4.3.30Information on Non-controlling Interests
The Company has several jointly owned subsidiaries:
Entity name | Partners | % of ownership | Country registration | 2023 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 | 75.00 | Luxembourg | Lease & Operate | FPSO Cidade de Ilhabela |
Guara Norte Holding Ltd. | Mitsubishi Corporation | 75.00 | Bermuda | Lease & Operate | FPSO Cidade de Ilhabela |
Guara Norte Operações Marítimas Ltda. | Mitsubishi Corporation | 75.00 | Brazil | Lease & Operate | FPSO Cidade de Ilhabela |
Guara Norte S.à r.l. (Brazilian branche) | Mitsubishi Corporation | 75.00 | Brazil | Lease & Operate | FPSO Cidade de Ilhabela |
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 |
MERO 2 B.V. (Brazilian Branch) | Mitsubishi Corporation; Nippon Yusen Kabushiki Kaisha | 64.50 | The Netherlands | Lease & Operate | FPSO Sepetiba |
YTSM JV S.A. | CB&I Nederland B.V. | 70.00 | Switzerland | Lease & Operate | FPSO ONE GUYANA |
Tamandare Owning B.V. | Mitsubishi Corporation; Nippon Yusen Kabushiki Kaisha | 55.00 | The Netherlands | Lease & Operate | FPSO Almirante Tamandaré |
Tamandare B.V. | Mitsubishi Corporation; Nippon Yusen Kabushiki Kaisha | 55.00 | The Netherlands | Lease & Operate | FPSO Almirante Tamandaré |
Tamandare Operations Holding S.A. | Mitsubishi Corporation; Nippon Yusen Kabushiki Kaisha | 55.00 | Switzerland | Lease & Operate | FPSO Almirante Tamandaré |
Tamandaré Operações Marítimas Ltda. | Mitsubishi Corporation; Nippon Yusen Kabushiki Kaisha | 55.00 | Brazil | Lease & Operate | FPSO Almirante Tamandaré |
MERO 4 Owning B.V. | Mitsubishi Corporation; Nippon Yusen Kabushiki Kaisha | 55.00 | The Netherlands | Lease & Operate | FPSO Alexandre de Gusmão |
MERO 4 B.V. | Mitsubishi Corporation; Nippon Yusen Kabushiki Kaisha | 55.00 | The Netherlands | Lease & Operate | FPSO Alexandre de Gusmão |
Mero 4 Operations Holding S.A. | Mitsubishi Corporation; Nippon Yusen Kabushiki Kaisha | 55.00 | Switzerland | Lease & Operate | FPSO Alexandre de Gusmão |
Mero 4 Operações Marítimas Ltda. | Mitsubishi Corporation; Nippon Yusen Kabushiki Kaisha | 55.00 | Brazil | Lease & Operate | FPSO Alexandre de Gusmão |
NOVA EAST WIND INC. | Micantia Wind Inc - DP Global Energy Limited | 90.00 | Canada | Turnkey | Atlantic Canada |
Tamandare BV (Brazilian Branch) | Mitsubishi Corporation; Nippon Yusen Kabushiki Kaisha | 55.00 | Brazil | Lease & Operate | FPSO Almirante Tamandaré |
MERO 4 BV (Brazilian Branch) | Mitsubishi Corporation; Nippon Yusen Kabushiki Kaisha | 55.00 | Brazil | Lease & Operate | FPSO Alexandre de Gusmão |
Transaction with non-controlling interests
The US$255 million reported in 4.2.4 Consolidated Statement of Changes in Equity mainly relates to multiple equity contributions from the partners in the subsidiaries Mero 2, Mero 4 and Tamandaré, related to respectively FPSO Sepetiba, FPSO Alexandre de Gusmão and FPSO Almirante Tamandaré, out of which US$235 million were cash transactions.
During 2023, the Company acquired the remaining shareholding in SBM Nauvata Private Limited. The Company already exercised control over the investees and now has full ownership over the entity. The transaction was directly booked within equity with a reattribution from non-controlling interests to equity attributable to shareholders. For more information, refer to note 4.3.25 Trade and Other Payables.
