Document:

Crewmen
Assignment Agreement

    (“Honglin
Dredging 9”)

    

    (Unofficial
Translation)

    

    
      	
              Party
      A:

            	
              Zhejiang
      Honglin Ship Engineering Co., Ltd.

            

    

    
      	
              Address:

            	
              2nd
      Floor, 89 Dongda Avenue, Dinghai District, Zhoushan,
    Zhejiang

            

    

    Legal
Representative: ZHENG Yaping

    

    
      	
              Party
      B:

            	
              Fujian
      Xing Gang Port Service Co., Ltd.

            

    

    
      	
              Address:

            	
              17th
      Floor, Building A, Zhongshan Plaza, 154 Hudong Road,
  Fuzhou

            

    

    Legal
Representative: LIN Qing

    

    Party A and Party B, after friendly
consultation based on the principles of equality and mutual benefit and on the
basis of the “Ship Leasing Contract” executed by the two parties, have reached
the agreement regarding the matter of Party A assigning crewmen during the term
of Party B’s lease of dredging engineering boat “Honglin Dredging 9” from Party
A as follows:

    

    Article
I            Generals

    

    1.           The
term “assigned crewmen” used herein means those crewmen who are assigned by
Party A, pursuant to the provisions of the “Ship Leasing Contract” executed by
the two parties and the provisions of herein, to work at relevant posts on
“Honglin Dredging 9”; see the attached list for crewmen assignment
details.

    

    2.           Party
B must pay to Party A the crewmen assignment fee in accordance with the
provisions of the “Ship Leasing Contract” executed by the two parties. The said
crewmen assignment fee includes salaries that Party A should pay to the crewmen
working “Honglin Dredging 9” and all benefits and insurances (including but not
limited to pensions insurance, unemployment insurance, medical insurance, family
planning insurance, injury insurance, housing fund and commercial
insurance).

    

    3.           Term
of the agreement: The effective period of this agreement corresponds to and is
the same as the term of the lease specified in the “Ship Leasing Contract”
executed by the two parties.

    

    Article
II            Party
A’s Rights and Obligations

    

    1.           Party
A has the right to receive the crewmen assignment fee in accordance with the
provisions of the “Ship Leasing Contract” executed by the two
parties.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    2.           Party
A must assign crewmen for the ship pursuant to the provisions herein; educate
the crewmen on the compliance with the State laws, statutes and regulations;
educate the assigned crewmen on the compliance with Party B’s rules and
policies, on maintaining confidentiality of commercial secrets and on
safeguarding Party B’s legitimate rights and interests.

    

    3.           Party
A must ensure that the assigned crewmen have the qualifications and skills
required of their respective posts and possess valid and complete employment
qualification documents, including but not limited to crewmen service books,
maritime crewmen professional training certificates and maritime crewmen service
competency certificates.

    

    4.           Party
B must notify Party A in writing, three business days in advance, of the
boarding time and boarding location for the crewmen assigned by Party
A.  Party A must ensure that all the assigned crewmen will report for
duty at the time and location specified by Party B.  If there is any
factor on Party B’s part that causes a waiting period of more than half a month
before the assigned crewmen can be aboard, Party B must still pay the same
amount of crewmen assignment fee to Party A pursuant to the provisions
herein.

    

    5.           After
the assigned crewmen have passed assessment and been placed on duty by Party B,
Party A shall not replace them at will.  Party A must ensure that
Party B has the absolute leadership authority over the assigned
crewmen.  During the term of the agreement, the assigned crewmen must
follow the operation arrangement from Party B’s safety and shipping service
scheduling department.

    

    6.           Party
A will pay salaries and bonuses to the assigned crewmen and withhold and pay on
their behalf personal income taxes and make payment for them of all the State
mandated insurances, including but not limited to pensions insurance,
unemployment insurance, medical insurance, family planning insurance, injury
insurance, housing fund and commercial insurance.  Party A shall not
make such payments late.

    

    7.           If
Party B requests Party A to replace certain assigned crewmen pursuant to the
provisions herein, Party A must replace them promptly so as not to affect Party
B’s normal operation.

    

    8.           In
the event of the occurrence of any accident causing injury to the assigned
crewmen, Party A must, after receiving notification from Party B, handle such
accident properly in accordance with the provisions of relevant insurance and be
responsible for submitting report and insurance claims.

