Quarterly Report • Aug 19, 2015
Quarterly Report
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Semi-annual Report H1 2015
After signing the first phase of the Badger Development Program with Statoil on 8th June 2015, the main focus for Badger Explorer ASA (BXPL) during Q2 2015 has been to finalize scope of work for the Development Program and to identify deliverable Milestones. BXPL management has also continued working to secure further funding for the Development Program.
With input from Statoil, Badger Explorer has rescheduled the Development Program to fit the present financial climate. This means BXPL is planning for reduced spending during 2015, and a ramp up later during the Development program.
a Even though CNPC-DR is still committed to continue sponsoring of the Badger Project, the negotiations with CNPC-DR for their final commitment to the Development Program have subsequently been delayed. The main reasons for the delay are the falling oil price along with the current political climate between China and Norway.
The recent fall in the oil price has led to comprehensive restructuring and cost cutting within the oil industry. As a result, BXPL is currently experiencing longer lead times when negotiating further financial support for the development of the Badger technology.
Negotiations between Badger and CNPC-DR are expected to continue in Beijing during Q3 and Q4 2015 with expected financial contribution in 2016.
With only one sponsor currently committed to support the Badger Development Program, Badger Management has in parallel with continued negotiations with previous sponsors decided to try and secure funding from other sources, and as such, is in direct dialog with international oil service companies.
As reported previously, BXPL has also implemented a large cost saving program to adjust to the new business climate.
By the end of June 2015, 38 % of staff were made redundant, salaries for senior management were reduced and further cost cuts were implemented.
2015 turns out to be a challenging year and BXPL has revised its 2015 plan so that the company will survive on limited cash.
BXPL has previously finalized the Badger Explorer Development Program Scope of Work and identified the main milestones in the Program. The formal agreement and the Scope of Work have been put together in close cooperation with our partners.
The main tasks for the first phase of the program are Cuttings Transport Systems and Compaction Systems. The Cuttings Transport System will be based on previous work completed together with Honeybee Robotics and experiences gathered during the Demonstrator Program tests.
The main work related to the Compaction system will be executed as part of the Petromaks2 project which started in 2014. The Project will develop HPHT ultrasonic transducers which will be used to further characterize compaction efficiency in realistic conditions.
Badger Explorer ASA had 776 shareholders on 30th June 2015. Norwegian entities and individuals held 64.6% of the outstanding shares and the 20 largest shareholders held 70.3% of the outstanding shares.
The staff of Badger Explorer ASA consisted of 9 full-time employees as of 30th June 2015, compared to 12 employees as of 30th June 2014. 3 of these employees were laid off on June 30th.
As of 1th July 2015, Badger Explorer ASA had 6 permanent employees, of whom 2 are female. In order to succeed, the Company
is dependent upon engaging the best competence available; hence competence must be sourced where it is available. However, the Company emphasizes the importance of maintaining a balance and distribution of gender, equal compensation for similar work and equal opportunities for everyone in the development and running of the Company. The staff is multinational representing three nationalities.
Revenues for Q2 2015 were NOK 0.00 and NOK 0.00 for H1 2015, compared to NOK 0.00 for Q2 2014 and NOK 0.00 for H1 2014.
Operating expenses for Q2 2015 were NOK 3.515 million and NOK 7.550 million for H1 2015, compared to NOK 5.254 million for Q2 2014 and NOK 10.059 million for H1 2014.
EBITDA for Q2 2015 was NOK –3.515 million and NOK -7.550 million for H1 2015, compared to NOK -5.254 million for Q2 2014 and NOK -10.059 million for H1 2014.
Total development costs of the Badger Explorer project in Q2 2015 were NOK 3.227 million, of which NOK 2.706 million was capitalized. For H1 2015, development costs were NOK 8.078 million, of which NOK 6.630 million was capitalized. Total development costs of the Badger Explorer project in Q2 2014 were NOK 6.271 million, of which NOK 5.337 million was capitalized. For H1 2014, total development costs were NOK 15.248 million, of which NOK 13.213 million was capitalized.
