Document:

EX-10.74

Exhibit 10.74

MEADE INSTRUMENTS CORP.

NONQUALIFIED STOCK OPTION AGREEMENT

THIS NONQUALIFIED STOCK OPTION AGREEMENT (this “Agreement”) dated as of the 11th
day of May, 2006 by and between Meade Instruments Corp., a Delaware corporation (the “Company”),
and Steven L. Muellner (the “Optionee”).

R E C I T A L S

WHEREAS, the Company has granted to the Optionee, subject to stockholder approval at the
Company’s 2006 Annual Meeting of Stockholders, effective as of the 8th day of May, 2006
(the “Grant Date”), a nonqualified stock option to purchase all or any part of 200,000 shares of
the Company’s common stock, par value $0.01 per share (the “Common Stock”), subject to and upon the
terms and conditions set forth herein;

NOW, THEREFORE, in consideration of the mutual promises and covenants made herein and the
mutual benefits to be derived herefrom and for other good and valuable consideration, the receipt
of which is hereby acknowledged, the parties agree as follows:

	1.	 	Grant of Option. This Agreement evidences the Company’s grant to the Optionee of the
right and option to purchase, subject to and on the terms and conditions set forth herein, and
subject to stockholder approval at the Company’s 2006 Annual Meeting of Stockholders, all or
any part of 200,000 shares of the Company’s Common Stock (the “Shares”) at the price of $2.89
per Share (the “Option”), exercisable from time to time, subject to the provisions of this
Agreement, prior to the close of business on the day before the tenth anniversary of the Grant
Date (the “Expiration Date”), unless earlier terminated pursuant to Section 9. Such price
equals the fair market value of the Common Stock as of the Grant Date.

	2.	 	Exercisability of Option. Subject to adjustment pursuant to the terms of the Plan,
the Option shall become exercisable in 25% increments beginning on the first anniversary of
the option date and on each such anniversary until the options are exercisable in full. If the
Optionee does not in any year purchase all or any part of the Shares to which the Optionee is
entitled, the Optionee has the right cumulatively thereafter to purchase any Shares not so
purchased and such right shall continue until the Option terminates or expires. The Option
shall only be exercisable in respect of whole Shares, and fractional Share interests shall be
disregarded. The Option may only be exercised as to at least one-hundred (100) Shares unless
the number purchased is the total number at the time available for purchase under the Option.

	3.	 	Method of Exercise of Option. The Option shall be exercisable by the delivery to the
Secretary of the Company of a written notice stating the number of Shares to be purchased
pursuant to the Option and accompanied by (i) delivery of an executed Exercise Agreement in
the form attached hereto as Exhibit A, (ii) payment of the full purchase price of the Shares
to be purchased, and (iii) payment in full of any tax withholding obligation under federal,
state or local law. Payment shall be made in one or a combination of the following methods:
(i) in cash or by electronic funds transfer; (ii) by check payable to the order of the
Company; (iii) if authorized by the Board of Directors (the “Board”), by a promissory note of
the Optionee upon the terms and conditions approved by the Board; (iv) by notice and third
party payment in such manner as may be authorized by the Board; or (v) by the delivery of
 shares of Common Stock of the Company already owned by the Optionee, provided,
however, that the Board may in its absolute discretion limit the Optionee’s ability to
exercise the Option by delivering such shares, and provided further that any shares delivered
which were initially acquired upon exercise of a stock option must have been owned by the
Optionee at least six months as of the date of delivery. Shares of Common Stock used to
satisfy the exercise price of the Option shall be valued at their fair market value on the
date of exercise.

	4.	 	Tax Withholding.

4.1. Cash or Shares. Upon any exercise of the Option, the Company shall have the
right at its option to (i) require the Optionee (or personal representative or beneficiary,
as the case may be) to pay or provide for payment of the amount of any taxes which the
Company may be required to withhold with respect to the Option or (ii) deduct from any
amount payable in cash the amount of any taxes which the Company may be required to withhold
with respect to such cash payment. In any case where a tax is required to be withheld in
connection with the delivery of shares of Common Stock, the Board may in its sole discretion
grant to the Optionee the right to elect, pursuant to such rules and subject to such
conditions as the Board may establish, to have the Company reduce the number of shares to be
delivered by (or otherwise reacquire) the appropriate number of shares valued at their then
fair market value to satisfy such withholding obligation.

