| C      L I F F O R D C      H A N C E |   | CLIFFORD      CHANCE LLPADVOCATEN      SOLICITORS NOTARIS BELASTINGADVISEURS |
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|                                       |   | EXECUTION      COPY                                                          |

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| SHAREHOLDERS’      AGREEMENTRELATING      TO SEATLIFT LTD |
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| DATED      27 APRIL 2007                                        |
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| 1.           Interpretation                          |
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| 2.           The      Shares                         |
| 3.           Condition      Precedent; Completion    |
| 4.           Erisa                                   |
| 5.           The      Board And Its Proceedings      |
| 6.           Proceedings      Of The General Meeting |
| 7.           Conduct      Of Business And Reporting  |
| 8,           Target      Warranties And Indemnities  |
| 9.                Business Plan And Financial Year        |
| 10.          Transfers                                    |
| 11.          Exit                                         |
| 12.          Tag      Along Rights                        |
| 13.          Termination      Of Agreement                |
| 14.          3i      Investors’ Rights              |
| 15.          Bye-Laws                                     |
| 16.          General                                      |
| 17.          Applicable      Law And Dispute Resolution   |
| Schedule      1: Interpretation                                                                             |
| Schedule      2: Shareholdings                                                                              |
| Schedule      3: Reserved Matters                                                                           |
| Schedule      4: Form Of Deed Of Adherence                                                                  |
| Schedule      5: Continuing Obligations                                                                     |
| Schedule      6: Completion Certificate                                                                     |
| Agreed      Form Documents                                                                                  |
| (1)           Bye-Laws      of the Company           |
| (2)           Electronic      Financial Report       |
| (3)           Sample      Management Accounts        |

