Annual report 2000

Booked equity at the turn of the year was NOK 1 200 mill (51%). Based on brokers’ evaluation (vessels without contracts), the value-adjusted equity before taxes was, at the same time, NOK 2 404 mill

The market for offshore service vessels has developed positively during the year. The North Sea and Brazil were the main geographical markets for the Company’s activities in 2000. In the North Sea the general utilisation of the fleet again reached over 90%, after the first two months of the year were weak. Activity was also high in Brazil.

The Company has, for the time being, 19 vessels in operation and 8 under construction. The construction programme includes 2 cable layers for laying and maintenance of fibre optical cable and 6 offshore service vessels. The investment represents a gross value of approx. NOK 1,3 bill. for the company, which has various shares of ownership in the newbuildings.

Operation and utilisation of the fleet was satisfying throughout the year, with few intermissions beyond planned maintenance. Focus on Health, Safety and Environment is further increased, which has resulted in less numbers of Lost Time Incidents.