Exhibit
4.75


Execution Version


Notice of
Assignment in relation to Statoil


	
  To:

  	
   

  	
  Statoil Orient Inc. (“Statoil”)

  
	
   

  	
   

  	
  Bundesstrasse 3

  
	
   

  	
   

  	
  c/o Ernst & Young

  
	
   

  	
   

  	
  6304

  
	
   

  	
   

  	
  Zug

  
	
   

  	
   

  	
  Switzerland

  



 


NAVION
MUNIN FIELD CONTRACTS


We refer to:


(a)                        contract
no. ANS022731 dated 24 September, 1996 for the design, construction,
installation and provision of a floating production, storage and offtake
facility for the production of hydrocarbons from the Lufeng oil field, contract
no.SC05005A dated 5 April, 2005, in each case made between Statoil and Lufeng
Development Company ANS (“LDC”) in
relation to the vessel m.v. “MUNIN” registered in the Netherlands Antilles at
the port of Willemstad, Curaçao (the “Vessel”) (as
amended and supplemented from time to time prior to the date hereof or, with
the consent of the Assignee (as defined below), after the date hereof) (“Navion Munin Field Contracts”);


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


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


We hereby give you
notice:


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


(a)                        reassigned
the rights, title, interest and benefit assigned to the Assignee and described
in the Notice; and


(b)                       discharged
the Mortgage;


2                                that,
by a general assignment (the “Assignment”)
dated 29 June 2006 made between (inter alios) us and ING Bank N.V. (in its
capacity as security trustee) (the “Assignee”), we
have assigned by way of security to the Assignee all of our rights, title,
interest, and benefit (present and future, actual and contingent) in, to, under
and pursuant to the Navion Munin Field Contracts 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 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, we
have granted a first priority legal mortgage over the Vessel in favour of the
Assignee;


4                                that,
unless and until you receive notification from the Assignee or ING Bank N.V. as
contemplated by paragraph 6 below, you are irrevocably authorised and
instructed to pay all Compensation (as defined in contract no.SC05005A referred
to 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. as
contemplated by paragraph 6 below, you are irrevocably authorised and
instructed to pay all other amounts to account name “LDC Assigned Account ”, account number 02.00.46.588,
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;



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6                                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 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, 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;


7                                that
each amount paid by you in accordance with paragraph 4, 5 or 6 above shall
discharge, by a corresponding amount, your payment obligations under the Navion
Munin Field Contracts; and


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


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 Assignee at
the address shown, with a copy to us.


For and on behalf
of

LUFENG DEVELOPMENT COMPANY ANS

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:

  	
  Lufeng Development Company ANS

  



 


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


For and on behalf
of

Statoil Orient Inc.

by its duly authorised officer


	
  

  	
   

  	
  /s/ [ILLEGIBLE]

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Dated 04.08.2006

  



 



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