Document:

<PAGE>
                    Summary of Proposed Terms and Conditions
        Credit Agreement Between The Borrower and MFC Merchant Bank S.A.

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        This Summary of Terms and Conditions ("Summary") is for reference
           only and shall not be considered to be exhaustive as to the
            final terms and conditions which govern the transactions.
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                                  CREDIT TERMS

Borrower:                           Marine Shuttle Operation Inc. (collectively
                                    the "Borrower")

Lenders' Arranger and
Agent:                              MFC Merchant Bank S.A. ("MFC" or the
                                    "Agent"). MFC may arrange for a syndicate
                                    of lenders (the "Lenders") to participate
                                    in the Loan.

Amount:                             Loan in the principal amount of 2,000,000
                                    (United  States dollars) (the "Loan" or the
                                    "Credit Facility").

Purpose:                            The Loan will be used for working capital
                                    in furtherance of the Borrower's  business
                                    as conducted at the date hereof.

Availability:                       Committed one year term Credit Facility.

Closing Date:                       February 25, 2000

Repayment:                          Due in full on the first anniversary date of
                                    the Closing Date (the "Maturity Date"). The
                                    Maturity Date may be extended by the
                                    Lenders, at their sole option, for
                                    additional periods of twelve months per each
                                    extension, by providing the Borrower with
                                    written notice thereof, at least 30 days
                                    prior to each such extension.

Voluntary                           Prepayments: The Borrower may, on ten
                                    banking days' prior notice given to the
                                    Agent, stating the proposed date and
                                    aggregate principal amount of the
                                    prepayment, prepay the Loan in whole or in
                                    part. Each prepayment shall be in a
                                    principal amount of not less than $100,000.

Security:                           A pledge (the "Securities Pledge") by third
                                    parties of shares (the "Pledged
                                    Securities"). Marketable securities
                                    acceptable to the Lenders with a margin
                                    component of at least 55%. If the margin
                                    component falls below 55% on any given day,
                                    the Lender may sell such securities and
                                    utlize the cash as security up to the full
                                    amount of the facility, 2,000,000 United
                                    States dollars.

Draw Restrictions:                  $350,000 a month commencing February 25,
                                    2000.

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Arrangement Fee:                    The Borrower shall pay to the Agent an
                                    arrangement fee of $20,000 on the Closing
                                    Date.

Interest Rate:                      Interest will be payable at the Interest
                                    Rate.

Conditions Precedent:               Customary, including but not limited to
                                    the following.

                                    (1)     The Agent shall have received
                                            certified copies of the Charter
                                            Documents of the Borrower
                                            resolutions approving the Credit
                                            Documents and other certificates and
                                            confirmations customary to lending
                                            transactions of the nature
                                            contemplated hereby.

                                    (2)     The Credit Documents shall have been
                                            executed and delivered to the Agent,
                                            the Pledged Securities shall have
                                            been delivered to the Agent, and all
                                            filings necessary or desirable to
                                            perfect the enforceability and
                                            priority of the Lenders' security
                                            shall have been completed.

                                    (3)     The Agent shall have received
                                            certified copies of the Financial
                                            Statements of the Borrower for the
                                            most current fiscal year, including,
                                            the most current quarterly Financial
                                            Statements.

                                    (4)     All of the representations and
                                            warranties contained in the Credit
                                            Documents shall be correct on and as
                                            of the Closing Date, the Borrower
                                            shall have complied with all of its
                                            covenants and made all deliveries
                                            required on closing and the Borrower
                                            shall have delivered to the Agent a
                                            certificate executed by a senior
                                            officer of the Borrower to that
                                            effect.

                                    (5)     The Agent shall receive such other
                                            documents as it may  reasonably
                                            request on behalf of the Lenders.

                                    (6)     No Material Adverse Change shall
                                            have occurred since September
                                            30, 1999.

                                    (7)     No law, regulation, rule or policy,
                                            or any change therein, shall be
                                            enacted or proposed prior to the
                                            Closing Date which may have a
                                            Material Adverse Effect.

