Exhibit 10.1
EXECUTION COPY
SECOND AMENDMENT TO PRIORITY CREDIT AGREEMENT
     THIS SECOND AMENDMENT TO PRIORITY CREDIT AGREEMENT (referred to below)
(this “Second Amendment”), dated as of October 15, 2010, by and among TRICO
SUPPLY AS, a limited company organized under the laws of Norway (“Holdings”),
the Subsidiary Guarantors listed on Schedule IX to the Credit Agreement (as
defined below) (the “Subsidiary Guarantors”), TRICO SHIPPING AS, a limited
company organized under the laws of Norway and a wholly-owned Subsidiary of
Holdings (the “Borrower”), the Lenders (as defined below) party hereto, and
CANTOR FITZGERALD SECURITIES (“Cantor”), as Administrative Agent (in such
capacity, the “Administrative Agent”). Unless otherwise indicated, all
capitalized terms used herein and not otherwise defined herein shall have the
respective meanings provided such terms in the Credit Agreement referred to
below.
WITNESSETH:
     WHEREAS, the Borrower, Holdings, the Subsidiary Guarantors, the lenders
from time to time party thereto (each, a “Lender” and, collectively, the
“Lenders”) and the Administrative Agent are parties to a Priority Credit
Agreement, dated as of September 21, 2010 (as amended by the First Amendment to
Priority Credit Agreement, dated as of October 1, 2010, the “Credit Agreement”);
     WHEREAS, pursuant to Section 9.15 of the Credit Agreement, the Borrower is
required to use its best efforts to have an Approved Restructuring Plan adopted
by October 15, 2010;
     WHEREAS, pursuant to Section 11.11 of the Credit Agreement, the Borrower’s
failure to agree to an Approved Restructuring on or prior to October 15, 2010 is
an Event of Default;
     WHEREAS, the Credit Parties have requested that the Lenders extend the
dates set forth in Section 9.15 and 11.11 of the Credit Agreement to October 31,
2010;
     WHEREAS, pursuant to Section 2.01(c) of the Credit Agreement, Tranche B
Term Loans may only be drawn by the Borrower on a date occurring prior to the
Tranche B Term Loan Commitment Termination Date;
     WHEREAS, the Credit Parties have requested that the Lenders extend the
Tranche B Term Loan Commitment Termination Date;
     WHEREAS, pursuant to Section 9.14 of the Credit Agreement, the Credit
Parties are required to deliver items on Schedule XIII of the Credit Agreement
on the dates set forth therein; and
     WHEREAS, the Credit Parties have requested that the Lenders amend
Schedule XIII to the Credit Agreement in the manner set forth below;

 

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     NOW, THEREFORE, in consideration of the premises, the mutual covenants
contained herein and for other valuable consideration, the receipt and adequacy
of which are hereby acknowledged, the Credit Parties and the Lenders party
hereto hereby agree as follows:
ARTICLE I
AMENDMENTS TO CREDIT AGREEMENT
     Section 1.01. Amendment to Section 1. Section 1 of the Credit Agreement is
hereby amended by deleting the definition of “Tranche B Term Loan Commitment
Termination Date” in its entirety and substituting the following in its stead:
     ““Tranche B Term Loan Commitment Termination Date” shall mean October 31,
2010.”
     Section 1.02. Amendment to Section 9.15. Section 9.15 of the Credit
Agreement is hereby amended by replacing the phrase “October 15, 2010” with the
phrase “October 31, 2010”.
     Section 1.03. Amendment to Section 11.11. Section 11.11 of the Credit
Agreement is hereby amended by replacing the phrase “October 15, 2010” with the
phrase “October 31, 2010”.
     Section 1.04 Amendment to Schedule XIII. Schedule XIII of the Credit
Agreement is hereby amended by adding the following phrase at the end of item
6.b.:
     “, subject to extension by the Administrative Agent in its sole
discretion.”
ARTICLE II
REAFFIRMATION
     Section 2.01. Each Credit Party hereby acknowledges and agrees that it
expects to realize substantial direct and indirect benefits as a result of the
amendments contemplated by this Second Amendment.
     Section 2.02. Each Credit Party hereby acknowledges its receipt of this
Second Amendment and its review of the terms and conditions thereof and consents
to the terms and conditions of this Second Amendment contemplated hereby and
thereby.
     Section 2.03. Each Credit Party, by executing and delivering a copy hereof,
hereby (i) affirms and confirms its guarantee, pledge, grant and other
agreements under and pursuant to the applicable Guaranty and Security Documents
(including, without limitation, any such Security Documents governed by the laws
of New York, Brazil, Cayman, Island of Guernsey, Mexico, Netherlands, Norway,
Scotland, Bahamas, Isle of Man, Vanuatu and England and Wales) in accordance
with the terms and provisions thereof and (ii) agrees that,