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| (1) | 3i EUROPARTNERS Va      L.P., a limited      partnership registered under the Limited Partnerships Act 1907 (registered      number LP011419), with its registered office at 16 Palace Street, London      SW1E 5JD, England (“3i      Europartners Va”), acting by its      manager, 3i Investments plc (registered number 3975789), with its      registered office at 16 Palace Street, London SW1E 5JD, England (“3i Investments”); |
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| (2) | 3i EUROPARTNERS Vb      L.P., a limited      partnership registered under the Limited Partnerships Act 1907 (registered      number LP011420), with its registered office at 16 Palace Street, London      SW1E 5JD, England (“3i      Europartners Vb”), acting by its      manager, 3i Investments; |
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| (3) | 3i PAN EUROPEAN BUY-OUTS      2006-08A L.P., a limited      partnership registered under the Limited Partnerships Act 1907 (registered      number LP011276), with its registered office at 16 Palace Street, London      SW1E 5JD, England (“3i      Pan European A”), acting by its      manager, 3i Investments; |
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| (4) | 3i PAN EUROPEAN BUY-OUTS      2006-08B L.P., a limited      partnership registered under the Limited Partnerships Act 1907 (registered      number LP011277), with its registered office at 16 Palace Street, London      SW1E 5JD, England (“3i      Pan European B”), acting by its      manager, 3i Investments; |
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| (5) | 3i PAN EUROPEAN BUY-OUTS      2006-08C L.P., a limited      partnership registered under the Limited Partnerships Act 1907 (registered      number LP011278), with its registered office at 16 Palace Street, London      SW1E 5JD, England (“3i      Pan European C”), acting by its      manager, 3i Investments; |
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| (6) | 3i GLOBAL GROWTH 2006-08      L.P., a limited      partnership registered under the Limited Partnerships Act 1907 (registered      number LP011318), with its registered office at 16 Palace Street, London      SW1E 5JD,      England (“3i Global      Growth”), acting by its      manager, 3i Investments; |
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| (7) | 3i PAN-EUROPEAN GROWTH 2006-08      L.P., a limited      partnership registered under the Limited Partnerships Act 1907 (registered      number LP011320), with its registered office at 16 Palace Street, London      SW1E 5JD, England (“3i      Pan-European Growth”), acting by its      manager, 3i Investments; |
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| (8) | PAN-EUROPEAN BUYOUTS CO-INVEST      2006-08 L.P., a limited      partnership registered under the Limited Partnerships Act 1907 (registered      number LP011279), with its registered office at 16 Palace Street, London      SW1E 5JD, England (“Pan-European      Co-invest”), acting by its      manager, 3i Investments; |
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| (9) | PAN-EUROPEAN BUYOUTS CO-INVEST      2006-08 FCPR, a fonds communs de placement à      risqué formed under the laws of France, with its registered office      at 3, rue Paul Cézanne, 75008 Paris, France (“Pan-European Co-invest      France”), acting by its      manager, 3i Gestion S.A.; |
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| (10) | PAN-EUROPEAN BUYOUTS      (NORDIC) CO-INVEST 2006-08      L.P., a limited      partnership registered under the Limited Partnerships Act 1907 (registered      number LP011553), with its registered office at 16 Palace Street, London      SW1E 5JD, England (“Pan-European (Nordic) Co-invest”), acting by its      manager, 3i Investments; |
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| (11) | PAN EUROPEAN BUYOUTS      (DUTCH) A CO-INVEST 2006-08      L.P., a limited      partnership registered under the Limited Partnerships Act 1907, with      registered number LP011874, and having its registered office at 16 Palace      Street, London, SW1E 5JD, United Kingdom (“Pan-European (Dutch) Co-Invest”), acting by its      manager, 3i Investments; |
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| (12) | GLOBAL GROWTH CO-INVEST 2006-08      L.P., a limited      partnership registered under the laws of Jersey (registered number LP760),      with its registered office at 22 Grenville Street, St. Helier, Jersey      (“Global Growth      Co-invest”), acting by its      manager, 3i Investments; |
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| (13) | OIL, GAS & POWER CO-INVEST 2006-08      L.P., a limited      partnership registered under the Limited Partnerships Act 1907 (registered      number LP011321), with its registered office at 16 Palace Street, London      SW1E 5JD, England (“Oil, Gas & Power Co-invest”), acting by its      manager, 3i Investments; |
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| (14) | STICHTING MANAGEMENT      SEAL, a foundation (stichting)      incorporated under the laws of The Netherlands, with its registered      office at Lage Mosten 15, 4822 NJ Breda, The Netherlands, and being      registered with the commercial register in West-Brabant, The Netherlands      (the “Stichting”); |
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| (15) | FRONTLINE LTD, a company      incorporated under the laws of Bermuda, with its registered office at PO      Box HM 1593, Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton HM 08,      Bermuda, Company No. 17460 and being listed on the Oslo Stock Exchange and      the New York Stock Exchange (“Frontline”);  and |
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| (16) | SEALIFT LTD, a company      incorporated under the laws of Bermuda, with its registered office at PO      Box HM 1593, Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton HM 08,      Bermuda, Company No. 39466 (the “Company”). |
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| (A) | As      at the date hereof, Frontline holds 33,3% of the shares in the capital of      the Company; |
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| (B) | On      or around the date hereof, certain of the Parties and certain other      persons entered into a merger agreement (the “Merger Agreement”) and a sale and      purchase agreement (the “SPA”) pursuant to which      inter alia the 3i      Investors will sell their shares and convertible bonds issued by Delphi to      the Company in consideration for the issue by the Company of shares in its      capital to the 3i Investors in the capacity as sellers under the      SPA; |
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| (C) | The      Parties wish to enter into this Agreement for the purposes of regulating      certain aspects of the affairs of the Company, on the terms and under the      conditions set forth in thisAgreement. |
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|   | IT IS AGREEDas      follows: |
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| 1.1 | In      addition to terms defined elsewhere in this Agreement, the definitions and      other provisions in Schedule 1 (Interpretation) apply      throughout this Agreement unless the contrary intention      appears. |
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| 1.2 | In      this Agreement, unless the contrary intention appears, a reference to a      recital, clause, Schedule or Annex is a reference to a recital, clause,      schedule or annex of this Agreement.  The Schedules or Annexes      are an integral part of thisAgreement. |
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| 1.3 | The      headings in this Agreement do not affect its    interpretation. |
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| 2.1 | Upon      completion of the Private Placement and the Merger Completion (both as      defined in the Merger Agreement) having taken place, the Shares held by      the Parties shall be as set out in Schedule 2      (Shareholdings).  The remaining Shares are held by third party      shareholders not party to thisAgreement. |
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| 2.2 | The      Parties other than the Company, as the holders of Shares, will have all      voting and other rights attaching to the Shares as set out in this      Agreement, the Bye-Laws and under the laws and regulations governing the      Company and the Shares. |
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| 2.3 | The      Parties acknowledge and agree that if the Board or the General Meeting      (whichever is authorised to so resolve) resolves to issue additional      Shares or other equity or debt instruments to finance additional capital      requirements of the Group, to make add-on investments or for other      reasons, then each Shareholder shall be entitled to participate in such      additional issuance (the “Issuance”) in the same      proportion as the Shareholders hold Shares at the time of the      Issuance.  For the avoidance of doubt, the Shareholders shall      only be entitled to participate in all of the instruments issued at the      time of the Issuance and not in part thereof, regardless of whether they      held these instruments prior to the date of the Issuance.  Each      Shareholder hereby acknowledges and agrees that it will be diluted if it      resolves not to participate in the Issuance and that its above and      statutory pre-emptive rights (if any) may be excluded if it resolves not      to participate. |
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| 3.1 | Except      for the provisions of clause 1 (Interpretation), this      clause 3 and clauses 16 (General) and 17 (Applicable Law and Dispute      Resolution), as well as the provisions of Schedule 1 (Interpretation), which      are of immediate effect, the provisions of and transactions contemplated      in this Agreement are subject to and conditional on receipt by each Party      of a duly executed Completion Certificate (the “Condition”). |
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| 3.2 | If      the Condition is fulfilled or waived on the Merger Completion Date, the      Parties shall procure that the composition of the Board shall be changed,      such that its composition shall be in accordance with clause 5.2 on that      date. |
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| 3.3 | If      the Condition is not fulfilled or waived on or before that date, except      for the provisions of clause 1 (Interpretation), this      clause 3 and clauses 16 (General) and 17 (Applicable Law and Dispute      Resolution), as well as the provisions of Schedule 1 (Interpretation), all      the other clauses of this Agreement shall lapse and cease to have effect;      but |
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|   | 3.3.1 | the      lapsing of those provisions shall not affect any rights or liabilities of      any Party in respect of damages for non-performance of any obligation      under this agreement falling due for performance prior to such lapse;      and |
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|   | 3.3.2 | no      Party shall make (or permit any person to make) any announcement      concerning this Agreement or any ancillary matter without the prior      written consent of the 3i Investors and  Frontline. |
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| 4.1 | The      Parties acknowledge that each of the ER1SA Funds (at the date of this      Agreement being 3i Europartners Va and 3i Europarters Vb) has limited      partners which are entities governed in the United States of America by      ERISA.  In order to permit each ERISA Fund to treat the Company      as a “venture capital operating company” (“VCOC”) for the purposes of      ERISA, for so long as any ERISA Fund or its nominee holds any Shares in      the capital of the Company: |
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|   | 4.1.1 | that      ERISA Fund may at any time by notice to the Company (i) nominate for      appointment and removal any person to be a Director and (ii) appoint any      person to be an Observer, and may similarly remove from office any such      person and appoint another in his place, all in accordance with clause 5      and the Bye-Laws, and the Parties shall use their respective best      endeavours to procure that the members of the Board co-opt such nominees      in such capacity and the Shareholders shall vote their Shares at the next      General Meeting to confirm thesame; |
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|   | 4.1.2 | none      of the decisions set out in Part 1 of Schedule 3 (Reserved Matters) can      be taken without the approval of the Director appointed by that ERISA      Fund; |
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|   | 4.1.3 | none      of the decisions set out in Part 2 of Schedule 3 (Reserved Matters) can      be taken without the approval of that ERISA Fund;  and |
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|   | 4.1.4 | that      ERISA Fund shall have the right to (i) receive upon reasonable written      request to the Company the information set forth in clause 7.2 and      Schedule 5 (Continuing      Obligations), (ii) meet with such management or personnel of the      Group as may reasonably be designated by it, upon reasonable notice to the      Company, for the purpose of consulting with and advising and influencing      management, obtaining information regarding the business and prospects of      the Group or expressing the views of that ERISA Fund on such matters, and      (iii) visit and inspect any of the offices and properties of any member of      the Group and inspect and copy the books and records of that member of the      Group, upon reasonable notice to theCompany. |
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| 4.2 | The      Parties shall not permit anything to be done that may prejudice the      treatment by any ERISA Fund of the Company as a  VCOC. |
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| 4.3 | If      any ERISA Fund notifies the Company (supported by a copy of legal advice      to that effect received from appropriately qualified lawyers) that the      provisions of clause 4.1 should be amended to preserve the qualification      of that ERISA Fund as a VCOC, or otherwise to ensure that the assets of      that ERISA Fund are not considered “plan assets” of the ERISA Fund for the      purposes of ERISA, the Parties will agree and make any necessary      amendments to the Agreement provided that the amendments do not result in      a material adverse effect on the operations, business and prospects of any      member of the Group, materially change the rights, liabilities or      obligations of any of the Parties or materially affect the value of the      Shares. |
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| 5.1 | The      Company shall have a Board, which is responsible for the management of the      business of the Company and attending to all other matters entrusted to      the Board in the Bye-Laws or by operation of law.  The members      of the Board shall at all times act in the interest of the      Company.  In performing its task, the Board may exercise all the      powers of the Company save to the extent specifically provided as      otherwise provided in this Agreement, the Bye-Laws or the Bermuda      Companies Act. |
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| 5.2 | The      Shareholders shall exercise their voting powers such that the members of      the Board shall be appointed and removed from office by the Board and/or      General Meeting (as applicable according to the Bye-Laws) as      follows: |
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|   | 5.2.1 | the      CEO and CFO from time to time shall each be a  Director; |
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|   | 5.2.2 | the      3i Investors (by majority vote) shall be entitled by notice in writing to      the Company to present candidates for the appointment or replacement of up      to two (2) Directors; |
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|   | 5.2.3 | Frontline      shall be entitled by notice in writing to the Company to present      candidates for the appointment or replacement of one (1) Director;      and |
