BEERENBERG CORP. AS annual report

Beerenberg corp. as
annual report
09

ANNUAL REPORT 2009
Contents
Our Vision
Beyond Expectations
01. Introduction
02. CEO’s statement
03. Our Values
04. CFO’s statement
06. The Company
12. Management
14. Company structure
18. The Board
20. Annual Report
26. Profit & Loss Account
28. Balance Sheet
30. Cash Flow Statement
31. Notes 1 to 16
Our vision commits the Group and its entire staff to seek solutions
that exceed the expectations of those around us.
Our Core Values
Inclusive – Innovative – Responsible
( IIR )
The company shall be Inclusive towards individuals, other companies
and the rest of society. The entire Group shall be permeated by an
open and listening attitude. The company’s capacity for Innovation
shall help to strengthen our own future, improve the framework
conditions for our surrounding milieu and in general contribute to
a positive social development. Responsible fundamental attitudes
shall characterise the companion all levels and on all occasions.
01

The President & CEO writes
The Company
2009
In 2009 the economic debate on the macro level
was dominated by the financial crisis and its
multiplier effects for industry, business and world
society in general.
H e a lt h , E n v i ronment a n d S a f e t y. Beerenberg has zero
tolerance for injuries to personnel and damage to materiel and
the environment. Beerenberg is working continuously to improve
safety and job satisfaction for the people involved in our operations.
Our products and methods shall be as environmentally harmless
as possible. Beerenberg believes that all injuries and occupational
sickness and complaints can be prevented, as well as damage to
materiel, the environment and our reputation. We therefore view
our HSE work as a long-term and necessary contribution to the
company’s finances, reputation and further growth. In 2009 the
Group realised the continuous improvement trend it is our objective
to achieve. With a LTIF (Lost Time Injury Frequency) of 0.4, a TRIF
(Total Recordable Injury Frequency) of 4.2 and a SIF (Serious Injury
Frequency) of 0, we delivered our best HSE results ever. The company
registered 0 (zero) critical incidents in its operations.
Due to vol atile r aw material prices in the last two years,
investment prognoses for the Norwegian Shelf have been reduced,
and the level of activity is expected to fall. 2009 was a turbulent year,
but on the whole most of the arrows have been pointing in the right
direction. Global stock markets have risen steeply, and employment
has stabilised at a materially higher level than we had reason to fear.
In 2009 Beerenberg consolidated its activity level (a reduction in
turnover of 5.2%). In the period the underlying operations of the Group
have been developed and the margins have reached a considerably
higher level (an improvement in EBITDA of 35%).
The Group ’ s long-term ob jective of further growth and
increased earnings remains in force, and shall be achieved through
increased breadth in the delivery spectrum plus a broader geographical
catchment area for our services. The Group’s unshakeable focus
on further development and commercialisation of self-developed
technology, together with increased international involvement, is
bearing fruit. An ever-increasing share of the company’s overall
operations is being created through these focus areas (NOK 193.2
million), and this is a direct cause of our consolidation of the level of
activity with appurtenant growth in earnings in 2009. The company
is budgeting in 2010 for further growth in sales of self-developed
technology and an increased level of activity internationally.
The domestic market is decisive for the company’s financial
strength, level of activity and expertise development. In 2009 a
large proportion of our value creation came from the maintenance
market on the Norwegian Shelf (86%). This is a deliberate focus in a
market that is expected to undergo growth for the foreseeable future.
The company has, in order to satisfy ever-stricter requirements and
expectations from our customers, further developed our organisation
of maintenance assignments. The company’s self-developed, integrated
operating structure (IO) secures multi-field operations with the
aid of centralisation, de-bureaucratisation and standardisation of
all relevant processes. The technology ensures increased focus on
HSE, better quality and higher maintenance efficiency.
E x p e r tis e d e v e lopment is a key concept for Beerenberg,
systematised in order to support the company ’s paramount
business idea. Compliance with the Group’s zero philosophy for
non-conformances in HSE and quality is fundamental. Our strategy
for continuous improvement of maintenance efficiency and our
objective of being an attractive employer also demands an active
expertise development programme for all our staff. Beerenberg now
spends more time, resources and focus on expertise development
(NOK 15.9 million, corresponding to 1.1% of turnover in 2009). Our
programmes include Senior Manager Training, Middle Manager
Training and Craft Certificate Certification. Our results in Craft
Certificate Certification in 2009, and our consistent objective of
100 new craft certificates per year 2010 – 2012, not only benefit
Beerenberg, but set new standards for the entire industry.
KPI measurements are an active tool for testing of the actual
compliance with key objectives and strategies. The trends in key
areas such as HSE, quality, technology development, finance,
economics and courses/training, are consistently positive. The
company’s paramount objective of continuous improvement and
further development is being reached. For 2010 requirements and
expectations have been tightened further.
The market in the oil industry the last couple of years has
been clearly affected by the financial crisis, further aggravated by
the 2008 fall in oil and gas prices. In consequence of this crisis, the
prospects in the development market, have changed materially.
The direct consequence has been limited for Beerenberg because
the maintenance market dominates our assignment portfolio (86%
of turnover). The indirect consequences are nevertheless with us.
In Beerenberg we are endeavouring to reduce our sensitivity to
fluctuations in demand on the Norwegian Shelf by increasing the
breadth of our delivery spectrum and by seeking new assignment
quantities on the international shelf.
Morten H. Walde
President & CEO
Our Core Values
Explained
INCLUSIVE RESPONSIBLE INNOVATIVE
Show respect and
understanding for
colleagues, customers
and suppliers.
Open and direct
communication
that facilitates joint
decisions.
Help to make the people
around you even better
than they are at present.
Industry leader
in HSE.
Act with integrity and
stand for everything we
say and do.
Show consideration
for the environment
and sustainable
development.
Curious about future
challenges.
Always solutionoriented
and seeking out
good ideas.
Stimulate development
and commercialisation
of good ideas.
02

The President & CEO writes
The Company
2009 (cont.)
The company’s order reserves have been under pressure in 2009
because several of the biggest operators on the Norwegian Shelf have
chosen to put their maintenance assignments out to tender, instead
of making use of existing options. As the biggest ISS player on the
Norwegian Shelf, Beerenberg has a number of option agreements
that were not continued beyond 2010. The Group’s objective is to
win new and long-term assignment volumes in such a way that
we can maintain the present level of activity on the Norwegian
Continental Shelf. The maintenance market is growing and backed
by the company’s cost structure, experience base, expertise level and
capacity, our prospects are good. Growth is being sought through
increased activity and sales internationally.
2010 will be an exciting year in the Norwegian petroleum industry.
Our long-term focus and strategic thinking is permeated by faith
in a continued high level of activity on the Norwegian Shelf, and
a conviction that quality and expertise will in the long run bear
fruit in the form of increased market share. We are thus stepping
up our investment in research, technology development, expertise
development and infrastructure in key segments of both the Norwegian
and the international sectors.
Beerenberg president & ceo
Morten Walde
President & ceo
Corporate & organisation *
Gro hatleskog
executive Vice President
The CFO writes
Financial and
Structural Status
Cash flow Operational cash flow ended at NOK 91.6 million. The
Group has enjoyed a positive cash flow in the year. This is due to a
good operating profit before depreciation and impairments (EBITDA)
and a reduction in the investment level. The Group has consolidated
operations and focused on improving earnings, which led to a
reduction in working capital binding. Working capital binding has
nevertheless been a challenge and we expect it to remain so in 2010.
Investments Total investments for the Group are NOK 39.4 million,
of which NOK 21.1 million concern self-developed tangible fixed
assets in the removals market (decommissioning).
Financing The Group has a loan with Focus Bank of NOK 23 million.
Total credit facilities in Focus Bank are NOK 90 million, which
gives the company flexibility in the growth phase that the Group is
currently experiencing. The Group has a total credit and guarantee
framework of NOK 150 million.
Beerenberg Corp. AS has an outstanding loan to Beerenberg
Holding AS, with a floating interest rate based on 12 months NIBOR
plus a margin of 2% per annum. The loan falls due at the end of 2013.
Financial risk The Group endeavours through its financing
structure and agreements to reduce its exposure to fluctuations in
the currency and interest market, and does not speculate in positions
on this market. A maximally neutral currency risk is sought through
having incomes and costs in the same currency. Interest-rate risk is
something that the company has only on a smaller proportion of its
debt, which is subject to a floating rate based on NIBOR.
finance
Trond Slethaug
cfo
Taxes The parent company’s tax rate is 34% (31% in 2008). The
corresponding rate for the Group is 45% (46% in 2008). The high
tax rate is due to the fact that amortisation of goodwill is not
tax-deductible and that writedown of shares for the parent company
is not deductible either. Of the company’s taxes of NOK 22.8 million,
NOK 9.9 million for the Group, taxes due in the balance sheet amount
to NOK 5.4 million, NOK 4.4 million for the Group. This is due to
Group contributions, not assessed taxes from previous years and
Skattefunn refunds.
Ownership structure Beerenberg Holding AS owns 100% of the
shares of Beerenberg Corp AS.
Risk management We have implemented a method for handling
risk in a structured manner, for deciding on measures and for
following up their effect.
Market risk The Group is operating in the oil and gas market, which
has undergone sharp fluctuations in recent years. Over time we know
that the will to invest on the Norwegian Shelf will fall off. The Group
is intensifying its internationalisation process to accommodate a
lower rate of growth on the Norwegian Shelf.
Technological risk The market is seeking better solutions and
it may happen that the Group encounters competing products and
services. Through our continuous focus on engineering services
and R&D work, we are endeavouring to stay ahead of the game by
protecting our assets with patents and other rights.
Organisational and reputational risk In order to retain our
key staff, we are putting a lot of work into expertise development of
employees. We are creating a culture in the Group in which we make
one another into champions. This contributes to highly-skilled staff
remaining in the Group and to good teamwork. In a market with strong
need for hired foreign labour, it is important that we attract serious
subcontractors and ensure that our partners comply with legislation
and regulations, so that the Group’s reputation does not suffer harm.
IFRS The company is currently preparing a conversion of its
accounts from Norwegian accounting standards to the IFRS.
Had the Group submitted accounts pursuant to IFRS in 2009,
its operating profit would have been NOK 23 million better than
what was actually reported. The biggest change concerns the
amortisation of goodwill, whereby under IFRS we must undertake
a regular evaluation of the goodwill value in the consolidated
accounts, whereas Norwegian accounting standards mandate
amortisation of goodwill over expected lifetime.
“Stock-Exchange compatible programme” The management
is working on a programme whose objective is for the Group to be
stock-exchange-compatible at the end of 2010. The finance department
has been strengthened, and courses and expertise enhancement is
being held in IFRS, risk management, internal control etc. From
2010 inclusive the Group will report under IFRS rules.
Ow n e r m a n ag e m e n t a n d corpor at e gov e r n a n c e The
Board ensures that the company has good owner management and
corporate governance. The company is in the middle of a process
of developing routines and systems for compliance with Norwegian
recommendations on owner management and corporate governance.
Beerenberg Compensation Committee The Compensation
Committee is a subcommittee of the Board of Beerenberg Corp.
AS, consisting of the Chairman of the Board, who also chairs the
meetings of the Compensation Committee, a representative of the
owners and the President & CEO. The Compensation Committee was
established in 2009 and has held four meetings. The body considers
matters affecting compensation to the company’s top management,
plus paramount strategies for expertise and discipline development.
Beerenberg Audit Commit tee The Audit Committee is a
subcommittee of the Board of Beerenberg Corp. AS, and consists
of two Board members with accounting expertise. The committee
is chaired by Geir Sandvik. The Audit Committee was established
in 2009 and has held four meetings in 2009. The object of the Audit
Committee is to assist the Board in ensuring that the accounting
and financial information presented is reliable; that the Group’s
internal control and risk management systems are effective; that
the Group is complying with relevant legislation, regulations and
internal standards and provisions; that the external auditor is
independent and sufficiently qualified; and that performance is of
sufficient quality.
Group structure Beerenberg Holding AS owns all the shares in
Beerenberg Corp. AS (the operating company), which controls 100%
of the subsidiaries’ shareholdings.
Business Support **
Leif Helge Eriksen
deputy ceo
Development & maintenance
Tore Angelskår
executive Vice President
Fabric maintenance services
Leif Helge Eriksen
deputy ceo
sales & marketing
Roger Kjeilen
executive Vice President
Innovation & technology ***
Baste Tveito
CTO
Explanation to organisational map
* HR, HSE/Q & Compliance
** IT & Supply Chain Management
*** R&D, Engineering & Inspection
Organisation As may be seen from the organisational chart below,
Beerenberg Corp. AS is organised into various business units and
staff functions. The commercial responsibility is vested in the line
organisation, as is the operational HR function.
The work of the line organisation is supported by various
staff functions that have cross-Group responsibility within their
disciplines, in order to secure cost-effectiveness, predictability and
uniform quality, plus an integrated approach to their different missions.
The organisation is subject to continuous review.
04
05