    

    9.           If
there a change in the Party A’s bank account number, Party A must notify Party B
in writing two business days in advance.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Article
III            Party
B’s Rights and Obligations

    

    1.           Party
B has the right to conduct assessment on the crewmen assigned by Party
A.  If the assigned crewmen do not have the qualifications or skills
required of their respective posts, Party B has the right to demand Party A to
replace them and Party A shall not refuse such demand.  Party A must
bear corresponding responsibility if the assigned crewmen’s lack of
qualifications or skills causes any loss to Party B.

    

    2.           Party
B has the right to require the assigned crewmen to comply with all the rules and
policies formulated in accordance with the relevant State laws and policies and
follow Party B’s production and operation arrangements.

    

    3.           If
the assigned crewmen engage in any of the following during the term of the ship
lease, Party B has the right, upon Party A’s acknowledgement, to demand Party A
to recall them without any liability for breach:

    (1)           Violation
of Party B’s work disciplines or rules and regulations, and after criticism and
education, failure to make any correction or rectification;

    (2)           Negligence
of duties, resulting in serious loss or damage to Party B’s
interests;

    (3)           Violation
of law and statutes or being the subject of criminal legal
proceedings;

    (4)           Inability
to perform original work duties after treatment period for illness or
work-related injury and inability, or refusal, to perform other work assigned by
Party A;

    

    4.           Party
B has the right to submit written opinion on, and negotiate with regard to,
Party A's behavior that violates the relevant provisions of this
agreement.  Party A must respond to Party B in writing within ten
business days upon receiving the written opinion from Party B.

    

    5.           Party
B must manage the assigned crewmen in such areas as their posts’ duties and
responsibilities and labor discipline and provide them with relevant
training;

    

    6.           Party
B must provide to the assigned crewmen working environment, labor conditions and
labor protection that are in compliance with the provisions of the State’s
“Labor Law”;

    

    7.           Party
B must pay the crewmen assignment fee in accordance with the provisions of the
“Ship Leasing Contract”.

    

    8.           Party
B must pay to Party A the corresponding expenses for those assigned crewmen who
suffer work-related injury or contract occupational disease and, upon
verification, have lost, or partially lost, their ability to work and who suffer
work-related death in accordance with the law;

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    9.           Party
B must supervise in the processing of relevant legal work documents for the
dispatch crewmen required for the term of service and educate them on the
adherence of disciplines and compliance of law;

    

    10.         Party
B must notify Party A fifteen business days in advance in the event of
relocation of work location due to business need; notify Party A two business
days in advance in the event of any change of contact telephone number and fax
number;

    

    11.         Party
B must arrange work posts for the assigned crewmen in accordance with the
provisions herein, consult with Party A if there is need for any change and bear
all consequences resulting from changing the posts of the assigned crewmen
without prior consultation with Party A.

    

    Article
IV            Dispute
and Arbitration

     

    Any dispute arising from performance
of, or in connection with, this agreement must be settled through consultation;
if such consultation fails, either party may submit the dispute to the
jurisdiction of the people’s court at Party B’s location.

    

    Article
V            Others

    

    1.           Other
matters not covered herein must be settled by Party A and Party B through
consultation or be provided in supplemental agreement formulated in accordance
with relevant provisions of the State law, statutes and
regulations.

    

    2.           If
any content herein conflicts with the State law or policies, or is inconsistent
due to the changes of the law and policies, the provisions of the law or such
policies shall prevail.

    

    3.           All
attachments hereto are the component parts hereto and have the same legal
effect.

    

    4.           This
agreement is an attachment to the “Ship Leasing Contract” executed by the two
parties and shall become effective at the same time when the “Ship Leasing
Contract” takes effect.

    

    5.           This
agreement is in duplicates, with one to each party, and both have the same legal
effect.

    

    Party
A:                        /seal/
Zhejiang Honglin Ship Engineering Co., Ltd.

    Legal
Representative: /s/ ZHENG Yaping

    

    Party
B:                        /seal/
Fujian Xing Gang Port Service Co., Ltd.

