NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2000
52
20. EXPENDITURE COMMITMENTS (continued)
Note Consolidated Company
2000 1999 2000 1999
$$ $$
(c) Bareboat Charter Agreements
Not later than 1 year – 184,000 ––
Aggregate charter expenditure 
contracted for at balance date – 184,000 ––
21. EMPLOYEE ENTITLEMENTS AND SUPERANNUATION COMMITMENTS
Employee Entitlements
The aggregate employee entitlement
liability is comprised of:
Accrued wages and on-costs 194,098 149,201 ––
Provisions - current 371,518 654,633 ––
Provisions - non current 222,758 187,262 ––
788,374 991,096 ––
Employee Share Option Incentive Plan
A Share Option Incentive Plan has been established where employees of the consolidated entity with
appropriate seniority and length of service have been issued with options over ordinary shares of Mermaid
Marine Australia Limited. 
The options cannot be transferred and are not quoted on the ASX.
On 19 June 1999, 730,000 options were issued under this plan to employees. Since the date of issue
115,000 options have expired due to the non exercise of the options by employees who have since left
Mermaid’s employ. Of the remaining 615,000 ordinary shares under option pursuant to the Employee
Option Plan, half (307,500) may be purchased within 12 months of 18 June 2000 at an issue price of 
60 cents per share and half (307,500) may be purchased within 12 months of 18 June 2000 at an issue
price of 70 cents per share.
The market value of ordinary Mermaid Marine Australia Limited shares closed at 30 cents on 30 June
2000.