The company
The Company
The Company
2009
Technology
& Development
Beerenberg’s core business is at the operational level solidly
anchored in the traditional ISS disciplines on the Norwegian
Continental Shelf. The company is exposed mainly to the maintenance
market, and is market leader in this segment. The framework conditions
in the industry are undergoing drastic change. The requirements
for innovation, increased maintenance efficiency and standardised
operational models have become much tighter in consequence of
falling oil prices and pressurised margins in the sector.
In the period 2007 – 2009 Beerenberg prepared and
implemented a solution for an Integrated Operating Centre (IO),
which now addresses the above-mentioned objectives for parts
of our assignment portfolio. The results, as regards continuous
improvements in key areas such as HSE, quality, maintenance efficiency
and predictability, are significant. The results of these pilot projects
support the positive development the company is experiencing.
In consequence of the above-mentioned processes, Beerenberg’s
turnover and margins have undergone a welcome development in
a 2009 with tough framework conditions. The company in 2010 is
focusing on refining our standardised IO concepts, with a view to
ensuring continued growth and increased earnings for the company
and reduced maintenance costs for the client.
Technology development (NOK 42.3 million, corresponding to
2.9% of turnover) is the central pillar of Beerenberg’s core business.
Pure R&D projects are the spearhead that ensures our ability to
deliver. The continued technology development that takes place
through operational activities is the foundation that guarantees
stable and predictable deliveries.
The Group’s ex per tise development programmes are
fundamental to everything we do. Beerenberg is a labour-intensive
company, and all our value creation arises from the Group’s human
expertise base. Refining this expertise base means in practice
strengthening the company’s competitiveness in the company’s
core business.
Engineering
Rådgivning
Modifikasjon
Vedlikehold
Feltservice
Logistikk
Fabrikasjon
Opplæring
Total
integrator
iso
fagene
Bergen
Stavanger
Haugesund
Kristiansund
Hammerfest
Murmansk
Houston
The oil industry on the Norwegian Shelf has become a consolidated
market with Statoil as the possessor of a considerable market share.
Statoil is thereby also Beerenberg’s biggest client, with assignments
split between offshore and onshore and between purely routine
maintenance and consolidated engineering, materials and maintenance
contracts. We have also signed exclusive framework agreements for
delivery of prefabrication and bulk materiel with Statoil.
ConocoPhillips is one of our other big clients. In this connection
Beerenberg operates the ISS maintenance on Greater Ekofisk (in all
19 installations) under a consolidated engineering, materials and
maintenance contract.
ExxonMobil, Aker Solutions, Aibel, Fabricom, Reinertsen,
Grenland Group and FMC are other important clients in Beerenberg’s
customer portfolio.
Innovation
& tecnology
ENGINEERING INSPECTION DECOM
ENGINEERING
ISS (Insulation, Scaffolding and Surface) Beerenberg has
a clear objective for its innovative activity, and quality-controls all
technology development projects against the following mandatory
requirements:
• Every change shall contribute to the same
or better HSE/Q performance
• Every change shall contribute to the same
or better maintenance efficiency.
DECOM
OPERATIONS
Beerenberg’s Innovation & Technology Division numbers about
200 individuals and is the market leader in the ISS industry. This
includes our engineering department with more than 90 staff,
our inspection department of about the same size, and our own
Research and Development department. This last includes a group
that performs concept, method and tool development in surgical
cutting and mobile machining (Decommissioning).
Business
support
BENARX R&D FACILITIES BBI
Technology development within the ISS field is conducted across
the boundaries of Beerenberg’s various divisions and departments,
and in close collaboration with R&D. We employ the best available
system solutions such as ANSYS (calculations/simulations), Inventor
(3D modelling) and webTiv (self-developed study tool/engineering
tool). The solutions developed cover the entire ISS field and consist of
operational solutions, implementation models (project management,
operations), as well as product development (Benarx, DeCom) and
technology choices (laboratory and project testing of paint/fire
protection/insulation).
Beerenberg has a number of self-developed, patented (13)
and otherwise trademarked or exclusively licensed products and
solutions. The business areas in Beerenberg are organised in the
form of separate Business Centres (BC), with a manager in each
group responsible for profits.
06
07

The Company
Technology
& development
Innovation
& tecnology
ENGINEERING INSPECTION DECOM
ENGINEERING
ISS (Insulation, Scaffolding and Surface) Beerenberg has
a clear objective for its innovative activity, and quality-controls all
technology development projects against the following mandatory
requirements:
• Every change shall contribute to the same
or better HSE/Q performance
• Every change shall contribute to the same
or better maintenance efficiency.
DECOM
OPERATIONS
Beerenberg’s Innovation & Technology Division numbers about
200 individuals and is the market leader in the ISS industry. This
includes our engineering department with more than 90 staff,
our inspection department of about the same size, and our own
Research and Development department. This last includes a group
that performs concept, method and tool development in surgical
cutting and mobile machining (Decommissioning).
Business
support
BENARX R&D FACILITIES BBI
Technology development within the ISS field is conducted across
the boundaries of Beerenberg’s various divisions and departments,
and in close collaboration with R&D. We employ the best available
system solutions such as ANSYS (calculations/simulations), Inventor
(3D modelling) and webTiv (self-developed study tool/engineering
tool). The solutions developed cover the entire ISS field and consist of
operational solutions, implementation models (project management,
operations), as well as product development (Benarx, DeCom) and
technology choices (laboratory and project testing of paint/fire
protection/insulation).
Beerenberg has a number of self-developed, patented (13)
and otherwise trademarked or exclusively licensed products and
solutions. The business areas in Beerenberg are organised in the
form of separate Business Centres (BC), with a manager in each
group responsible for profits.
The company
Self-developed
Technology (5 BC areas)
Benarx (insulationprod./solutions) Benarx means Beerenberg’s
self-developed insulation solutions and sophisticated products in
passive fire protection, plus thermal and acoustic insulation. The
solutions are space-saving, weight-reducing, efficiency-enhancing,
logistics-reducing and with unique thermal and acoustic properties.
Product development is implemented in close collaboration
with institutions such as SINTEF, DnV, the National Institute of
Technology and GexCon. The solutions are tested and approved
pursuant to relevant specifications/standards.
Surgical cutting and mobile machining. In the last three
years Beerenberg developed unique methods and tools for surgical
cutting and mobile machining. The technology is based on our
cutting-edge expertise in use of synthetic diamonds in removal of
steel and concrete. In line with our philosophy, the solutions can
be remotely controlled and demand a minimum of personnel and
equipment. This contributes to a reduced risk to safety, high cutting
speeds, lower costs and better ability to implement. We perform
precision cutting from the smallest bolt to big structures – regardless
of weight, design and material composition.
The methods are attractive on the international marked and
BBC has invested heavily in the development of solutions and tools
for removal of risers on the U.S. side of the Gulf of Mexico (USGoM).
“Green Turtle” is a remote-control tool with rotating diamond blades
that had now completed several successful cuts of risers 15 feet under
the seabed (a requirement from the authorities in the USA). We have
great expectations of the method and are now established in the GoM
with tools, trained personnel and a workshop. The marine operations
are performed by our partner in the USA, Cal Dive International.
Subsea Insulation Thermal Subsea insulation is a growth area
in BBC. We use the best materials available on the market and have
developed effective methods and tools for production and installation.
The assignments are performed all over the world and equipment
and personnel are therefore prelocated for easy mobilisation and
implementation of assignments wherever the customer wishes.
The market is stable and good and our prognoses dictate
that we take a greater market share in 2010 – mainly in the form of
call-offs on long-term framework agreements.
Access technology (TT) Access Technology is a method using
ropes and climbing techniques in connection with work at heights,
securing of personnel and rescue. In 2009 we mobilised personnel
for assignments on the Norwegian Shelf but also for international
assignments. Fixed teams have been established in existing contracts
that make TT more available for the customer and contribute to
increased assignment volume.
Beerenberg conducts continuous method development, TT is
in rapid development and is used on an ever-increasing scale as an
alternative to traditional access (scaffolding). We have constructed
and installed what may be the market’s best training rig, a system
that offers great opportunities for courses in height work, fall
prevention and rescue, both internally and externally. A stable
market, together with new opportunities in course activities, will
contribute to growth in 2010.
Sveisolat Sveisolat is the company’s own registered trademark for
a system consisting of a habitat, mobile gas detectors and control
unit manned by certified operators. A habitat facilitates “hot work”
within all zones on offshore installations, oil and gas terminals and
petrochemical plants.
Since the launch of Sveisolat in 2002, Beerenberg Corp. AS
has built up a considerable expertise and experience within the field.
The company is currently employing 40 certified operators and has
37 control systems in rotation. Certification and commissioning
of the systems are done in our own workshop on the company’s
premises in Stavanger.
Sveisolat is an export article. In 2009 existing international
cooperation agreements have been continued, and concrete projects
implemented inter alia on the Danish shelf.
There has been a considerable development in the use of
habitat technology within areas other than traditional welding work.
We consider a further development in this direction to be of great
interest, offering interesting market opportunities.
International
Operations
Ambitions & Objectives Beerenberg has clear ambitions and
objectives for the export-oriented oil and gas industry. Underlying
all our focus in this segment is the necessity for the export article to
have a fundamentally high technology level (IPR), and/or in other
ways have a very limited vulnerability to being imitated or copied.
The generally high costs level in Norway makes the international
market for Norwegian export articles a narrow one. The risk of being
copied in low-cost countries in deliveries that are not patentable and/
or have other limiting factors is of such a nature that Beerenberg
finds it less interesting to invest in such things.
Despite the above-mentioned and clearly limiting factors, in
addition to a market that is increasingly tough in consequence of the
financial crisis and volatile oil prices, Beerenberg’s export share is
steadily rising (NOK 20.5 million, or a growth of 120% in 2009). In
2009 the company performed assignments in Denmark, the USA,
Kazakhstan, Malaysia, Angola and Australia. In addition we are
awaiting allocations on bids made in Russia, Brazil and Nigeria. The
bids involve self-developed and patented high technology in fields
such as sophisticated fire protection, second-generation conductor
removal and “coldwork” solutions (Sveisolat). In addition the company
won international assignments for our staff of engineers, inspectors
and other specially-trained personnel in the oil and gas industry.
Beerenberg has made several joint ventures with international
players, with a view to preparing the ground for future market
share. Our new partners are located in the UK, the USA, Brazil
and Kazakhstan.
For 2010 the company is planning further growth in assignment
volume outside Norway and has clear ambitions to secure sufficient
capacity, focus and expertise to realise and continue the ambitious
growth targets that we have set ourselves.
08
09

