Exhibit 10.11


 


Private and Confidential


 


CONFIRMATION MEMORANDUM

SHI HN 2016 - [Actual name to be confirmed by Owners closer to delivery]


 





SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN
REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL HAS BEEN SEPARATELY FILED WITH
THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH FIVE ASTERISKS (*****).







 


GAS-five Ltd (“Owners”)
and Methane Services Limited (“Charterers”) agree upon this Charter on this 9 May 2011.


 


Owners and Charterers are parties to that
certain Master Time Charter party dated 9 May 2011 (the “Master Time Charter party”). Owners and Charterers
hereby agree that the terms and conditions contained in the Master Time Charter party (i) shall apply to the Charter of the Vessel
identified in this Confirmation Memorandum and (ii) are incorporated herein by reference.


 


All capitalized terms used in this Confirmation
Memorandum shall have the meaning set forth in the Master Time Charter party unless specifically defined herein.


 


		1.	OWNERS



 


The Owners shall be GAS-five
Ltd, a corporation existing under the laws of Bermuda and having its registered office at Clarendon House, 2 Church Street,
Hamilton HM11, Bermuda.


 


		2.	VESSEL DETAILS



 


	Vessel Name	
        SHI RN 2016

         

        [Actual name to be confirmed by Owners
        closer to delivery]

         

	IMO Number	[To be confirmed by Owners closer to delivery]
	Vessel Size	154,800 m3 at 100% fill
	Ship Management	Ceres LNG Services Ltd
	Flag	Bermuda
	Classification Society	ABS
	P&I Club	UK P&I Club


 


		3.	DELIVERY



 


The Vessel shall be tendered for
delivery by Owners to Charterers safely afloat in all respects ready to receive her first cargo, Dropping-Last-Outward-Pilot (DLOP)
from the building yard. The anticipated delivery date of the Vessel as set out in the building contract dated March 30, 2011 made
between Samsung Heavy Industries Co. Ltd. (“Builder”) and Owners (“Building Contract”), extracts of which
are provided in Annex C of this Confirmation Memorandum, is 31 May 2013 and shall in this Charter be referred to as “the
Anticipated Delivery Date” and the date of actual delivery of the Vessel to Charterer being the “Delivery Date”.


 


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Private and Confidential


 


The Delivery Date will occur after
acceptance of delivery of the Vessel by Owners under the Building Contract.


 


The Vessel shall be delivered
to Charterers immediately after delivery to Owners on the Anticipated Delivery Date. Such Anticipated Delivery Date may be extended
in accordance with the Building Contract, by reason of:


 


		(i)	any of the events listed in Article V of the Building Contract,
		(ii)	statutory modifications to the Vessel under Article IV of the Building Contract, and
		(iii)	any other reason, provided Charterers provide their full consent.



 


Owners shall provide 30, 15, 10,
7, 5, 4, 3, 2, 1 days notice of the Anticipated Delivery Date. Delays on account of such causes as provided above in this Clause
shall be understood to be permissible delays (“Permissible Delay(s)”) for which revisions in the Anticipated Delivery
Date shall be permitted and are to be distinguished from unauthorised delays for which no revisions in the Anticipated Delivery
Date shall be allowed.


 


In the event of a delay in delivery
of the Vessel to Charterer caused by a Permissible Delay, the Anticipated Delivery Date will be considered postponed and the Owners
will not be liable for any damages neither indirect nor consequential caused by such delay in delivery.


 


If delivery is delayed beyond
***** from the Anticipated Delivery Date then Charterers shall receive as liquidated damages the amount of United States Dollars
***** for each day (or part thereof) by which delivery of the Vessel is delayed and if delayed subsequently beyond *****, Charterers
shall have the option of cancelling this Charter by giving notice thereof to the Owners. Owners will provide to Charterers regular
updates as to the expected delivery date from Builder.


