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Baker Technology LimitedAnnual Report 2014
14.
Disposal of an associate - DiscoveryOffshore S.A.
Discovery Offshore S.A. (“DO”) is a Luxembourg-based public limited liability company incorporated on
12January2011 for thepurposeof owningnewultrahigh specification jackupdrilling rigs.DO’smainassets
are twoKeppel FELSSuper A class high specificationharshenvironment jackup rigs.
TheCompany’s interest inDOwas 20.29%prior to thedisposal.
In June 2013, DO’s other major shareholder, Hercules Offshore, Inc. (“Hercules”) announced that it had
acquiredadditional shares inDOand triggeredanobligation tomakeamandatoryoffer forall the remaining
outstanding shares inDO at anoffer priceofNOK15.00.
Having considered the change in DO’s shareholding structure following Hercules’ share purchase, the
potential forHercules toacquire further shares inDO inviewof themandatoryoffer and theGroup’scapital
gains from thedisposal, theCompanydisposedof its entire stake inDO in June 2013.
Thegainondisposal for theGroupwas $8,757,440.
In 2013, the share of losses fromDO of $495,000 has been recognised in the consolidated statement of
profit and loss.
NOTES TO THE
FINANCIAL STATEMENTS
For the financial year ended 31December 2014
