improvement in key areas such as HSE, quality, maintenance
efficiency and consistency have been significant. The results
underpin the positive trend that the company is currently
experiencing. In 2012 Beerenberg focused on further developing
its standardised project implementation model into a 3rd
generation concept (3GS) with a view to ensuring that robust
and transparent deliveries to clients remain the company’s
main competitive advantage. ConocoPhillips’ co-operation
model and Statoil’s A-standard philosophy have been important
sources of inspiration in this development project. The
company’s 3GS philosophy will be institutionalised in the
second quarter of 2013.
Technology development continues to be a main area of
focus for Beerenberg. R&D projects focusing on making
continuous improvements to HSE/Q processes and on
increased cost efficiency are spearheading the drive to boost
the company’s competitive edge. We seek to undertake R&D
in close co-operation with clients, partners and suppliers.
Throughout 2012 Beerenberg significantly expanded its
portfolio and turnover of patented in-house solutions. In
2013 attention will be focused on developing automated
methods for monitoring corrosion under insulation (CUI).
Major operators, partners and representatives from public
sector research institutions have been invited to participate
in the process.
Beerenberg’s focus on skills and management development
programmes is embedded in the company’s corporate
culture. Beerenberg is an operations-based company, and
its competitive edge is created at the sharp end. In practice,
3 000
2 500
2 000
1 500
1 000
500
-
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Source: Rystad Energy UCubev
refining the company’s skills base means increasing the
company’s competitiveness. At the start of 2013, around
180 managers were participating in the company’s 2-year
development programmes for managers, and next year
around 800 Beerenberg employees will have taken part in
programmes designed by the company’s course and training
department.
The petroleum industry on the Norwegian Continental
Shelf is dominated by Statoil, which holds significant market
shares. Statoil was once again Beerenberg’s largest client
in 2012 with assignments both onshore and offshore and
involving both straightforward maintenance work and
consolidated engineering, materials and maintenance
contracts. ConocoPhillips was Beerenberg’s second major
client in 2012. Beerenberg operates the Fabric Maintenance
agreement at Greater Ekofisk (a total of 19 installations) under
a consolidated engineering, materials and construction
contract. In 2013 this structure will be significantly affected
by the extensive assignments awarded to ExxonMobil and
Shell-operated onshore and offshore installations. FMC
Technologies, SBM Offshore, Kværner, Aibel, Reinertsen
and FRAMO are other major clients in Beerenberg’s client
portfolio.
11

Management report
Technology and
development
In-house technology
(BC/GFC)
ISS (Insulation, Scaffolding and Surface
treatment)
Beerenberg has a clear and unequivocal objective for its innovative
business, and it quality-controls every technology
development project according to the following non-negotiable
requirements:
1) Every change shall contribute to the same or a better
level of HSE/Q performance
2) Every change shall contribute to the same or a better
level of maintenance efficiency
The Innovation & Technology division at Beerenberg has
around 170 staff and is a market leader in the ISS sector. It
includes a technical department with engineers and inspectors
as well as a dedicated research and development department.
As well as ISS product and method development, the
R&D department also comprises a team that undertakes
concept, method and tools development in the area of surgical
cutting and mobile machining (decommissioning).
Development of ISS technology takes place across the various
Beerenberg divisions and in close co-operation with
R&D. Beerenberg has a number of products and solutions
that have been developed in-house, patented (16 granted and
20 patent pending) and in other ways protected by intellectual
property rights (design, brand or exclusively licensed).
Beerenberg’s areas of business are organised into separate
Business Centres / Greenfield Centre (6BC/1GFC), each with
one manager in charge of its performance.
Technical department
The technical department has around 120 staff, and most of
its engineers and inspectors are deployed at the company’s
various operational units and projects. The department
has specialist expertise in all areas of ISS. We use the best
system solutions on the market, including ANSYS (calculations/simulations),
Inventor (3-D modelling) and webTiv (an
in-house study tool / planning tool). The solutions that we
develop cover the entire field of ISS and comprise operational
solutions and implementation models (project management,
operations) as well as product development (Benarx,
decom, access) and technology solutions (laboratory and
project testing of paint/fire protection/insulation). We are
seeing growing demand for our expertise both on the NCS
and in the international markets.
Benarx (Insulation products/solutions)
Benarx is the name of the sophisticated insulation solutions
developed by Beerenberg for passive fire protection and
thermal and acoustic insulation. The solutions save space,
reduce weight and improve efficiency, and they simplify logistics,
improve HSE and have unique thermal and acoustic
properties.
Product development has taken place in close partnership
with institutions such as SINTEF, DNV, the National
Institute of Technology, GexCon and Lloyd’s (type approval).
The solutions have been tested and approved according to all
relevant specifications/standards.
Benarx is a well established solution on the NCS. During
2012 we also developed an international market for these
products. Partners have therefore been recruited in the UK
and Kazakhstan.
Corrosion under insulation
Corrosion under insulation (CUI) represents one of the
greatest threats to the safety, life extension and stable
production of oil and gas installations. Because of continued
life extensions in excess of the intended design lifespan, this
problem is escalating beyond what the industry can currently
deal with.
12

The cost of potential loss of life and installations, production
stops and emissions relating to CUI is enormous. The
combined length of insulated offshore pipes is estimated to
be more than 800 km. In 2012, 38% (86 installations) of the
installations on the NCS were more than 20 years old. By
2020, 60% (95 installations) will be more than 20 years old.
Beerenberg’s CUI project addresses this problem in full with
solutions capable of monitoring CUI drivers in both existing
and new pipelines as well as monitoring the evolution of corrosion.
The company’s planning and maintenance monitoring
system webTiv is designed to handle the collection of
data and to perform analyses to identify anti-CUI measures.
Mobile Machnining & Abandonment
Beerenberg has developed unique (cold) methods and tools
for surgical cutting and mobile machining. The technology
is based on Beerenberg’s specialist expertise in the use of
synthetic diamonds. In line with the company’s philosophy,
solutions can be remote-controlled and require a minimal
amount of personnel and equipment. This helps to reduce
safety risks and to achieve high cutting speeds, lower costs
and improved implementation capabilities. We carry out
precision cutting on objects ranging from the smallest bolts
to large structures, regardless of weight, design and materials.
During 2012 the department further developed the technology
and inspired confidence in the market, and prospects
for 2013 are therefore good.
Subsea insulation
Thermal subsea insulation is a growing segment at BBC.
We use the best materials on the market and have developed
effective methods and tools for production and installation.
We carry out assignments all over the world. Equipment/
personnel are therefore organised in such a way as to allow
them to be quickly deployed and carry out their assignments
wherever the clients want. A long-term framework agreement
has been reached with FMC. During 2012 solid foundations
were established for further growth in 2013–2014.
Rope Access techniques (RAT)
Rope Access Techniques are a method that use ropes and
climbing techniques for working at height, for protecting
employees and for rescue missions. In 2012 we mobilised
personnel for assignments both on the Norwegian
Continental Shelf and internationally. A framework agreement
is in place for assignments all over the world.
Beerenberg continues to develop and improve its methods.
RAT is developing rapidly and is increasingly used as an
alternative to traditional access (scaffolding). We have constructed
and installed what is possibly the best training rig
on the market – an installation that offers excellent opportunities
for both internal and external course participants to
practise working at height, fall protection and rescue.
Sveisolat
Sveisolat is a system developed by Beerenberg that comprises
overpressure habitats, mobile gas detectors and an operating
unit controlled by certified operators. A habitat allows
hot work to take place in any part of an offshore installation,
oil and gas terminal or petrochemical plant.
Since introducing Sveisolat in 2002, Beerenberg has
amassed significant expertise and experience in this field.
The company currently has 50 certified operators and 50 operating
systems in operation. The systems are certified and
prepared in a dedicated workshop at the company’s premises
in Stavanger.
Sveisolat is an export product. Existing international partnership
agreements were continued in 2012, and concrete
projects have been carried out in countries such as Denmark
and Malaysia.
Beerenberg is seeing an increased use of habitat technology
both within traditional processes relating to welding and
other hot work and in areas such as the delivery of other advanced
solutions – particularly areas where habitat technology
can generate significant efficiency savings. We consider
the prospect of further development both within traditional
and more complex processes to be highly interesting, offering
good market opportunities both domestically and
internationally.
Decommissioning (Greenfield Centre)
With the establishment of Beerenberg Inc., Beerenberg is investing
heavily in developing solutions and tools for removing
risers (conductors) on the US side of the Gulf of Mexico
(USGoM). “Green Turtle” is a remote-controlled tool with
rotating diamond blades that cuts and removes risers 15 feet
below the seabed (regulatory requirement in the US). We
have also developed a unique diamond wire saw that makes
it possible to cut complex and large structures regardless of
axial load and materials. Green Sawfish completed its first
commercial assignment (P57A) for Devon with great success
in autumn 2011.
13

Management report
International
activities
Financial matters
Beerenberg has clear ambitions and targets in relation to
the export-based petroleum industry. The company’s export
products are based on highly advanced technology (intellectual
property rights), and the company focuses strongly how
to build barriers against imitation and copying.
The export share of Beerenberg’s output is rising steadily.
The company carried out assignments in the US,
Kazakhstan, Britain, Malaysia, Denmark, Angola and
Nigeria in 2012. We are also waiting for the outcome of a
number of tender bids made in our defined export markets.
The bids concern services relating to in-house technologies
such as RAT, MM&A, Benarx, Sveisolat and Subsea
Insulation.
Beerenberg has entered into partnership agreements with
a number of international businesses in recent years. The
company’s partners are based in the UK, US, Kazakhstan,
Angola, Nigeria and Malaysia. In 2013 the company expects
to see significant growth outside Norway.
Consolidated EBITDA (earnings before interest, taxes,
depreciation and amortisation) stood at NOK 172.7 million
(NOK 127.9 million) – an increase of 35.0%.
Operating profits (EBIT) rose by 40.3% from NOK 92.9
million in 2011 to NOK 130.3 million.
Cash flow Operational cash flows totalled NOK 136.8
million.
Underlying operations are sound, and the company is generating
a healthy cash flow from its ongoing activities.
The group has consolidated its operations and has focused
on increasing its revenues. Tied-up working capital remained
stable since the last year end but saw seasonal fluctuations
throughout the year. Given the company’s growth
forecasts for 2012, there is reason to believe that working
capital will increase somewhat during 2013.
Investments The group’s total investments stood at NOK
44.6 million, of which NOK 10.2 million was related to operating
equipment developed by the company for the decommissioning
market and NOK 9.2 million to the establishment
of a new production line for Benarx products.
Financing The group has a loan with Fokus Bank of NOK
43 million. Its total credit facility with Fokus Bank is NOK
90 million, which offers the company flexibility during the
growth phase it is currently in. The group has a total credit
and guarantee limit of NOK 175 million
Beerenberg Corp. AS has given a loan to Beerenberg
Holding AS. The loan is subject to variable interest based on
12-month NIBOR + 2% per annum.
Beerenberg Holding AS refinanced its debts during 2012 and
has reduced its liability to Beerenberg Corp. AS, which has
helped boost liquidity at Beerenberg Corp. AS.
Financial risk With its financing structure and current
agreements, the group seeks to reduce its exposure to fluc-
14

Beerenberg’s products and services are divided into three business areas:
Insulation, Scaffolding
and Surface treatment
(ISS)
Business Centres
(BC)
Green Field Centre
(GFC)
Insulation
Benarx
Green Turtle
Scaffolding
Subsea Insulation
Green Sawfish
Surface treatment
Rope Access
Techniques (RAT)
Habitat Solutions
(Sveisolat)
Mobile Machining &
Abandonment
Engineering &
Inspection
tuations in the foreign currency and interest rate markets,
and it does not carry out speculative transactions in these
markets. It seeks to keep the exchange rate risk as neutral as
possible by keeping revenues and costs in the same currency.
The number of transactions in foreign currencies is limited.
Tax Out of a total tax liability of NOK 36.8 million, tax payable
amounted to NOK 35.4 million.
Ownership structure Beerenberg Holding AS owns
100% of the shares in Beerenberg Corp. AS.
Risk management We have implemented a method for
handling risk systematically, defining measures and following
up on the effect of these measures.
Market risk The group operates in the oil and gas market,
which has seen significant fluctuations in performance in
recent years. The market in which Beerenberg operates is to
a certain extent affected by oil and gas prices. We know that
the desire to invest on the Norwegian Continental Shelf will
diminish in the long term. The group is intensifying its internationalisation
process in order to counter lower growth
on the NCS.
Technology risk The market is always looking for better
solutions, and it may be that the group will encounter
competing products and services. In continuing to focus
on engineering services and R&D we are seeking to be one
step ahead by protecting our assets with patents and other
property rights.
15

Management report
Organisational risks In order to retain key personnel,
we are investing heavily in personal development by offering
skills development opportunities. This helps ensure
that skilled staff stay with the company and that we all work
together. In a volatile market it is important that we recruit
reliable sub-contractors and ensure that our partners comply
with applicable laws and regulations.
IFRS In 2010 the group switched from the Norwegian accounting
standard NGAAP to IFRS and has since reported
in accordance with IFRS.
The management is maintaining its focus on processes and
is working on ongoing improvement processes. The finance
department has been strengthened, and training and professional
development in relation to IFRS, risk management,
internal controls and methods are taking place.
Corporate governance The board of directors ensures
that the corporate governance of the company is sound. The
company is undergoing a process to develop routines and
systems to be able to meet the Norwegian Code of Practice
for Corporate Governance.
The Beerenberg remuneration committee
The remuneration committee is a sub-committee of the
Beerenberg Corp. AS board of directors and consists of the
chairman of the board acting as chairman of the committee,
one representative of the owners and the CEO. The remuneration
committee held a total of six meetings in 2012. The
remuneration committee is an advisory body for the board
and CEO and addresses cases that concern remuneration for
the senior management of the company along with overarching
strategies for skills development.
The Beerenberg audit committee The audit committee is a
sub-committee of the Beerenberg Corp. AS board of directors
and consists of two board members with accounting
experience. Geir Sandvik is chairman of the audit committee.
The audit committee held six meetings during 2012. The
objectives of the audit committee are to assist the board in
its work to ensure that the accounting and financial information
being presented is reliable, that the group’s internal
controls and risk management systems are effective, that the
group complies with relevant laws, regulations and internal
standards and regulations, that the external auditor is
independent and holds adequate qualifications, and that the
quality of service delivered is of a sufficient quality.
16

Group structure Beerenberg Holding AS owns all the
shares in Beerenberg Corp. AS (the operating company),
which in turn controls 100% of the subsidiaries.
Organisation As pictured in the organisational chart below,
Beerenberg Corp. AS is organised into various business
units and staff functions. Commercial responsibility lies
with the line organisation. The same applies to operational
personnel responsibilities.
their respective areas of expertise for ensuring cost efficiency,
consistency and uniform quality as well as a uniform
approach to various tasks. The organisation of the group is
subject to continual reassessment.
The line organisation is supported in its work by various
staff functions that have a group-wide responsibility within
Group management
Morten Walde
President & CEO
Corporate &
OrganisatioN
Stig Tuastad
EVP
Business support
Leif Helge Eriksen
Deputy CEO
HSE/Q
Finance
Ola Jordal
Lars Erik Larssen
EVP
EVP & CFO
Business
Development
Sales &
marketing
Øistein Lillelien
EVP
Roger Kjeilen
EVP
Operations
North-west
Operations
North Sea
Innovation &
Technology
Subsea &
Technology Export
Tore Angelskår
Leif Helge Eriksen
Baste Tveito
Gary Kolderup
EVP
Deputy CEO
EVP & CTO
EVP
17

The Beerenberg Corp. AS board of directors
Ketil Lenning
Marcus
Planting-Bergloo
Ketil Lenning (b. 1950), chairman of the board, former
CEO at Odfjell Drilling Ltd. Has extensive experience in
the oil industry, including as COO at Smedvig ASA, Norsk
Hydro Oil Division etc. Holds a number of boardroom
positions in the oil services industry.
Marcus Planting-Bergloo (b. 1977), investors’
representative and partner at Segulah Advisor AB. MSc
in Economics from the Stockholm School of Economics.
Previously worked as a consultant at LEK Consulting
in London and at Occam Associates in Stockholm.
Boardroom positions at ScanCoin and Balco.
Lars Marcusson
Einar Stene
Lars Marcusson (b. 1947), former CEO at Callenberg
Group AB. Has previously held boardroom positions at
Marintekniskt Forum and Entreprenörsarenan AB.
Sebastian
Ehrnrooth
Einar Steene (b. 1961) has been serving as an employee
representative on the Beerenberg Corp. AS board
since 2008. Mr Steene has been working as a foreman/
supervisor on the Tampen project since 1996 and has been
employed by Beerenberg since 1990.
He has been a shop steward for the Lederne union since
1996. Mr Steene holds trade certificates in painting and
FROSIO. He has previously worked as a sheet metal worker
and also has a trade certificate in this specialism.
Sebastian Ehrnrooth (b. 1963), investors’ representative
and partner at Segulah Advisor AB. Qualified as a civil
engineer at Linköping University and holds an MBA
from IMD in Lausanne. Former deputy CEO at CityMail,
project manager at Bain & Company and sales director at
Motorola. Boardroom positions at Segulah Advisor AB,
PMC Group, Medstop and ScanCoin.
18
Johan Petter
Andresen
Johan Petter Andresen (b. 1951) has been serving as an
employee representative on the Beerenberg Corp. AS
board since 2011. Mr Andresen is a trained industrial
painter and has worked as such for the company since
1985. He has held several elected positions within
the company for a number years – from 1986 as a
representative for the Fellesforbundet union and from
1995 as a representative for Safe. He was the employees’
elected representative at Norcoat between 1988 and 1996
and has been a union leader at Safe since 2006.

Beerenberg Corp. AS management
Morten Walde
Leif Helge
Eriksen
Morten Walde (b. 1969) has been CEO of Beerenberg Corp.
AS since 2008. Mr Walde joined the company in 1995
and has extensive experience from various management
positions within the firm. For several years he was project
manager for the company’s engineering and construction
activities in Norway, Poland, Spain and Russia. From
2004 and until he took up the post of CEO, he first served
as technical director, then director of operations and then
Deputy CEO. Mr Walde has held various elected positions
in the oil and gas industry as well as several internal
boardroom positions. He graduated as an economist from
BI Norwegian Business School and has additional qualifications
in administrative information management from
the University of Bergen.
Leif Helge Eriksen (b. 1963) has been the company’s
Deputy CEO since 2008 with operative responsibility for
Operations North Sea and for the Sveisolat business area.
He is also group co-ordinator for supply chain management
and strategic IT. Eriksen took up the post of Director
of Operations in 2006. He has extensive and varied
management experience and joined Beerenberg from the
family business Østraadt Stein AS, where he was CEO. He
has previously worked for IRIS and Kverneland Group
ASA, where he held several key management positions.
Mr Eriksen is chairman of Korrosjonsentreprenørenes
forening and vice chairman of Korrosjons-, isolerings- og
stillasentreprenørenes forening. He qualified as a civil
engineer specialising in mechanical engineering at the
Norwegian Institute of Technology in 1988.
Lars Erik
Larssen
Baste Tveito
Lars Erik Larssen (b. 1960) was appointed CFO of
Beerenberg Corp. AS in 2010.
Mr Larssen has extensive experience as a consultant
at Deloitte Management Consultants and partner at
Hartmark Consultants, and he has been CFO of Lerøy
Seafood. He was the CFO and a co-founder of NextGenTel
ASA. Mr Larssen joined Beerenberg from BOS, where he
served as CFO.
Lars Erik Larssen graduated as an economist from
the Norwegian School of Economics and Business
Administration and holds an MBA in finance. He is also a
certified financial analyst (CEFA).
Baste Tveito (b. 1964) took up the post of CTO of
Beerenberg Corp. AS in 2009 with responsibility for innovation
and technology, including research and development,
engineering and inspection services. He is also
responsible for the business areas Decommissioning,
Benarx, Rope Access Techniques (RAT) and Mobile
Machining & Abandonment (MM&A). Mr Tveito joined
Beerenberg in 2005 from the position of contracts manager
at Frank Mohn Flatøy AS and has also worked as a senior
buyer for Kværner Installasjon AS. Mr Tveito trained
in the Norwegian army (officer training, the Norwegian
Military Academy, the Norwegian Defence Command and
Staff College), where he held a number of management
positions.
20

Tore Angelskår
Roger Kjeilen
Tore Angelskår (b. 1977) has been serving as Executive Vice
President since 2010 with responsibility for the business
area Operations North-West. He joined Beerenberg as a
trainee in 2004, and until 2007 worked as a project manager
on major projects for Statoil and Hydro. In 2008–2009
Mr Angelskår worked as a project manager at Transocean
AS. He has also worked for Frank Mohn AS. Mr Angelskår
received a bachelor’s degree in Engineering and a bachelor’s
degree in Business from Queensland University of
Technology in 2002/2003.
Roger Kjeilen (b. 1971) is Executive Vice President for Sales
and Marketing and is responsible for the group‘s activities
in relation to sales, marketing, tenders and contracts.
He has held this position since 2008. Mr Kjeilen joined
Beerenberg in 1996 and was put in charge of tenders in
2003. He has amassed extensive marketing experience
from the international oil services market. From his previous
positions at Beerenberg, Mr Kjeilen also has experience
of operations as a contracts co-ordinator and project
manager. He qualified as a civil engineer specialising in
construction at the Norwegian Institute of Technology in
1994.
Gary Kolderup
Ola Jordal
Gary Kolderup (b. 1958) is Executive Vice President for
the business area Subsea & Technology Export and has
overall responsibility for the group’s Subsea activities with
particular focus on the west coast of Africa and the group’s
activities in Kazakhstan.
Gary Kolderup joined Beerenberg in 1989 and has extensive
experience from the oil and gas industry. He has been
in charge of several key projects at Beerenberg, including
in Norway, most recently as project manager for the company’s
activities during the Ormen Lange project.
Ola Johannes Jordal (b. 1973) has been Executive Vice
President since 2009 with responsibility for HSE/Q. He
was recruited to Beerenberg as an HSE engineer in 2008.
He has previously worked for the Norwegian Church
Abroad, including in New Orleans and the Benelux countries.
Mr Jordal holds a Cand. Teol. degree (2000) and is a
certified quality auditor.
Stig Tuastad
Øistein Lillelien
Stig Tuastad (b. 1968) was appointed Executive Vice
President in 2011 with responsibility for HR, communications
and compliance. He joined Beerenberg in 2009 as
an HR manager and has a total of ten years’ experience in
similar positions. He was previously HR manager at the
telecoms company Nera Networks AS and the oil services
company AGR. Mr Tuastad completed a Master’s degree in
administration and organisation theory at the University
of Bergen in 1998.
Øistein Lillelien (b. 1961) was appointed Executive Vice
President with responsibility for business development in
April 2012. He joined Beerenberg in 2011 as a director of
Beerenberg’s Business Centres. Mr Lillelien has 25 years
of experience from the oil and gas industry both domestically
and internationally and joined the company from
Pittsburgh Corning, where he held various management
positions, including director of business development. He
is an engineering graduate and has held several boardroom
positions.
21

