6.3.31Interest in Joint Ventures and Associates

The Company has several joint ventures and associates:

Entity name

Partners

Joint venture/
Associate

% of ownership

Country registration

2015 main reporting segment

Project name

Sonasing Xikomba Ltd

Sociedad Nacional de Combustiveis de Angola Empresa Publica -Sonangol E.P.; Angola Offshore Services Limitada

Joint venture

50.00

Bermuda

Lease & operate

FPSO N'Goma

OPS-Serviçõs de Produção de Petróleos Ltd.

Sociedad Nacional de Combustiveis de Angola Empresa Publica -Sonangol E.P.

Joint venture

50.00

Bermuda

Lease & operate

Angola operations

OPS-Serviçõs de Produção de Petróleos Ltd Branch

Sociedad Nacional de Combustiveis de Angola Empresa Publica -Sonangol E.P.

Joint venture

50.00

Angola

Lease & operate

Angola operations

OPS Production Ltd

Sociedad Nacional de Combustiveis de Angola Empresa Publica -Sonangol E.P.

Joint venture

50.00

Bermuda

Lease & operate

Angola operations

Malaysia Deepwater Floating Terminal (Kikeh) Ltd

Malaysia International Shipping Corporation Behard

Joint venture

49.00

Malaysia

Lease & operate

FPSO Kikeh

Malaysia Deepwater Production Contractors Sdn Bhd

Malaysia International Shipping Corporation Behard

Joint venture

49.00

Malaysia

Lease & operate

FPSO Kikeh

Anchor Storage Ltd

Maersk group

Joint venture

49.00

Bermuda

Lease & operate

Nkossa II FSO

Gas Management (Congo) Ltd

Maersk group

Joint venture

49.00

Bahamas

Lease & operate

Nkossa II FSO

Solgaz S.A.

Deepwater Enterprises A/S (an entity of Maersk group)

Joint venture

49.00

France

Lease & operate

Nkossa II FSO

Sonasing Sanha Ltd

Sociedad Nacional de Combustiveis de Angola Empresa Publica -Sonangol E.P.; Angola Offshore Services Limitada

Joint venture

50.00

Bermuda

Lease & operate

FPSO Sanha

Sonasing Kuito Ltd

Sociedad Nacional de Combustiveis de Angola Empresa Publica -Sonangol E.P.; Angola Offshore Services Limitada

Joint venture

50.00

Bermuda

Lease & operate

FPSO Kuito

Sonasing Saxi Batuque Ltd

Sociedad Nacional de Combustiveis de Angola Empresa Publica -Sonangol E.P.; Vernon Angolan Services Limitada

Joint venture

50.00

Bermuda

Lease & operate

FPSO Saxi-Batuque

Sonasing Mondo Ltd

Sociedad Nacional de Combustiveis de Angola Empresa Publica -Sonangol E.P.; Vernon Angolan Services Limitada

Joint venture

50.00

Bermuda

Lease & operate

FPSO Mondo

SNV Offshore Ltd

Naval Ventures Corp (an entity of Synergy Group)

Joint venture

50.00

Bermuda

Turnkey

Brazilian yard

Pelican Assets S.à.r.l.

SNV Offshore Limited (see information above)

Joint venture

50.00

Luxembourg

Turnkey

Brazilian yard

Estaleiro Brasa Ltda

SNV Offshore Limited (see information above)

Joint venture

50.00

Brazil

Turnkey

Brazilian yard

Brasil Superlift Serviçõs Içamento Ltda

SNV Offshore Limited (see information above)

Joint venture

50.00

Brazil

Turnkey

Brazilian yard

Normand Installer S.A.

The Solstad Group

Joint venture

49.90

Switzerland

Turnkey

Normand Installer

OS Installer AS

Ocean Yield AS

Associate

25.00

Norway

Turnkey

SBM Installer

SBM Ship Yard Ltd

Sociedad Nacional de Combustiveis de Angola Empresa Publica -Sonangol E.P.; Daewoo Shipbuilding & Marine Engineering Co. Ltd.

Associate

33.33

Bermuda

Turnkey

Angolan yard

PAENAL - Porto Amboim Estaleiros Navais Ltda

Sociedad Nacional de Combustiveis de Angola Empresa Publica -Sonangol E.P.; SBM Shipyard

Associate

30.00

Angola

Turnkey

Angolan yard

On 23 December 2015, the Company entered into an agreement with SNV Offshore Limited, a 50% owned Joint venture for the disposal of the Company’s shares in company Pelican Assets S.à.r.l. incorporated for the purpose of owning the Pelicano Heavy Lift Floating Crane operated in Brazil.

It is reminded that the Company has no joint operation as per definition provided by IFRS 11 ‘Joint arrangements’.

The following tables present the figures at 100%.

Information on significant joint arrangements and associates - 2015

Entity name

Project name

Place of the business

Total assets

Non-current assets

Cash

Loans

Non- current liabilities

Current liabilites

Sonasing Xikomba Ltd

FPSO N'Goma

Angola

1,280

1,132

13

616

629

293

OPS-Serviçõs de Produção de Petroleos Ltd.