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                                    (8)     All licenses, permits, certificates,
                                            registrations waivers, consents,
                                            approvals, releases, authorizations
                                            and orders, the absence of which
                                            would have a Material Adverse
                                            Effect, shall have been obtained and
                                            be in full force and effect.

Representations                     Customary, including but not limited to
and Warranties:                     the following:

                                    (1)     Organization and Corporate Power.
                                            The Borrower is duly incorporated
                                            and organized and is validly
                                            subsisting and in good standing and
                                            have full power and authority to
                                            enter into and perform their
                                            respective obligations under the
                                            Credit Documents and to own and
                                            operate their properties and to
                                            carry on their businesses.

                                    (2)     Conflict with Other Instruments. The
                                            execution and delivery by the
                                            Borrower of the each of the Credit
                                            Documents to which they are party
                                            and the performance of their
                                            obligations thereunder, will not
                                            conflict with or result in a breach
                                            of any of the terms, conditions or
                                            provisions of: (i) their Charter
                                            Documents; (ii) any applicable laws;
                                            or (iii) any contractual restriction
                                            affecting the Borrower their
                                            properties, the breach of which
                                            would have a Material Adverse
                                            Effect.

                                    (3)     Authorization, Official Body
                                            Approvals. The execution and
                                            delivery of each of the Credit
                                            Documents by the Borrower to which
                                            each is a party and the performance
                                            of their obligations thereunder will
                                            have been duly authorized by all
                                            necessary action on the part of the
                                            Borrower and no authorization or
                                            registration is necessary therefor.

                                    (4)     Execution of Binding Obligation. The
                                            Credit Documents will constitute
                                            legal, valid and binding obligations
                                            of the Borrower enforceable in
                                            accordance with their terms.

                                    (5)     Consents. The Borrower possess all
                                            required consents and authorizations
                                            which are necessary in connection
                                            with the operation of their
                                            respective businesses.

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                                    (6)     No Violation of Agreements. The
                                            Borrower is not in default under any
                                            material indenture, mortgage, deed
                                            of trust, agreement or other
                                            instrument to which it is a party or
                                            by which it or any of its property
                                            may be bound, which default could
                                            have a Material Adverse Effect.

                                    (7)     No Litigation. There are no actions,
                                            suits or proceedings pending or
                                            threatened against or affecting the
                                            Borrower or that challenge the
                                            validity of the transactions
                                            contemplated by the Credit Documents
                                            or that could have a Material
                                            Adverse Effect.

                                    (8)     No Defaults. Neither the Borrower is
                                            in breach of or in default under:
                                            (i) its Charter Documents; (ii) any
                                            applicable law; or (iii) any
                                            contract or agreement binding on or
                                            affecting it or its property or
                                            assets, which breach or default
                                            could have a Material Adverse
                                            Effect.

                                    (9)     Financial Statements. The Financial
                                            Statements of the Borrower present
                                            the financial position of the
                                            Borrower as at the dates thereof in
                                            accordance with GAAP.

                                    (10)    Title to Pledged Securities. The
                                            beneficial owners have good and
                                            marketable title to, the Pledged
                                            Securities free and clear of all
                                            encumbrances and the Lenders'
                                            security will constitute a first
                                            fixed charge on the Pledged
                                            Securities. The Pledged Securities
                                            are fully-paid and non-assessable
                                            and are not subject to any voting
                                            trust, shareholder agreement or
                                            voting agreement.

                                    (11)    No Agreements to Purchase. No person
                                            has any agreement or right capable
                                            of becoming an agreement for the
                                            purchase of the Pledged Securities.

Covenants of the                    Customary, including but not limited to the
Borrower:                           following.

                                    (1)     Corporate Existence. To preserve and
                                            maintain its corporate existence and
                                            all qualifications to carry on its
                                            business.

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                                    (2)     Compliance with laws, etc. To comply
                                            with all applicable laws
                                            non-compliance with which could have
                                            a Material Adverse Effect.

                                    (3)     Payment of Taxes and Claims. To pay
                                            and discharge when due all taxes
                                            except those being contested in good
                                            faith and for which the Borrower has
                                            maintained adequate reserves.