Annual report 2012
Directors’ report 2012
The business
The Beerenberg Corp. AS group of companies comprises the
parent company Beerenberg Corp. AS and its subsidiaries
D&F Group AS and Beerenberg Inc. Unless otherwise stated,
this directors’ report refers the group as a whole.
The company delivers expertise and technology as well as
engineering and inspection services in the fields of surface
treatment, passive fire protection, insulation, architecture/
interiors, scaffolding, rope access techniques, habitats, mobile
machining, cutting and decommissioning.
The group’s headquarters are in Bergen, and it has regional
offices in Stavanger, Husøy, Oslo and Houston (USA).
The company made good financial and technological progress
in 2012 with a very solid order intake and good operating profits.
The group focuses on international growth, and its activities
outside Norway saw significant growth (65%) in 2012.
The company’s exposure to market risk has been significantly
reduced during the year. New orders won in 2012 mean
that the company estimates its total order backlog at NOK
11,4 billion (including options for contract extensions) as at
31.12.12. Market, operational and financial risks are managed
by making structural adjustments and closely monitoring
production with the help of a dedicated risk management
programme.
Annual financial statements
In the board’s view, the annual financial statements give a
true picture of the company and the group’s position at the
end of the year. The going concern assumption has been
adopted when preparing the annual financial statements.
The group has made good operational improvements since
the previous year and has strengthened its position in the
market. The group’s turnover stood at NOK 1,436 million
(NOK 1,418 million in 2011), resulting in a profit before tax of
NOK 126.1 million (NOK 88.2 million in 2011) – giving a net
profit margin of 8.8% (6.2 % in 2011).
The company’s order backlog grew significantly in 2012. The
group aims to win new, long-term maintenance contracts on
the Norwegian Continental Shelf. The maintenance market
is growing, and thanks to the company’s cost structure,
experience base, level of expertise and capacity, its prospects
are good in respect of winning new contracts being put out to
tender in the coming years. The company is also seeking to
achieve further growth through an increased level of activity
and increased turnover internationally.
Total operating expenses amounted to NOK 1,263.6 million
in 2012, equivalent to 88.0% of the turnover. For 2011 the
figures were NOK 1,289.7 million and 91.0% respectively.
This led to a significant increase in EBITDA. Consolidated
EBITDA (earnings before interest, taxes, depreciation and
amortisation) stood at NOK 172.7 million or 12.0% (NOK
127.9 million and 9.0%) – an increase of 32.9 %.
The company has adjusted to a new pricing structure in
the market and has improved EBITDA since 2011 by reducing
costs levels, streamlining operations and optimising its
product assortment.
The group has carried out impairment testing of goodwill
and technology for the Greenfield segment, and there is no
indication at year end of a need for a write-down.
The net working capital is stable compared with 31.12.11, but
there has been a significant reduction in trade receivables
and other receivables as well trade payables and other current
liabilities.
The operating profits rose by 40.3% from NOK 92.9 million
in 2011 to NOK 130.3 million.
Net financial items totalled NOK 4.2 million, of which foreign
exchange gains account for NOK 2.2 million and where
net interest generates a cost of NOK 2 million.
Out of a total tax liability of NOK 36.8 million, tax payable
amounted to NOK 35.4 million. Please refer to note 10 for
further information about tax calculations.
22

The profit for the year totalled NOK 89.2 million (NOK 57.2
million in 2011).
The profit will be allocated to the owners of the parent
company.
Research and development
The combined activities of the group’s dedicated R&D department
have resulted in R&D being valued at NOK 4.1 million
in the balance sheet. As well as ISS product and method
development, the R&D department also comprises a team
that develops concepts, methods and tools in the area of cutting
and mobile machining (decommissioning).
Equity and liquidity
The group’s equity ratio stood at 56.8% (46.0%) as at
31.12.2012.
Liquidity has remained acceptable throughout the year. The
group has the financial strength to handle fluctuations in the
market and to make acquisitions if it is deemed to be strategically
appropriate.
Operational cash flows totalled NOK 136.8 million. Tied-up
capital is an area that is being closely monitored by the management
and board.
NOK 44.6 million was invested in the group in 2012, most of
which in operating equipment developed by the group, scaffolding
and the establishment of new fabrication facilities.
At year end the group has a working credit facility of NOK
26.5 million. The group’s combined credit limit is NOK 90
million.
Beerenberg Holding AS refinanced its debts during 2012 and
has reduced its liability to Beerenberg Corp. AS, which has
help boost liquidity at Beerenberg Corp. AS.
Financial risk information
The company’s ordinary operations are exposed to credit,
interest rate and exchange rate risks. The company endeavours
to maintain an acceptable level of risk in these areas.
New clients and major suppliers are credit-checked when
contracts are entered into. The group’s debts are predominantly
interest-bearing with a variable interest rate based on
NIBOR plus an interest margin. The group is thus susceptible
to changes in short-term interest rates. The company is
anxious to keep its exchange rate risk as neutral as possible.
It seeks to do so by keeping revenues and costs in the same
currency. Expected cash flows are hedged against currency
risks if the exchange rate exposure of a project is not neutral.
Shareholders
Beerenberg Holding AS owns 100% of the shares in
Beerenberg Corp. AS.
Working environment
Beerenberg seeks to sustain a good working environment
with enthusiastic and motivated staff who feel that they are
being well looked after. Areas of improvement have been
identified by measuring the working environment. The readings
contain a number of variables for which there is related
national historical data, and they show that the perception
of Beerenberg as an employer is in line with, or above, the
national average. No area achieved a significantly negative
score compared with national statistics.
The company aims to sustain a continuous reduction in sickness
absence and operates a zero tolerance policy in relation
to injuries and accidents. Sickness absence in 2012 stood at
7.84 %, with long-term absences totalling 4.25 % and shortterm
absences 3.59 %. This is in line with the figures from
2011. The company has redoubled its efforts in this area by
following up on issues more closely and clearly defining and
allocating responsibilities between projects and the HR department
and by including this as a core part of management
training. The company is a member of the Inkluderende
Arbeidsliv (Inclusive Workplace) scheme.
The company gives priority to long-term HSE initiatives
at all levels of the organisation. Once again the company
recorded no incidents leading to sickness absence in 2012.
The nature of the company’s activities requires a constant
23

and high focus on HSE in order to prevent injury and accidents
and to ensure consistent practice across the company.
All new employees must undergo separate HSE training,
and the company has produced an e-learning programme
specifically for this purpose. HSE forms part of all training
activities.
In partnership with the company’s occupational health
service, Beerenberg places great emphasis on health risk
assessments and health monitoring surveys. The prevention
of ergonomic and vibration injuries as well as hearing
damage was a particular focus area in this respect in 2012.
Beerenberg implemented a new preventive health regime in
2011 and continued to focus on providing adequate training
in this regime in 2012. Co-operation with employee representatives
has been good during 2012, both in established
co-operation forums such as the works council (BU) and the
working environment committee (AMU) in particular and
through regular contact and dialogue in general.
The board and the management should like to thank all
employees for their good work in 2012.
Equal opportunities
Beerenberg operates in a highly male-dominated industry,
and the company’s employees are predominantly male.
Around 5% are female, and most of these work in administrative
positions. The company aims to increase the proportion
of female employees and recruits new staff with this in
mind. There is currently one female member of the company’s
board of directors (employee observer).
Discrimination
Beerenberg is working systematically to promote the objectives
of the Anti-discrimination Act in its operations. The
objectives of the act are to promote equal opportunities,
ensure equal rights and prevent discrimination because of
functional ability, ethnicity, national origin, descent, religion
and creed. Relevant areas include recruitment, pay and
working conditions, development and career opportunities
and protection against discrimination.
The external environment
In 2012 the company updated its environmental accounts
with simplified environmental indicators that will make it
easier to correctly measure the company’s environmental
performance in the future. The environmental accounts also
include significant environmental aspects and other targets.
The company’s environmental aspects have been reviewed
and categorised according to location and project. As before,
the impact generated by the company on the external
environment largely relates to emissions of volatile organic
compounds (VOCs) as a by-product of paint products and
solvents. The impact on the environment of Beerenberg’s
activities is a natural consequence of the company’s areas of
business and of its operations. The company aims to optimise
energy use on its own sites.
The volume of VOC emissions is directly related to the
volume of assignments and type of products being used. The
company constantly tries to use alternative products with a
lesser environmental impact (the substitution requirement).
The company produces significant amounts of waste, but the
negative environmental impact is greatly reduced by effective
waste sorting and disposal (recycling of materials and
energy).
The company actively uses its environmental action plan to
plan and implement environmental initiatives. In the last
two years Beerenberg has published monthly environmental
tips to help generate a comprehensive understanding of its
environmental policy.
Beerenberg is certified according to:
NS-EN ISO 9001:2008 Quality management systems
NS-EN ISO 14001:2004 Environmental management
systems
Certification is also taking place under OHSAS 18001:2007
Occupational health and safety management systems
Please also see the separate HSE/Q annual report. It describes
the results that have been achieved in 2012 along
with identified improvement initiatives for 2013.
Future prospects
The company generated a very healthy profit seen in a historical
perspective, and its financial position is considered to
be robust.
Its focus on the sale of engineering services and of in-house
and patented service and product solutions will be intensified
with a view to further boosting the company’s competitive
edge and operating profits. The improvement processes
implemented by the company in 2012, with associated
margin growth, will be continued.
24

The group has a long-term goal of ensuring future growth
through export with particular focus on the Gulf of Mexico,
Brazil, West Africa, Kazakhstan and Central Asia. The
group’s investments will primarily be in the form of strategic
alliances to ensure local association and market access.
Other markets for the company’s products and services are
being constantly assessed. Investment in modern equipment
and in a positive working environment will continue,
with focus on productivity, the environment, quality and
innovation.
There will always be a degree of uncertainty about the
future, and the coming years will see the industry face
geographical, technological and commercial challenges.
Beerenberg will meet these with HSE/Q expertise, financial
strength, investment in technology and skills and a quest for
new markets based on the group’s long-term strategy.
Please refer to Note 29 for information about events after the
balance sheet date that are deemed to be significant.
The above-mentioned issues are described further in the
management’s statement.
Bergen, 19 marCH 2013
Board of Directors at Beerenberg Corp. AS
Ketil Lenning Lars Marcusson Sebastian Ehrnrooth Marcus Planting-Bergloo
Chairman Board member Board member Board member
Einar Stene Johan P Andresen Morten H Walde
Board member Board member CEO
25

Group Accounts 2012
Beerenberg Corp. AS Group

Beerenberg Corp. AS Group Group Accounts 2012
Consolidated Income Statement 01.01 - 31.12
Amounts in NOK 1,000 Note 2012 2011
Operating revenue 5, 6 1 436 294 1 417 601
Total revenue and other revenue 1 436 294 1 417 601
Materials, goods and services 81 321 76 098
Pay and other social services 8,20,21 968 748 969 912
Other operating costs 7 213 519 243 668
Total operating expenses 1 263 587 1 289 678
Operating result before depreciation, amortisation and impairment losses 172 707 127 923
Depreciation, amortisation and impairment losses 11, 12 42 402 35 049
Operating result 130 305 92 874
Financial revenue 9 8 592 6 422
Financial expenditure 9 12 823 11 146
Result before tax 126 074 88 150
Tax 10 36 825 30 998
Annual profit/loss 89 249 57 152
The annual profit/loss is attributable to:
The owners of the parent company 89 249 57 152
Annual profit/loss 89 249 57 152
Basic earnings result per share (NOK) 18 446 286
28

Beerenberg Corp. AS Group Group Accounts 2012
Consolidated Statement of Financial Position
Assets Amounts in NOK 1,000 Note 31.12.2012 31.12.2011
Noncurrent assets
Intangible assets 12 75 830 75 089
Goodwill 12 187 788 187 788
Property, plants and equipment 11 187 229 185 918
Loans to enterprises in the same Group 27 102 349 153 297
Long-term receivables 19 5 013 4 936
Total Noncurrent assets 558 209 607 028
Current Assets
Goods 14 34 671 27 046
Accounts receivable from customers 15 148 048 234 031
Other receivables 15 19 814 16 231
Earned, not invoiced 15 127 269 104 085
Cash at bank, cash in hand and similar 16 26 548 1 676
Total current assets 356 350 383 069
Total Assets 914 559 990 097
29

Beerenberg Corp. AS Group Group Accounts 2012
Consolidated Statement of Financial Position
Equity and Liabilities Amounts in NOK 1,000 Note 31.12.2012 31.12.2011
Equity
Share capital 20 000 20 000
Share premium 277 706 277 706
Other equity 221 625 156 858
Total equity 17 519 331 454 564
Liabilities
Pension obligations 20 7 370 15 294
Deferred tax obligations 10 16 367 14 020
Other long-term obligations 22 3 500 3 500
Interest bearing long-term liabilities 32, 33 56 387 62 028
Total long-term liabilities 83 624 94 841
Liabilities to credit institutions 16 5 883 83 197
Supplier liabilities 23 102 926 141 183
Tax payable 10 35 369 21 866
Owed government charges and special taxes 48 513 40 334
Other -short term liabililities 23 118 914 154 112
Total short-term liabilities 311 604 440 692
Total liabilities 395 227 535 533
Total equity and liabilities 914 559 990 097
Bergen 19. March 2013
Board of Directors at Beerenberg Corp AS.
Ketil Lenning Lars Marcusson Sebastian Ehrnrooth Marcus Planting-Bergloo
Chairman Board member Board member Board member
Einar Stene Johan P Andresen Morten H Walde
Board member Board member CEO
30

Beerenberg Corp. AS Group Group Accounts 2012
Consolidated Statement of Performance 01.01–31.12
Amounts in NOK 1,000 2012 2011
Annual profit/loss 89 249 57 152
Other revenue and expenses
Conversion differences 888 -531
Total Statement of performance 90 136 56 621
The statement of performance is attributable to:
The owners of the parent company 90 136 56 621
Total Statement of performance 90 136 56 621
31

Beerenberg Corp. AS Group Group Accounts 2012
Consolidated Statement of Changes in Equity
Amounts in NOK 1,000
Share
capital
Share
premium
Conversion
reserve
Retained
earnings
January 01, 2011 20 000 277 706 1 109 123 565 422 383
Total
Total result for the period
Result 57 152 57 152
Other revenue and expenses
Conversion difference -531 -531
Total other revenue and expenses 0 0 -531 0 -531
Total result for the period 0 0 -531 57 152 56 621
Transactions with shareholders
Group contributions -24 440 -24 440
Total transactions with shareholders 0 0 0 -24 440 -24 440
Equity as per 31.12.2011 20 000 277 706 578 156 277 454 564
Total result for the period
Result 89 249 89 249
Other revenue and expenses
Conversion difference 888 888
Total other revenue and expenses 0 0 888 0 888
Total result for the period 0 0 888 89 249 90 136
Transactions with shareholders
Group contributions -25 369 -25 369
Total transactions with shareholders 0 0 0 -25 369 -25 369
Equity as per 31.12.2012 20 000 277 706 1 465 220 157 519 331
32

Beerenberg Corp. AS Group Group Accounts 2012
Consolidated Statement of Cash Flows
Amounts in NOK 1,000 Note 2012 2011
Cash flows from operating activities
Result for the period before tax 126 073 88 150
Tax paid for the period -11 109 -9 148
Gains/losses from sales of fixed assets 17 -1 856
Depreciation, write-down and amortisation 11, 12 42 402 35 049
Changes to goods -7 625 762
Changes to accounts receivable from customers 15 85 983 -98 528
Changes to supplier liabilities -38 257 -17 879
Difference between expensed and paid-in/out pension premium -7 924 -1 583
Changes to other time restricted items -52 731 31 043
Net cash flow from operating activities 136 829 26 010
Net cash flows from investment activities
Incoming payments from the sale of tangible fixed assets 11 141 4 811
Outgoing payments from acquisition of tangible fixed assets 11, 12 -44 615 -55 691
Net cash flow from investment activities -44 474 -50 880
Cash flows from financing activities
Incoming payments from new long term debt 0 22 103
Repayment of long-term liabilities (outgoing) 32 -7 223 -11 257
Net overdraft changes 16 -75 974 75 974
Repayment of loan to parent company 0 -31 018
Incoming payment from loan to parent company 57 021 0
Accrued interests -6 072 -5 794
Payments of Group contributions (outgoing) -35 235 -33 944
Net cash flow from financing activities -67 484 16 064
Net changes to cash and cash equivalents 24 872 -8 806
Cash and cash equivalents per 01.01 16 1 676 10 482
Cash and cash equivalents per 31.12 16 26 548 1 676
33

Note 1
Beerenberg Corp. AS is a limited liability company registered
in Bergen, Norway. The Beerenberg Corp Group
comprises the parent company Beerenberg Corp. AS and the
subsidiaries D&F Group AS and Beerenberg Inc. The Group
has offices in Stavanger, Husøy, Oslo and Houston (USA).
The Group delivers expertise and technology as well as
engineering and inspection services in the fields of surface
treatment, passive fire protection, insulation, architecture/
interiors, scaffolding, Rope access techniques, and habitats
as well as mobile machining, cutting and decommissioning.
The consolidated financial statements comprise the parent
company and subsidiary companies, referred to collectively
as “the Group” and individually as “Group entities”.
Information about the Group
The consolidated financial statements with accompanying
notes have been prepared in accordance with IFRS. The
financial statements with accompanying notes for the parent
company Beerenberg Corp. AS have been prepared in accordance
with NGAAP.
Beerenberg Corp. AS is wholly owned by Beerenberg Holding
AS and is included in the consolidated financial statements
for Beerenberg Holding Group.
The annual financial statements were authorised for issue by
the board of directors on 19 March 2013.
Note 2
Basis of preparation
Confirmation of financial framework
The consolidated financial statements have been prepared in
accordance with EU-approved IFRS standards and associated
interpretations as required as at 31 December 2012 and in
accordance with additional Norwegian disclosure requirements
under the provisions of the Norwegian Accounting
Act as at 31 December 2012. There are no changes in accounting
principles from 2011 to 2012.
The financial statements of Beerenberg Corp. AS have been
prepared in accordance with the Norwegian Public Limited
Liability Company Act, the Norwegian Accounting Act and
generally accepted accounting principles in Norway.
The proposed consolidated financial statements were
authorised by the board and CEO on the date stated in the
signed statement of financial position. The consolidated financial
statements shall be reviewed by an ordinary general
meeting for final approval.
Functional currency and presentation currency
NOK is the Group’s functional currency and presentation
currency. The exception is the subsidiary Beerenberg Inc
using USD as its functional currency.
Basis of calculations
The consolidated financial statements have been prepared
using historical cost principles, with the exception of
▪▪
Derivatives, which are assesed at fair value.
▪▪
the net defined benefit pension obligation, which is
estimated as the sum of net plan assets plus previously
unrecognised expenses relating to pension accruals
from previous periods and deferred actuarial losses
less deferred actuarial gains and the present value of
future defined benefit pension obligations.
Estimates and assessments
Preparing the financial accounts in accordance with IFRS
requires the management to make assessments, estimates
and assumptions that affect the application of the accounting
principles. The carrying amounts of assets and liabilities,
as well as revenues and costs, are affected by these assessments.
Actual results may deviate from estimated amounts.
Estimates and their associated assumptions are based on
historical data and other factors that are deemed to be
relevant and representative. These calculations form the
basis for assessing the amounts recognised in respect of assets
and liabilities that cannot be determined on the basis of
other sources. The estimates and assessments section gives
an account of accounting assessments made that significantly
affect the financial accounts and of estimates with
a considerable risk of significant adjustments in the next
financial year.
Estimates and underlying assumptions are reviewed continually.
Changes to accounting estimates are recognised in the
period in which they occur if they only apply to that period.
If the changes also pertain to future periods, the effect is
distributed over the current and future periods.
34
Beerenberg CORP. AS Group group accounts 2012

