Note 19 - Salaries and Wages, Number of Employees

Personnel expenses (1)

       

CONSOLIDATED

(Amounts in USD 1,000)

       

2015

2014

             

Salaries and wages

       

69,982

95,421

Government grants - net wages arrangement in Norway

     

-4,801

-5,457

Payroll tax

       

9,740

14,309

Pension costs, see Note 8

       

2,177

2,151

Other benefit

       

5,178

4,147

Total personnel expenses

       

82,276

110,571

(1) Personnel expences are partly included in the Vessel Crew Expences and partly in the General and Administrative Expences, see Note 18.

Government grants is a special Norwegian seaman payroll and tax refund given to Norwegian shipping companies.
The average number of employees in the Company was 949 for 2015 (2014: 1,073), including onshore and offshore employees.

No employees are employed in the parent company.

Payroll registered to the executive management:

   

(Amounts in USD 1,000)

2015

2014

             

Salary and other short term compensation

       

1,860

2,421

Total

       

1,860

2,421

Employees included in the above payroll in 2015 were 6 (2014: 5).

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

Name

Salary paid

Pension premium

 

Other benefits

 

Share options held

             

2015

           

CEO Idar Hillersøy 1)

237.2

28.0

 

1.9

 

-

CEO Terje Sørensen 1)

379.6

33.1

 

39.7

 

-

CFO Dagfin B. Lie

211.2

21.3

 

10.2

 

2,400,000

COO Svein Erik Mykland 2)

263.7

35.6

 

6.9

 

-

CCO Bernt Omdal

260.2

26.1

 

2.5

 

2,400,000

HR Tore B. Johannessen

268.0

31.4

 

3.0

 

2,400,000

1) Idar Hillersøy replaced Terje Sørensen as CEO with the effect from August 2015.
2) COO Svein Erik Mykland left the Company with the effect from December 2015.

Shares in the Company held by members of corporate management in 2015 were 1,538,161 (2014: 2,618,161).

2014

           

CEO Terje Sørensen

610.6

33.8

 

55.9

 

3,600,000

CFO Dagfin B. Lie

310.5

31.1

 

12.5

 

2,400,000

COO Svein Erik Mykland

452.4

40.6

 

9.0

 

2,400,000

CCO Bernt Omdal

391.3

37.2

 

3.1

 

2,400,000

HR Tore B. Johannessen

388.6

41.0

 

3.7

 

2,400,000

The Board of Directors of Siem Offshore Inc. has authorized the award of two programs of Stock Options ten to seven key employees of the Company. The total cost for the two programs is USD 2,527 for 2015. See Note 31 for more information.

Loan to executive management:

       

(Amounts in USD 1,000)

   

2015

2014

Balance January 1

       

3,331

4,356

Changes in executive management

       

-2,760

-

New loan raised

       

227

40

Instalments

       

-

-310

Effect of currency differences

       

-83

-755

Balance December 31

       

716

3,331

             

Loan on December 31, 2015

(Amounts in USD 1,000)

 

Amount

Interest

Terms

Loan to executive management

     

716

-

Share loan (1).

Total

     

716

   
             

Loan on December 31, 2014

(Amounts in USD 1,000)

 

Amount

Interest

Terms

Loan to executive management

     

3,331

-

Share loan (1).

Total

     

2,306

   

(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. Loans equivalent to USD 0.7 million are secured by pledges in relevant shares.

The Remuneration paid to the Board of Directors in 2015 was USD 430K (2014: USD 440K).

Auditor’s remuneration

   

PARENT COMPANY

 

CONSOLIDATED

2015

2014

(Amounts in USD 1,000)

2015

2014

         

96

99

Audit Fee

484

528

101

60

Audit Fee Other

226

202

11

21

Tax/Legal Assistance

41

116

6

-

Other consultants, Fees

259

56

214

180

Total auditor’s remuneration

1,010

902