SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_____________________________
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS
AND SIMILAR PLANS PURSUANT TO SECTION 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One)
[ X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [FEE REQUIRED]
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 [NO FEE REQUIRED]
For the transition period from ______ to ______
COMMISSION FILE NUMBER: 1-11675
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
Name of issuer of the securities held pursuant to the plan and the address of
its principal executive office:
TRITON ENERGY LIMITED
CALEDONIAN HOUSE
MARY STREET
P.O. BOX 1043
GEORGE TOWN, GRAND CAYMAN
CAYMAN ISLANDS
Required Information
- ---------------------
(a) Financial Statements.
See "Index to Financial Statements" 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 SCHEDULES
<TABLE>
<CAPTION>
<S> <C>
Page
----
Financial statements:
Report of Independent Accountants F-2
Statement of Net Assets Available for Benefits, with Fund Information at
December 31, 1998 F-3
Statement of Net Assets Available for Benefits, with Fund Information at
December 31, 1997 F-4
Statement of Changes in Net Assets Available for Benefits,
with Fund Information for the Year Ended December 31, 1998 F-5
Notes to Financial Statements F-6
Supplemental schedules:
Schedule I - Investments at December 31, 1998 F-10
Schedule II - Transactions in Excess of 5% of the
Fair Market Value of the Plan Assets for
the Year Ended December 31, 1998 F-11
</TABLE>
<PAGE>
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, with fund information, and the related statement of changes in net
assets available for benefits, with fund information, present fairly, in all
material respects, the net assets available for benefits of the Triton
Exploration Services, Inc. 401(k) Savings Plan at December 31, 1998 and 1997,
and the changes in net assets available for benefits for the year ended
December 31, 1998, in conformity with generally accepted accounting principles.
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
generally accepted auditing standards 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 the opinion expressed
above.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of Assets Held
for Investment Purpose and Reportable Transactions are presented for the purpose
of additional analysis and are not a required part of the basic financial
statements but are 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. The fund information in the statements
of net assets available for benefits and the statement of changes in net assets
available for benefits is presented for purposes of additional analysis rather
than to present the net assets available for plan benefits and changes in net
assets available for benefits of each fund. These supplemental schedules and
fund information are the responsibility of the Plan's management. The
supplemental schedules and fund information have been subjected to the auditing
procedures applied in the audits of the basic financial statements and, in our
opinion, are fairly stated in all material respects in relation to the basic
financial statements taken as a whole
PRICEWATERHOUSECOOPERS LLP
Dallas, Texas
June 23, 1999
TRITON EXPLORATION SERVICES, INC.
401(K) SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
DECEMBER 31, 1998
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
FUND INFORMATION
----------------------------------------------------------------------------------------
LARGE LARGE SMALL INTERNATIONAL
GOVERNMENT LONG TERM CAPITALIZATION CAPITALIZATION CAPITALIZATION EQUITY
MONEY BOND VALUE EQUITY GROWTH GROWTH INVESTMENTS
FUND* FUND* FUND* FUND* FUND FUND*
----------- ---------- --------------- --------------- --------------- ------------
Assets
Investments, at fair value
Triton Energy Limited ordinary shares $ --- $ --- $ --- $ --- $ --- $ ---
International equity investments fund --- --- --- --- --- 726,251
Large capitalization value equity fund --- --- 1,367,818 --- --- ---
Large capitalization growth fund --- --- --- 1,901,704 --- ---
Small capitalization growth fund --- --- --- --- 248,907 ---
Government money fund 453,325 --- --- --- --- ---
Long term bond fund --- 440,371 --- --- --- ---
Participant loans --- --- --- --- --- ---