Note 3
The accounting principles described below have been consistently
applied to all companies in the Group in all periods.
Consolidation principles
Subsidiary companies
The subsidiary companies include all entities where the Group
has a deciding influence on the entity’s financial and operational
strategy, normally through the ownership of more than
50% of the voting capital, and where the entity constitutes an
enterprise. Subsidiaries are consolidated from the date when
control was transferred to the Group. Consolidation ceases on
the date when the Group no longer has control.
Acquired subsidiaries are accounted for in the consolidated
financial statements based on the parent company’s acquisition
cost. When acquiring a subsidiary company, the purchase price
of the acquired undertaking must be distributed so that the
opening balance of the Group reflects the estimated fair value
of the assets and liabilities that have been acquired. In order to
establish the fair value of an acquisition, alternative methods
must be used for assets for which there is no active market.
Excess value beyond that which can be attributed to identifiable
assets and liabilities is recognised as goodwill. If the fair value
of the equity in an acquired company exceeds the consideration
paid, the excess is immediately recognised as income. The
allocation of the purchase price upon consolidation is amended
if new information appears about the fair value applicable on
the date control was obtained, no later than 12 months after the
acquisition took place.
IntraGroup transactions, balances and unrealised gains are
eliminated. Unrealised losses are also eliminated but are
considered to be an indicator of impairment, which would
require an assessment to be made as to whether the transferred
asset should be written down.
Translation of foreign currency
The bulk of the Group’s activities are conducted in NOK.
The accounts of individual entities within the Group are
measured in the currency used where the entity predominantly
operates (functional currency). The consolidated
financial statements are presented in NOK, which is both the
functional currency of the parent company and the presentation
currency of the Group.
Transactions and balance sheet items
Transactions in other currencies are converted to the functional
currency using the transaction exchange rate. Foreign
currency gains and losses resulting from the settlement
Accounting principles
of such transactions and from the conversion of monetary
items (assets and liabilities) in other currencies at year-end
using the exchange rate at the end of the reporting period are
recognised in profit or loss.
Foreign currency gains and losses relating to loans, cash
and cash equivalents are presented (net) as financial income
or financial expenses. All other foreign currency gains and
losses are presented on the line for other (losses) gains.
The currency effect of non-monetary items (both assets and
liabilities) is included in the fair value assessment.
Group entities
The statements of financial position and comprehensive
income of Group entities with a functional currency that
differs from the presentation currency are translated as
follows:
a) The statement of financial position is translated using
the exchange rate at the end of the reporting period
b) The statement of comprehensive income is translated
using the average exchange rate (if the average
exchange rate does not give a reasonable overall
estimate for the transaction exchange rate, then the
transaction exchange rate is used)
c) Translation differences are taken to other revenues
and costs and are specified as a separate item.
Financial instruments
The Group initially recognises loans, receivables and deposits
on the date that they are originated. All other financial
assets are recognised initially on the trade date at which the
Group becomes a party to the contractual provisions of the
instrument.
The Group derecognises a financial asset when the contractual
rights to the cash flows from the asset expire, or when
the Group transfers the rights to receive the contractual
cash flows on the financial asset in a transaction in which
substantially all the risks and rewards of ownership of the
financial asset are transferred. All rights and liabilities in
transferred financial assets that are created or retained as a
result of the transfer are recognised separately as assets or
liabilities.
Financial assets and liabilities are offset if the Group has a
legal right to offset the amounts and intends either to settle
on a net basis or to realise the asset and settle the liability
simultaneously. Offset amounts are presented net in the
statement of financial position.
Beerenberg CORP. AS Group group accounts 2012
35

Note 3 | Accounting principles
Classification
The Group classifies its financial assets in the categories (1)
financial assets at fair value through profit or loss, (2) loans
and receivables, and (3) available-for-sale financial assets.
Classification is dependent on the objective.
Financial assets at fair value
through profit or loss
Financial assets at fair value through profit or loss are
financial assets that are held for trading. A financial asset is
classified in this category if it was acquired primarily with
a view to generating a gain from short-term price fluctuations.
Attributable transaction costs are initially recognised
in profit or loss when they are incurred. The instruments
are measured at fair value, and changes in the value
are recognised in profit or loss. Derivatives are classed as
financial assets at fair value through profit or loss, unless
they are part of a hedge relationship. The company does not
use hedge accounting as at 31.12.2012.
The fair value of forward exchange contracts is based on
their listed market price if available. If the market price is not
available, the fair value is determined by discounting the difference
between the contractual forward price and the current
forward price for the residual maturity of the contract at
a risk-free interest rate (based on government bonds).
The fair value of interest rate swaps is based on broker
quotes. The quotes are tested for reasonableness by discounting
estimated, future cash flows based on the terms
and maturity of each contract, using the market interest
rate for an equivalent instrument at the measurement date.
The fair value reflects the instrument’s credit risk.
Financial derivative instruments
The Group holds a limited number of financial derivative
instruments to hedge its foreign currency and interest rate
risk exposures. Derivatives are recognised initially at fair
value. Changes in fair value are recognised in profit or loss,
except for hedging instruments that meet the criteria for
hedge accounting.
The Group’s criteria for classifying a derivative instrument
as a hedging instrument follow the requirements of IAS 39
and are as follows:
1. There is sufficient documentation at the time of the inception
of the hedge relationship that the instrument
is effective
2. The hedging instrument is expected to be highly effective
in offsetting the changes in fair value or cash flows
of the hedged item
3. For a cash flow hedge, the transaction must be highly
likely to occur
4. The effectiveness of the hedging instrument can be
reliably measured, and
5. The hedging instrument is continually assessed and
has proven to be effective
Hedging instruments classed as cash flow hedges offset
variations in cash flows caused by changes in exchange rates,
interest rates and market values. For cash flow hedges that
meet the criteria for hedge accounting, all gains and losses
on the effective part of the contract are recognised in comprehensive
income, while those on the ineffective part are
recognised in the income statement under finance.
Financial derivative instruments are classed as current
assets or current liabilities in the statement of financial position.
The company did not practise hedge accounting in 2012
and did not use hedging instruments to a significant degree.
Loans and receivables
Loans and receivables are non-derivative financial assets
with fixed or determinable payments that are not quoted in
an active market. They are classed as current assets unless
they expire within 12 months of the end of the reporting period.
Loans and receivables are classed as trade receivables,
other long-term receivables and other receivables.
Trade receivables
Trade receivables are initially recognised at fair value. The
fair value of trade and other receivables is estimated as the
present value of future cash flows, discounted at the market
rate of interest at the end of the reporting period (the reporting
date). Due to their short residual maturity, the nominal
value of the receivables is deemed to reflect their fair value.
Provisions for losses are accounted for when there are objective
indicators that the Group will not receive payment in
accordance with the original terms and conditions. The provision
is the difference between the nominal/amortised cost
and expected payment (present value of expected future
cash flow) from the customer.
Trade payables and other short-term
payables
Trade payables are measured at fair value when initially recognised
and at amortised cost in subsequent periods. Due to
their short residual maturity, the nominal value of the payables
is deemed to reflect their fair value / amortised cost.
Cash and cash equivalents
Cash and cash equivalents comprise cash and bank deposits.
36
Beerenberg CORP. AS Group group accounts 2012

Derivatives at fair value
through profit or loss
Derivatives are recognised at fair value on the trade date
and then at their subsequent fair value. Associated gains and
losses are included in the income statement under “Other
(losses) gains” in the period in which they occur.
Share capital
Ordinary shares are classed as equity. Costs directly attributable
to the issue of ordinary shares are recognised as
a deduction from equity (share premium reserve) net of any
tax effects.
Tangible non-current assets
The Group’s tangible non-current assets comprise production
equipment, workshops and improvements to buildings
and other operating equipment. Tangible non-current assets
are recognised in the statement of financial position at cost
less accumulated depreciation and write-downs. The cost
price of tangible non-current assets is the purchase price including
expenses directly attributable to the purchase of the
asset. The cost of self-constructed assets includes the cost
of materials, direct labour costs, borrowing costs and other
costs directly attributable to bringing the assets to a working
condition for their intended use, the cost of dismantling and
removing the items, and restoring the site on which they are
used.
Expenses incurred after the non-current asset has been put
into use, such as ongoing daily maintenance, are recognised
in profit or loss in the period in which they were incurred,
except for other expenses expected to generate future
economic benefits that are recognised as a part of the noncurrent
asset.
If substantial, individual components of an item of property,
plant and equipment have different useful lives, they are accounted
for as separate components.
Gains and losses on disposal are included in the operating
profit or loss.
Goodwill
The Group measures goodwill as the fair value of the consideration
transferred, less the net amount (normally fair
value) of the identifiable assets acquired and liabilities assumed,
all measured as at the acquisition date.
Goodwill is distributed to cash-generating units and is not
subject to an amortisation schedule but is tested for impairment
annually and when there is an indication that a writedown
is necessary. Goodwill write-downs are not reversed.
For the purpose of testing goodwill for impairment, goodwill
is allocated to the cash-generating units that are expected to
benefit from the acquisition.
Intangible assets
Research and development
Expenditure on research activities, undertaken with the
prospect of gaining new scientific or technical knowledge, is
recognised in profit or loss as incurred.
Development activities include designs or plans for the
production of new or substantially improved products and
processes. Development expenditure is capitalised only if it
can be reliably measured, if the product or process is technically
or commercially viable, if future economic benefits
are probable, and if the Group intends to and has sufficient
resources to complete the development and to sell or use the
asset. The expenditure capitalised includes materials, direct
labour, directly attributable overhead costs and borrowing
costs. Other development expenditure is recognised in profit
or loss as incurred.
Capitalised development expenditure is measured at cost
less accumulated amortisation and accumulated impairment
losses.
The Group’s intangible assets relate to identified excess
value such as technology and customer relationships arising
in connection with the acquisition of Bjørge Norcoat AS in
2007 and relating to in-house technology in the field of insulation
(Benarx) and cutting technology (Green Turtle). See
also Note 12 concerning intangible assets.
Depreciation
Property, plant and equipment are depreciated on a straightline
basis over their estimated useful life. Depreciation
is calculated on the basis of the cost of the asset or other
amount substituted for cost, less its residual value.
The economic useful life of our scaffolding was reassessed in
2010, and its period of use has now been set at 20 years. The
period of use is the period in which the company expects to
use the scaffolding and may thus be shorter than its economic
useful life. The period of use and the residual value
are assessed at the end of each reporting period and adjusted
if necessary. Scaffolding are depreciated over a period of 15
years.
Containers and workshops are depreciated over a period of
10 years, while other production equipment and other assets
are depreciated over a period of 3 –7 years.
Beerenberg CORP. AS Group group accounts 2012
37

Note 3 | Accounting principles
Intangible assets are amortised on a straight-line basis over
their estimated useful life from the time they are available
for use, since this most closely reflects the consumption of
the future economic benefits embodied in the asset. The estimated
useful lives for the current period and comparative
periods are as follows:
▪▪
Customer relationships 10 years
▪▪
Technology 10 years
Amortisation method, useful life and residual value are
reviewed annually and adjusted if necessary.
Impairment losses
When the carrying amount of a non-current asset is higher
than the estimated recoverable amount, the value is written
down to the recoverable amount. The recoverable amount is
the greatest of fair value less cost to sell and its value in use.
The scope for reversing any previous write-downs (except
goodwill) is assessed on each reporting date.
With the exception of inventories (see Inventories) and
deferred tax assets (see Income tax), the carrying amount of
the Group’s fixed assets is continually assessed to determine
whether there is any indication of impairment. If any such
indication exists, the asset’s recoverable amount is estimated
(see Calculating the recoverable amount).
Goodwill and intangible assets with indefinite useful lives
are tested for impairment annually.
An impairment loss is recognised when the carrying amount
of an asset or cash-generating unit exceeds the recoverable
amount. Impairment losses are recognised through profit or
loss.
Impairments estimated for cash-generating units are allocated
so that the carrying amount of any goodwill in the
cash-generating units is reduced first. Next, the remaining
impairment losses on the other assets in the unit are allocated
pro rata based on the carrying amount.
If an impairment in the fair value of a financial asset available
for sale has been taken directly to other income and
expenses, and if there is objective evidence that the asset has
been the subject of an impairment, the accumulated loss that
has been recognised directly in other income and expenses
in profit or loss will be recognised. This applies even if the
financial asset has not been realised. The loss recognised in
profit or loss is the difference between the acquisition cost
at the time of acquisition and the current fair value, less any
impairment of the financial asset previously recognised in
profit or loss.
Calculating the recoverable amount
The recoverable amount of an asset is the greater of the net
selling price (less cost to sell) and value in use. The value in use
is estimated by discounting expected future cash flows to their
present value using a market-based risk-adjusted discount rate.
For assets that do not generally generate independent cash
flows, the recoverable amount is determined for the smallest
cash-generating unit to which the asset belongs.
Reversing impairment losses
Impairment losses on goodwill are not reversed. In respect
of other assets, impairment losses are reversed if there is any
change to the estimates used to calculate the recoverable
amount.
Lease agreements (as a lessee)
Leases under which the Group assumes substantially all
the risks and rewards of ownership are classed as financial
leases. Upon initial recognition the asset is measured at an
amount equal to the lower of its fair value and the present
value of the minimum lease payments. Subsequent to initial
recognition, the asset is subject to the same accounting principle
as equivalent assets.
Other leases are operating leases and are not recognised in
the Group’s statement of financial position.
Inventories
Inventories are measured at an amount equal to the lower of
acquisition cost and net realisable value. The net realisable
value is the estimated selling price in the ordinary course
of business less the estimated cost of completion and selling
expenses. The acquisition cost of manufactured inventories
includes the direct cost of materials, direct labour and a
share of indirect production overheads, while the acquisition
cost of purchased inventories is the cost price based on the
first-in-first-out principle and includes the cost incurred in
acquiring the inventories, production or conversion overheads
and other costs incurred in bringing them to their existing
location and condition. In accordance with IAS 2.28,
the value of inventories is written down to the net realisable
value if the inventories have been damaged or have become
wholly or partially obsolete or if the selling price has fallen.
Cost of sales for the year comprises the cost price of goods
sold plus any write-down in accordance with IAS 2.28 at the
end of the year.
Pension costs and pension obligations
Pension costs and pension obligations are treated in accordance
with IAS 19. Pensions are described in Note 20. The net
38
Beerenberg CORP. AS Group group accounts 2012

pension costs for the period are classed as salary and personnel
costs.
The Group operates a pension scheme financed by contributions
paid into a separate legal entity (insurance company)
in the form of a defined contribution plan. A defined contribution
plan is a pension scheme under which the Group pays
fixed contributions to the insurance company. The company
has no further payment obligations once the contributions
have been paid. The contributions are recognised in profit
or loss as salary costs as incurred. Prepaid contributions are
recognised as assets to the extent that they can be refunded
or reduce future contributions.
The Group is a member of an AFP defined benefit scheme. A
defined benefit plan is a pension scheme that is not contribution-based.
Net liabilities for defined benefit plans are
calculated for each scheme by estimating future benefits
accrued by the employees for services given in the current
or previous periods. The benefits are discounted to calculate
their present value, and the cost of pension accruals from
previous periods that have not yet been recognised and the
fair value of plan assets are deducted.
Changes to defined benefit pension obligations caused by
changes to the pension plans are distributed over the estimated
average remaining contribution period.
The accumulated effect of changes in estimates and in financial
and actuarial assumptions (actuarial gains and losses)
making up less than 10 % of the greater of the pension obligations
and the plan assets at the beginning of the year is not
recognised. When the accumulated effect exceeds 10% at the
start of the year, the excess is recognised in profit or loss over
the assumed average remaining qualifying period.
The discount rate for Norwegian schemes is based on the
yield on 10-year Norwegian government bonds as at the end
of the reporting period, adjusted to reflect the maturity of
the pension obligations. The pension obligations are calculated
by an actuary based on a straight-line accruals model.
The ordinary pension scheme (which is a defined benefit
plan) and the AFP scheme are both unfunded schemes.
At the turn of the year, a total of 27 retirees have signed up
to the AFP plan. Provisions for future pension obligations
have been made on recommendation by the Norwegian
Accounting Standards Board.
The company recognises gains or losses on the curtailment
or settlement of a defined benefit plan at the time the curtailment
or settlement occurs. The gain or loss on a curtailment
or settlement includes:
a) All changes in the present value of the defined benefit
pension obligation resulting from the curtailment or
settlement.
b) All changes in the fair value of the plan assets resulting
from the curtailment or settlement.
c) All associated actuarial gains and losses as well as the
cost of pension accruals from previous periods which,
in accordance with specific exceptions described in
IAS 19, has not previously been recognised.
A curtailment occurs when the company has either
a) demonstrably committed itself to substantially reducing
the number of employees covered by a scheme, or
b) changed the terms and conditions of a defined benefit
plan so that a significant element of the future service
of current employees no longer qualifies for benefits or
only qualifies for reduced benefits.
See further information in Note 20 on pensions.
Provisions
Provisions are accounted for when the Group has an obligation
(legal or self-imposed) resulting from a previous event
if it is likely (more likely than not) that a financial settlement
will take place as a result of this obligation and the size of the
amount can be reliably calculated. If the effect is significant,
the provision is calculated by discounting expected future
cash flows with a discount rate before tax that reflects the
market’s valuation of the time value of money and, if relevant,
risks specifically linked to this obligation.
Warranties
A provision for warranties is recognised when the underlying
products or services are delivered. The warranty period
is normally two years. At the end of a project, a provision
is made to meet any warranty claims and complaints. The
provision is based on historical information about warranties
weighted by the probability that a warranty expense
will be incurred. It is normal for such provisions to be a
fixed proportion of the contract value, but a larger or smaller
provision may be made depending on the specific assessment
of individual projects. Experience from previous projects
provides the best basis for making both general and specific
warranty provisions. Factors that may affect the size of the
provision include the Group’s quality measures and project
implementation model.
Restructuring
A provision for restructuring is recognised once the Group
has approved a detailed and formal restructuring plan and
the restructuring has either commenced or been communicated
to the affected parties.
Beerenberg CORP. AS Group group accounts 2012
39

Note 3 | Accounting principles
Onerous contracts
A provision for onerous contracts is recognised when the
Group’s expected revenue from a contract is lower than the
unavoidable cost of meeting its contractual obligations. The
estimated provision is the present value of the lower of the
expected cost of terminating the contract and the expected
net cost of fulfilling the contract. Before a provision is made,
all impairment losses on assets associated with the contract
are recognised.
Revenue recognition
Most of the company’s revenues are associated with the sale
of services, goods and the hire of equipment in connection
with maintenance contracts that the company has entered
into. Revenues are recognised in accordance with IAS 18
Revenue. The majority of the Group’s contracts is invoiced
and recognized as income on basis of hours incurred multiplied
by a defined hourly rate associated with the services
provided, unit price contracts are recognized as income in
accordance with measured progress and equipment rental is
recognized as income in the period the equipment is leased.
Contract revenues include the initial amount agreed in
the contract plus any variations in contract work, disputed
amounts and incentive payments to the extent that it is
probable that they will result in revenue and can be estimated
reliably. When the outcome of a contract can be estimated
reliably, the contract revenue is recognised in profit or loss
in proportion to the stage of completion of the contract. The
outcome of a transaction may, according to IAS 18, be estimated
reliably when:
a) The revenue can be reliably measured
b) It is probable that the economic benefits associated
with the transaction will fall to the company
c) The stage of completion of the transaction at the end
of the reporting period can be measured reliably
d) The expenses incurred in connection with the
transaction and the expenses that will be incurred in
completing the transaction can be measured reliably.
Contract expenses are recognised as incurred, unless they
generate an asset related to future contract activity. Indirect
expenses which are applicable to the company as a whole, or
to the project activities, but which cannot be allocated to an
individual project, are not included.
Revenue relating to ordinary activities is measured at the
fair value of the consideration received or receivable, net of
returns, trade discounts and volume rebates etc.
Revenue from services rendered is recognised when persuasive
evidence exists that the work completed has been,
or is highly likely to be, approved by the customer. This is
assessed on the basis of the stage of completion of the service
at the end of the reporting period. The stage of completion is
assessed on the basis of work completed.
If the outcome of a maintenance contract cannot be measured
reliably, the contract revenues are recognised only to
the extent that the incurred contract expenses are expected
to be met by the customer. An expected loss on a contract is
recognised in profit or loss as incurred.
Revenue from the sale of goods is recognised when persuasive
evidence exists that the significant risks and rewards
of owning the goods have been transferred to the buyer. For
sales of the company’s products, transfer normally occurs
once the product is received at the customer’s warehouse or
installation.
Maintenance contracts
Most of the Group’s turnover is associated with long-term
maintenance contracts. As a general rule, these contracts
are agreed with a fixed price per unit (unit price contracts) or
a fixed price per hour, and variations thereof. What constitutes
a unit varies from contract to contract, but it may be a
square metre of surface treatment, for example.
At the end of each billing period, the Group reports to the customer
the number of hours and/or number of units completed
in the period. The former is based on the recorded and approved
number of hours, while the latter is based on physical progress
recorded by a detailed inspection. The customer reviews the
supporting documentation and issues a payment certificate to
the Group. On the basis of the payment certificate, the Group
recognises the revenue for the period as income and bills the
customer. By having the customer review the documentation
of work completed and issue a payment certificate, the revenue
has the prior approval of the customer.
Delivery of materials
In some contracts, the delivery of materials is incorporated
in the fixed hourly price or the fixed unit price. In other
cases, the delivery of materials is billed separately. The delivery
of materials is recognised as income when the materials
have been put into use on a project or transferred to the
customer in some other way.
Other revenues
On smaller projects, the work carried out in the period is
billed and recognised as income based on work completed or,
as a general rule, based on approved timesheets, but without
the customer issuing a payment certificate in advance. Some
smaller projects are also billed and recognised as income
upon completion of the project. These types of projects will
rarely stretch over multiple reporting periods. Letting of
scaffolding and other equipment is invoiced and recognized
as income in the period it has been let.
40
Beerenberg CORP. AS Group group accounts 2012