 


Without prejudice to anything
stated herein, particularly the preceding paragraph, in the event that the Building Contract is cancelled or terminated for any
reason whatsoever (other than by reason of default of the Owners) this Charter shall be terminated with immediate effect releasing
either party from their respective obligations and the Charterers shall not be entitled to any liquidated or other damages from
the Owners.


 


Delivery of the Vessel by the
Owners to Charterers shall be evidenced by the Protocol of Delivery in the form set out in Annex C, acknowledging delivery by Owners
and acceptance thereof by Charterers, signed by authorised representatives of Charterers and Owners.


 


		4.	REDELIVERY



 


The Vessel shall be redelivered
on ***** May 2019 plus or minus up to thirty (30) days at Charterers’ option. Charterers shall redeliver the Vessel to Owners
at the pilot boarding station outbound at last discharge port unless otherwise mutually agreed. Charterers shall provide 30, 15,
10, 7, 3, 2, 1 days notice of redelivery.

 


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Private and Confidential


 


		5.	EXTENSION OPTIONS



 


Charterers shall have the option
to extend the charter for two (2) consecutive periods of three (3) or four (4) years each (at Charterer’s option) plus or
minus up to ***** at Charterers’ option.


 


Each charter extension period
and the length of each charter extension period is to be nominated by Charterers at least ***** before the end of each current
charter period and shall follow in direct continuation of the then preceding period.


 


The ‘plus or minus’
option must be declared no later than ***** before the notional expiration of the term and will only apply to the last term in
question.


 


		5.	RATE OF HIRE



 


Charter Period: The ***** of the
Vessel shall be fixed as United States Dollars ***** per day.


 


First Option Period: The *****
of the Vessel shall be fixed as United States Dollars ***** per day.


 


Second Option Period: The *****
of the Vessel shall be fixed as United States Dollars ***** per day.


 


The ***** for the Vessel shall
be United States Dollars ***** per day and shall be *****; each anniversary year shall begin on 31 January 2010.


 


		7.	PAYMENT OF HIRE



 


[To be confirmed by Owners closer
to delivery]


 


		8.	SHIP CONTACT DETAILS



 


The Vessel’s contact details
are as follows:





	Telephone	: [To be confirmed by Owners closer to delivery]
	Fax	: [To be confirmed by Owners closer to delivery]
	E-mail	: [To be confirmed by Owners closer to delivery]







 


		9.	PERFORMANCE GUARANTEES



 


(a)
Laden Leg Fuel Consumption


 


	Average Speed

(Knots)	Gas (tonnes)	Fuel Oil (tonnes)
	19.5	*****	*****
	19.0	 	 
	18.5	 	 
	18.0	 	 
	17.5	 	 


No more than two tonnes of MDO
as pilot fuel will be consumed per day.

 


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Private and Confidential


 


(b)
Ballast Leg Fuel Consumption


 


	Average Speed

(Knots)	Gas (tonnes)	Fuel Oil (tonnes)
	19.5	*****	*****
	19.0	 	 
	18.5	 	 
	18.0	 	 
	17.5	 	 
	17.0	 	 
	16.5	 	 
	16.0	 	 
	15.5	 	 
	15.0	 	 
	14.5	 	 
	14.0	 	 
	13.5	 	 
	13.0	 	 


No more than two tonnes of MDO
as pilot fuel will be consumed per day.


 


Consumption figures in the above
sub-clauses 8(a) and 8(b) shall *****.


 


		10.	OUTSTANDING ITEMS



 


Owners and Charterers shall meet
in good faith to complete any outstanding items annotated as “[To be confirmed by Owners closer to delivery]” in this
Confirmation Memorandum at least one month prior to delivery of the Vessel.


 


IN WITNESS WHEREOF, the Parties
have executed this Confirmation Memorandum on the date stated above.