4.2. Tax Loans. The Company may, in its discretion and to the extent permitted by
law, authorize a loan to the Optionee in the amount of any taxes which the Company may be
required to withhold with respect to shares of Common Stock received (or disposed of, as the
case may be) pursuant to a transaction described in Section 4.1. Such a loan shall be for a
term, at a rate of interest and pursuant to such other terms and conditions as the Company,
under applicable law may establish.

	5.	 	Option Repricing/Cancellation and Regrant/Waiver of Restrictions. The Board from
time to time may authorize, generally or in specific cases only, for the benefit of the
Optionee any adjustment in the number of shares subject to, the restrictions upon or the term,
exercise or purchase price or vesting schedule of the Option by cancellation of the Option and
a subsequent regranting of the Option, by amendment, by substitution of the Option, by waiver
or by other legally valid means. Such amendment or other action may result among other
changes in an exercise or purchase price which is higher or lower than the exercise or
purchase price of the original or prior Option, provide for a greater or lesser number of
 shares subject to the Option, or provide for a longer or shorter vesting or exercise period.

	6.	 	Restrictions on Shares. The Certificate of Incorporation and Bylaws of the Company,
as either of them may be amended from time to time, may provide for restrictions with respect
to the Common Stock. To the extent that these restrictions and limitations are greater than
those set forth in this Agreement, such restrictions and limitations shall apply to any
securities acquired upon exercise of the Option and are incorporated herein by this reference.

	7.	 	No Transferability; Limited Exception to Transfer Restrictions.

7.1. Limit On Exercise and Transfer. Unless otherwise expressly provided in (or
pursuant to) this Section 7 or by applicable law (i) the Option is non-transferable and
shall not be subject in any manner to sale, transfer, anticipation, alienation, assignment,
pledge, encumbrance or charge; the Option shall be exercised only by the Optionee; and (ii)
amounts payable or shares issuable pursuant to the Option shall be delivered only to (or for
the account of) the Optionee.

7.2. Exceptions. The Board may permit the Option to be exercised by and paid only
to certain persons or entities related to the Optionee, including but not limited to members
of the Optionee’s family, charitable institutions, or trusts or other entities whose
beneficiaries or beneficial owners are members of the Optionee’s family and/or charitable
institutions, or to such other persons or entities as may be approved by the Board, pursuant
to such conditions and procedures as the Board may establish. Any permitted transfer shall
be subject to the condition that the Board receive evidence satisfactory to it that the
transfer is being made for estate and/or tax planning purposes on a gratuitous or donative
basis and without consideration (other than nominal consideration).

7.3. Further Exceptions to Limits On Transfer. The exercise and transfer
restrictions in this Section 7 shall not apply to:

(i) transfers to the Company,

	 	(ii)	 	the designation of a beneficiary to receive benefits in the
event of the Optionee’s death or, if the Optionee has died, transfers to or
exercise by the Optionee’s beneficiary, or, in the absence of a validly
designated beneficiary, transfers by will or the laws of descent and
distribution,

	 	(iii)	 	transfers pursuant to a qualified domestic relations order if
approved or ratified by the Board,

	 	(iv)	 	if the Optionee has suffered a disability, permitted transfers
or exercises on behalf of the Optionee by his or her legal representative, or

	 	(v)	 	the authorization by the Board of “cashless exercise”
procedures with third parties who provide financing for the purpose of (or who
otherwise facilitate) the exercise of the Option consistent with applicable
laws and the express authorization of the Board.

	8.	 	No Employment Contract. Nothing contained in this Agreement shall confer upon the
Optionee any right to continue in the employ or other service of the Company or any of its
subsidiaries, nor constitute any contract or agreement of employment or other service, nor
shall interfere in any way with the right of the Company to change the Optionee’s compensation
or other benefits or to terminate the employment of the Optionee, with or without cause;
provided, however, that nothing contained in this Agreement shall adversely affect any
independent contractual right of the Optionee without his or her consent thereto.