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.
2023
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 | 118 | 41 | 23 | 0 | 0 | 33 | 8 | 104 |
FPSO Espirito Santo | Brazil | 151 | 71 | 18 | 97 | 110 | 95 | - | 57 |
FPSO Cidade de Marica | Brazil | 1,512 | 1,311 | 68 | 672 | 544 | 185 | 10 | 210 |
FPSO Cidade de Saquarema | Brazil | 1,481 | 1,326 | 26 | 820 | 712 | 150 | 16 | 204 |
FPSO Cidade de Paraty | Brazil | 985 | 826 | 9 | 20 | 3 | 71 | 26 | 168 |
FPSO Cidade de Ilhabela | Brazil | 1,320 | 1,122 | 63 | 720 | 672 | 120 | 21 | 203 |
FPSO Sepetiba | Brazil | 2,070 | 154 | 8 | 1,425 | 1,438 | 218 | - | 213 |
FPSO Almirante Tamandaré | Brazil | 1,745 | 26 | 23 | 911 | 1,005 | 10 | - | 513 |
FPSO Alexandre de Gusmão | Brazil | 1,815 | 0 | 27 | 1,017 | 1,134 | 36 | - | 773 |
FPSO ONE GUYANA | Guyana | 237 | 12 | 0 | - | 2 | 196 | - | 752 |
Non material NCI | 18 | 4 | 2 | 3 | 2 | 5 | - | 0 | |
Total 100% | 11,450 | 4,895 | 268 | 5,685 | 5,622 | 1,119 | 81 | 3,197 |
2022
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 | 124 | 57 | 16 | 0 | 0 | 30 | 9 | 93 |
FPSO Espirito Santo | Brazil | 130 | 66 | 15 | 114 | 114 | 76 | 7 | 45 |
FPSO Cidade de Marica | Brazil | 1,577 | 1,388 | 71 | 793 | 675 | 174 | - | 190 |
FPSO Cidade de Saquarema | Brazil | 1,557 | 1,405 | 39 | 922 | 820 | 145 | 10 | 202 |
FPSO Cidade de Paraty | Brazil | 1,058 | 901 | 58 | 92 | 0 | 126 | - | 156 |
FPSO Cidade de Ilhabela | Brazil | 1,366 | 1,201 | 63 | 764 | 720 | 95 | 14 | 185 |
FPSO Sepetiba | Brazil | 2,105 | 170 | 28 | 1,397 | 1,500 | 151 | - | 219 |
FPSO Almirante Tamandaré | Brazil | 1,296 | - | 41 | 632 | 56 | 663 | - | 1,019 |
FPSO Alexandre de Gusmão | Brazil | 1,002 | - | 15 | 618 | 62 | 652 | - | 880 |
FPSO ONE GUYANA | Guyana | 196 | 1 | 0 | - | 10 | 190 | - | 492 |
Non material NCI | 18 | 4 | 2 | 4 | 3 | 7 | - | 0 | |
Total 100% | 10,428 | 5,192 | 347 | 5,335 | 3,959 | 2,309 | 40 | 3,482 |
Reference is made to note 4.3.23 Borrowings and Lease Liabilities for a description of the bank interest-bearing loans and other borrowings per entity.
The risks associated with interests in subsidiaries, joint ventures and associates are described in section 4.3.27 Financial Instruments – Fair Values and Risk Management.The risks identified are deemed to be inherent to the operations of the Company as a whole and includes the risk profiles of interests in other entities.
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)
2023 | 2022 | ||
|---|---|---|---|
Net result | 123 | 105 | |
Accumulated amount of NCI | 1,797 | 1,517 |
Reconciliation equity at 100 % with Non-controlling interests on partially owned subsidiaries
2023 | 2022 | ||
|---|---|---|---|
Equity at 100% | 4,709 | 4,159 | |
Company ownership | (2,912) | (2,642) | |
Accumulated amount of NCI | 1,797 | 1,517 |