Capitalized public grants for the Badger Explorer project were NOK 1.524 million for Q2 2015 and NOK 3.402 million for H1 2015, compared to NOK 1.254 million for Q2 2014 and NOK 4.256 million for H1 2014.
Earnings per share amounted to NOK –0.20 per share for Q2 2015 and NOK -0.43 for H1 2015, compared to NOK -0.32 per share for Q2 2014 and NOK -0.60 for H1 2014.
The cash position at BXPL was NOK 857,282 as of 30th June 2015, compared to NOK 2.425 million as of 30th June 2014.
As of 30th June 2015, BXPL had a net equity of NOK 71.305 million (equity ratio of 46.8%), compared to NOK 90.800 million as of 30th June 2014 (equity ratio of 60.1%).
a Net cash flow arising from the operating activities for Q2 2015 was NOK –106,612 and NOK -4.963 million for H1 2015, compared to NOK –3.918 million for Q2 2014 and NOK -12.930 million for H1 2014. Net cash outflow includes payments to vendors for goods and services received.
Net cash flow arising from the investment activities for Q2 2015 was NOK –2.706 million and NOK -6.630 million for H1 2015, compared to NOK –5.337 million for Q2 2014 and NOK -13.213 million for H1 2014. Net cash flow from investment activities was negative, mainly reflecting the development costs related to the Badger Explorer Development project, which are eligible for capitalization.
Net cash flow arising from the financing activities for Q2 2015 was NOK 2.589 million and NOK 8.100 million for H1 2015, compared to NOK 1.305 million for Q2 2014 and NOK 3.625 million for H1 2014. Net cash inflows in the Q2 2015 include payments for Milestones 5 and 6 from Chevron Energy Technology Company and CNPC DR, also public grants from RCN. Due to the contributions from the industry partners and public grants, net cash flow from financing activities was a positive in 2015 and 2014. Cash outflows include repayment of a credit facility to Sparebanken Vest.
Total net changes in cash flow for Q2 2015 were NOK -224,079 and NOK -3.493 million for H1 2015, compared to NOK -7.949 million for Q2 2014 and NOK -22.519 million for H1 2014.
BXPL holds 15% of shares in SST as of 30th June 2015. The remaining shares will be divested in the end of 2015 on an earn-out model basis. The share purchase price for the future transaction is linked to SST's financial performance during 2015.
For a company dependent on ground breaking technological development, it is of the utmost importance to continuously monitor and analyze the risks, and manage them in a professional manner. BXPL continuously works to reduce the risk elements that could influence its success, through steady progress in the development project, securing competence, skills and capacities, securing cost control and cash management, and through funding and robust partnerships.
The risk elements highlighted in the Annual Report for 2014 were:
The elements listed above are still regarded as the main risk factors for the Company, although their relative priorities have been revised. To support and secure the ongoing technical development plan, BXPL has implemented processes to monitor cash tightly.
Cost efficient solutions are sought on technical deliveries. Furthermore, concrete steps have been taken during H1 2015 to secure more funding and to release such cash. The most important steps implemented:
funding.
Satisfied the specific requirements to release committed public grants and steps to accelerate the transfer of such
The cash monitoring will remain an important task.
On the 5th of May 2015, BXPL held the AGM for 2014.
In H1 2015, there is uncertainty as to whether BXPL has sufficient funding to operate through 2015. Hence, the audit report given for 2014 is un-qualified. However, the Board has the confidence that funding will be secured for 2015 and therefore the 2014 accounts were approved on a going concern basis.