	9.	 	Adjustment and Termination upon Certain Events.

9.1. Adjustments. If there shall occur any extraordinary dividend or other
extraordinary distribution in respect of the Common Stock (whether in the form of cash,
Common Stock, other securities, or other property), or any reclassification,
recapitalization, stock split (including a stock split in the form of a stock dividend),
reverse stock split, reorganization, merger, combination, consolidation, split-up, spin-off,
combination, repurchase, or exchange of Common Stock or other securities of the Company, or
there shall occur any similar, unusual or extraordinary corporate transaction or event in
respect of the Common Stock or a sale of substantially all the assets of the Company as an
entirety, then the Board shall, in such manner and to such extent (if any) as it deems
appropriate and equitable (1) proportionately adjust any or all of (a) the number and type
of shares of Common Stock (or other securities) which thereafter may be made the subject of
the Option, (b) the number, amount and type of shares of Common Stock (or other securities
or property) subject to the Option, (c) the grant, purchase, or exercise price of the
Option, (d) the securities, cash or other property deliverable upon exercise of the Option,
or (e) the performance standards appropriate to the Option, or (2) in the case of an
extraordinary dividend or other distribution, recapitalization, reclassification, merger,
reorganization, consolidation, combination, sale of assets, split up, exchange, or spin off,
make provision for a cash payment or for the substitution or exchange of the Option or the
cash, securities or property deliverable to the Optionee based upon the distribution or
consideration payable to holders of the Common Stock of the Company upon or in respect of
such event. In any of such events, the Board may take such action sufficiently prior to
such event if necessary to permit the Optionee to realize the benefits intended to be
conveyed with respect to the underlying shares in the same manner as is available to
stockholders generally.

9.2. Acceleration of Awards Upon Change in Control. Unless the Board determines,
prior to the occurrence of any of the following (each of which shall be hereafter referred
to as a “Change in Control Event”):

	 	(i)	 	Approval by the stockholders of the Company of the dissolution
or liquidation of the Company;

	 	(ii)	 	Approval by the stockholders of the Company of an agreement to
merge or consolidate, or otherwise reorganize, with or into one or more
entities that are not subsidiaries or other affiliates, as a result of which
less than 50% of the outstanding voting securities of the surviving or
resulting entity immediately after the reorganization are, or will be, owned,
directly or indirectly, by stockholders of the Company immediately before such
reorganization (assuming for purposes of such determination that there is no
change in the record ownership of the Company’s securities from the record date
for such approval until such reorganization and that such record owners hold no
securities of the other parties to such reorganization, but including in such
determination any securities of the other parties to such reorganization held
by affiliates of the Company);

	 	(iii)	 	Approval by the stockholders of the Company of the sale of
substantially all of the Company’s business and/or assets to a person or entity
which is not a subsidiary or other affiliate;

	 	(iv)	 	Any ‘person’ (as such term is used in Sections 13(d) and 14(d)
of the Securities Exchange Act of 1934, as amended from time to time (the
“Exchange Act”) but excluding any person described in and satisfying the
conditions of Rule 13d-1(b)(1) thereunder) becomes the beneficial owner (as
defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
securities of the Company representing 30% or more of the combined voting power
of the Company’s then outstanding securities entitled to then vote generally in
the election of directors of the Company; or

	 	(v)	 	During any period not longer than two consecutive years,
individuals who at the beginning of such period constituted the Board cease to
constitute at least a majority thereof, unless the election, or the nomination
for election by the Company’s stockholders, of each new Board member was
approved by a vote of at least three-fourths of the Board members then still in
office who were Board members at the beginning of such period (including for
these purposes, new members whose election or nomination was so approved),

that, upon the occurrence of a Change in Control Event, there shall be no acceleration of
benefits under the Option or determines that only certain or limited benefits under the
Option shall be accelerated and the extent to which they shall be accelerated, and/or
establishes a different time in respect of such Change in Control Event for such
acceleration, then upon the occurrence of a Change in Control Event the Option shall become
immediately exercisable. The Board may override the limitations on acceleration in this
Section 9.2 and may accord the Optionee a right to refuse any acceleration, in such
circumstances as the Board may approve. Any acceleration of the Option shall comply with
applicable regulatory requirements, including, without limitation, Section 422 of the
Internal Revenue Code of 1986, as amended from time to time (the “Code”).

9.3. Possible Early Termination of Accelerated Awards. If the Option has been fully
accelerated as permitted by Section 9.2 but is not exercised prior to (i) a dissolution of
the Company, or (ii) an event described in Section 9.2 that the Company does not survive, or
(iii) the consummation of an event described in Section 9.2 that results in a change of
control approved by the Board, the Option shall thereupon terminate, subject to any
provision that has been expressly made by the Board for the survival, substitution, exchange
or other settlement of the Option.