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notwithstanding the effectiveness of this Second Amendment, (x) each such
Guaranty and Security Document continues to be in full force and effect and
(y) all guarantees, pledges, grants and other agreements thereunder shall
continue to be in full force and effect without interruption to secure the
Secured Obligations (including, for the avoidance of doubt, the Loans made by
the Lenders from and after the date hereof and all other obligations under the
Credit Documents as each such Credit Document may be amended on the date hereof
and as it may be further amended, restated, modified or supplemented from time
to time), in each case, as such agreements and other documents are being amended
hereby or in connection herewith.
ARTICLE III
MISCELLANEOUS PROVISIONS
     Section 3.01. In order to induce the Lenders to enter into this Second
Amendment, each of Holdings and the Borrower hereby represents and warrants that
(i) no Default or Event of Default exists as of the Second Amendment Effective
Date after giving effect to this Second Amendment and (ii) all of the
representations and warranties contained in the Credit Agreement are true and
correct in all material respects on the Second Amendment Effective Date both
before and after giving effect to this Second Amendment, with the same effect as
though such representations and warranties had been made on and as of the Second
Amendment Effective Date (it being understood that any representation or
warranty made as of a specific date shall be true and correct in all material
respects as of such specific date).
     Section 3.02. This Second Amendment is limited as specified and shall not,
except as expressly set forth herein, constitute a modification, acceptance,
consent to deviation from or waiver of any other provision of the Credit
Agreement or any other Credit Document.
     Section 3.03. This Second Amendment may be executed in any number of
counterparts and by the different parties hereto on separate counterparts, each
of which counterparts when executed and delivered shall be an original, but all
of which shall together constitute one and the same instrument. A complete set
of counterparts shall be lodged with the Borrower and the Administrative Agent.
Delivery of an executed signature page to this Second Amendment by facsimile
transmission, as a .pdf attachment or by other electronic means of transmission
shall be as effective as delivery of a manually signed counterpart of this
Second Amendment.
     Section 3.04. THIS SECOND AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW
OF THE STATE OF NEW YORK AND SHALL BE SUBJECT TO THE WAIVER OF JURY TRIAL AND
NOTICE PROVISIONS IN THE CREDIT AGREEMENT.
     Section 3.05. This Second Amendment shall become effective on the date (the
“Second Amendment Effective Date”) each Credit Party, each Lender and the
Administrative Agent have signed a counterpart hereof (whether the same or
different counterparts) and

