19.3 Accounts receivable (In thousands of USD)
31-Dec-10
31-Dec-09
Polarcus Nadia AS
12,772
260
Polarcus Naila AS
11,422
-
586
-
Polarcus Asima AS
4,652
-
Polarcus Seismic Ltd
1,277
-
30,709
260
Polarcus UK Limited
Total
19.4 Payable to subsidiaries (In thousands of USD)
31-Dec-10
31-Dec-09
Polarcus 5
1,846
-
Polarcus Asima AS
7,021
-
Polarcus DMCC (included in Accounts payable) Total
2,745
-
11,612
-
Payable to Polarcus 5 and Polarcus Asima AS are towards payments made by these subsidiaries on behalf of the Company. Payable Polarcus DMCC included in accounts payable is towards invoices received for administrative services.
19.5 Transactions with subsidiaries The Company is a holding company for the Polarcus Group and also earns revenues from leasing seismic equipment and providing offshore employee services to its subsidiaries. See Note 2 for information regarding revenues earned from subsidiaries. Additionally, during the year a streamer system that had a net book value of USD 19.8 million was sold to Polarcus Nadia AS at net book value. Also, a total amount of USD 6.5 million that was capitalized as vessels under construction, which related to prepayments to certain suppliers for construction option 1 and 2, were sold to Polarcus 1 Ltd and Polarcus 2 Ltd in the year for a consideration equal to the book value (refer to Note 4 Vessels under construction).
20. Authorization of financial statement The unconsolidated financial statements of the parent company Polarcus Limited for the year ended 31 December 2010 were authorized for issue in accordance with a resolution of the directors on 29 March 2011.
98
Peter Rigg
Tore Karlsson
Alan Locker
Geoffrey Taylor
Carl-Peter Zickerman
Kitty Hall
Carl-Gustaf Zickerman
Hege Sjo
Jogeir Romestrand