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|   | 5.2.4 | each      ERISA Fund shall be entitled by notice in writing to the Company to      present candidates for the appointment or replacement of one (1)      Director. |
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| 5.3 | The      3i Investors and Frontline agree that the Board shall be expanded with two      (2) as yet unknown independent directors whose identity, qualifications      and experience is mutually acceptable to the 3i Investors and      Frontline. |
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| 5.4 | The      members of the Board shall, from amongst their midst, appoint the      Chairman. |
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| 5.5 | The      Board may represent the Company; in addition, any two (2) Directors shall      be jointly authorised to represent the Company towards third parties,      provided that such two (2) Directors may not both have been appointed      pursuant to clause 5.2.1, 5.2.2 or 5.2.4 (as the case may    be). |
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| 5.6 | With      respect to the appointments and removals from office referred to in clause      5.2, the Shareholders agree to vote in favour of one (1) of the candidates      nominated by the Party or Parties entitled to make a nomination pursuant      to that clause. |
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| 5.7 | The      Directors appointed pursuant to clauses 5.2.2, 5.2.3 and, if the Board so      decides also the Directors appointed pursuant to clause 5.2.4, shall be      entitled to an annual compensation that is customary for a group      controlled by private equity investors that is of similar type and size of      the Group, and to reimbursement of reasonable out of pocket      expenses. |
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| 5.8 | The      Board shall meet as often as necessary, and shall also meet at the request      of any individual Director. |
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| 5.9 | At      least five (5) Business Days’ notice, or such shorter period as the      Chairman may agree to in writing, of each meeting of the Board shall be      given to each Director and each Observer (if any).  The notice      shall be accompanied by an agenda setting out in such reasonable detail as      may be practicable the business to be transacted at the      meeting.  A breach of this clause shall not affect the validity      of any meeting of the Board that has otherwise been validly convened      provided that all Directors entitled to attend were present or      represented. |
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| 5.10 | Meetings      of the Board must as a general rule be held in the country where the      Company is at that time resident. |
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| 5.11 | A      person to be designated for that purpose by the Chairman shall keep      minutes of the meetings of the Board.  All minutes shall be in      the English language.  The minutes shall be adopted by the      Chairman of the Board and shall be signed by him as evidence      thereof. |
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| 5.12 | The      quorum at meetings of the Board shall be met when at least half of the      members of the Board are present or represented, including at least the      Chairman.  If the quorum is not present or represented at a      meeting of the Board at the time when any business is considered no      resolutions may be validly adopted.  Any member of the Board may      require that the meeting be reconvened.  In a reconvened meeting      of the Board, the quorum shall be met when at least half of the members of      the Board are present orrepresented. |
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| 5.13 | Unless      otherwise agreed in this Agreement and subject to the requirements of the      Bermuda Companies Act, all resolutions of the Board shall require a simple      majority of the members of such Board present at the meeting in which the      quorum requirements set forth in clause 5.12 are  met. |
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| 5.14 | In      case of a tied vote the Chairman shall have a casting  vote. |
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| 5.15 | A      resolution in writing signed by all members of the Board shall be valid      and have effect as if it had been passed at a meeting of the Board duly      convened and held.  Such resolution may be contained in one      document or in several documents, each stating the terms of the resolution      accurately and signed by one or more of the  Directors. |
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| 5.16 | A      meeting of the Board may be held by means of such telephone, electronic or      other communication facilities as permit all Directors or their      representatives (some or all of whom may be in different places)      participating in the meeting to communicate with each other simultaneously      and instantaneously and participation in such meeting shall constitute      presence in person at such meeting, provided that at the time of that      meeting a majority of the Directors is in the country where the Company is      at that time resident. |
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| 5.17 | A      Director or his representative may vote as a Director on any resolution      concerning any matter in which he has, directly or indirectly, a financial      or commercial interest, provided that he has disclosed to the other      members of the Board the nature and extent of such interest, and, if he      votes, his vote shall be counted and he shall be counted in the quorum      when that resolution or matter is under  consideration. |
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| 5.18 | The      Shareholders shall use their respective reasonable efforts to ensure that      the Board shall not undertake: |
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|   | 5.18.1 | any      of the Reserved Matters as set forth in Part 1 of Schedule 3 (Reserved Matters),      without the Board having resolved upon such matter by Qualified      Resolution; and |
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|   | 5.18.2 | any      of the Reserved Matters as set forth in Part 2 of Schedule 3 (Reserved Matters),      without the prior approval of the General Meeting by Qualified      Resolution. |
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| 5.19 | The      Parties agree and the Company shall procure that no member of the Group      shall adopt any resolution or take any action which is a Reserved Matter      as set forth in Schedule 3 (Reserved Matters) (or      a resolution which is analogous to or has a substantially similar effect      to any of the Reserved Matters) without the prior written approval of the      Board as its (ultimate) shareholder.  Clause 5.18 applies mutatis mutandis to      such approval of the Board. |
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| 5.20 | Where      a matter that would otherwise require a Qualified Resolution of the Board      or the prior approval of the General Meeting under this clause has been      expressly included in the Business Plan (or any budget) adopted in      accordance with this Agreement, no further approval shall be required      under this clause 5. |
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| 5.21 | Each      Director shall be authorised to appoint and remove his own alternate      director (an “Alternate      Director”) by written notice      to the Company.  In addition, a Director may at any time by      written notice to the Company or at a Board meeting appoint any person      (who need not be a Director) to act as his Alternate Director in his place      during his absence.  If such person is not a Director the      approval of the Board shall be required for such    appointment. |
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| 5.22 | Each      ERISA Fund shall be entitled to appoint an observer to the Board (an      “Observer”) by written notice      to the Company.  Each Party shall use its reasonable endeavours      to procure that any Observer shall be allowed to attend all meetings of      the Board, and shall receive any and all information that the members of      the Board receive, simultaneously with the members of the      Board.  An Observer shall not be entitled to vote on any such      meetings, but shall be allowed to speak and place items on the agenda for      discussion.  Each ERISA Fund may remove the Observer appointed      by it and appoint another person in its place.  Any Observer      shall be reimbursed for its reasonable out-of-pocket    expenses. |
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| 6.1 | The      annual General Meeting shall be held annually within six (6) months of the      end of each Financial Year. |
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| 6.2 | Special      General Meetings shall be held as often as the Board or one or more      Shareholders together holding at least 10% of the issued share capital of      the Company deem necessary. |
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| 6.3 | The      agenda for the annual General Meeting shall in any event contain the      following matters: |
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|   | 6.3.1 | the      annual report for the previous FinancialYear; |
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|   | 6.3.2 | adoption      of the Annual Accounts of the previous Financial Year and the allocation      of the dividends and other distributions (if  any); |
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|   | 6.3.3 | discharge      of the Directors for their management of the Company during the previous      Financial Year; |
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|   | 6.3.4 | appointments      to any vacancies on the Board; and |
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|   | 6.3.5 | any      other proposals put forward for discussion by the  Board. |
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| 6.4 | General      Meetings shall as a general rule be held in the country where the Company      is at that time resident, but may not be held in Norway, Luxembourg, The      Netherlands or the United Kingdom (unless the Company is at that time      resident there).  Notwithstanding the foregoing sentence, a      General Meeting may be held by means of such telephone, electronic or      other communication facilities as permit all persons participating in the      meeting to communicate with each other simultaneously and instantaneously      and participation in such meeting shall constitute presence in person at      such meeting, provided that during such meeting the majority of      Shareholders may not be in Norway, Luxembourg, The Netherlands or the      United Kingdom. |
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| 6.5 | General      Meetings shall be convened by the Board.  The convening shall      take place no later than the eighth day prior to the date of the      meeting.  The notice of the meeting shall state the subject to      be dealt with, without prejudice to the provisions of the      Bye-Laws. |
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| 6.6 | General      Meetings shall be chaired by the Chairman.  In his absence, the      Directors present shall choose a chairman from amongst their midst; if no      Director is present or willing to act as chairman the General Meeting      shall appoint its chairman. |
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| 6.7 | Minutes      shall be kept of the proceedings at every General Meeting by a secretary      to be designated by the Chairman.  All minutes shall be in the      English language.  The minutes shall be adopted by the Chairman      and shall be signed by him as evidencethereof. |
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| 6.8 | Save      as otherwise provided in this Agreement or the Bye-Laws, the quorum at any      General Meeting shall be constituted by the presence of Shareholders (or      of their duly appointed agents or attorneys) together holding at least 33      1/3 % of the voting rights entitled to be exercised at such      meeting.  The said quorum shall be required at all General      Meetings.  If a quorum is not present at a General Meeting at      the time when any business is considered no resolutions shall be      adopted.  Any Shareholder may require that the meeting be      reconvened.  At least five (5) calendar days’ notice of the      reconvened meeting shall be given.  The quorum for such      reconvened meeting is met when Shareholders (or their duly appointed      agents or attorneys) together holding at least 10% of the voting rights      entitled to be exercised at such meeting are present or      represented. |
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| 6.9 | Unless      agreed otherwise in this Agreement or in the Bye-Laws, or prescribed by      mandatory law, all resolutions of the General Meeting shall require a      simple majority of the Shareholders that are present at the meeting in      which the quorum requirements set forth in clause 6.8 are    met. |
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| 6.10 | The      Shareholders agree that they shall always exercise their vote in      accordance with the provisions of this  Agreement. |
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| 7.1 | The      Company undertakes to each of the 3i Investors and Frontline to comply      with all the obligations set out in Schedule 5 (Continuing      Obligations). |
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| 7.2 | The      Company shall procure thatDockwise: |
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|   | 7.2.1 | provides      to the Board the information set out in Schedule 5 (Continuing      Obligations); |
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|   | 7.2.2 | keeps      the Board informed of material matters relating to the progress of the      business of the Group, to such extent and in such form and detail as the      Board may from time to time reasonablyrequire; |
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|   | 7.2.3 | supplies      to the Board such written particulars of any matters concerned with and      arising out of the activities of the Group as the Board may from time to      time reasonably require; and |
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|   | 7.2.4 | responds      promptly to such enquiries for information as shall be reasonably made by      the Board. |
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| 7.3 | The      Company shall procure that each member of the Group shall give prompt      written notice to the Board upon becoming aware  of: |
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|   | 7.3.1 | any      occurrence (including, without limitation, any third party claim or      liability, any litigation, arbitration or administrative proceedings)      which would or would be likely either have a material adverse effect on      the financial condition of the Group or affect adversely any Group      member’s ability to perform its obligations under this Agreement, the      Finance Documents or any other agreement related to this Agreement;      or |
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|   | 7.3.2 | any      breach or likely breach of the covenants by any Group member under this      Agreement, the Finance Documents or any other agreement related to this      Agreement; or |
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|   | 7.3.3 | the      realized (year to date) EBITDA and cash flow of the Group for the relevant      current accounting period shown in the Management Accounts at any time      being less than ninety percent (90%) of the budget EBITDA amount or cash      flow as shown in the same ManagementAccounts. |
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| 8.1 | The      Company undertakes and agrees with each 3i Investor and Frontline      that: |
|-----|---------------------------------------------------------------------------------------|