At the AGM Ms. Tone Kvaale resigned as Board member after 8 years of service. An Extraordinary General Meeting will be held to elect a new female board member.
| SUMMARY | Quarters | Year to date | |||
|---|---|---|---|---|---|
| Unaudited figures in NOK 1000 | Q2 2015 | Q1 2015 | Q2 2014 30.06.2015 | 30.06.2014 | |
| Revenues | 0 | 0 | 0 | 0 | 0 |
| Operating expenses | 3 515 | 4 035 | 5 254 | 7 550 | 10 059 |
| EBITDA | -3 515 | -4 035 | -5 254 | -7 550 | -10 059 |
| Earnings per share | -0.20 | -0.23 | -0.32 | -0.43 | -0.60 |
| Projects development costs | 3 227 | 4 852 | 6 271 | 8 078 | 15 248 |
| Public grants for projects development | 1 524 | 1 878 | 1 254 | 3 402 | 4 256 |
| Capitalization of development costs and public grants | 1 183 | 2 046 | 4 083 | 3 228 | 8 957 |
The Board of Directors and the CEO confirm that to the best of their knowledge the condensed set of financial statements (unaudited) for the first half year of 2015, which have been prepared in accordance with IAS 34 – Interim Financial Reporting, gives a true and fair view on the Group's consolidated assets, liabilities, financial position and results of the operation for the period, and that the interim management report includes a fair review of the information required under the Norwegian Securities Trading Act section 5-6 fourth paragraph.
Stavanger, 19th August 2015 The Board of Directors Badger Explorer ASA
The oil business is currently undergoing comprehensive changes and cost cuttings which also have a serious effect for BXPL. 2015 has to be completed at minimum cost. BXPL is confident that the agreed technical deliveries for 2015 are achievable.
BXPL is currently experiencing a delay in the commitment for further support from our other sponsors and additional financial support must be secured. The BXPL management is working with several options including discussions with oil service companies.
During 2016 we expect to see an improving business climate that will enable BXPL to ramp up the ongoing development activities.
Stavanger, 19th August 2015 The Board of Directors Badger Explorer ASA
Badger Explorer ASA (BXPL) is a public limited company registered in Norway and listed on the Oslo Stock Exchange (Oslo Axess list). The Company's head office is located at Forusskogen 1, 4033 Stavanger, Norway.
The financial statements of BXPL have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU.
The financial statements have been prepared on an historical cost basis, except for investment in Severn Subsea Technologies Ltd. (formerly known as Calidus Engineering Ltd.), which is initially recognised at fair value at the effective date of the disposal of the shares.
From 28 June 2013, 30% of the shares in SST were owned by BXPL. The investment in SST was initially recognised at fair value at the effective date of the sale from 100% to 30% of the shares. Subsequent measurement of the remaining 30% of the shares was recognised according to equity method. On 15 December 2014, Severn Glocon acquired another 15% of the shares in SST. BXPL holds 15% of shares in SST as of 30 June 2015.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If BXPL losses control over a subsidiary, it:
Non-controlling interest represent the portions of profit and loss and net assets not held by BXPL are presented separately in the income statement and within equity in the statement of financial position, separately from parent shareholder's equity.
The interim financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the financial statements as of 31 December 2014.
The accounting policies adopted in the preparation of the interim financial statements are consistent with those followed in the preparation of the financial statements as of 31 December 2014.
BXPL's financial statements are presented in NOK. The income statement in foreign subsidiary is translated into NOK using the average exchange rate for the period (month). Assets and liabilities in foreign subsidiary, including goodwill and adjustments of fair value of identifiable assets and liabilities arising on the sale of shares in SST, are translated into NOK using exchange rate at the balance sheet date. The exchange differences arising from the translation are recognised directly as other comprehensive income in equity.
Financial assets within the scope IAS 39 are classified as financial assets at fair value through profit or loss, loans and receivables or available-for-sale financial assets, as appropriate.
Financial assets at fair value through profit and loss include financial assets held for trading and financial assets designated upon initial recognition at fair value through profit and loss.
Financial liabilities within the scope IAS 39 are classified as financial liabilities at fair value through profit or loss, loans and borrowings, as appropriate.
Financial liabilities are recognised initially at fair value and in the case of loans and borrowings, directly attributable transaction costs are added.
Financial liabilities include trade and other payables, loans and borrowings.
Inventories are valued at the lower of cost and net realisable value.
Cash includes cash in hand and at bank.
Accounts receivable are recognised in the statement of financial position at nominal value less provisions for doubtful debts.
