**Exhibit4.75**

**Execution Version**

**Notice ofAssignment in relation to Statoil**
| To:    |   | Statoil Orient Inc. (“**Statoil**”) |
|--------|--------|-----------------------------------------------|
|   |   | Bundesstrasse 3                               |
|   |   | c/o Ernst & Young                         |
|   |   | 6304                                          |
|   |   | Zug                                           |
|   |   | Switzerland                                   |

 

**NAVIONMUNIN FIELD CONTRACTS**

We refer to:

(a)                        contractno. ANS022731 dated 24 September, 1996 for the design, construction,installation and provision of a floating production, storage and offtakefacility for the production of hydrocarbons from the Lufeng oil field, contractno.SC05005A dated 5 April, 2005, in each case made between Statoil and LufengDevelopment Company ANS (“**LDC**”) inrelation to the vessel m.v. “MUNIN” registered in the Netherlands Antilles atthe port of Willemstad, Curaçao (the “**Vessel**”) (asamended and supplemented from time to time prior to the date hereof or, withthe consent of the Assignee (as defined below), after the date hereof) (“**Navion Munin Field Contracts**”);

(b)                       the noticeof assignment, dated 23 January, 2002, issued to you by us (the “**Notice**”); and

(c)                        themortgage over the Vessel dated 28 January, 2002 (the “**Mortgage**”)granted in favour of the Assignee as described in the Notice.

We hereby give younotice:

1                                that,by a Deed of Release, Discharge, Reassignment and Termination dated 29 June,2006, the Assignee (as defined in the Notice):

(a)                        reassignedthe rights, title, interest and benefit assigned to the Assignee and describedin the Notice; and

(b)                       dischargedthe Mortgage;

2                                that,by a general assignment (the “**Assignment**”)dated 29 June 2006 made between (inter alios) us and ING Bank N.V. (in itscapacity as security trustee) (the “**Assignee**”), wehave assigned by way of security to the Assignee all of our rights, title,interest, and benefit (present and future, actual and contingent) in, to, underand pursuant to the Navion Munin Field Contracts including (but withoutprejudice to the generality of the foregoing) our rights to receive monies andmake claims for damages under and pursuant to the Navion Munin Field Contracts;

3                                that,by a deed of mortgage (the “**Mortgage**”)dated 29 June 2006 made between Bluewater (Munin) N.V. and the Assignee, wehave granted a first priority legal mortgage over the Vessel in favour of theAssignee;

4                                that,unless and until you receive notification from the Assignee or ING Bank N.V. ascontemplated by paragraph 6 below, you are irrevocably authorised andinstructed to pay all Compensation (as defined in contract no.SC05005A referredto above) to such account as we may from time to time direct;

5                                that,unless and until you receive notification from the Assignee or ING Bank N.V. ascontemplated by paragraph 6 below, you are irrevocably authorised andinstructed to pay all other amounts to account name “LDC Assigned Account* *”, account number 02.00.46.588,with ING Bank N.V.,**acting throughits Amsterdam head office, or to such other account as ING Bank N.V., actingfor these purposes as the agent of the Assignee, may from time to time direct;

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6                                that,at all times after the Assignee or ING Bank N.V., acting for these purposes asthe agent of the Assignee, notifies you in writing that the Assignment hasbecome enforceable, you are irrevocably authorised and instructed to pay allamounts payable to us under and pursuant to the Navion Munin Field Contracts(including all amounts referred to in paragraphs 4 and 5 above) to account name“LDC Assigned Account* *”,account number 02.00.46.588, withING Bank N.V., acting through its Amsterdam head office, or to such otheraccount as ING Bank N.V. acting for these purposes as the agent of theAssignee, may from time to time direct;

7                                thateach amount paid by you in accordance with paragraph 4, 5 or 6 above shalldischarge, by a corresponding amount, your payment obligations under the NavionMunin Field Contracts; and

8                                that,unless and until you receive notification to the contrary from the Assignee orING Bank N.V., acting for these purposes as the agent of the Assignee, wecontinue to be entitled (without any requirement to first obtain the consent ofthe Assignee or any other person) to grant any consent, exercise any discretionor determine any matter, or to enforce or exercise any right, remedy or powerunder or in relation to, the Navion Munin Field Contracts.

Please acknowledgereceipt of this notice by signing the acknowledgement endorsed on the enclosedduplicate of this notice and returning that duplicate direct to the Assignee atthe address shown, with a copy to us.

For and on behalfof**LUFENG DEVELOPMENT COMPANY ANS**by its duly authorised attorney-in-fact
|                    |   | /s/ [ILLEGIBLE] |   |   |
|--------------------|--------|-----------------|--------|--------|
|               |   |            |   |   |
| Dated 29 June 2006 |

 

Confirmed andagreed**ING BANK N.V.**by its duly authorised attorney-in-fact
|                    |   | /s/ [ILLEGIBLE] |   |   |
|--------------------|--------|-----------------|--------|--------|
|               |   |            |   |   |
| Dated 29 June 2006 |

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| To:    | ING Bank N.V.                  |
|--------|--------------------------------|
|   |                           |
| Copy:  | Lufeng Development Company ANS |

 

We acknowledge receipt ofthe notice set out above and consent to the reassignment and assignmentreferred to therein and to the granting of the Mortgage over the Vessel.

For and on behalfof**Statoil Orient Inc.**by its duly authorised officer
|                  |   | /s/ [ILLEGIBLE] |   |   |
|------------------|--------|-----------------|--------|--------|
|             |   |            |   |   |
| Dated 04.08.2006 |

 

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