3. OPERATIONAL

3.1 Review of all current contracts

Below are the current contracted services identified during our initial visit. The Captain reports that he has tried to reduce subscriptions as much as possible due to the limited finances available recently. We have requested copies of all contracts /agreements.

ZEDRA – Zedra are currently engaged to provide crew employment and payroll services. Their monthly fee is 2% of the monthly payroll this equates to

BURGESS are engaged as technical managers, this is a requirement of the mortgage. They charge a monthly fee of EUR 2650.00 They last completed a technical inspection in March 2020.

MTSI are engaged to provide and oversee the ISM and ISPS systems. Their fee is USD 11,655.00 per quarter.

BOND is responsible for hosting the Sarafsa domain and email accounts.

MOBILE PHONES – Currently there are two ‘yacht’ mobile phones, the contracts are with the previous ownership and bills do not come to the vessel. These contracts should either be transferred to Burgundy Sea or new Contracts established.

VSAT  - VSAT services are currently not in use, there isno contract or service in place.

3G/4G DATA – The Captain currently holds multiple data cards for use in different regions. These are all on the previous owners account. These should be returned to the previous owner or discarded and replaced with local sim cards as required once we know where Sarafsa will be based

CHARTS & PUBLICATIONS – Sarafsa operates a full electronic chart system (ECDIS) they have an annual subscription with Riviera charts which has been paid up util August 2022. In addition to this the charts themselves are paid on a pay as you go basis so we should expect some modest costs when the boat relocates to a new location.