9.4. Effect of Termination of Employment.

(a) Resignation or Dismissal. If the Optionee’s employment by the Company or
any of its subsidiaries terminates for any reason (the date of such termination being
referred to as the “Severance Date”) other than retirement, a “permanent and total
disability” within the meaning of Section 22(e)(3) of the Code and such other disabilities,
infirmities, afflictions or conditions as the Board by rule may include (“Total Disability”)
or death, or “for cause” (as determined in the discretion of the Board), the Optionee shall
have, subject to earlier termination pursuant to or as contemplated by Section 1 or 9.2
hereof, three months after the Severance Date to exercise the Option to the extent it shall
have become exercisable on the Severance Date. In the case of a termination “for cause”,
the Option shall terminate on the Severance Date. In other cases, the Option, to the extent
not exercisable on the Severance Date, shall terminate.

(b) Death or Disability. If the Optionee’s employment by the Company or any of
its subsidiaries terminates as a result of Total Disability or death, the Optionee, the
Optionee’s personal representative or his or her beneficiary, as the case may be, shall
have, subject to earlier termination pursuant to or as contemplated by Section 1 or 9.2
hereof, until 12 months after the Severance Date to exercise the Option to the extent it
shall have become exercisable by the Severance Date. The Option to the extent not
exercisable on the Severance Date shall terminate.

(c) Retirement. If the Optionee’s employment by the Company or any of its
subsidiaries terminates as a result of retirement with the consent of the Company or from
active service as an employee or officer of the Company on or after attaining age 55 with 10
or more years of service or after age 65, the Optionee, the Optionee’s personal
representative or his or her beneficiary, as the case may be, shall have, subject to earlier
termination pursuant to or as contemplated by Section 1 or 9.2 hereof, until 12 months after
the Severance Date to exercise the Option to the extent it shall have become exercisable by
the Severance Date. The Option, to the extent not exercisable on the Severance Date, shall
terminate.

(d) Board Discretion. Notwithstanding the foregoing provisions of this
Section 9.4, in the event, or in anticipation, of a termination of employment with the
Company or any of its subsidiaries for any reason, other than discharge for cause, the Board
may, in its discretion, increase the portion of the Option available to the Optionee, or the
Optionee’s beneficiary or personal representative, as the case may be, or, subject to the
provisions of Section 1 hereof, extend the exercisability period upon such terms as the
Board shall determine and expressly set forth in or by amendment to this Agreement.

9.5. Effect of Change of Subsidiary Status. If an entity ceases to be a subsidiary
of the Company a termination of employment and service shall be deemed to have occurred with
respect to each employee of such subsidiary who does not continue as an employee of another
entity within the Company.

	10.	 	Shares to be Reserved. The Company shall at all times during the term of the Option
reserve and keep available such number of shares of Common Stock as will be sufficient to
satisfy the requirements of this Agreement.

	11.	 	Assignment. This Agreement cannot be directly or indirectly assigned or transferred
by the Optionee in whole or in part without the prior written consent of the Company.

	12.	 	Notices. Any notices, demands or requests of any kind whatsoever hereunder shall be
given in writing and sent to the addresses set forth below or to such other address as either
party may from time to time in writing designate. Each such notice or other communication
shall be effective (i) if given by telecommunication, when transmitted to the applicable
number so specified in (or pursuant to) this Section 12 and a verification of receipt is
received, (ii) if given by mail, three days after such communication is deposited in the mail
with first class postage prepaid, addressed as aforesaid or (iii) if given by any other means,
when actually delivered at such address.

	13.	 	Waiver. The parties reserve the right to waive by mutual written consent for a
specific period and under specific conditions any provision of this Agreement, provided that
such waiver shall be limited to the period and conditions specified by mutual written
consent and shall in no way constitute a general waiver, or be considered as evidence of any
given interpretation of any provision so waived.

	14.	 	Governing Law. This Agreement, and the legal relations between the parties,
shall be governed by and construed in accordance with the laws of the State of California
without regard to conflicts of law doctrines.

