4.3.32Information on Non-controlling Interests
The Company has several jointly owned subsidiaries:
|
Entity name |
Partners |
% of ownership |
Country registration |
2020 main reporting segment |
Project name |
|---|---|---|---|---|---|
|
Aseng Production Company Ltd. |
GE Petrol |
60.00 |
Cayman island |
Lease & Operate |
FPSO Aseng |
|
Gepsing Ltd. |
GE Petrol |
60.00 |
Cayman island |
Lease & Operate |
FPSO Aseng / FPSO Serpentina |
|
Gepsing Ltd - Equatorial Guinea Branch |
GE Petrol |
60.00 |
Equatorial Guinea |
Lease & Operate |
FPSO Aseng / FPSO Serpentina |
|
Brazilian Deepwater Production Ltd. |
Malaysia International Shipping Corporation Behard |
51.00 |
Bermuda |
Lease & Operate |
FPSO Espirito Santo |
|
Brazilian Deepwater Production Contractors Ltd. |
Malaysia International Shipping Corporation Behard |
51.00 |
Bermuda |
Lease & Operate |
FPSO Espirito Santo |
|
Brazilian Deepwater Production B.V. |
Malaysia International Shipping Corporation Behard |
51.00 |
The Netherlands |
Lease & Operate |
FPSO Espirito Santo |
|
Operações Marítimas em Mar Profundo Brasileiro Ltda |
owned by Brazilian Deepwater Production Contractors (see information above) |
51.00 |
Brazil |
Lease & Operate |
FPSO Espirito Santo |
|
Alfa Lula Alto S.à.r.l. |
Mitsubishi Corporation; Nippon Yusen Kabushiki Kaisha |
61.00 |
Luxembourg |
Turnkey |
FPSO Cidade de Marica |
|
Alfa Lula Alto Holding Ltd. |
Mitsubishi Corporation; Nippon Yusen Kabushiki Kaisha |
61.00 |
Bermuda |
Lease & Operate |
FPSO Cidade de Marica |
|
Alfa Lula Alto Operações Marítimas Ltda. |
Mitsubishi Corporation; Nippon Yusen Kabushiki Kaisha |
61.00 |
Brazil |
Lease & Operate |
FPSO Cidade de Marica |
|
Alfa Lula Alto S.à r.l. (Brazilian branche) |
Mitsubishi Corporation; Nippon Yusen Kabushiki Kaisha |
61.00 |
Brazil |
Lease & Operate |
FPSO Cidade de Marica |
|
Beta Lula Central S.à.r.l. |
Mitsubishi Corporation; Nippon Yusen Kabushiki Kaisha |
61.00 |
Luxembourg |
Turnkey |
FPSO Cidade de Saquarema |
|
Beta Lula Central Holding Ltd. |
Mitsubishi Corporation; Nippon Yusen Kabushiki Kaisha |
61.00 |
Bermuda |
Lease & Operate |
FPSO Cidade de Saquarema |
|
Beta Lula Central Operações Marítimas Ltda. |
Mitsubishi Corporation; Nippon Yusen Kabushiki Kaisha |
61.00 |
Brazil |
Lease & Operate |
FPSO Cidade de Saquarema |
|
Beta Lula Central S.à r.l. (Brazilian branche) |
Mitsubishi Corporation; Nippon Yusen Kabushiki Kaisha |
61.00 |
Brazil |
Lease & Operate |
FPSO Cidade de Saquarema |
|
Tupi Nordeste S.à.r.l. |
Nippon Yusen Kabushiki Kaisha; Itochu Corporation |
63.13 |
Luxembourg |
Lease & Operate |
FPSO Cidade de Paraty |
|
Tupi Nordeste Operações Marítimas Ltda. |
Nippon Yusen Kabushiki Kaisha; Itochu Corporation |
63.13 |
Brazil |
Lease & Operate |
FPSO Cidade de Paraty |
|
Tupi Nordeste Holding Ltd. |
Nippon Yusen Kabushiki Kaisha; Itochu Corporation |
63.13 |
Bermuda |
Lease & Operate |
FPSO Cidade de Paraty |
|
Tupi Nordeste S.à r.l. (Brazilian branche) |
Nippon Yusen Kabushiki Kaisha; Itochu Corporation |
63.13 |
Bermuda |
Lease & Operate |
FPSO Cidade de Paraty |
|
Guara Norte S.à.r.l. |
Mitsubishi Corporation; Nippon Yusen Kabushiki Kaisha |
75.00 |
Luxembourg |
Lease & Operate |
FPSO Cidade de Ilhabela |
|
Guara Norte Holding Ltd. |
Mitsubishi Corporation; Nippon Yusen Kabushiki Kaisha |
75.00 |
Bermuda |
Lease & Operate |
FPSO Cidade de Ilhabela |
|
Guara Norte Operações Marítimas Ltda. |
Mitsubishi Corporation; Nippon Yusen Kabushiki Kaisha |
75.00 |
Brazil |
Lease & Operate |
FPSO Cidade de Ilhabela |
|
Guara Norte S.à r.l. (Brazilian branche) |
Mitsubishi Corporation; Nippon Yusen Kabushiki Kaisha |
75.00 |
Brazil |
Lease & Operate |
FPSO Cidade de Ilhabela |
|
FPSO Brasil Venture S.A. |
MISC Berhad |
51.00 |
Switzerland |
Lease & Operate |
FPSO Brazil |
|
SBM Operações Ltda. |
MISC Berhad |
51.00 |
Brazil |
Lease & Operate |
FPSO Brazil |
|
SBM Systems Inc. |
MISC Berhad |
51.00 |
Switzerland |
Lease & Operate |
FPSO Brazil |
|
Mero 2 Operacoes Maritima Ltd. |
Mitsubishi Corporation; Nippon Yusen Kabushiki Kaisha |
64.50 |
Brazil |
Lease & Operate |
FPSO Sepetiba |
|
Mero 2 Operacoes Holding S.A. |
Mitsubishi Corporation; Nippon Yusen Kabushiki Kaisha |
64.50 |
Switzerland |
Lease & Operate |
FPSO Sepetiba |
|
Mero 2 Owning B.V. |
Mitsubishi Corporation; Nippon Yusen Kabushiki Kaisha |
64.50 |
The Netherlands |
Lease & Operate |
FPSO Sepetiba |
|
Mero 2 B.V. |
Mitsubishi Corporation; Nippon Yusen Kabushiki Kaisha |
64.50 |
The Netherlands |
Lease & Operate |
FPSO Sepetiba |
|
SBM Nauvata Private Limited |
Nauvata Engineering Private Limited |
51.00 |
India |
Turnkey |
Engineering services |
|
South East Shipping Co. Ltd. |
Mitsubishi Corporation |
75.00 |
Bermuda |
Lease & Operate |
Yetagun |
Receipts from non-controlling interests for change in ownership
The Company received US$28 million following the transfer of the shares towards the other JV shareholders as part of the Constellation transaction that occurred in 2019.
