Triton Energy Ltd – ‘11-K’ for 12/31/00

On:  Monday, 6/18/01, at 3:08pm ET   ·   For:  12/31/00   ·   Accession #:  1009404-1-500026   ·   File #:  1-11675

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Annual Report of an Employee Stock Purchase, Savings or Similar Plan   —   Form 11-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 11-K        Annual Report of an Employee Stock Purchase,           9±    35K 
                          Savings or Similar Plan                                
 2: EX-23.1     Consent of Experts or Counsel                          1      5K 

11-K   —   Annual Report of an Employee Stock Purchase, Savings or Similar Plan
Document Table of Contents

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

                                                                [Download Table]


                                                                              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

                                                                [Download Table]


                                                            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

                                                                [Download Table]


                                                                   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

                                                        [Enlarge/Download Table]


                                                                                                         

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.         

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘11-K’ Filing		Date		Other Filings
		9/30/10
		9/15/01
Filed on:		6/18/01
For Period End:		12/31/00		10-K
		6/1/00
		1/1/00
		12/31/99		10-K,  10-K/A,  11-K
		12/5/94
				List all Filings