Group
ROGER KJEILEN
executive Vice President
sales & Marketing
Leif Helge Eriksen
Deputy CEO
Tore Angelskår
executive Vice President
DEVELOPMENT &
MAINTENANCE SERVICES
Group Management
Beerenberg Corp.
Roger Kjeilen (38) EVP Sales and Marketing, and responsible at Group
level for company’s activities in sales, market, communication, offers
and contracts, a post he had held since 2008. Mr Kjeilen started in
Beerenberg in 1996, and from 2003 was the company’s bids officer.
He has acquired broad market experience from the international
market in oil service. Mr Kjeilen also has prior operational experience
as contract coordinator and project coordinator, with responsibility
for following up the various project managers. Mr Kjeilen took a
degree in civil engineering from NTH, the Norwegian Institute of
Technology, in 1994.
Since 2008 Leif Helge Eriksen (46) has been Deputy President &
CEO with operational authority for Fabric Maintenance Services
offshore and onshore, also the business area Sveisolat. In addition he
is Group Coordinator for Supply Chain Management and Strategic IT.
Mr Eriksen started as Operations Director of Bjørge Norcoat AS
in 2006, and in 2007 assumed managerial responsibility for all the
company’s activities in Stavanger. He has previously been the CEO of
the company Stein Østraadt AS, and before that held several leading
positions in Kverneland Group Klepp AS. Mr Eriksen is Chairman
of the Board of Norwegian Association of Corrosion Contractors and
deputy chairman of the Association of Corrosion, Insulation and
Scaffolding Contractors. He took a degree in mechanical engineering
from the then Norwegian Institute of Technology, NTH, in 1988
Since 2010 Tore Angelskår (32) has been EVP for the business area
Development and Maintenance Services onshore and offshore,
plus the business area Access Technology (TT). Mr Angelskår was
in 2009 appointed as divisional director for Onshore North, with
responsibility for follow-up of all shore-based projects. This includes
facilities such as Aker Stord, Kårstø, Mongstad and Sture, plus
Beerenberg’s local fabrication activities at Kokstad. Mr Angelskår is
responsible for the disciplines scaffolding and insulation. He started
in Beerenberg in 2004 as trainee project manager, and up to 2007
was inter alia project manager for developments for Statoil (Snøhvit)
and Hydro (Ormen Lange). In 2008 – 2009 Mr Angelskår worked
as project manager for Transocean AS, and he also has experience
from Frank Mohn AS. Angelskår is a Bachelor of Engineering and
Business from Queensland University of Technology (2002/2003).
MORTEN WALDE
PRESIDENT & CEO
GRO HATLESKOG
executive Vice President
corporate & organisation
Baste Tveito
CTO
TROND SLETHAUG
CFO
Morten Walde (41) has been President & CEO of Beerenberg Corp. AS
since 2008. Mr Walde started in the company in 1995 and has long
experience from several managerial posts there. From 2004 until he
began as President & CEO he was initially Technical Director, then
Deputy CEO. Prior to that he was project manager for the company’s
engineering and construction activities inter alia with Aker Stord,
in Poland and in Russia. Mr Walde holds several offices of trust in
the oil and gas industry, has a seat on the Board of the Norwegian
Association of Insulation Contractors and chairs the Nominations
Committee for the Norwegian Association of Corrosion Contractors.
He also holds a number of directorships internally within the
Beerenberg Group. Mr. Walde is a graduate from the Norwegian School
of Management, BI, and has additional qualifications in Administrative
Information Processing from the University of Bergen.
Gro Hatleskog (53) has since 2010 been EVP with responsibility for
HSE/Q, HR and Compliance. She began as HR Director of Beerenberg
Corp. AS in 2009, with paramount responsibility for further developing
and practising Beerenberg’s personnel policy with a particular focus
on HR management and manger, expertise and culture development.
Ms Hatleskog has long experience at senior management level in the
HR field from several companies, both at national and international
levels. She has been organisation and staff director in the telecoms
company Nera ASA, and HR director of Vesta Forsikring AS (insurance)
and Sparebanken Vest (retail banking). Gro Hatleskog has a higher
degree in Business Administration and Organisational Studies from
the University of Bergen (1985).
Baste Tveito (45) took the post of CTO of Beerenberg Corp. AS in
2009 with responsibility for the field Innovation and Technology,
including Research and Development, Engineering and inspector
services. In addition Mr Tveito has the responsibility for the business
areas DeCom, including DeCom USA, and Benarx. He was formerly
head of the company’s engineering division. Mr Tveito has been
divisional director for Onshore North, among other things with
responsibility for the projects at Mongstad and Kårstø. Mr Tveito
came to Beerenberg in 2005 from post of Chief Contracts Officer
with Frank Mohn Flatøy AS, and also has experience from Kværner
Installasjon AS as senior procurement officer. Mr Tveito’s education
is from the Army (Officer Training, Military Academy and Staff
College), in which he held a number of senior positions.
Trond Slethaug (41) has been CFO of Beerenberg Corp. AS since
2006 with responsibility for the company’s financial functions. He
is also Secretary to the Board of the company, and is responsible
for the ongoing stock exchange flotation process. Mr Slethaug has
previously been CFO of Berendsen Tekstil Service AS and Ingram
Micro AS, also general manager of Protek TELsoft AS. He also has a
background as an auditor with Arthur Andersen & Co S.C. Slethaug
took a master’s in Management from the Norwegian School of
Management, BI, in 1998.
12 13

Beerenberg
Beerenberg
Company Structure
Beerenberg is an innovative problem solver for the oil and gas industry, whose
solutions facilitate recovery and production in the harshest environments.
Our extensive experience enables us to develop the best solutions for challenging
conditions. We are present in all phases of the petroleum industry’s life cycle
– from field studies to decommissioning.
Beerenberg
holding
Beerenberg
corp. as
Beerenberg inc.
Beerenberg
Frontier as
d&f group as
Beerenberg
arctic as
beerenberg
Technology as
USA
Hammerfest / Norway
14
15

Beerenberg
Boardmembers
2010
Cato A. HauG (39) became an owner-elected Board member in
Beerenberg Corp. AS in 2009. He was a senior executive in Herkules
Capital from 2006, and previously held the position of Vice President
of Morgan Stanley in London with focus on the energy sector. Mr
Haug has several directorships and is Chairman of the Board of
Micro Matic Norway and Board member in Egyptian Maintenance
Company. He is a business administration graduate from NHH,
the Norwegian School of Economics and Business Administration.
Einar Stene (48) has been an employee-elected Board member in
Beerenberg Corp. AS from 2008. Mr Stene has worked as a foreman
or supervisor on the Tampen project since 1996, and has been employed
by Beerenberg since 1990. He has been an official of the Lederne trade
union since 1996. Mr Stene has craft certificates in painting and a
certificate from FROSIO, the Norwegian Professional Council for
Education and Certification of Inspectors for Surface Treatment. He had
previously been a plate worker, and has craft certificates in this field too.
Knut Holli (60) has been Chairman of the Board of Beerenberg Corp.
AS since 2006. He is self-employed and has extensive experience
from directorial work; he is Chairman of the Board also of Noratel AS
and Bandak Group AS among others. He was previously a member of
Group management at Dyno Industrier ASA and Kistefoss. Mr Holli
is an economics graduate from the University of Oslo.
Sverre Morten Blix (48) is an owner representative on the Board
of Beerenberg Corp. AS and a partner in the consulting company
Herkules Capital AS. He helped to form Herkules Private Equity
Fund in 2003, and has been a Board member in Beerenberg Corp.
AS since the acquisition in 2006. In Herkules Capital AS Mr Blix
was responsible for acquisition and development of the companies
Noratel, Handicare, EFG European Furniture Group, Beerenberg
Corp. AS, Micro Matic and Gothia Financial Group. For many years
previously Blix was employed by Orkla’s investment division, and
worked on both quoted and private investments. He has extensive
experience from Board work. Mr Blix is a graduate in petroleum
technology with supplementary education from BI, the Norwegian
School of Management.
Geir Sandvik (60) has been an owner-elected Board member in
Beerenberg Corp. AS since 2006. Mr Sandvik is a self-employed
consultant, and has several directorships, inter alia as Chairman of
the Board of Hydroenergi AS and Pareto World Wide Offshore AS.
He has also been a partner in Pareto Securities ASA, and also CFO of
Transocean Offshore and CFO of several major national and international
undertakings. Mr Sandvik is a business administration graduate from
NHH, the Norwegian School of Economics and Business Administration.
Bjørn E. Kolbeinsvik (60) has been an employee-elected Board
member since 1992. He is deputy leader of Fellesforbundet (Norwegian
United Federation of Trade Unions) in Beerenberg Corp. AS, and for
many years has held key offices of trust in the company, both Main
Safety Delegate and Chief Union Representative for Fellesforbundet.
Mr Kolbeinsvik started in the company in 1988 as a surface treatment
operative onshore/offshore. Mr Kolbeinsvik has qualifications from
the Radio Dealers Technical College.
18
19

