UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_____________________________
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One)
[ X ] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from _________ to ________
COMMISSION FILE NUMBER: 1-11675
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
TRITON EXPLORATION SERVICES, INC.
401(K) SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
TRITON ENERGY LIMITED
CALEDONIAN HOUSE
JENNETT STREET
P.O. BOX 1043
GEORGE TOWN, GRAND CAYMAN
CAYMAN ISLANDS
Required Information
- ---------------------
(a) Financial Statements.
See "Index to Financial Statements and Supplemental Schedule" on page F-1.
(b) Exhibit.
The following document is an exhibit to this Form 11-K:
Exhibit
Number Document
------ --------
23.1 Consent of PricewaterhouseCoopers LLP, filed herewith.
TRITON EXPLORATION SERVICES, INC. 401(K) SAVINGS PLAN
INDEX TO FINANCIAL STATEMENTS
AND SUPPLEMENTAL SCHEDULE
Page
----
Financial statements:
Report of Independent Accountants F-2
Statements of Net Assets Available for Benefits - December 31, 2000 and 1999 F-3
Statement of Changes in Net Assets Available for Benefits -Year
Ended December 31, 2000 F-4
Notes to Financial Statements F-5
Supplemental schedule:
Schedule H, Item 4i - Schedule of Assets Held for Investment Purposes
at Year End F-8
REPORT OF INDEPENDENT ACCOUNTANTS
To the Participants and Administrator
of the Triton Exploration Services, Inc. 401(k) Savings Plan
In our opinion, the accompanying statements of net assets available for benefits
and the related statement of changes in net assets available for benefits
present fairly, in all material respects, the net assets available for benefits
of the Triton Exploration Services, Inc. 401(k) Savings Plan (the "Plan") at
December 31, 2000 and 1999, and the changes in net assets available for
benefits for the year ended December 31, 2000, in conformity with accounting
principles generally accepted in the United States of America. These financial
statements are the responsibility of the Plan's management; our responsibility
is to express an opinion on these financial statements based on our audits. We
conducted our audits of these statements in accordance with auditing standards
generally accepted in the United States of America, which require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental Schedule of Assets Held
for Investment Purposes at Year End is presented for the purpose of additional
analysis and is not a required part of the basic financial statements but is
supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. This supplemental schedule is the responsibility of the
Plan's management. The supplemental schedule has been subjected to the auditing
procedures applied in the audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
PRICEWATERHOUSECOOPERS LLP
Dallas, Texas
June 18, 2001
TRITON EXPLORATION SERVICES, INC.
401(K) SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31,
----------------------
2000 1999
---------- ----------
Assets:
Investments, at fair value:
Triton Energy Limited ordinary shares* $2,446,440 $2,278,114
Large capitalization growth stock fund* 2,223,936 2,398,465
Large capitalization value stock fund* 1,283,386 1,468,314
International stock fund* 663,158 916,966
Bond fund* 603,339 232,233
Mid capitalization growth stock fund* 546,732 ---
Money market fund* 462,484 447,957
Small capitalization growth stock fund 119,748 356,290
Balanced fund 81,834 ---
Large capitalization blend stock fund 50,112 ---
---------- ----------
Total investments 8,481,169 8,098,339
Cash 37,313 103,061
Participant loans 134,895 170,577
---------- ----------
Net assets available for benefits $8,653,377 $8,371,977
========== ==========
* Denotes an investment representing 5% or more of net assets available for
benefits at December 31, 2000.
See accompanying notes to financial statements.
TRITON EXPLORATION SERVICES, INC.
401(K) SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED
DECEMBER 31,
2000
------------
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation) in fair value of investments:
Common stock $ 1,180,241
Mutual funds (1,097,694)
Dividends 189,468
Interest 25,352
------------
297,367
------------
Contributions:
Participant 638,148
Employer 454,440
------------
1,092,588
------------
Total additions 1,389,955
------------
Deductions from net assets attributed to:
Benefits paid to participants 1,108,555
------------
Net increase 281,400
Net assets available for benefits:
Beginning of year 8,371,977
------------
End of year $ 8,653,377
============
See accompanying notes to financial statements.