    Legal
Representative: /s/ LIN Qing

    

    Date:     June
19, 2010

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    Attachment:
List of Assigned Crewmen

    
      
        	
                Post

              	 
      	
                Number

              
	
                Captain

              	 
      	
                1

              
	
                First
      Mate

              	 
      	
                1

              
	
                Chief
      Engineer

              	 
      	
                1

              
	
                Second
      Mate

              	 
      	
                1

              
	
                Second
      Engineer

              	 
      	
                1

              
	
                Third
      Engineer

              	 
      	
                1

              
	
                Fourth
      Engineer

              	 
      	
                1

              
	
                Third
      Mate

              	 
      	
                1

              
	
                Seamen
      Chief

              	 
      	
                1

              
	
                Long
      Mechanic

              	 
      	
                1

              
	
                Mechanic

              	 
      	
                12

              
	
                Seaman

              	 
      	
                12

              
	
                Cook

              	 
      	
                1

              
	
                Total

              	 
      	
                35Ship
Lease Contract

    (“Honglin
Dredging 18”)

    

    (Unofficial
Translation)

    

    
      	
              Party
      A:

            	
              Zhejiang
      Honglin Ship Engineering Co., Ltd.

            

    

    
      	
              Address:

            	
              2nd
      Floor, 89 Dongda Avenue, Dinghai District, Zhoushan,
    Zhejiang

            

    

    Legal
Representative: ZHENG Yaping

    

    
      	
              Party
      B:

            	
              Fujian
      Xing Gang Port Service Co., Ltd.

            

    

    
      	
              Address:

            	
              17th
      Floor, Building A, Zhongshan Plaza, 154 Hudong Road,
  Fuzhou

            

    

    Legal
Representative: LIN Qing

    

    Pursuant
to the relevant provisions of the “People’s Republic of China Contract Law” and
other applicable laws and statutes, Party A and Party B, after friendly
consultation, have formulated this leasing contract terms to be adhered to by
both parties.

    

    I.      
     Leasing of a Boat

    Based on
Party B’s need, Party A agrees to lease “Honglin Dredging 18” (the “Leased
Boat”), a non-self-propelling, cutter suction type of dredging boat with a cabin
capacity of 3800m3 which it
owns, to Party B for its use.  During the term of the lease, Party A
will assign crewmen for the Leased Boat; see the attachment hereto, “Crewmen
Assignment Agreement”, for details.

    

    II.      
    Term of the Lease

    The term of the lease is three years,
starting from June 18, 2010 to June 18, 2013.  Upon the expiration of
the term of the lease, Party B shall have the right of first refusal to renew
the lease under the same conditions.

    

    III.    
    Leasing Fee

    1. Lease
security deposit: Party B must may to Party A a lease security deposit of RMB
45,000,000.00 Yuan within 10 days after the date of delivery of the Leased Boat
to Party B.  Within 10 days upon the expiration of the term of the
lease, Party A shall return the lease security deposit in one sum to Party
B.

    2. The
Leased Boat lease fee:  the Leased Boat lease fee is RMB 24,500,000.00
Yuan per year, the calculation of which starts from the day when the Leased Boat
is delivered to Party B at the port of delivery.  Party A shall be
responsible for the one-way dispatch fee for navigating the Leased Boat from its
original port of anchor to the port of delivery.

    3.
Crewmen assignment fee: RMB 3,720,000.00 Yuan per year.

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    4. Spare parts fee: for the sake of
management convenience, during the term of the lease, Party A shall purchase all
the required spare parts based on the operation need of the Leased Boat and
provide maintenance and parts replacement repairs based on the condition of the
Leased Boat to ensure that the Leased Boat remain in normal working
condition.  Party B will pay to Party A the spare parts fee in one
lump sum of RMB 73,200,000.00 Yuan per year for Party A to use, with no refund
for surplus fee nor supplement for deficit; Party A shall have the said fixed
amount of spare parts fee at its disposal, whether or not the actual cost of
spare parts for the corresponding year exceeds the said fixed
amount.  Party A shall be responsible for the transportation and
moving of the spare parts and for the removal and recycling of the discarded
spare parts and bear all the related expenses.

    5. Payment method: the total of the
fees for items under III.1, III.2 and III.3 is RMB 101,420,000.00 Yuan per year,
and this total amount is to be paid by Party B quarterly, that is, 25,355,000.00
Yuan per quarter.  Party B must transfer the lease fee for the
previous quarter into the bank account designated by Party A within the first 10
days of January, April, July and October of each year.