ANNUAL REPORT 2009
Annual Report
for 2009
The Business The Group Beerenberg Corp. AS consists of the parent
company Beerenberg Corp. AS, with the subsidiaries Beerenberg
Arctic AS, Beerenberg Frontier AS, Beerenberg Technology, D&F
Group AS and Beerenberg Inc. If not otherwise apparent from the
context, this Directors’ Report will discuss the Group in its entirety.
In January 2009 Beerenberg Corp AS bought OPEC AS for NOK
2 million, and changed the name of the company to Beerenberg
Technology AS.
The company supplies expertise and technology plus engineering
and inspection surfaces within surface treatment, passive fire
protection, insulation, architecture/interiors, scaffolding, access
technology, habitat, whereas the Group in addition supplies mobile
machining, cutting and removal.
The Group’s head office is in Bergen, while the Group has
other offices in Stavanger, Husøy, Hammerfest and in Houston, USA.
The company has enjoyed good financial and technological
development in 2009, with solid improvement in operating profits
before depreciation. The Group has focussed on international growth,
but because of the sluggish and unpredictable marked in 2009
we have not seen the rapid growth we wanted to achieve. Despite
this the Group has more than doubled its sales outside Norway in
comparison with 2008.
The company’s risk profile remains unchanged in 2009.
The financial crisis is still affecting the Group in the form of price
pressure and deferred and cancelled projects from the clients – the
oil companies. Market, operational and financial risk is controlled
through structural adaptation and close production management
through a special risk management programme. There is great
pressure on margins, and some customers have strained liquidity.
This is being followed up very closely.
The annual accounts In the Board’s opinion the annual accounts
provide a good description of the company’s and the Group’s position
at the end of the year. The annual accounts are prepared on the
going-concern assumption.
The Group has seen good operational improvement from
the preceding year and strengthened its position on the market.
The turnover for the Group is NOK 1,460.9 million, which yielded
a surplus before tax of NOK 25.1 million, a net profit ratio of 1.7%.
The parent company’s turnover in 2009 was NOK 1,492.9 million
and profit before tax was NOK 69.6 million.
The company’s order reserves have been under pressure in
2009. This is due to the fact that several of the biggest operators on the
Norwegian Shelf have elected to put their maintenance assignments
out to tender instead of exercising existing options. As the biggest
ISS player on the Norwegian Shelf, Beerenberg had a number of
option agreements that are not being continued beyond 2010. The
Group’s objective is to win new and long-term assignment volumes
in such a way that we can maintain the present level of activity
on the Norwegian Continental Shelf. The maintenance market is
growing and backed by the company’s cost structure, experience
base, expertise level and capacity, our prospects are good. Growth
is being sought through increased activity and sales internationally.
Operating incomes were NOK 1,460.9 million, a reduction of
5% in relation to 2008. This is due to lower volumes within existing
contracts, and fewer new contracts. For the parent company, operating
incomes were NOK 1,492.9 million, an increase of 6.6%. The increase
in turnover is due to D&F Group Stavanger AS being merged into
Beerenberg Corp AS as of 1 May 2008.
Cost of sales increased in 2009 in consequence of increased
sales and delivery of Benarx products in our projects. Payroll costs
fell by 12.5% in relation to 2008, due to generally less labour-intensive
projects plus the effects of rationalisation processes in both the
parent company and the Group.
Consolidated EBITDA (profit before interest, tax, depreciation
and amortisation) was NOK 106.3 million, an improvement of
35%. For the parent company the improvement in EBITDA was
72%. This improvement is due to mainly to improved project
implementation processes.
In addition to annual amortisation of intangible assets of
NOK 21.9 million, the Group has impaired the value of customer
contracts by NOK 22.1 million.
Operating profit nevertheless increased by 25% to NOK
34.4 million for the Group, whereas operating profit for the parent
company improved by 120%.
Net financial items yield a loss of NOK 9.3 million, of which
disagio comprises NOK 7.8 million and net interest amounts to a
loss of NOK 1.5 million.
The parent company’s tax rate is 34% (31% in 2008). The
corresponding figure for the Group is 45% (46% in 2008). The
high tax rate is due to the fact that amortisation of goodwill is not
tax-deductible and that impairment of shares in the parent company
is not deductible either. Of the company’s tax cost of NOK 22.8
million, NOK 9.9 million for the Group, taxes due in the balance
sheet amount to NOK 5.4 million, NOK 4.4 million for the Group.
1500
1000
500
revenue
in MNOK
0 0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
1500
1000
500
120
100
80
60
40
20
ebitda
in MNOK
margins
in %
12%
10%
0 0%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
This is due to Group contributions, non-assessed taxes from previous
years and Skattefunn refunds.
Profit for the year was NOK 13.7 million (NOK 10.7 million in
2008) for the Group and NOK 46.0 million (NOK 24.2 million) for
the parent company. The Board proposes that the parent company’s
profit of NOK 45,968,832 be applied as follows:
Group contributions net after tax NOK 24,873,400
Transferred to other equity NOK 21,095,432
Research and development The company has its own Research
and Development Division, in which total activities have been
expensed in the sum of NOK 3.8 million, whereas the Group has
expensed NOK 6.9 million.
Equity and Liquidity At 31 December 2009 the equity ratio in
the Group was 44.6%.
Liquidity has been acceptable through the year. The Group
has the financial strength to handle fluctuations in the market and
undertake any acquisitions, if this is regarded as strategically correct.
In 2009, as in 2008, we focused on working capital. Operational
cash flow was NOK 89.7 million with an EBITDA of NOK 106.3
million. NOK 39.5 million has been invested in the Group, most of
it on self-developed operational equipment. Capital binding is an
area that the management and the Board are following up closely.
The Group has at year-end a cash stock of NOK 1.8 million and
an unused overdraft facility of NOK 56.5 million with Focus Bank.
Information on financial risk The company is exposed to
credit, interest-rate and currency risk in its ordinary operations.
The Group is aiming at an acceptable risk within these areas. New
customers and major suppliers are credit-checked when contracts
are made. The Group has mainly interest-bearing debt with floating
8%
6%
4%
2%
1000
800
600
400
200
2000
1500
1000
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
500
0
total capital
in MNOK
current assets
share in %
employees
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
50%
40%
30%
20%
10%
2000
1500
1000
500
0
20
21

5
4
3
2
1
0
3,0
2,5
2,0
1,5
2004
number OF INCIDENTS
2009
work related injuries (sick leave)
per. 1 mill. work hours LTIF
2005
2006
2007
2008
serious incidents
per. 1 mill. work hours sif
2009
5
4
3
2
1
0
3,0
2,5
2,0
1,5
interest rates based on NIBOR plus a margin, and is thereby exposed
to changes in short-term interest rates. The Group is concerned to
have as neutral a currency risk as possible. This is sought through
having incomes and costs in the same currency. Where the Group
does not have neutral currency exposure in the projects, expected
cash flow is currency-hedged.
Shareholders Beerenberg Holding AS owns 100% of the shares
in Beerenberg Corp AS.
Working environment Beerenberg’s objective is to have a good
working environment, with committed and motivated staff who
feel that they are being well looked after. The feedback we receive
through health monitoring reports show that job satisfaction is
good. Committed and competent managers are of great significance
for achieving a good working environment, and Beerenberg has
initiated a comprehensive manager development programme
for project managers and foremen. The programmes run for two
years, and the company’s vision and values are the unifying theme.
Manager development in Beerenberg is to support the company’s
strategy and commercial objectives, and support and refine its HSE
culture. Clear lines of responsibility for staff and managers on all
levels are emphasised.
The company’s objective is continuous reduction of sickness
absence, and it has zero tolerance for accidents and injuries. Sickness
absence in 2009 totalled 6.8%, with long-term absence of 5.1% and
short-term absence of 1.7%. This is a weak increase from 2008. The
company has a keen focus on sickness absence, through both closer
follow-up of the sick and an investment in manager training in which
follow-up of sickness absence is one of the key topics. The company
is a member of the Inclusive Working Life programme (IA).
The company prioritises HSE work at all levels of the organisation.
The company’s HSE results in 2009 were excellent, and continue
the Group’s expected trend. The nature of the business demands
continuous focus and attention in order to prevent unexpected
undesirable incidents. All new employees in Beerenberg must therefore
take and pass the company’s HSE induction course. Beerenberg has
developed its own e-learning programme for this. HSE is moreover
a vital element in all the company’s training activities. In 2009,
furthermore, we held our own HSE and Safety Delegate seminars
with a view to securing a uniform philosophy and practice in the
various projects.
Health-risk assessments and health monitoring surveys are
conducted on an ongoing basis in a selection of the projects.
Collaboration with the union officials has been close in 2009,
both through established cooperation bodies (such as the Corporate
Assembly and the Working Environment Committee) and through
more informal contact and regular dialog.
The Board and the Administration would like to extend
heartfelt thanks to all our staff for good work in 2009.
Board. Of the company’s subsidiaries, only Beerenberg Frontier AS
has employees; three in number, all of them men. In the Group there
are no material differences in salary level between women and men
at the same level of posts.
Discrimination Beerenberg shall show respect for all individuals,
and wishes to have an open working environment in which the
employees feel that they are being heard and taken into account.
The company shall recruit on the basis of expertise, irrespective
of gender, age, handicap, ethnic background, religion and cultural
background. This is enshrined both in our ethical guidelines and
in our appointments policy, in conformity with current legislation.
The company has created formal collaborative bodies for employee
co-determination. In addition we have established our own whistleblower
reception centre, in order to ensure that reports of breaches
of ethical guidelines or other reprehensible situations are handled
in a professional manner.
External Environment In 2009 the company has considered
environmental aspects of procurement and use of materials, waste
generation and handling, energy consumption, acute discharges and
emissions, water consumption, dust and technology.
The company’s impact on the external environment is mainly
in the form of emission of volatile organic compounds (VOC) in
consequence of consumption of paint products and solvents. The
quantity of emissions is related to assignment volume and type.
We are, however, continuously trying (the duty of substitution) to
employ alternative products with lower environmental impact, but
this depends in turn on demands from our customers. The company
also produces considerable quantities of waste, but through good
sorting and final treatment (materials recycling and energy recovery)
the negative environmental impact is reduced considerably.
There has been an increased focus on the external environment
in 2009, for example our own environmental policy, our own
environmental action plan and the appointment of a HSE/Q manager
with special expertise in the external environment. This also means
further focus in 2010, inter alia through separate environmental audits
(internally and externally) with strong elements of environmental
counselling, appointment of environmental officers in major projects
and further development of the company’s environmental accounts.
Beerenberg is certified under:
NS-EN ISO 9001:2008 Quality Management
NS-EN ISO 14001:2004 Environmental Management
Bergen 28. april 2010
On the Board of Beerenberg Corp. AS
See also separate annual report for HSE describing the results
achieved in 2009 and identifying measures for improvements in 2010.
Prospects The company has achieved a good result historically
speaking, and its financial position is regarded as sound. In the
first quarter of 2010 the Group has ongoing tendering processes for
customers worth all together more than NOK 16 billion (including
options). In the middle of March the company was awarded the
Ekofisk contract by ConocoPhillips Norway AS. The contract has a
duration of three years, with an option of a further 3+3 years. In 2009
Statoil ASA informed its clients that they would not be exercising
their options in all maintenance and modification contracts (with the
exception of the Kårstø and Hammerfest contracts). These contracts
have now been put out to tender. The Group has a positive attitude to
this process, and has faith that the Group will emerge strengthened
out of the award of new long-term maintenance contracts.
The subsidiaries Beerenberg Frontier AS, Beerenberg Arctic
AS and Beerenberg Technology will be merged into Beerenberg
Corp. AS in 2010.
Focus on sales of engineering services, plus self-developed
and patented service and product solutions will be intensified with a
view to improving the company’s competitiveness. The improvement
processes that the Group has implemented in 2009, with appurtenant
growth in margins, will be continued.
The Group’s long-term goal is to ensure future growth through
exports, with especial focus on the Gulf of Mexico, West Africa and
Kazakhstan. The company’s legal entity in Houston was materially
strengthened in the fourth quarter of 2009, and will be further
improved by increased capitalisation and increased manning. The
Group’s prefers to build strategic alliances and/or make strategic
acquisitions that secure local anchorage and market access. The
technological and operational tests performed in the Gulf of Mexico,
and the framework contract made with CalDive Inc, mean positive
prospects for this region.
Other markets for the company’s goods and services are
under continuous appraisal. Investment in modern equipment and
positive working environment will be continued, with a focus on
productivity, environment, quality and innovation.
The coming year will face the industry with geographic,
technical and commercial challenges. These Beerenberg will meet
with financial strength, investment expertise and the search for new
markets on the basis of the Group’s long-term strategy.
The above-mentioned factors are described in greater detail
in the Administration’s report.
1,0
0,5
0,0
2007
2008
no
serious
incidents
In 2009
2009
1,0
0,5
0,0
Equality of Opportunity Beerenberg has a great preponderance
of men on its workforce. About 5% of the staff are women, of whom
most occupy administrative positions. In an industrial company
with physically demanding work, it is unusual for women to apply for
jobs. This composition mirrors the cohorts in the disciplines from
which the company recruits. The company’s objective is to further
even out the ratio between men and women, particularly in the
administrative posts, and to recruit deliberately to this end. There
is one woman in the company’s management group and none on the
Knut Holli
Chairman
Bjørn E. Kolbeinsvik
Boardmember
Sverre Morten Blix
Boardmember
Geir Sandvik
Boardmember
Cato A. Haug
Boardmember
Einar Stene
Boardmember
Morten H Walde
President & CEO
22
23

