47
Financial Position
2013
2012
Changes
BalanceSheets
$'000
$'000
%
Non-current assets
Property, plant and equipment
6,057
2,822
115%
Intangible assets
7,551
7,551
0%
Investment in associate
-
32,020
-100%
Investment securities
2,456
-
NM
Deferred tax assets
876
392
123%
16,940
42,785
-60%
Current assets
239,229
249,700
-4%
Current liabilities
(16,326)
(24,342)
-33%
Net current assets
222,903
225,358
-1%
Net assets
239,843
268,143
-11%
Share capital
86,851
50,317
73%
Reserves
152,992
217,826
-30%
Shareholders' equity
239,843
268,143
-11%
The Group’s non-current assets reduced by 60%mainly due to the disposal of its 20.3% stake in an associate, Discovery
Offshore S.A. (“DO”), in June 2013 for net proceeds of approximately $40.5million. This was prompted by DO’s other major
shareholder, Hercules Offshore, Inc. (“Hercules”) announcing that it had acquired additional shares in DO, triggering an
obligation for Hercules tomake a mandatory offer for all the remaining outstanding shares in DO, at an offer price of NOK
15.00. Having considered the change inDO’s shareholding structure resulting fromHercules’ share purchase, the potential for
Hercules to acquire further shares in DO in view of themandatory offer, and the Group’s capital gains from the disposal, the
Groupdecided todispose of its entire stake inDO.