                                    (4)     Keeping of Books. To keep proper
                                            books of record and account in
                                            accordance with GAAP.

                                    (5)     Pay Obligations to Lender and
                                            Perform Other Covenants. To make
                                            full and timely payment of its
                                            Obligations under the Credit
                                            Documents and any other monies due
                                            and comply with the terms and
                                            covenants contained in each of the
                                            Credit Documents.

Events of Default:                  Customarily, including but not limited to
                                    the following:

                                    (1)     Payment of Principal. The Borrower
                                            shall fail to pay the Principal Sum
                                            or any portion thereof outstanding
                                            when the same becomes due and
                                            payable.

                                    (2)     Payment of Interest, etc. The
                                            Borrower shall fail to pay in
                                            interest in respect of the Credit
                                            Facility when the same becomes due
                                            and payable or the Borrower shall
                                            fail to pay any fees or other
                                            amounts in respect thereof when the
                                            same becomes due and payable, and in
                                            any such case, the failure shall
                                            remain unremedied for a period of
                                            three banking days following notice
                                            from the Agent to the Borrower.

                                    (3)     Representations and Warranties
                                            Incorrect. Any representation or
                                            warranty made by the Borrower in the
                                            Credit Documents or in any other
                                            document shall prove to have been
                                            incorrect in any material respect
                                            when made or deemed to be made.

                                    (4)     Value of the Marketable Securities.
                                            If the value of the marketable
                                            securities fall below the ratio of
                                            55% to 100% on any given day, such
                                            securities may be sold at the
                                            Lenders option to maintain the
                                            ratio.

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                                    (5)     Security Unenforceable. Any Credit
                                            Document shall cease to be in full
                                            force and effect or shall be
                                            declared to be null and void, or the
                                            validity or enforceability thereof
                                            shall be contested by the Borrower.

                                    (6)     Material Adverse Effect. There
                                            occurs any change, condition, event
                                            or occurrence which, when considered
                                            individually or together with all
                                            other changes, conditions, events or
                                            occurrences could reasonably be
                                            expected to have a Material Adverse
                                            Effect, provided that in such event,
                                            the Borrower shall have 10 Business
                                            Days to repay all of the Obligations
                                            in full.

Reporting:                          The Borrower will deliver to the Agent: (I)
                                    within 45 days of the end of each Financial
                                    Quarter, quarterly Financial Statements;
                                    (ii) within 90 days after the end of each
                                    Financial Year of the Borrower and; (iii)
                                    such other financial statements and
                                    information respecting the Borrower as may
                                    reasonably be requested by the Lenders from
                                    time to time.

Expenses for the account            (1)     Counsel, assessment or compliance
                                            review fees and disbursements
                                            incurred by the Agent and the
                                            Lenders in connection with: (I) the
                                            development, preparation, execution
                                            and interpretation of the Credit
                                            Documents; (ii) advice of counsel to
                                            the Agent and the Lenders with
                                            respect to the administration of the
                                            Loan and the Credit Documents; (iii)
                                            the enforcement or preservation of
                                            rights under or the refinancing,
                                            renegotiation or restructuring of
                                            Obligations under the Credit
                                            Documents; (iv) stamp taxes and
                                            custodian fees incurred in
                                            connection with the Pledged
                                            Securities, if any are charged by
                                            third-parties to the Agent; or (v)
                                            any requested amendments, waivers or
                                            consents pursuant to the provisions
                                            of the Credit Documents, including
                                            such expenses as may be incurred by
                                            the Agent or a Lender in the
                                            collection of the Obligations or any
                                            litigation, proceeding, dispute or
                                            so-called "work-out" in any way
                                            relating to the Obligations or the
                                            Credit Documents.

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                                    (2)     All such expenses in connection
                                            with: (I) the Borrower's failure to
                                            complete the Loan or to make any
                                            payment, repayment or prepayment on
                                            the date required; (ii) the
                                            Borrower's failure to pay any amount
                                            including, without limitation, any
                                            interest or fees, due under any
                                            Credit Document on its due date; or
                                            (iii) the Borrower's failure to give
                                            any notice required to be given by
                                            it to the Agent or the Lenders.

