| REVISEDINTERCREDITOR      AGREEMENT  12      A.H.T.S. Vesselsbuilt      by Fincantieri Cantieri Navali S.p.A. | EHLERMANNRINDFLEISCHGADOWRECHTSANWÄLTEPARTNERSCHAFT BALLINDAMM      26, 20095 HAMBURGTELEFON      +49 40 37 48 14 – 0TELEFAX      -49 40 37 48 14 – 30INTERNET      WWW.ERG-LEGAL.COM |
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| (1)   | NORDDEUTSCHE LANDESBANK      GIROZENTRALE, a banking institution organized and existing under      the laws of the Federal Republic of Germany, having its registered office      at Friedrichswall 10, 30159 Hannover, Germany, (the “Senior Lender’),      and |
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| (2)   | HARTMANN ASIA HOLDING PTE      LTD, a company organised and existing under the laws of Singapore,      having its registered address at 1 North Bridge Road, High Street Centre      #06 - 18/19/20/21, Singapore 179094 (the “Junior Lender’),    and |
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| (3)   | ATL OFFSHORE GMBH & CO.      “ISLE OF USEDOM” KG, a limited partnership organised and existing      under the laws of the Federal Republic of Germany, and each having its      registered address at Neue Straße 24, 26789 Leer, Germany (the      “Borrower”). |
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| I.   | Pursuant      to the terms of a loan agreement dated 19th      December, 2008 (as from time to time amended, varied or supplemented the      “Senior Loan Agreement”) made between the Senior Lender as lender and as      agent for the lenders stipulated therein and the Borrowers and certain      further limited partnerships as borrowers as more closely specified in the      Senior Loan Agreement, the Senior Lender agreed to grant - inter alia -      (A) a post-delivery loan of up to the lesser of (i) Euros four hundred      twenty million five hundred seventy thousand (EUR 420,570,000.00) or (ii)      seventy five (75) percent of the Investment Costs (as defined in the      Senior Loan Agreement), or any balance thereof outstanding from time to      time and (B) a post-delivery revolving credit facility of up to Euros      eighty one million one hundred fourteen thousand (EUR 81,114,000.00), to,      inter alia, the Borrowers for the purpose of - inter alia - assisting the      Borrowers in financing the acquisition cost of certain A.H.T.S.      newbuildings as more closely specified in Annex 1 attached hereto      (collectively the “Vessels” and any of them a “Vessel”);    and |
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| II.   | Pursuant      to the terms and conditions of the Senior Loan Agreement the Senior      Liabilities (as defined below) were made available on the security - inter      alia - of: |
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|   | A. | a      first ranking hypothec over the relevant Vessels in favour of the Senior      Lender executed by the relevant Borrower (the “First Hypothecs”),      and |
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|   | B. | first      priority assignments of the insurances and the earnings of each of the      Vessels and of the refund guarantees and the building contracts relating      to each of the Vessels and of payment guarantees by Reederei Hartmann GmbH      & Co. KG of Leer, Germany (together the “Assignments”) made between      the relevant Borrower and the Senior Lender;and |
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|   | C. | pledges      of earnings accounts (the “Pledges”) made between the Borrower and the      Senior Lender |
|--------|----|--------------------------------------------------------------------------------------------------------------------|

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| III.   | The      Borrower has requested the Senior Lender to consent to the execution of      loan agreements (the “Junior Loan Agreements” as further defined below)      between the Junior Lender as lender and the Borrowers as borrower each for      a loan of up to United States Dollars twenty six million four hundred      thousand (USD 26,400,000.00) or the equivalent in Euros;    and |
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| IV.   | Pursuant      to the terms and conditions of the Junior Loan Agreements the Junior      Liabilities (as further defined below) are to be incurred without any      security. |
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| V.   | The      Senior Lender agrees to the execution of the Junior Loan Agreements on the      terms and subject to the conditions hereinafter  contained. |
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| 1.   | DEFINITIONS |
|----------------|-------------|

| Banking      Day        | A      day on which dealings in Euros are carried out in the relevant Interbank      Market and on which banks are open for business in Frankfurt, Hannover,      London, Milan and New York                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|-------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Creditors               | The      Senior Lender and the Junior Lender                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Debt      Documents     | This      Agreement, the Senior Loan Agreement, the Junior Loan Agreements and the      Security Documents                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Enforcement      Action | (a)In      respect of any Liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                    | (i)the      acceleration of any Liabilities or the making of any declaration that any      Liabilities are prematurely due and payable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                    | (ii)the      suing for, commencing or joining of any legal or arbitration proceedings      against any member of the Group to recover any Liabilities;      and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                    | (iii)the      exercise of any right of set off, account combination or payment netting      against any Borrower in respect of any Liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                    | (b)      the taking of any steps to enforce or require the enforcement of any      Security Documents                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                    | (c)      the petitioning, applying or voting for, or the taking of any steps      (including the appointment of any liquidator, receiver, administrator or      similar officer) in relation to, the winding up, dissolution,      administration or reorganisation of any member of the Group which owes any      Liabilities, or has given any Security, guarantee, indemnity or other      assurance against loss in respect of any of the Liabilities, or any of      such member of the Group’s assets or any suspension of payments or      moratorium of any indebtedness of any such member of the Group, or any      analogous procedure or step in anyjurisdiction, |