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delivered the same (including by way of facsimile or other electronic
transmission) to Paul, Weiss, Rifkind, Wharton & Garrison LLP, 1285 Avenue of
the Americas, New York, NY 10019 Attention: Liza Montesano (facsimile number:
212-492-0304 / email: lmontesano@paulweiss.com).
     Section 3.06. Except for deliveries that are required pursuant to the
Credit Agreement, each of the parties hereto agree and acknowledge that
notwithstanding anything to the contrary contained herein, none of the
Administrative Agent or the Borrower or any of its Subsidiaries shall have any
duty to disseminate any information or materials, or to solicit the
participation, of any Lender (or any affiliate (including funds under common
management) thereof).
     Section 3.07. The Borrower and its Subsidiaries agree to indemnify and hold
harmless the Administrative Agent, the Lenders and their respective affiliates
and each director, officer, employee, representative and agent thereof (each, an
“indemnified person”) from and against any and all actions, suits, proceedings
(including any investigations or inquiries), claims, losses, damages,
liabilities or expenses of any kind or nature whatsoever which may be incurred
by or asserted against or involve the Administrative Agent, the Lenders or any
other such indemnified person as a result of or arising out of or in any way
related to or resulting from the matters described in the foregoing paragraph
(collectively, the “indemnifiable claims”) and, upon demand, to pay and
reimburse the Administrative Agent, the Lenders and each other indemnified
person for any reasonable legal or other out-of-pocket expenses paid or incurred
in connection with investigating, defending or preparing to defend any such
indemnifiable claim (whether or not the Administrative Agent, the Lenders or any
other such indemnified person is a party to any action or proceeding out of
which any such expenses arise). Notwithstanding the foregoing, no indemnified
party shall be entitled to seek any indemnity for any indemnifiable claim
arising from the gross negligence or willful misconduct (as determined by a
court of competent jurisdiction in a final and non-appealable decision) or
otherwise caused by action or inaction of such indemnified person.
     Section 3.08. From and after the Second Amendment Effective Date, all
references in the Credit Agreement and each of the other Credit Documents to the
Credit Agreement shall be deemed to be references to the Credit Agreement as
amended by this Second Amendment.
* * *

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     IN WITNESS WHEREOF, the parties hereto have caused their duly authorized
officers to execute and deliver this Second Amendment as of the date first above
written.

            TRICO SHIPPING AS
      By:   /s/ Gerald Alistair Gray         Name:   Gerald Alistair Gray       
Title:   Managing Director        TRICO SUPPLY AS
      By:   /s/ Geoff Jones         Name:   Geoff Jones        Title:  
Chairman        DEEPOCEAN SHIPPING III AS
      By:   /s/ Geoff Jones         Name:   Geoff Jones        Title:  
Chairman     

[Signature Page to Second Amendment to Credit Agreement]

 

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            DEEPOCEAN SHIPPING II AS
      By:   /s/ Geoff Jones         Name:   Geoff Jones        Title:  
Chairman        DEEPOCEAN SHIPPING AS
      By:   /s/ Gerald Alistair Gray         Name:   Gerald Alistair Gray       
Title:   Managing Director        DEEPOCEAN AS
      By:   /s/ Geoff Jones         Name:   Geoff Jones        Title:  
Chairman        TRICO SUPPLY (UK) LIMITED
      By:   /s/ Gerald Alistair Gray         Name:   Gerald Alistair Gray       
Title:   Managing Director        ALBYN MARINE LIMITED
      By:   /s/ Gerald Alistair Gray         Name:   Gerald Alistair Gray       
Title:   Managing Director        CTC MARINE PROJECTS LIMITED
      By:   /s/ Geoff Jones         Name:   Geoff Jones        Title:  
Chairman        DEEPOCEAN BRASIL SERVICOS LTDA.
      By:   /s/ Tomás Salazar         Name:   Tomás Salazar        Title:  
Manager     

[Signature Page to Second Amendment to Credit Agreement]

 

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            DEEPOCEAN MARITIME AS
      By:   /s/ Geoff Jones         Name:   Geoff Jones        Title:  
Chairman        DEEPOCEAN MANAGEMENT AS
      By:   /s/ Geoff Jones         Name:   Geoff Jones        Title:  
Chairman        DEEPOCEAN DE MEXICO S. DE R.L. DE C.V.
      By:   /s/ Geoff Jones         Name:   Geoff Jones        Title:  
Chairman        CTC MARINE NORWAY AS
      By:   /s/ Geoff Jones         Name:   Geoff Jones        Title:  
Chairman        CTC MARINE PROJECTS (GUERNSEY) LIMITED
      By:   /s/ Geoff Jones         Name:   Geoff Jones        Title:  
Chairman        DEEPOCEAN SUBSEA SERVICES LIMITED
      By:   /s/ Gerald Alistair Gray         Name:   Gerald Alistair Gray       
Title:   Managing Director        DEEPOCEAN BV
      By:   /s/ Mads Ragnar Bârdsen         Name:   Mads Ragnar Bârdsen       
Title:   Director     

[Signature Page to Second Amendment to Credit Agreement]

 

