text: **Transactions with other related parties**
  
  (a) Mermaid Achiever 
  
  The Achiever Partnership (comprising Delmark Investments Pty Ltd, a related entity of A G 
  Birchmore, J H Carver, D A Dillon and P D M Holdings Pty Ltd, a related entity of J A S 
  Mews) entered into a put and call option agreement with the Company on 12 April 1999, 
  pursuant to which it was agreed that either party could, at any time between 30 June 2000 and 
  the expiration of the Company’s Charter of the Mermaid Achiever from the Achiever 
  Partnership, oblige the other party to enter into an Agreement for the sale and purchase of that 
  vessel at price fixed at $3,250,000. 
  
  On 24 September 1999 the Company exercised its option to acquire the Mermaid Achiever in 
  accordance with the terms of the above option. Bareboat Charter Fees of $184,000 were paid 
  for the period 1st July 1999 to the 30th September 2000 the effective date of settlement. 
  
  (b) Fremantle Premises 
  
  (i) 
  
  The Achiever Partnership and the Company entered into a heads of agreement 
  dated 12 April 1999 for the lease to the entity of its registered office at 20 Mews 
  Road, Fremantle. 