    

    IV.         Delivery
of the Leased Boat

    1. Time of delivery: June 18,
2010.

    2. Place of delivery: Tianjin, actual
location of which to be specified by Party B.

    3. At the time of delivery, the Leased
Boat must be in the normal working condition and be ready to put into project
operation.

    4. At the time of delivery, Party A and
Party B will jointly confirm the fuel stored on board the Leased Boat at the
place of delivery.  Before the amount of fuel stored on board is
measured, the draft of the front and back of the Leased Boat must be adjusted
for balance or the draft differential between the stern and bow of the Leased
Boat must not exceed 6 feet.  At the time of delivery, Party A must
ensure that the amount of fuel stored on board must be above 80% of the Leased
Boat's maximum fuel storage capacity.

    5. Since Party B is to pay Party A the
lump sum spare parts fee and Party A shall be responsible for the Leased Boat’s
maintenance and repair service and for replacement of spare parts on the Leased
Boat during the term of the lease, there is no need for the two parties to
perform the joint inspection at the time of delivering, and at the time of
returning, the Leased Boat.

    6. Upon the expiration of the term of
the lease, Party B must notify Party A of the location and time of returning the
boat 7 days before the expiration of the term of the lease, and Party A must
process the return and acceptance procedures based on Party B’s notification and
regain control of the Leased Boat and the crewmen assigned to work on
board.

    

    V.          Rights
and obligations of each of the two parties

    (A)        Party
A’s rights and obligations

    1. During
the term of the lease Party A has the right to receive the lease fee according
to the provisions herein.  If Party B’s payment of the lease fee is
more than one month past due, Party A has the right to resort to legal action at
a court and to unilaterally dissolve the contract.

    2. During the term of the lease, Party
A is responsible for the prompt provision and replacement of the spare parts on
the Leased Boat so as to ensure the Leased Boat’s normal operation.

    3. Party
A confirms the ownership of the Leased Boat and has processed the relevant
certificates required by the State law and statutes.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    4. During
the term of the lease, Party A may, upon obtaining consent from Party B,
dispatch a representative to the Leased Boat to supervise the ship operation at
its own expense.  If Party A’s representative believes that any of
Party B’s actions violates this contract or can damage the main structure of the
Leased Boat, Party A must issue a written report and settle the matter between
the two parties amicably through friendly consultation.

    5. Party
A warrants that, on the day of delivering the Leased Boat and during the term of
the lease, the technical specifications of the Leased Boat are in conformity
with those specified in all the ownership certificates; if there are
discrepancies, the lease fee shall be reduced and such reduction should be an
amount sufficient to compensate the lessee for any resulting loss.

    6. Party
A warrants that, on the day of delivering the Leased Boat and during the term of
the lease, the Leased Boat is tight, solid, strong and in good working
condition, and is suitable for the operation of the project; the body of the
Leased Boat and the machines and equipment on board are in full working
condition.

    7. On the
day of delivering the boat, Party A must also provide all the certificates
required for its operation, including but not limited to “People’s Republic of
China Ship and Vessel Ownership Registration Certificate”, “People’s Republic of
China Ship and Vessel Nationality Certificate”, “Maritime Ship and Vessel
Inspection Certification Record”, “Maritime Cargo Vessel Seaworthiness
Certificate”, “Maritime Ship and Vessel Tonnage Certificate”, “Maritime Ship and
Vessel Oil Pollution Prevention Certificate” and “Maritime Ship and Vessel Load
Line Certificate”.

    8. During
the term of the lease, Party A must process on time, completely and fully all
the procedures regarding ship inspections and insurances at its own cost; Party
B must provide active cooperation and must not knowingly set up any
obstacles.

    9. Before
delivering the Leased Boat, Party A must engage a professional shipyard to
perform comprehensive inspection and repairs on the Leased Boat and ensure that
the Leased Boat has a life of use no less than ten years.

    10.
During the term of the lease, Party A must assign crewmen for the Leased Boat
who are competent and have professional qualifications for their respective
posts in accordance with the provisions of "Crewmen Assignment
Agreement".  (See Attachment 1 hereto, "Crewmen Assignment Agreement",
for details.