 


	
        Agreed and signed by Owners

         

        /s/ J. Jensen


	 	
        Agreed and signed by Charterers

         

        /s/ Martin Houston



	Name:  J. Jensen	 	Name: Martin Houston
	Title: Chairman & Director	 	Title: Attorney-in-Fact
	Date: 9 May 2011	 	Date: 9 May 2011


 


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Private and Confidential


 


ANNEX A — GAS FORM C


 


[To be confirmed by Owners closer to delivery]

 


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Private and Confidential


 


ANNEX B - LETTER OF QUIET ENJOYMENT


 


[Letterhead of Mortgagee]


 


[To Charterers]


 


[ ● ] 2011


 


Dear Sirs,


 


Re: [ ● ] (the “Vessel”)


 


We refer to:


 


		a.	the time charter dated [ ● ] (the “Time Charter”) made between [ ●
] as Owners and you (the “Time Charterer”) as charterer in respect of the Vessel;



 


		b.	a loan agreement dated [ ● ] (the “Loan Agreement”) made between [ ●
] (the “Owners”) as borrower, us as agent and as security trustee (the “Security Trustee”),
and the financial institutions named on the signature pages therein as lenders and swap banks (the “Finance Parties”);
and



 


		c.	[ ● ] the first priority mortgage executed by the Owners over the Vessel in our favour between
the Owners and us (the “Mortgage”).



 


		1.	References in this Letter to the Time Charter or to the Loan Agreement and the Mortgage (together
the “Finance Documents”) shall include such documents as amended, supplemented or varied from time to time so
long as any such amendment, supplement or variation has been notified to, and agreed by, us. References to paragraphs are to paragraphs
of this Letter.



 


		2.	The Security Trustee confirms that:



 


	 	d.	it has received a copy of the Time Charter and is familiar with their terms; and



 


		e.	it consents to the Owners’s execution of the Time Charter.



 


		3.	In consideration of the sum of US$10.00 and for other good and valuable consideration (receipt
and the sufficiency of which the Security Trustee acknowledges), the Security Trustee undertakes for itself and on behalf of the
Finance Parties not without the Time Charterer’s prior written consent, but subject as provided below and subject to this
undertaking expiring on the expiry of the charter period to:



 


		(a)	issue any arrest, detention or similar proceedings against the Vessel in any jurisdiction; or



 


		(b)	exercise any power of sale or other disposal of the Vessel or of foreclosure to which the Security
Trustee may be entitled or make any application for the sale of the Vessel or any share therein in any part of the world whether
by public auction or private treaty or otherwise (excluding, for the avoidance of doubt, any steps to be taken solely to protect,
but not enforce, the Finance Parties’ rights in any arrest proceedings or applications for sale made against the Vessel


 


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Private and Confidential


 


by any third
parties, but only insofar as any such proceedings or applications are continuing and not permanently stayed, and subject to the
condition that the Security Trustee shall cease any such action upon the relevant proceedings or application being permanently
stayed (and release any arrest, or caveat against release, upon the relevant third party arrest being released) and the Security
Trustee shall notify the Time Charterer in writing promptly upon taking or ceasing any such action); or


 


		(c)	take possession of the Vessel; or



 


		(d)	appoint a receiver in respect of the Vessel; or



 


		(e)	exercise against the Vessel any right or remedy which would diminish, prejudice or interfere with
the Time Charterer’s rights, options, benefits or privileges under the Time Charter or otherwise interfere with the quiet
use and enjoyment of the Vessel by the Time Charterer under the Time Charter, or



 


		(f)	take any step to wind up, liquidate, or place in administration or receivership the Owners nor
commence or continue any analogous proceedings in any jurisdiction (excluding, for the avoidance of doubt, proving in a liquidation
commenced by any third party, but only insofar as any such proceedings are continuing and not permanently stayed, and subject to
the condition that the Security Trustee shall cease any such action upon the relevant proceedings being permanently stayed and
the Security Trustee shall notify the Time Charterer in writing promptly upon taking or ceasing any such action);



 