Fixed assets are carried at cost less accumulated depreciations and impairment losses.
The gross carrying amount of fixed assets is the purchase price, including duties/taxes and direct acquisition costs relating to making the asset ready for use.
Depreciation is calculated using the straight-line method.
Intangible assets are capitalised if it is probable that the expected future financial benefits referred to the asset will accrue to the Company, and that the cost can be calculated in a reliable matter.
Development expenditures related to the Badger Explorer development project are recognised as an intangible asset when BXPL can demonstrate:
When all the above criteria are met, the cost related to the development starts to be recognised in the statement of financial position.
Costs that have been charged as expenses in previous accounting periods are not recognised in the statement of financial position.
Goodwill is tested for impairment annually and when circumstances indicate that the carrying value may be impaired.
Revenue is recognised to the extent when it is probable that the economic benefit will flow to BXPL and the revenue can be reliably measured, regardless of when the payment is being made.
Interest income is recognised in the income statement based on the effective interest method as they are earned.
Public grants are recognised where there is reasonable assurance that the grant will be received and all attaching conditions will be complied with. When the grants relate to an expense item, it is recognised as income over the period necessary to match the grant on a systematic basis to the cost it intends to compensate. Where the costs are related to a development project and capitalised, the belonging grants are capitalised together with the cost.
Contributions from partners are recognised in the statement of financial position under long term liabilities as the contributions are subject to repayment ref note 14 in BXPL annual accounts.
On 17 February 2014, the Board of Directors of BXPL implemented a new share option program for BXPL employees offering a total of 213,000 share options at a strike price of NOK 7.51, corresponding to 1.2% of all outstanding BXPL shares. The options granted will be vested in tranches and can be exercised at the earliest 12 months subsequent to the date of grant and thereafter up to 2 occasions during each calendar year, between three and ten days after publications of the Company's Q1 and Q3 results in 2016 and 2017. A total number of 54,000 share options vested on 30 June 2015. The remaining 469,000 share options were "out of the money" on 30 June 2015.
The statement of cash flow is prepared in accordance with the indirect method and based upon IAS 7.
| Quarters | Year to date | Year End | |||||
|---|---|---|---|---|---|---|---|
| Unaudited figures in NOK 1000 | Q2 2015 | Q1 2015 | Q2 2014 Note 30.06.2015 30.06.2014 31.12.2014 | ||||
| Revenues | |||||||
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | |
| Public grants | 1 524 | 1 878 | 1 254 1,2 | 3 402 | 4 256 | 14 675 | |
| Capitalized public grants | -1 524 | -1 878 | -1 254 1,2 | -3 402 | -4 256 | -14 675 | |
| Total Revenues | 0 | 0 | 0 | 0 | 0 | 0 | |
| Operating Expenses | |||||||
| External services for development project | 1 666 | 2 068 | 3 467 | 3 734 | 9 143 | 16 520 | |
| Payroll and related costs | 1 775 | 3 281 | 3 899 | a 5 055 |
8 166 | 17 343 | |
| Other operating expenses | 2 781 | 2 610 | 3 225 | 5 391 | 5 963 | 11 357 | |
| Capitalized development costs | -2 706 | -3 924 | -5 337 | -6 630 | -13 213 | -24 107 | |
