BWO Annual Report 2020

Intro 4
2020 in brief 4
Global footprint 6
History 8
Purpose 10
CEO’s report 12
Focus areas, Reports and Info 14
Safe and efficient offshore development 14
The FPSO Fleet 18
Directors' report 22
Board of Directors 27
Management 27
Corporate governance Report 28
Shareholder information 34
Sustainability report 36
Contribution to UN Sustainable Development Goals 1 42
Safe and secure operations 44
Environmentally conscious operations 50
A strong governance framework 56
Being a non- discriminating and fair employer 62
Summary of ESG KPIs 72
Taskforce for Climate-related Financial Disclosure (TCFD) 74
Consolidated financial statements 78
Consolidated Statement of Income 79
Consolidated Statement of Comprehensive Income 80
Consolidated Statement of Financial Position 81
Consolidated Statement of Changes in Equity 82
Consolidated Statement of Cash Flows 83
Notes 84
Note 1 Corporate information 84
Note 2 Significant accounting policies 84
Note 3 Significant accounting estimates and judgements 91
Note 4 Segment information 92
Note 5 Discontinued operation 94
Note 6 Revenue 96
Note 7 Operating, administrative and other expenses 97
Note 8 Earnings per share 98
Note 9 Employee benefit expenses, remuneration to directors and auditors 99
Note 10 Income taxes 103
Note 11 Inventories 105
Note 12 Trade and other current assets 105
Note 13 Cash and cash equivalents 106
Note 14 Property, plant & equipment 106
Note 15 Intangible assets 110
Note 16 Equity-accounted investments 111
Note 17 Capital and reserves 112
Note 18 Loans and borrowings 113
Note 19 Trade, other payables and other non-current liabilities 117
Note 20 Financial instruments - fair values and risk management 117
Note 21 List of subsidiaries, associates and joint venture 124
Note 22 Leases 125
Note 23 Commitments and guarantees 127
Note 24 Contingent assets and liabilities 127
Note 25 Related parties transactions 128
Note 26 Subsequent events 128
Parent company financial statements 130
Statement of Income 131
Statement of Comprehensive Income 131
Statement of Financial Position 132
Statement of Changes in Shareholders’ Equity 133
Statement of Cash Flows 134
Notes 135
Note 1 General information 135
Note 2 Accounting policies 135
Note 3 Revenue 137
Note 4 Operating expenses 137
Note 5 Income tax 138
Note 6 Cash and cash equivalents 138
Note 7 Share capital and reserves 138
Note 8 Loans and borrowings 138
Note 9 Trade and other payables 141
Note 10 Financial assets and liabilities 142
Note 11 Financial risk management 144
Note 12 Shares in subsidiaries and associates 144
Note 13 Guarantees 145
Note 14 Intercompany receivables and payables 145
Note 15 Intangible assets 145
Responsibility statement 146
Alternative performance measures 147
Independent auditor’s report 148
Addresses 152
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