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Årsrapport Annual Report

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20022002 Årsrapport Annual Report Innhold Bonheur ASA – Introduksjon Introduksjon 2 Bonheur ASA og Ganger Rolf ASA eier hver 31.6% av Fred. Olsen Energy ASA (FOE) og hver 50% Selskapsstruktur 4 indirekte i boreriggen Bulford Dolphin. Dette utgjør konsernets engasjement innenfor offshore. Flåteliste 5 FOE's boredivisjon opererte en flåte på ni halvt nedsenkbare bore- og boligrigger samt et boreskip. Markedsområdet for offshore boring svekket seg gjennom hele 2002. Innenfor flytende produksjon Nøkkeltall 6 opererte selskapet en flåte bestående av fire enheter. Aktivitetene innenfor flytende produksjon utviklet seg tilfredsstillende gjennom året. Ved verftet Harland & Wolff i Belfast, ble virksomheten Styrets årsberetning 2002 7 trappet ned i takt med overleveringen av to RoRo-ferger. Utviklingen av FOE's eiendomsengasje- ment i Belfast fortsatte gjennom året. Særberetning for Bonheur ASA 15 FOE's negative resultat på 970 millioner for året er i betydelig grad preget av et svakt rigg- Resultatregnskap 25 marked og engangseffekter som følge av nedskrivninger av riggflåten og ved Harland & Wolff. Balanse 26 Kontantstrømoppstilling 28 Regnskapsprinsipper 29 Noter 31 Konsernets tankvirksomhet er organisert gjennom gjennom selskapet First Olsen Tankers Ltd. (FOTL), eid tilsammen 100% av Bonheur ASA, Ganger Rolf ASA samt relaterte selskaper. FOTL eide Revisors beretning 48 i 2002 åtte suezmax tankskip, hvorav tre bøyelastere. I tillegg eide selskapet et ro-ro skip og et mindre kjøleskip. I desember 2002 overtok selskapet det vesentligste av aksjene i Loki ASA som Ord og uttrykk 50 eier ULCC Jahre Viking, verdens største tankskip på 564.000 dwt. Tankmarkedet i 2002 var lenge svakt, men tok seg betydelig opp i fjerde kvartal. Gjennom- Adresser 51 snittlig ratenivå for selskapets konvensjonelle Suezmax fartøy utgjorde USD 17.200 pr dag. Bøyelasterne opererte på langsiktige kontrakter og hadde en gjennomsnittlig inntjening på USD 34.500 pr dag. ULCC Jahre Viking gjennomførte i 2002 to reiser for Loki ASA og er p.t. på en reise som gir en inntjening på vel USD 41.000 pr dag. FOTL’s konsoliderte resultat i 2002 ble et overskudd før skatt på USD 29,4 mill. Segmentet består i hovedsak av Bonheur og Ganger Rolfs cruise-virksomhet samt selskapets eier- andel i fergeselskapet Comarit S.A. i Marokko. Bonheur og Ganger Rolf eier 50% hver av cruise- virksomheten og 25% hver av Comarit S.A. Konsernets tre cruiseskip opereres av Fred. Olsen Cruise Lines Ltd (FOCL). Skipene har operert Contents "world wide" i 2002, hovedsakelig med britiske passasjerer. Totalt seilte ca 49.500 passasjerer med FOCL i 2002, mens antall passasjerdøgn var ca 660.000. Cruisevirksomheten viste positive resulta- ter for 2002, men ble påvirket av krigs- og terrorfrykt samt sterk konkurranse. Comarit S.A., Marokko opererte fem passasjerferger på ruter fra Marokko til Spania og Frankrike. For å styrke linjen mellom Nador i Marokko og Almeria i Spania, ble skipet "Berkane" satt i drift i juni 2002. Skipet "Biladi" ble innkjøpt mot slutten av året for å settes inn på en nyopprettet rute mellom Introduction 3 Tanger i Marokko og Sete i Frankrike. De øvrige tre skipene trafikkerer Gibraltarstredet. Trafikkutviklingen Company Structure 4 for selskapet har vært god og selskapet oppnådde et konsernresultat på NOK 26 millioner i 2002. Fleet List 5 Key Figures 6 Flyselskapet Sterling, eiet av Bonheur ASA og Ganger Rolf ASA med 50% hver, opererer og ledes Board of Directors’ Annual Report 2002 16 fra København Lufthavn. Selskapet viste god fremgang i 2002 og befestet sin posisjon som ledende Separate Report for Bonheur ASA 24 aktør innen lavprissegmentet i Skandinavia. Selskapet etablerte i året nye ruter til Alicante, Malaga, Barcelona og Milano, i tillegg til ruten mellom Oslo og København. De ulike destinasjoner Income Statement 25 i Sør-Europa opereres nå direkte både fra København, Oslo og Stockholm. I løpet av året ble det også etablert direkte ruter fra Trondheim og Stavanger til Malaga og Alicante. Antall rutepassasje- Balance Sheet 26 rer økte med ca 188% fra 2001. Selskapet planlegger å utvide sin flyflåte fra 6 til 8 fly i 2003, og vil i første rekke prioritere Cash Flow Statement 28 økt frekvens på eksisterende ruter. Oslo planlegges tilknyttet samtlige Sterling-destinasjoner med direkteavganger i løpet av 