9. Long–term finance lease
The Company has entered into lease agreements with Sercel Inc, Houston to acquire marine acquisition equipment (the “streamer systems”). The duration of each lease is 30 months and the Company has an option to purchase the streamer systems at any time during the lease period. As of 31 December 2011, streamer systems worth USD 56,166,181 were leased under this arrangement. The relevant streamer systems have been pledged as security for the arrangement. The outstanding liability under the above mentioned arrangements are disclosed in the Company’s statement of financial position as ‘Long-term finance lease’ which is further classified into long-term and short-term portions as below; 31-Dec-11
(In thousands of USD) Finance lease – non current
31-Dec-10
4,702
23,503
Finance lease – current
19,939
17,969
Total
24,641
41,472
Payments made towards these lease arrangements during the year ended 31 December 2011 as follows; (In thousands of USD) Lease payments made for streamer systems Total
Year ended 31-Dec-11 Principal 18,350 18,350
Interest 2,764 2,764
Total 21,114 21,114
Year ended 31-Dec-10 Principal 10,990 10,990
Interest 2,511 2,511
Total 13,502 13,502
Future minimum lease payments under finance leases together with present value of the net minimum lease payments are as follows; (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 Total minimum lease payments
31-Dec-11 Minimum payments 21,112 4,808 25,921 (1,279) 24,641
Present value of payments 20,093 4,548 24,641 24,641
10. Interest payable (In thousands of USD) Interest accrued on senior secured bonds Interest accrued on convertible bonds Total
31-Dec-10 Minimum payments 20,648 24,673 45,321 (3,849) 41,472
31-Dec-11 3,436 1,839 5,275
Present value of payments 19,108 22,365 41,472 41,472
31-Dec-10 2,979 1,240 4,219
Interest charged and accrued on the convertible and senior secured bonds is calculated using the amortized cost method.
11. Employee accruals and payables (In thousands of USD) Accrued salaries Accrued bonuses Other employee accruals and payable Total
31-Dec-11 2,959 1,198 118 4,275
31-Dec-10 1,112 2,889 4,001
87