Accrued, unbilled contract revenues
Accrued, unbilled contract revenues represent the value of
completed contract work less payment from the customer.
The value of completed contract work is measured at cost
plus accrued net profit to date. Payment from customers is
offset in the statement of financial position against contract
work in progress. Received customer advances in excess of
the amount allocated to inventories are classed as current
liabilities.
Expense recognition / matching
Expenses are matched with and recognised alongside the revenues
to which they can be allocated. Expenses that cannot be
allocated directly to revenue are recognised as incurred. All
expenses linked to the restructuring or discontinuation of an
operation are recognised at the time the decision is made.
Government grants
The company receives various types of government grants
in relation to its research and development activities. These
may be funding through the SkatteFUNN scheme or other
grants. Such grants, whereby the company is compensated for
expenses incurred, are systematically recognised in profit or
loss over the period that the expenses are recognised. Grants
that compensate the Group for the cost of an asset are recognised
in profit or loss over the useful life of the asset.
Finance income and finance costs
Finance income comprises interest income on funds invested
during the year. Finance costs comprise interest costs
incurred during the year.
Foreign currency gains and losses are reported on a net basis.
Income tax and deferred tax
Income tax expenses comprise current and deferred tax. Tax is
recognised in profit or loss, except when it relates to items taken
to other income and expenses or directly to equity, or are linked
to business combinations. If this is the case, the tax is also taken
to other income and expenses or directly to equity.
Tax payable for the period is calculated in accordance with
tax laws and rules that have been enacted, or substantially
enacted, by the tax authorities at the end of the reporting
period. Taxable income is calculated on the basis of the
legislation in the countries in which the Group’s subsidiaries
operate and generate taxable income.
Using the liability method, deferred tax is calculated on all
temporary differences between the tax value and consolidated
accounting value of assets and liabilities. The following
temporary differences are not taken into account:
▪▪
Goodwill that is not tax deductible
▪▪
Initial recognition of assets or liabilities that affects
neither accounting nor taxable profit or loss
▪▪
Differences relating to investments in subsidiaries that
are not likely to reverse in the near future
Deferred tax is calculated using tax rates and tax legislation
that have been enacted, or substantially enacted, at the end
of the reporting period.
Deferred tax assets are recognised to the extent that it is probable
that future taxable income will be generated against which
the deductible temporary differences can be realised.
Deferred tax assets and deferred tax liabilities are offset if
there is a legally enforceable right to offset them.
Estimates and judgements
Estimates and judgements are reviewed on an ongoing basis
and are based on historical information and other factors,
including assumptions and future events that are deemed
likely under the current circumstances.
Estimates/assumptions
The Group produces estimates and makes judgements/
assumptions about the future. The resulting accounting
estimates will rarely correspond fully to the final outcome.
Estimates and assumptions that entail a significant risk of
substantial changes in the carrying amounts of assets and
liabilities during the next accounting year are:
i) Tangible non-current assets – Depreciation and
potential write-downs of equipment are based on assumptions
concerning periods of use, residual value, expected
revenues and interest rate levels. A negative change in the
basic assumptions could lead to higher depreciation than
previously and potentially to a write-down of the assets.
ii) Revenue recognition - As described in recognized sale
of services for under IAS 18 Revenue. This includes income
recognition according to the percentage of completion of
physical progress in the service delivery, which in some
cases lead to use of estimates.
The most significant source of uncertainty in respect of
contract revenues relates to the estimation of supplementary
work, additional requirements and bonus payments
that are recognised as income to the extent that the Group
finds it probable that they will result in additional revenue
and that reliable estimates can be made. For many projects,
there may be substantial changes to the agreed scope of
work that may lead to a number of variations in contract
Beerenberg CORP. AS Group group accounts 2012
41

Note 3 | Accounting principles
work. It is normal for contracts to contain provisions for
how such changes should be handled. At any given time
there will be unapproved variations in contract work and
requirements included in the contract revenues. Although
the management has extensive experience in assessing the
outcome of such negotiations, there will always be an element
of uncertainty.
The cost of completion depends on both productivity factors
and salary levels. Factors that may substantially affect
cost estimates, requirements and variations in contract
work include weather conditions, access to work sites, the
price of raw materials and other circumstances that may
have an effect on time use.
Revenue recognition of contracts with mobilisation and
demobilisation costs requires assumptions to be made
about the duration of the contract, including potential extension
options, in order to allocate expenses and revenues
from the mobilisation/demobilisation period over the
delivery period. Changes in the delivery period may result
in adjustments being made to the accrued amount.
iii) Income tax – On some projects, the company will
operate outside Norway and must then comply with local
legislation. On operations taking place abroad, the company
will primarily operate as a sub-contractor to a customer
with an established business in the country in question and
will normally not incur any tax liabilities, as these will be
assumed by the customer. Tax incurred in a third country
will in some cases be income tax and in other cases operating
expenses. An assessment of potential tax liabilities has
been made, with the conclusion that the Group has no latent
overseas tax liabilities as at 31.12.2012.
Capitalised tax assets usually arise as a result of loss
carryforwards that can be used to reduce income tax on
future profits. Recognition of such assets is based on having
sufficient basis for assuming that such future profits
will be available against which the loss carryforwards
can be utilised. When the final outcome deviates from the
original provision, the deviation will affect the tax payable
and the provision for deferred tax in the period that the
outcome becomes clear. Specific information about the
Group’s tax situation can be found in Note 10 Tax.
General assessments have been carried out of potential
tax liabilities, but to date they have not resulted in any
income tax being paid or provided for. Such assessments
may be challenged and lead to tax being paid. The company
normally hedges its contracts with customers so that
the customer assumes the tax risk. However, there may be
elements of uncertainty in relation to the extent of any tax
refund and the cost of processing any tax claims.
iv) Pensions – The present value of pension obligations
is based on a number of assumptions and depends on a
number of factors determined on an actuarial basis. The
assumptions used to determine the net pension cost include
economic factors such as the discount rate, expected
future wage inflation, inflation and the return on plan assets
as well as demographic factors such as life expectancy,
disability, early retirement and voluntary retirement.
Any change in the assumptions will affect the estimated
pension obligations. Changes in the estimated pension
obligations will affect the accounting figures gradually
over a relatively long period in that the amended figure is
amortised over a number of years. For further information
see Note 20 Employee benefits – pensions.
v) Warranties – The warranty period is normally two years.
At the end of a project, a provision is usually made to meet
any warranty claims and complaints. It is normal for such
provisions to be one per cent of the contract value, but a
larger or smaller provision may be made depending on the
specific assessment of individual projects. Experience from
previous projects provides the best basis for making both
general and specific warranty provisions.
vi) Goodwill – In accordance with the accounting principles,
the Group performs tests annually, or more frequently
if necessary, to determine whether goodwill recognised
in the statement of financial position should be written
down. The estimated recoverable amount is calculated
on the basis of the present value of budgeted cash flows
for the cash-generating unit. The calculations require
the use of estimates and that they are consistent with the
market valuation of the Group. Specific information about
goodwill and the testing of carrying amounts is provided
in Note 12 Intangible assets.
vi) Research and development – In accordance with the
accounting principles, the Group performs tests annually,
or more frequently if necessary, to determine whether
recognised research and development should be written
down. The estimated recoverable amount is calculated
on the basis of the present value of budgeted cash flows
for the cash-generating unit. The calculations require
the use of estimates and that they are consistent with the
market valuation of the Group. Specific information about
research and development and the testing of recognised
amounts is provided in Note 12 Intangible assets.
Segment reporting
Operating segments are reported in the same way as internal
reporting to the company’s chief operating decision makers.
The company’s chief operating decision makers, who
are responsible for allocating resources to and assessing the
earnings of the operating segments, are defined as the Group
management team.
42
Beerenberg CORP. AS Group group accounts 2012

An operating segment is a component of a company that engages
in business activities from which it earns revenues and
incurs expenses, including operating revenues and expenses
related to transactions with other components of the company.
The operating profit or loss of an operating segment is
reviewed regularly by the Group management team to assess
the need for allocating resources and to assess the operating
segment’s performance. Separate financial information is
provided about the segment.
Results from operating segments reported to the Group’s
management team include items that are directly attributable
to the segment along with items that can reasonably be
allocated to the segment.
Events after the reporting period
New information after the reporting period about the company’s
financial position at the end of the reporting period
has been taken into account in the financial statements.
Events after the reporting period that do not affect the company’s
financial position at the end of the reporting period
but that will affect the company’s financial position in the
future are disclosed if they are significant.
Refer to note 29 for events after the reporting period.
Changes to IFRS and to IFRIC
interpretations yet to be implemented
At the time of the approval of the consolidated financial
statements, the following standards and interpretations
had been published but not entered into force. They have
not been adopted when preparing the consolidated financial
statements. The Group expects to apply the changes
from the date when they become effective. Changes in the
financial statements as a result of changes to the standards
described below are considered to be insignificant, or not
known at this time.
Standard Summary of changes EU Endorsement status
Presentation of Items of
Other Comprehensive
Income – Amendments
to IAS 1
Transition guidance:
Amendments to IFRS
10, IFRS 11 and IFRS 12
Annual Improvements
to IFRSs – 2009-2011
Cycle
IFRS 10 Consolidated
Financial Statements
The amendments require that an entity present separately the items of OCI that may be reclassified
to profit or loss in the future from those that would never be reclassified to profit or loss.
They also preserve the existing option to present the profit or loss and other comprehensive income in
two statements.
The amendments simplify the transition to these new standards and provide additional relief from
disclosures.
For entities that present one year of comparatives, the amendments:
• simplify the transition process by requiring the consolidation conclusion to be tested at the start of
the year in which IFRS 10 is adopted;
• remove the requirement to disclose the impact of the change in accounting policy for the year in
which the standards are adopted; and
• require disclosures in respect of unconsolidated structured entities be provided only
prospectively.
For entities that provide additional comparatives on a voluntary basis, only the period immediately
preceding the year of adoption of the standards needs to be restated.
This cycle of improvements contains amendments to;
• IFRS 1 First-time adoption of IFRSs – repeated application of IFRS 1 and borrowing cost
exemption
• IAS 1 Presentation of financial statements – comparative information beyond minimum
requirements and presentation of the opening statement of financial position and related notes
• IAS 16 Property, plant and equipment – classification of servicing equipment
• IAS 32 Financial instruments: presentation – income tax consequences of distributions
• IAS 34 Interim financial reporting – segment assets and liabilities
Part of a new suite of standards on consolidation and related standards, replacing the existing
accounting for subsidiaries and joint ventures (now joint arrangements), and making limited
amendments in relation to associates.
IFRS 10 supersedes IAS 27 Consolidated and Separate Financial Statements and SIC-12
Consolidation - Special Purpose Entities. It provides a single model to be applied in the control
analysis for all investees, including entities that currently are SPEs in the scope of SIC-12. An investor
controls an investee when:
• it is exposed or has rights to variable returns from its involvement with that investee;
• it has the ability to affect those returns through its power over that investee; and
• there is a link between power and returns.
IAS 27 (2011) carries forward the existing accounting and disclosure requirements of IAS 27 (2008)
for separate financial statements, with some minor clarifications. The requirements of IAS 28 (2008)
and IAS 31 for separate financial statements have been incorporated into IAS 27 (2011).
Endorsed (5 June 2012).
Not yet endorsed for use in the EU:
expected effective date 1 January
2014.
IASB effective date 1 January 2013
Not yet endorsed.
IASB effective date 1 January 2013
Not yet endorsed for use in the EU:
expected effective date 1 January
2014.
IASB effective date 1 January
2013.
To be adopted as part of suite of
standards (IFRSs 10 to 12)
Beerenberg CORP. AS Group group accounts 2012
43

Note 3 | Accounting principles
Standard Summary of changes EU Endorsement status
IFRS 11 Joint
Arrangements
IFRS 12 Disclosure
of Interests in Other
Entities
IFRS 13 Fair Value
Measurement
IAS 27 Separate
Financial Statements
(2011)
IAS 28 Investments in
Associates and Joint
Ventures (2011)
Defined Benefit Plans –
Amendments to IAS 19
Disclosures – Offsetting
Financial Assets and
Financial Liabilities –
Amendments to IFRS 7
Offsetting Financial
Assets and Financial
Liabilities –
Amendments to IAS 32
Part of a new suite of standards on consolidation and related standards, replacing the existing
accounting for subsidiaries and joint ventures (now joint arrangements), and making limited
amendments in relation to associates.
All parties to a joint arrangement are within the scope of IFRS 11. IFRS 11:
• carves out from IAS 31, those cases in which there is a separate vehicle but that separation is
overcome by form, contract or other facts and circumstances.
removes the choice of equity or proportionate accounting for JCEs (as was under IAS 31)
Part of a new suite of standards on consolidation and related standards, replacing the existing
accounting for subsidiaries and joint ventures (now joint arrangements), and making limited
amendments in relation to associates.
• Contains the disclosure requirements for entities that have interests in subsidiaries, joint
arrangements (i.e. joint operations or joint ventures), associates and/or unconsolidated structured
entities.
New standard to replace existing guidance on fair value measurement in different IFRSs with a
single definition of fair value, a framework for measuring fair values and disclosures about fair value
measurements.
Standard applies to assets, liabilities and an entity’s own equity instruments that, under other IFRSs,
are required or permitted to be measured at fair value or when disclosure of fair value is provided.
Fair value defined as the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date, i.e. an exit price.
IAS 27 (2011) carries forward the existing accounting and disclosure requirements of IAS 27 (2008)
for separate financial statements, with some minor clarifications. The requirements of IAS 28 (2008)
and IAS 31 for separate financial statements have been incorporated into IAS 27 (2011).
IAS 28 (2011) amends IAS 28 (2008) as follows:
• Associates and joint ventures held for sale - IFRS 5 applies to an investment, or a portion of an
investment, in an associate or a joint venture that meets the criteria to be classified as held for
sale. For any retained portion of the investment not classified as held for sale, the equity method is
applied until disposal of the portion held for sale. After disposal, any retained interest is accounted
for using the equity method if the retained interest continues to be an associate or a joint venture.
• Changes in interests held in associates and joint ventures - IAS 28 (2011) does not require
remeasurement of the retained interest in the investment upon cessation of significant influence
or joint control. Previously, IAS 28 (2008) and IAS 31 would have required remeasurement of any
retained interest in all cases, even if significant influence was succeeded by joint control.
The amendments require immediate recognition of actuarial gains and losses in other comprehensive
income and eliminate the corridor method.
• The principal amendment that will affect most entities with a defined benefit plan is the
requirement to calculate net interest income or expense using the discount rate used to measure
the defined benefit obligation.
For financial assets and financial liabilities within the scope of the common disclosures, an entity is
required to disclose separately:
a) the gross amounts;
b) the amounts offset in accordance with the offsetting criteria in IAS 32;
c) the net amounts presented in the statement of financial position – i.e. the difference between (a)
and (b).These amounts should be reconciled to the line item amounts presented in the statement of
financial position;
d) the amounts subject to enforceable master netting arrangements or similar agreements that do not
qualify for offsetting under IAS 32, including:
i. amounts related to recognised financial assets and financial liabilities that do not meet the
offsetting criteria; and
ii. amounts related to financial collateral.
The disclosures include a description of the types and nature of the rights under those arrangements; and
e) the net amount after deducting the amounts in (d) from those in (c).
The amendments clarify the offsetting criteria, specifically:
• when an entity currently has a legal right of set off; and
• when gross settlement is equivalent to net settlement.
An entity ‘currently has a legally enforceable right of set-off’ if the right is:
• not contingent on a future event; and
• enforceable in both the normal course of business, and in the event of default, insolvency or
bankruptcy of the entity and all of the counterparties.
Gross settlement is equivalent to net settlement if and only if the gross settlement mechanism has
features that:
• eliminate or result in insignificant credit and liquidity risk; and
• process receivables and payables in a single settlement process or cycle.
Not yet endorsed for use in the EU:
expected effective date 1 January
2014.
IASB effective date 1 January
2013.
To be adopted as part of suite of
standards (IFRSs 10 to 12)
Not yet endorsed for use in the EU:
expected effective date 1 January
2014.
IASB effective date 1 January
2013.
To be adopted as part of suite of
standards (IFRSs 10 to 12)
Not yet endorsed.
IASB effective date 1 January 2013
Not yet endorsed for use in the EU:
expected effective date 1 January
2014.
IASB effective date 1 January 2013
Not yet endorsed for use in the EU:
expected effective date 1 January
2014.
IASB effective date 1 January 2013
Endorsed (5 June 2012).
Not yet endorsed.
IASB effective date 1 January 2013
Not yet endorsed.
IASB effective date 1 January
2014.
Early adoption permitted to allow
application of amendments at
same time as first applying IFRS
10.
44
Beerenberg CORP. AS Group group accounts 2012

Standard Summary of changes EU Endorsement status
IFRS 9 Financial
Instruments
First chapters of new standard on accounting for financial instruments which will replace IAS 39
Financial Instruments: Recognition and Measurement.
The standard contains two primary measurement categories for financial assets:
- amortised cost; and
- fair value.
Not yet endorsed.
IASB effective date 1 January 2015
Financial assets are classified into one of these categories on initial recognition.
A financial asset is measured at amortised cost if the following conditions are met:
- it is held within a business model whose objective is to hold assets in order to collect contractual
cash flows, and
- its contractual terms give rise on specified dates to cash flows that are solely payments of principal
and interest on the principal outstanding.
• All other financial assets are measured at fair value.
Statement of cash flows
The Group’s consolidated statement of cash flows shows the
Group’s total cash flows spread over operating, investing and
financing activities. The statement shows the effect of each
activity on the Group’s liquid assets.
Earnings per share
Basic earnings per share and diluted earnings per share are
presented for ordinary shares. Basic earnings per share are
calculated by dividing the profit or loss for the period attributable
to ordinary shareholders of the Group by the weighted
average number of ordinary shares outstanding during the
period, adjusted for own shares held. Diluted earnings per
share are determined by adjusting the profit or loss and the
weighted average number of ordinary shares outstanding,
adjusted for own shares held, for dilutive potential.
Determination of fair values
The Group’s accounting principles and note information
require the determination of fair value for both financial and
non-financial assets and liabilities. Fair values are determined
for measurement and/or disclosure purposes based
on the methods described below. If relevant, further information
about the assumptions made is disclosed in the notes
relating to the respective assets and liabilities.
Tangible non-current assets
The fair value of property, plant and equipment is recognised
at fair value if is part of a business combination. The
fair value of plant, equipment, fixtures and fittings is based
on the market approach and cost approaches using quoted
market prices for similar items when available and replacement
cost when appropriate.
Intangible assets
The fair value of customer relationships acquired in a business
combination is determined using the multi-period
excess earnings method. The value is established residually
by deducting a fair return on all other assets that together
with customer relationships generate the cash flows used in
the calculation.
The fair value of other intangible assets is based on the
discounted expected cash flows derived from the use and
subsequent sale of the assets.
Inventories
The fair value of inventories acquired in a business combination
is the estimated selling price in the ordinary course
of business less the cost of completion and sale, to include a
profit margin based on the effort required to complete and
sell the inventories.
Investments in shares and bonds
The fair value of financial assets at fair value through profit
or loss, investments held to maturity and available-for-sale
financial assets is set to the quoted market price at the end
of the reporting period. The fair value of held-to-maturity
investments is only provided for disclosure purposes.
Trade receivables and other receivables
The fair value of trade and other receivables is estimated
as the present value of future cash flows, discounted at the
market rate of interest at the end of the reporting period (the
reporting date).
Beerenberg CORP. AS Group group accounts 2012
45

Note 4
As a global supplier of oil services, the Group is exposed
to market risks (exchange rate risk and interest rate risk),
credit risk, inflation risk and liquidity risk.
The Group has established procedures and guidelines for setting
appropriate risk levels for its main risks and for monitoring
its risk exposure. The Group’s objectives for capital management
are to sustain the Group’s position as a going concern
in order to generate a return for shareholders, to be of benefit
to other interested parties, and to maintain an optimal capital
structure in order to reduce the cost of capital.
Risk management for the Group is undertaken centrally in accordance
with guidelines approved by the board of directors.
The Group identifies, measures, manages and reports financial
risks in collaboration with the various operating units.
Managing the capital structure involves actively monitoring
and adjusting the composition in accordance with changes in
financial and economic circumstances and in the risk linked
to underlying assets. In order to maintain the desired capital
structure, the Group may refinance debts, buy or issue new
shares or debt instruments, or it may sell assets.
The Group continuously monitors counterparties in order to
reduce risk relating to financing, investing excess liquidity,
bank balances from operations and derivatives. The Group’s
guidelines impose limitations on exposure to individual
counterparties and contain procedures for identifying risk
factors when they occur.
The board produces written principles for the overarching
risk management policy and issues written guidelines for
specific areas such as exchange rate risk, interest rate risk,
credit risk, the use of financial derivatives and other financial
instruments and for investing excess liquidity.
Market risk
Exchange rate risk
The Group predominantly operates in Norway, but some of
its activities are international and thus exposed to exchange
rate risks in several currencies. This risk is particularly
relevant in relation to USD and EUR. Exchange rate risks
emerge from current and future assignments and from
recognised assets. The Group is exposed to exchange rate
fluctuations because some of the Group’s revenue is in USD
and EUR, while its functional currency is NOK. Costs are
incurred in various currencies: NOK, USD and EUR. Only
one company in the Group uses a functional currency other
than NOK: Beerenberg Inc. (USD).
The management has drawn up guidelines instructing the
Group entities to manage exchange rate risk relating to
the entities’ functional currencies. The Group entities are
obliged to clear all significant exchange rate risks with the
Group centrally. In order to manage the exchange rate risk
arising from future commercial transactions and recognised
assets and liabilities, the Group normally uses forward
exchange contracts with its bank as hedging against all
substantial, committed and expected cash flows.
In 2012 the parent company used NOK as its functional
currency. An assessment is made annually as to what is the
actual functional currency of each entity in the Group.
The company has relatively insignificant investments in
overseas subsidiaries where net assets are exposed to exchange
rate risks upon translation.
Sensitivity analyzes related to exchange rate fluctuations is
described in note 13
Price risk
The Group is indirectly exposed to risks relating to oil prices
in that the price of the company’s services over time will
normally have some correlation with changes in oil prices.
The Group has not invested in listed or unlisted shares.
Cash flows and fair value interest rate risk
Variable rate loans pose an interest rate risk to the Group’s
cash flows. The Group is exposed to interest rate risks relating
to debts, including financial leasing. The weighted average
effective rate of interest in relation to variable rate debt,
including financial leasing, was 6.6 % as at 31 December 2012
(2011: 8,1 %). Since the Group does not own any significant
interest-bearing assets, the Group’s profit/loss and cash
flows from operations are predominantly independent of
changes in market interest rates.
Interest rate risks are continually reviewed by looking at
potential refinancing, renewal of existing contracts, alternative
financing and hedging. Please see the note on loans. The
Groups calculation of interest on contracts is entirely linked
to liabilities.
If interest rates had been 1% (percentage point) higher/lower
on loans in NOK as at 31 December 2012 and all other variables
were constant, this would have resulted in a reduction/
increase in profit/loss after tax of NOK 0.7 million in 2012.
Equity would have been similarly affected.
46
Beerenberg CORP. AS Group group accounts 2012