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| Group                       | Collectively      the Borrower and HARTMANN ASIA HOLDING PTE LTD, Singapore, and Reederei      Hartmann GmbH & Co. KG                                                                                                                                                                                                                                              |
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|                        |                                                                                                                                                                                                                                                                                                                                                                   |
| Junior      Default         | An      event of default under any of the Junior LoanAgreements                                                                                                                                                                                                                                                                                                        |
|                        |                                                                                                                                                                                                                                                                                                                                                                   |
| Junior      Liabilities     | The      Liabilities owed by the Borrowers to the Junior Lender under or in      connection with the Junior Loan Agreements                                                                                                                                                                                                                                            |
|                        |                                                                                                                                                                                                                                                                                                                                                                   |
| Junior      Loan            | An      amount of United States Dollars twenty six million four hundred thousand      (USD 26,400,000.00) or the equivalent in Euros made or to be made      available under each of the Junior Loan Agreement by way of intercompany      loans.                                                                                                                      |
|                        |                                                                                                                                                                                                                                                                                                                                                                   |
| Junior      Loan Agreements | The      junior loan agreements dated 31st      August, 2010 and made between each of the Borrowers and the Junior Lender      in the form attached hereto as Annex 2                                                                                                                                                                                                  |
|                        |                                                                                                                                                                                                                                                                                                                                                                   |
| Liabilities                 | All      present and future liabilities and obligations at any time of any Borrower      to any Creditor under any of the Debt Documents, both actual and      contingent and whether incurred solely or jointly or in any other capacity      together with any of the following matters relating to or arising in      respect of those liabilities and obligations: |
|                        |                                                                                                                                                                                                                                                                                                                                                                   |
|                        | (a)      any refinancing, novation, deferral or extension;                                                                                                                                                                                                                                                                                                             |
|                        |                                                                                                                                                                                                                                                                                                                                                                   |
|                        | (b)      any claim for breach of representation, warranty or undertaking or on an      event of default or under any indemnity given under or in connection with      any document or agreement evidencing or constituting any other liability      or obligation falling within this definition;                                                                      |
|                        |                                                                                                                                                                                                                                                                                                                                                                   |
|                        | (c)      any claim for damages or restitution; and                                                                                                                                                                                                                                                                                                                     |
|                        |                                                                                                                                                                                                                                                                                                                                                                   |
|                        | (d)      any claim as a result of any recovery by any debtor of a Payment an the      grounds of preference or otherwise,                                                                                                                                                                                                                                              |
|                        |                                                                                                                                                                                                                                                                                                                                                                   |
|                        | and      any amounts which would be included in any of the above but for any      discharge, non provability, unenforceability or non allowance of those      amounts in any insolvency or otherproceedings.                                                                                                                                                           |

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| Payments                        | In      respect of any Liabilities (or any other liabilities or obligations), a      payment, prepayment, repayment, redemption, defeasance or discharge of      those Liabilities (or other liabilities or obligations)                                                                                                                                   |
|---------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                            |                                                                                                                                                                                                                                                                                                                                                       |
| Permitted      Payment          | The      Payments permitted by Clause 3.1 and by Clause 4.2                                                                                                                                                                                                                                                                                                |
|                            |                                                                                                                                                                                                                                                                                                                                                       |
| Security                        | A      mortgage, charge, pledge, lien or other security interest securing any      obligation of any person or any other agreement or arrangement having a      similar effect                                                                                                                                                                             |
|                            |                                                                                                                                                                                                                                                                                                                                                       |
| Security      Documents         | (a)      each of the documents constituting the Senior Security;                                                                                                                                                                                                                                                                                           |
|                            |                                                                                                                                                                                                                                                                                                                                                       |
|                            | (b)      any other document entered into at any time by any of the Borrowers or      other member of the Group creating any guarantee, indemnity, security or      other assurance against financial loss in favour of any of the Creditors      as security for any of the Liabilities; and                                                               |
|                            |                                                                                                                                                                                                                                                                                                                                                       |
|                            | (c)      any security granted under any covenant for further assurance in any of      the documents set out in paragraphs (a) and (b) above.                                                                                                                                                                                                               |
|                            |                                                                                                                                                                                                                                                                                                                                                       |
| Senior      Discharge Date      | The      date on which all Senior Lenders Liabilities have been fully and finally      discharged to the satisfaction of the Senior Lender, whether or not as the      result of an enforcement, and the Senior Lender is under no further      obligation to provide financial accommodation to any of the Borrowers      under the Senior Loan Agreement |
|                            |                                                                                                                                                                                                                                                                                                                                                       |
| Senior      Lenders Liabilities | The      Liabilities owed by the Borrowers to the Senior Lender under or in      connection with the Senior Loan Agreement                                                                                                                                                                                                                                 |
|                            |                                                                                                                                                                                                                                                                                                                                                       |

| 2.   | RANKING      AND PRIORITY |
|----------------|---------------------------|

| 2.1   | Creditors’      Liabilities |
|-----------------|-----------------------------------|

| ·   | first,      the Senior Lender’s Liabilities and |
|--------------------|-------------------------------------------------------|

| ·   | second,      the Junior Liabilities. |
|--------------------|--------------------------------------|

