6.3.32Information on non-controlling interests

The Company has several jointly owned subsidiaries:

Entity name

Partners

% of ownership

Country registration

2015 main reporting segment

Project name

Aseng Production Company Ltd

GE Petrol

60.00

Cayman island

Lease & operate

FPSO Aseng

Gepsing Ltd

GE Petrol

60.00

Cayman island

Lease & operate

FPSO Aseng

Gepsing Ltd - Equatorial Guinea Branch

GE Petrol

60.00

Equatorial Guinea

Lease & operate

FPSO Aseng

Brazilian Deepwater Floating Terminals Ltd

Malaysia International Shipping Corporation Behard

51.00

Bermuda

Lease & operate

FPSO Espirito Santo

Brazilian Deepwater Production Ltd

Malaysia International Shipping Corporation Behard

51.00

Bermuda

Lease & operate

FPSO Espirito Santo

Brazilian Deepwater Production Contractors Ltd

Malaysia International Shipping Corporation Behard

51.00

Bermuda

Lease & operate

FPSO Espirito Santo

Operações Marítimas em Mar Profundo Brasileiro Ltda

owned by Brazilian Deepwater Production Contractors (see information above)

51.00

Brazil

Lease & operate

FPSO Espirito Santo

SBM Stones S.à r.l.

Mitsubishi Corporation; Nippon Yusen Kabushiki Kaisha

55.00

Luxembourg

Turnkey

FPSO Turritella

SBM Turritella LLC

owned by SBM Stones S.a r.l. (see information above)

55.00

USA

Turnkey

FPSO Turritella

SBM Stones Holding Operations B.V.

Mitsubishi Corporation; Nippon Yusen Kabushiki Kaisha

55.00

Netherlands

Lease & operate

FPSO Turritella

Alfa Lula Alto S.à.r.l.

Mitsubishi Corporation; Nippon Yusen Kabushiki Kaisha ; Queiroz Galvao Oleo e Gas, S.A.

56.00

Luxembourg

Turnkey

FPSO Cidade de Marica

Alfa Lula Alto Holding Ltd

Mitsubishi Corporation; Nippon Yusen Kabushiki Kaisha ; Queiroz Galvao Oleo e Gas, S.A.

56.00

Bermuda

Lease & operate

FPSO Cidade de Marica

Alfa Lula Alto Operações Marítimas Ltda

owned by Alfa Lula Alto Holding Ltd. (see information above)

56.00

Brazil

Lease & operate

FPSO Cidade de Marica

Beta Lula Central S.à.r.l.

Mitsubishi Corporation; Nippon Yusen Kabushiki Kaisha ; Queiroz Galvao Oleo e Gas, S.A.

56.00

Luxembourg

Turnkey

FPSO Cidade de Saquarema

Beta Lula Central Holding Ltd

Mitsubishi Corporation; Nippon Yusen Kabushiki Kaisha ; Queiroz Galvao Oleo e Gas, S.A.

56.00

Bermuda

Lease & operate

FPSO Cidade de Saquarema

Beta Lula Central Operações Marítimas Ltda

Owned by Betal Lula Central Holding Ltd. (see information above)

56.00

Brazil

Lease & operate

FPSO Cidade de Saquarema

Tupi Nordeste S.à.r.l.

Nippon Yusen Kabushiki Kaisha; Itochu Corporation; Queiroz Galvao Oleo e Gas, S.A.

50.50

Luxembourg

Lease & operate

FPSO Cidade de Paraty

Tupi Nordeste Operações Marítimas Ltda

Owned by Tupi Nordeste Holding (see information below)

50.50

Brazil

Lease & operate

FPSO Cidade de Paraty

Tupi Nordeste Holding Ltd

Nippon Yusen Kabushiki Kaisha; Itochu Corporation; Queiroz Galvao Oleo e Gas, S.A.

50.50

Bermuda

Lease & operate

FPSO Cidade de Paraty

Guara Norte S.à.r.l.