aNNUAL REPORT 2009
Profit and Loss Account
2009
Parent Company profit and loss account Group
2009 2008 Note (All figures in NOK 1000) 2009 2008
1 491 131 1 399 281 2 Sales revenue 1 459 072 1 541 366
1 792 316 Other operating income 1 792 556
1 492 923 1 399 598 Total income 1 460 864 1 541 922
139 354 103 467 Cost of sales 104 054 75 567
925 756 937 310 5 Wages and salaries 929 300 1 062 134
25 783 26 144 6 Depriciation of tangible fixed assets 27 879 29 138
0 0 6 Amortisation of goodwill and other intangible assets 21 898 21 898
0 0 6 Write-down on intangible fixed assets 22 109 0
313 089 292 286 11 Other operating expences 321 199 325 683
88 942 40 390 Operating profit 34 425 27 503
4 130 0 Interest received from other company in the Group 4 130 0
2 684 3 955 Interest received 2 757 4 101
1 036 8 451 Other financial income 1 180 5 751
13 325 2 206 13 Write-down on financial asset investments 0 0
6 569 9 538 Interest paid 8 413 11 173
7 328 6 256 17 Other financial expences 8 993 6 335
69 570 34 795 Ordinary profit before tax 25 085 19 847
23 602 10 630 9 Tax on ordinary profit 11 387 9 156
45 969 24 166 Profit/loss for the year 13 697 10 691
Application of profit/coverage of loss for the year
24 873 25 403 7 Paid Group contributions (net after tax) 24 873 25 403
21 095 -1 237 7 Transferrend to Other Equity -11 176 -14 712
45 969 24 166 Total application/coverage 13 697 10 691
26

Annual Report 2009
Balance Sheet
2009
Parent Company assets Group
2009 2008 Note (All figures in NOK 1000) 2009 2008
fixed assets
Intangible fixed assets
0 0 6/15 Research and development 5 489 0
4 974 0 6 Other intangible fixed assets 30 604 60 248
0 0 6 Goodwill (Group) 161 184 170 574
1 830 403 9 Deferred tax asset 1 830 0
6 803 403 Total intangible fixed assets 199 108 230 822
Tangible fixed assets
16 532 17 058 6/8 Building improvement 15 685 17 058
96 940 110 960 6/8 Machinery and plant 124 718 116 902
8 159 6 473 6/8 Fixture and fittings, tools, office machinery and similar assets 10 081 14 972
121 630 134 491 Total tangible fixed assets 150 484 148 931
Financial fixed assets
14 385 15 018 12 Investments in subsidiaries 0 206
133 123 96 887 Loans to group companies, including Beerenberg Holding AS 127 266 96 887
3 172 3 715 Long term receivables 3 172 3 715
150 680 115 620 Total financial fixed assets 130 438 100 808
279 113 250 513 Total fixed assets 480 029 480 561
current assets
25 466 20 704 4/8 Inventories 32 209 21 209
Parent Company equity and liabilities Group
2009 2008 Note (All figures in NOK 1000) 2009 2008
Egenkapital
equity
Shareholder’s equity
20 000 20 000 7 Share capital 20 000 20 000
8 176 8 176 7 Other contributed reserves 277 706 277 706
28 176 28 176 Total contributed equity 297 706 297 706
Retained earnings
155 922 134 826 7 Other equity 56 635 66 600
155 922 134 826 Total retained earnings 56 635 66 600
184 098 163 002 Total equity 354 341 364 306
Liabilities
Provisions
715 0 5 Pension liabilities 715 0
0 0 9 Deferred tax liability 9 171 16 764
12 589 12 589 14 Other provisions 12 589 12 589
13 304 12 589 Total provisions 22 475 29 354
Non-current liabilities
69 186 80 178 6/8 Liabilities to financial institutions 69 186 79 969
69 186 80 178 Total non-current liabilities 69 186 79 969
Current liabilities
0 0 3/8 Liabilities to financial institutions 33 454 19 130
92 515 123 582 Trade payables 87 029 123 799
5 780 817 9 Tax payable 4 780 648
51 580 76 898 Public duties payable 51 845 72 023
174 524 191 573 10 Other current liabilities 156 595 185 628
324 399 392 869 Total current liabilities 333 704 401 228
406 889 485 636 Total liabilities 425 365 510 550
590 987 648 639 Total equity and liabilities 779 706 874 856
Receivables
113 935 173 423 8 Trade receivables 105 031 165 219
33 882 59 141 Other receivables 39 644 78 535
121 049 117 580 Earned, not invoiced expences 121 049 117 580
268 865 350 144 Total accounts receivable 265 724 361 334
17 543 27 277 3 Cash and cash equivalents 1 743 11 753
311 874 398 126 Total current assets 299 676 394 296
590 987 648 639 Total assets 779 706 874 856
Bergen, 21st. of April 2010
On the board for Beerenberg Corp. AS
Knut Holli sverre Morten Blix cato A. Haug geir Sandvik Bjørn E. Kolbeinsvik einar Stene Morten H Walde
Chairman Boardmember Boardmember Boardmember Boardmember Boardmember CEO & President
28 29

