AWO Prospectus - COSL Drilling Europe AS

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Awilco Offshore ASA 10. Taxation....................................................................................................................................... 55 10.1 Introduction........................................................................................................................... 55 10.2 Taxation related to holding and disposal of the Shares......................................................... 55 10.3 Duties on the Transfer of Shares........................................................................................... 56 10.4 Inheritance tax....................................................................................................................... 57 10.5 Norwegian Tonnage Tax....................................................................................................... 57 11. Risk factors.................................................................................................................................. 58 Appendix 1 Rig specifications – Port Reval.............................................................................. 61 Appendix 2 Rig specifications – Port Rigmar........................................................................... 65 Appendix 3 Rig specifications – PPL contracts and options ................................................... 69 Appendix 4 Rig specifications – Keppel contract and option.................................................. 73 Appendix 5 Articles of Association............................................................................................ 74 Appendix 6 First quarter report 2005....................................................................................... 75 Appendix 7 Application form..................................................................................................... 88 2
Awilco Offshore ASA Statements of responsibility The Board of Directors This Prospectus has been prepared in connection with the planned listing of the shares of Awilco Offshore ASA on the Oslo Stock Exchange and the Offering as described herein. The Board of Directors confirms that, to the best of its knowledge, the information contained in this Prospectus is in accordance with the facts and contains no omissions likely to affect the import of the Prospectus. Statements in the Prospectus about current and future market conditions and prospects for the Company have been made on a best judgement basis. The Company is not involved in any legal proceedings or disputes material to an evaluation of the Company. Oslo, 28 April 2005 The Board of Directors of Awilco Offshore ASA Sigurd E. Thorvildsen (Chairman) Arne Alexander Wilhelmsen Jarle Roth Marianne Blystad Tor Bergstrøm The Managers Enskilda Securities and Fearnley Fonds have been appointed by Awilco Offshore ASA to act as Managers in connection with the planned listing of its shares on the Oslo Stock Exchange and the Offering. The Managers have assisted in the preparation of this Prospectus based on information received from Awilco Offshore and external sources. The Managers have endeavoured to provide a description of the Company that is as consistent and complete as possible. However, the Managers do not accept any legal or commercial responsibility for the accuracy or completeness of the contents of this Prospectus. Moreover, the Managers do not accept any legal or commercial responsibility in respect of any purchase of Shares based on the information provided in this Prospectus. This Prospectus includes forward-looking statements as to how Awilco Offshore may perform in the future. The management of Awilco Offshore has based these forward-looking statements on current expectations and projections about the way in which future events and financial trends affect the financial conditions of AWO's business. These forward-looking statements are subject to risks and uncertainties, and the Managers cannot assume responsibility for these assumptions. As of the date of this Prospectus, Enskilda Securities owns 1,389,450 shares (whereof 1,389,000 shares are held as hedge for sold future contracts) and Fearnley Fonds owns 29,000 shares in Awilco Offshore. Employees of Enskilda Securities and Fearnley Fonds hold no shares in Awilco Offshore. Oslo, 28 April 2005 Enskilda Securities ASA Fearnley Fonds ASA 3
Page 1 and 2: Prospectus Listing of the shares of
Page 3: Table of Contents Awilco Offshore A
Page 7 and 8: Definitions Awilco Offshore ASA And
Page 9 and 10: Awilco Offshore ASA The project pri
Page 11 and 12: Awilco Offshore ASA 2. Summary in N
Page 13 and 14: 2.2 Finansielle forhold Awilco Offs
Page 15 and 16: Awilco Offshore ASA d. The pre-empt
Page 17 and 18: Awilco Offshore ASA In the event of
Page 19 and 20: 4. Company description 4.1 Company
Page 21 and 22: Awilco Offshore ASA 4.3 Relation to
Page 23 and 24: Awilco Offshore ASA Capacities: Var
Page 25 and 26: Contracts No contracts have been se
Page 27 and 28: Awilco Offshore ASA (1983) and hold
Page 29 and 30: 6. Market overview 6.1 Market posit
Page 31 and 32: Awilco Offshore ASA accommodation u
Page 33 and 34: Jack-ups Jack-ups have legs that ar
Page 35 and 36: Awilco Offshore ASA The fleet of
Page 37 and 38: Awilco Offshore ASA the regime. An
Page 39 and 40: Awilco Offshore ASA The useful live
Page 41 and 42: Awilco Offshore ASA Balance sheet A
Page 43 and 44: 7.5 Auditor’s statement Awilco Of
Page 45 and 46: Awilco Offshore ASA 8. Share capita
Page 47 and 48: Awilco Offshore ASA Shareholder pol
Page 49 and 50: Awilco Offshore ASA In addition to
Page 51 and 52: Awilco Offshore ASA 1. The Contract
Page 53 and 54: Awilco Offshore ASA Keppel Option A
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Awilco Offshore ASA 2. A pre- and p
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10. Taxation 10.1 Introduction Awil
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10.4 Inheritance tax Awilco Offshor
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Awilco Offshore ASA Political risks
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Awilco Offshore ASA Appendix 1 Rig
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Awilco Offshore ASA Appendix 6 Firs
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Filipstad Brygge 1 PO Box 1363 Vika
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