SUBJECT ALWAYS:


 


		(i)	to there having occurred no event under the Time Charter (a “Charterer’s Termination
Event”) in consequence of which the Owners, is entitled to terminate and has lawfully terminated the Time Charter in
accordance with their terms including, without limitation, withdrawal of the Vessel from the Time Charter by the Owners for non-payment
of hire;



 


		(ii)	to the Vessel not having become an actual, agreed, arranged or constructive total loss and being
no longer available to the Owners;



 


		4.	The Security Trustee agrees that unless the Time Charterer is no longer entitled to the use and
quiet enjoyment of the Vessel under paragraph 3 above, if the Security Trustee enforces or exercises its rights pursuant to the
Finance Documents in accordance with the terms thereof, the Security Trustee may only sell or transfer the Vessel expressly subject
to the terms of the Time Charter (a “Permitted Transfer”) and provided that:



 


		(a)	the rights of the Time Charterer under the Time Charter shall be fully preserved and protected
following the Permitted Transfer; and



 


		(b)	before the Permitted Transfer, if the Owners’s rights as “Owners” under the Time
Charter are to be assigned or transferred to a third party, such third party (the “Substitute”) has assumed
the rights and obligations of the Owners under the Time Charter; and



 


		(c)	the Substitute is acceptable to the Time Charterer acting reasonably.


 


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Private and Confidential


 


The Time Charterer shall give
its consent to the proposed Substitute if the Time Charterer is satisfied, acting reasonably, that the validity and enforceability
of the Time Charter will not in any way be prejudiced, and if that Substitute (not being a competitor of the Time Charterer) has
such (i) legal capacity (ii) technical competence and (iii) financial capability as are reasonably required to become a party and
to perform the obligations of the Owners under the Time Charter, and, provided that (but without prejudice to such Substitute’s
ability to meet the foregoing criteria in other circumstances):


 


		(a)	arrangements concluded with third parties by the proposed Substitute shall be taken into account
in evaluating its technical competence and financial capability; and



 


		(b)	in the case of any proposed Substitute which is an affiliate of the Security Trustee, evidence
that it is controlled by the Security Trustee shall be sufficient evidence of financial capability for the purposes of this paragraph
3(a);



 


The Owners undertakes not to make
any claim against the Vessel and/or Substitute and/or the Time Charterer arising directly from a Permitted Transfer made under
this Letter.


 


The Time Charterer shall use all
reasonable endeavours to co-operate with the Security Trustee in order to effect a Permitted Transfer at the expense of the Security
Trustee.


 


		5.	By countersigning this Letter, the Time Charterer hereby acknowledges and agrees that:



 


		(a)	subject to the provisions of paragraphs 3 and 4, the enforcement, in accordance with the terms
of the Finance Documents, by the Security Trustee of any security interests granted in favour of the Security Trustee pursuant
to the Finance Documents or the sale or transfer of the Vessel pursuant to the Finance Documents to any other person shall not
constitute a disturbance of the Time Charter or the Time Charterer’s use and quiet enjoyment of the Vessel in accordance
with the terms of the Time Charter;



 


		(b)	the covenant by the Security Trustee in this Letter is the sole covenant by the Security Trustee
in respect of quiet enjoyment and is in substitution for, and to the exclusion of, any other covenant for quiet enjoyment which
may have otherwise been given by any other party or implied at law or otherwise.