Governing Law:                      Switzerland, Canton of Geneva, as
                                    applicable.

Indemnification:                    Standard indemnification of the Agent and
                                    other participating financial institutions
                                    extending to all claims, losses or
                                    liabilities, except as caused by their own
                                    gross negligence or willful misconduct.

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Definitions:               "BBA" means British Bankers' Association.

                           "BBA Libor" means the three month US dollar London
                           Inter-Bank Offered Rate fixed daily by the BBA.

                           "Charter Documents" means, as the context requires,
                           the constating documents and by-laws of any person
                           thereto;

                           "Credit Documents" means the Credit Agreement, the
                           Securities Pledge, and all other documents to be
                           executed and delivered to the Agent, the Agent for
                           and on behalf of the Lenders, the Lenders or a Lender
                           by the Borrower relating to the Loan.

                           "Debt" of any person means: (I) all indebtedness of
                           such person for and in respect of borrowed money,
                           including obligations with respect to bankers'
                           acceptances, letters of credit and letters of
                           guarantee; (ii) all indebtedness of such person for
                           the deferred purchase price of property or services
                           represented by a note or other evidence of
                           indebtedness or other security; (iii) all
                           indebtedness created or arising under any conditional
                           sale or other title retention agreement with respect
                           to property acquired by such person (even though the
                           rights or remedies of the seller or lender under such
                           agreement in the event of default are limited to
                           repossession or sale of such property); (iv) all
                           obligations under leases which, in accordance with
                           GAAP (or accounting principles generally accepted in
                           the jurisdiction of incorporation or organization of
                           such person), are recorded as capital leases in
                           respect of which such person is liable as lessee; (v)
                           the aggregate amount at which any shares in the
                           capital of such person which are redeemable or
                           retractable at the option of the holder thereof may
                           be retracted or redeemed; and (vi) all Debt
                           guaranteed by such person.

                           "Financial Quarter" means, in relation to the
                           Borrower, a period of three consecutive months in
                           each Financial Year of the Borrower ending on March
                           31, June 30, September 30 and December 31, as the
                           case may be, of such Financial Year.

                           "Financial Statements" means, in respect of the
                           Borrower, as at any particular time, financial
                           statements prepared in accordance with GAAP,
                           including, without limitation, consolidated and
                           unconsolidated balance sheets, statements of earning
                           and statements of changes in financial position.

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                           "Financial Year" means, in relation to the Borrower,
                           a financial year of the Borrower commencing on
                           January 1 of each calender year and ending on
                           December 31 of such calender year.

                           "GAAP" means, at any time, accounting principles
                           generally accepted in the United States, applied on a
                           consistent basis.

                           "Interest Payment Dates" means the annual interest
                           payment dates to be established under the Credit
                           Agreement.

                           "Interest Periods" means periods of three months, the
                           first such period beginning on the closing Date and
                           each subsequent period commencing upon the expiry of
                           the prior period, and "Interest Period" means any one
                           such period. Interest shall be calculated on the
                           basis of a year of 360 days and the actual number of
                           days (including the first day be excluding the last
                           day) occurring in the period for which such Interest
                           is payable.

                           "Interest Rate" means, at any time, Libor plus 3 1/2%
                           per cent per annum. With each successive Interest
                           Period the Libor shall be reset on the second banking
                           day prior to the commencement of the Interest Period
                           and there shall be a corresponding change in the rate
                           of interest payable under the Credit Agreement
                           without the necessity of prior notice thereof to the
                           Borrower or any other person.

                           "Libor" means BBA Libor or, if no such published rate
                           is then available, the rate of interest calculated by
                           the Agent, as being the arithmetic average (rounded
                           up, if necessary, to the nearest full multiple of
                           1/16 of one percent) at which, in accordance with its
                           normal practice, would be prepared to offer to
                           leading banks in the London interbank market for
                           delivery on the first day of the particular Interest
                           Period and for a period equal to such Interest Period
                           based on the number of days comprised therein,
                           deposits in US funds of amounts comparable to the
                           Principal Sum or the balance outstanding thereof
                           during such Interest Period, at or prior to 11:00
                           a.m. London, England, local time on the second
                           banking day prior to the Closing Date and thereafter
                           on the second banking day prior to the commencement
                           of each subsequent Interest Period.