Financial risk management
This is due to higher/lower interest costs on variable rate
loans.
Credit risk
Credit risks are assessed at Group level. The Group’s financial
assets that are exposed to credit risks are predominantly
trade receivables. Trade receivables mostly concern multinational
oil companies and independent oil and gas companies,
including companies that are wholly or partially owned
by foreign governments. The Group has also taken out credit
insurance for all customers that are not oil companies. The
Group handles its exposure to credit risk by carrying out
continual credit checks of customers, and it makes provisions
for losses on doubtful accounts.
Routines are incorporated to ensure that sales are only made
to customers with satisfactory credit worthiness. The provisions
made for losses on doubtful accounts are based on the
management’s best estimate of probable losses on outstanding
balances from customers and take into account a number
of factors, primarily receivables aging reports, past experience,
customer concentration, the customer’s financial
strength and reputation.
If an independent credit rating of a customer is available,
it will be used when determining a credit limit. If no independent
assessment of the customer’s credit worthiness is
available, an assessment is carried out on the basis of the
customer’s financial position, history and other factors as
appropriate. Individual limits for risk exposure are set on
the basis of internal and external assessments of credit
worthiness and of guidelines provided by the board of directors.
Our customers are predominantly large international
oil companies or government-owned oil companies. Such
companies generally have very good credit ratings.
The Group has routines in place for applying credit limits,
and the routines are reviewed regularly.
No credit limit was exceeded during the period, and the
management does not expect to incur any losses in relation
to non-payment of accounts receivable.
The Group and Beerenberg Corp. AS have not provided any
warranties that pose a significant risk.
Beerenberg Corp. AS is jointly and severally liable for the
parent company Beerenberg Holding AS’ debts to Fokus
Bank.
Liquidity risk
The Group is exposed to liquidity risks relating to the repayment
of debts and payments to suppliers. Cash flow forecasts
are created for each operating unit within the Group and
aggregated at Group level. Rolling forecasts for the Group’s
liquidity requirements are monitored centrally to ensure
that the Group has sufficient cash equivalents to meet
operating-related liabilities at all times. Such forecasts take
into account the Group’s planned loans, compliance with
borrowing terms and compliance with internal targets for
reporting figures.
Excess cash at the Group entities beyond that which constitutes
necessary working capital is transferred to the Group’s
finance function. The Group’s finance function invests excess
cash in interest-bearing cash deposit accounts, choosing
instruments with appropriate maturity dates and liquidity
in order to obtain sufficient flexibility as determined by the
above-mentioned forecasts. On the reporting date, the Group
had bank deposits of NOK 26.5 million plus an unused overdraft
of NOK 90 million, designed to meet the liquidity risk.
Note 13 shows the Group’s interest-bearing financial liabilities
classed according to maturity structure. Classification is carried
out according to the due date stated in the contract. The
amounts in the table are undiscounted contractual cash flows.
Risk relating to capital management
The Group’s objectives for capital management are to sustain
the Group’s position as a going concern in order to generate
a return for its owners and other interested parties and
to maintain an optimal capital structure in order to reduce
the cost of capital.
In order to improve its capital structure, the Group can
adjust the level of dividends paid to shareholders, issue new
shares, or sell assets to repay loans.
Just like other Groups in this sector, the Group monitors its
management of capital on the basis of the level of gearing in
the Group. The level of gearing is calculated by dividing net
interest-bearing debts by 12 months’ rolling EBITDA (earnings
before tax, interest, depreciation and amortisation).
EBITDA is calculated on the basis of operating profit or loss
less depreciation and amortisation, while net interest-bearing
debts are calculated on the basis of total interest-bearing
debts less bank deposits and cash equivalents.
Beerenberg CORP. AS Group group accounts 2012
47

Note 5
(Amounts in NOK 1,000)
According to IFRS 8.2, the Group is not obliged to disclose
segment information in accordance with IFRS 8 Operating
Segments. This note indicates information partially coinciding
with the mandatory disclosure requirements in IFRS 8,
but can not be read as full segment information in accordance
with IFRS 8.
In internal reporrting segments are grouped according to
three dimensions: Goods and service, enterprise areas and
geographic dimension. CEO (the chief operating decision
maker) and Group Management evaluates on a monthly
basis the operational and financial results of the segments.
The presented financial data is consistent with the financial
information used internally by executive management to
lead the business, to make strategic decisions and to allocate
resources.
Goods and services
Goods and services provided is divided into two segments.
These are ISS and BC. The ISS segment consists of traditional
insulation services, scaffolding and surface treatment.
The BC segment consists of services and products, including
more complex services which require greater expertise.
The Services includes the Benarx insulation product series
(in-house developed), cutting and removal, rope access techniques,
subsea isolation and Sveisolat / Habitat services.
ISS BC Consolidated
2012 2011 2012 2011 2012 2011
Sales revenue 1 009 058 1 068 215 427 236 349 386 1 436 294 1 417 601
Operating expenses 852 264 926 550 310 592 262 396 1 162 856 1 188 949
Gross profit 156 795 141 665 116 644 86 990 273 439 228 655
Admin & project support 100 732 100 732
EBITDA * 172 707 127 924
*) Operating profit/loss before depreciation and amortisation
Enterprise areas
The enterprise areas are identified based on the reports
that management uses when the companies’ results and
profitability are assessed at a strategic level. The Group is
organized into four enterprise areas: North West, North Sea,
Innovation & Technology Export and Subsea & Technology
Export. North West are contracts and projects managed
from the head office in Bergen, North Sea are contracts and
projects managed from the Stavanger office. Innovation
& Technolgoy Export and Subsea Technology & Export is
mainly export sales of proprietary technologies and services,
where the latter business area is the Subsea part of the
export focus.
North West
North Sea
Innovation &
Technology Export
Subsea &
Technology Export
2012 2011 2012 2011 2012 2011 2012 2011
Sales Revenue 810 093 967 103 539 471 395 455 29 086 36 216 57 644 18 827
Operating expenses 659 217 827 990 432 791 315 616 33 568 30 528 37 280 14 812
Gross Profit 150 876 139 113 106 680 79 839 (4 482) 5 688 20 364 4 015
48
Beerenberg CORP. AS Group group accounts 2012

Internal Segment reporting
Geographic
The turnover is also measured according to wheter it is earned in Norway/on the Norwegian Continental Shelf (NCS) or
internationally (ICS)
NCS ICS Consolidated
2012 2011 2012 2011 2012 2011
Total revenue 1 371 314 1 378 301 64 980 39 300 1 436 294 1 417 601
Reconciliation of profit/loss after financial items to profit/loss before tax: 2012 2011
EBITDA for reportable segments 172 707 127 924
Depreciation 42 402 35 049
Net finance costs -4 231 -4 724
Profit/loss before tax 126 074 88 150
Revenue from customers who make up more than 10% of total turnover:
Revenues from one customer amounted to 710,000 (2011: 700,000)
Revenues from one other customer amounts to 490,000 (2011: 362,000)
Note 6
Operating revenues
(Amounts in NOK 1,000)
The Group’s revenues are classified according to IAS 18 as
sales of goods and services, including rental of equipment
related to maintenance contracts. In accordance with IAS
18.21 the percentage of completion method is applied and
revenue is recognized in the periods in which services are
provided. IAS 18.21 also refers to IAS 11. IAS 11 requires
that revenue are recognized on this basis, and the requirements
of IAS 11 are applied to the recognition of
revenue and the associated costs of transactions involving
services.
2012 2011
Revenues from services 1 157 209 1 145 735
Revenues from sale of goods 139 769 144 620
Revenues from hiring of equipment 139 317 127 246
Total operating revenue 1 436 294 1 417 601
Beerenberg CORP. AS Group group accounts 2012
49

Note 7
Other operating costs
(Amounts in NOK 1,000)
Beerenberg Corp.’s other operating costs total 213,519
(243,688 in 2011).
70–80% of these costs are project costs.
Other costs are costs relating to premises and associated
costs, IT, insurance premiums, contingents, marketing and
patent costs.
2012 2011
Project costs 147 076 176 060
Consultancy fees 20 552 20 093
Facilities 26 574 25 309
IT 9 760 8 053
Other 1 958 744
Insurance 2 153 8 744
Membership fees 1 613 2 142
Market 2 321 1 681
Patents 1 513 841
Total other operating costs 213 519 243 668
Auditor’s fee 2012 2011
Statutory auditing 818 1 208
Other certification services 121 102
Tax advice 8 220
Other non-audit services 85 414
Total 1 031 1 944
The sums stated are exclusive of VAT.
50
Beerenberg CORP. AS Group group accounts 2012

Note 8
Personnel costs
(Amounts in NOK 1,000)
Personnel costs 2012 2011
Salaries incl. holiday pay 658 202 598 912
National Insurance contributions 98 513 88 737
Pensions 20 290 16 436
Contract personnel 177 354 246 023
Other employee benefits 14 388 19 804
968 748 969 912
Number of FTEs 1 487 1 569
Directors’ fees 2012 2011
Chairman Knut Holli 250 250
Board member Geir Sandvik 160 150
Board members elected by employees 110 95
520 495
Note 9
Finance income and finance costs
(Amounts in NOK 1,000)
Finance income and finance costs 2012 2011
Interest income on intraGroup loans 6 072 5 794
Interest income from other sources 940 212
Foreign exchange gains, realised 1 718 336
Foreign exchange gains, unrealised (138) 81
Finance income 8 592 6 422
Bank interest costs 4 515 3 670
Leasing interest costs 1 080 1 417
Interests from vendors and other interest costs 3 451 5 761
Foreign exchange losses, realised 2 439 2 775
Foreign exchange losses, unrealised 1 338 (2 477)
Finance costs 12 823 11 146
Net finance costs recognised in income statement (4 231) (4 724)
Beerenberg CORP. AS Group group accounts 2012
51

Note 10
Tax
(Amounts in NOK 1,000)
01.01 - 31.12
2012 2011
Ordinary result before tax 126 074 88 150
Permanent differences 505 860
Changes to interim differences -3 445 -10 774
Basis for tax payable 123 134 78 236
Tax payable on the result for the year 34 478 21 906
Tax payable on the result of the year 34 478 21 906
Corrections to the previous year 6 087
Gross changes deferred tax 2 347 3 005
Total tax for the year 36 825 30 999
31.12.2012 31.12.2011
Tax payable on the balance sheet has been calculated as follows
Tax payable on the result for the year 34 478 21 906
Tax payable for earlier periods, non-assessed 891 0
Total tax payable 35 369 21 866
Spesification of the basis for deferred tax/deferred tax concessions:
Additions through business combinations 14 838 18 399
Fixed assets 59 123 51 640
Current assets -602 -600
Liabilities -14 907 -19 368
Loss brought forward in foreign subsidaries -16 821 -11 884
Total 41 632 38 187
Differences that are not included in the calculation of deferred tax 16 821 11 884
Total basis for deferred tax 58 452 50 071
Deferred tax obligations 16 367 14 020
Explanation as to why the tax for the year does not amount to 28 % of the result before tax
28 % of the result before tax 35 301 24 682
Permanent differences (28%) 141 241
Errors in previous years 0 6 087
Changes to deferred tax profit brought forward in foreign subsidiaries 1 382 -13
Calculated tax 36 825 30 998
Proposed Group Contribution to Beerenberg Holding
amounting to 48.037 is not recognized since this is to be
approved in 2013. As Group contribution with tax effect is approved
and paid, this results in a reduction of tax payable.
If the proposed Group contribution is approved on the
General Assembly, this will result in a reduction of basis
for tax payable of 48.037, and a reduction of tax payable of
13.450.
52
Beerenberg CORP. AS Group group accounts 2012

Note 11
Property, plant and equipment
(Amounts in NOK 1,000)
Vehicles
Production
equipment
Telecoms & IT
Buildings, barracks
and halls TOTAL 2012
Acquisition cost 01.01 14 363 269 511 10 231 37 256 331 360
Acquisitions of non-current assets 557 21 321 1 228 9 703 32 809
Disposals (948) (408) - - (1 356)
Discarded assets/adjustment - - - - -
Acquisition cost 31.12 13 972 290 424 11 458 46 959 362 813
Accumulated depreciation 01.01 12 609 105 589 7 224 20 019 145 442
Depreciation for the year 1 524 23 868 973 4 973 31 338
Write-downs for the year - - - - -
Disposals – accumulated depreciation (916) (280) - - (1 197)
Discarded assets/adjustment - - - - -
Accumulated depreciation 31.12 13 217 129 177 8 197 24 992 175 584
Capitalised value 31.12 755 161 247 3 261 21 966 187 229
Economic useful life 5–7 years 5–10–15 years 3 years 10 years
Depreciation schedule Straight-line Straight-line Straight-line Straight-line
Vehicles
Production
equipment
Telecoms & IT
Buildings, barracks
and halls TOTAL 2011
Acquisition cost 01.01 14 388 229 669 7 054 36 366 287 477
Acquisitions of non-current assets 59 42 200 3 176 1 386 46 821
Discarded assets/adjustment (84) (2 358) - (513) (2 955)
Disposals - - - 17 17
Acquisition cost 31.12 14 363 269 511 10 231 37 256 331 360
Accumulated depreciation 01.01 10 628 86 236 6 137 15 934 118 935
Depreciation for the year 1 981 19 354 1 087 4 085 26 507
Write-downs for the year - - - - -
Disposals – accumulated depreciation - - - - -
Discarded assets/adjustment - - - - -
Accumulated depreciation 31.12 12 609 105 589 7 224 20 019 145 442
Capitalised value 31.12 1 754 163 922 3 006 17 237 185 918
Economic useful life 5–7 years 5–10–15 years 3 years 10 years
Depreciation schedule Straight-line Straight-line Straight-line Straight-line
The Group has entered into leasing agreements on a number
of non-current assets. Leasing agreements last for 5 years
and are treated as financial leasing. Leasing agreements are
generally entered into at a variable interest rate at 1 month
NIBOR + a margin of 1 - 2 %. No leasing agreements includes
buyout-options at the end of the leasing periods. However,
at the end of the leasing periods the Group can ask for an
offer to buy the equipment. This is generally given at a price
varying around 2 months leasing amounts. The Group will
normally utilize such offers.The present value of leased
material is 37,311, and relates mainly to scaffolding (28,083)
and a portable cabin (5,833). For reference the present value
of leased material as of 31.12.11 was 40,653, of which 30,667
was scaffolding, and 6,941 portable cabin.
The Group rents generators and a portable cabin complex
as well as office and production buildings and residential
property. These have not been capitalised as the associated
leasing agreements are not considered financial leasing according
to IFRS.
Beerenberg CORP. AS Group group accounts 2012
53

Note 12
(Amounts in NOK 1,000)
2 012
Prototype
GT Benarx Decom Patents
Software
3GS New
Operating
Model
Goodwill
Customer
contracts
Customer
relationships
Noncompete
clause
Acquisition cost 01.01 27 391 9 181 - 1 362 29 227 - 187 788 45 599 35 611 1 970 338 128
Acquisitions in-house R&D - - 868 3 227 - - - - - - 4 095
Acquisitions of non-current assets - - - - 2 234 5 477 - - - - 7 711
Disposals - - - - - - - - - - -
Acquisition cost 31.12 27 391 9 181 868 4 589 31 461 5 477 187 788 45 599 35 611 1 970 349 934
TOTAL
2012
Acc. amortisation 01.01 1 021 1 672 - - 7 778 - - 23 491 17 212 1 970 53 143
Acc. write-downs 01.01 - - - - - - - 22 108 - - 22 108
Amortisation for the year 893 657 0 275 5 679 - - - 3 561 - 11 064
Write-downs for the year - - - - - - - - - -
Disposals – acc. amortisation - - - - - - - - - - -
Accumulated amortisation 31.12 1 914 2 328 0 275 13 457 - - 23 491 20 773 1 970 64 207
Accumulated write-downs 31.12 - - - - - - - 22 108 - - 22 108
Capitalised value 31.12 25 477 6 852 868 4 314 18 004 5 477 187 788 0 14 838 0 263 618
Economic useful life 10 years 10 years 5 years 5 years 5 years 5 years 6 years 10 years 3 years
Amortisation schedule
Straight- Straightlinlinlinline
line
line
Straight-
Straight-
Straight-
Straight-
Straight-line Straight- Straightline
line
2 011
Prototype
GT Benarx Patents
Software
Goodwill
Customer
contracts
Customer
relationships
Noncompete
clause
Acquisition cost 01.01 27 687 9 181 - 21 422 187 788 45 599 35 611 1 970 329 258
Acquisitions in-house R&D -
Acquisitions of non-current assets -297 - 1 362 7 805 - - - - 8 870
Disposals - - - - - - - - -
Acquisition cost 31.12 27 391 9 181 1 362 29 227 187 788 45 599 35 611 1 970 338 128
TOTAL
2011
Accumulated amortisation 01.01 428 866 - 4 196 - 23 491 13 651 1 970 44 602
Accumulated write-downs 01.01 - - - - - 22 108 - - 22 108
Amortisation for the year 593 805 - 3 583 - - 3 561 - 8 542
Write-downs for the year -
Disposals – acc. amortisation - - - - - - - - -
Accumulated amortisation 31.12 1 021 1 672 - 7 778 - 23 491 17 212 1 970 53 143
Accumulated write-downs 31.12 - - - - - 22 108 - - 22 108
Capitalised value 31.12 26 370 7 509 1 362 21 449 187 788 0 18 399 0 262 877
Economic useful life 10 years 10 years 5 years 5 years 6 years 10 years 3 years
Amortisation schedule
Straight- Straightlinlinline
Straight-
Straight-
Straight-line Straight- Straightline
line
line
54
Beerenberg CORP. AS Group group accounts 2012

Intangible assets and Goodwill
The Beerenberg Corp. AS Group has recorded goodwill to
the amount of 187,788. This goodwill is primarily allocated
to the employees, corporate culture, know-how and synergies
that can be realised in connection with the acquisition
of and subsequent merger with Bjørge Norcoat AS. Stable operative
management is achieved through the active ownership
of key personnel in the acquired company. This will help
generate positive cash flows in the business areas acquired
by Beerenberg Corp. AS in March 2007. The company has
a good order portfolio and is developing technology that
will help the company develop vertically and horizontally
throughout the value chain, including by developing the
Ekofisk contract and increasing the volume of technologybased
services. Intangible assets are measured on the basis
that the asset will give future economic benefits, that the acquisition
cost is identifiable, and that it has a long useful life.
By exploiting existing synergies, the company will be able
to make use of the market opportunities they offer through
improved access to expert personnel.
On that basis and on the basis of estimated future revenues,
budgets, strategy documents etc. we can justify that acquired
goodwill will have a value in excess of the book value
based on budgets and strategy plans for the cash-generating
unit to which the goodwill has been allocated.
In accordance with IAS 36 it has in 2012 been performed test
for impairment. According to this standard the company
shall estimate recoverable amount, and compare this to
book values including Goodwill. The standards best definition
of recoverable amount is a binding agreement of sale
less deduction of transaction costs.
The Group has a book value of Goodwill distributed between
the two Cash-generating Units:
CGU Bergen/North West CGU - MNOK 0
CGU Stavanger/North Sea CGU - MNOK 187,8
The last test for impairment did not identify indications of
impairment. There are no events during the year resulting in
significant changes in the assumptions used in the prior period
test of recoverable amount. Previous period’s test of the
recoverable amount present a value that was significantly
higher than the book value, both overall and isolated for the
two CGU’s. The recoverable amount was in the prior period
test distributed approximately equal between the Group’s
two CGU’s.
There are no events in the period since the last impairment
test that makes the ratio change between the CGU Bergen
and Stavanger CGU in terms of expected future income.
Based on this, the Company has conducted an impairment
test on the basis of the transaction made ​by the shareholders
of the parent company Beerenberg Holding AS who have
entered into an agreement to sell their shares to Segulah
IV LP. The agreement between the parties is confidential,
but the valuation basis for the transaction exceeds the book
value of assets and liabilities of the Group, which underpins
that the fair value of the company is significantly higher than
the book value of the company, including goodwill.
The carrying value of intangible asset related to Prototype
GT is in-house developed cutting technology primarily designed
for the Decomissioning market in the Gulf of Mexico.
Due to delays in the start up of the project, the budgeted
revenue was not reached in 2012. Entering into 2013, a cooperation
agreement with a larger player in the business has
been signed, which leaves the Group with expectations to realize
the potential in this business area. However, since the
budget was not reached in 2012, an indicator of possible need
for impairment was identified. In connection with preparing
the annual accounts, a test for impairment was performed.
The conclusion of the test for impairment was that expected
cashflow justifies the book value of the intangbible asset
and related equipment. Budget and prognosis approved by
managment for the next 5 years was the basis for this test.
In this period expected EBIT-margin for this business area
ranges between -8 % in 2013 to approximately 14 %. A terminal
growth rate of 2,5 % and a required rate of return of 11,8
% is applied. The required rate of return is built up using the
WACC method (weighted average cost of capital). Applied assumptions
are: risk-free rate of 2 %, the company’s borrowing
margin above the risk free interest rate of 4 %, debt ratio
of apprx. 87 %, equity market premium of 5.0 %, an equity
beta of 1.15 and alpha-premium of 15,5 %, and a tax rate of 28
%. The sensitivity for the impairment test for 2012 are, if the
operating profit in the business area in coming years will be
reduced by 45 % compared to what is assumed in the budget
/ forecast, or if the required rate of return (currently 11,8 %)
is increased to more than 18 %, the Group would have to assess
impairment of part of this investment.
Beerenberg CORP. AS Group group accounts 2012
55

Note 13
(Amounts in NOK 1,000)
Exposure to credit risk
The capitalised value of financial assets represents maximum credit exposure.
Maximum exposure to credit risks on the reporting date was:
Capitalised value
Note 2012 2011
Trade receivables 148 048 234 031
Loan to parent company 27 102 349 153 297
Loans to employees 19 5 013 4 936
Advances to employees 1 280 6 781
Other receivables 18 534 9 450
Cash and cash equivalents 16 26 548 1 676
Total 301 771 410 172
Impairment losses
The age distribution of trade receivables as at 31.12 was as follows:
2012 2011
Gross Impairment Gross Impairment
Not overdue 119 973 183 486
0–30 days overdue 16 643 40 536
31–90 days overdue 4 863 3 373
More than 90 days overdue 7 172 602 8 068 1 431
Total 148 650 602 235 463 1 431
Change in provision account for impairment of trade receivables:
2012 2011
Opening balance 1 431 56
Reduced allowance for impairment -829 -
Recognised impairment loss - 1 375
Closing balance 602 1 431
Based on past experience, any trade receivables not yet overdue do not require a write-down for impairment losses to be
performed. 90%+ of the receivables relates to a few multinational oil companies with good payment history.
The allowance for impairment is reduced compared to 2011, as a larger claim that was considered to be unsecure at 31.12.11 is
paid in full during 2012.
56
Beerenberg CORP. AS Group group accounts 2012

