**Exhibit4.74**

**Execution Version**

**Notice ofAssignment in relation to Enterprise**
| To:    |   | For the attention of Pierce Asset Manager |
|--------|--------|-------------------------------------------|
|   |   | Enterprise Oil Ltd                        |
|   |   | 8 York Road                               |
|   |   | London SE1 7NA                            |

 

**BERGEHUGIN FIELD CONTRACT**

We refer to:

(a)                        contractno.97.22.02 dated 9 September 1997 for the Provision of Production, Storage,Offtake and Transportation Services for the Pierce Field and made betweenEnterprise Oil Limited (formerly Enterprise Oil plc) (“**Enterprise**”)as agent for and on behalf of the Pierce Field co-venturers and Den NorskeOljeselskap A.S. (“**Den****Norske**”) as novated in favour of Pierce Production CompanyLimited (“**PPC**”) pursuant to an agreement dated 8September 1998 made between Enterprise, Den Norske and PPC (“**Berge****Hugin Field Contract**”)in relation to the vessel m.v. “HAEWENE BRIM”, registered in The NetherlandsAntilles at the Port of Willemstad, Curaçao (as amended and supplemented fromtime to time prior to the date hereof or after the date hereof); and

(b)                       the noticeof assignment, dated 28 January, 2002, issued to you by us (the “**Notice**”).

We hereby give younotice:

1                                that,by a Deed of Release, Discharge, Reassignment and Termination dated 29 June,2006, the Assignees (as defined in the Notice) reassigned the rights, title, interestand benefit assigned to the Assignees and described in the Notice;

2                                that,by a general assignment (the “**Assignment**”)dated 29 June, 2006 made between (inter alios) PPC, on the one hand, and INGBank N.V. (in its capacity as security trustee) (the “**Assignee**”),on the other hand, we have assigned to the Assignee all of our rights, title,interest, and benefit (present and future, actual and contingent) in, to, underand pursuant to the Berge Hugin Field Contract including (but without prejudiceto the generality of the foregoing) our rights to receive monies and makeclaims for damages under and pursuant to the Berge Hugin Field Contract;

3                                that,unless and until you receive notification from the Assignee or ING Bank N.V. ascontemplated by paragraph 5 below, you are irrevocably authorised andinstructed to pay all Operating Costs (as defined in Exhibit H to the BergeHugin Field Contract) to such account as we may from time to time direct;

4                                that,unless and until you receive notification from the Assignee or ING Bank N.V. ascontemplated by paragraph 5 below, you are irrevocably authorised andinstructed to pay all other amounts payable to us under and pursuant to theBerge Hugin Field Contract to account name “PPC Assigned Account”, accountnumber 02.00.47.266, with ING BankN.V., acting through its Amsterdam head office, or to such other account as INGBank N.V., acting for these purposes as the agent of the Assignee, may fromtime to time direct;

5                                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 Berge Hugin Field Contract(including all amounts referred to in paragraphs 3 and 4 above) to account name“PPC Assigned Account”, account number 02.00.47.266,with ING 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; and

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6                                thateach amount paid by you in accordance with paragraph 3, 4 or 5 above shalldischarge, by a corresponding amount, your payment obligations under the BergeHugin Field Contract.

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

For and on behalfof**PIERCE PRODUCTION COMPANY  LIMITED**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:  |   | Pierce Production Company Limited |

 

We acknowledge receipt ofthe notice set out above and consent to the reassignment and assignmentreferred to therein.

For and on behalf of**Enterprise Oil Ltd**by its duly authorised officer
|                    |   | /s/ [ILLEGIBLE] |   |   |
|--------------------|--------|-----------------|--------|--------|
|               |   |            |   |   |
| Dated 24 July 2006 |

 

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