 


		6.	The Time Charterer agrees that:



 


		(a)	without prejudice to any other rights the Time Charterer may have in respect of any default by
the Owners of any of its obligations under the Time Charter, the Time Charterer will not take any enforcement action in respect
of or otherwise terminate the Time Charter without first notifying the Security Trustee in writing and giving the Security Trustee
the opportunity to remedy (or procure the remedy of) any default by the Owners of any of its obligations under or in connection
with the Time Charter within the relevant period referred to below. Unless the Security Trustee notifies the Time Charterer in
writing that it does not wish to exercise any remedy rights, the Time Charterer will not terminate the Time Charter if the Security
Trustee does so remedy (or procure the remedy of) the default within thirty (30) days of the Time Charterer giving


 


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Private and Confidential


 


notice to the
Owners (copied to the Security Trustee) of the default by the Owners to perform its obligations under the Time Charter (which cure
period shall he extended to sixty (60) days if it is demonstrated to the Time Charterer (acting reasonably) that the Security Trustee
is continuing to diligently remedy (or procure the remedy of) the default;


 


		(b)	if the Security Trustee, pursuant to a Permitted Transfer, exercises the power of sale under the
Mortgage and/or assigns or transfers the rights of the “Owners” under the Time Charter to the Substitute, the Time
Charterer will not terminate the Time Charter by reason solely of such transfer (without prejudice to any accrued rights). In such
circumstances, the Time Charterer agrees that the Substitute shall, with effect from the date of the Permitted Transfer and notwithstanding
any other provisions thereof, become a party to the Time Charter in place of the Owners and shall he treated for all purposes as
if the Substitute had originally been named a party in place of the Owners (without prejudice to any accrued rights).



 


		7.	The Security Trustee acknowledges that the Time Charterer is not a party to and is not bound by
the provisions of any of the Finance Documents.



 


		8.	The Security Trustee acknowledges that the terms of this Letter shall (subject to such beneficiary
similarly confirming and consenting to the terms of this Letter) enure to the benefit of the successors and assigns of the Time
Charterer under the Time Charter,



 


		9.	The Security Trustee confirms that it has been duly authorised to issue this Letter on behalf of
the Finance Parties and that its issuance conforms with the Loan Agreement and, without limitation, the agency provisions described
therein.



 


		10.	The terms of this Letter shall be governed by and construed in accordance with English law and
the provisions of Clause 46 (Law and litigation) of the Time Charter shall apply, mutatis mutandis, to any dispute arising
out of this Letter as if such provisions were set out in this Letter.



 


Please acknowledge your receipt of and
your agreement to the terms of this Letter by signing the attached copy where indicated and returning it to us.

 


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Private and Confidential


 


Each of the parties signing this Letter
intends that the agreement constituted by this Letter shall take effect as a deed notwithstanding the fact that a party may only
sign this Letter under hand.


 


	
        Yours faithfully,

         

         
	 
	for and on behalf of

[ ● ]	 
	
         

        We, [ ● ] I hereby confirm our agreement
        to the provisions of this Letter.

        Dated:

         

         

	for and on behalf of

[ ● ]	 
	 

                                             We, [ ● ], for the consideration aforesaid, hereby confirm our agreement to the provisions of this Letter.
 
 Dated:

		 
	 	 
	for and on behalf of 

[ ● ]	 


 


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Private and Confidential


 


ANNEX C - PROTOCOL OF DELIVERY AND

SHIP BUILDING CONTRACT EXTRACTS


 


ARTICLE IV CLASS AND REGULATIONS


 


		(a)	The
                                                                                               Vessel, including its machinery,
                                                                                               equipment, and ouffittings, shall
                                                                                               be classed with the American Bureau
                                                                                               of Shipping (hereinafter called
                                                                                               the “Classification Society”),
                                                                                               and shall be built to Class “A1,
                                                                                               ●, Liquefied gas carrier,
                                                                                               ship type 2G (Membrane tank, Maximum
                                                                                               pressure 25 kPaG and minimum temperature
                                                                                               -163°C), SH, SH-DLA, SHCM,
                                                                                               RES, “AMS,
                                                                                               “ACCU,
                                                                                               SFA(40), NIBS, “APS,
                                                                                               ENVIRO, PORT, POT, CRC, DFD, UWILD.
                                                                                               The Vessel shall comply with all
                                                                                               applicable laws, rules, and regulations.
                                                                                               The Vessel shall also comply with
                                                                                               recommendations and requirements
                                                                                               set forth in the Specification
                                                                                               recommendations and requirements
                                                                                               set forth in the Specifications
                                                                                               including those amendments which
                                                                                               are being officially declared,
                                                                                               published by the concerned authority
                                                                                               and to be compulsory applied to
                                                                                               the Vessel and which shall be brought
                                                                                               into force within five (5) years
                                                                                               after Contract (as defined in the
                                                                                               ABS’s “Summary of SOLAS,
                                                                                               MARPOL, Load Line, APS and BWM
                                                                                               Requirements to be Complied with
                                                                                               in 2007 and Beyond for All Ship
                                                                                               Types - Oct 2009”).



