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HFS Announces A Tremendous Increase in Net Monthly Pay

Following the suggestion from the Officers, HFS decided to dissolve the current Return Bonus (RB) as one of the pay elements. The RB amount remains but will, beginning 1st January 2011, be incorporated to the HFS Allowance which covers the market adjustment element. The decision has increased tremendously the net monthly pay on all Officer positions.

In his letter to the vessels on 22 December 2010, Sebjorn Dahl wrote:

"Dear Captain and officers on board,

We are happy to see that the last mail regarding a small - but well deserved - additional contribution to the vessels welfare fund was well received by the crew.

It is now only two days to Christmas and here comes another hopefully positive information from Fleet Personnel to our valuable HFS officers: Some years ago we introduced Return Bonus as an additional salary element. This was done in order to make sure that we obtained sufficient stability in our pool of officers. We have received a lot of feed-back on the Return Bonus from you. Thus, this has also been a popular topic for discussion during e.g. officer conferences.

I am happy to inform that we have decided to include the present Return Bonus as part of the monthly payment. We do this out of two main reasons:

1. We do it in order to show that we listen to our valuable officers. We hope we have your cooperation and trust and that we will continue with the good retention rate that we have within HFS.
2. We do it in order to simplify our salary package, to make it more understandable, be attractive in the market and easier to sell as part of the recruitment process.

The following are decided:

- The Return Bonus as a term will cease to exist.
- The Return Bonus will from January 1, 2011 be paid out monthly as part of the HFS Allowance. For your info: The HFS Allowance is an additional salary element which we in HFS use to adjust in accordance with the market.
- For officers on board the accrued Return Bonus will be paid out on the January salary.
- For officers on vacation the accrued return bonus will be paid when they sign next contract on a HFS Vessel.

Once again:

Wish you all a Merry Christmas, a Happy New Year and an ongoing safe voyage!

best regards
Sebjorn