Equity repayment to non-controlling interests
The US$23 million reported in 4.2.4 Consolidated Statement of Changes in Equity relates to an equity repayment to the partners in the subsidiairy following the completion of the bridge loan for FPSO Sepetiba.
Information on non-controlling interests (NCI)
Included in the consolidated financial statements are the following items that represent the Company’s interest in the revenues, assets and loans of the partially owned subsidiaries.
Figures are presented at 100% before elimination of intercompany transactions.
2020
|
Project name |
Place of business |
Total assets |
Non-current assets |
Cash |
Loans |
Non-current liabilities |
Current liabilities |
Dividends to NCI |
Revenue |
|---|---|---|---|---|---|---|---|---|---|
|
FPSO Aseng / FPSO Serpentina |
Equatorial Guinea |
147 |
87 |
15 |
0 |
0 |
29 |
8 |
88 |
|
FPSO Espirito Santo |
Brazil |
136 |
84 |
13 |
92 |
92 |
45 |
53 |
352 |
|
FPSO Cidade de Marica |
Brazil |
1,630 |
1,483 |
63 |
1,016 |
987 |
175 |
3 |
190 |
|
FPSO Cidade de Saquarema |
Brazil |
1,591 |
1,480 |
31 |
1,109 |
1,107 |
135 |
16 |
194 |
|
FPSO Cidade de Paraty |
Brazil |
1,070 |
968 |
26 |
311 |
200 |
160 |
- |
147 |
|
FPSO Cidade de Ilhabela |
Brazil |
1,449 |
1,282 |
87 |
555 |
439 |
177 |
3 |
187 |
|
FPSO Sepetiba |
Brazil |
987 |
- |
10 |
600 |
89 |
736 |
- |
755 |
|
Non material NCI |
26 |
0 |
4 |
- |
- |
1 |
0 |
1 |
|
|
Total 100% |
7,036 |
5,384 |
250 |
3,683 |
2,915 |
1,457 |
83 |
1,914 |
2019
|
Project name |
Place of business |
Total assets |
Non-current assets |
Cash |
Loans |
Non-current liabilities |
Current liabilities |
Dividends to NCI |
Revenue |
|---|---|---|---|---|---|---|---|---|---|
|
FPSO Aseng / FPSO Serpentina |
Equatorial Guinea |
152 |
106 |
6 |
0 |
0 |
20 |
0 |
74 |
|
FPSO Espirito Santo |
Brazil |
231 |
181 |
19 |
- |
150 |
94 |
12 |
107 |
|
FPSO Cidade de Marica |
Brazil |
1,684 |
1,540 |
61 |
1,119 |
1,069 |
158 |
2 |
200 |
|
FPSO Cidade de Saquarema |
Brazil |
1,651 |
1,532 |
37 |
1,195 |
1,155 |
123 |
8 |
202 |
|
FPSO Cidade de Paraty |
Brazil |
1,126 |
1,025 |
26 |
421 |
318 |
151 |
- |
161 |
|
FPSO Cidade de Ilhabela |
Brazil |
1,503 |
1,336 |
87 |
677 |
562 |
168 |
- |
197 |
|
FPSO Sepetiba |
Brazil |
415 |
- |
3 |
- |
13 |
136 |
- |
121 |
|
Non material NCI |
27 |
0 |
4 |
- |
- |
3 |
4 |
3 |
|
|
Total 100% |
6,790 |
5,721 |
243 |
3,411 |
3,267 |
854 |
25 |
1,065 |
Reference is made to note 4.3.24 Borrowings and Lease Liabilities for a description of the bank interest-bearing loans and other borrowings per entity.
Included in the consolidated financial statements are the following items that represent the aggregate contribution of the partially owned subsidiaries to the Company consolidated financial statements:
Interest in non-controlling interest (summary)
|
2020 |
2019 |
||
|---|---|---|---|
|
Net result |
137 |
145 |
|
|
Accumulated amount of NCI |
905 |
865 |
Reconciliation equity at 100 % with Non-controlling interests on partially owned subsidiaries
|
2020 |
2019 |
||
|---|---|---|---|
|
Equity at 100% |
2,664 |
2,670 |
|
|
Company ownership |
(1,758) |
(1,805) |
|
|
Accumulated amount of NCI |
905 |
865 |