    11. If,
due to business need, Party A needs to relocate its office to a new address or
to change its bank account, Party A must notify Party B in writing fifteen
business days in advance; if there is need to change the contact telephone
number, Party A must notify Party B in writing two business days in
advance.

    12. Party
A's unilateral dissolution of this contact during the term of the lease or
leasing the Leased Boat to a third party without prior consent from Party B
shall constitute the breach of contract; Party B shall have the right to demand
the continuation of the performance of this contract; Party A must at such time
pay a breach penalty of RMB 15,000,000.00 to Party B and compensate Party B for
any resulting loss.

    (B)        Party
B’s rights and obligations

    1.
Starting from the day of the execution of this contract, Party B has the right
to dispatch its representatives at its own expenses to inspect the Leased Boat
and familiarize themselves with the operation of the Leased
Boat.  Party A’s Leased Boat and the crewmen on board must follow the
management of Party B’s representatives and conduct project operation according
to the directions issued by Party B’s representatives.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    2. During
the term of the lease, Party B has the right to sublease the Leased Boat;
however Party B shall still have full responsibility toward Party A to perform
this contract.

    3. During
the term of the lease, Party B must pay the lease fee on time in accordance with
the provisions herein.

    4. The
use of the Leased Boat leased by Party B from Party A is limited to port
dredging operations and similar projects.  If Party B needs engage the
Leased Boat for any other purposes, Party B must obtain consent from Party A
before any implementation.

    5. During
the term of the lease, Party B shall still pay the lease fee when the Leased
Boat is unable to be operated normally due to climate factors (such as Typhoon,
rain or fog).

    6. Any
damages and losses suffered by both parties due to the occurrence of any humanly
irresistible disaster or to government edicts and military action, whether or
not the Leased Boat is in navigation or in mooring, must be handled in
accordance with the provisions of maritime laws and statutes.

    7. During
the term of the lease, Party B shall not dispatch the Leased Boat to, or let it
enter, any frozen waters, nor shall Party B let the Leased Boat enter an area
where, at the time of the Leased Boat's arrival, the light tower, light boat,
navigation mark or buoy will be, or are likely to be, removed soon or an
dangerous area with ice hazard, such that the Leased Boat will not be able to
arrive at the location of operation smoothly or to exit the location after its
operation.

    8. During
the term of the lease, before obtaining consent from Party A in writing, Party B
shall not dispatch the Leased Boat to dock at a Taiwan port or let it navigate
out of the border of the People's Republic of China for any reason or any
purpose.

    9. During
the term of the lease, Party B is strictly forbidden to use the Leased Boat to
transport any hazardous material.  Party B shall not use the Leased
Boat to engage in any illegal activities, including but not limited to
smuggling, pilfering, stealing and illegal immigration.

    10. If
Party B fails to pay the lease fee or pay the lease fee in full for the
corresponding quarter, and the delay of such payment is more than 10 business
days, Party B then shall, starting from the following month, pay a breach
penalty calculated at the daily rate of 0.05% of the total of the unpaid portion
of the lease fee; but the cumulative total of such breach penalty shall not
exceed 3% of the lease fee for the corresponding period.

    

    VI.         Resolution
of Dispute

    All disputes arising from the
performance of, or in connection with, this contract must be settled through
consultation between the two parties; if such consultation fails, the dispute
can be submitted to the jurisdiction of the people’s court at Party B’s
location.

    

    VII.        Others

    1. All
attachments hereto are the component parts of this contract and shall have the
same legal effect as this contract.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    2. The
original of this contract is in duplicates, with one each to Party A and Party
B; this contract will take effect after it is signed and imprinted with seals by
both Party A and Party B.

    3. All
matters not covered herein shall be settled in supplemental agreements through
consultation between the two parties, and all such supplemental agreements shall
have the same legal effect as this contract.

    

    
      	
              Party
      A:

            	
              /seal/
      Zhejiang Honglin Ship Engineering Co.,
Ltd.

            

    

    Legal
Representative: /s/ ZHENG Yaping

    

    
      	
              Party
      B:

            	
              /seal/
      Fujian Xing Gang Port Service Co.,
Ltd.

            

    

    Legal
Representative: /s/ LIN Qing

    

    Date:  
 June 18, 2010

     

    
      
         

      

      
        5

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