|   | 8.1.1 | BidCo      shall, and shall procure that any member of the Group shall, enforce or      procure to be enforced to their full extent the obligations of the Sellers      to BidCo under the Target Warranties and  Indemnities; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.1.2 | BidCo      shall, and shall procure that any member of the Group shall, notify the      Board in writing promptly upon its becoming aware of any material breach      or potential material breach of the Target Warranties and      Indemnities; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.1.3 | no      Acquisition Claim will be commenced, waived, compromised or settled      without the prior written consent of theBoard; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------|

|   | 8.1.4 | BidCo      shall take, or shall procure that any member of the Group shall take, such      action as the Board may reasonably require to be taken to investigate,      conduct, pursue and enforce any actual or potential Acquisition      Claim; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.1.5 | BidCo      shall procure, at its own cost, the appointment of such legal and other      professional advisers as the Board may from time to time require to act on      BidCo’s behalf in the conduct and handling of any Acquisition      Claim; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.1.6 | BidCo      shall keep the Board informed of all material matters relating to the      progress of any Acquisition Claim to such extent and in such form and      detail as the Board may from time to time reasonably require;      and |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.1.7 | BidCo      shall supply to the Board such written particulars of any matters      concerned with or arising out of any actual or potential Acquisition Claim      and the conduct thereof, as the Board may from time to time reasonably      require. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.2 | If      the Board so decides, the Company shall procure that BidCo shall at its      own cost allow a person nominated by the Board, the exclusive conduct of      any Acquisition Claim in BidCo’s own name and on its behalf and in such      manner as that person sees fit. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.3 | If      the Company or BidCo fails to comply with any of its obligations under      this clause, either the 3i Investors or Frontline (whomever does so first)      shall be entitled to instruct a legal or other professional adviser to      prepare and submit to the Board, at the cost of the Company or BidCo (as      the case may be), the information that should have been supplied to the      Board pursuant to this clause.  The Company shall (and shall      procure that all members of the Group shall) give such legal or other      professional advisers all reasonable access to its books, records,      correspondence and premises and all reasonable assistance as the legal or      other professional advisers may request for this purpose and in particular      (without prejudice to the generality of the foregoing) permit them to take      extracts from and make copies of any documents and to discuss any matters      with any of the Group’s personnel, officers and  advisers. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.1 | The      Company shall procure that Dockwise prepares and delivers to the Board a      Business Plan at such time and in such manner that it is ready for      adoption not less than thirty (30) days before the first day of each      Financial Year.  Adoption of any Business Plan shall require a      resolution of the Board.  Each subsequent Business Plan shall be      prepared in conformity with the initial Business  Plan. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 9.2 | Each      Business Plan shall include: |
|-----|----------------------------------------|

|   | 9.2.1 | a      business forecast with respect to the current Financial    Year; |
|--------|-------|-------------------------------------------------------------------------|

|   | 9.2.2 | the      proposed strategy (including the acquisition strategy with details on the      possible acquisition target, the synergy options and the effect on the      Business Plan of these potentialacquisitions); |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9.2.3 | details      of the assumptions used for the matters referred to in clauses 9.2.1 and      9.2.2; |
|--------|-------|---------------------------------------------------------------------------------------------------|

|   | 9.2.4 | a      report on the Company’s performance during the current Financial Year,      which is to include all members of theGroup; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------|

|   | 9.2.5 | an      annual budget for the first Financial Year following the current year of      the (actual) Business Plan,including: |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------|

|   | (a) | a      breakdown of monthly consolidated revenues, operating expenses, operating      results, net interest expenses and Net Profits broken down per country of      operation, Subsidiary and productgroup; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | a      breakdown of monthly capital expenditures and cash  flow; |
|--------|-----|------------------------------------------------------------------|

|   | (c) | a      breakdown of a projected consolidated balance sheet as at the end of the      Financial Year and projected profit and loss account for the Financial      Year; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | a      breakdown of expected funding requirements and the proposed methods of      meeting those requirements; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------|

|   | (e) | a      set of key performance indicators (“KPIs”), to be agreed      with the Board. |
|--------|-----|--------------------------------------------------------------------------------------------------|

|   | 9.2.6 | a      summary annual budget, consisting of at least a balance sheet, profit and      loss account, cash flow statement and capital expenditures, for each of      the second, third and fourth Financial Year following the Financial Year      of the (actual) Business Plan. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.3 | The      Company shall procure that Dockwise will, save to the extent the Board may      during the current year of the (actual) Business Plan agree otherwise,      implement and execute the BusinessPlan. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.4 | For      the purposes of this Agreement, the first Financial Year of the Company      shall end on 31 December 2007.  After the first Financial Year,      all Financial Years of the Company will commence on 1 January and end on      31 December.  The financial years of the members of the Group      may end on different dates.  This will not affect the reporting      dates set out in this clause. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.5 | After      the end of each Financial Year, the Annual Accounts shall be      audited.  The consolidated audit of the Group shall be carried      out by the Auditors. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.6 | Any      Business Plan, the Annual Accounts and the Management Accounts shall at      all times be expressed in USDollars. |
|-----|----------------------------------------------------------------------------------------------------------------------------|

| 9.7 | All      financial information, as described in this clause, shall be in the      English language unless the Board decides  otherwise. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

| 10.1 | Except      for Permitted Transfers, each Shareholder agrees it shall not Transfer any      Shares until the earlier of (i) 30 September 2007 and (ii) the completion      of a Listing, except with the prior written consent of the 3i Investors      and Frontline. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2 | The      Parties agree to co-operate and the Shareholders agree to vote in favour      of: |
|------|--------------------------------------------------------------------------------------------|