Annual Report 2009
Cash Flow Statement
2009
Parent Company cash flow statement Group
2009 2008 Note (All figures in NOK 1000) 2009 2008
Cash flow from operating activities
69 570 34 795 Profit before tax 25 085 19 847
-817 -6 627 Taxes paid -648 -12 152
-55 0 Profit/(loss) on sale of fixed assets -55 0
25 783 26 144 6 Depreciations, write downs and amortizations 71 886 51 036
-4 761 -7 478 Changes in inventories -11 001 -4 842
59 488 -18 505 Changes in trade receivables 60 188 73 684
-31 066 50 024 Changes in trade payables -36 769 39 271
-30 159 17 660 10 Changes in other current balance sheet items -19 032 -71 876
87 983 96 013 Net cash flow from operating activities 89 654 94 967
Cash flow from investing activities
17 8 369 Proceeds from sale of tangible fixed assets 17 8 369
-17 898 -67 829 6 Purchase of tangible fixed assets -39 974 -64 929
0 277 706 Proceeds from sale of investments in shares and joint ventures 0 0
-2 000 0 Purchase of investments in subsidiaries 0 0
0 0 Proceeds from investments in subsidiaries 2 079 0
-19 881 218 247 Net cash flow from investing activities -37 879 -56 560
Cash flow from financing activities
0 10 623 Proceeds from issuance of long term debt 0 28 068
-10 992 -207 659 Repayment of long term loans -10 992 -207 450
0 -16 764 Repayment of short term loans 0 -10 014
0 -96 877 Net change in bank overdraft 14 325 -96 877
0 -15 000 Dividends paid 0 -15 000
-31 562 0 7 Paid loan to group -29 836 277 706
-35 282 -28 949 Group contributions paid -35 282 -28 949
-77 836 -292 923 Net cash flow from financing activities -61 785 -52 515
-9 734 21 337 Net change in cash and cash equivalents -10 010 -14 108
27 277 5 940 Cash and cash equivalents 01.01. 11 753 25 861
17 543 27 277 Cash and cash equivalents 31.12 1 744 11 753
Annual Report 2009
Note 1:
Accounting Policies
General Note information has been prepared for the Group as a
unit. In those cases where the information coincides, no distinction
is made between parent company and Group. Beerenberg Corp. AS
is owned 100% by Beerenberg Holding AS. The registered office is
in Bergen. Accounting figures are stated in NOK 1,000s.
Consolidation The consolidated accounts cover the parent
company Beerenberg Corp. AS and the subsidiaries Beerenberg
Arctic AS, Beerenberg Frontier AS. Beerenberg Inc, Beerenberg
Technology AS (formerly OPEC AS) and D&F Group AS. Beerenberg
Technology AS was purchased in January 2009. At the acquisition
a badwill arose of NOK 211, which was posted to income in 2009 as
being in insignificant amount. The consolidated accounts have been
prepared as if the Group was an economic entity. Transactions and
inter-company accounts between the companies of the Group have
been eliminated. The consolidated accounts have been prepared
on uniform principles, in that the subsidiaries follow the same
accounting polices as the parent company.
The acquisition method is used for accounting of mergers.
Companies bought or sold in the course of the year are included in
the consolidated accounts from the date on which control is achieved
and until control ceases.
The Group’s presentation currency is NOK, which is also the
parent company’s functional currency. Subsidiaries with a different
functional currency are converted at the rate on the balance sheet
day for balance sheet items, and at transaction rate for profit and loss
account items. Monthly average rates are used as an approximation
to transaction rates. Conversion differences are posted against
equity capital.
Mergers It was decided at the Board meeting of 19 February 2010
to merge Beerenberg Frontier AS, Beerenberg Technology AS and
Beerenberg Arctic AS into Beerenberg Corp AS.
Comparison figures For the parent company the comparison
figures in the accounts are last year’s accounting figures. In the
consolidated accounts for 2008 Beerenberg Technology AS (formerly
OPEC AS) not a part of the Group. As the company is practically
empty and has no operations in 2009, the consolidated accounts
for 2008 have not been corrected for Beerenberg Technology AS.
Comparable figures for the Group for 12 months’ operating
incomes for 2009 and 2008 are:
account, balance sheet, cash flow statement and note information
and are presented in conformity with the Companies Act, the
Accounting Act and Norwegian GAAP. In order to make the annual
accounts easier to read, they have been edited into summary form;
the necessary specifications are made in the notes. Consequently,
the notes are an integral part of the annual accounts.
The annual accounts are based on fundamental principles
of original cost, comparability, going concern, congruence and
prudence. Transactions are booked at the value of the consideration
at the date of the transaction. Incomes are recognised when they
are posting to income and costs collated with posting to income
incomes. The accounting policies are amplified below. When actual
figures are not available at the time of presentation of the accounts,
GAAP dictates that the management employs a best-estimate for
use in the profit and loss account and balance sheet. Discrepancies
between estimated and actual figures may occur.
Assets/liabilities related to the goods cycle and items that
fall due for payment within a year from the balance sheet date, are
classified as current assets/short-term liabilities. Current assets/
short-term liabilities are valued at original cost or fair value, whichever
is the lowest or highest respectively. Other assets are classified as
fixed assets. Fixed assets are valued at original cost. Fixed assets that
lose value are depreciated. If a change of value that is not transitory
occurs, the fixed asset is impaired.
Under GAAP there are some exceptions from the general
valuation rules, which are commented upon in the respective
notes. In the application of accounting policies and presentations of
transactions and other matters, emphasis is laid on economic realities,
not merely legal forms. Contingent losses that are quantifiable and
probable are expensed.
Accounting Policies for
Material Accounts Items
Date of posting to income Income is recognised when it is
earned. Consequently, posting to income is normally done at the
delivery date for sales of goods and services. For construction
contracts, continuous posting to income is employed. For identified
loss-making projects, provision is made for the entire expected loss.
The operating incomes are less value-added tax, discounts, bonuses
and invoiced freight costs.
Date of expensing/ collation Expenses are collated with and
expensed at the same time as the incomes to which the expenses
can be attributed. Expenses that cannot be attributed directly to
incomes, are expensed when they are incurred. For restructuring and
discontinuation of operations, all relevant expenses are attributed
to the date of the decision.
01.01-31.12 01.01-31.12
2009 2008
Total operating incomes 1 460 864 1 541 922
Fundamental principles – evaluation and classification
- Other factors The annual accounts consist of profit and loss
Tangible fixed assets Tangible fixed assets are posted to the
balance sheet at original cost, less accumulated depreciation and
impairments. If the fair value of the asset is less than book value,
and this is due to causes that are not expected to be transitory, the
asset is impaired to fair value. Expenses associated with normal
maintenance and repairs are expensed concurrently.
30 31

Non-tangible fixed assets Intangible assets are posted to the
balance sheet at original cost, less accumulated amortisation and
impairments. If the real value of an intangible asset is lower than
book value, the asset is written down to fair value.
Leasing Leases are classified as financial or operational according
to the real content of the agreement.
Financial leases are recognised at the value of the consideration
in the lease agreement. The value of the consideration is the present
value of the rent payments. Calculation of present value is based on
either implicit interest rate in the lease or the company’s alternative
loan interest rate. Recognised leases are valued under the general
valuation rules of the Accounting Act. When the asset has a limited
economic life, it is depreciated under a sensible depreciation plan.
For leases that are not recognised, the payments of rent
are an operating cost that is spread systematically over the entire
lease period.
Depreciation and amortisation Ordinary depreciation and
amortisation are calculated on the linear method over the economic
lifetime of the asset on the basis of historic original cost. The depreciation
and amortisation are classified as ordinary operating costs.
Subsidiaries Subsidiaries are valued on the cost method in the
company accounts. The investment is valued at original cost for
the shares unless impairment has been necessary. Impairment to
fair value is done when the fall in value is due to causes that cannot
be regarded as transitory and must be regarded as necessary under
GAAP. Impairments are reversed when the basis for impairment is
no longer present.
Inventory and cost of sales Stocks of goods are valued at
the lower of original cost and estimated sales price. Cost price
for manufactured goods are direct materials, direct pay plus a
proportion of indirect manufacturing costs, whereas cost price for
purchased goods is original cost. The year’s cost of sales consists
of cost price for goods plus impairment in conformity with GAAP
as of year-end.
Construction contracts The undertaking’s operations consist
mainly in performance of contracting assignments (projects) lasting
anywhere from a few months to several years. Invoicing is monthly
and normally in step with the performance of the work.
For projects ongoing posting to income is used. This means
that posting to income is in accordance with the degree of completion
as the work progresses. That is to say, earned shares of the project’s
expected profit are posted to income. The degree of completion is
fixed on the basis of performed production.
For projects that are expected to make a loss, the entire
expected loss is expensed. Warranty is normally for three years, and
provisions for probable warranty work are expensed continuously
as cost of sales. Disputed claims are not posted to income until they
are decided or secure.
Receivables Receivables are posted at face value, less deductions
for expected losses.
Currency Transactions in foreign currency are converted to the
rate at the transaction date. Money items in foreign currency are
converted to Norwegian kroner by use of the rate on the balance
sheet date. Non-money-items measured at historical rates expressed
in foreign currency are converted to Norwegian kroner by using the
exchange rate at the transaction date. Non-money-items measured
at fair value expressed in foreign currency are converted at the
exchange rate at the balance sheet date. Currency fluctuations are
recognised concurrently in the accounting period.
Use of estimates Preparation of the annual accounts in conformity
with GAAP presupposes that the management uses estimates and
assumptions that affect the profit and loss account and the valuation
of assets and liabilities, plus information on uncertain assets and
commitments at the balance sheet date.
Contingent losses that are probable and quantifiable are
expensed concurrently.
Pension commitments and pension costs The company has a
contractual early-retirement scheme (AFP) that entitle the employees
to agreed future pension provision. From 2006 inclusive the AFP
scheme is not recognised in the balance sheet as a commitment,
see note 5. The company has entered into agreements on a definedcontribution
pension scheme pursuant to the Service Pensions Act.
The premium is expensed as an operating cost. The company also
has a benefits-based pension scheme in which the commitment is
calculated as the discounted value of the future pension benefits
incurred on the balance sheet date, on the basis of a linear earning
of pension rights over the employee’s occupationally active period.
The company has no pension funds. Net pension commitments are
based on economic and actuarial assumptions explained in note 5.
The period’s pension costs are included in payroll costs and consist
in the current value of the year’s pension earnings, interest costs of
the pension commitment, the effect of changes in the pension plans
and accrued national insurance employer’s contributions.
Deferred taxes and tax cost Deferred taxes are calculated
on the basis of timing differences between accounting and fiscal
values at the end of the financial year. Nominal tax rate is used in
the calculation. Positive and negative differences are set off within
the same time interval. Deferred tax benefit arises in one has timing
differences that give rise to tax deductions in the future. The year’s
tax cost consists of changes in deferred taxes and deferred tax benefit,
together with taxes due for the income year, corrected for errors in
previous years’ calculations.
Cash flow statement The cash flow statement has been prepared
on the indirect method. Cash and cash equivalents include cash in
hand, bank deposits, and other short-term, liquid placements that
can immediately and with no material price risk can be converted
into known cash amounts and with due dates less than three months
from the acquisition date.
Conditional commitments From time to time the company receives
demands for repair of or compensation for work performed. This is
posted as a commitment if it is overwhelmingly probable that it will
be paid or that the work will be performed without compensation
in subsequent periods.
The company is being sued by a former customer for a conditional
event. The claim is disputed, but the company has chosen to allocate
for expected cost in connection with this case.
Annual Report 2009
Note 2:
Segment Information
2a) Parent Company
(All figures in NOK 1000) 01.01-31.12 2009
Activity areas Insulation, scaffolding, surface treatment & engineering Other Total
Sales revenues 1 314 165 178 758 1 492 923
Maintenance and modification of existing facilities account for 86% of sales, while the rest is related to new construction at onshore oil
and gas facilities. Of the company’s total turnover, 99.5% is related to activity in Norway. The remaining 0.5% is related to activity in
Europe, Asia and USA.
2b) Group
(All figures in NOK 1000) 01.01-31.12 2009
Activity areas Insulation, scaffolding, surface treatment & engineering Other Total
Sales revenues 1 267 665 193 199 1 460 864
Maintenance and modification of existing facilities account for 86% of sales, while the rest is related to new construction at onshore oil
and gas facilities. Of the Group’s total turnover, 98.6% is related to activity in Norway. The remaining 1.4% is related to activity in Europe,
Asia and USA. .
Annual Report 2009
Note 3:
Liquid Funds
(All figures in NOK 1000) 31.12 2009
DEPOSITS Of the company’s bank deposits at 31.12.2009, NOK 3 are tied funds related to various deposits.
GUarantEE FrameWORK FOR TAX The company has a guarantee framework for tax withholding funds through the year of NOK 39,000.
OVERDRAFT FACILITY The Group has common overdraft facilities for all the companies. At 31.12.2009 the overdraft had a ceiling
of NOK 90,000. Of this, NOK 54,430 is unused overdraft.
TAX WITHHOLDING FUNDS Of the Group’s bank deposits, NOK 319 are tied to tax withholding funds in Beerenberg Corp AS and
Beerenberg Frontier AS.
32 33

