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Notes – Marine Subsea Consolidated<br />
Note 8 – Employee benefit expenses<br />
Amounts in USD 1 000 2009 2008<br />
Salaries and wages employees 4 053 3 893<br />
Bonus 2008 and 2009 2 000 0<br />
Payroll tax 269 548<br />
Pension 302 231<br />
Other employee benefit expense 374 348<br />
Total employee benefit 6 998 5 020<br />
Average number of employees 31 24<br />
The bonus is based on a combination of individual performance and economic result for the company.<br />
The Bonus shall have an upward limit equal to 150% of one year salary, but have no minimum limit.<br />
The bonus shall be suggested by the Managing Director and approved by the Board.<br />
Note 9 – Other operating expenses<br />
Amounts in USD 1 000 2009 2008<br />
Consulting fee Glens Commercial Ltd 0 1 600<br />
Break fee On&Offshore AS (note 27) 3 000 0<br />
Bad debt 7 420 0<br />
Other consultant fees 3 320 8 059<br />
Other operating expenses 4 846 7 668<br />
Total other operating expenses 18 587 17 327<br />
During the fourth quarter of 2009, MS Installer Ltd had to make a provision for bad debt in the amount of USD 7,4 million as the charterer of African<br />
Installer defaulted on its payment obligations. The company is pursuing a claim of USD 9,1 million against the charterer.<br />
<strong>Annual</strong> <strong>Report</strong> 2009 Marine Subsea 37