Cash and equivalents 1,002 558 1,932 1,958 577 999
----------- ---------- --------------- --------------- --------------- ------------
Total investments 454,327 440,929 1,369,750 1,903,662 249,484 727,250
----------- ---------- --------------- --------------- --------------- ------------
Receivables
Employer's contributions 1,061 823 6,415 6,234 1,897 2,642
Participants' contributions 1,794 1,020 8,991 8,539 2,581 3,639
Other 1,538 --- --- --- --- ---
----------- ---------- --------------- --------------- --------------- ------------
Total receivables 4,393 1,843 15,406 14,773 4,478 6,281
----------- ---------- --------------- --------------- --------------- ------------
Total assets 458,720 442,772 1,385,156 1,918,435 253,962 733,531
Liabilities
Accounts payable --- --- --- --- --- ---
----------- ---------- --------------- --------------- --------------- ------------
Net assets available for plan benefits $ 458,720 $ 442,772 $ 1,385,156 $ 1,918,435 $ 253,962 $ 733,531
=========== ========== =============== =============== =============== ============
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
FUND
INFORMATION
-----------
TRITON
STOCK PARTICIPANT CASH AND
FUND* LOANS EQUIVALENTS TOTAL
---------- ------------ ------------- ----------
Assets
Investments, at fair value
Triton Energy Limited ordinary shares $1,000,855 $ --- $ --- $1,000,855
International equity investments fund --- --- --- 726,251
Large capitalization value equity fund --- --- --- 1,367,818
Large capitalization growth fund --- --- --- 1,901,704
Small capitalization growth fund --- --- --- 248,907
Government money fund --- --- --- 453,325
Long term bond fund --- --- --- 440,371
Participant loans --- 285,278 --- 285,278
Cash and equivalents 1,992 --- 56,298 65,316
---------- ------------ ------------- ----------
Total investments 1,002,847 285,278 56,298 6,489,825
---------- ------------ ------------- ----------
Receivables
Employer's contributions 3,119 --- (22,191) ---
Participants' contributions 3,748 --- (30,312) ---
Other 2,257 --- (3,795) ---
---------- ------------ ------------- ----------
Total receivables 9,124 --- (56,298) ---
---------- ------------ ------------- ----------
Total assets 1,011,971 285,278 --- 6,489,825
Liabilities
Accounts payable --- --- --- ---
---------- ------------ ------------- ----------
Net assets available for plan benefits $1,011,971 $ 285,278 $ --- $6,489,825
========== ============ ============= ==========
</TABLE>
*Denotes an investment representing 5% or more of net assets available
for benefits.
See accompanying notes to financial statements.
<PAGE>
TRITON EXPLORATION SERVICES, INC.
401(K) SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
DECEMBER 31, 1997
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
FUND INFORMATION
-----------------------------------------------------------------------------------------
LARGE LARGE SMALL INTERNATIONAL
GOVERNMENT LONG TERM CAPITALIZATION CAPITALIZATION CAPITALIZATION EQUITY
MONEY BOND VALUE EQUITY GROWTH GROWTH INVESTMENTS
FUND FUND FUND* FUND* FUND FUND*
----------- ---------- --------------- --------------- --------------- ------------
Assets
Investments, at fair value
Triton Energy Limited ordinary shares $ --- $ --- $ --- $ --- $ --- $ ---
International equity investments fund --- --- --- --- --- 594,026
Large capitalization value equity fund --- --- 1,356,836 --- --- ---
Large capitalization growth fund --- --- --- 1,644,776 --- ---
Small capitalization growth fund --- --- --- --- 186,905 ---
Government money fund 225,598 --- --- --- --- ---
Long term bond fund --- 433,025 --- --- --- ---
Participant loans --- --- --- --- --- ---
Cash and equivalents 379 632 1,852 1,835 552 1,292
----------- ---------- --------------- --------------- --------------- ------------
Total investments 225,977 433,657 1,358,688 1,646,611 187,457 595,318
----------- ---------- --------------- --------------- --------------- ------------
Receivables
Employer's contributions 1,277 2,495 9,956 13,107 3,899 4,503
Participants' contributions 1,588 3,362 13,729 17,576 5,909 6,723
Other 1,258 --- --- --- 575 25
----------- ---------- --------------- --------------- --------------- ------------
Total receivables 4,123 5,857 23,685 30,683 10,383 11,251
----------- ---------- --------------- --------------- --------------- ------------
