Annual Report 2010 Aerial photo of the Burrup Peninsular showing MMA’s supply base in the foreground. “MMA, in line with its growth strategy, has continued to invest in its fleet and Supply Base infrastructure spending a total of $109 million over the past year. Four new vessels were purchased including a larger 8,000bhp vessel, the Mermaid Vision.” Tony Howarth - Chairman Key Highlights • $37 million upgrade for Gorgon Project completed • Main wharf development drives increased earnings • Ongoing scope for future development and new clients Mermaid Marine Australia Limited ABN 21 083 185 693 Corporate Directory Directors Tony Howarth Chairman Jeffrey Weber Managing Director James Carver Executive Director Mark Bradley Non-Executive Director Andrew Edwards Non-Executive Director Company Secretary Dylan Darbyshire-Roberts Registered Office Endeavour Shed, 1 Mews Road FREMANTLE WA 6160 Tel: 61 8 9431 7431 Fax: 61 8 9431 7432 Email:
[email protected] Web: www.mma.com.au Auditors Deloitte Touche Tohmatsu Chartered Accountants Level 14, Woodside Plaza 240 St Georges Terrace PERTH WA 6000 Tel: 61 8 9365 7000 Fax: 61 8 9365 7001 Solicitors Blake Dawson Level 32, Exchange Plaza 2 The Esplanade, PERTH WA 6000 Tel: 61 8 9366 8000 Fax: 61 8 9366 8111 Bankers National Australia Bank Limited 100 St Georges Terrace PERTH WA 6000 Tel: 1300 889 398 Fax: 61 8 9441 9282 Contents Chairman’s Address 4 Managing Director’s Review of Operations 6 Corporate Governance Statement 14 Directors’ Report 20 Auditor’s Independence Declaration 36 Audit Report 37 Directors’ Declaration 39 Statement of Comprehensive Income 42 Statement of Financial Position 43 Statement of Changes in Equity 44 Statement of Cash Flow 45 Notes to the Financial Statements 46 Additional Stock Exchange Information 88 4 Mermaid Marine Australia Limited Annual Report 2010 Chairman’s Address I am pleased to report that 2010 was another year of strong for the oil and gas industry for over 40 years.