Financial instruments
Liquidity risk
Contractual payments due in relation to financial commitments, including rent payments, are:
As at
31.12.12
Capitalised
value
Contractual
cash flows
6 months
or earlier
6–12
months 1–2 years 2–5 years
More than
5 years
Interest-bearing debts 62 270 62 270 3 063 2 820 5 379 51 007 41
Trade payables 102 926 102 926 102 926
Other current liabilities 118 914 118 914 118 914
Overdraft facility
Total 284 109 284 109 224 903 2 820 5 379 51 007 0
As at
31.12.11
Capitalised
value
Contractual
cash flows
6 months
or earlier
6–12
months 1–2 years 2–5 years
More than
5 years
Interest-bearing debts 69 251 69 251 3 611 3 611 5 641 56 347 41
Trade payables 141 183 141 183 141 183
Other current liabilities 154 112 154 112 154 112
Overdraft facility 75 974 75 974
Total 440 519 440 519 298 906 3 611 5 641 56 347 41
The cash flows described in the maturity analysis are not expected to occur at a significantly earlier date or with significantly
different amounts. Due to low interest rates and relatively short time horizon the cash flows are presented with nominal
amounts. Book value of leasing arrangements (19.027) is present value of leasing payments and included in interest bearing
debt. Nominal value (the sum of all future payments) amounts to 20.648.
Beerenberg CORP. AS Group group accounts 2012
57

Note 13 | Financial instruments (cont.)
(Amounts in NOK 1,000)
Exchange rate risk
31-12-12 31-12-11
Euro USD DKK MYR Euro USD DKK MYR
Cash and cash equivalents 109 5 204 - -
Trade receivables 203 53 1 315 490 983 183 2 486
Trade payables 67 179 -
Gross exposure 67 491 53 1 315 495 1 187 183 2 486
Average exchange rate
Spot exchange rate
Significant exchange rates during the year: 2012 2011 2012 2011
Euro 7,4744 7,7926 7,3410 7,7540
USD 5,8210 5,6070 5,5664 5,9927
DKK 1,0041 1,0459 0,9840 1,0430
MYR 1,8840 1,8297 1,8199 1,8887
An increase in NOK against the following currencies at the end of the year would have increased/(reduced) equity and profit
by the amounts given below. The analysis is based on changes in the exchange rate within a reasonably possible range. The
possible range is defined by the management at the end of the accounting year. The analysis assumes that other variables,
particularly interest rates, remain constant. The analysis was carried out on the same basis as in 2011.
Effect for 2012 Effect for 2011
Currency Change Equity Profit/loss Equity Profit/loss
EURO 10 % 36 36 276 276
USD 10 % 197 197 512 512
DKK 10 % 11 11
MYR 10 % 172 172 338 338
Total effect 405 405 1 138 1 138
A fall in NOK against the above-mentioned currencies as at 31 December would have given the same figures, but with the opposite
sign, once again assuming that other variables remain constant.
58
Beerenberg CORP. AS Group group accounts 2012

(Amounts in NOK 1,000)
Interest rate risk
At the end of the year, the interest rate profile for the Group’s interest-bearing financial instruments was as follows:
Capitalised value
2012 2011
Fixed rate instruments
Financial assets - -
Financial liabilities - -
Total - -
Variable rate instruments
Financial assets 102 349 153 297
Financial liabilities -62 270 -145 225
Total 40 079 8 072
Fair value and capitalised value
The fair value and capitalised value of financial assets and liabilities:
Note 31-12-12 31-12-11
Capitalised
value
Fair
value
Capitalised
value
Assets carried at amortised cost
Loans to employees 19 5 013 5 013 4 936 4 936
Trade receivables 15 148 048 148 048 234 031 234 031
Loan to parent company 102 349 102 349 153 297 153 297
Other receivables 19 814 19 814 16 231 16 231
Cash and cash equivalents 16 26 548 26 548 1 676 1 676
Total 301 771 301 771 410 171 410 171
Fair
value
Liabilities carried at amortised cost
Loans 32 62 270 62 270 69 251 69 251
Supplier liabilities 23 102 926 102 926 141 183 141 183
Overdraft facility 75 974 75 974
Other obligations 118 914 118 914 154 112 154 112
Total 284 109 284 109 440 520 440 520
The methods used to measure the fair value of financial instruments are described in the note on the Group’s accounting
principles.
Beerenberg CORP. AS Group group accounts 2012
59

Note 14
Goods
(Amounts in NOK 1,000)
2012 2011
Raw materials 32 561 27 046
Goods under production 2 110
Total Goods 34 671 27 046
As of 31.12.2012, there was no provision for obsolete
inventory. All goods are carried at cost, both as of
31.12.2012 and as of 31.12.11.
Note 15
Trade receivables and other receivables
(Amounts in NOK 1,000)
Trade receivables 2012 2011
Trade receivables at face value 148 650 235 463
Provision for losses on claims (602) (1 431)
148 048 234 031
Earned, Not invoiced contract revenues 127 269 104 085
275 317 338 116
Age distribution of trade receivables 2012 2011
Not overdue 119 973 183 486
0–30 days overdue 16 643 40 536
31–90 days overdue 4 863 3 373
More than 90 days overdue 7 172 8 068
148 650 235 463
From past experience, it has not been difficult to collect payment for the Group’s trade payables.
Other receivables 2012 2011
Advances to employees 1 280 12 798
Advances to suppliers 18 534 3 432
19 814 16 231
60
Beerenberg CORP. AS Group group accounts 2012

Note 16
Bank deposits and cash equivalents
(Amounts in NOK 1,000)
Bank deposits and cash equivalents 2012 2011
Bank deposits 26 548 1 676
26 548 1 676
Currency 2012 2011
Foreign Currency EUR 26 548 39
Foreign Currency USD 1 221 1 221
OVERDRAFT LIMIT
Beerenberg Corp AS has an overdraft limit of 90,000.
Deductions as at 31.12.2012 amounted to 0.
TAX WITHHOLDING GUARANTEE LIMIT
The Group has a guarantee limit for tax deducted at source
of 39,000 during the course of the year.
Note 17
Share capital and shareholder information
Share capital and shareholder information
The company’s share capital is 20,000 and is distributed as follows:
Share type
Number of
shares
Nominal value
NOK
(Amounts in NOK 1,000)
Ownership interest
Beerenberg Holding AS Class A shares 194 000 100,00 97,0 %
Beerenberg Holding AS Class B shares 6 000 100,00 3,0 %
Total number of shares 200 000 100,0 %
Beerenberg Corp. AS held no treasury shares at the end of the year. The number of shares remained stable throughout 2011
at 200,000. There is no difference between class A and B shares, and the share classes will be merged at the next ordinary
shareholders meeting.
2012 2011
Profit/loss for year 89 249 57 152
Number of shares on the reporting date 200 000 200 000
Average number of shares 200 000 200 000
Earnings per share 0,446 0, 286
Diluted earnings per share are identical as there is no dilutive effect.
Other information related to equity
Group contribution
Proposed Group contribution from Beerenberg Corp. AS
to the parent company Beerenberg Holding AS amounts to
48,037. This is not recognized in the financial statement as
this is not enacted at the Annual General Meeting.
Conversion reserve
This fund includes all foreign exchange differences related
to the conversion of financial statements from foreign
subsidiaries.
Note 18
Earnings per share
Basic earnings per share
Basic earnings per share are based on the profit/loss attributable to ordinary shares and on the weighted average number of
ordinary shares outstanding.
Beerenberg CORP. AS Group group accounts 2012
61

Note 19
Loans to key employees
(Amounts in NOK 1,000)
The Group has given refinancing loans to members of the company management.
Satisfactory security has been provided for the loans.
Loans to employees:
Name of employee
Total amount
Morten Walde, CEO 704
Other employees 4 308
Total 5 013
Loans to the above-mentioned employees are subject to the standard interest rate at all times. The loans have a term of 2 +
4 years, where the first two years are interest-only then are serial over 4 years with 48 equal monthly installments. The first
installment is due at September 10, 2014. The borrower may repay some or all of the loan regardless of this. If the borrower’s
employment in Beerenberg Group ceases, the loan repayment is due within 3 months after the end of the employment
relationship.
At the signature date of the financial statments for 2012, 3,813 of these loans were repaid. The remaining balance related to
the group other employees is therefore 1.200 at the end of March 2013.
Note 20
Pensions
Mandatory occupational pension
The company is obliged to operate an occupational pension
scheme in accordance with the Norwegian act on mandatory
occupational pensions. The company’s pension schemes
satisfy the provisions of this act.
Employee benefits – pensions
(Amounts in NOK 1,000)
Defined benefit pensions
In a pension reform in Norway in 2010, the old AFP-scheme
was discontinued and replaced with a new AFP-scheme. The
company is part of the old AFP scheme, which means that the
employees had a choice to take early retirement from the age
of 62. The scheme entitled members to defined future benefits
from the age of 62 to 67. These benefits depend primarily
on the number of years of service, salary upon reaching pension
age and the extent of the benefits paid by the Norwegian
National Insurance Scheme. The AFP scheme is defined as
an multi-company unfunded defined benefit scheme. The
pension obligation is calculated by an independent actuary.
No funds have been invested in the Group’s defined benefit
schemes since the schemes are unfunded schemes.
The following assumptions have been made when calculating
the obligation related to the ordinary defined benefit scheme.
Financial: 2012 2011
Discount rate 3,30 % 4,00 %
Expected return on plan assets 4,80 % 5,40 %
Salary adjustments 4,00 % 4,00 %
"G" adjustments / inflation 3,75 % 3,75 %
Pension adjustments 3,75 % 3,75 %
Demographic:
Mortality K2005/KU K2005/KU
62
Beerenberg CORP. AS Group group accounts 2012

Pension cost: 2012 2011
Current value of pension accruals for the year 0 598
Interest cost of pension obligation 84 212
Expected return on plan assets 0 0
Amortisation of actuarial (gain)/loss -65 -871
Recognised one-off effect as a result of discontinuation of scheme 0 0
Administration costs 0 0
Accrued National Insurance contributions 12 114
Net accrued pension cost of defined benefit scheme 31 54
One-off impact as a result of deficiency in the AFP scheme -1 620 -1 580
Cost of contribution-based scheme and other pension costs 21 715 16 714
Total pension cost 20 126 15 187
Pension obligation, unfunded schemes: 2012 2011
Estimated pension obligation 1 918 5 010
Estimated plan assets 0 0
Estimated obligation – AFP shortfall 5 218 6 838
Estimated net pension obligation 7 137 11 848
Unrecognised change in actuarial gain/(loss) 219 562
Net pension obligation 7 355 12 410
Accrued National Insurance contributions 270 706
Pension obligation 7 626 13 116
The actuarial assumptions are based on assumptions
generally applied in the insurance industry with regard
to demographic factors. Since the actuarial liabilities only
includes the AFP-scheme which is beeing wound up, changes
in assumptions will only result in insignificant effects. A
sensitivity analysis is performed by changing the discount
rate + 0.5 % and (-0.5 %). This results in a lower (higher) cost
and lower (higher) liability of approximately 11.
In February 2010 it was decided to wind up the AFP scheme,
and it was only possible to take early retirement under the old
scheme up until 31.12.2010. The gain from discontinuing the
scheme was recognised as revenue in 2010 and is presented as
a reduction in salary costs. One remaining provision concerns
the Group’s contribution for persons who took early retirement
under the old scheme. When dsicontinuing the old scheme, it
became clear that the scheme had a substantial undercoverage.
This undercoverage must be covered by the member companies
by way of continued payments of premiums for the next five
years. The company’s share of the undercoverage has been estimated,
and provisions have been made in the financial statements.
The Group’s share of this undercoverage was estimated
and accrued in the financial statements as of 31.12.2010 based
on an estimate of NOK 6,800 per employee. This provision is
per 31.12.2012 decreased by 2/5 as it is now only 3 years until
the old scheme is fully discontinued. This reduction is presented
as a negative amount of 1,620 in 2012 as a one-off impact
as a result of undercoverage in the AFP scheme. The Company’s
estimated remaining obligation related to the undercoverage in
the old AFP-scheme is 5,218 as of 31.12.12.
A new AFP scheme has been established to replace the old
AFP scheme. Unlike the old scheme, the new AFP scheme
is not an early retirement scheme but a scheme that pays a
lifelong supplement to ordinary pension benefits. Employees
may elect to join the new AFP scheme from the age of 62 while
continuing to work, and they will accrue additional benefits by
continuing to work until the age of 67. The new AFP scheme
is a defined benefit multiemployer pension scheme and is
financed by premiums set as a percentage of salary. There is
currently no reliable measurement and allocation of obligations
and assets under the scheme. The scheme is accounted
for as a contribution-based pension scheme whereby premium
payments are recognised as an expense as incurred and no
provisions are made in the financial statements.
The difference between the booked pension liabiltity 7,370,
and the presented pension liability above of 7,626 is related
to accruals conserning mandatory occupational pension and
expanded pension agreements for executives.
Beerenberg CORP. AS Group group accounts 2012
63

Note 21
Remuneration of key employees
(All amounts in NOK 1,000)
In 2012 the CEO received a salary and other remuneration
totalling 2,621 compared with 2,718 in 2011. The sums
for both years are exclusive of contributions to pension
schemes, which make up 10% of the salary. The CEO has
an agreement that guarantees salary payments for up to 18
months if the employer were to terminate his employment.
A non-compete clause also apply to the CEO in the same
period. The CEO has a performance-based bonus scheme,
identical for all employees in the Group management, which
may not exceed 30% of the annual salary. In 2012 the chairman
of the board received remuneration of 250, equal to
2011. Total remuneration of the board in 2012 was 520 (495
in 2011). A 12-month severance package has been agreed
with the CFO and Deputy CEO. In connection with the
shareholders of Beerenberg Holding signing an agreement
to sell their shares to Segulah IV LP, a Stay-on Bonus for
members of the Group management is triggered. The bonus
agreement entitles the members of the Group managment to
a stay-on bonus if they are still employed 18 months after the
share sale transaction. Potential maximum payment related
to the stay-on bonus is approximately 8,000. The sale of
shares transaction is further described in note 29. No other
bonuses, severance or options than described here are given
to the board of directors or management.
In addition to ordinary salaries, key employees benefit from
free telephones, broadband and mandatory contributionbased
pensions. Key employees also have a supplementary
pension which extends mandatory defined contribution
pension with 2-4 %. Everyone is paid a fixed salary, and no
overtime payments are made.
The key principles for setting management salaries at
Beerenberg are that the company should be able to offer
competitive terms. This relates to the combination of salaries,
benefits in kind and pension schemes. The company operates
in an international environment, a fact that is emphasised
and reflected when setting the level of remuneration.
When setting remuneration for 2013, the company will apply
the same policy as in 2012. This entails being a competitive
employer who attracts necessary expertise and capacity.
The company also wishes to retain expertise and encourage
long-term employment relationships. In respect of salary
levels, the company aims to be in the high to average range
in relation to comparable companies in order to attract “the
best brains”.
Note 22
Warranty liabilities and provisions
The Group has provided a joint bank guarantee for all the
companies in the Group. In some cases, the Group will provide
bank guarantees to customers when entering into large
fixed price contracts. As at 31.12.12, the guarantees totalled
38,645.
A tax withholding guarantee of 39,000 has also been provided
to the Bergen tax office as at 31.12.12
The group has warranty liabilities relating to maintenance
contracts. Warranty periods may last for up to three years
after an annual programme has been completed. New-build
offshore installations / structures are generally subject to a
2-year warranty once a completion certificate has been issued.
Guarantee liabilities are assessed continuously per individual
project that has guarantees provided. However, it is
difficult to estimate the probability that a warranty claim
will arise per project and how much cost this would entail.
There are therefore also made an assessment of the overall
uncertainty on group level (IAS 37.24)
A provision for for warranty liabilities has been made of
3,500 as at 31.12.2012. Corresponding amount at 31.12.11 was
3,500.
Incurred warranty costs in 2012 was 1,539. The corresponding
amount for 2011 was 1,375.
64
Beerenberg CORP. AS Group group accounts 2012

Note 23
Trade payables and other payables
Trade payables
Beerenberg Corp.AS’ current liabilities stood at 102,926 in
2012 (141,183 in 2011).
72,741 of these liabilities pertains to accrued holiday pay in
2012 (63,248 in 2011), while the remaining current liabilities
relate to project provisions.
Other current liabilities
Beerenberg Corp. AS’ current liabilities stood at 118,914
(154,112 in 2011).
Note 24
Financial instruments, other investments
Financial instruments is a collective term for assets and
liabilities traded in the securities market, derivatives market
and partly the currency market, which are further defined in
the Norwegian Securities Trading Act.
Please see Note 30 for details of derivatives, and for other
financial instruments see note 13. The Group is not in a
position, nor is it part of its business, to make investments in
financial instruments for speculative purposes. As explained
in Note 13, only instruments that are suitable for hedging
will be used and then only to a limited extent in order to
hedge commercial risks.
Credit risk exposure is described in Note 13.
Exposure to liquidity risks, including loan repayment structures,
is described in Notes 13 and 32.
The exchange rate risk is not significant as at 31.12.2012. See
also Note 13 for an overview of currency exposure.
The Group is expecting to expand its international operations
with the result that exposure, particularly in USD, is
likely to increase.
The Beerenberg Corp. AS Group has loans drawn exclusively
in NOK and subject to variable interest. The group is consequently
sensitive to changes in interest rates. Please refer to
note 4 for sensitivity analysis.
The fair value of all financial instruments held by the group
is equal to or exceeds the book value.
Beerenberg Corp. AS and the Beerenberg Corp. AS Group
have made no investments that fall into the category “Other
investments”.
Beerenberg CORP. AS Group group accounts 2012
65

Note 25
Operational leasing
(Amounts in NOK 1,000)
Total leasing liabilities for irrevocable operating leases 2 012 2 011
Leases falling due within one year 14 180 12 159
Leases lasting from one to five years 21 690 22 305
Leases lasting more than five years 562 -
Total 36 433 34 464
Lease and sublease agreements recognised in 2011 income statement Buildings Buildings
Minimum rent
Subleases 1 368 1 020
Total 1 368 1 020
Most operational leases relate to the leasing of premises.
Other lease expenses mostly comprise leasing of IT equipment, vehicles, fixtures and fittings, and equipment.
There are no purchase options on property or equipment, and equipment may not be subleased.
Variable rent does not form a substantial part of the lease expenses.
Note 26
Contingent outcomes
(Amounts in NOK 1,000)
Project risks and uncertainties
The group’s projects are largely long-term contracts awarded
as the result of a tender. According to IAS 18.21 the percentage
of completion method is applied and and revenue is recognized
in the periods in which services are provided. The
value of work performed during the period are estimated
based on physical progress recorded after a detailed inspection
or the number of hours of work performed.
Circumstances and information may change in subsequent
periods, and final outcomes may be better or worse than the
assessment made at the time the financial statements were
prepared.
In the group’s opinion, there are no projects as at 31.12.12
with uncertainties relating to estimates that may be of significant
importance to the consolidated figures.
Legal disputes
From time to time, the Group becomes involved in various
disputes in its course of business. Provisions have been made
to cover expected losses resulting from such disputes to
the extent that negative outcomes are probable and reliable
estimates can be produced. The final outcome of such cases
will always contain elements of uncertainty, and may result
in liabilities exceeding the recognised provisions.
Request for changed assessed taxes for 2010
At the date of the financial statements it has been discovered
an error in the tax treatment for the year 2010. It is in
this connection sent a request to the tax authorities to have
the taxes for 2010 reassessed. If pursuant, the effect on the
financial statements will be a correction of prior year taxes
paid and an improvement in equity of 6,400.
66
Beerenberg CORP. AS Group group accounts 2012

Note 27
Related parties
(Amounts in NOK 1,000)
In 2012 the Group conducted transactions with related parties
as follows:
Beerenberg Corp. AS has given a loan to its parent
company Beerenberg Holding AS of 102,349. This has
given Beerenberg Corp. AS interest income of 6,072 and
Beerenberg Holding AS a corresponding expense. The loans
are granted on terms according to arm’s length principle.
Current interest rates are 12 months NIBOR + 2%
Beerenberg Corp. AS and Beerenberg Holding AS have given
loans to employees, cf. Note 19.
Please see Notes 19 and 21 for details of loans, severance pay
and other related matters.
Note 28 Group entities as at 31.12.2012
(Amounts in NOK 1,000)
Ownership
interest
Acquisition
cost
Capitalised
value
Beerenberg Inc. 100 % 613 613
D&F Group AS 100 % 100 100
613 713
Beerenberg Inc.’s registered office is in Houston, USA. D&F
Group’s registered office is in Kokstad in Bergen, Norway.
The voting share in the subsidiary companies is identical to
the ownership share.
** Capitalised value applies to the separate financial statements of
Beerenberg Corp. AS
Note 29
Events after the reporting date
The owners of the parent company Beerenberg Holding AS
signed 28.12.2012 a share sale agreement with Segulah IV
LP to sell 100% of the shares in Beerenberg Holding AS. The
agreement was subject to approval by the competition authorities.
This approval was granted 30/01/2013, so that the
agreement of sale became final as of 21/02/2013.
In connection with the change of ownership, new loans and
credit facilities are in place where existing banking connection,
Danske Bank, has the majority of the engagement, but
where DnB has entered as cooperation bank. Total new borrowing
facilities is 950,000.
The refinancing has been done partly in Beerenberg Holding
AS and partly in a newly created Holding company above
Beerenberg Holding AS, and will have little impact on balance
sheet or interest costs in Beerenberg Holding. AS Group.
The loan agreement includes the following covenants;
“Interest Cover” – EBITDA compared to net financing costs.
“Leverage” – Net debt in relation to EBITDA.
“Cash Flow Cover” – Cash flow relative to debt servicing.
Limits on maximum investment per calendar year.
The agreed interest rate is NIBOR plus a margin ranging
between 3.50% and 4.75% annually.
A minimum of 50% of the loan will be hedged at least for 3
years.
The loan will have a repayment plan with the following payment
structure;
Repayment 2013 17,300
Repayment 2014 34,600
Repayment 2015 57,700
Repayment 2016 69,300
Repayment 2017 82,800
The loans are expected to be repaid by 2021.
Beerenberg CORP. AS Group group accounts 2012
67