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| 3.   | SENIOR      LENDER AND SENIOR LENDER’SLIABILITIES |
|----------------|---------------------------------------------------------|

| 3.1   | Payment      of Senior Lender’s Liabilities |
|-----------------|---------------------------------------------------|

| 3.2   | Amendments      and Waivers: Senior Lender |
|-----------------|--------------------------------------------|

| 4.   | JUNIOR      LENDER AND JUNIOR LIABILITIES |
|----------------|-------------------------------------------|

| 4.1   | Restriction      on Payment |
|-----------------|-----------------------------|

| 4.2   | Permitted      Payments |
|-----------------|-------------------------|

| (a)   | prior      to the Senior Discharge Date, make Payments to the Junior Lender in      respect of the Junior Liabilities then due in accordance with the Junior      Loan Agreements only if the Senior Lender has given its prior written      consent to that Payment. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | on      or after the Senior Discharge Date, make Payments to the Junior Lenders in      respect of the Junior Liabilities in accordance with the Junior Loan      Agreements. |
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| 4.3   | Amendments      and Waivers |
|-----------------|-----------------------------|

| (a)   | Subject      to paragraph (b) below, the Junior Lender may amend or waive the terms of      the Junior Loan Agreement in accordance with their terms at any      time. |
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| (b)   | Prior      to the Senior Discharge Date, the Junior Lender may not without the Senior      Lender’s prior written consent amend or waive the terms of the Junior Loan      Agreement if the amendment or waiver is, in relation to the original form      of or the contents of the terms and conditions of the Junior Loan      Agreement: |
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| (i)   | an      increase of the principal amount of the Junior Loan or any of      them; |
|-----------------|----------------------------------------------------------------------------------|

| (ii)   | an      amendment to, or waiver of, the amount, currency, dates or terms of      repayment or prepayment (mandatory or otherwise) of the Junior      Loan; |
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| (iii)   | any      other amendment or waiver the effect of which is to make any Borrower      liable to make additional or increased Payments;  or |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------|

| (iv)   | an      amendment or waiver: |
|------------------|------------------------------|

| (A)   | which      would result in any Borrower being subject to more onerous obligations      under the representations, undertakings, financial covenants or events of      default; and |
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| (B)   | which      has not been made to, or given in respect of, the Senior Loan      Agreement. |
|-----------------|------------------------------------------------------------------------------------------|

| 4.4   | Security |
|-----------------|----------|

| 4.5   | Restriction      on Enforcement |
|-----------------|---------------------------------|

| 4.6   | Permitted      Enforcement |
|-----------------|----------------------------|

| 4.7   | No      Set-Off |
|-----------------|-----------------|

| 5.   | CHANGE      OF SENIOR LENDER OR JUNIOR LENDER |
|----------------|-----------------------------------------------|

| 5.1   | Transfer      by Senior Lender |
|-----------------|--------------------------------|

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| 5.2   | Transfer      by Junior Lender |
|-----------------|--------------------------------|

| 6.   | NOTIFICATION      OF PRESCRIBED EVENTS |
|----------------|----------------------------------------|

| 7.   | APPLICABLE      LAW, JURISDICTION |
|----------------|-----------------------------------|

| 8.   | INVALIDITY |
|----------------|------------|

| 9.   | NOTICES      AND TIME |
|----------------|-----------------------|

| 9.1   | Addresses |
|-----------------|-----------|

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| 9.2   | Form      of Communicating |
|-----------------|----------------------------|

| 9.3   | Receipt |
|-----------------|---------|

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| The      Senior Lender: SIGNED      by:Regina      Schulz andInga      Boysenfor      and on behalf ofNORDDEUTSCHE      LANDESBANKGIROZENTRALE       | )))))))) |        /s/ Regina Schulz     /s/      Inga Boysen                                                                                                                                                                                                                                                                                                                  |
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|                                                                                                                                                           |     |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| The      Junior Lender: SIGNED      by:__________________      and______________________for      and on behalf ofHARTMANN      ASIA HOLDING PTE LTD  | )))))))  |       /s/                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                           |     |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| The      Borrowers: SIGNED      by:Niels      Roggemannfor      and on behalf ofATL      OFFSHORE GMBH & CO. “ISLE OF USEDOM” KG     | )))))))) |        /s/ Niels      Roggemann                                                           |

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