                           "Material Adverse Change" means any change,
                           condition, event or occurrence which, when considered
                           individually or together with all other changes,
                           conditions, events or occurrences could reasonably be
                           expected to have a Material Adverse Effect.

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                  "Material Adverse Effect" means: (i) a material adverse effect
                  on the property, assets or businesses or the Borrower taken as
                  a whole; (ii) a material adverse effect on the capital
                  structure or condition or prospects, financial or otherwise,
                  of the business or the Borrower; (iii) a material adverse
                  effect on the ability of the Borrower to perform and comply
                  with the Credit Agreement or to pay or perform any of the
                  Obligations under the Credit Documents; (iv) a material
                  adverse effect on the priority, effectiveness or performance
                  of all other obligations, liabilities and indebtedness of the
                  Credit Documents or with respect to the Loan and all fees,
                  costs, expenses and indemnity obligations thereunder.

                  "Outstanding Amount" means, in respect of the Loan, on any
                  day, an amount calculated and expressed in U.S. Dollars equal
                  to the Principal Sum less any repayment or prepayment made or
                  credited to the Borrower as at such date.

                  "Principal Sum" means amount borrowed.

Date ________________________                Date ________________________

----------------------------                 ------------------------------
Marine Shuttle Operation Inc.                MFC Merchant Bank S.A.<PAGE>
                                    AGREEMENT

                  THIS AGREEMENT made effective as of the 8th day of February,
2000, by and between Marine Shuttle Operations Inc., a Nevada corporation (the
"Corporation"), Mancorp AS ("MAS"), and Stephen Adshead ("Adshead").

                              W I T N E S S E T H:
                               - - - - - - - - - -

                  WHEREAS, Adshead is an employee, director, and principal
stockholder of MAS;

                  WHEREAS, (a) the Corporation desires to engage Adshead as a
Vice President of the Corporation, (b) MAS desires to lend out to the
Corporation the services of Adshead, and (c) Adshead desires to serve as a Vice
President of the Corporation, upon the terms and conditions hereinafter set
forth;

                  NOW THEREFORE, in consideration of the premises and the mutual
covenants and agreements hereinafter set forth, the parties, intending to be
legally bound, agree as follows:

         I. Engagement; Term. Subject to the terms and conditions of this
Agreement, MAS hereby agrees to loan out the services of Adshead to the
Corporation, the Corporation hereby engages Adshead as a Vice President, and
Adshead hereby agrees to serve as a Vice President of the Corporation for the
period commencing on the date hereof (the "Effective Date") and ending on the
second anniversary of the Effective Date (the "Engagement Period"), unless
sooner terminated as hereinafter provided.

         2. Scope of Adshead's Duties. Adshead shall serve as a Vice President
subject to the direction and control of the Corporation's Chief Executive,
President, and Board of Directors (the "Board"). In such capacity, Adshead shall
have the customary powers, responsibilities and authority of vice presidents of
corporations of the size, type, and nature of the Corporation as it exists from
time to time. Adshead shall undertake such other duties as the Chief Executive
Officer, President, or Board from time to time shall reasonably designate,
including, without limitation, serving as a consultant to affiliates of the
Corporation and serving on the Board.

         3. Time to be Devoted to by Adshead. Adshead shall devote so much (but
not less than 50%) of his professional and business time, attention, and
energies to his duties and responsibilities hereunder as is reasonable to insure
the Corporation's proper conduct. In performing such services, Adshead shall use
his best efforts to promote the interests of the Corporation pursuant to and in
accordance with reasonable business policies and procedures, as fixed from time
to time by the Board. Adshead covenants and agrees that he will faithfully
adhere to and fulfill such policies, consistent with this Agreement, as are
established from time to time by the Chief Executive Officer, the President, or
the Board. Nothing contained herein shall prevent or be construed as preventing
Adshead from holding or purchasing up to five percent (5%) of any class of stock
or securities of a corporation which is listed on a national securities exchange
or regularly traded in the over-the-counter market, or making other investments
or participating in business ventures not involving decommissioning, installing,
and/or transporting offshore oil or gas

<PAGE>
structures, provided that such investments and business ventures do not conflict
with his duties or obligations to the Corporation as provided in this Agreement.

