Note 18 - Salaries and Wages, Number of Employees

Consolidated

(Amounts in USD 1,000)

2017

2016

Personnel expenses (1)

Salaries and wages

90,752

73,381

Government grants - net wages arrangement in Norway

-4,017

-3,852

Payroll tax

9,167

9,416

Pension costs, see Note 8

1,911

1,511

Other benefits

9,486

8,491

Total personnel expenses

107,300

88,947

(1) Personnel expenses includes vessel crew expenses and part of general and administrative expenses, see Note 17.

Government grants are a special Norwegian seaman payroll and tax refund given to Norwegian shipping companies.

The average number of employees in the Company was 1,230 for 2017 (2016: 1,058), including onshore and offshore employees.
No employees are employed in the Parent Company.

Payroll registered to the executive management:

(Amounts in USD 1,000)

2017

2016

Salary and other short term compensation

1,811

1,558

Total

1,811

1,558

Employees included in the above payroll in 2017 were 5 (2016: 4).

Corporate management salaries and other benefits are presented in the table below:

Name

Salary paid

Pension premium

Other benefits

Share options held

2017 (Amounts in USD 1,000)

CEO/CCO Bernt Omdal 1)

378.2

29.6

4.7

2,400,000

CEO Idar Hillersøy 1)

389.4

22.1

2.8

-

CFO Dagfinn B. Lie

309.8

24.5

9.4

2,400,000

COO Tore Lillestø 2)

232.0

22.3

4.0

-

CHRO Tore B. Johannessen

342.9

33.4

6.3

2,400,000

Shares in the Company held by members of corporate management in 2017 were 1,538,161 (2016: 1,538,161).

2016 (Amounts in USD 1,000)

Name

Salary paid

Pension premium

Other benefits

Share options held

CEO Idar Hillersøy 1)

511.5

28.4

5.5

-

CFO Dagfinn B. Lie

253.1

21.6

9.2

2,400,000

CCO Bernt Omdal

327.5

26.5

4.4

2,400,000

CHRO Tore B. Johannessen

331.5

31.1

8.1

2,400,000

1) Bernt Omdal replaced Idar Hillersøy as CEO with effect from May 2017.

2) Tore Lillestø was appointed as COO with effect from May 2017.

The Board of Directors of Siem Offshore Inc. has authorized the award of two programs of Stock Options to six key employees of the Company.
The total cost for the two programs is USD 221K for 2017 (USD 537K for 2016).
See Note 30 for more information.

Loan to executive management

(Amounts in USD 1,000)

2017

2016

Balance January 1

727

716

Changes in executive management

-

-

New loan raised

-

-

Instalments

-

-

Capitalized interest

11

11

Effect of currency differences

54

1

Balance December 31

792

727

Loan on December 31, 2017 (Amounts in USD 1,000)

Amount

Interest

Terms

Loan to executive management

792

11

Share loan (1)

Total

792

11

 

Loan on December 31, 2016 (Amounts in USD 1,000)

Amount

Interest

Terms

Loan to executive management

727

11

Share loan (1)

Total

727

11

(1) Share loan: The loans are repayable by the employee when the employee’s shares in the Company are realized or if the employee leaves the Company. Total share loans to employees amounts to USD 4.4 million and are secured by pledges in relevant shares.

The Remuneration paid to the Board of Directors in 2017 was USD 455K (2016: USD 407K).



Auditor’s remuneration

PARENT COMPANY

CONSOLIDATED

2017

2016

( Amounts in USD 1,000 )

2017

2016

64

87

Audit Fee

445

452

1

15

Audit Fee Other

89

212

48

10

Tax/Legal Assistance

56

10

-

13

Other consultants, Fees

48

41

113

126

Total auditor’s remuneration

638

715

Board Of Directors

Financial Statements

Notes