 


		(b)	The Builder, at its expense, shall obtain certificates as provided in the Specifications and deliver
such to the Buyer in triplicate (one (1) original and two (2) copies). If formal certificate(s) cannot be obtained upon the Vessel’s
Delivery, the Builder may furnish provisional one(s) in substitution for the formal certificate(s). The Builder shall pay the charges
for official inspection and certifications required by the Government of Registry specified in Specifications, and the registration
of the Vessel shall be the responsibility of the Buyer.



 


		(c)	Any revisions to the drawings set forth in Article II which may be required by the Classification
Society shall be implemented by the Builder without any cost to the Buyer; provided that this will only apply to revisions which
are based upon standards of the Classification Society in effect on the date of this Contract. In the event that there should be
any amendments or additions not identified in the Specifications, following the date of this Contact, to the laws,



 


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Private and Confidential


 


rules, or regulations
of any governmental or regulatory body, or the Classification Society, which require any compulsory revision(s) of or to the Plans
and Specifications or to this Contract, the Buyer shall authorize any such revision(s) to the Vessel that are necessary to comply
with such amendments or additions unless the Buyer shall obtain from such governmental or regulatory body a written waiver of compliance
therewith. In the event that Alterations (as defined in Article XV(a)) are required, they shall be handled in accordance with the
provisions of Article XV.


 


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ARTICLE V DELIVERY


 


		(a)	The Vessel shall be delivered to the Buyer (hereinafter called the “Delivery”) fully
complete, supplied (including lubricating oil and fresh water in the system but excluding ship’s stores such as food, utensils,
miscellaneous consumables, etc.) and ready for immediate operation, after having passed the tests and met the standards set forth
in the Specifications and Articles III, IV, and XVII hereof on or before May 31, 2013 (hereinafter called the “Delivery Date”).
The Buyer may delay Delivery beyond the Delivery Date by giving written notice of the revised date (hereinafter called “Revised
Delivery Date”) for Delivery not later than two (2) months before keel laying of the vessel. Buyer may give up to only one
(1) notice for a delay of forty five (45) days. Notwithstanding the foregoing, in the event defects that could affect the Vessel’s
seaworthiness or impair the operation of Vessel are discovered after the Vessel has passed the tests and met standards set forth
in the Specifications and prior to Delivery of the Vessel, Buyer shall have the right to require the Builder to make the necessary
correction(s) at the Builder’s expense prior to Delivery.



 


		(b)	The Builder shall use its hest efforts and all due diligence and dispatch, including, but not limited
to, the ordering, expediting and inspection of all machinery, parts and materials, to complete and deliver the Vessel on or prior
to the Delivery Date.



 


		(c)	The Builder shall assist the Buyer to bunker and store the Vessel (beyond the conditions set forth
in Article V(a) above) at Buyer’s expense to be ready for departure. Delivery shall be made at the Shipyard at a wharf side
where there shall be sufficient water for the Vessel always to be afloat and from which it can safely depart, or at such other
safe and secure place as may be mutually agreed. Upon Delivery, the Vessel shall be free and clear of all liens, encumbrances,
taxes and claims of any nature.