----

|   | 10.2.1 | any      Transfer by any 3i Investor to and from any entity of the 3i Group or any      3i Fund; or |
|--------|--------|-----------------------------------------------------------------------------------------------------|

|   | 10.2.2 | any      Transfer to and from a nominee of any 3i  Investor; |
|--------|--------|--------------------------------------------------------------|

| 10.3 | It      shall be a condition of any Permitted Transfer  that: |
|------|---------------------------------------------------------------|

|   | 10.3.1 | The      shareholding by the Permitted Transferee is authorised by the Bermuda      Registrar of Companies and/or the Bermuda Monetary Authority or is subject      to an exemption or direction from the Bermuda Registrar of Companies      and/or the Bermuda MonetaryAuthority; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.3.2 | the      Permitted Transferee, if not already a Party, enters into an undertaking      to observe and perform all of the provisions and obligations of this      Agreement in accordance with the Deed of Adherence set out in Schedule 4      (Form of Deed of      Adherence), in which case this clause shall apply to that Permitted      Transferee; and |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.3.3 | all      Shares transferred under this clause shall be free from all liens, charges      and encumbrances and shall carry all rights, benefits and advantages      attached to them except the right to any dividend declared but not paid      prior to the date of registration of such Permitted    Transfer. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.4 | The      Company is hereby irrevocably authorised to sign the relevant Deed of      Adherence referred to in clause 10.3.12 on behalf of all other      Parties.  The Company shall inform all other Parties in writing      of any deed so executed.  This clause 10.4 is without prejudice      to the continuation of the rights and obligations of the original Parties      to this Agreement and to any other persons who have signed a Deed of      Adherence. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.5 | Without      prejudice to clauses 10.1 and 10.2, in case a third party (not being a 3i      Related Party or nominee of any 3i Investor) makes a bonafide offer for      Shares held by Frontline or any of the 3i Investors and Frontline or the      relevant 3i Investor is willing to accept that offer, then, regardless of      whether the third party or the relevant Shareholder initiated the offer,      each 3i Investor (in the case of the offer being made to Frontline) or      Frontline (in the case of the offer being made to any 3i Investor) shall      be given the right to acquire those Shares for the same price and terms      and conditions as are offered by that third  party. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.6 | To      the fullest extent possible under applicable law, the Shareholders hereby      consent to and waive any right of first refusal in respect of any      Permitted Transfer as required by the relevant provisions of the      Bye-Laws.  To the extent necessary, the Parties shall take all      actions and adopt all resolutions reasonably required to give effect to a      Permitted Transfer or to clause10.5. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.1 | The      Parties acknowledge that the Board, on 27 April 2007, has resolved to      apply for the Listing of the Company with Q3 of 2007 as the target date      for the first date of trading. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.2 | After      the filing of the application, the Parties do not express any view or      accept any instruction or obligation as to whether the Company shall      proceed with, cease or withdraw its application to list its Shares on the      Oslo Stock Exchange. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.3 | The      Company will, if the Board sodecides: |
|------|------------------------------------------------|

----

|   | 11.3.1 | appoint,      on terms acceptable to the 3i Investors and Frontline, an independent      financial adviser nominated by the 3i Investors and Frontline jointly to      advise the Company and its Shareholders or have the 3i Investors perform      this role; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 11.3.2 | assist      in the preparation of any information memoranda or prospectus necessary or      desirable to achieve an Exit. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------|

| 11.4 | The      Parties acknowledge and agree that: |
|------|----------------------------------------------|

|   | 11.4.1 | on      any disposal of Shares in a Listing or a Sale, neither any of the 3i      Investors nor Frontline shall give or be required to give any warranty or      indemnity to any party, except for a warranty as to full legal and      beneficial title to its Shares; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 11.4.2 | on      any disposal of Shares in a Listing, or a Sale, they will use their      respective best endeavours to ensure that the members of senior management      of the Group (including in any event the CEO and CFO at that time) shall      give customary warranties and indemnities subject to customary limitations      if the 3i investors so require; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 11.4.3 | the      Shareholders and the Company shall do all things required or appropriate      to effect the Listing or the Sale in accordance with the relevant      resolution of the Board and, with respect to a Listing, in accordance with      the rules of the Oslo Stock Exchange and the requirements of the relevant      Sponsor(s) engaged in relation thereto, or, with respect to a Sale, in      accordance with the relevant sale and purchase agreement and related      agreements entered into in connection with such Sale, or with respect to a      Refinancing, in accordance with the relevant equity and debt documentation      entered into in connection with such  Refinancing. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.5 | The      Parties will co-operate and shall do all things required or appropriate to      procure that the Bye-Laws are amended as necessary or reasonably desirable      for the purpose of achieving a Listing, including make such amendments      that the share capital of the member of the Group that is to be listed      shall be organised so that all its issued shares are of the same class,      with rights typical of shares in listed companies and that the financing      of the relevant company is organised in such way as advised by the      relevant Sponsor(s) engaged in relation to the  Listing. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.1 | Without      prejudice to clause 10.2, if at any time prior to expiry of the period      referred to in clause 10.1 the 3i Investors (together the “Tagged      Shareholders”) or Frontline (the      “Tagged      Shareholder”) intend to Transfer      of any of their Shares to a third party and Frontline or the 3i Investors      (as the case may be) consent to such Transfer, the other Shareholders      (together, the “Tagging      Shareholders”) are entitled to      Transfer a proportional part (pro rata parte the Shares to be Transferred      by the Tagged Shareholder(s)) of their Shares at the same rice per Share      and otherwise on the same terms (but subject to clause 11.3) as the      Transfer by the TaggedShareholder(s). |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2 | The      Tagged Shareholder(s) shall give notice in writing (a “Tag Notice”) to the Tagging      Shareholders, specifying: |
|------|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | 12.2.1 | the      number of Shares which it intends to Transfer (the “Relevant Shares”); |
|--------|--------|---------------------------------------------------------------------------------------------|

|   | 12.2.2 | the      name(s) of the proposed transferee(s) of the Relevant Shares and any      person controlling the transferee; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------|

|   | 12.2.3 | the      main terms of the contemplated Transfer;and |
|--------|--------|------------------------------------------------------|

|   | 12.2.4 | the      proposed date of the Transfer. |
|--------|--------|-----------------------------------------|

| 12.3 | Any      Tagging Shareholder who wishes to dispose of a pro rata parte of its      Shares on the same terms as specified in the Tag Notice shall within      twenty (20) Business Days of the date of the Tag Notice notify the Tagged      Shareholder(s) in writing. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 12.4 | The      Tagged Shareholder(s) shall not dispose of the Relevant Shares unless it      has: |
|------|---------------------------------------------------------------------------------------------|

|   | 12.4.1 | given      a Tag Notice in accordance with clause 12.2 not less than twenty (20)      Business Days before the proposed disposal;and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------|

|   | 12.4.2 | procured,      on the same terms as contained in the Tag Notice, the disposal of (at the      discretion of the Tagging Shareholders) a pro rata part of the      Shares of all Tagging Shareholders who have given due notice under this      clause 12. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 13.1.1 | in      respect of all Parties, upon a Listing or  Liquidation; |
|--------|--------|-----------------------------------------------------------------|

|   | 13.1.2 | in      respect of a Shareholder, upon that Shareholder ceasing to hold any      Shares, provided that such Shareholder shall remain bound by the      provisions in clauses 1 (Interpretation), 16      (General) and 17      (Applicable Law and      Dispute Resolution), as well as the provisions of Schedule 1 (Interpretation); |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.1 | Save      as provided otherwise, each 3i Investor may vote and/or exercise any of      its rights under this Agreement as it may see fit and in its own      interest. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.2 | Each      3i Investor may enforce the covenants, warranties and other obligations      given to it by the Company in this Agreement      independently.  However, each of the 3i Investors will inform      the other 3i Investors of its intention to enforce the covenants,      warranties and other obligations and the manner in which these will be      enforced. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.1 | The      Shareholders agree that they shall ensure and vote in favour of the      inclusion in the Bye-Laws of a provision reflecting that any person who,      whether alone or jointly with others, acquires 40% or more of the Shares,      shall be obliged to make an offer for 100% of the issued and outstanding      share capital of the Company. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.2 | The      Shareholders agree that the Bye-Laws, including their respective rights      and obligations thereunder, shall as between them at any time be      interpreted and construed in accordance with the provisions of this      Agreement.  If there is a conflict between a provision of this      Agreement and a provision of the Bye-Laws, the Parties agree, to the      extent permitted under Bermuda law, to observe the provisions of this      Agreement and shall in such event, at the first request of any Party      (other than the Company), amend the Bye-Laws as necessary to effect the      full implementation of the Agreement in all  respects. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.1 | Clauses      14 (Confidentiality), 15      (No Recission),      16 (Whole      Agreement), 17 (Language), 19 (Assignments), 20 (Notices), 21 (Costs), 22 (General), with the      exception of clause 22.7, 24 (Governing Law;      Jurisdiction), with the exception of clause 24.1, and 25 (Counterparts) of the      Merger Agreement apply mutatis mutandis to this Agreement as if set out in      full herein and as if reference therein to “Merger Agreement” is reference      to “this Agreement” and are to be considered an integral part      hereof. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 16.2 | The      Parties undertake to each other to execute and perform all such deeds,      documents, assurances, acts and things and to exercise all powers and      rights available to them, including the convening of all meetings and the      giving of all waivers and consents and the passing of all resolutions      reasonably required to ensure that the Company, the Shareholders and the      Directors and their representatives (if any) and the Company and all      members of the Group give effect to the provisions of this      Agreement. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.3 | A      person who is not a Party (for the sake of clarity, all Parties are      mentioned under the header of this Agreement or may have become a Party      pursuant to clause 10), other than 3i Investments and 3i Group which will      be deemed a Party for the purposes of this clause, may not enforce any      rights under this Agreement. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.4 | Any      Director, Alternate Director and Observer appointed by (or upon the      nomination of) the 3i Investors or Frontline (as the case may be)      may: |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.4.1 | report      to the 3i Investors or Frontline (as the case may be) on the affairs of      the Group; and |
|--------|--------|---------------------------------------------------------------------------------------------------------|