Annual Report 2009
Note 4:
Long-term Manufacturing Contracts / Goods
4A) Parent Company
(All figures in NOK 1000)
The Parent Company has made long-term contracts for maintenance in surface treatment and scaffolding on several offshore installations,
gas processing plants and oil refineries. Long-term maintenance contracts account for 74.7% of sales. These contracts are concluded for
accounting purposes at the end of every year.
Posting to income is continuous on the basis of physical measurement of progress. For projects that are expected to yield a loss, the
entire expected loss is expensed.
Goods 31.12.2009 31.12.2008 Change
Raw materials 25 466 20 704 4 762
Total goods 25 466 20 704 4 762
4b) Group
(All figures in NOK 1000)
The Group has made long-term contracts for maintenance in surface treatment and scaffolding on several offshore installations, gas
processing plants and oil refineries. Long-term maintenance contracts account for 76.3% of sales. These contracts are concluded for
accounting purposes at the end of every year.
Posting to income is continuous on the basis of physical measurement of progress. For projects that are expected to yield a loss, the
entire expected loss is expensed.
Goods 31.12.2009 31.12.2008 Change
Raw materials 32 209 21 209 11 000
Total goods 32 209 21 209 11 000
Annual Report 2009
Note 5: Payroll costs / Number of Employees /
Remuneration / Loans to Employees / Pensions etc.
Payroll costs with more parent Company Group
(All figures in NOK 1000) 2009 2008 2009 2008
Wages and salaries 649 981 646 508 652 946 700 558
National Insurance employer’s contribution (payroll tax) 97 840 94 455 98 260 104 754
Pension costs 20 668 14 825 20 668 15 410
Hire of personnel 137 849 157 521 137 849 216 073
Other provisions 19 418 24 001 19 577 25 339
Payroll costs 925 756 937 310 929 300 1 062 134
Number of full-time equivalents performed 1 780 1 900 1 783 1 903
Remuneration General Manager The Board
(All figures in NOK 1000)
Salary 1 879 675
Paid to pension commitments 190 0
Other compensation 0 0
Loans from Beerenberg Holding carry interest according to government interest standards 1 908
The General Manager has an agreement guaranteeing him salary for up to 18 months if the employee terminates the relationship. For the
same period he is subject to a non-competition clause. General Manager has a profits-based bonus scheme that is the same for all employees
of Group management, not exceeding 30% of annual salary. In addition, loans are extended to shareholders of Beerenberg Holding AS.
Shareholder Harald Ramfjord has a loan from the company of 2,617, interest has accrued on the loan in the sum of 92. In 2009 the loan has
been instalment-free. Shareholder TA consulting AS (Trond Slethaug) has a loan in the sum of 555, on which interest has accrued in the sum
of 21, and 66 has been repaid in 2009. Loans to the above-mentioned shareholders accrue interest at the current standard rate, which has
varied from 6% down to 2% in 2009.
Auditor parent Company Group
(All figures in NOK 1000)
Expensed fees to our auditor comprise:
Statutory mandatory audit 883 947
Other certification tasks 13 13
Tax consultancy 114 134
Other services outside the audit 268 288
Total 1 278 1 382
Pensions
Mandatory service pension The company is obliged to have a service pension scheme under the Act on mandatory service pensions.
The company’s pension schemes satisfy the requirements of this Act.
Contractual early retirement The company’s and the Group’s employees are covered by a contractual early retirement scheme (AFP)
pursuant to the Joint Agreement for the Construction Disciplines. Running dues and disbursements for agreements on early retirement
expensed in the accounts.
An interpretation of NRS 6 on pension costs means that we do not need to recognise in the balance sheet net commitments related
to AFP. The company and the Group have chosen to adopt this interpretation from 2006 inclusive.
Defined-benefit pension (One employee has a defined-benefit pension scheme).
The following assumptions are employed in calculation the commitment:
Expected uptake of AFP 0
Voluntary resignation (over/under 40 years) 0-8 %
Applied disability tariff/ Applied mortality table
K2005/KU
Corridor in % 10,00 %
Estimated yield 5,80 %
Discount rate 3,80 %
Salary increase 4,00 %
Increase in pension from the public authorities 3,75 %
Expected regulation of pensions being disbursed 3,75 %
National insurance employer’s contribution 14,10 %
34 35

Annual Report 2009
Note 6:
Tangible Fixed Assets
6a) Tangible fixed assets - Parent company
(All figures in NOK 1000) 2009 2008
Vehicles Prod. Equip. Tele & Data Structural Barracks Total Total
Improv. & halls
Original cost 01.01 17 899 158 536 18 022 20 521 16 610 231 590 177 081
Additions through mergers 0 0 19 641
Additions purchased oper. equip. 1 882 4 071 5 322 1 649 0 12 924 58 396
Deletions 0 0 0 -23 531
Original cost 31.12 19 781 162 607 23 345 22 170 16 610 244 514 231 590
6B) Tangible fixed assets and intangible fixed assets - Group
(All figures in NOK 1000) 2009 2008
Vehicles Machinery, Tele & Data Buildings, Total Total
Fixtures &
Barracks &
Prod. Equip.
halls (inc.
Improv.)
Original cost 01.01 18 271 174 687 18 371 37 131 248 460 203 063
Additions purchased operating equipment 1 882 19 678 5 322 2 200 29 082 64 929
Other changes 0 351 351 3 999
Deletions 0 0 0 0 0 -23 531
Original cost 31.12 20 153 194 365 24 044 39 331 277 892 248 460
Accumulated depreciation 01.01 10 015 72 966 11 694 4 854 99 530 85 553
Year’s depreciation 2 608 18 680 3 637 2 954 27 879 29 138
Year’s writedowns (impairments) 0 0 0 0 0 0
Deletions accumulated depreciation 0 0 0 0 0 -15 161
Accumulated depreciation 31.12 12 624 91 646 15 331 7 808 127 409 99 530
Value in balance sheet 31.12 7 529 102 718 8 713 31 523 150 484 148 931
Accumulated depreciation 01.01 9 898 70 799 11 548 3 464 1 390 97 100 75 905
Additions through merges 0 0 10 210
Year’s depreciation 2 608 16 572 3 637 2 175 792 25 783 26 144
Year’s writedowns 0 0 0
Deletions accumulated depreciation 0 0 0 -15 161
Accumulated depreciation 31.12 12 506 87 371 15 185 5 639 2 182 122 884 97 100
Value in balance sheet 31.12 7 274 75 236 8 160 16 532 14 430 121 630 134 491
Economic lifetime 5-7 years 5-10 years 3 years 10 years 10 years
Depreciation plan Straight-line Straight-line Straight-line Straight-line Straight-line
Economic lifetime 5-7 years 5-10 years 3 years 10 years
Depreciation plan Straight-line Straight-line Straight-line Straight-line
Annual rent, non-recognised leases 9 433
Duration of leases that are not recognised
3-10 years
The Group has made leases related to some operating equipment. The leases run for five years and are treated as financial leasing. The present
value of the commitments regarding financial leasing is NOK 46,186. Of this, NOK 10,614 falls due in the course of one year.
The company leases generators and a barracks rig in addition to office and industrial buildings and residential property. These are
not recognised in the balance sheet, as according to GAAP they are not regarded as financial leasing.
Annual rent from non-recognised leases 9 433
Duration of leases that are not recognised
3-10 years
6B) Intangible fixed assets - Parent company (cont.)
(All figures in NOK 1000) 2009 2008
The company has signed leases related to some operating equipment. The leases are made over 5-7 years and are treated as financial leasing.
The present value of the commitments regarding financial leasing is NOK 46,186. Nominal value is NOK 49,350. Of this, NOK 10,614 falls due
in the course of one year. All financial leasing is related to machinery and plant, and the value in balance sheet of the leased assets is 49,351.
The company leases generators and a barracks rig in addition to office and industrial buildings and residential property. These are
not recognised in the balance sheet, as according to GAAP they are not regarded as financial leasing.
Software Total Total
Original cost 01.01 0 0
Additions purchased operating equipment 4 974 4 974 0
Deletions 0 0
Original cost 31.12 4 974 4 974 0
Accumulated depreciation 01.01 0 0 0
Year’s depreciation 0 0 0
Year’s writedowns 0 0 0
Deletions accumulated depreciation 0 0 0
Accumulated depreciation 31.12 0 0 0
Accumulated writedowns 31.12 0 0 0
Value in balance sheet 31.12 4 974 4 974 0
Economic lifetime
Depreciation plan
5 years
Straight-line
Non-tangible fixed assets are valued on the basis of whether the asset will create a future economic benefit, whether the original cost
identifiable and whether it has a permanent lifetime.
36 37

Annual Report 2009
Note 6 (cont.):
Tangible Fixed Assets
6B) Intangible fixed assets - Parent (cont.)
(All figures in NOK 1000) 2009 2008
Prototype Software Goodwill Customer- Customer- Non-compet. Total Total
Green Turtle contracts relations clause
Original cost 01.01 187 788 45 599 35 611 1 970 270 968 0
Additions purchased operating equipment 5 489 4 974 0 0 0 0 10 463 270 968
Deletions 0 0 0 0 0 0
Original cost 31.12 5 489 4 974 187 788 45 599 35 611 1 970 281 431 270 968
Accumulated depreciation 01.01 0 17 214 15 200 6 529 1 204 40 147 0
Year’s depreciation 0 9 389 8 291 3 561 657 21 898 18 248
Year’s writedowns 0 0 22 108 0 0 22 108 0
Deletions accumulated depreciation 0 0 0 0 0 0 0
Accumulated depreciation 31.12 0 26 603 23 491 10 090 1 861 62 045 18 248
Accumulated writedowns 31.12 0 0 22 108 0 0 22 108 0
Value in balance sheet 31.12 5 489 4 974 161 184 0 25 521 109 197 278 252 719
Economic lifetime 10 years 5 years 20 years 6 years 10 years 3 years
Depreciation plan Straight-line Straight-line Straight-line Straight-line Straight-line Straight-line
Annual Report 2009
Note 7:
Equity and Shareholder Information
7a) Equity and shareholder information - Parent company
(All figures in NOK 1000)
goodwill Beerenberg Corp AS Group has goodwill of NOK 161,184. This goodwill is allocated mainly to the employees, the winner
culture, the systems and the synergies that it is possible to realise in connection with the purchase of and subsequent merger with D&F
Group Stavanger AS. Through active ownership, leading staff in the purchased company are guaranteed stability in the operational
management, which contributes to positive cash-flow in the business areas that Beerenberg Corp. AS purchased in March 2007. We see
that the company has a good order-book and a technological development that ensures that the company is developing vertically and
horizontally in the value chain, for example via development of the Ekofisk contract and increase in technology-based services. Intangible
fixed assets are valued on the basis of whether the asset will create a future economic benefit, whether the original cost identifiable and
whether it has a permanent lifetime.
Through exploiting the synergies available, the company will be able to exploit the marketing advantages offered through increased
supply of professional staff.
On this basis, evaluation of future earnings, budgets, strategic documents and so forth, we consider that we can justify purchased goodwill
will have a value over a minimum of 20 years, as the company is developing.
Share Capital Other called-up and Other equity Total
fully paid equity
capital
Equity 31.12.2008 20 000 8 176 134 826 163 002
Year’s changes in equity:
Profit for the year 45 969 45 969
Allocated to dividend 0 0
Allocated to Group contribution (net after tax) -24 873 -24 873
Equity 31.12.2009 20 000 8 176 155 922 184 098
Share capital and shareholder information:
(All figures in NOK 1000)
The company’s share capital 20 000 / divided as: Type of shares Number of shares Face value per share Ownership ratio
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 %
7b) Equity and shareholder information – Group
(All figures in NOK 1000)
Share Capital Other called-up and Other equity Total
fully paid equity
capital
Egenkapital 31.12.2008 20 000 277 706 66 600 364 306
Year’s changes in equity:
Profit for the year 0 0 13 697 13 697
Calculation difference 0 0 1 211 1 211
Allocated dividend 0 0 0 0
Allocated to Group contribution (net after tax) 0 0 -24 873 -24 873
Equity 31.12.2009 20 000 277 706 56 635 354 341
Free equity - The company’s free equity pursuant to Section 8-1 of the Companies Act is: 31.12.2009 31.12.2008
Other reserves 155 922 82 537
- Recognised deferred tax asset -1 830 0
- Adjustment due to the 10% limit -30 923 -44 424
= The company’s free equity at 31.12 123 170 38 112
In addition to the requirements of the Companies Act, the company has agreements with the bank
that mean that free equity cannot necessarily be distributed to the shareholders
38 39