 


		(d)	If, at any time, either the commencement of construction, construction or Delivery of the Vessel
or any performance required hereunder as a prerequisite to the Delivery thereof is delayed by any of the following events: namely
war, acts of state or government, blockade, revolution, insurrections, riots, strikes, sabotage, lockouts or other labor disturbances
(excluding disturbances within



 


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the control
of the Builder), Acts of God, plague or other epidemics, quarantines, prolonged failure or restriction of electric current, freight
embargoes, earthquakes, tidal waves, typhoons, hurricanes, unusually prolonged or unusually severe weather conditions, destruction
of the premises of works of the Builder or its subcontractors, or of the Vessel, or any part thereof, by fire, landslides, flood,
lightning, explosion, or other causes beyond the reasonable control of (and not caused by the actions of) the Builder or its subcontractors,
as the case may be (collectively called “Force Majeure”), then, in the event of delays due to the happening of any
of the aforementioned contingencies, the number of days by which Delivery is late under this Contract (i.e., after the scheduled
Delivery Date of the Vessel) shall be reduced, subject to the provisions of this Article V(d), by a period of time which shall
not exceed the total number of working days lost due to such delays. Notwithstanding the foregoing, acts of commission or omission
(irrespective as to negligence and whether voluntary or compulsory) of employees, independent contractors or subcontractors, representatives,
agents, or others engaged by the Builder, including their officers, employees, crews, inspectors, and pilots (whether voluntary
or compulsory) shall not excuse the Builder for delay hereunder.


 


		(e)	The Builder shall notify the Buyer in writing within ten (10) days after the beginning of any period
of claimed delay as to the facts establishing that the claimed delay is excusable pursuant to Article V(d) and the estimated period
of delay. The Buyer shall have the right to verify the basis of the claimed delay and, if there is a disagreement, the issue shall
be resolved by arbitration in accordance with the provisions of Article XXV. An extension of the Delivery Date shall only be allowed
if the event(s) above designated adversely affects the Delivery Date of the Vessel, as determined on the date that the Vessel is
actually delivered. Should the Builder fail to timely give required notice under this Article V(e) demonstrating that the claimed
event(s) directly affect the Delivery Date, it shall not be excused for any such delay.



 


		(f)	If, following any notice (oral or written) by Builder of a delay, Buyer determines in its reasonable
discretion (taking into account the opinion of Builder), other than due to delays caused by the Buyer, that Delivery of the Vessel
likely will be delayed for any reason whatsoever (including without



 


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limitation Force
Majeure) for a period of more than two hundred (200) days beyond the Delivery Date, the Buyer shall have the following options:


 


		i)	to continue this Contract reserving Buyer’s right to liquidated damages for the time period
that late Delivery is not excused by Force Majeure (if properly claimed) as provided in Article VIII(a); or



 


		ii)	to cancel this Contract, in which event the Buyer shall be entitled to a refund in accordance with
Article VII(g) and no liquidated damages.



 


If Builder gives Buyer written
notice of a delay under Article XXVI, Buyer shall have thirty (30) days to exercise the rights under this subarticle (f) with respect
to such delay (though further delays still remain subject to Buyer’s rights under this subarticle (f)).


 


	 	(g)	i)	Should the Vessel be completed for Delivery before the Delivery Date and the
Builder has so informed the Buyer at least four (4) months in advance of the early delivery date suggested by Builder, the Buyer
may take Delivery at Buyer’s option, but not earlier than 90 days prior to the Delivery Date, provided that all the terms
and conditions of this Contract have been fulfilled.



 


		ii)	If Buyer elects to exercise the option described in (g)(i) above, and if Delivery occurs more than
30 days prior to the Delivery Date, then Buyer agrees to pay Builder an early delivery charge of United States Dol           day for each
day in excess of 30 days that the Vessel is delivered early, up to a maximum of 60 days (if the Vessel is delivered 90 or more
days early). This charge, if applicable, shall be included with other adjustments due with the Final Installment. In no event shall
there be any charge for early delivery if the Vessel is delivered less than 31 days early.



