Table:
|  | Years Ended December 31, |  |
| --- | --- | --- |
|  | 2019 | 2018 |
| Net revenue | $ 6.4 | $ 21.8 |
| Operating expenses | $ 1.0 | $ 4.8 |
| Interest expense | $ 1.0 | $ 1.3 |
|  | December 31, |  |
|  | 2019 | 2018 |
| Accounts receivable | $ 1.2 | $ 5.0 |
| Long-term obligations | $ 22.5 | $ 28.5 |
| Accounts payable | $ 0.1 | $ 2.2 |
| Dividends | $ 4.5 | $ 25.8 |
Paragraphs:
In November 2017, GMSL acquired the trenching and cable laying services business from Fugro N.V. ("Fugro"). As part of the transaction, Fugro became a 23.6% holder of GMSL's parent, Global Marine Holdings, LLC ("GMH"). GMSL, in the normal course of business, incurred revenue and expenses with Fugro for various services.
For the years ended December 31, 2019 and 2018, GMSL recognized $11.3 million and $9.3 million respectively, of expenses for transactions with Fugro. For the year ended December 31, 2019 GMSL recognized $0.8 million of revenues. The parent company of GMSL, GMH, incurred management fees of $0.6 million for each of the years ended December 31, 2019 and 2018.
GMSL also has transactions with several of their equity method investees. A summary of transactions with such equity method investees and balances outstanding are as follows (in millions):
Question:
What is the average interest expense?
Answer: (1.0 + 1.3) / 2 = 1.15