|   | 16.4.2 | disclose      Confidential Information as he shall reasonably consider appropriate to      the 3i Investors or Frontline (as the case may  be). |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.5 | In      the ordinary course of the business of the 3i Group, it reviews existing      investments and new investment proposals and conducts other investments      and investment management activities.  Each 3i Related Party may      disclose to and use Confidential Information for these purposes in all      cases with any other 3i RelatedParty. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.6 | The      Company consents to each 3i Investor and Frontline publicising (including,      without limitation, on 3i’s or Frontline’s (as the case may be)      website): |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.6.1 | the      fact that the 3i Investors or Frontline (as the case may be) are      Shareholders of the Company; and |
|--------|--------|-----------------------------------------------------------------------------------------------------------------|

|   | 16.6.2 | any      other information about the Company which is already in the public domain      (unless the information is in the public domain as a result of a breach of      this Agreement by a 3i Investor or Frontline (as the case may      be)). |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.7 | The      Parties other than the 3i Investors undertake with each 3i Investor that      they shall not use the name of any member of the 3i Group or any 3i Fund      in any context whatsoever (except as required by law) or hold itself,      himself or themselves (as the case may be) out as being connected or      associated with any member of the 3i Group or any 3i Fund (other than as      regards the 3i Investors being Shareholders of the Company) in any manner      whatsoever without the prior written consent of the relevant 3i      Investor. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.8 | Nothing      in this Agreement shall be deemed to constitute a partnership between the      Parties. |
|------|------------------------------------------------------------------------------------------------------|

| 17.1 | This      Agreement is governed by and shall be construed in accordance with the      laws of England and Wales. |
|------|------------------------------------------------------------------------------------------------------------------|

----

| 3i      EUROPARTNERS Va L.P.                |
|---------------------------------------------|
|                                        |   |
|                                        |   |   |
|                                        | Acting      by its manager, 3i Investments plc |
|                                        | By: |
|                                        | Title: |
|                                        |   |
|                                        |   |
| 3i      EUROPARTNERS Vb L.P.                |
|                                        |   |
|                                        |   |   |
|                                        | Acting      by its manager, 3i Investments plc |
|                                        | By: |
|                                        | Title: |
|                                        |   |
|                                        |   |
| 3i      PAN EUROPEAN BUY-OUTS 2006-08A L.P. |
|                                        |   |
|                                        |   |   |
|                                        | Acting      by its manager, 3i Investments plc |
|                                        | By: |
|                                        | Title: |
|                                        |   |
|                                        |   |
| 3i      PAN EUROPEAN BUY-OUTS 2006-08B L.P. |
|                                        |   |
|                                        |   |   |
|                                        | Acting      by its manager, 3i Investments plc |
|                                        | By: |
|                                        | Title: |
|                                        |   |
|                                        |   |
| 3i      PAN EUROPEAN BUY-OUTS 2006-08C L.P. |
|                                        |   |
|                                        |   |   |
|                                        | Acting      by its manager, 3i Investments plc |
|                                        | By: |
|                                        | Title: |
|                                        |   |
|                                        |   |
| 3i      EUROPARTNERS Va L.P.                |
|                                        |   |
|                                        |   |   |
|                                        | Acting      by its manager, 3i Investments plc |
|                                        | By: |
|                                        | Title: |
|                                        |   |
|                                        |   |

----

| 3i      GLOBAL GROWTH 2006-08 L.P.                             |
|----------------------------------------------------------------|
|                                                           |   |
|                                                           |   |   |
|                                                           | Acting      by its manager, 3i Investments plc |
|                                                           | By: |
|                                                           | Title: |
|                                                           |   |
|                                                           |   |
| 3i      PAN-EUROPEAN GROWTH 2006-08 L.P.                       |
|                                                           |   |
|                                                           |   |   |
|                                                           | Acting      by its manager, 3i Investments plc |
|                                                           | By: |
|                                                           | Title: |
|                                                           |   |
|                                                           |   |
| PAN-EUROPEAN      BUYOUTS CO-INVEST 2006-08 L.P.               |
|                                                           |   |
|                                                           |   |   |
|                                                           | Acting      by its manager, 3i Investments plc |
|                                                           | By: |
|                                                           | Title: |
|                                                           |   |
|                                                           |   |
| PAN-EUROPEAN      BYOUTS CO-INVEST 2006-08 FCPR                |
|                                                           |   |
|                                                           |   |   |
|                                                           | Acting      by its manager, 3i Gestation S.A. |
|                                                           | By: |
|                                                           | Title: |
|                                                           |   |
|                                                           |   |
| PAN-EUROPEAN BUYOUTS      (NORDIC) CO-INVEST 2006-08      L.P. |
|                                                           |   |
|                                                           |   |   |
|                                                           | Acting      by its manager, 3i Investments plc |
|                                                           | By: |
|                                                           | Title: |
|                                                           |   |
|                                                           |   |
| PAN EUROPEAN BUYOUTS      (DUTCH) A CO-INVEST 2006-08      LP  |
|                                                           |   |
|                                                           |   |   |
|                                                           | Acting      by its manager, 3i Investments plc |
|                                                           | By: |
|                                                           | Title: |
|                                                           |   |
|                                                           |   |

----

| GLOBAL      GROWTH CO-INVEST 2006-08 L.P.        |
|--------------------------------------------------|
|                                             |   |
|                                             |   |   |
|                                             | Acting      by its manager, 3i Investments plc |
|                                             | By: |
|                                             | Title: |
|                                             |   |
|                                             |   |
| OIL, GAS & POWER CO-INVEST      2006-08 L.P. |
|                                             |   |
|                                             |   |   |
|                                             | Acting      by its manager, 3i Investments plc |
|                                             | By: |
|                                             | Title: |
|                                             |   |
|                                             |   |
| STICHTING      MANAGEMENT SEAL                   |
|                                             |   |
|                                             |   |   |
|                                             | By: |
|                                             | Title: |
|                                             |   |
|                                             |   |
| FRONTLINE      LTD.                              |
|                                             |   |
|                                             |   |   |
|                                             | By: |
|                                             | Title: |
|                                             |   |
|                                             |   |
| SEALIFT      LTD.                                |
|                                             |   |
|                                             |   |   |
|                                             | By: |
|                                             | Title: |
|                                             |   |
|                                             |   |