         4. Fee. As total consideration for lending out the services of Adshead
and the rendering of such services during the Engagement Period, MAS shall
receive a fee of Sixty Thousand Dollars ($60,000) per annum (the "Fee"), which
shall be paid semi-monthly in arrears or on such other basis as Corporation and
MAS shall agree.

         5. Reimbursement of Expenses. The Corporation shall reimburse Adshead
for all reasonable expenses incurred in connection with the services to be
rendered hereunder, including expenses for travel, entertainment, and similar
expenses incurred by Adshead on the Corporation's behalf; provided, however, no
such reimbursement shall be made except upon the presentation of an itemized
account or other evidence of those expenses for which reimbursement then is
being sought, all in form reasonably satisfactory to the Corporation.

         6. Termination. This Agreement shall terminate upon Adshead's
resignation or death, and may be terminated by the Board on account of Adshead's
Disability (as defined below), for Cause (as defined below), or without Cause.

                  (a) If Adshead dies during the term of this Agreement, the
Corporation shall be obligated to pay to MAS all earned but unpaid Fees through
the date of his death.

                  (b) If Adshead shall become physically or mentally disabled
("Disability") during the term of this Agreement such that (i) in the Board's
good faith judgement, he is permanently incapable of properly performing each of
the duties customarily performed by him hereunder, or (ii) such Disability lasts
for a period of 60 consecutive days or for 90 days in any six-month period and
the Corporation elects to treat such Disability as being permanent in nature,
then the Corporation shall be obligated to pay to MAS all earned but unpaid Fees
due to MAS hereunder through the date of such termination.

                  (c) If Adshead is terminated by the Corporation without Cause,
then, provided that Adshead has not breached the provisions of Sections 7, 8, or
9 hereof, MAS shall be entitled to receive the Fee in equal monthly installments
for the twelve-month period from the date of such termination or for the
remainder of the Engagement Period, whichever is shorter.

                  (d) If Adshead is terminated for Cause or Adshead resigns, MAS
shall be entitled to receive the Fee only through the date of termination.

                  (e) As used herein, "Cause" shall mean:

                           i)       the willful failure by Adshead to
                                    substantially perform his duties hereunder
                                    (including, without limitation, Adshead's
                                    refusal to carry out the directives of the
                                    Board), for reasons other than death or
                                    Disability;

                                       2

<PAGE>
                           ii)      a material breach of this Agreement by
                                    Adshead (including, without limitation, the
                                    breach of any provision of Sections 8 and/or
                                    9 hereof);

                           iii)     the willful engaging by Adshead in
                                    misconduct materially injurious to the
                                    Corporation;

                           iv)      a breach of Adshead's duty of loyalty to the
                                    Corporation or any act of dishonesty or
                                    fraud with respect to the Corporation; or

                           v)       the commission of a felony, a crime
                                    involving moral turpitude or other act
                                    causing material harm to the Corporation's
                                    standing and reputation.

         7. Disclosure of Information.

                  (a) All memoranda, notes, records, and other documents made or
compiled by Adshead or made available to Adshead during the term of this
Agreement concerning the business of the Corporation or any affiliate of the
Corporation (for purposes of this Section 7, the "Corporation"), shall be the
Corporation's property and shall be delivered to the Corporation on the
termination of this Agreement. Adshead shall not use for himself or others, or
divulge to others, any proprietary or confidential information of the
Corporation obtained by him as a result of his engagement hereunder, unless
authorized by the Corporation. For purposes of this Section 7, the term
"proprietary or confidential information" shall mean all information which is
known only to Adshead, or to Adshead and the employees, former employees,
consultants, or others in a confidential relationship with the Corporation, and
relates to specific matters such as trade secrets, customers, potential
customers, vendor lists, pricing and credit techniques, research and development
activities, private processes, business plans, technical information, books and
records, and any other information which the Corporation is obligated to keep
confidential pursuant to the Corporation's contractual obligations to third
parties, as they may exist from time to time, which Adshead may have acquired or
obtained by virtue of work heretofore or hereafter performed for or on behalf of
the Corporation, or which he may acquire or may have acquired knowledge of
during the performance of said work, and which is not in the public domain.