	15.	 	Arbitration. As a material inducement to enter into this Agreement, to the fullest
extent allowed by law, any controversy, claim or dispute between Optionee and the Company
(and/or any of its owners, directors, officers, employees, agents, or related entities)
relating to or arising out of the terms of this Agreement will be submitted to final and
binding arbitration before a single neutral arbitrator in Orange County, California for
determination in accordance with the American Arbitration Association’s (“AAA”) National Rules
for the Resolution of Employment Disputes, as the exclusive remedy for such controversy, claim
or dispute. In any such arbitration, the parties may conduct discovery to the same extent as
would be permitted in a court of law. The arbitrator shall issue a written decision, and
shall have full authority to award all remedies which would be available in court. The
Company shall pay the arbitrator’s fees and any AAA administrative expenses. Any judgment
upon the award rendered by the arbitrator may be entered in any court having jurisdiction
thereof. Possible disputes covered by the above include term or provision hereof, breach of
contract, torts, violation of public policy, discrimination, harassment, or any other related
claims, regardless of whether such dispute is initiated by Employee or the Company. Thus,
this bilateral arbitration agreement fully applies to any and all claims that the Company may
have against the Optionee in connection herewith. BY AGREEING TO THIS BINDING ARBITRATION
PROVISION, BOTH EMPLOYEE AND THE COMPANY GIVE UP ALL RIGHTS TO TRIAL BY JURY. This bilateral
arbitration agreement is to be construed as broadly as is permissible under relevant law. In
connection with any arbitration proceeding commenced hereby, the prevailing party shall be
entitled to reimbursement of its reasonable attorney’s fees and costs, including arbitrator
fees.

	16.	 	Titles. Titles and paragraph headings are for reference purposes only and are not to
be considered a part of this Agreement.

	17.	 	Severability. If any provision of this Agreement is held to be unenforceable for any
reason, it shall be adjusted rather than voided, if possible, to achieve the intent of the
parties to the extent possible. In any event, all other provisions of this Agreement shall be
deemed valid and enforceable to the extent possible.

	18.	 	Entire Agreement. The parties hereto acknowledge that each has read this Agreement,
understands it, and agrees to be bound by its terms. The parties further agree that this
Agreement and any modifications made pursuant to it constitute the complete and exclusive
written expression of the terms of the agreement between the parties, and supercede all prior
or contemporaneous proposals, oral or written, understandings, representations, conditions,
warranties, covenants, and all other communications between the parties relating to the
subject matter of this Agreement. The parties further agree that this Agreement may not in
any way be explained or supplemented by a prior or existing course of dealings between the
parties, by any usage of trade or custom, or by any prior performance between the parties
pursuant to this Agreement or otherwise.

	19.	 	Counterparts. This Agreement may be executed in several counterparts, each of which
shall be deemed to be an original, but all of which shall constitute one and the same
instrument.

20. Compliance With Laws. Notwithstanding anything else contained herein to the
contrary, this Agreement, the granting and vesting of the Option and the offer, issuance and
delivery of Shares under this Agreement are subject to compliance with all applicable federal and
state laws, rules and regulations (including but not limited to state and federal securities laws
and federal margin requirements) and to such approvals by any listing, regulatory or governmental
authority as may, in the opinion of counsel for the Company, be necessary or advisable in
connection therewith. Any securities delivered in respect of this Agreement will be subject to
such restrictions, and to any restrictions the Company may require to preserve a pooling of
interests under generally accepted accounting principles, and the person acquiring such securities
will, if requested by the Company, provide such assurances and representations to the Company as
the Company may deem necessary or desirable to assure compliance with all applicable legal
requirements.

1

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed on its
behalf by a duly authorized officer and the Optionee has hereunto set his or her hand.

MEADE INSTRUMENTS CORP.,

a Delaware corporation

By: /s/ Mark D. Peterson

	 	 	Name: Mark D. Peterson

Its: Senior Vice President and General Counsel

6001 Oak Canyon

Irvine, CA 92618

Telephone: 949-451-1450

Facsimile: 949-451-1460

OPTIONEE

/s/ Steven L. Muellner

	 	 	Signature

 Steven L. Muellner

Print Name

2

CONSENT OF SPOUSE

In consideration of the execution of the foregoing Nonqualified Stock Option Agreement by
Meade Instruments Corp., I,      , the spouse of the Optionee herein
named, do hereby agree to be bound by all of the terms and provisions thereof.

DATED:

Signature of Spouse

3

EXHIBIT A

MEADE INSTRUMENTS CORP.