2003. Bookingsituasjonen for selskapet er god og stadig flere passasje- Accounting Policies 29 rer booker sine billetter via selskapets hjemmeside: www.sterlingticket.com. Resultatet for 2002 Notes 31 ble et underskudd på DKK 48 millioner som representerer en forbedring fra foregående år. Auditors Report 49 Words and Expressions 50 Borgå-konsernet er eid med til sammen 50% hver av Bonheur ASA og Ganger Rolf ASA. Ved årets Addresses 51 slutt omfattet konsernet bl.a. 100% av Fred. Olsen Renewables AS og Oslo Shipholding AS, 88,1% av Hurd AS og 16,6% direkte og 18,5% indirekte av GenoMar ASA. I tillegg eide AS Borgå bore- riggen Bulford Dolphin. Energigjenvinningsselskapet Organic Power ASA, som var eid 64,4% av AS Borgå, ble tvung- et til å innstille virksomheten høsten 2002. Borgå-konsernets aktiviteter innenfor fornybar energi Årsberetning / Annual Report 2002 er etter dette i sin helhet relatert til vind og er organisert gjennom Fred. Olsen Renewables AS. Fred. Olsen Renewables Ltd, ble våren 2002 tildelt konsesjon for bygging av en vindkraftpark (Crystal Rig) på totalt 50 MW. I 2003 ble selskapet tildelt konsesjon på ytterligere to vindkraft- parker i Skottland på totalt ca. 150 MW. GenoMar ASA har rettighetene til en av verdens ledende avlsstammer av Tilapia, en fisk som er forventet å ha et betydelig potensiale på verdensbasis. 2 Bonheur ASA – Introduction Offshore. Bonheur ASA and Ganger Rolf ASA each own 31,6% of Fred. Olsen Energy ASA (FOE) Offshore and each own 50% indirectly in the drilling rig Bulford Dolphin. This represents the group's offs- hore investments. FOE's drilling division operated a fleet of nine semi-submersible drilling and service rigs and one drill ship. The market for offshore drilling weakened throughout 2002. The activities within floating production showed satisfactory development during the year. Within flo- ating production, the company operated a fleet of four units. At the Harland & Wolff Yard in Belfast, the activity was reduced following the delivery of two ro-ro ferries. The development of FOE's property investment in Belfast continued during the year. FOE's negative result for the year of NOK 970 million, is heavily affected by a weak offsho- re market and also the effect of write down of fixed assets and at Harland & Wolff. Tankers. The group’s tanker activity is organized in the company First Olsen Tankers Ltd. Tank (FOTL), which is 100% owned by Bonheur ASA, Ganger Rolf ASA and related companies. In 2002 FOTL owned eight suezmax tankers, of which three are shuttle tankers. In addition, the company owned one ro-ro vessel and one small reefer. In December 2002 the company acqui- red most of the shares in Loki ASA, which own the 564.000 dwt ULCC Jahre Viking, the world’s largest tanker. Initially in 2002, the tanker marked was weak, but improved significantly in the fourth quar- ter. Average earnings were USD 17.200 per day for the company’s conventional suezmax tan- kers. The shuttle tankers are all on long-term contracts with average earnings of USD 34.500 per day. The ULCC Jahre Viking performed two voyages for Loki ASA and is currently on a voyage earning in excess of USD 41.000 per day. The 2002 consolidated result before tax was USD 29,4 mill. Other shipping. The segment consists primarily of Bonheur and Ganger Rolf’s cruise activity and Øvrig shipping the companies’ share of the ferry company Comarit S.A. in Morocco. Bonheur and Ganger Rolf each own 50% of the cruise activity and 25% each of Comarit S.A. The group’s three cruise ships are ope- rated by Fred. Olsen Cruise Lines Ltd (FOCL). The ships have operated worldwide throughout 2002 mainly with British passengers. In 2002, a total of ca. 49.500 passengers traveled with FOCL, and the number of passenger days was ca. 660.000. The cruise activity showed positive results for 2002, but the cruise market was influenced by fear of war and terrorism as well as strong competition. Comarit S.A., Morocco currently operates five passenger ferries between Morocco, Spain and France. In order to strengthen the line between Nador, Morocco, and Almeria, Spain, the ferry "Berkane" was put into service in June 2002. Towards the end of the year, the ferry "Biladi" was acquired for the newly established service between Tanger, Morocco and Sete in France. The other three ferries operate across the Strait of Gibraltar. The company has experienced increased traffic and achieved a group result of NOK 26 million for 