TRITON EXPLORATION SERVICES, INC.
401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
1. DESCRIPTION OF THE PLAN
The following description of the Triton Exploration Services, Inc. 40l(k)
Savings Plan (the "Plan") provides only general information. Participants
should refer to the Plan documents for a more complete description of the Plan's
provisions.
GENERAL
The Plan is a defined contribution plan covering all employees of Triton
Exploration Services, Inc. (the "Company") and employees of affiliated companies
adopting the Plan. The Plan is subject to the provisions of the Employee
Retirement Income Security Act of 1974 ("ERISA").
The Plan covers all employee classifications except leased employees,
independent contractors, temporary employees, interns and members of a legally
recognized collective bargaining unit who are not expressly granted permission
to participate. Effective January 1, 2000, employees are automatically eligible
to participate on their employment date. Prior to January 1, 2000, employees
were automatically eligible to participate on January 1st, April 1st, July 1st
or October 1st which coincided with or next followed an employee's employment
commencement date.
The Plan is administered by an administrative committee appointed by the Board
of Directors of the Company. Effective June 1, 2000, the Plan's trustee, who
holds the Plan's investments and administers the trust fund, changed from Smith
Barney Corporate Trust Company to Charles Schwab Trust Company. Accordingly,
the Plan's investment funds under the old trustee were converted into investment
funds with similar objectives available through the new trustee. In addition,
three new investment options have been added which include a balanced fund, a
large capitalization blend stock fund and a mid capitalization growth stock
fund.
PLAN PARTICIPATION AND WITHDRAWALS
Effective June 1, 2000, the maximum contribution a participant may elect
increased from 12% to 15% of his/her compensation subject to the annual deferral
limit. The Company contributes an amount equal to a participant's contribution,
limited to a maximum of six percent of the participant's base pay.
Participating employees receive a lump sum payment of all vested contributions
upon retirement, disability, death or termination. Also, participating
employees may make a hardship withdrawal from their participant accounts,
rollover accounts and their vested employer contributed accounts.
VESTED INTEREST IN PLAN EQUITY
Plan participants are vested at all times in their employee contributed
accounts. Vesting of employer contributions to a participant's account occurs
at a rate of 20% per year, with full vesting achieved upon five years of
service. In the event of retirement, death or disability, the participant
immediately becomes fully vested.
Net assets available for benefits at December 31, 2000 and 1999 included vested
amounts of $1,312,511 and $697,719, respectively, attributable to separated
employees.
FORFEITURES
A participant forfeits any non-vested employer contributions upon termination of
employment for reasons other than retirement, death or disability. Forfeitures
are utilized to reduce the Company's matching contributions. Forfeitures were
$25,350 for 2000 and $28,927 for 1999.
PARTICIPANT LOANS
A participant may obtain a loan from all of his/her accounts. The maximum
amount that can be borrowed is equal to 50% of the participant's vested account
balance up to a maximum of $50,000. Participants may borrow general purpose
loans with payment terms up to five years and primary residence loans with
payment terms up to 15 years.
Loans outstanding aggregated $134,895 and $170,577 at December 31, 2000 and
1999, respectively, and bear interest at prime (9.5% at December 31, 2000) plus
two percent.
2. ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The accompanying financial statements have been prepared on the accrual basis of
accounting. The trustee holds and manages the funds and distributes cash and
stock to the Plan participants.
VALUATION OF INVESTMENTS
Investments are valued at current value based on quoted market prices except for
loans which are valued at cost which approximates fair value. The Plan presents
in the statement of changes in net assets available for benefits the net
appreciation (depreciation) in the fair value of its investments, which consists
of the realized gains or losses and the unrealized appreciation (depreciation)
on those investments.
THE USE OF ESTIMATES IN PREPARING FINANCIAL STATEMENTS
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America, requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities, disclosure of contingent assets and liabilities at the date of the
financial statements and reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
EXPENSES
Costs and expenses incurred in administering the Plan, excluding certain fees
and expenses of the trustee and investment manager, are borne by the Company.
