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Notes – Marine Subsea AS<br />
Name 2009 2008<br />
(All amounts in USD 1 000<br />
if not otherwise stated)<br />
Subordinated<br />
loan<br />
Receiveables Interest<br />
income<br />
Management<br />
income<br />
Subordinated<br />
loan<br />
Receiveables Interest<br />
income<br />
Management<br />
income<br />
MS Caribe Ltd 0 0 0 183 0 0 0 226<br />
MS Karianne Ltd 0 0 0 276 0 0 0 426<br />
MS Lifter Ltd 0 0 0 239 0 0 0 182<br />
MS Cyprus Holding Ltd 10 000 68 794 31 789 0 10 000 333 009 25 733 0<br />
MS Worker Ltd 0 0 0 183 0 0 0 0<br />
MSD Installer Ltd 0 0 0 239 0 0 0 293<br />
MS Sarah Ltd 0 0 0 1 161 0 0 0 681<br />
MS Fjord Ltd 0 0 0 183 0 0 0 226<br />
MS Solver Ltd 0 0 0 57 0 0 0 293<br />
MS Drilling Ltd 0 0 0 239 0 0 0 293<br />
Marine Subsea II Inc 0 0 0 0 0 8 563 0<br />
Marine Subsea Inc 0 0 939 0 0 24 272 4 627 0<br />
Marine Subsesa UK 0 0 0 0 0 0 0 0<br />
Interoil Angola 0 -20 65 0 0 638 23 0<br />
Total 10 000 68 774 32 793 2 761 10 000 357 927 30 946 2 620<br />
The subordinated loan is subordinated to any and all of the Borrower’s present and future obligations to Norsk Tillitsmann ASA<br />
The subordinated loan is repayable at the end of 2012.<br />
There is a credit line with maximum amounts between MS Cyprus Holding and the subsidiaries. The loan may be drawn<br />
in one ore more drawdowns. Repayable on demand. Within the maximum loan amount, repaid amounts may be redrawn.<br />
Interest is paid according to loan agreement (group note 19): Libor + 6,0% bond loan – face value USD 130 million + margin 2,5%<br />
Current receivables from subsidiaries at the end of 2009 is TUSD 7 626. This is related to borrowing cost prepaid by Marine Subsea AS.<br />
Related parties, see group note 5.<br />
Note 3 – Employee benefit expenses<br />
Amounts in USD 1 000 2009 2008<br />
Salaries and wages employees 2 052 2 871<br />
Accruals according to bonus plans 2 000 0<br />
Payroll tax 258 412<br />
Pension 187 140<br />
Other employee benefit expense 338 324<br />
Total employee benefit 4 834 3 746<br />
The average number of employees during the period is 10<br />
Remuneration to management, see group note 5<br />
Retirement benefit obligation, see group note 21<br />
Remuneration to senior executives, see group note 6<br />
Remunteration to the Board of Directors, see group note 5<br />
<strong>Annual</strong> <strong>Report</strong> 2009 Marine Subsea 61
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