EXERCISE AGREEMENT

THIS EXERCISE AGREEMENT (this “Agreement”) dated as of the      day of      ,
     , by and between Meade Instruments Corp., a Delaware corporation (the “Company”), and (the
“Purchaser”).

R E C I T A L S

WHEREAS, the Company has granted to the Purchaser a nonqualified stock option (the
“Option”) to purchase all or any part of a designated amount of authorized but unissued shares
of common stock of the Company and, in connection therewith, the Company and the Purchaser
entered into that certain Nonqualified Stock Option Agreement dated as of the 6th of
January, 2000 (the “Option Agreement”) of which this Agreement is a part and into which this
Agreement is incorporated;

WHEREAS, the Purchaser desires to exercise the Option and purchase from the Company and
the Company wishes to issue and sell to the Purchaser      shares of its common stock, par
value $0.01 per share (the “Common Stock”), to be sold at a price of $27.00 per share, in
accordance with and subject to the terms and conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the above premises and the representations,
warranties, covenants and agreements contained in this Agreement, and for other good and
valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree
as follows:

	 	1.	 	Purchase and Sale of Common Stock. The Company shall deliver to the
Purchaser a stock certificate representing the shares of Common Stock against delivery to
the Company by the Purchaser of the purchase price in the sum of $     (which
represents the product of the $27.00 price per share and the number of shares, the
“Purchase Price”).

	 	2.	 	Restrictions on Shares. The shares of Common Stock acquired pursuant to
Section 1 hereof are subject to, and the Purchaser agrees to be bound by, the provisions
of Sections 6, 7 and 20 of the Option Agreement, incorporated herein by this reference.

	 	3.	 	Miscellaneous. This Agreement shall be governed by and construed and
enforced in accordance with the laws of the state of California. This Agreement and the
Option Agreement together constitute the entire agreement and supersede all prior
understandings and agreements, written or oral, of the parties hereto with respect to the
subject matter hereof. This Agreement may be amended by mutual agreement of the parties.
Such amendment must be in writing and signed by the Company. The Company may, however,
unilaterally waive any provision hereof in writing to the extent such waiver does not
adversely affect the interests of the Purchaser hereunder, but no such waiver shall
operate as or be construed to be a subsequent waiver of the same provision or a waiver of
any other provision hereof.

IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first written
above.

MEADE INSTRUMENTS CORP.,

a Delaware corporation

/s/ Mark D. Peterson

	 	 	By:

Its:

PURCHASER

Signature

Print Name

 

Address

4

CONSENT OF SPOUSE

In consideration of the execution of the foregoing Exercise Agreement by Meade Instruments
Corp., I,      , the spouse of the Purchaser herein named, do hereby
agree to be bound by all of the terms and provisions thereof.

DATED:

Signature of Spouse

5EX-4.1

AMENDMENT NO. 1

TO

REVOLVING CREDIT AGREEMENT

THIS AMENDMENT NO. 1 TO REVOLVING CREDIT AGREEMENT (this “Amendment”), dated as of May 12,
2006, among TRANSOCEAN INC., (the “Borrower”), a Cayman Islands company, the lenders from time to
time parties hereto (each a “Lender” and collectively, the “Lenders”), and CITIBANK, N.A., as
administrative agent for Lenders (in such capacity, the “Administrative Agent”).

W I T N E S S E T H:

WHEREAS, the Borrower, the Lenders and the Administrative Agent are parties to a certain
Revolving Credit Agreement dated as of July 8, 2005 (the “Credit Agreement”);

WHEREAS, the Borrower has requested that the Credit Agreement be amended in certain respects
as set forth herein;

WHEREAS, the Lenders executing this Amendment are willing to make such amendments on the terms
and subject to the conditions and requirements herein set forth;

NOW, THEREFORE, in consideration of the premises and of the mutual covenants herein contained,
the parties hereto agree as follows:

1. Defined Terms. Unless otherwise expressly defined herein, capitalized terms used in
this Amendment that are defined in the Credit Agreement are used herein with the respective
meanings assigned to such capitalized terms in the Credit Agreement.