Total assets 230,100 439,514 1,382,373 1,677,294 197,840 606,569
Liabilities
Accounts payable --- 292 651 326 --- ---
----------- ---------- --------------- --------------- --------------- ------------
Net assets available for plan benefits $ 230,100 $ 439,222 $ 1,381,722 $ 1,676,968 $ 197,840 $ 606,569
=========== ========== =============== =============== =============== ============
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
FUND
INFORMATION
-----------
TRITON
STOCK PARTICIPANT CASH AND
FUND* LOANS EQUIVALENTS TOTAL
---------- ------------ ------------- ----------
Assets
Investments, at fair value
Triton Energy Limited ordinary shares $4,026,084 $ --- $ --- $4,026,084
International equity investments fund --- --- --- 594,026
Large capitalization value equity fund --- --- --- 1,356,836
Large capitalization growth fund --- --- --- 1,644,776
Small capitalization growth fund --- --- --- 186,905
Government money fund --- --- --- 225,598
Long term bond fund --- --- --- 433,025
Participant loans --- 377,451 --- 377,451
Cash and equivalents 3,997 --- 114,494 125,033
---------- ------------ ------------- ----------
Total investments 4,030,081 377,451 114,494 8,969,734
---------- ------------ ------------- ----------
Receivables
Employer's contributions 11,619 --- (46,856) ---
Participants' contributions 14,883 --- (63,770) ---
Other 2,262 --- (2,635) 1,485
---------- ------------ ------------- ----------
Total receivables 28,764 --- (113,261) 1,485
---------- ------------ ------------- ----------
Total assets 4,058,845 377,451 1,233 8,971,219
Liabilities
Accounts payable --- --- 1,233 2,502
---------- ------------ ------------- ----------
Net assets available for plan benefits $4,058,845 $ 377,451 $ --- $8,968,717
========== ============ ============= ==========
</TABLE>
* Denotes an investment representing 5% or more of net assets
available for benefits.
See accompanying notes to financial statements.
<PAGE>
TRITON EXPLORATION SERVICES, INC.
401(K) SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
FUND INFORMATION
------------------------------------------------------------
LARGE LARGE
GOVERNMENT LONG TERM CAPITALIZATION CAPITALIZATION
MONEY BOND VALUE EQUITY GROWTH
FUND FUND FUND FUND
------------ ----------- ---------------- ----------------
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Net appreciation (depreciation) in fair value $ --- $ 3,676 $ (25,430) $ 481,115
Dividends 14,248 42,055 181,454 75,597
Interest and other (2,153) 175 555 716
------------ ----------- ---------------- ----------------
Total investment income (loss) 12,095 45,906 156,579 557,428
------------ ----------- ---------------- ----------------
Contributions
Participants 23,693 28,031 176,572 192,265
Employer 13,381 17,287 97,644 122,056
------------ ----------- ---------------- ----------------
Total contributions 37,074 45,318 274,216 314,321
------------ ----------- ---------------- ----------------
Loans to participants --- --- --- ---
Participant loan payments 8,110 7,022 37,807 39,368
------------ ----------- ---------------- ----------------
Total additions 57,279 98,246 468,602 911,117
------------ ----------- ---------------- ----------------
Deductions from net assets attributed to:
Benefits paid 103,216 122,722 314,587 412,589
Loans to participants 1,693 4,366 30,585 27,821
Participant loan payments --- --- --- ---
Miscellaneous (2,254) --- --- ---
------------ ----------- ---------------- ----------------
Total deductions 102,655 127,088 345,172 440,410
------------ ----------- ---------------- ----------------
Net increase (decrease) prior to interfund transfers (45,376) (28,842) 123,430 470,707
Interfund transfers 273,996 32,392 (119,996) (229,240)
------------ ----------- ---------------- ----------------
Net increase (decrease) 228,620 3,550 3,434 241,467
Net assets available for plan benefits:
Beginning of year 230,100 439,222 1,381,722 1,676,968
------------ ----------- ---------------- ----------------
End of year $ 458,720 $ 442,772 $ 1,385,156 $ 1,918,435
============ =========== ================ ================
</TABLE>
<TABLE>
<CAPTION> FUND INFORMATION
--------------------------------
SMALL INTERNATIONAL
CAPITALIZATION EQUITY TRITON
GROWTH INVESTMENTS STOCK PARTICIPANT
FUND FUND FUND LOANS TOTAL