Note 30
Derivatives
The Group had no open positions in respect of derivatives as at 31.12.2012.
Note 31
Net capital employed
(Amounts in NOK 1,000)
2012 2011
Inventories 34 671 27 046
Supplier liabilities and other short-term liabilities 295 131 354 347
Provisions (83 881) (62 200)
Trade payables and other payment obligations (221 840) (295 294)
Net current operational assets 24 081 23 899
Other non-current operational assets 5 013 4 936
Intangible assets 263 618 262 876
Property, plant and equipment 187 229 185 918
Interest-bearing receivables 102 349 153 297
Pension obligations (7 370) (15 294)
Deferred tax obligations (16 367) (14 020)
Other long term obligations (3 500) (3 500)
Total net capital employed 555 053 598 113
Note 32
Interest-bearing debts
(Amounts in NOK 1,000)
The tables provide information about the contractual terms relating to Beerenberg Corp.’s interest-bearing loans measured
at amortised cost. For more information about the group’s interest rates, currencies and liquidity risk, please see the section
on financial risk management and exposure in the chapter on accounting principles.
Summary of interest-bearing debts as at 31.12.2011
Loans:
Book value
Spread over
NIBOR
Due
Terms of
interest
Long-term loan from Beerenberg Corp. AS 23 000 2,75 - 3,75 % 02-01-15 NIBOR+Spread**
Long-term loan from Beerenberg Corp. AS 20 000 2,75 - 3,75 % 03-01-15 NIBOR+Spread**
Multicurrency overdraft limit 90,000 - 2,00 % * until further notice NIBOR+Spread**
Financial leases *** 19 027 1,0 - 2,0 % 2012-2019 NIBOR+Spread**
*** More than 90 % relates to Fokus Leasing AS.
There is also a guarantee limit of 85,000.
68
Beerenberg CORP. AS Group group accounts 2012

Beerenberg Holding AS has the following loans for which Beerenberg Corp. AS is jointly
and severally liable:
Loans:
Book value
Spread over
NIBOR
Due
Terms of
interest
Long-term loan Tranche A 200 000 2,75-3,75% 02-01-15 NIBOR+Margin**
Long-term loan Tranche B 392 000 2,75-3,75% 02-01-15 NIBOR+Margin**
* Subject to an additional contingency of 0.50% per annum.
** The agreed spread on the bank loans is determined by a price matrix based on 4 quarters’ rolling EBITDA and net interest-bearing debt.
Maturity structure of financial liabilities
Book value
Earlier than 6
months 6–12 months 1–2 years 2–5 years
Long-term loan from Beerenberg Corp. AS 23 000 - - - 23 000
Long-term loan from Beerenberg Corp. AS 20 000 20 000
Multicurrency overdraft limit NOK 90 million - - - - -
Long-term loan Tranche A 200 000 - 65 000 - 135 000
Long-term loan Tranche B 392 000 - - - 392 000
Financial leases *** 19 027 2 820 2 820 5 379 8 008
Total 654 027 2 820 67 820 5 379 578 008
*** More than 90% relates to Fokus Leasing AS. NOK 4.0 million remaining after 2015. 100% relates to Fokus Leasing AS. Leasing
agreements relates to scaffolding, machinery, containers and other equipment and vehicles.The carrying value of the leases is the
present value of lease payments. Nominal value (the sum of all future lease payments) amounts to 20,648. Installments and interest
in the periodic payments under capital leases are recognized respectively, as a reduction in lease liability and interest expense.
Variable rent does not form a substantial part of the lease expenses. Interest expense relating to capital leases is in 2012 1,079.
There are no subletting of assets under finance lease. There are no restrictions imposed through lease arrangements, such as when it
comes to dividends, additional debt and further leasing arrangements.
Covenants
In connection with agreement of change of debt repayment
schedule in May 2012, adjustments in covenants were made.
The Group has adhered to adjusted and current covenants
throughout the year. The Group expects to comply with the
existing covenants for the remainder of the loan term.
Current covenants relate to:
▪▪
Equity ratio
▪▪
CAPEX / Annual investments
▪▪
Interest-bearing debt divided by four quarter rolling
EBITDA.
▪▪
Debt repayment ratio
Refer also to note 29 where refinancing in connection to the
sale of shares transaction is further described.
Beerenberg CORP. AS Group group accounts 2012
69

Note 33
Secured Liabilities
(Amounts in NOK 1,000)
The Group has provided security for its arrangement with
Fokus Bank. The tables below provide an overview of the arrangement
and the book value of the assets put up as security.
Beerenberg Corp. AS / the Beerenberg Corp. AS Group are
jointly and severally liable together with Beerenberg Holding
AS / the Beerenberg Holding AS Group for Beerenberg
Holding AS’s debts to Fokus Bank. Beerenberg Holding AS’
debts to Fokus Bank are specified on a separate line.
In some cases, the company will provide bank guarantees to
customers when entering into large fixed price contracts. As at
31.12.12, these guarantees totalled 38,645.
The Group has produced a joint bank guarantee for all the
companies in the group. The Group’s guarantee liability
pertains to contract guarantees for such guarantees and to
guarantees to the authorities. As at 31.12.12, the guarantees
totalled 77,645. At the end of 2011 the figure stood at 79,300.
31.12.2012 31.12.2011
Security has been provided for the following debts:
Guarantees, incl. tax withholding guarantee 77 645 79 313
Current liabilities to credit institutions 5 883 83 197
Non-current liabilities to credit institutions 56 387 62 028
Total for the Beerenberg Corp. AS group 139 915 224 538
Long-term liabilities to credit institutions. Applies to Beerenberg Holding AS 592 000 240 000
Total 731 915 464 538
Capitalised value of assets provided as security for secured debts:
Fixed assets 187 229 185 918
Inventories 34 671 27 046
Trade receivables 148 048 234 031
Total 369 949 446 995
70
Beerenberg CORP. AS Group group accounts 2012

Note 34
Contracts
(Amounts in NOK 1,000)
The group has entered into long-term maintenance contracts
in the areas of surface treatment and scaffolding for
several offshore installations, gas processing plants and oil
refineries. Project partners are predominantly Statoil and
ConocoPhillips. In 2012, long-term maintenance contracts
accounted for 82 % of the turnover. The accounts for these
contracts are completed at the end of each year. Revenues
are recognised as incurred according to physical measurements
of progress.
As at 31.12.2012, the total order backlog stands at 11,390, of
which 3,625 is classed as firm orders and 7,765 as options.
70,5% of the turnover in 2013 will be generated from firm
orders – 93,7% if options are included. 74% of firm scope
orders relate to ISS and the remainder to the various BCs –
mostly pertaining to existing ISS contracts.
99 % of the total order backlog relates to operations in
Norway / on the Norwegian Continental Shelf. 66 % is
offshore-related. Statoil and ConocoPhillips and Kværner/
Shell represent 46%, 25%, and 25% respectively of the total
order backlog.
Order backlog per year
Distribution Backlog of firm orders and options
(NOKm)
2500
Revenue Option Consumption (MNOK)
Firm Scope Consumption (MNOK)
2000
1500
1000
449
995
1534
1415
1361
1265
1290
500
0
880
578 555
368
200
50 0
2013 2014 2015 2016 2017 2018 2019
Beerenberg CORP. AS Group group accounts 2012
71

Annual accounts 2012
Beerenberg Corp AS

Beerenberg Corp. AS
Income Statement
Amounts in NOK 1,000 Note 2012 2011
Operating revenue 2 1 435 520 1 411 923
Total revenue and other revenue 1 435 520 1 411 923
Materials, goods and services 81 321 77 219
Pay and other social services 5,6 963 625 967 206
Depreciation and amortisation 7 36 724 29 959
Other operating costs 5,7 213 519 239 622
Operating result 140 332 97 918
Interest received 13 7 012 5 860
Other financial revenue 1 579 3 039
Interest paid 9 046 9 346
Other financial expenses 3 777 4 277
Ordinary result before tax 136 101 93 193
Tax 10 38 250 32 423
Annual profit/loss 97 851 60 770
The annual profit/loss is attributable to:
Group contributions (net after tax) 8 34 586 25 369
Transferred to other equity 8 63 264 35 401
Annual profit/loss 97 851 60 770
74
Beerenberg CORP. AS Annual accounts 2012

Beerenberg Corp. AS
Balance Sheet
Assets Amounts in NOK 1,000 Note 31/12/2012 31/12/2011
Noncurrent assets
Research and development, software and other intangible assets 7 52 002 46 171
Total intangible assets 52 002 46 171
Tangible fixed assets
Building related improvements/alterations 7,9 12 745 11 545
Property, plants and equipment 7,9 169 823 168 461
Operating equipment, inventory, tools, office machines and similar 7,9 4 392 5 167
Total tangible fixed assets 186 959 185 173
Financial fixed assets
Investments in subsidiary companies 14 713 713
Loans to enterprises in the same group 12,13 126 771 168 006
Long-term receivables 5,12 5 013 4 936
Total financial fixed assets 132 496 173 655
Total noncurrent assets 371 458 404 999
Current assets
Goods 4,9 34 671 27 046
Receivables
Accounts receivables from customers 9 148 048 226 448
Other receivables 31 269 21 467
Earned, not invoiced 127 269 104 085
Total receivables 306 586 352 000
Cash at bank, cash in hand and similar 3 25 855 634
Total current assets 367 112 379 681
Total assets 738 570 784 679
Beerenberg CORP. AS Annual accounts 2012
75

Beerenberg Corp. AS
Balance Sheet
Equity and Liabilities
Equity Amounts in NOK 1,000 Note 31/12/2012 31/12/2011
Called-up and fully paid share capital
Share capital 8 20 000 20 000
Other paid up capital 8 8 176 8 176
Total called-up and fully paid share capital 28 176 28 176
Retained earnings
Other equity 8 266 962 203 698
Total retained earnings 266 962 203 698
Total equity 295 138 231 874
Liabilities
Provisions for obligations
Pension obligations 6 7 370 15 294
Deferred tax obligations 10 9 695 5 923
Other long-term obligations 15 3 500 3 500
Total provisions for obligations 20 565 24 716
Long-term liabilities
Liabilities to credit institutions 7,9,12 56 387 62 028
Total long-term liabilities 56 387 62 028
Short-term liabilities
Liabilities to credit institutions 3,7,9 5 883 83 197
Supplier liabilities 102 926 141 183
Tax payable 10 21 918 12 001
Owed government charges and special taxes 60 110 40 334
Other -short term liabililities 11 175 643 189 347
Total short-term liabilities 366 479 466 061
Total liabilities 443 432 552 805
Total equity and liabilities 738 570 784 679
Bergen 19. March 2013
Board of Directors at Beerenberg Corp AS.
Ketil Lenning Lars Marcusson Sebastian Ehrnrooth Marcus Planting-Bergloo
Chairman Board member Board member Board member
Einar Stene Johan P Andresen Morten H Walde
Board member Board member CEO
76
Beerenberg CORP. AS Annual accounts 2012

Beerenberg Corp AS
Statement of Cash Flows
Amounts in NOK 1,000 Note 2012 2011
Cash flows from operating activities
Result for the period before tax 136 101 93 193
Tax paid for the period 10 -11 109 -9 148
Gains/losses from sales of fixed assets 17 -1 856
Depreciation, write-down and amortisation 7 36 724 29 959
Changes to stock 4 -7 625 762
Changes to accounts receivable from customers 78 400 -91 037
Changes to supplier liabilities -38 257 -17 879
Difference between expensed and paid-in/out pension premium -7 924 -1 583
Changes to other time restricted items 11 -39 550 26 296
Net cash flow from operating activities 146 777 28 707
Net cash flows from investment activities
Incoming payments from the sale of tangible fixed assets 141 4 811
Outgoing payments from acquisition of tangible fixed assets 7 -44 501 -55 691
Outgoing payments from loan to Group Companies 13 -9 713 -34 323
Incoming payments from loan to Group Companies 13 57 021 0
Accrued, not paid itnterests 13 -6 072 -5 794
Net cash flow from investment activities -3 124 -90 996
Cash flows from financing activities
Incoming payments from new long term debt 0 22 103
Repayment of long-term liabilities (outgoing) -7 223 -11 257
Net overdraft changes 3 -75 974 75 974
Payments of Group contributions (outgoing) 8 -35 235 -33 944
Net cash flow from financing activities -118 432 52 876
Net changes to cash and cash equivalents 25 220 -9 414
Cash and cash equivalents per 01.01 634 10 049
Cash and cash equivalents per 31.12 25 855 634
Beerenberg CORP. AS Annual accounts 2012
77

Note 1
Basic principles – measurement and
classification – other matters
The annual financial statements comprise an income statement,
a statement of financial position, a statement of cash
flows and notes, and have been prepared in accordance
with the Norwegian Limited Liability Companies Act, the
Accounting Act and generally accepted accounting practices
in Norway. The accounting statements have been condensed
in order to make them easier to read. The required breakdown
is given in the notes. The notes are thus an integrated
part of the annual financial statements.
The annual financial statements have been prepared on
the basis of historical cost principles, comparability, the
going concern assumption, congruence and prudence.
Transactions are recognised to the value of the consideration
on the transaction date. Revenue is recognised in profit
or loss as accrued, and costs are matched with accrued
revenues. The accounting principles are described in more
detail below. If actual figures are not available on the reporting
date, generally accepted accounting practices dictate
that the management produce a best estimate for use in the
income statement and statement of financial position. There
may be discrepancies between estimated and actual figures.
Assets/liabilities relating to the flow of goods and items that
fall due within one year of the reporting date are classed
as current assets/liabilities. Current assets/liabilities are
measured at the lower/higher of acquisition cost and fair
value. Other assets are classed as non-current assets. Noncurrent
assets are measured at acquisition cost. Non-current
assets with a limited useful life are amortised. If there is an
other-than-temporary decline in value, the non-current asset
is written down.
According to generally accepted accounting practices,
there are some exceptions to the general measurement
rules. These exceptions are addressed in the respective
notes. Emphasis is placed not only on legal form but also
on financial realities when applying accounting principles
and presenting transactions and other matters. Contingent
losses that are probable and quantifiable are recognised as
an expense.
Accounting principles for
significant accounting items
Revenue recognition
Revenue is recognised as accrued. Revenue is therefore
normally recognised on the delivery date in the case of sale
of goods and services. For identified loss-making projects, a
provision is made for the entire expected loss. VAT, discounts,
bonuses and billed shipping costs are deducted from
the operating revenue.
Expense recognition / matching
Expenses are matched with and recognised alongside the
revenues to which they can be allocated. Expenses that
cannot be allocated directly to revenue are recognised as incurred.
All expenses linked to the restructuring or termination
of an operation are recognised at the time the decision
was made.
Tangible non-current assets
Tangible non-current assets are capitalised at acquisition
cost less accumulated depreciation and write-downs. If the
fair value of a non-current asset is lower than its book value,
and the reasons for this are not deemed to be temporary,
the non-current asset will be written down to its fair value.
Expenses in connection with ordinary maintenance and
repairs are recognised as incurred.
Leasing
Leasing agreements are classed as financial or operational
according to the actual content of the agreement.
Financial leasing agreements are capitalised at the value of
the consideration described in the leasing agreement. The
value of the consideration is the present value of the lease
payments. Either the implicit interest rate of the leasing
agreements or the company’s alternative loan rate is used to
calculate the present value. Capitalised leasing agreements
are measured in accordance with the general measurement
rules laid down in the Norwegian Accounting Act. If the
asset has a limited economic useful life, it is amortised using
an appropriate amortisation schedule.
In the case of leasing agreements that are not capitalised,
the lease payments constitute an operating expense that is
distributed systematically across the entire leasing period.
78
Beerenberg CORP. AS Annual accounts 2012

Accounting principles
Depreciation
Ordinary depreciation is calculated on a straight-line basis
over the economic useful lives of the non-current assets
based on historical cost. Depreciation is classed as an ordinary
operating expense.
Subsidiary companies
Subsidiaries are measured using the cost method in the
separate financial statements. Investments are measured at
the acquisition cost of the shares unless it has been necessary
to write down their value. They are written down to fair value
when the fall in value is due to other-than-temporary circumstances
and it is deemed necessary in accordance with generally
accepted accounting practices. Write-downs are reversed
when the basis for a write-down is no longer present.
Inventories and cost of sales
Inventories are measured at an amount equal to the lower of
cost and estimated selling price. The cost of manufactured
inventories includes the direct cost of materials, direct labour
and a share of indirect production overheads, while the
cost of purchased inventories is the acquisition cost. Cost of
sales for the year comprises the cost price of goods sold plus
any write-down in accordance with generally accepted accounting
practices at the end of the year.
Construction contracts
The company’s operations mostly comprise construction
assignments (projects) lasting from a few months to several
years. Billing takes place monthly and normally in step with
the progress of the work.
Revenue from projects is recognised as and when services
are rendered. This implies that revenue is recognised in accordance
with the stage of completion as and when work is
completed. It means that the accrued part of the expected
earnings from a project is recognised as revenue. The stage of
completion is assessed on the basis of production completed.
For projects expected to incur a loss, all of the expected
loss is recognised as an expense. The warranty period is
normally three years, and provisions for probable warranty
work are recognised under cost of sales as and when they are
made. Disputed claims are only recognised as revenue once
they have been settled or become certain.
Receivables
Receivables are presented at face value less expected losses.
Currency
Monetary items in foreign currencies are measured using
the exchange rate at the end of the accounting year.
Use of estimates
Preparing the financial statements in accordance with generally
accepted accounting practices requires the management
to use assessments and assumptions that affect the
income statement and the valuation of assets and liabilities
as well as information about uncertain assets and liabilities
on the reporting date.
Contingent losses that are probable and quantifiable are
recognised as an expense as incurred.
Pension obligations and pension costs
Employee benefits in the form of pension schemes are accounted
for in accordance with NRS 6 and calculated in
accordance with International Accounting Standard (IAS)
19 “Employee benefits”. Pensions are described in Note 6.
The net pension cost for the period is classed as a salary and
personnel expense.
The company operates a pension scheme financed by
contributions paid into a separate legal entity (insurance
company) in the form of a defined contribution plan. A defined
contribution plan is a pension scheme under which the
company pays fixed contributions to the insurance company.
The company has no further payment obligations once the
contributions have been paid. The contributions are recognised
in profit or loss as salary costs as incurred. Prepaid
contributions are recognised as assets to the extent that they
can be refunded or reduce future contributions.
The group has one employee with an ordinary defined benefit
plan, and it is also a member of an AFP defined benefit
scheme. A defined benefit plan is a pension scheme that is not
contribution-based. Net liabilities for defined benefit plans
are calculated for each scheme by estimating future benefits
accrued by the employees for services given in the current
or previous periods. The benefits are discounted to calculate
their present value, and the cost of pension accruals from
previous periods that have not yet been recognised and the
fair value of plan assets are deducted.
Changes to defined benefit pension obligations caused by
changes to the pension plans are distributed over the estimated
average remaining contribution period.
Beerenberg CORP. AS Annual accounts 2012
79

Note 1 | Accounting principles
The accumulated effect of changes in estimates and in financial
and actuarial assumptions (actuarial gains and losses)
making up less than 10 % of the greater of the pension obligations
and the plan assets at the beginning of the year is not
recognised. When the accumulated effect exceeds 10% at the
start of the year, the excess is recognised in profit or loss over
the assumed average remaining qualifying period.
The discount rate for Norwegian schemes is based on the
yield on 10-year Norwegian government bonds on the reporting
date, adjusted to reflect the maturity of the pension
obligations. The pension obligations are calculated by an
actuary based on a straight-line accruals model.
The ordinary pension scheme (which is a defined benefit
plan) and the AFP scheme are both unfunded schemes.
At the turn of the year, a total of 31 retirees have signed up
to the AFP plan. Provisions for future pension obligations
have been made on recommendation by the Norwegian
Accounting Standards Board.
Deferred tax and tax expenses
Deferred tax is calculated on the basis of temporary differences
between carrying amounts and taxable values at the
end of the accounting year. A nominal tax rate is used in
the calculation. Positive and negative differences are offset
against each other within the same period. A deferred tax
asset occurs if there are temporary differences giving rise
to tax deductions in the future. Tax for the year comprises
changes in deferred tax and deferred tax assets together
with tax payable for the year, adjusted for errors in the calculations
for previous years.
Statement of cash flows
The statement of cash flows has been prepared using the
indirect method. Cash and cash equivalents consist of cash,
bank deposits and other short-term liquid investments
which may be converted, immediately and with an insignificant
exchange rate risk, to known cash amounts and which
have a maturity date no later than three months from the
acquisition date.
Contingent liabilities
From time to time, the company receives claims for compensation
for / rectification of work that has been carried
out. These are recognised as liabilities if it is highly probably
that a claim will be paid or if work will be carried out free of
charge in subsequent periods.
80
Beerenberg CORP. AS Annual accounts 2012

