Table of Contents
1
154
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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