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            DEEPOCEAN UK LTD.
      By:   /s/ Gerald Alistair Gray         Name:   Gerald Alistair Gray       
Title:   Managing Director        SERVICIOS PROFESIONALES DE APOYO
ESPECIALIZADO, S. DE R.L. DE C.V.
      By:   /s/ Geoff Jones         Name:   Geoff Jones        Title:  
Chairman        SERVICIOS DE SOPORTE PROFESIONAL
ADMINISTRATIVO, S. DE R.L. DE C.V.
      By:   /s/ Geoff Jones         Name:   Geoff Jones        Title:  
Chairman        TRICO SUBSEA AS
      By:   /s/ Geoff Jones         Name:   Geoff Jones        Title:  
Chairman        TRICO SUBSEA HOLDING AS
      By:   /s/ Geoff Jones         Name:   Geoff Jones        Title:  
Chairman     

[Signature Page to Second Amendment to Credit Agreement]

 

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            CANTOR FITZGERALD SECURITIES,
as Administrative Agent
      By:   /s/ James Bond         Name:   James Bond        Title:   Chief
Operating Officer     

[Signature Page to Second Amendment to Credit Agreement]

 

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            FIDELITY ADVISOR SERIES II:
FIDELITY ADVISOR STRATEGIC
INCOME FUND,
as a Lender
      By:   /s/ Jeffrey Christian         Name:   Jeffrey Christian       
Title:   Deputy Treasurer     

[Signature Page to Second Amendment to Credit Agreement]

 

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            FIDELITY SUMMER STREET TRUST:
FIDELITY CAPITAL & INCOME FUND,
as a Lender
      By:   /s/ Jeffrey Christian         Name:   Jeffrey Christian       
Title:   Deputy Treasurer     

[Signature Page to Second Amendment to Credit Agreement]

 

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            FIDELITY SCHOOL STREET TRUST:
FIDELITY STRATEGIC INCOME FUND,
as a Lender
      By:   /s/ Jeffrey Christian         Name:   Jeffrey Christian       
Title:   Deputy Treasurer     

[Signature Page to Second Amendment to Credit Agreement]

 

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            ILLINOIS MUNICIPAL RETIREMENT FUND,
as a Lender
      By:   /s/ Susanne Riche         Name:   Susanne Riche        Title:  
Director     

[Signature Page to Second Amendment to Credit Agreement]

 

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            VARIABLE INSURANCE PRODUCTS FUND V:
STRATEGIC INCOME PORTFOLIO,
as a Lender
      By:   /s/ Jeffrey Christian         Name:   Jeffrey Christian       
Title:   Deputy Treasurer     

[Signature Page to Second Amendment to Credit Agreement]

 

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            MUTUAL EUROPEAN FUND,
as a Lender
      By:   /s/ Bradley Takahashi         Name:   Bradley Takahashi       
Title:   Vice President     

[Signature Page to Second Amendment to Credit Agreement]

 

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            FRANKLIN MUTUAL RECOVERY FUND,
as a Lender
      By:   /s/ Bradley Takahashi         Name:   Bradley Takahashi       
Title:   Vice President     

[Signature Page to Second Amendment to Credit Agreement]

 

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            THE ROYAL BANK OF SCOTLAND PLC
      By:   RBS Securities Inc., its agent         as a Lender                 
    By:   /s/ Jason Leddy         Name:   Jason Leddy        Title:   Authorized
Signatory     

[Signature Page to Second Amendment to Credit Agreement]

 

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            Western Asset Management Company as
Investment Manager and Agent on behalf of:
Western Asset Floating Rate High Income Fund LLC,
as a Lender
      By:   /s/ Kim Nguyen         Name:   Kim Nguyen        Title:   Authorized
Signatory     

[Signature Page to Second Amendment to Credit Agreement]

 

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            Western Asset Management Company as
Investment Manager and Agent on behalf of:
John Hancock Fund II Floating Rate Income Fund,
as a Lender
      By:   /s/ Kim Nguyen         Name:   Kim Nguyen        Title:   Authorized
Signatory     

[Signature Page to Second Amendment to Credit Agreement]

 