| Total Operating Expenses | 3 515 | 4 035 | 5 254 | 7 550 | 10 059 | 21 113 | |
| EBITDA | -3 515 | -4 035 | -5 254 | -7 550 | -10 059 | -21 113 | |
| Depreciation | 49 | 60 | 71 | 109 | 161 | 301 | |
| Operating profit (loss) | -3 565 | -4 094 | -5 325 | -7 659 | -10 220 | -21 414 | |
| Net financial income (loss) | -126 | -101 | -535 3,10 | -227 | -976 | -1 951 | |
| Profit (loss) before taxes | -3 691 | -4 196 | -5 860 | -7 886 | -11 196 | -23 365 | |
| Tax on ordinary result | 0 | 0 | 0 | 0 | 0 | 0 | |
| Net profit (loss) | -3 691 | -4 196 | -5 860 | -7 886 | -11 196 | -23 365 | |
| Profit (loss) attributable to non-controlling interests |
0 | 0 | 0 | 0 | 0 | 0 | |
| Profit (loss) attributable to equity holders of the parent |
-3 691 | -4 196 | -5 860 | -7 886 | -11 196 | -23 365 | |
| Earnings per share | -0.20 | -0.23 | -0.32 | -0.43 | -0.60 | -1.26 | |
| Earnings per share diluted | -0.20 | -0.23 | -0.32 | -0.42 | -0.60 | -1.23 |
| ASSETS | 30.06.2015 | 31.03.2015 | 30.06.2014 | Note | 31.12.2014 |
|---|---|---|---|---|---|
| NON-CURRENT ASSETS | |||||
| Capitalized development costs | 143 446 | 142 263 | 139 742 | 2,6 | 140 218 |
| Patent rights | 387 | 387 | 387 | 387 | |
| Total intangible assets | 143 832 | 142 650 | 140 129 | 140 604 | |
| Property, plant & equipment | 192 | 242 | 441 | 301 | |
| Total tangible assets | 192 | 242 | 441 | 301 | |
| Investments in associates | 0 | 0 | 1 503 | 3,10 | 0 |
| Total investments in associates | 0 | 0 | 1 503 | 0 | |
| TOTAL NON-CURRENT ASSETS | 144 025 | 142 891 | 142 073 | 140 906 | |
| CURRENT ASSETS | |||||
| Other receivables | 7 320 | 9 297 | 6 526 | 5 391 | |
| Total receivables | 7 320 | 9 297 | 6 526 | 5 391 | |
| Cash and cash equivalents | 857 | 1 082 | 2 425 | 4 351 | |
| TOTAL CURRENT ASSETS | 8 177 | 10 379 | 8 951 | 9 741 | |
| TOTAL ASSETS | 152 202 | 153 271 | 151 024 | 150 647 | |
| Unaudited figures in NOK 1000 | |||||
| EQUITY AND LIABILITIES | 30.06.2015 | 31.03.2015 | 30.06.2014 | Note | 31.12.2014 |
| EQUITY | |||||
| Share capital | 2 317 | 2 317 | 2 317 | 3 | 2 317 |
| Share premium | 218 070 | 218 070 | 218 070 | 4 | 218 070 |
| Other paid in capital | 3 895 | 3 824 | 3 333 | 3 | 3 660 |
| Total paid in equity | 224 282 | 224 211 | 223 720 | 224 047 | |
| Retained earnings | -152 977 | -149 286 | -132 921 | -145 091 | |
| Total retained earnings | -152 977 | -149 286 | -132 921 | -145 091 | |
| TOTAL EQUITY | 71 305 | 74 925 | 90 800 | 78 956 | |
| LIABILITIES | |||||
| Capitalized grants | 75 000 | 73 500 | 53 920 | 6 | 66 520 |
| Total non-current liabilities | 75 000 | 73 500 | 53 920 | 66 520 | |
| Accounts payables | 2 768 | 1 799 | 4 541 | 3,8 | 2 394 |
| Public duties payables | 32 | 1 118 | 1 221 | 1 650 | |
| Debt financial institutions | 1 967 | 0 | 0 | 11 | 0 |
| Other short term liabilities | 1 129 | 1 928 | 542 | 1 126 | |
| Total current liabilities | 5 896 | 4 845 | 6 304 | 5 170 | |
| TOTAL LIABILITIES | 80 896 | 78 345 | 60 224 | 71 690 |
TOTAL EQUITY AND LIABILITIES 152 202 153 271 151 024 150 647
Unaudited figures in NOK 1000
| Note | Share capital |
Share premium |
Other paid in capital |
Retained earnings |
Non controlling |
interest Total equity | |
|---|---|---|---|---|---|---|---|
| Equity as of 31.12.2014 | 2 317 | 218 070 | 3 660 | -145 090 | 0 | 78 956 | |
| Total comprehensive income | -7 886 | -7 886 | |||||
| Option plan payment | 5 | 236 | 236 | ||||
| Equity as of 30.06.2015 | 2 317 | 218 070 | 3 895 -152 977 | 0 | 71 305 |
| Unaudited figures in NOK 1000 | |||
|---|---|---|---|