 


		(h)	In any case, the Builder shall notify the Buyer the expected approximate delivery date during construction
in the following manner:



 


		i.)	Five (5) months prior to the expected delivery date notifying the expected delivery date.



 


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		ii.)	Three (3) months prior to the expected delivery date notifying the scheduled delivery date.



 


		iii.)	One (1) month prior to the expected delivery date notifying the scheduled delivery date.



 


		iv.)	Seven (7) days prior to the expected delivery date notifying the definite delivery date subject
to the satisfactory completion of the sea trials, cryogenic trials and gas trials.



 


		(i)	Upon Delivery, the Builder shall furnish the Buyer with the following documents in a form satisfactory
to Buyer:



 


		i.)	PROTOCOL recording all trials and tests of the Vessel made pursuant to this Contract and the Specifications.



 


		ii.)	PROTOCOL OF INVENTORY of the equipment of the. Vessel, including spare parts and the like, all
as specified in the Specifications.



 


		iii.)	PROTOCOL OF CONSUMABLES identifying all fuels, lubricants, consumable stores, fresh water and liquefied
gases supplied by Builder and Buyer remaining onboard at Delivery, including the original purchase price thereof.



 


		iv.)	PROTOCOL OF LNG supplied by Builder remaining onboard at Delivery, including the original purchase
price thereof



 


		v.)	ALL CERTIFICATES and STATEMENTS OF FACT including the notarized and legalized BUILDER’s CERTIFICATE
required to be furnished upon delivery of the Vessel pursuant to this Contract and the Specifications.



 


		vi.)	DECLARATION OF WARRANTY OF FREEDOM FROM LIENS AND CLAIMS of the Builder that the Vessel is delivered
to the Buyer free and clear of any liens, charges, claims, mortgages, or other encumbrances upon the Buyer’s title thereto,
and in particular, that the Vessel is absolutely free of all burdens in the nature of imposts, taxes or charges imposed by any
governmental authorities (local as well as national) including
any claim by the Guarantor by reason of its Letter



 


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of Guarantee
under Article XI (as such terms are defined in such Article) as well as of all liabilities of the Builder to its subcontractors,
employees and crew, and of all liabilities arising from the operation of the Vessel in trial runs, or otherwise, prior to delivery.


 


		vii.)	DRAWINGS AND PLANS pertaining to the Vessel as stipulated in the Specifications.



 


		viii.)	COMMERCIAL INVOICE



 


		ix.)	Notarized and legalized BILL OF SALE



 


		x.)	And such other certificates and documents as the Buyer may request evidencing transfer to the Buyer
of a free and clear title in and to the Vessel.



 


		(j)	The Buyer shall remove the Vessel from the premises of the Shipyard within five (5) Business Days
after Delivery. If the Buyer dues not remove the Vessel from the premises of the Shipyard within the aforesaid five (5) days, the
Buyer shall pay to the Builder the direct and documented costs for anchoring the Vessel in a safe anchorage outside the Shipyard’s
breakwater, such costs to include moving the Vessel to the anchorage, maintaining the Vessel and restoring the Vessel if necessary.
However, the Builder shall take all reasonable steps to minimize such expenses. The maximum period at anchor shall not exceed 3
weeks from Delivery.



 


		(k)	Upon satisfactory completion of the trials as specified in Article XVII, and fulfillment of the
terms and conditions of this Contract, the Buyer and the Builder shall execute a PROTOCOL OF DELIVERY AND ACCEPTANCE (hereinafter
referred to as “Acceptance”). Upon execution of the Acceptance, title and risk of loss of the Vessel shall pass to
the Buyer. As stated above, it being expressly understood that until such Delivery and Acceptance is effected, title to the Vessel
and its equipment (except for the Buyer-furnished Equipment subject to the provisions of Article XII), are vested in the Builder
and at its risk.



 


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