Mitsubishi Corporation; Nippon Yusen Kabushiki Kaisha ; Queiroz Galvao Oleo e Gas, S.A.

62.25

Luxembourg

Lease & operate

FPSO Cidade de Ilhabela

Guara Norte Holding Ltd

Mitsubishi Corporation; Nippon Yusen Kabushiki Kaisha ; Queiroz Galvao Oleo e Gas, S.A.

62.25

Bermuda

Lease & operate

FPSO Cidade de Ilhabela

Guara Norte Operações Marítimas Ltda

Owned by Guara Norte Holding Ltd. (see information above)

62.25

Brazil

Lease & operate

FPSO Cidade de Ilhabela

SBM Capixaba Operações Marítimas Ltda

Owned by FPSO Capixaba Venture S.A. (see information below)

80.00

Brazil

Lease & operate

FPSO Capixaba

SBM Espirito Do Mar Inc

Queiroz Galvao Oleo e Gas, S.A.

80.00

Switzerland

Lease & operate

FPSO Capixaba

FPSO Capixaba Venture S.A.

Queiroz Galvao Oleo e Gas, S.A.

80.00

Switzerland

Lease & operate

FPSO Capixaba

FPSO Brasil Venture SA

MISC Berhad

51.00

Switzerland

Lease & operate

FPSO Brazil

SBM Operações Ltda

MISC Berhad

51.00

Brazil

Lease & operate

FPSO Brazil

SBM Systems Inc.

MISC Berhad

51.00

Switzerland

Lease & operate

FPSO Brazil

South East Shipping Co. Ltd

Mitsubishi Corporation

75.00

Bermuda

Lease & operate

Yetagun

On 30 June 2015, the Company entered into an agreement with Mitshubishi Corporation and Nippon Yusen Kabushiki Kaisha for the disposal of 45% of the Company’s share in company incorporated for the purpose of owning an operation FPSO Turritella at shares nominal value (see Note 6.3.1 Highlights).

In 2015, the Company owns 56% of the shares of the jointly owned entities relating to FPSO Cidade de Marica and FPSO Cidade de Saquarema. Upon first oil of these two FPSO, the partner Queiroz Galvao Oleo e Gas SA has the possibility to exercise a call option on a further 5% equity participation share on these two projects.

Included in the consolidated financial statements are the following items that represent the Company’s interest in the revenues, assets and loans of the partially owned subsidiaries.

Figures are presented at 100% before elimination of intercompany transactions.

Information on non-controlling interests (NCI) − 2015

Entity name

Project name

Place of business

Total assets

Non-current assets

Cash

Loans

Non-current liabilities

Current liabilities

Aseng Production Company Ltd

FPSO Aseng

Equatorial Guinea

416

308

11

272

235

45

Gepsing Ltd

14

-

14

-

-

6

Gepsing Ltd - Equatorial Guinea Branch

21

-

1

-

0

17

Brazilian Deepwater Floating Terminals Ltd

FPSO Espirito Santo

Brazil

0

-

-

-

-

0

Brazilian Deepwater Production Ltd

451

366

50

42

256

97

Brazilian Deepwater Production Contractors Ltd

29

0

6

9

6

16

Operações Marítimas em Mar Profundo Brasileiro Ltda

7

0

0

7

7

3

SBM Stones S.à r.l.1

FPSO Turritella

USA

2,186

1,085

-

685

377

1,499

SBM Stones Holding Operations B.V.

-

-

-

-

-

-

Alfa Lula Alto S.à.r.l.

FPSO Cidade de Marica

Brazil

1,827

-

1

1,337

1,365

154

Alfa Lula Alto Holding Ltd

0

0

0

-

-

0

Alfa Lula Alto Operações Marítimas Ltda

1

-

0

-

-

0

Beta Lula Central S.à.r.l.