---------------- ------------- ------------ ------------- ------------
<S> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Net appreciation (depreciation) in fair value $ (10,497) $ 84,867 $(2,991,115) $ --- $(2,457,384)
Dividends 7,302 54,976 --- --- 375,632
Interest and other 92 280 10,569 31,326 41,560
---------------- ------------- ------------ ------------- ------------
Total investment income (loss) (3,103) 140,123 (2,980,546) 31,326 (2,040,192)
---------------- ------------- ------------ ------------- ------------
Contributions
Participants 76,134 99,902 371,939 --- 968,536
Employer 41,538 64,101 120,318 --- 476,325
---------------- ------------- ------------ ------------- ------------
Total contributions 117,672 164,003 492,257 --- 1,444,861
---------------- ------------- ------------ ------------- ------------
Loans to participants --- --- --- 76,968 76,968
Participant loan payments 6,890 23,225 62,121 --- 184,543
---------------- ------------- ------------ ------------- ------------
Total additions 121,459 327,351 (2,426,168) 108,294 (333,820)
---------------- ------------- ------------ ------------- ------------
Deductions from net assets attributed to:
Benefits paid 56,262 143,999 716,516 15,924 1,885,815
Loans to participants --- 7,072 5,431 --- 76,968
Participant loan payments --- --- --- 184,543 184,543
Miscellaneous --- --- --- --- (2,254)
---------------- ------------- ------------ ------------- ------------
Total deductions 56,262 151,071 721,947 200,467 2,145,072
---------------- ------------- ------------ ------------- ------------
Net increase (decrease) prior to interfund transfers 65,197 176,280 (3,148,115) (92,173) (2,478,892)
Interfund transfers (9,075) (49,318) 101,241 --- ---
---------------- ------------- ------------ ------------- ------------
Net increase (decrease) 56,122 126,962 (3,046,874) (92,173) (2,478,892)
Net assets available for plan benefits:
Beginning of year 197,840 606,569 4,058,845 377,451 8,968,717
---------------- ------------- ------------ ------------- ------------
End of year $ 253,962 $ 733,531 $ 1,011,971 $ 285,278 $ 6,489,825
================ ============= ============= ============== ============
</TABLE>
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
provisions.
GENERAL
The Plan, as amended and restated January 1, 1994, is a successor to the Triton
Energy Corporation Employee Stock Ownership Plan ("ESOP") which was originally
effective as of May 31, 1976. All assets of the ESOP were transferred to the
Plan at January 1, 1994 at current value. Effective January 1, 1997, the Plan's
sponsorship changed from Triton Energy Corporation to Triton Exploration
Services, Inc. and the Plan name changed from the Triton Energy Corporation
401(k) Savings Plan to the Triton Exploration Services, Inc. 401(k) Savings
Plan. 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 and temporary
employees and members of a legally recognized collective bargaining unit who are
not expressly granted permission to participate. Employees are automatically
enrolled on January 1st, April 1st, July 1st or October 1st which coincides with
or next follows an employee's employment commencement date.
The Plan is administered by an administrative committee appointed by the Board
of Directors of the Company. The Plan's investments are held by a trust fund
administered by Smith Barney Corporate Trust Company.
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.
The assets of the Government Money Fund, Long Term Bond Fund, Large
Capitalization Value Equity Fund, Large Capitalization Growth Fund, Small
Capitalization Growth Fund and International Equity Investments Fund are
invested in separate funds managed by independent registered investment
advisors.
<PAGE>
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. Net appreciation
or depreciation of investments as reported in the statement of changes in net
assets available for plan benefits is calculated based on a revalued cost method
basis as required under ERISA guidelines.
THE USE OF ESTIMATES IN PREPARING FINANCIAL STATEMENTS
The preparation of financial statements in conformity with generally accepted
accounting principles 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.
INTERFUND TRANSFERS
Participants may change their percentage contributions and fund allocations once
per calendar quarter.
