text: During the year Mermaid Marine relocated their Corporate Office. Office rental commitments contains 
  the rental payable under the balance of the lease for Mermaid’s former corporate office. This has been 
  sublet for the balance of the term of the lease at a rental equal to the rental payable by Mermaid under 
  the lease of $46,250. The new location is committed under a 5 plus 5 year lease term. 
  
  Supply base rental commitments represents the lease of the King Bay Supply Base for a term of 21 years 
  commencing 1 January 1999 with an option to renew the term for a further period of 21 years. 
  
  The Lessee is obliged to obtain all necessary approvals by 31 December 2000 for certain development of 
  works (“Development Works”) and to subsequently perform the works within 3 years. 
  
  The Development Works planned include breakwater, dredged basin, cyclone moorings, slipway, quay 
  wall and industrial buildings. 
  
  If the Development Works are not completed within the prescribed period, the Lessor has the right 
  (unless it is satisfied that the non completion was due principally to matters beyond the Company’s 
  control) to vary the Lease by retaking 2.3 hectares at the western extremity of the site. 