FPSO Cidade de Saquarema

Brazil

1,538

-

2

1,178

1,184

19

Beta Lula Central Holding Ltd

0

0

0

-

-

0

Beta Lula Central Operações Marítimas Ltda

0

-

0

-

-

0

Tupi Nordeste S.à.r.l.

FPSO Cidade de Paraty

Brazil

1,297

1,203

41

801

748

103

Tupi Nordeste Operações Marítimas Ltda

3

0

0

6

6

12

Tupi Nordeste Holding Ltd

16

2

9

-

-

17

Guara Norte S.à.r.l.

FPSO Cidade de Ilhabela

Brazil

1,609

1,501

56

1,103

1,013

122

Guara Norte Holding Ltd

15

0

12

-

-

16

Guara Norte Operações Marítimas Ltda

5

0

0

1

1

9

SBM Capixaba Operações Marítimas Ltda

FPSO Capixaba

Brazil

4

0

0

11

11

4

SBM Espirito Do Mar Inc

278

251

11

37

41

35

FPSO Capixaba Venture S.A.

2

0

1

17

17

61

Non material NCI

100

9

7

3

10

13

Total 100%

9,821

4,726

222

5,509

5,276

2,249

  • 1 consolidated figures including the entity SBM Turritella LLC which is owned at 100% by SBM Stones S.à r.l.

Information on non-controlling interests (NCI) − 2015

Entity name

Project name

Place of business

Dividends to NCI

Revenue

Aseng Production Company Ltd

FPSO Aseng

Equatorial Guinea

-

32

Gepsing Ltd

-

2

Gepsing Ltd - Equatorial Guinea Branch

-

42

Brazilian Deepwater Floating Terminals Ltd

FPSO Espirito Santo

Brazil

-

-

Brazilian Deepwater Production Ltd

-

129

Brazilian Deepwater Production Contractors Ltd

-

0

Operações Marítimas em Mar Profundo Brasileiro Ltda

-

14

SBM Stones S.à r.l.1

FPSO Turritella

USA

-

199

SBM Stones Holding Operations B.V.

-

-

Alfa Lula Alto S.à.r.l.

FPSO Cidade de Marica

Brazil

-

369

Alfa Lula Alto Holding Ltd

-

-

Alfa Lula Alto Operações Marítimas Ltda

-

-

Beta Lula Central S.à.r.l.

FPSO Cidade de Saquarema

Brazil

-

360

Beta Lula Central Holding Ltd

-

-

Beta Lula Central Operações Marítimas Ltda

-

-

Tupi Nordeste S.à.r.l.

FPSO Cidade de Paraty

Brazil

-

121

Tupi Nordeste Operações Maritimas Ltda

-

17

Tupi Nordeste Holding Ltd

-

28

Guara Norte S.à.r.l.

FPSO Cidade de Ilhabela

Brazil

-

160

Guara Norte Holding Ltd

-

29

Guara Norte Operações Marítimas Ltda

-

16

SBM Capixaba Operações Marítimas Ltda

FPSO Capixaba

Brazil

-

11

SBM Espirito Do Mar Inc

-

68

FPSO Capixaba Venture S.A.

-

13

Non material NCI

3

25

Total 100%

3

1,635

  • 1 consolidated figures including the entity SBM Turritella LLC which is owned at 100% by SBM Stones S.à r.l.

Information on non-controlling interests (NCI) − 2014

Entity name

Project name

Place of business

Total assets

Non-current assets

Cash

Loans1

Non-current liabilities

Current liabilities

Aseng Production Company Ltd

FPSO Aseng

Equatorial Guinea

605

399

37

436

263

207

Gepsing Ltd

24

-

12

-

-

6

Gepsing Ltd- Equatorial Guinea Branch

18

-

0

-

0

25

Brazilian Deepwater Floating Terminals Ltd

FPSO Espirito Santo

Brazil

0

-

-

-

-

0

Brazilian Deepwater Production Ltd

512

410

59

105

297

116

Brazilian Deepwater Production Contractors Ltd

7

0

3

9

9

12

Operações Marítimas em Mar Profundo Brasileiro Ltda

6

0

1

5

5

8

Alfa Lula Alto S.à.r.l.