                  (b) In the event of a breach or a threatened breach by Adshead
of the provisions of this Section 7, the Corporation shall be entitled to an
injunction, without being required to post any bond, restraining Adshead from
disclosing, in whole or in part, the aforementioned proprietary or confidential
information of the Corporation, or from rendering any services to any person,
firm, corporation, association, or other entity to whom such proprietary or
confidential information, in whole or in part, has been disclosed or is
threatened to be disclosed. Nothing contained herein shall be construed as
prohibiting the Corporation from pursuing any other remedies available to the
Corporation for such breach or threatened breach, including the recovery of
damages from MAS and/or Adshead.

                                       3
<PAGE>

         8. Restrictive Covenants.

                  (a) In light of the unique and valuable services it is
expected Adshead will render to the Corporation, Adshead's knowledge of the
business of the Corporation and proprietary information relating to the business
of the Corporation and similar knowledge regarding the Corporation it is
expected Adshead will obtain during the course of his engagement by the
Corporation, and in consideration of this Agreement and the Fees to be paid by
the Corporation hereunder, Adshead agrees that for so long as this Agreement is
in effect and for a period of one year thereafter (the "Covenant Period"), he
will not compete, directly or indirectly, with the Corporation or any of its
subsidiaries now owned or hereafter acquired (for purposes of this Section 8,
the "Corporation") or, directly or indirectly (except as permitted by Section 3
hereof), own, manage, operate, control, loan money to, or participate in the
ownership, management, operation or control of, or be connected with as a
director, officer, employee, partner, consultant, agent, independent contractor
or otherwise, or acquiesce in the use of his name in, any other business or
organization which competes, directly or indirectly, with the Corporation, in
any geographical area in which the Corporation is then conducting business or
any geographical area in which, to the knowledge of Adshead, the Corporation
plans to conduct business within a six (6) month period.

                  (b) During the Covenant Period, Adshead will not, directly or
indirectly, either individually or on behalf of any other person or entity (i)
solicit customers, suppliers, or other business relations of the Corporation for
the purpose of interfering with or encouraging them to terminate their
relationship with the Corporation, or (ii) encourage other employees (full-time
or part-time) of the Corporation to terminate their employment with the
Corporation.

                  (c) It is acknowledged and agreed that the restrictions
contained in this Section 8, including, without limitation, the time periods and
the geographical areas of the restrictions, are fair and reasonable and do not
place any undue hardship on Adshead, and are reasonably required for the
protection of the goodwill, the business, and the interests of the Corporation
and its officers, directors, and other employees.

                  (d) It is the desire and intent of the parties that the
provisions of this Section 8 shall be enforced to the fullest extent permissible
under the laws and public policies applied in each jurisdiction in which
enforcement is sought. Accordingly, if any particular provision of this Section
8 shall be adjudicated to be invalid or unenforceable, such provision shall be
deemed amended to delete therefrom the portion thus adjudicated to be invalid or
unenforceable. Such deletion shall apply only with respect to the operation of
such provisions of this Section 8 in the particular jurisdiction in which such
adjudication is made. In addition, if the scope of any restriction contained in
this Section 8 is too broad to permit enforcement thereof to its fullest extent,
then such restriction shall be enforced to the maximum extent permitted by law,
and Adshead hereby consents and agrees that such scope may be judicially
modified in any proceeding brought to enforce such restriction.

                                       4
<PAGE>
                  (e) In the event of a breach or threatened breach by Adshead
of the provisions of this Section 8, the Corporation shall be entitled to an
injunction and such other equitable relief as may be necessary or desirable to
enforce the restrictions contained herein. Nothing herein contained shall be
construed as prohibiting the Corporation from pursuing any other remedies
available for such breach or threatened breach or any other breach of this
Agreement.