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            CCIF Loans Limited
      By:   Goldman Sachs Asset Management, L.P.,         its sub advisor       
as a Lender              By:   /s/ Keith Rothwell         Name:   Keith
Rothwell        Title:   Authorized Signatory     

[Signature Page to Second Amendment to Credit Agreement]

 

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            ARTIO GLOBAL INVESTMENT FUNDS,
ACTING SOLEY WITH RESPECT TO ITS SERIES,
ARTIO GLOBAL HIGH INCOME FUND
as a Lender
      By:   /s/ Victor J. Simon         Name:   Victor J. Simon        Title:  
Vice President     

[Signature Page to Second Amendment to Credit Agreement]

 

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            ARTIO GLOBAL MANAGEMENT LLC,
ON BEHALF OF THE ARTIO GLOBAL
HIGH INCOME GROUP TRUST FUND,
as a Lender
      By:   /s/ Hendricus Bocke         Name:   Hendricus Bocke        Title:  
Senior Vice President     

[Signature Page to Second Amendment to Credit Agreement]

 

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            ARTIO GLOBAL MANAGEMENT LLC,
ON BEHALF OF THE ARTIO GLOBAL
HIGH INCOME FUND LLC,
as a Lender
      By:   /s/ Hendricus Bocke         Name:   Hendricus Bocke        Title:  
Senior Vice President     

[Signature Page to Second Amendment to Credit Agreement]

 

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            ARTIO GLOBAL MANAGEMENT LLC,
ON BEHALF OF THE CALIFORNIA
STATE TEACHERS RETIREMENT SYSTEM,
as a Lender
      By:   /s/ Hendricus Bocke         Name:   Hendricus Bocke        Title:  
Senior Vice President     

[Signature Page to Second Amendment to Credit Agreement]

 

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            ARTIO GLOBAL MANAGEMENT LLC,
ON BEHALF OF THE GENERAL RETIREMENT SYSTEM OF THE CITY OF DETROIT,
as a Lender
      By:   /s/ Hendricus Bocke         Name:   Hendricus Bocke        Title:  
Senior Vice President     

[Signature Page to Second Amendment to Credit Agreement]

 

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            ARTIO GLOBAL MANAGEMENT LLC,
ON BEHALF OF THE CITY OF PHILADELPHIA PUBLIC EMPLOYEES RETIREMENT SYSTEM,
as a Lender
      By:   /s/ Hendricus Bocke         Name:   Hendricus Bocke        Title:  
Senior Vice President     

[Signature Page to Second Amendment to Credit Agreement]

 

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            ARTIO GLOBAL MANAGEMENT LLC,
ON BEHALF OF THE CALIFORNIA PUBLIC EMPLOYEES’ RETIREMENT SYSTEM,
as a Lender
      By:   /s/ Hendricus Bocke         Name:   Hendricus Bocke        Title:  
Senior Vice President     

[Signature Page to Second Amendment to Credit Agreement]

 

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            Oaktree Opps TS Investments Ltd.,
as a Lender
      By:   Oaktree Capital Management, L.P.       Its:  Director               
    By:   /s/ Rajath Shourie         Name:   Rajath Shourie        Title:  
Managing Director              By:   /s/ Lowell Hill         Name:   Lowell
Hill        Title:   Managing Director     

[Signature Page to Second Amendment to Credit Agreement]

 

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            Goldman Sachs Palmetto State Credit Fund, L.P.,
as a Lender
      By:   Goldman Sachs Asset Management, L.P.,         its investment
manager                    By:   /s/ Tom Secor         Name:   Tom Secor       
Title:   Vice President     

[Signature Page to Second Amendment to Credit Agreement]

 

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            Goldman Sachs Credit Strategies Fund,
as a Term Lender,
as a Lender
      By:   Goldman Sachs Asset Management,         solely in its capacity as
Investment        Manager, and as Principal            By:   /s/ Tom Secor      
  Name:   Tom Secor        Title:   Vice President   

[Signature Page to Second Amendment to Credit Agreement]

 

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            Liberty Harbor Distressed Credit
Aggregator I, L.P., as a Lender
      By:   Liberty Harbor Distressed Credit         Opportunities Advisors, LLC
        as General Partner              By:   /s/ Tom Secor         Name:   Tom
Secor        Title:   Vice President     

