Exhibit
4.74


Execution Version


Notice of
Assignment in relation to Enterprise


	
  To:

  	
   

  	
  For the attention of Pierce Asset Manager

  
	
   

  	
   

  	
  Enterprise Oil Ltd

  
	
   

  	
   

  	
  8 York Road

  
	
   

  	
   

  	
  London SE1 7NA

  



 


BERGE
HUGIN FIELD CONTRACT


We refer to:


(a)                        contract
no.97.22.02 dated 9 September 1997 for the Provision of Production, Storage,
Offtake and Transportation Services for the Pierce Field and made between
Enterprise Oil Limited (formerly Enterprise Oil plc) (“Enterprise”)
as agent for and on behalf of the Pierce Field co-venturers and Den Norske
Oljeselskap A.S. (“Den  Norske”) as novated in favour of Pierce Production Company
Limited (“PPC”) pursuant to an agreement dated 8
September 1998 made between Enterprise, Den Norske and PPC (“Berge  Hugin Field Contract”)
in relation to the vessel m.v. “HAEWENE BRIM”, registered in The Netherlands
Antilles at the Port of Willemstad, Curaçao (as amended and supplemented from
time to time prior to the date hereof or after the date hereof); and


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


We hereby give you
notice:


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, interest
and 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 ING
Bank 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, under
and pursuant to the Berge Hugin Field Contract including (but without prejudice
to the generality of the foregoing) our rights to receive monies and make
claims 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. as
contemplated by paragraph 5 below, you are irrevocably authorised and
instructed to pay all Operating Costs (as defined in Exhibit H to the Berge
Hugin 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. as
contemplated by paragraph 5 below, you are irrevocably authorised and
instructed to pay all other amounts payable to us under and pursuant to the
Berge Hugin Field Contract 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 other account as ING
Bank N.V., acting for these purposes as the agent of the Assignee, may from
time to time direct;


5                                that,
at all times after the Assignee or ING Bank N.V., acting for these purposes as
the agent of the Assignee, notifies you in writing that the Assignment has
become enforceable, you are irrevocably authorised and instructed to pay all
amounts 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 other
account as ING Bank N.V., acting for these purposes as the agent of the
Assignee, may from time to time direct; and



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6                                that
each amount paid by you in accordance with paragraph 3, 4 or 5 above shall
discharge, by a corresponding amount, your payment obligations under the Berge
Hugin Field Contract.


Please acknowledge
receipt of this notice by signing the acknowledgement endorsed on the enclosed
duplicate of this notice and returning that duplicate direct to the Assignees
at the address shown, with a copy to us.


For and on behalf
of

PIERCE PRODUCTION COMPANY  LIMITED

by its duly authorised attorney-in-fact


	
  

  	
   

  	
  /s/ [ILLEGIBLE]

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Dated 29 June 2006

  



 


Confirmed and
agreed

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 of
the notice set out above and consent to the reassignment and assignment
referred 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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