         9. Representations.

                  (a) MAS and Adshead each represent and warrant to the
Corporation that (i) the execution, delivery and performance of this Agreement
by does not and will not conflict with, breach, violate or cause a default under
any contract, agreement, instrument, order, judgment or decree to which MAS or
Adshead is a party or by which MAS or Adshead is bound, and (ii) upon the
execution and delivery of this Agreement by MAS and Adshead, this Agreement
shall be the valid and binding obligation of MAS and Adshead, respectively,
enforceable against each of them in accordance with its terms.

                  (b) Adshead represents and warrants to the Corporation that
Adshead is not a party to or bound by any employment agreement, non-compete
agreement or confidentiality agreement with any other person or entity.

                  (c) The Corporation represents and warrants to MAS and Adshead
that (i) the execution, delivery, and performance of this Agreement by the
Corporation does not and will not conflict with, breach, violate or cause a
default under any contract, agreement, instrument, order, judgment or decree to
which the Corporation is a party or by which it is bound, and (ii) upon the
execution and delivery of this Agreement by the Corporation, this Agreement
shall be the valid and binding obligation of the Corporation, enforceable
against it in accordance with its terms.

         10.      Miscellaneous.

                  (a) Notices. All notices required or permitted to be given
under the provisions of this Agreement shall be in writing and delivered
personally or by certified or registered mail, return receipt requested, postage
prepaid, to the following persons at the following addresses, or to such other
persons at such other addresses as any party may request by notice in writing to
the other party to this Agreement.

                           If to MAS or Adshead:

                                    Gauselstubben 3
                                    4032 Stavanger, Norway

                                       5
<PAGE>

                           If to the Corporation:

                                    c/o Marine Shuttle Operations AS
                                    Luramyrveien 29
                                    N-4391 Sandnes, Norway
                                    Attn:  Franz Eder, President

                  (b) Successors and Assigns. This Agreement shall be binding
upon the successors and assigns of the Corporation, and shall inure to the
benefit of and be enforceable by and against its successors and assigns. This
Agreement is personal in nature and may not be assigned or transferred by
Adshead or MAS without the prior written consent of the Corporation.

                  (c) Entire Agreement. This instrument contains the entire
understanding and agreement between the parties relating to the subject matter
hereof, and neither this Agreement nor any provision hereof may be waived,
modified, amended, changed, discharged, or terminated, except by an agreement in
writing signed by the party against whom enforcement of any waiver,
modification, change, amendment, discharge, or termination is sought.

                  (d) Counterparts. This Agreement may be executed
simultaneously in counterparts, each of which shall be deemed an original, and
all of which counterparts shall together constitute a single agreement.

                  (e) Illegality. If any one or more of the provisions of this
Agreement shall be invalid, illegal, or unenforceable in any respect, the
validity, legality, and enforceability of the remaining provisions contained
herein shall not in any way be affected or impaired thereby.

                  (f) Captions. The captions of the sections hereof are for
convenience only and shall not control or affect the meaning or construction of
any of the terms or provisions of this Agreement.

                  (g) Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of Nevada, without giving any
effect to any doctrine pertaining to the conflict of laws. The parties hereto
irrevocably (i) submit to the jurisdiction of any Nevada state or federal court
in any action or proceeding arising out of or relating to this Agreement, (ii)
agree that all claims with respect to such action or proceeding shall be heard
and determined in such a Nevada state or federal court, and (iii) waive, to the
fullest extent possible, the defense of an inconvenient forum. The parties
hereby consent to and grant any such court jurisdiction over the persons of such
parties and over the subject matter of any such dispute and agree that delivery
or mailing of process or other papers in connection with any such action or
proceeding in the manner provided in Section 10(a) hereof or in such other
manner as may be permitted by law, shall be valid and sufficient service
thereof.

                                       6
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have set their hands and
executed this Agreement on the day and year first above written.

                                    MARINE SHUTTLE OPERATIONS INC.

                                    By:_______________________________
                                             Franz Eder, CEO

                                    MANCORP AS

                                    By:_________________________________
                                             Stephen Adshead, Director

                                    ____________________________________
                                    Stephen Adshead

                                       7

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