2. Amendments to Section 1.1 (“Definitions”). Section 1.1 of the Credit Agreement is
hereby amended by replacing the definition of “Commitment Termination Date” with the following
definition of “Commitment Termination Date” and adding the following definition of “Letter of
Credit Commitment Amount” in appropriate alphabetical order:

“Commitment Termination Date” means the earliest of (i) July 8, 2011, subject
to the extension thereof pursuant to Section 2.16, (ii) the date on which the
Commitments are terminated in full or reduced to zero pursuant to Section 2.13, and
(iii) the occurrence of any Event of Default described in Section 7.1(f) or (g) with
respect to the Borrower or the occurrence and continuance of any other Event of
Default and either (x) the declaration of the Loans to be due and payable pursuant
to Section 7.2, or (y) in the absence of such declaration, the giving of written
notice by the Administrative Agent, acting at the direction of the Required Lenders,
to the Borrower pursuant to Section 7.2 that the Commitments have been terminated;
provided, however, that the Commitment Termination Date of any Lender that
is a Declining Lender with respect to any requested extension pursuant to Section
2.16 shall be the earlier of (x) the Commitment Termination Date in effect
immediately prior to such extension and (y) (i) the date on which the Commitments
are terminated in full or reduced to zero pursuant to Section 2.13, and (ii) the
occurrence of any Event of Default described in Section 7.1(f) or (g) with respect
to the Borrower or the occurrence and continuance of any other Event of Default and
either (x) the declaration of the Loans to be due and payable pursuant to Section
7.2, or (y) in the absence of such declaration, the giving of written notice by the
Administrative Agent, acting at the direction of the Required Lenders, to the
Borrower pursuant to Section 7.2 that the Commitments have been terminated.

“Letter of Credit Commitment Amount” means, at any time, the lesser of (i)
$500,000,000 and (ii) the Revolving Credit Commitment Amount in effect at such time.

3. Amendment to Section 2.12 (“Letters of Credit”). Section 2.12 of the Credit Agreement
is hereby amended by replacing subsection (a) thereof in its entirety with the following:

(a) Letters of Credit. Subject to the terms and conditions hereof, the
Issuing Bank agrees to issue, from time to time prior to the Commitment Termination
Date, at the request of the Borrower and on behalf of the Lenders and in reliance on
their obligations under this Section 2.12, one or more letters of credit (each a
“Letter of Credit”) for the Borrower’s account in a face amount in each case of at
least $500,000 or, if denominated in a currency other than U.S. Dollars, the Dollar
Equivalent of $500,000, and in an aggregate undrawn face amount for all Letters of
Credit at any time outstanding not to exceed the Letter of Credit Commitment Amount;
provided, that the Issuing Bank shall not issue a Letter of Credit pursuant to this
Section 2.12 if, after the issuance thereof, (i) the outstanding Revolving Loans and
L/C Obligations would thereby exceed the Revolving Credit Commitment Amount
(determined in accordance with Section 10.19) then in effect, (ii) the aggregate
undrawn face amount of all Letters of Credit then outstanding would at any time
thereafter (giving effect to the respective scheduled expiration dates thereof and
any automatic extensions provided therein) exceed the Letter of Credit Commitment
Amount scheduled to be in effect at any such time thereafter (giving effect to any
reductions resulting from the scheduled expiration of the Commitments of Declining
Lenders not offset by new or increased Commitments of Replacement Lenders or
Extending Lenders pursuant to Section 2.16), or (iii) the issuance of such Letter of
Credit would violate any legal or regulatory restriction then applicable to the
Issuing Bank or any Lender as notified by the Issuing Bank or such Lender to the
Administrative Agent before the date of issuance of such Letter of Credit. Letters
of Credit and any increases and extensions thereof hereunder may be issued in face
amounts of either Dollars, Euros, Pounds, Australian Dollars, Canadian Dollars,
Singapore Dollars or Kroner; provided further, that the Dollar Equivalent amount of
the principal amount of outstanding Revolving Loans and Letters of Credit in Euros,
Pounds, Australian Dollars, Canadian Dollars, Singapore Dollars and Kroner
determined, with respect to each such Revolving Loan or Letter of Credit, in
accordance with Section 10.19 on the date such Revolving Loan is funded, continued
or converted, or the date such Letter of Credit is issued, increased and extended,
as applicable, shall not exceed in the aggregate the Foreign Currency Sublimit.