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 and were $82,550 for
1998 and $69,884 for 1997.
PARTICIPANT LOANS
Loans outstanding aggregated $285,278 and $377,451 at December 31, 1998 and
1997, respectively, and bear interest at prime (7.75% at December 31, 1998) plus
two percent.
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. Both the principal and interest portions of the
repayments are allocated by current election.
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.
<PAGE>
3. PLAN PARTICIPATION AND WITHDRAWALS
There were approximately 108 participants contributing to the Plan at December
31, 1998 (163 at December 31, 1997). A participating employee may invest his
contributions in multiples of five percent in one or more of the following
active funds: Government Money Fund, Long Term Bond Fund, Large Capitalization
Value Equity Fund, Large Capitalization Growth Fund, Small Capitalization Growth
Fund, International Equity Investments Fund and the Triton Stock Fund.
A participant may contribute up to 12% 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.
4. 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. In addition, 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.
The Company and its affiliated companies reduced the workforce during 1998 in
connection with the implementation of a reorganization of their operations (the
"1998 Restructuring Plan"). The Company adopted an amendment to the Plan that
fully vested the accrued benefit of any participant whose employment under the
Plan was terminated in connection with the implementation of the 1998
Restructuring Plan.
Net assets available for Plan benefits at December 31, 1998 and 1997 included
vested amounts of $1,279,121 and $651,333, respectively, attributable to
separated employees.
5. 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 of Plan termination,
participants become fully vested in their accounts.
6. INCOME TAX STATUS
Management believes that the Plan is qualified under Section 401(a) of the
Internal Revenue Code and therefore, the Plan is exempt from taxation under
Section 501. The Internal Revenue Service granted a favorable letter of
determination to the Plan as amended on December 5, 1994. Generally,
contributions to a qualified plan are deductible by the Company when made,
earnings of the trust are tax exempt and participants are not taxed on their
benefits until withdrawn from the Plan.
Management is unaware of any variations in the operation of the Plan from the
terms of the Plan documents as amended. The Plan has complied with the fidelity
bonding requirement of ERISA.
TRITON EXPLORATION SERVICES, INC.
401(K) SAVINGS PLAN
ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSE
SCHEDULE I
INVESTMENTS AT DECEMBER 31, 1998
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
IDENTITY OF ISSUE, BORROWER, LESSOR OR SIMILAR PARTY NUMBER OF CURRENT
DESCRIPTION OF INVESTMENT SHARES COST VALUE (a)
- ------------------------------------------------------------------- -------------------- ---------- ----------
TRITON STOCK FUND (b)
- -------------------------------------------------------------------
Triton Energy Limited ordinary shares 120,879 $2,431,198 $1,000,855
========== ==========
INTERNATIONAL EQUITY INVESTMENTS FUND
- -------------------------------------------------------------------
Consulting Group Capital Markets Fund 63,373 $ 676,032 $ 726,251
========== ==========
LARGE CAPITALIZATION VALUE EQUITY FUND
- -------------------------------------------------------------------
Consulting Group Capital Markets Fund 104,894 $1,315,560 $1,367,818
========== ==========
LARGE CAPITALIZATION GROWTH FUND
- -------------------------------------------------------------------
Consulting Group Capital Markets Fund 84,221 $1,286,545 $1,901,704
========== ==========
SMALL CAPITALIZATION GROWTH FUND
- -------------------------------------------------------------------
Consulting Group Capital Markets Fund 14,772 $ 255,323 $ 248,907
========== ==========
GOVERNMENT MONEY FUND
- -------------------------------------------------------------------
Consulting Group Capital Markets Fund 453,326 $ 453,326 $ 453,325
========== ==========
LONG TERM BOND FUND
- -------------------------------------------------------------------
Consulting Group Capital Markets Fund 50,271 $ 427,795 $ 440,371
========== ==========
CASH EQUIVALENTS
- -------------------------------------------------------------------
Reserve Deposit Account (RDA VI) $ 65,316 $ 65,316
========== ==========
PARTICIPANT LOANS
- -------------------------------------------------------------------
Participant Notes Receivable Due April 30, 1999
through
August 15, 2012 at
8% - 11% $ 285,278 $ 285,278
========== ==========
(a) Current value represents closing prices at December 31, 1998.