2002. Aviation. The airline Sterling is owned by Bonheur ASA and Ganger Rolf ASA with 50% each and Luftfart is operating and managed from Copenhagen Airport. The company is showing considerable pro- gress in 2002 and secured its position as the leading operator within the low price segment in Scandinavia. In 2002 the company established new flights to Alicante, Malaga, Barcelona and Milano, in addition to the flight between Oslo and Copenhagen. The various destinations in Europe are now served directly from København, Oslo and Stockholm. During the year direct flights were also established between Trondheim and Stavanger and Malaga and Alicante. Number of passengers on scheduled flights increased by 188% over 2001. The company plans to expand its fleet from 6 to 8 aircraft in 2003 and will prioritize increa- sed frequency on existing routes. During 2003, it is planned that Oslo will have direct flights to all of Sterling’s destinations. The booking situation for the company is good and an increasing number of passengers book their tickets through the company’s home page www.sterlingticket.com.
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    GANGER ROLF ASA Report first quarter 2007 - Result after tax was 140.9 million (149.4 million) - Result per share was NOK 3.90 (NOK 4.10) - Continued strong markets within offshore drilling - Sale of Knock Stocks with delivery in May. - The Norcliff ro-ro vessel delivered to new owners. Sales gain USD 6.7 million. - Renewable energy showing progress. Result before tax of 25.7 million (negative 6.5 million). - Cruise segment growth. Result before tax 26.2 million (6.4 million). Financial key figures (Figures in million NOK except for per share) 1Q.07 1Q.06 2006 Revenues 0,5 0,4 1,8 EBITDA -11,1 -7,0 -37,0 EBIT -11,8 -7,6 -39,8 Net result after tax 140,9 149,4 702,1 Average number of shares outstanding 36.280.000 36.280.000 36.280.000 Basic / diluted earnings per share NOK 3,9 4,1 19,4 / 19,2 Net interest bearing debt 106.7 103.6 88.7 1 GANGER ROLF ASA FINANCIAL INFORMATION Figures in NOK unless otherwise stated. The figures for the corresponding period 2006 in parenthesis. The operating result (EBIT) which in principle reflects the holding company costs, was negative with 11.8 million (negative 7.6 million). The negative change in the figures is mainly caused by growth in administration costs connected to accruels regarding bonus and pensions. All important companies and investments have been consolidated as associated companies, so that the parent company emerges as a pure holding company. Associated companies were consolidated with an aggregate result of 139.3 million (115.0 million).
  • Registration Document 2011

    Registration Document 2011

    Fred. Olsen Energy ASA, Registration Document 10 October 2011 Registration Document 2011 Fred. Olsen Energy ASA Joint Arrangers: Page 1 Fred. Olsen Energy ASA, Registration Document 10 October 2011 Important information This Registration Document is subject to the general business terms of the Arrangers, available at their websites. Confidentiality rules and internal rules restricting the exchange of information between different parts of the Arrangers may prevent employees of the Arrangers who are preparing this presentation from utilizing or being aware of information available to the Arrangers and/or affiliated companies and which may be relevant to the recipient’s decisions. The Arrangers and/or affiliated companies and/or officers, directors and employees may be a market maker or hold a position in any instrument or related instrument discussed in this Registration Document, and may perform or seek to perform financial advisory or banking services related to such instruments. The Arrangers’ corporate finance department may act as manager or co-manager for this Company in private and/or public placement and/or resale not publicly available or commonly known. Copies of this presentation are not being mailed or otherwise distributed or sent in or into or made available in the United States. Persons receiving this document (including custodians, nominees and trustees) must not distribute or send such documents or any related documents in or into the United States. Other than in compliance with applicable United States securities laws, no solicitations are being made or will be made, directly or indirectly, in the United States. Securities will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.