| ------------------------------- | -- | -- | -- |
| Quarters | Year to date | ||||
|---|---|---|---|---|---|
| Total comprehensive income | Q2 2015 | Q1 2015 | Q2 2014 30.06.2015 | 30.06.2014 | |
| Profit (loss) for the year (period) | -3 691 | -4 196 | -5 860 | -7 886 | -11 196 |
| Other comprehensive income - items that will later be reclassified to profit and loss |
|||||
| Translation differences | 0 | 0 | 0 | 0 | 0 |
| Comprehensive income at end of period | -3 691 | -4 196 | -5 860 | -7 886 | -11 196 |
| Quarters | Year to date | ||||
|---|---|---|---|---|---|
| Total comprehensive income attributable to: | Q2 2015 | Q1 2015 | Q2 2014 30.06.2015 | 30.06.2014 | |
| Equity holders of the parent | -3 691 | -4 196 | -5 860 | -7 886 | -11 196 |
| Non-controlling interest | 0 | 0 | 0 | 0 | 0 |
| Total comprehensive income | -3 691 | -4 196 | -5 860 | -7 886 | -11 196 |
Program are funded with a percentage of the total project costs. During H1 2015, RCN has through its PETROMAKS-program
measurement of the remaining 30% of the shares was recognised according to equity method. On 15 December 2014, Severn
offering a total of 213,000 share options at a strike price of NOK 7.51, corresponding to 1.2% of all outstanding BXPL shares.
The share options agreements are equity-based incentive compensation. The employee share options are recognised as an expense in the income statement under "Payroll and related costs" and in the statement of financial position under "Other paid in capital". The options (incl. Employers' national insurance contributions) are recognised over the vesting period starting from September 2009. The share option value is based on a third party evaluation of the options at the grant date where the Black-Scholes model is used for calculation. The replacement of options is treated as a cancellation and repricing under IFRS 2.
On 16 September 2013, Mr. Steinar Bakke took on the position as President and CEO. Upon commencement of the employment, Mr. Bakke was granted 370,000 share options in BXPL at a strike price of NOK 6.50 per share. 185,000 share options will vest on the date of the publication of the Company's Q4 2015 report. A further 185,000 share options will vest on the date of the publication of the Company's Q2 2017 report. The exercise of fully vested share options is at the sole discretion of the option holder. All share options were "out of the money" on 30 June 2015.
On 5 August 2014, BXPL signed a Co-operation Agreement with China National Petroleum Corporation Drilling Research Institute (CNPC DR), whereby CNPC DR became a new sponsoring partner of the Badger Explorer Demonstrator Program. In consideration of the participation in the Demonstrator Program, BXPL has invoiced CNPC DR for sign-on fee payment of NOK 12.600 million. The contribution of NOK 13.100 million was received in November 2014. BXPL realized NOK 500,066 of exchange gain with respect to the payment received. The contribution is recognised as capitalized grants in the statement of financial position.
Milestones 5 and 6 were delivered and approved by the Steering Committee on 5 February 2015. Based on delivery of Milestones, BXPL received the following contributions during H1 2015:
| Statoil Petroleum AS | NOK 1.2 million (excl. VAT) |
|---|---|
| ExxonMobil | NOK 1.2 million (excl. VAT) |
| Wintershall Norge AS | NOK 1.540 million (excl. VAT) |
| Chevron Energy Technology Company | NOK 1.840 million |
| CNPC DR | NOK 1.110 million |
As at 30 June 2015, BXPL holds financial assets of the 15% shares in SST at fair value in the statement of financial position.