RECLASSIFICATIONS
Certain previously reported financial information has been reclassified to
conform to the current period's presentation.
3. RELATED-PARTY TRANSACTIONS
Certain Plan investments are shares of mutual funds managed by Charles Schwab
Trust Company. Charles Schwab Trust Company is the trustee as defined by the
Plan and, therefore, these transactions qualify as party-in-interest
transactions.
4. PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue its contributions at any time and to terminate the
Plan subject to the provisions of ERISA. In the event the Plan is terminated or
partially terminated, employer contributions are discontinued, or a subsidiary
of the Company terminates its participation in the Plan, the affected
participants' employer contributed accounts will become fully vested.
5. INCOME TAX STATUS
The Internal Revenue Service has determined and informed the Company by a letter
dated December 5, 1994, that the Plan and related trust are designed in
accordance with applicable sections of the Internal Revenue Code (IRC) and is
therefore exempt from taxes. Although the Plan has been amended since receiving
the determination letter, the Plan administrator and the Plan's tax counsel
believe that the Plan is designed and is currently being operated in compliance
with the applicable requirements of the IRC.
TRITON EXPLORATION SERVICES, INC.
401(K) SAVINGS PLAN
SCHEDULE H, ITEM 4I - SCHEDULE OF ASSETS HELD FOR INVESTMENT
PURPOSES AT YEAR END
INVESTMENTS AT DECEMBER 31, 2000
IDENTITY OF ISSUE, BORROWER, LESSOR OR SIMILAR PARTY NUMBER OF CURRENT
DESCRIPTION OF INVESTMENT SHARES VALUE (a)
- ------------------------------------------------------------------- --------- ----------
TRITON STOCK FUND (b)
- -------------------------------------------------------------------
Triton Energy Limited ordinary shares 81,548 $2,446,440
==========
LARGE CAPITALIZATION GROWTH STOCK FUND
- -------------------------------------------------------------------
Janus Growth and Income Fund 62,912 $2,223,936
==========
LARGE CAPITALIZATION VALUE STOCK FUND
- -------------------------------------------------------------------
American Century Income Fund 42,510 $1,283,386
==========
INTERNATIONAL STOCK FUND
- -------------------------------------------------------------------
Deutsche International Fund 26,201 $ 663,158
==========
BOND FUND
- -------------------------------------------------------------------
Strong Government Securities Fund 56,972 $ 603,339
==========
MID CAPITALIZATION GROWTH STOCK FUND
- -------------------------------------------------------------------
Invesco Dynamics Fund 23,001 $ 546,732
==========
MONEY MARKET FUND (b)
- -------------------------------------------------------------------
Schwab Institutional Advantage Money Market Fund 462,484 $ 462,484
==========
SMALL CAPITALIZATION GROWTH STOCK FUND
- -------------------------------------------------------------------
Managers Special Equity Fund 1,559 $ 119,748
==========
BALANCED FUND
- -------------------------------------------------------------------
Invesco Value Trust Total Return Fund 3,096 $ 81,834
==========
LARGE CAPITALIZATION BLEND STOCK FUND (b)
- -------------------------------------------------------------------
Schwab S&P 500 Investors Shares 2,465 $ 50,112
==========
CASH
- -------------------------------------------------------------------
Non-Interest Bearing Account $ 37,313
==========
PARTICIPANT LOANS
- -------------------------------------------------------------------
Participant Notes Receivable Due September 15, 2001
through
September 30, 2010 at
8% - 11.5% $ 134,895
==========
(a) Current value represents closing prices at December 31, 2000.
(b) Party-in-interest
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the employee benefit plan) have duly
caused this annual report to be signed on its behalf by the undersigned hereunto
duly authorized.
TRITON EXPLORATION SERVICES, INC.
401(k) Savings Plan
Date: June 18, 2001 /s/W. Greg Dunlevy
-------------------------
W. Greg Dunlevy
Senior Vice President and
Chief Financial Officer
EXHIBIT INDEX
The following document is an exhibit to this Form 11-K:
Exhibit
Number Document
- ------- --------
23.1 Consent of PricewaterhouseCoopers LLP, filed herewith.