7. Vessels under construction (In thousands of USD) Vessel Name Vessel Type
Polarcus Naila SX 124
Polarcus Samur SX 133
Polarcus Selma SX 133
Polarcus Asima SX 134
Polarcus Alima SX 134
Polarcus Amani SX 134
Polarcus Adira SX 134
33,645
25,483
23,339
24,861
24,857
3,450
3,450
139,085
57,805 2,335 248 -
37,560 1,492 7,455 -
20,055 621 963 (44,978)
62,733 1,519 3,345 -
25,146 395 1,003 (51,401)
319 -
319 -
203,937 6,362 13,014 (96,379)
94,033
71,990
-
92,458
-
3,769
3,769
266,019
16,674 561 3,598 -
21,555 3,416 8,010 -
-
54,362 2,933 3,125 -
84,442 1,252 9,866 -
10,760 (500)
10,760 (500)
198,555 8,162 24,598 (1,000)
(114,866)
-
- (152,878)
-
-
-
-
-
-
-
(14,029)
(14,029)
(28,059)
-
104,971
-
-
95,560
-
-
200,531
Total
Year ended 31 December 2009 Balance as at 1 January 2009 Additions in the year: Vessel and equipment Project Overheads Project Financing costs Disposals WIP value per vessel as of 31 December 2009 Year ended 31 December 2010 Additions in the year: Vessel and equipment Project Overheads Project Financing costs Disposals Transfers to property, plant & equipment Payments treated as advance to suppliers WIP value per vessel as of 31 December 2010
- (267,744)
The vessel POLARCUS NAILA was delivered on 24 February 2010. Refer to Note 6 Property, Plant and Equipment for further details. The vessel POLARCUS ASIMA was delivered on 31 August 2010. Refer to Note 6 Property, Plant and Equipment for further details. The vessel POLARCUS SAMUR is pledged as security for a 13% interest bearing senior secured bond and interest accrued thereon. Refer to Note 17 Senior Secured Bonds for further details on this financing arrangement. Total commitments for capital expenditure related to the construction of POLARCUS SAMUR as of 31 December 2010 is USD 125.8 million, of which USD 20.8 million is outstanding as of the reporting date. All of these commitments are due within one year from 31 December 2010. On 20 October 2010 the Company exercised the option of repurchasing POLARCUS ALIMA from ZL. As at the date of repurchase the Group had already invested USD 21 million. Subsequent to the repurchase, an additional investment of USD 74.6 million was made during the period ended 31 December 2010. Also refer to Note 8 Vessel Buyback Options. The vessel POLARCUS ALIMA is pledged as security for a 12.5% interest bearing senior secured bond and interest accrued thereon. Refer to Note 17 Senior Secured Bonds for further details on this financing arrangement. Total commitments for capital expenditure related to the construction of POLARCUS ALIMA as of 31 December 2010 is USD 169.7 million, of which USD 74.1 million is outstanding as of the reporting date. All of these commitments are due within one year from 31 December 2010. The payments made for vessels 7 and 8 as shown above represents the advance payments made to the shipyard for construction of these vessels. The remaining commitment, excluding commitment related to seismic equipment of USD 94.5 million per vessel is not payable before Q1 2012 and Q2 2012 respectively. The impairment of USD 1 million represent the slot reservation fee paid to another shipyard for these vessels.
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