----

----

----

----

| 2.1 | In      this Agreement, unless otherwise specified, a reference  to: |
|-----|----------------------------------------------------------------------|

|   | 2.1.1 | a      person shall be construed so as to include any individual, firm, company,      corporation, body corporate, government, governmental authority, tax      inspector, state or agency of a state or      any joint venture, association or partnership (whether or not having a      separate legal personality); |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| SCHEDULE      2: | SHAREHOLDINGS |
|------------------|---------------|

| Name      Shareholder                | Number      of Shares |
|--------------------------------------|-----------------------|
| 3i      Europartners Va              | 12.562.367            |
| 3i      Europartners Vb              | 13.924.912            |
| 3i      Pan-European A               | 20.052.872            |
| 3i      Pan-European B               | 1.522.131             |
| 3i      Pan-European C               | 3.301.554             |
| 3i      Global Growth                | 5.528.126             |
| 3i      Pan-European Growth          | 2.764.066             |
| Pan-European      Co-invest          | 347.088               |
| Pan-European      Co-invest France   | 38.953                |
| Pan-European      (Nordic) Co-invest | 42.665                |
| Pan-European      (Dutch) Co-invest  | 23.245                |
| Global      Growth Co-invest         | 13.530                |
| Oil,      Gas & Power Co-invest  | 137.117               |
| Stichting                            | 12,050,229            |
| Frontline1                           | 34,976,500            |
| Total                                | 107.285.355           |

----

  

----

|   | 2.1.2 | a      company shall be construed so as to include any company, corporation or      other body corporate or other legal entity, wherever and however      incorporated or established, and including any legal entity or entities      into which such company may be merged by means of a statutory merger or      into which it may be split up or demerged, by means of a statutory      split-up or demerger; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.1.3 | a      particular agreement or document is (unless the context otherwise      requires) a reference to the version of such agreement or document which      is binding and enforceable on the date hereof, as such agreement or      document may be novated, assigned, amended or supplemented from time to      time; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.1.4 | a      communication in writing shall be construed so as to include any      communication in the written form, letter, fax or  e-mail; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.1.5 | times      of day are to the local time in the relevant jurisdiction unless otherwise      stated; |
|--------|-------|----------------------------------------------------------------------------------------------------|

|   | 2.1.6 | the      singular includes a reference to the plural and vice    versa; |
|--------|-------|-------------------------------------------------------------------------|

|   | 2.1.7 | the      masculine includes a reference to the feminine and neuter and vice    versa; |
|--------|-------|---------------------------------------------------------------------------------------|

|   | 2.1.8 | clauses,      Schedules and Annexes are references to clauses of and schedules and      annexes to this Agreement. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------|

| 2.2 | Where      any provision is qualified or phrased by reference to an arm’s length      basis or principle, such qualification or reference shall mean the      conditions which would have been obtained between comparable, independent      persons in comparable transactions (taking into account the assets used,      the responsibilities and risks assumed and the division of benefits      between the parties) and comparable circumstances (taking into account the      times and places of performance and the parties’ business strategies),      thereby providing the closest approximation of the workings of the open      market. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.3 | Where      any obligation is characterised as several, such characterisation shall      mean that said obligation is separate and individual for each of the      obligees of such obligation. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.4 | The      Schedules and Annexes are an integral part of this Agreement and      references to this Agreement shall include its Schedules, Appendices and      Annexes. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Name      Shareholder                | Number      of Shares |
|--------------------------------------|-----------------------|
| 3i      Europartners Va              | 12.562.367            |
| 3i      Europartners Vb              | 13.924.912            |
| 3i      Pan-European A               | 20.052.872            |
| 3i      Pan-European B               | 1.522.131             |
| 3i      Pan-European C               | 3.301.554             |
| 3i      Global Growth                | 5.528.126             |
| 3i      Pan-European Growth          | 2.764.066             |
| Pan-European      Co-invest          | 347.088               |
| Pan-European      Co-invest France   | 38.953                |
| Pan-European      (Nordic) Co-invest | 42.665                |
| Pan-European      (Dutch) Co-invest  | 23.245                |
| Global      Growth Co-invest         | 13.530                |
| Oil,      Gas & Power Co-invest  | 137.117               |
| Stichting                            | 12,050,229            |
| Frontline2                           | 34,976,500            |
| Total                                | 107.285.355           |

----

  

----

----

| Business      Plan           | adopting      or amending any Business Plan or budget (to the extent not included in the      Business Plan), or taking any action materially inconsistent with such      business plan or budget.                                                                      |
|------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                         |                                                                                                                                                                                                                                                                    |
| Accounting      Policies     | any      modification of the Accounting Standards, their application by the Group      and/or the format of the Annual Accounts, unless such change is required      by law or by virtue of a new standard of generally accepted accounting      policies or practices. |
|                         |                                                                                                                                                                                                                                                                    |
| Alternation      to Business | making      any material change in the nature of the Group’s businesses, including      entering in new lines of business or in new geographic areas within      existing business units.                                                                         |
|                         |                                                                                                                                                                                                                                                                    |
| Liquidation                  | the      passing of any resolution for the Liquidation of the Company or to      technically liquidate any member of the Group by disposal of all or      substantially all of the assets of such member of the    Group.                                               |
|                         |                                                                                                                                                                                                                                                                    |
| Bankruptcy                   | any      application for a member of the Group to be declared bankrupt or for a      suspension of payments of a member of theGroup.                                                                                                                                    |

| Directors      Compensation     | granting      or modifying the remuneration or other terms of engagement of management a      director of the Group earning in excess of USD 100,000      annually. |
|---------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                            |                                                                                                                                                                |
| Related      Party Transactions | entering      into any transaction, agreement or arrangement with or for the benefit of      any Shareholder or other related party or Affiliate    thereof.        |

| Listing                  | the      application for a Listing, and the appointment of professional advisers in      connection therewith.                                                                                                                                                                                                                                                                      |
|--------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                     |                                                                                                                                                                                                                                                                                                                                                                                |
| Equity      Transactions | acquiring      or disposing of any interest in the share capital or instruments      convertible into or exchangeable for share capital of any other company or      body corporate for a consideration in excess of USD 1    million.                                                                                                                                              |
|                     |                                                                                                                                                                                                                                                                                                                                                                                |
| Asset      Transactions  | the      sale, transfer, leasing, licensing or disposal by a member of the Group      (other than in the ordinary course of trading) of all or a substantial      part of its business, undertaking or assets whether by a single      transaction or series of transactions, related or not acquiring or      disposing of any asset of the Group in excess of USD 1      million. |
|                     |                                                                                                                                                                                                                                                                                                                                                                                |
| Joint      Ventures      | forming,      entering into, terminating or withdrawing from any partnership,      consortium, joint venture or any other unincorporated association carrying      on a trade or business or any other similar arrangement, whether or not      with a view to making a profit.                                                                                                     |
|                     |                                                                                                                                                                                                                                                                                                                                                                                |

----

| Material      Contracts | entering      into any agreement or series of connected agreements under which the      consideration payable is more than USD 2 million or the receivable      represents more than USD 15 million.                                                                 |
|-------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                    |                                                                                                                                                                                                                                                                 |
| Finance      Documents  | effecting      or permitting to be effected any variations or amendments to, or waivers      or compromises or releases under or in connection with, or entering into      any agreement inconsistent with, any of the Finance    Documents.                         |
|                    |                                                                                                                                                                                                                                                                 |
| Refinancing             | (the      making by any member of the Group of any application or submission of any      business plan to any person with a view to) attracting additional or      substitute financing for the Group or any part of it other than under the      Finance Documents. |

