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Glossary
FINANCIAL TERMS
IFRS (International Financial Reporting Standards):
accounting standards issued by the IASB
(International Accounting Standards Board) and
adopted by the European Commission. They
comprise: International Financial Reporting
Standards (IFRS), International Accounting
Standards (IAS) and the interpretations issued by
the International Financial ReportingInterpretation
Committee (IFRIC) and the Standing Interpretations
Committee (SIC) adopted by IASB. The
denomination International Financial Reporting
Standards (IFRS) has been adopted by IASB and
applies to standards issued after May 2003.
Standards issued before May have maintained the
denomination IAS.
Leverage: a measure of a companyÕs level of
indebtedness, calculated as the ratio between netborrowings and shareholdersÕ equity including
minority interest.
ROACE: Return On Average Capital Employed is
calculated as the ratio between adjusted net profit
before minority interest, plus net finance charges on
net borrowings less the related tax effect and net
average capital employed.
OPERATIONAL TERMS
Buckle detection: system that utilises electromagnetic
waves during pipelayingto signal collapse of or
deformations to pipeline laid.
Bundles: bundles of cables.
Commissioning: series of processes and procedures
undertaken in order to start operations of a gas
pipeline, associated plants and equipment.
Concrete coating: subsea pipelines are coated with
reinforced concrete so as to ballast and protect
them from damage and corrosion.
Conventional waters: depth of upto 500 metres.
Deck: area of a vessel or platform where work
equipment is located: process plant and equipment,
accommodation modules and drilling units.
Decommissioning: undertaken in order to end
operations of a gas pipeline, associated plant and
equipment. It may occur at the end of the life of the
plant, following an accident, for technical or
financial reasons, and/or on environmentalor safety
grounds.
Deep waters: depths of over 500 metres.
Drillship: vessel equipped with self-propulsion system,
capable of carrying out drilling operations in deep
waters.
Dry-tree: wellhead located above the water on a
floating production platform.
Dynamically Positioned Heavy Lifting Vessel: vessel
equipped with a heavy-lift crane, capable of holding
a precise position through theuse of thrusters,
thereby counteracting the force of the wind, sea,
current, etc.
EPC (Engineering, Procurement, Construction): type of
contract typical of the Onshore construction sector,
comprising the provision of engineering services,
procurement of materials and construction. The
term ÔturnkeyÕ indicates that the system is delivered
to the client ready for operations, i.e. alreadycommissioned.
EPIC (Engineering, Procurement, Installation,
Construction): type of contract typical of the
Offshore construction sector, which relates to the
realisation of a complex project where the global or
main contractor (usually a construction company or
a consortium) provides the engineering services,
procurement of materials, construction of the
system and its infrastructure,transport to site,
installation and commissioning/preparatory
activities to the start-up of operations.
Facilities: auxiliary services, structures and installations
required to support the main systems.
FDS (Field Development Ship): dynamically-positioned
multipurpose crane and pipelay vessel.
Flare: tall metal structure used to burn off gas
produced by the oil/gas separation in oil fields,
whenit is not possible to utilise it onsite or ship it
elsewhere.
Floatover: type of module installation on offshore
platforms that does not require lifting operations. A
specialised vessel transporting the module uses a
ballast system to position itself directly above the
location where the module is to be installed; it then
proceeds to de-ballast and lower the module into
place. Once this...