FPSO Cidade de Marica

Brazil

1,243

-

0

963

1,017

147

Alfa Lula Alto Holding Ltd

0

0

0

-

-

0

Alfa Lula Alto Operações Marítimas Ltda

0

-

-

-

-

0

Beta Lula Central S.à.r.l.

FPSO Cidade de Saquarema

Brazil

1,071

-

0

667

373

294

Beta Lula Central Holding Ltd

0

0

0

-

-

0

Beta Lula Central Operações Marítimas Ltda

0

-

-

-

-

0

Tupi Nordeste S.à.r.l.

FPSO Cidade de Paraty

Brazil

1,315

1,241

23

883

838

106

Tupi Nordeste Operações Marítimas Ltda

9

1

1

1

1

21

Tupi Nordeste Holding Ltd

13

0

3

-

-

11

Guara Norte S.à.r.l.

FPSO Cidade de Ilhabela

Brazil

1,819

1,537

231

1,220

1,128

175

Guara Norte Holding Ltd

4

0

-

-

-

3

Guara Norte Operações Marítimas Ltda

5

-

1

-

-

4

SBM Capixaba Operações Marítimas Ltda

FPSO Capixaba

Brazil

4

-

1

6

6

11

SBM Espirito Do Mar Inc

323

284

0

86

120

4

FPSO Capixaba Venture S.A.

1

1

1

17

17

37

Non material NCI

125

6

22

4

4

55

Total 100%

7,103

3,880

395

4,401

4,078

1,241

  • 1 Loans figures at 31 December 2014 have been restated to include intercompany loans.

Information on non-controlling interests (NCI) − 2014

Entity name

Project name

Place of business

Dividends to NCI

Revenue

Aseng Production Company Ltd

FPSO Aseng

Equatorial Guinea

-

47

Gepsing Ltd

-

5

Gepsing Ltd- Equatorial Guinea Branch

-

51

Brazilian Deepwater Floating Terminals Ltd

FPSO Espirito Santo

Brazil

-

-

Brazilian Deepwater Production Ltd

-

114

Brazilian Deepwater Production Contractors Ltd

-

0

Operações Marítimas em Mar Profundo Brasileiro Ltda

-

15

Alfa Lula Alto S.à.r.l.

FPSO Cidade de Marica

Brazil

-

1,017

Alfa Lula Alto Holding Ltd

-

-

Alfa Lula Alto Operações Marítimas Ltda

-

-

Beta Lula Central S.à.r.l.

FPSO Cidade de Saquarema

Brazil

-

1,006

Beta Lula Central Holding Ltd

-

-

Beta Lula Central Operações Marítimas Ltda

-

-

Tupi Nordeste S.à.r.l.

FPSO Cidade de Paraty

Brazil

-

127

Tupi Nordeste Operações Marítimas Ltda

-

21

Tupi Nordeste Holding Ltd

-

28

Guara Norte S.à.r.l.

FPSO Cidade de Ilhabela

Brazil

-

350

Guara Norte Holding Ltd

-

3

Guara Norte Operações Marítimas Ltda

-

2

SBM Capixaba Operações Marítimas Ltda

FPSO Capixaba

Brazil

-

15

SBM Espirito Do Mar Inc

-

74

FPSO Capixaba Venture S.A.

-

15

Non material NCI

2

73

Total 100%

2

2,963

Reference is made to section 6.3.24 Loans and Borrowings for a description of the bank interest-bearing loans and other borrowings per entity.

Included in the consolidated financial statements are the following items that represent the aggregate contribution of the partially owned subsidiaries to the Company consolidated financial statements:

Interest in non-controlling interest (summary)

2015

2014

Net result

81

76

Accumulated amount of NCI

970

730