(b) Party-in-interest
</TABLE>
TRITON EXPLORATION SERVICES, INC.
401(K) SAVINGS PLAN
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
SCHEDULE II
TRANSACTIONS IN EXCESS OF 5% OF THE FAIR MARKET VALUE
OF THE PLAN ASSETS FOR THE YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
CURRENT VALUE
AGGREGATE AGGREGATE EXPENSE OF ASSET ON
IDENTITY OF PARTY INVOLVED PURCHASE SELLING LEASE INCURRED WITH COST TRANSACTION
DESCRIPTION OF ASSET PRICE PRICE RENTAL TRANSACTION OF ASSET DATE
- -------------------------------------- ---------- --------- ------- ------------- ---------- -------------
TRITON STOCK FUND
- --------------------------------------
Triton Energy Limited ordinary shares (a) $ 897,064 $ 232,924 $ --- $ 3,419 $ 200,620 $ 232,924
========== ========== ======== ============= ========== =============
GOVERNMENT MONEY FUND
- --------------------------------------
Consulting Group Capital Markets Fund $ 406,820 $ 179,092 $ --- $ --- $ 179,092 $ 179,092
========== ========== ======== ============= ========= =============
LARGE CAPITALIZATION VALUE EQUITY FUND
- --------------------------------------
Consulting Group Capital Markets Fund $ 606,886 $ 569,898 $ --- $ --- $ 521,369 $ 569,898
========== ========== ======== ============= ========== =============
LARGE CAPITALIZATION GROWTH FUND
- --------------------------------------
Consulting Group Capital Markets Fund $ 624,520 $ 848,252 $ --- $ --- $ 651,272 $ 848,252
========== ========== ======== ============= ========== =============
INTERNATIONAL EQUITY INVESTMENTS FUND
- -------------------------------------- $ 305,451 $ 257,671 $ --- $ --- $ 248,245 $ 257,671
Consulting Group Capital Markets Fund ========== ========== ======== ============= ========== =============
CASH EQUIVALENTS
- -------------------------------------- $2,794,439 $2,857,242 $ --- $ --- $2,857,242 $ 2,857,242
Reserve Deposit Account (RDA VI) ========== ========== ======== ============= ========== =============
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
NUMBER OF
IDENTITY OF PARTY INVOLVED TRANSACTIONS NET
-------------------
DESCRIPTION OF ASSET PURCHASES SALES GAIN
- -------------------------------------- ----------- ----- --------
TRITON STOCK FUND
- --------------------------------------
Triton Energy Limited ordinary shares (a) 42 25 $ 28,885
========
GOVERNMENT MONEY FUND
- --------------------------------------
Consulting Group Capital Markets Fund 103 35 $ ---
========
LARGE CAPITALIZATION VALUE EQUITY FUND
- --------------------------------------
Consulting Group Capital Markets Fund 87 65 $ 48,529
========
LARGE CAPITALIZATION GROWTH FUND
- --------------------------------------
Consulting Group Capital Markets Fund 95 70 $196,980
========
INTERNATIONAL EQUITY INVESTMENTS FUND
- -------------------------------------- 85 59 $ 9,426
Consulting Group Capital Markets Fund ========
CASH EQUIVALENTS
- -------------------------------------- 88 109 $ ---
Reserve Deposit Account (RDA VI) ========
</TABLE>
(a) 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 23, 1999 /s/Bernard Gros-Dubois
-------------------------------------
Bernard Gros-Dubois
Vice President
(Principal Accounting and
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.
Exhibit 23.1
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (No. 33-51691), as amended, of the Triton Exploration
Services, Inc. 401(k) Savings Plan (formerly the Triton Energy Corporation
401(k) Savings Plan) of our report dated June 23, 1999 relating to the financial
statements, which appears in this Form 11-K.
PricewaterhouseCoopers LLP
Dallas, Texas
June 23, 1999