Note 2
Segment information
(Amounts in NOK 1,000)
Operating segments are identified on the basis of the
reporting used by the management when the companies’
performance and profitability are evaluated at a strategic
level. The group is organised into four business areas: North-
West, North Sea, Innovation & Technology and Subsea &
Technology.
The products and services provided are divided into segments.
They are ISS and BC. The ISS segments comprise the
services traditional insulation, scaffolding and surface treatment.
The BC segment consists of services and products that
include more complex services requiring additional specialist
expertise. Services include the Benarx insulation product
series (in-house technology), cutting and removal, access
techniques, subsea insulation and Sveisolat/habitat services.
The group management regularly reviews the operational
and financial performance of the various business areas.
The financial data presented correspond with the financial
information used internally by the group management for
the purposes of managing the business, making strategic
decisions and allocating resources.
Turnover is also measured according to whether it is generated
on the Norwegian Continental Shelf (NCS) or internationally
(ICS).
Business areas ISS BC Total
Sales revenue 1 009 058 426 462 1 435 520
Geographical segments North West North Sea
Innovation &
Technology
Subsea &
Technology
Sales revenue 810 083 539 471 29 086 56 880 1 435 520
Total
95.4% of the company’s total revenue is related to operations in Norway.
Note 3
Liquid assets
The company has a guarantee limit for tax withholding for the year of 39,000.
The group has a joint credit limit for all its companies. As at 31.12.2012 the overdraft limit is 90,000.
As of 31.12.12 all of this is unused credit facilities.
Note 4
Long-term manufacturing contracts / Goods
(Amounts in NOK 1,000)
The company has entered into long-term maintenance contracts
in the areas of surface treatment and scaffolding for
several offshore installations, gas processing plants and oil
refineries.
Revenues are recognised as incurred according to physical
measurements of progress. For projects that are expected
to incur a loss, the entire expected loss is recognised as an
expense.
Goods 31-12-12 31-12-11 Change
Raw materials 32 561 27 046 5 515
Work in progress 2 110 0 2 110
Total goods 34 671 27 046 7 625
Beerenberg CORP. AS Annual accounts 2012
81

Note 5
Salary costs / Number of employees /
Remuneration / Loans to employees
(Amounts in NOK 1,000)
Salary costs etc. 01.01 -31.12
2012 2011
Salaries 653 429 595 033
National Insurance contributions 98 513 89 359
Pension costs 20 208 16 436
Hired personnel 177 354 246 023
Other contributions 14 121 20 355
Salary costs 963 625 967 206
Number of FTEs 1 487 1 569
Remuneration (in NOK) Daglig leder Styret
Salaries and other benefits 2 621 520
Contributions to pension schemes for CEO is 10% of the salary
The CEO has also taken out a loan from the company. The loan is subject to interest in accordance with the Norwegian Tax
Administration’s standard rate of interest on employment-related loans. Satisfactory security for the loan has been provided
in accordance with Section 8-7 of the Limited Liability Companies Act
The CEO has an agreement that guarantees salary payments for up to 18 months if the employer were to terminate his employment.
The CEO is also subject to a non-compete clause for the same period. The CEO is part the same performance bonus
scheme as other employees in the group management, which caps his bonus at 30% of the annual salary.
Loans to key employees
The Group has given refinancing loans to members of the company management. Satisfactory security has been provided for
the loans.
Loans to employees
Name of employee
Total beløp
Morten Walde, CEO 704
Other employees 4 308
Total 5 013
Loans to the above-mentioned employees are subject to the standard interest rate at all times.
Auditor's fee excluding VAT:
Statutory auditing 818
Tax advice 121
Other certification services 8
Other services 85
Total 1 031
82
Beerenberg CORP. AS Annual accounts 2012

Note 6
Employee benefits – pensions
(Amounts in NOK 1,000)
Mandatory occupational pension
The company is obliged to operate an occupational pension
scheme in accordance with the Norwegian act on mandatory
occupational pensions. The company’s pension schemes
satisfy the provisions of this act.
Defined benefit pensions
In a pension reform in Norway in 2010, the old AFP-scheme
was discontinued and replaced with a new AFP-scheme. The
company is part of the old AFP scheme, which means that
the employees had a choice to take early retirement from the
age of 62. The scheme entitled members to defined future
benefits from the age of 62 to 67. These benefits depend
primarily on the number of years of service, salary upon
reaching pension age and the extent of the benefits paid
by the Norwegian National Insurance Scheme. The AFP
scheme is defined as an multi-company unfunded defined
benefit scheme. The pension obligation is calculated by an
independent actuary.
No funds have been invested in the Group’s defined benefit
schemes since the schemes are unfunded schemes.
The following assumptions have been made when calculating
the obligation related to the ordinary defined benefit
scheme.
01.01 -31.12
Financial: 2012 2011
Discount rate 3,30 % 4,00 %
Expected return on plan assets 4,80 % 5,40 %
Salary adjustments 4,00 % 4,00 %
"G" adjustments / inflation 3,75 % 3,75 %
Pension adjustments 3,75 % 3,75 %
Demographic:
Mortality K2005/KU K2005/KU
Pension cost: 2012 2011
Current value of pension accruals for the year 0 598
Interest cost of pension obligation 84 212
Expected return on plan assets 0 0
Amortisation of actuarial (gain)/loss -65 -871
Recognised one-off effect as a result of discontinuation of scheme 0 0
Administration costs 0 0
Accrued National Insurance contributions 12 114
Net accrued pension cost of defined benefit scheme 31 54
One-off impact as a result of deficiency in the AFP scheme -1 620 -1 580
Cost of contribution-based scheme and other pension costs 21 715 16 714
Total pension cost 20 126 15 187
Beerenberg CORP. AS Annual accounts 2012
83

Note 6 | Employee benefits – pensions
Pension obligation, unfunded schemes: 2012 2011
Estimated pension obligation 1 918 5 010
Estimated plan assets 0 0
Estimated obligation – AFP shortfall 5 218 6 838
Estimated net pension obligation 7 137 11 848
Unrecognised change in actuarial gain/(loss) 219 562
Net pension obligation 7 355 12 410
Accrued National Insurance contributions 270 706
Pension obligation 7 626 13 116
The actuarial assumptions are based on assumptions
generally applied in the insurance industry with regard
to demographic factors. Since the actuarial liabilities only
includes the AFP-scheme which is beeing wound up, changes
in assumptions will only result in insignificant effects. A
sensitivity analysis is performed by changing the discount
rate + 0.5 % and (-0.5 %). This results in a lower (higher) cost
and lower (higher) liability of approximately 11.
In February 2010 it was decided to wind up the AFP scheme,
and it was only possible to take early retirement under the
old scheme up until 31.12.2010. The gain from discontinuing
the scheme was recognised as revenue in 2010 and is presented
as a reduction in salary costs. One remaining provision
concerns the Group’s contribution for persons who took
early retirement under the old scheme. When dsicontinuing
the old scheme, it became clear that the scheme had a substantial
undercoverage. This undercoverage must be covered
by the member companies by way of continued payments of
premiums for the next five years. The company’s share of the
undercoverage has been estimated, and provisions have been
made in the financial statements. The Group’s share of this
undercoverage was estimated and accrued in the financial
statements as of 31.12.2010 based on an estimate of NOK
6,800 per employee. This provision is per 31.12.2012 decreased
by 2/5 as it is now only 3 years until the old scheme is
fully discontinued. This reduction is presented as a negative
amount of 1,620 in 2012 as a one-off impact as a result of undercoverage
in the AFP scheme. The Company’s estimated
remaining obligation related to the undercoverage in the old
AFP-scheme is 5,218 as of 31.12.12.
A new AFP scheme has been established to replace the old
AFP scheme. Unlike the old scheme, the new AFP scheme
is not an early retirement scheme but a scheme that pays a
lifelong supplement to ordinary pension benefits. Employees
may elect to join the new AFP scheme from the age of 62
while continuing to work, and they will accrue additional
benefits by continuing to work until the age of 67. The new
AFP scheme is a defined benefit multiemployer pension
scheme and is financed by premiums set as a percentage
of salary. There is currently no reliable measurement and
allocation of obligations and assets under the scheme. The
scheme is accounted for as a contribution-based pension
scheme whereby premium payments are recognised as an
expense as incurred and no provisions are made in the financial
statements.
The difference between the booked pension liabiltity 7,370,
and the presented pension liability above of 7,626 is related
to accruals conserning mandatory occupational pension and
expanded pension agreements for executives.
84
Beerenberg CORP. AS Annual accounts 2012

Note 7
Intangible assets and tangible non-current assets
(Amounts in NOK 1,000)
Tangible non-current assets
Vehicles
Production
equipment
Telecoms & IT
Expenditure on
buildings, site
cabins and
workshops
Acquisition cost 01.01 14 363 268 783 10 231 37 239 330 615 286 750
Acquisitions of non-current assets 557 21 228 1 228 9 703 32 716 46 821
Disposals -948 -408 -1 356 -2 955
Acquisition cost 31.12 13 972 289 603 11 459 46 942 361 975 330 615
2012
Total
2011
Total
Accumulated depreciation 01.01 12 610 105 589 7 224 20 019 145 442 119 066
Depreciation for the year 1 524 23 868 973 4 405 30 770 26 376
Write-downs for the year 0 0
Disposals – accumulated depreciation -916 -280 -1 196 0
Accumulated depreciation 31.12 13 218 129 177 8 197 24 424 175 016 145 442
Capitalised value 31.12 754 160 426 3 261 22 518 186 959 185 173
Economic useful life 5-10 years 3 years 10 years 10 years
Depreciation schedule Straight-line Straight-line Straight-line Straight-line
The company has entered into leasing agreements on a
number of non-current assets. 37 311 of the companys total
assets is leased assets. Leasing agreements normally last
for 5 years and are treated as financial leasing. The present
value of financial leasing liabilities is 26,251. 5,640 of this
falls due within one year. The Company do not have leasing
obligations maturing later than 5 years. The Company
normally has an option for buying out the asset or extended
lease at lease expiration.
The company rents generators and a portable cabin complex
as well as office and production buildings and residential
property. These have not been capitalised as the associated
leasing agreements are not considered financial leasing according
to generally accepted accounting practices.
Leases falling due within one year 14 180
Leases lasting from one to five years 21 690
Leases lasting more than five years 562
Total 36 433
Intangible asset
Research &
Development Software Patents
3GS New
Operating
Model
2012
Total
2011
Total
Acquisition cost 01.01 26 561 26 865 1 362 - 54 788 45 918
Acquisitions in-house R&D 868 - 3 227 - 4 095 -
Acquisitions of non-current assets - 2 234 - 5 477 7 711 8 870
Disposals - - - - 0 -
Acquisition cost 31.12 27 429 29 099 4 589 5 477 66 594 54 788
Accumulated amortisation 01.01 1 184 7 434 0 0 8 618 5 035
Amortisation for the year 2 018 3 661 275 0 5 954 3 583
Write-downs for the year - - - - 0 -
Disposals – accumulated amortisation - - - - 0 -
Discarded assets/adjustment - - - - 0 -
Accumulated amortisation 31.12 3 202 11 095 275 0 14 572 8 618
Capitalised value 31.12 24 227 18 004 4 314 5 477 52 022 46 170
Economic useful life 6-12 years 5-7 years 5 years 5 years
Amortisation schedule Straight-line Straight-line Straight-line Straight-line
Beerenberg CORP. AS Annual accounts 2012
85

Note 8
Equity and shareholder information
(Amounts in NOK 1,000)
Equity
Share capital
Other
paid-in capital Other equity Total
Equity as at 01.01.2012 20 000 8 176 203 698 231 874
Change in equity for the year:
Profit/loss for the year 97 851 97 851
Provision for group contribution (net after tax) -34 586 -34 586
Equity as at 31.12.2012 20 000 8 176 266 962 295 138
Share capital and shareholder information:
The Company’s share capital is 20,000 and is distributed as follows:
Share type
Number
of shares Nominal value
Ownership
interest
Beerenberg Holding AS A-aksjer 194 000 0,10 97,0 %
Beerenberg Holding AS B-aksjer 6 000 0,10 3,0 %
Total number of shares 200 000 100,0 %
Unrestricted capital 31.12.2012 31.12.2011
The company’s unrestricted capital according to the Norwegian Public
Limited Liability Companies Act, section 8-1 is:
Other equity 266 962 203 698
- Capitalised deferred tax assets 0 0
- Receivable on shareholders -5 013 -4 936
- Research and development -24 227 -26 759
- Downward adjustment due to the 10 % limit -163 866 -93 535
= The company's distributable equity as at 31.12 73 857 78 468
In addition to the requirements in the Norwegian Public Limited Liability Companies Act, the company has agreements
with the bank, which means that unrestricted equity cannot necessarily be shared out between the shareholders.
86
Beerenberg CORP. AS Annual accounts 2012

Note 9
Secured debts and guarantee liabilities
(Amounts in NOK 1,000)
The Company must provide bank guarantees to customers when entering into large fixed price contracts. As at 31.12.12,
these guarantees totalled 77,645. The Group has provided a joint bank guarantee for all the companies in the Group.
The Group’s guarantee liability pertains to contract guarantees for such guarantees.
Security has been provided for the following debts: 31.12.2012 31.12.2011
Guarantees, incl. tax withholding guarantee 77 645 79 313
Current liabilities to credit institutions 5 883 83 197
Non-current liabilities to credit institutions 56 387 62 028
Non-current liabilities to credit institutions, Beerenberg Holding AS 592 000 240 000
Total 731 915 464 538
Capitalised value of assets provided as security for secured debts:
Non-current assets 186 959 185 173
Inventories 34 671 27 046
Trade receivables 148 048 226 448
Total 369 679 438 667
The company has no debt maturing later than 5 years.
Beerenberg CORP. AS Annual accounts 2012
87

Note 10
Tax
(Amounts in NOK 1,000)
01.01 - 31.12
Tax payable is as follows: 2012 2011
Ordinary profit/loss before tax 136 101 93 193
Permanent differences 505 860
Change in temporary differences -13 473 -15 817
Group Contribution -48 037 -35 235
Basis for tax payable 75 096 43 001
Tax payable on profit for the year 21 027 12 040
Tax for the year is as follows:
Tax payable on profit for the year 21 027 12 040
Adjustment from previous years 0 6 087
Gross change in deferred tax 3 772 4 429
Tax on Group Contribution 13 450 9 866
Total tax for the year 38 250 32 423
Tax payable on profit for the year 31-12-12 31-12-11
Tax payable on profit for the year 21 027 12 040
Tax payable from previous year 891 0
Skattefunn refund 0 -40
Total tax payable 21 918 12 001
Specification of basis for deferred tax / deferred tax assets:
Non-current assets 50 134 41 121
Current assets -602 -600
Liabilities -14 907 -19 368
Total basis for deferred tax 34 625 21 153
Deferred tax 9 695 5 923
Explanation of why tax for the year is not 28% of the profit before tax
28% tax on profit before tax 38 108 26 094
Permanent differences (28%) 141 241
Errors from previous years 0 6 087
Estimated tax 38 250 32 423
88
Beerenberg CORP. AS Annual accounts 2012

Note 11
Consolidated items
(Amounts in NOK 1,000)
01.01 - 31.12
Consolidated items in the statement of cash flows: 2012 2011 Cash flow effect:
Unpaid government charges and special taxes -60 110 -40 334 19 776
Other current liabilities -175 643 -189 347 -13 704
Change in owed Group Contribution* -48 037 -35 235 -12 801
Other receivables 31 269 21 467 -9 802
Accrued, unbilled revenues 127 269 104 085 -23 184
Other provisions for liabilities -3 500 -3 500 0
Change in other accruals 165 0 165
Changes to other time restricted items -128 586 -142 864 -39 550
* Group Contribution is included in other current liabilities, but is not included in other time restricted items in the statement of cash-flows
Consolidated items in the statement of cash flows
Other current liabilities: 2012 2011
Unpaid group contributions 48 037 35 235
Unpaid holiday pay 72 741 63 248
Project accruals 44 533 88 870
Debt to subsidiary Beerenberg Inc 8 719 0
Other 1 613 1 993
Total other current liabilities 175 643 189 347
Note 12
Receivables and Liabilities
Receivables which is classified as current assets matures within one year.
2012 2011
Long term receivables which matures later than one year 0 0
Liabilities which matures later than 5 years 0 0
Beerenberg CORP. AS Annual accounts 2012
89

Note 13
Intragroup balances
(Amounts in NOK 1,000)
Other current liabilities Trade receivables Intragroup loans
31-12-12 31-12-11 31-12-12 31-12-11 31-12-12 31-12-11
Beerenberg Inc. 8 719 1 103 0 6 537 24 422 14 708
Beerenberg Holding AS 48 037 35 235 0 0 102 349 159 297
Total 56 756 36 339 0 6 537 126 771 174 006
In 2012 the Group conducted transactions with related parties
as follows:
Beerenberg Corp. AS has given a loan to its parent
company Beerenberg Holding AS of 102,349. This has
given Beerenberg Corp. AS interest income of 6,072 and
Beerenberg Holding AS a corresponding expense. The company
has paid a group contribution to Beerenberg Holding
AS. The Company has given loans to employees, cf. Note 5.
Please see Note 5 for details of loans, severance pay and
other related matters.
Parent Company and Group Accounts
The Company`s parent Company is Beerenberg Holding AS
which has business address in Bergen. Group Accounts are
prepared for Beerenberg Holding AS. This can be provided
by contacting the Brønnøysund Register Centre.
Note 14
Shares in subsidiaries – Parent company
(Amounts in NOK 1,000)
Ownership
interest
Capitalised
value
Annual profit/loss
2012
Equity
2012
Beerenberg Inc. 100 % 613 -4 936 -10 345
D&F Group AS 100 % 100 0 100
Beerenberg Inc.’s registered office is in Houston, USA.
D&F Group’s registered office is in Bergen, Norway.
713 -4 936 -10 245
Note 15
Warranty provisions & contingent outcomes
The group has warranty liabilities relating to maintenance
contracts. Warranty periods may last for up to three years
after an annual programme has been completed. New-build
offshore installations / structures are generally subject to a
2-year warranty once a completion certificate has been issued.
Other long-term obligations are entirely related to warranty
provisions.
90
Beerenberg CORP. AS Annual accounts 2012

Beerenberg Corp AS Auditing report – part 1
KPMG AS Telephone +47 04063
Postboks 4 Nygårdstangen Fax +47 55 32 71 20
St. Jakobs plass 9 Internet www.kpmg.no
N-5838 Bergen Enterprise 935 174 627 MVA
To the Annual Shareholders’ Meeting of Beerenberg Corp. AS
INDEPENDENT AUDITOR’S REPORT
Report on the Financial Statements
We have audited the accompanying financial statements of Beerenberg Corp. AS, which
comprise the financial statements of the parent company Beerenberg Corp. AS and the
consolidated financial statements of Beerenberg Corp. AS and its subsidiaries. The parent
company’s financial statements comprise the balance sheet as at 31 December 2012, the income
statement and cash flow statement for the year then ended, and a summary of significant
accounting policies and other explanatory information. The consolidated financial statements
comprise the statement of financial position as at 31 December 2012, and the income statement
and the statement of other comprehensive income, statement of changes in equity and cash flow
statement for the year then ended, and a summary of significant accounting policies and other
explanatory information.
The Board of Directors and the Managing Director’s Responsibility for the Financial Statements
The Board of Directors and the Managing Director are responsible for the preparation and fair
presentation of the parent company financial statements in accordance with the Norwegian
Accounting Act and accounting standards and practices generally accepted in Norway and for the
consolidated financial statements in accordance with International Financial Reporting Standards
as adopted by the EU, and for such internal control as the Board of Directors and the Managing
Director determine is necessary to enable the preparation of financial statements that are free
from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with laws, regulations, and auditing standards and practices
generally accepted in Norway, including International Standards on Auditing. Those standards
require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditor’s
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers
internal control relevant to the entity’s preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An
audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Offices in:
KPMG AS, a Norwegian member firm of the KPMG network of independent
member firms affiliated with KPMG International Cooperative (“KPMG
International”), a Swiss entity.
Statsautoriserte revisorer - medlemmer av Den norske Revisorforening.
Oslo
Alta
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Bergen
Bodø
Elverum
Finnsnes
Grimstad
Hamar
Haugesund
Knarvik
Kristiansand
Larvik
Mo i Rana
Molde
Narvik
Røros
Sandefjord
Sandnessjøen
Stavanger
Stord
Straume
Tromsø
Trondheim
Tønsberg
Ålesund
Beerenberg CORP. AS Annual accounts 2012
91

Beerenberg Corp AS Auditing report – part 2
Independent auditor's report 2012
Beerenberg Corp. AS
Opinion on the separate financial statements
In our opinion, the parent company’s financial statements are prepared in accordance with the
law and regulations and give a true and fair view of the financial position of Beerenberg Corp.
AS as at 31 December 2012, and of its financial performance and its cash flows for the year then
ended in accordance with the Norwegian Accounting Act and accounting standards and practices
generally accepted in Norway.
Opinion on the consolidated financial statements
In our opinion, the consolidated financial statements are prepared in accordance with the law and
regulations and give a true and fair view of the financial position of Beerenberg Corp. AS and its
subsidiaries as at 31 December 2012, and of its financial performance and its cash flows for the
year then ended in accordance with International Financial Reporting Standards as adopted by the
EU.
Report on Other Legal and Regulatory Requirements
Opinion on the Board of Directors’ report
Based on our audit of the financial statements as described above, it is our opinion that the
information presented in the Board of Directors’ report concerning the financial statements, the
going concern assumption and the proposal for the allocation of the profit is consistent with the
financial statements and complies with the law and regulations.
Opinion on Accounting Registration and Documentation
Based on our audit of the financial statements as described above, and control procedures we
have considered necessary in accordance with the International Standard on Assurance
Engagements (ISAE) 3000, «Assurance Engagements Other than Audits or Reviews of Historical
Financial Information», it is our opinion that the management has fulfilled its duty to produce a
proper and clearly set out registration and documentation of the company’s accounting
information in accordance with the law and bookkeeping standards and practices generally
accepted in Norway.
Bergen, 24 April 2013
KPMG AS
Ståle Christensen
State Authorized Public Accountant
[Translation has been made for information purposes only]
p. 2 / 2
92
Beerenberg CORP. AS Group group accounts 2012

BEERENBERG Corp. AS
T +47 55 52 66 00 | F +47 55 52 66 01
E post@beerenberg.com | Visitors address Kokstaddalen 33
P.O.Box 273 Slåtthaug, N-5851 Bergen, Norway
www.beerenberg.com