Angola operations

Angola

56

- 2

22

-

0

5

OPS-Serviçõs de Produção de Petróleos Ltd Branch

74

5

- 3

-

-

75

OPS Production Ltd

89

0

36

-

-

68

Malaysia Deepwater Floating Terminal (Kikeh) Ltd

FPSO Kikeh

Malaysia

468

396

- 6

30

33

22

Malaysia Deepwater Production Contractors Sdn Bhd

34

-

8

-

0

27

SNV Offshore Ltd1

Brazilian yard

Brazil

68

48

5

25

25

15

SBM Ship Yard Ltd

Angolan yard

Angola

265

225

0

395

395

0

PAENAL - Porto Amboim Estaleiros Navais Ltda

365

208

52

232

230

150

Non material joint ventures/associates

323

246

47

296

286

57

Total at 100%

3,021

2,258

176

1,593

1,599

712

  • 1 consolidated figures including the entities Estaleiro Brasa Ltda, Brasil Superlift Serviçõs Icamento Ltda and Pelican Assets S.à.r.l. which are owned at 100% by SNV Offshore Ltd

Information on significant joint arrangements and associates - 2015

Entity name

Project name

Place of the business

Dividends received

Revenue

Sonasing Xikomba Ltd

FPSO N'Goma

Angola

-

187

OPS-Serviçõs de Produção de Petroleos Ltd.

Angola operations

Angola

-

0

OPS-Serviçõs de Produção de Petróleos Ltd Branch

-

106

OPS Production Ltd

-

85

Malaysia Deepwater Floating Terminal (Kikeh) Ltd

FPSO Kikeh

Malaysia

-

50

Malaysia Deepwater Production Contractors Sdn Bhd

-

47

SNV Offshore Ltd1

Brazilian yard

Brazil

-

152

SBM Ship Yard Ltd

Angolan yard

Angola

-

-

PAENAL - Porto Amboim Estaleiros Navais Ltda

-

75

Non material joint ventures/associates

41

40

Total at 100%

41

742

  • 1 consolidated figures including the entities Estaleiro Brasa Ltda, Brasil Superlift Serviçõs Icamento Ltda and Pelican Assets S.à.r.l. which are owned at 100% by SNV Offshore Ltd

Information on significant joint arrangements and associates - 2014

Entity name

Project name

Place of the business

Total assets

Non-current assets

Cash

Loans

Non- current liabilities

Current liabilites

Sonasing Xikomba Ltd

FPSO N'Goma

Angola

1,210

1,135

0

679

761

205

OPS-Serviçõs de Produção de Petroleos Ltd.

Angola operations

Angola

70

-

24

-

0

13

OPS-Serviçõs de Produção de Petróleos Ltd Branch

69

6

1

-

0

58

OPS Production Ltd

109

0

31

-

-

103

Malaysia Deepwater Floating Terminal (Kikeh) Ltd

FPSO Kikeh

Malaysia

598

465

31

163

180

46

Malaysia Deepwater Production Contractors Sdn Bhd

45

-

8

-

0

39

SNV Offshore Ltd1

Brazilian yard

Brazil

58

41

2

-

0

41

SBM Ship Yard Ltd

Angolan yard

Angola

293

233

8

380

380

0

PAENAL - Porto Amboim Estaleiros Navais Ltda

515

292

43

232

232

211

Non material joint ventures/associates

379

273

64

322

328

58

Total at 100%

3,347

2,445

212

1,775

1,880

772

  • 1 consolidated figures including the entities Estaleiro Brasa Ltda and Brasil Superlift Serviçõs Icamento Ltda which were owned at 100% by SNV Offshore Ltd at 31 December 2014

Information on significant joint arrangements and associates - 2014

Entity name

Project name

Place of the business

Dividends received

Revenue 100%

Sonasing Xikomba Ltd

FPSO N'Goma

Angola

-

348

OPS-Serviçõs de Produção de Petroleos Ltd.

Angola operations

Angola

-

- 2

OPS-Serviçõs de Produção de Petróleos Ltd Branch

-

95

OPS Production Ltd

-

126

Malaysia Deepwater Floating Terminal (Kikeh) Ltd

FPSO Kikeh

Malaysia

-

463

Malaysia Deepwater Production Contractors Sdn Bhd

0

70

SNV Offshore Ltd1

Brazilian yard

Brazil

-

380

SBM Ship Yard Ltd

Angolan yard

Angola

-

-

PAENAL - Porto Amboim Estaleiros Navais Ltda

-

264

Non material joint ventures/associates

7

43

Total at 100%

8

1,787

  • 1 consolidated figures including the entities Estaleiro Brasa Ltda and Brasil Superlift Serviçõs Icamento Ltda which were owned at 100% by SNV Offshore Ltd at 31 December 2014

The bank interest-bearing loans and other borrowings held by joint ventures and associates are as follow :

Informations on loans and borrowings of joint ventures and associates

Net book value at 2015

Net book value at 2014

Entity name

% Ownership

% Interest

Maturity

Non-current

Current

Total

Non-current

Current

Total

US$ Project Finance facilities drawn:

Sonasing Xicomba Ltd

50.00

4.66%

16-aug-21

423

77

501

438

91

529

Normand Installer SA

49.90

3.93%

17-jul-17

50

6

56

56

6

63

OS Installer AS

25.00

3.53%

16-dec-19

95

7

102

102

7

109

Loans from subsidiaries of
SBM Offshore N.V. 1

380

61

441

414

121

535

Loans from other shareholders of the joint ventures and associates 2

247

15

262

277

31

308

Loans from other joint ventures

232

0

232

232

0

232

Net book value of loans and borrowings

1,427

167

1,593

1,518

257

1,775

  • 1 Please refer to note 6.3.15 'Loans to Joint Ventures and Associates' for presentation of the carrying amount of these loans in Company's Consolidated Statement of Financial Position.
  • 2 Loans from the Joint Ventures SBM Shipyard Ltd to the JV Paenal - Porto Amboim Estaleiros Navais Ltda.

Aggregated information on joint ventures and associates

2015

2014

Net result

128

254