Note 1 - Beerenberg

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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
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 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 18 and 19: Management report Organisational ri
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
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Note 13 (Amounts in NOK 1,000) Expo
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Note 13 | Financial instruments (co
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Note 14 Goods (Amounts in NOK 1,000
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Note 19 Loans to key employees (Amo
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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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