31-Dec-11
(In thousands of USD)
Within one year After one year but not more than five years More than five years Total minimum lease payments Less amounts representing finance charges Present value of minimum lease payments
Minimum payments 46,732 132,628 155,745 335,106 (139,560) 195,545
Present value of payments 42,930 73,344 79,272 195,545 195,545
31-Dec-10 Minimum payments 46,186 152,575 181,295 380,056 (163,261) 216,795
Present value of payments 41,882 90,689 84,225 216,796 216,796
20 Other long-term debt
The Group on 14 September 2009 entered into a facility agreement with Eksportfinans ASA and DVB Bank SE for a USD 80 million loan facility. The Eksportfinans tranche of the facility (USD 55 million) relates to financing of Norwegian equipment onboard the vessels Polarcus Samur and Polarcus Asima. This has been guaranteed by the Norwegian Guarantee Institute for Export Credits (GIEK). The DVB Bank tranche (USD 25 million) relates to financing of the vessel Polarcus Asima. The vessels Polarcus Asima and Polarcus Alima have been pledged as security for this loan facility. The facility was drawn on 31 August 2010 post delivery of the vessel Polarcus Asima from the shipyard. As of 31 December 2011 the Group has made total repayments of USD 6,250,000 under this loan facility. A similar loan facility of USD 55 million was entered into in January 2011 and was drawn on 21 March 2011 post delivery of Polarcus Alima. The Eksportfinans tranche of the facility (USD 33 million) relates to financing of Norwegian equipment on-board the vessels Polarcus Alima which has been guaranteed by the Norwegian Guarantee Institute for Export Credits (GIEK). The DVB Bank tranche (USD 22 million) relates to financing of the vessel Polarcus Alima. The vessels Polarcus Asima and Polarcus Alima have been pledged as security for this loan facility. As of 31 December 2011 the Group has made total repayments of USD 2,291,667 under this loan facility. On 15 November 2011, the outstanding liability under the above two loans were refinanced by Tranche 1 and Tranche 2 of the USD 410 million fleet bank facility from DNB and DVB Bank SE, Nordic Branch, together with GIEK and Eksportfinans ASA. Also refer to Note 1.1 Financing. The Company has acquired some of its streamer systems from Sercel Inc, Houston by way of a 40% down payment. The remaining 60% of the purchase price is payable through 36 monthly installments including interest at 8% per annum. The affected streamer system has been pledged as security for this arrangement. The total value of equipment acquired under this arrangement is USD 22,631,523. As of 31 December 2011, the Company has paid USD 19,720,932 against its liability under this arrangement. The net outstanding liability at the period end is USD 2,910,591.
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