Note 1 - Beerenberg

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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
Page 1 and 2: Beerenberg Corp. AS & beerenberg Co
Page 3: Contents Our VisIon 3 Management re
Page 6 and 7: 4 Beerenberg CORP. AS Group group a
Page 8 and 9: Offshore Offshore Market Market by
Page 10 and 11: Production by lifecycle Production
Page 12 and 13: 10 Beerenberg CORP. AS Group group
Page 14 and 15: Management report Technology and de
Page 16 and 17: Management report International act
Page 20: The Beerenberg Corp. AS board of di
Page 23 and 24: Tore Angelskår Roger Kjeilen Tore
Page 25 and 26: The profit for the year totalled NO
Page 27: The group has a long-term goal of e
Page 30 and 31: Beerenberg Corp. AS Group Group Acc
Page 36 and 37: Note 1 Beerenberg Corp. AS is a lim
Page 38 and 39: Note 3 | Accounting principles Clas
Page 40 and 41: Note 3 | Accounting principles Inta
Page 42 and 43: Note 3 | Accounting principles Oner
Page 44 and 45: Note 3 | Accounting principles work
Page 46 and 47: Note 3 | Accounting principles Stan
Page 48 and 49: Note 4 As a global supplier of oil
Page 50 and 51: Note 5 (Amounts in NOK 1,000) Accor
Page 52 and 53: Note 7 Other operating costs (Amoun
Page 54 and 55: Note 10 Tax (Amounts in NOK 1,000)
Page 56 and 57: Note 12 (Amounts in NOK 1,000) 2 01
Page 58 and 59: Note 13 (Amounts in NOK 1,000) Expo
Page 60 and 61: Note 13 | Financial instruments (co
Page 62 and 63: Note 14 Goods (Amounts in NOK 1,000
Page 64 and 65: Note 19 Loans to key employees (Amo
Page 66 and 67: Note 21 Remuneration of key employe
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Note 25 Operational leasing (Amount
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Note 30 Derivatives The Group had n
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Note 33 Secured Liabilities (Amount
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Annual accounts 2012 Beerenberg Cor
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Beerenberg Corp. AS Balance Sheet A
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Beerenberg Corp AS Statement of Ca
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Accounting principles Depreciation
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Note 2 Segment information (Amounts
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Note 6 Employee benefits - pensions
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Note 7 Intangible assets and tangib
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Note 9 Secured debts and guarantee
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Note 11 Consolidated items (Amounts
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Beerenberg Corp AS Auditing report
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BEERENBERG Corp. AS T +47 55 52 66
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Note 1 - Beerenberg

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