Annual Report

Notes – Marine Subsea Consolidated
Management contracts
Marine Subsea AS has entered into management agreements with separate companies owned by two of the main chareholders, Gian Angelo Perrucci
and Mårten Rød, who performes all their management services etc. trough these companies. Marine Subsea AS has entered into a consultancy
agreement with a separate company 50% owned by Kristen Jakobsen who performes all his financial services trough this company.
Amounts in USD 1 000
Fees paid to Eksportconsult AS, owned by the chairman of the board Mårten Rød, have been charged as an expense with USD 180 (2008: USD 180)
Net payable to Eksportconsult AS at 31 December 2009 is USD -30 (2008: USD 15)
Fees paid to Nicrest Ltd , owned by boardmember Gian Angelo Perrucci, have been charged as an expense with USD 150 (2008: USD 150)
Net payable to Nicrest Ltd at 31 December 2009 is USD 0 (2008: USD 0)
Fees paid to JL & Partners AS related to refinancing and consultancy, 50% owned by Kristen Jakobsen, is USD 2 016 (2008: USD 328)
Net payable to JL & Partners AS at 31 December 2009 is USD 2 054 (2008: USD 0)
Marine Subsea entered into a cooperation agreement with Altic Shipping Inc in 2007. (Altic). The agreement is crucial in order to obtain contracts for
the vessels, and to secure the local knowledge and support offshore West-Africa. The shareholders have extensive and long experience for operation,
logistic support services, and supply base activities. Gian Angelo Perrucci, owner of 25% and board member of Marine Subsea, also owns 15% in Altic.
The agreement with Altic is primarily related to brokerage assistance in entering into commercial contracts for Marine Subsea’s vessels. Altic has in
total invoiced Marine Subsea USD 4,4 million (USD 7,5 million -08) related to charter contracts for 4 vessels, (included contract related to joint venture
entered into for a period from 2–10 years. The USD 4,4 million (USD 7,5 million -08) has been capitalized in the balance sheet and will be amortized
over the applicable contract periods. Prepayments to Altic Shipping is disclosed in Note 14.
Alasdair Cowie, the Managing Director and owner of 15% of the shares in Marine Subsea UK has provided a loan to Marine Subsesa UK
Loan amount is USD 1,3 million. Interest is 2 percent per annum above the base rate of Bank of Scotland.
The loan will be repayable after June 2011.
Remuneration to the board of directors
2009 2008
Amounts in USD 1 000
Compensation to the chairman of the board 75 50
Compensation to the members of the board 110 60
Remuneration to the board of directors 185 110
Sonangol is considered related party. See group note 29. Sonangol has aquirred 25% of the shares in Marine Subsea Karianne Ltd and Marine Subsea
Lifter Ltd during 2009.
Note 6 – Remuneration to senior executives
Amounts in USD 1 000 2009 2008
Salary paid to Managing Director 641 1133
Pension sheme Managing Director: 23 16.3
Fee to MNL Design, owned by the wife of the Managing Director, was charged as an expense with 1 4.5
Salary paid to Finance Director, Erik Just Johnsen, January – February 2009 (March–December 2008 ) 59 141
Pension sheme Finance Director, Erik Just Johnsen, January – February 2009 (March–December 2008 ) 3 15
Fee to JL & Partners AS – Kristen Jakobsen – Finance Director, February – December 2009 (see note 20) 344 0
Erik Sandøy was promoted to Finance Director January 12, 2010.
Managing Director is entitled to 1 years paid salary after termination of employment.
Annual Report 2009 Marine Subsea 35