----

| Constitutional      Documents | any      amendment of the Bye-Laws (including changes to the name and financial      year of the Company). |
|-------------------------------|------------------------------------------------------------------------------------------------------------|
|                          |                                                                                                       |
| Auditor                       | the      appointment or dismissal of theAuditor.                                                           |

| Legal      Mergers | any      merger or demerger involving the Company, other than in relation to an      expansion of the business of the Group by acquisition or      otherwise. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (3) | SEALIFT LTD, a company      incorporated under the laws of Bermuda, with its registered office at PO      Box HM 1593, Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton HM 08,      Bermuda, Company No. 39466 (the “Company”, for itself and on      behalf of the “Continuing      Shareholders”); |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (A) (B) | The      Original Shareholder and the Continuing Shareholders are parties to a      shareholders’ agreement dated [DATE] 2007 (the “Agreement’); The New Shareholder proposes to      purchase/subscribe for [        ]      Shares of      [     ] each in the capital of the Company from the      Original Shareholder; |
|--------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (C)  (D) | The      shareholding by the New Shareholder is authorised by the Bermuda Registrar      of Companies and/or the Bermuda Monetary Authority or is subject to an      exemption or direction from the Bermuda Registrar of Companies and/or the      Bermuda Monetary Authority; This Deed is made by the New Shareholder      in compliance with the Agreement. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | The      New Shareholder confirms that it has been supplied with a copy of the      Agreement. |
|----|------------------------------------------------------------------------------------------------|

| 2. | The      New Shareholder hereby subscribes for [NUMBER] Shares with a nominal value      of [•] each in the capital of the Company at a subscription price of USD      [AMOUNT] per share and agrees to hold the Shares subject to the Bye-Laws      of the Company.] In consideration of the sum of USD [AMOUNT] paid on the      date hereof, the Original Shareholder(s) shall forthwith transfer to the      New Shareholder [NUMBER] Shares together with the right to receive all      dividends accrued thereon as at the date of transfer subject to the      Bye-Laws of the Company.  Upon execution of the      [issue][transfer] instrument, the Company shall register the New      Shareholder in the shareholders’ register as the holder of [NUMBER]      Shares. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | The      New Shareholder undertakes to the Continuing Shareholders to be bound by      the Agreement in all respects as if the New Shareholder was a Party to the      Agreement and named in it as a Shareholder and to observe and perform all      the provisions and obligations of the Agreement applicable to or binding      on a Shareholder under the Agreement insofar as they fall to be observed      or performed on or after the date of thisDeed. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | The      Continuing Shareholders undertakes to the New Shareholder to observe and      perform all the provisions and obligations of the Agreement applicable to      or binding on a “Shareholder” or a “Party” under the Agreement and      acknowledges that the New Shareholder shall be entitled to the rights and      benefits of the Agreement as if the New Shareholder were named in the      Agreement as a Shareholder or a Party with effect from the date of this      Deed. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | This      Deed is made for the benefit of (a) the Parties to the Agreement as at the      date hereof and (b) every other person who after the date of the Agreement      (and whether before or after the execution of this Deed) assumes any      rights or obligations under the Agreement or who adheres to      it. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 6. | The      address and fax number of the New Shareholder for the purposes of clause      17 of the Agreement is as follows: |
|----|---------------------------------------------------------------------------------------------------------------------------|

| Attn:    |   |   |
|----------|--------|--------|
|     |   |   |
| Fax:     |   |   |
|     |   |   |
| Address: |   |   |

|   |   |
|--------|--------|
| By:    |   |
| Title: |   |

|   |   |
|--------|--------|
| By:    |   |
| Title: |   |

|   |   |
|--------|--------|
| By:    |   |
| Title: |   |

----

----

| 2.1 | The      Company shall, and shall procure that each member of the Group      shall: |
|-----|-------------------------------------------------------------------------------------|

|   | 2.1.1 | keep      proper accounting records and in them make true and complete entries of      all its dealings and transactions in relation to its business;      and |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.1.2 | comply      with all statutory requirements as to the preparation and audit of annual      accounts. |
|--------|-------|------------------------------------------------------------------------------------------------------|

| 2.2 | Dockwise      shall prepare: |
|-----|------------------------------|

|   | 2.2.1 | unaudited      monthly Management Accounts of the Group, such  accounts: |
|--------|-------|--------------------------------------------------------------------------|

|   | (a) | to      include a consolidated profit and loss account, balance sheet and cash      flow statement for the Group broken down according to the principal      divisions of the Group from time totime; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | to      refer to any material matter occurring in or relating to the period in      question; |
|--------|-----|-----------------------------------------------------------------------------------------------|

|   | (c) | to      include a comparison of all such information with the projections and      forecasts in the relevant operating budget included in the Business Plan      and with the corresponding information for the same period in the      preceding year and a statement of any material variation from the relevant      operating budget; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | to      itemise all material transactions referred to in the statement of      projected capital expenditure included in the relevant operating budget      and entered into by the Group during that  period; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | to      set out in a separate schedule (in sufficient detail to demonstrate the      same) the Group’s actual performance against the limits set out in the      Finance Documents; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | to      have been approved by the CFO and one other director of the relevant      company as evidenced by their signature of the  accounts; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | to      include a commentary by the management board of Dockwise on the state of      the business of the Company; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------|

|   | (h) | to      be substantially in the form of the sample Management Accounts in the      Agreed Form; |
|--------|-----|-------------------------------------------------------------------------------------------------|

|   | (i) | to      include project cash flows for the period up to the end of a Financial      Year; and |
|--------|-----|-----------------------------------------------------------------------------------------------|

|   | (j) | to      include projected profit and loss account for the remainder of the then      current financial period; |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

|   | 2.2.2 | a      report by the management board of Dockwise (which in relation to each      12-month period ending on the accounting reference date each year, shall      include a reconciliation of the Group’s actual performance to any Business      Plan showing variances and giving narrative explanation of those      variances); |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.2.3 | the      Electronic Financial Report; |
|--------|-------|---------------------------------------|

|   | 2.2.4 | the      Merger Chart; and |
|--------|-------|----------------------------|

----

|   | 2.2.5 | such      other reports as the Board may from time to time reasonably require as to      any matter relating to the businesses or affairs of the Group or to its      financial position or assets. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.3 | Dockwise      shall ensure that: |
|-----|----------------------------------|

|   | 2.3.1 | the      Annual Accounts and each set of Management Accounts referred to in      paragraph 2.2 above are prepared, so far as applicable, on the same basis      as that used in the preparation of the Business Plan and in accordance      with the Accounting Standards, consistently  applied; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.3.2 | each      report prepared under paragraphs 2.2.1, 2.2.2 and 2.2.3 above is delivered      to the Board within 14 days of the end of each calendar month in such      format as may be required by theBoard; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.3.3 | the      Annual Accounts are delivered to the Board within four months of the end      of the Financial Year; and |
|--------|-------|-------------------------------------------------------------------------------------------------------------------|

|   | 2.3.4 | the      Merger Chart prepared under paragraph 2.2.4 above is delivered to 3i Group      plc at such time as the Annual Accounts are  delivered. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.1 | The      Company shall, and shall procure that each other member of the Group shall      at all times keep insured with a reputable insurance    office: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.1.1 | all      its assets against such risks and in such manner and to such extent as      accords with good commercial practice with regard to assets of the same      kind in comparable circumstances; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.1.2 | itself      in respect of any accident, damage, injury, third party loss, loss of      profits and other risks and to such an extent as accords with good      commercial practice with regard to a business of the same kind as that of      the relevant member of the Group;and |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.1.3 | its      directors against any liability incurred by them in the lawful performance      of their duties and, if the CEO and CFO so request, against the permanent      disability and demise risks of thedirectors. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2 | Dockwise      shall procure that the Group’s insurance and assurance policies are      reviewed by its insurance brokers at least once every year and that all      reasonable recommendations made by its brokers in relation to such      policies are complied with. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 11.1 | Dockwise      shall, and shall procure that the other members of the Group shall, (i)      comply with all applicable environmental laws, regulations or directives      (“Environmental      Law”), (ii) maintain all      consents, permits and licenses required under Environmental Law and (iii)      notify each Investor as soon as possible if any member of the Group any      such consents, permits or licenses (whether because they expire, are      revoked or terminated orotherwise). |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.2 | Dockwise      shall, and shall procure that the other members of the Group shall, comply      with (i) all applicable laws, regulations or directives relating to the      relationship between the relevant member of the Group and its employees,      potential employees, trade unions and employee representative body and/or      the health and safety of its employees and (ii) any arrangements between      the relevant member of the Group and its employees, trade unions and/or      employee representative bodies. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |   |
|--------|--------|
| Name:  |   |
| Date:  |   |