Annual Report 2009
Note 8:
Mortgages and Guarantee Liability
Annual Report 2009
Note 9:
Taxes
8a) Mortgages and guarantee liability - parent company
(All figures in NOK 1000)
parent Company
Group
(All figures in NOK 1000) 2009 2008 2009 2008
The company must furnish a guarantee to the customer on signature of big fixed-price contracts. As of 31.12.09 these guarantees amounted
to 49,285. The Group has furnished a common bank guarantee for all the companies of the Group. The Group’s guarantees concern
counter-guarantees for such guarantees.
Debt for which security has been furnished: 31.12.2009 31.12.2008
Guarantees, including for tax withholding funds 49 285 75 011
Short-term debt to credit institutions 0 0
Long-term debt to credit institutions 69 186 80 178
Long-term debt to credit institutions, concerns Beerenberg Holding AS 280 000 320 000
Total 398 471 475 189
Value in balance sheet of assets furnished as security for mortgaged debt: 31.12.2009 31.12.2008
Fixed assets 126 604 134 491
Inventory 25 466 20 704
Customer receivables 113 935 173 423
Total 266 005 328 618
8a) Mortgages and guarantee liability - Group
(All figures in NOK 1000)
Debt for which security has been furnished: 31.12.2009 31.12.2008
Guarantees, including for tax withholding funds 49 285 75 011
Short-term debt to credit institutions 33 454 19 130
Long-term debt to credit institutions 69 186 80 178
Long-term debt to credit institutions, concerns Beerenberg Holding AS 280 000 320 000
Total 431 925 494 319
Value in balance sheet of assets furnished as security for mortgaged liabilities: 31.12.2009 31.12.2008
Fixed assets 150 484 148 931
Inventory 32 209 21 209
Customer receivables 105 031 165 219
Total 287 724 335 359
Taxes due in the balance sheet are calculated as follows:
Ordinary result before tax 69 570 34 795 25 085 19 847
Permanente differences 13 369 2 873 14 245 13 092
Changes in timing differences 5 095 3 926 33 646 6 756
Timing differences added by merger 0 -9 710 0 0
Basis for taxes due 88 034 31 883 72 976 39 695
Taxes due on profit for the year 24 649 8 927 20 433 11 115
Taxes due in the balance sheet are calculated as follows:
Taxes due on profit for the year 24 649 8 927 20 433 11 115
Correction for previous years 378 94 378 -67
Gross change in deferred taxes -1 427 -1 112 -9 423 -1 892
Gross change in deferred taxes added through merger 0 2 720 0 0
Total taxes for the year 23 602 10 630 11 387 9 156
Taxes due in the balance sheet are calculated as follows:
Taxes due on profit for the year 24 649 8 927 20 433 11 115
Taxes due on profit in acquired company before the merger 0 3 492 0 0
Taxes due previous periods, not assessed -4 569 9 -4 470 -76
Taxes due on Group contributions -13 792 -11 102 -9 673 -9 879
Skattefunn refund -510 -510 -1 510 -510
Effect of Group formation, tax effects on added value 0 0 0 0
Total taxes due 5 780 817 4 780 648
Specification of basis for deferred taxes/deferred tax assets:
Other intangible fixed assets in the Group 0 0 25 631 60 248
Fixed assets 11 474 8 329 18 601 9 344
Current assets -9 304 -1 479 -9 304 -1 432
Liabilities -8 704 -8 289 -8 704 -8 289
Total -6 534 -1 439 26 224 59 870
Deferred taxes 0 0 9 171 16 764
Deferred tax assets -1 830 -403 -1 830 0
Explanation of why the tax cost for the year does not equal 28 % of pre-tax profits:
28 % tax on pre-tax profits 19 480 9 743 7 024 5 557
Permanente differences (28%) 3 743 804 3 989 3 666
Error in previous years 378 94 378 -67
Estimated taxes 23 601 10 630 11 387 9 156
40 41

Annual Report 2009
Note 10:
Combined Items
Annual Report 2009
Note 11:
Close Associates
10a) Combined items - Parent company
(All figures in NOK 1000) 01.01-31.12 2009
The company hires employees to/from subsidiaries. The contracts correspond to external hire contracts, and are prices in conformity
with current market prices. The transactions are performed at arm’s length prices.
2009 2008 Effect on
Combined items in the cash-flow statement:
cash-flow
Due government charges -51 580 -76 898 -25 318
Other short-term liabilities -174 524 -191 573 -17 048
Other receivables 33 882 59 141 25 259
Earned, not invoiced income 121 049 117 580 -3 468
Long-term receivables 136 294 100 602 -35 692
Other timing items -91 814 -65 707 26 107
Changes in other timing items -26 693 -56 854 -30 159
Combined items in the balance sheet
Short-term liabilities: 2009 2008
Payroll-related items 90 709 94 752
Incurred costs 35 306 44 767
Group contributions 48 362 47 491
Advances from customers 146 4 562
Total other short-term liabilities 174 524 191 573
10B) Combined items - Group
(All figures in NOK 1000) 01.01-31.12 2009
2009 2008 Effect on
Combined items in the cash-flow statement:
cash-flow
Due government charges -51 845 -72 023 -20 178
Other short-term liabilities -156 595 -185 628 -29 033
Other receivables 39 644 78 535 38 891
Earned, not invoiced income 121 049 117 580 -3 468
Long-term receivables 130 437 100 602 -29 835
Other timing items 7 262 -17 329 24 591
Changes in other timing items 89 952 21 737 -19 032
Combined items in the balance sheet
Short-term liabilities: 2009 2008
Payroll-related items 90 709 95 056
Incurred costs 21 729 49 929
Group contributions 44 013 35 282
Advances from customers 146 5 363
Total other short-term liabilities 156 595 185 628
Annual Report 2009
Note 12:
Intercompany Accounts with Companies in the
same Group/Close Associates
12) Intercompany accounts with companies in the same Group/close associates
(All figures in NOK 1000)
Customer receivables
Other receivables
31.12.09 31.12.08 31.12.09 31.12.08
Beerenberg Arctic AS 0 2 557 0 0
Beerenberg Frontier AS 4 796 0 0 0
Beerenberg Inc. 3 944 0 5 798 0
Beerenberg Holding AS 0 0 127 325 96 877
Total 8 740 2 557 133 123 96 877
Other short-term liabilities
Accounts payable
31.12.09 31.12.08 31.12.09 31.12.08
D&F Group AS 0 0 0 0
Beerenberg Arctic AS 477 2 742 0 2 742
Beerenberg Frontier AS 25 249 14 172 0 2 106
Beerenberg Inc. 0 0 0 0
Beerenberg Holding AS 34 698 35 202 0 0
Total 60 424 52 116 0 4 848
42 43

Annual Report 2009
Note 13:
Shares in
Subsidiaries
Annual Report 2009
Note 15:
R&D
13) Shares in subsidiaries - Parent company
(All figures in NOK 1000)
(All figures in NOK 1000)
Ownership shares Recognised values
Beerenberg Frontier AS 100% 11 094
Beerenberg Arctic AS 100% 578
Beerenberg Inc 100% 613
Beerenberg Technology AS 100% 2 000
D&F Group AS 100% 100
14 385
Beerenberg Frontier AS has its registered address in Bergen. D&F
Arctic AS has its registered address in Rypefjord. Beerenberg Inc.
has its registered address in Houston, USA. Beerenberg Technology
has its registered address in Gjøvik. D&F Group has its registered
address in Bergen.
OOO D&F Arctic was dissolved in 2009. The company had a
balance sheet of RUB 825,626, which was transferred to Beerenberg
Arctic AS.
OOO D&F Arctic has not been consolidated in the Group
accounts with Beerenberg Corp. AS, because it was of no relevance
to a judgement of the Group’s stilling and results, confer Section 3-8
of the Accounting Act.
The shares of Beerenberg Frontier AS were written down by
13,100 and the shares of Beerenberg Arctic AS were written down by
225 in 2009. .
The company is engaged in research and development of products
and production techniques. In 2009 the company expensed NOK
3,852 for research and development. The parent company’s R&D is
based on the Benarx series, with focus on fire-protective insulation.
The Group has expensed NOK 6,905 for research and
development. In addition to Benarx the company expensed its
own costs in connection with the development of the cutting tool
“Green Turtle”, which has been developed for the American market.
Green Turtle was capitalised in 2009 with an original cost of 15,607.
In addition, 5,489 has been capitalised as prototype Green Turtle.
Annual Report 2009
Note 14:
Warranty Provision &
Contingent Outcomes
Annual Report 2009
Note 16:
Government
subsidies
(All figures in NOK 1000)
(All figures in NOK 1000)
The warranty provision in NOK 12,589 in the company is to cover
warranty claims that may arise after the contracts have been fulfilled
or concluded.
The Group has received subsidies from Innovation Norway of NOK
4,000, in connection with the development of the operating equipment
Green Turtle. The subsidy was spent on reduction of the original costs
of the fixed asset/prototype.
44

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