Unaudited figures in NOK 1000
On 28 June 2013, BXPL entered into the Share Purchase Agreement (Agreement) with Severn Glocon, whereby BXPL sold 84 shares pursuant to the Agreement representing 70% of the issued share capital of its subsidiary SST for the equivalent of NOK 7.189 million with a loss of NOK 1.120 million in the Group. Upon settling the Completion Accounts, BXPL realized a further loss of NOK 838,350 accounted for in December 2013. The partial divestment of shares in 2013 was treated as discontinued operations in accordance with IFRS 5.
Under the Agreement, Severn Glocon acquired another 15% of the shares on 15 December 2014. BXPL holds 15% of shares in SST as of 30 June 2015. The remaining shares will be divested in the end of 2015 on an earn-out model basis. The share purchase price for the future transaction is linked to SST's financial performance during 2015.
| Closing balance for the period ended 30 June 2015 | 0 |
|---|---|
| Impairment of the remaining 15 % of shares in SST | -157 |
| Sale of 15% of shares on 15 December 2014 | -157 |
| 30% shares of net result in the associate for the period 1 January - 15 December 2014 | -2 387 |
| Carrying amount of 30% interest retained as of 31 December 2013 | 2 701 |
BXPL has entered into a revolving credit facility with its Norwegian bank Sparebanken Vest on 22 August 2012 that provides for borrowings of up to NOK 7.5 million with an interest rate of 4.95%. In addition, there is a yearly commission of 1.0% on the credit line. As of 30 June 2015, NOK 1.967 million has been drawn on the overdraft facility. Interest incurred of NOK 24,559 have been repaid during Q2 2015.
Unaudited figures in NOK 1000
The following table provides the total amount of transactions that have been entered into with related parties for the relevant financial year:
| Transactions with related party | 30.06.2015 | 30.06.2014 |
|---|---|---|
| Purchases of services* | 1 757 | 2 190 |
* In June 2013, BXPL entered into a consultancy agreement with two of its largest shareholders - Dalvin Rådgivning AS and Nilsholmen AS. During H1 2015, payments totalling NOK 748,885 were made to Dalvin Rådgivning AS in respect of performed consultancy services and NOK 4,740 related to travel expenses. Mr. Gunnar Dolven, who is a CFO of BXPL, is a director of Dalvin Rådgivning AS. During H1 2015, Nilsholmen AS, a company owned by Mr. Kjell Markman who is a Sr.VP Business Development & Strategy of BXPL, received payments of NOK 943,943 in respect of performed consultancy services and NOK 59,574 related to travel expenses.
| Transactions with Severn Subsea Technologies Ltd. | 30.06.2015 | 30.06.2014 |
|---|---|---|
| Accounts payable** | 7 | 111 |
| Purchased services** | 7 | 1 558 |
**BXPL purchased engineering- and production services from SST. All purchased services from SST in 2015 are related to the BXPL's development project.
| and members of the Management Group | 30.06.2015 | 30.06.2014 |
|---|---|---|
| SEB Private Bank S.A. Luxembourg (Chairman of the Board - Marcus Hansson) | 565 000 | 565 000 |
| Dalvin Rådgivning AS (CFO - Gunnar Dolven) | 301 872 | 301 872 |
| Nilsholmen Investering AS (Sr. VP Business Development & Strategy - Kjell Markman) | 209 222 | 209 222 |
| President & CEO - Steinar Bakke | 30 000 | 30 000 |
| Nilsholmen AS (Sr. VP Business Development & Strategy - Kjell Markman) | 20 200 | 20 200 |
| Chairman of the Board - Marcus Hansson | 11 668 | 11 668 |
| CFO - Gunnar Dolven | 8 000 | 8 000 |
| Board member - Tone Kvåle | 0 | 5 000 |
| Ordinary shares | 1 145 962 | 1 150 962 |
| % of total shares | 6.2 % | 6.2 % |
Visiting address: Forusskogen 1, 4033 Stavanger, Norway Postal address: P.O.Box 147, 4065 Stavanger, Norway
Switchboard: +47 52 97 45 00 / Fax: +47 52 97 45 01
www.bxpl.com
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