| 1. | FINCANTIERI      — Cantieri Navali Italiani, S.p.A., a company organized and existing under      the laws of the Republic of Italy, with Naval Vessel Business Unit located      at Via Cipro 11, 16129 Genoa,Italy, |
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| 2. | ATL      Offshore GmbH & Co. "ISLE OF NEUWERK" KG, a company organized and      existing under the laws of the Federal Republic of Germany and having      their principal place of business at Neue Strasse 24, Leer,      Germany, |
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|   | A) | The      Parties have entered into a Shipbuilding Contract dated 20/03/2007 as from      time to time supplemented and amended (the “Shipbuilding Contract”) for      the construction of one AHTS Vessel bearing FINC Hull No. 6172 (“the      Vessel”); and |
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|   | B) | A      Technical Statement of Delivery has been concluded between the parties on      9th of June 2010 in respect of hull numbers 6173, 6172 and 6169      and |
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|   | C) | The      Parties wish to re-schedule outstanding pre-delivery instalments and the      contractual delivery date. |
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| 1. | The      delivery date of the Vessel according to the Shipbuilding Contract shall      be amended. Delivery shall take place on the earliest possible date agreed      between the parties within second half of June  2010. |
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| 2. | The      Buyer agrees to bear the risk of accidental loss or damage (other than      loss or damage caused by gross negligence or willful misconduct of FINC)      for the Vessel between the date on which the parties hereby conventionally      agree that the Vessel is ready for delivery – being the date agreed in the      above mentioned Technical Statement of Delivery, the 19th      of June 2010 – and the actual delivery date.  However, FINC to      take out the respective insurance cover until the Vessel will be actually      delivered to the Buyer. Usual maintenance activities, pier availability,      surveillance, insurance and fireguard shall be provided by FINC at a cost      of EUR 3,285.00 per day. After delivery, a period of ten days will be free      of charge, and in case an exceeding stay at pier is required, the parties      will agree the applicable rate. The respective costs shall be reimbursed      by the Buyer in accordance with the previous practice between the Parties.      Any outstanding predelivery instalment under the Shipbuilding Contract is      deferred to the day of the actual delivery of the Vessel and will be paid      to FINC together with the deliveryinstalment. |
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| 3. | The      Buyer shall pay interest in the amount of 6-month EURIBOR plus      2% |
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|   | (i) | for      an amount of EUR 2,100,000.00 for a period of April 26, 2007 until May 9,      2007; and |
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|   | (ii) | for      an amount of EUR 2,203,800 for a period of March 21, 2008 until April 16,      2008; and |
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|   | (iii) | for      an amount of EUR 4,223,900.00 for a period of July 17, 2009 until actual      delivery of the Vessel; and |
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|   | (iv) | for      an amount of EUR 4,365,407.50 for a period of December 29, 2010 until      actual delivery of the Vessel; and |
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|   | (v) | for      an amount of EUR 29,688,107.50 for a period of counting from the time of      readiness for delivery in accordance with paragraph 2 above until actual      delivery of the Vessel. |
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| 4. | All      other terms and conditions to remainunchanged. |
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|   | on      behalf of the Buyer:/s/ Niels      RoggemannNiels      Roggemannon      behalf of FINCANTIERI -- Cantieri Navali Italiani S.p.A. /s/                                                                 |
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