[Signature Page to Second Amendment to Credit Agreement]

 

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            Goldman Sachs Corporate Credit Investment Fund LLC, as a Lender
      By:   Goldman Sachs Asset Management, L.P.,         its investment
manager                      By:   /s/ Tom Secor         Name:   Tom Secor     
  Title:   Vice President     

[Signature Page to Second Amendment to Credit Agreement]

 

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            Liberty Harbor Master Fund LLP.,
as a Lender
      By:   Goldman Sachs Asset Management, L.P.,         its investment
manager                      By:   /s/ Tom Secor         Name:   Tom Secor     
  Title:   Vice President     

[Signature Page to Second Amendment to Credit Agreement]

 

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            Mariner LDC,
as a Lender
      By:   Mariner Investment Group,         as Investment Advisor             
        By:   /s/ David Corleto         Name:   David Corleto        Title:  
Principal     

[Signature Page to Second Amendment to Credit Agreement]

 

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            Caspian Capital Partners, L.P.,
as a Lender
      By:   Mariner Investment Group,         as Investment Advisor             
        By:   /s/ David Corleto         Name:   David Corleto        Title:  
Principal     

[Signature Page to Second Amendment to Credit Agreement]

 

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            Caspian Corporate Loan Fund LLC,
as a Lender
      By:   Mariner Investment Group LLC,         as Investment Advisor       
as a Term Lender              By:   /s/ David Corleto         Name:   David
Corleto        Title:   Principal     

[Signature Page to Second Amendment to Credit Agreement]

 

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            Caspian Select Credit Master Fund, Ltd.,
as a Lender
      By:   Mariner Investment Group,         as Investment Advisor             
By:   /s/ David Corleto         Name:   David Corleto        Title:   Principal 
   

[Signature Page to Second Amendment to Credit Agreement]

 

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            Caspian Alpha Long Credit Fund, L.P.,
as a Lender
      By:   Mariner Investment Group LLC,         as Investment Advisor         
    By:   /s/ David Corleto         Name:   David Corleto        Title:  
Principal     

[Signature Page to Second Amendment to Credit Agreement]

 

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            Caspian Solitude Master Fund, L.P.,
as a Lender
      By:   Mariner Investment Group LLC,         as Investment Advisor         
    By:   /s/ David Corleto         Name:   David Corleto        Title:  
Principal     

[Signature Page to Second Amendment to Credit Agreement]

 

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            SPECTRUM ORIGINATION LLC,
as a Lender
      By:   /s/ Jeffrey Schaffer         Jeffrey A. Schaffer        Managing
Member     

[Signature Page to Second Amendment to Credit Agreement]

 

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            DSTAR, LTD.,
as a Lender
      By:   Herbert E. Seif         Name:   Herbert E. Seif        Title:  
Managing Director,
Citigroup Alternative
Investments, LLC
Its Investment Adviser              By:   /s/ James Duplessie         Name:  
James Duplessie        Title:   Managing Director,
Citigroup Alternative
Investments, LLC
Its Investment Adviser     

[Signature Page to Second Amendment to Credit Agreement]

 

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            CAI DISTRESSED DEBT OPPORTUNITY MASTER FUND, LTD.,
as a Lender
      By:   /s/ Herbert E. Seif         Name:   Herbert E. Seif        Title:  
Managing Director,
Citigroup Alternative
Investments, LLC
Its Investment Adviser              By:   /s/ James Duplessie         Name:  
James Duplessie        Title:   Managing Director,
Citigroup Alternative
Investments, LLC
Its Investment Adviser     

[Signature Page to Second Amendment to Credit Agreement]

 

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            SPECIAL VALUE CONTINUATION PARTNERS, LP,
as a Lender
TENNENBAUM OPPORTUNITIES PARTNERS V, LP,
as a Lender
TENNENBAUM DIP OPPORTUNITY FUND, LLC,
as a Lender
      By:   Tennenbaum Capital Partners, LLC,         Investment Manager of each
of the above companies        By:   /s/ David Hollander         Name:   David
Hollander        Title:   Partner     

[Signature Page to Second Amendment to Credit Agreement]