4. Waiver of Section 2.14(a). Concurrently with the execution of this Amendment, the
Lenders are increasing the Revolving Credit Commitment Amount from $500,000,000 to $1,000,000,000
pursuant to Section 2.14 of the Credit Agreement; in connection with such increase and at your
request, the undersigned Lenders waive the 30-day notice requirement for such increase contained in
Section 2.14(a) of the Credit Agreement.

5. Representations and Warranties. The Borrower represents and warrants to the Lenders as
follows:

(a) all representations and warranties set forth in the Credit Agreement are true and correct
in all material respects with the same effect as though such representations and warranties have
been made on and as of the date hereof, except to the extent that any such representation or
warranty relates solely to an earlier date, in which case it shall have been true and correct in
all material respects as of such earlier date;

(b) no Default or Event of Default has occurred and is continuing on the date hereof;

(c) since the date of the most recent consolidated financial statements of the Borrower
submitted to the Lenders pursuant to Section 6.6 of the Credit Agreement, there has been no change
which has had or could reasonably be expected to have a Material Adverse Effect;

(d) the Borrower has the corporate power and authority to make, deliver and perform this
Amendment and has taken any and all necessary corporate action to authorize the execution, delivery
and performance of this Amendment. No consent or authorization of, or filing with, any Person
(including, without limitation, any governmental authority), is required in connection with the
execution, delivery or performance by the Borrower, or the validity or enforceability against the
Borrower, of this Amendment, other than such consents, authorizations or filings which have been
made or obtained; and

(e) this Amendment has been duly executed and delivered by the Borrower and this Amendment
constitutes the legal, valid and binding obligation of the Borrower, enforceable against the
Borrower in accordance with its terms.

6. Effectiveness of Amendment. This Amendment shall become effective upon (i) the
execution and delivery to the Administrative Agent of counterparts hereof (whether originals or
facsimile transmissions thereof) on behalf of the Borrower and those Lenders constituting the
Required Lenders for purposes of the Credit Agreement, (ii) satisfaction of the conditions set
forth in subsections (b) through (e) of Section 2.14 of the Credit Agreement, including without
limitation the delivery of Joinder Agreements from the Lenders increasing or adding Commitments,
evidence of the approval by the board of directors of the Borrower of the increase in Revolving
Credit Commitment Amount contemplated hereby and an opinion of counsel with respect thereto in form
and substance reasonably acceptable to the Administrative Agent, and (iii) payment by the Borrower
of all costs and expenses of the Administrative Agent (including reasonable fees and expenses of
its counsel) incurred in respect of the preparation and execution of this Amendment.

7. References to Credit Agreement. On and after the date this Amendment becomes effective
as provided in paragraph 6 above, each and every reference in the Credit Documents to the Credit
Agreement shall be deemed to refer to and mean the Credit Agreement as amended by this Amendment.
The Borrower further confirms and agrees that (i) except as expressly amended herein, the Credit
Agreement remains in full force and effect in accordance with its terms, and (ii) all other Credit
Documents remain in full force and effect in accordance with their respective terms.

8. Counterparts. This Amendment may be executed in any number of counterparts and by the
different parties hereto on separate counterparts, each of which when so executed and delivered
shall be an original, but all of which shall together constitute one and the same instrument.

9. Miscellaneous. This Amendment and the rights and obligations of the parties hereunder
shall be construed in accordance with and be governed by the law (without giving effect to the
conflict of law principles thereof) of the State of New York. This Amendment shall be binding on
and shall inure to the benefit of and be enforceable by the respective successors and assigns of
the parties hereto. This Amendment is not intended by the parties to be, and shall not be
construed to be, a novation of the Credit Agreement or an accord and satisfaction in regard
thereto.

1

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their duly authorized officers as of the day and year first above written.

BORROWER:

TRANSOCEAN INC., as Borrower

By: /s/ Randal P. Miller

Name: Randal P. Miller

Title: Vice President, Treasurer

CITIBANK, N.A., as Administrative Agent and a Lender

By: /s/ Robert H. Malleck

Name: Robert H. Malleck

Title: Vice President

BANK OF AMERICA, N.A., as Syndication Agent, Issuing Bank and a Lender

By: /s/ Claire Liu

Name: Claire Liu

Title: Senior Vice President

THE ROYAL BANK OF SCOTLAND PLC, as a Co-Documentation Agent and a Lender

By: /s/ Paul McDonagh

Name: Paul McDonagh

Title: Managing Director

SUNTRUST BANK, as a Co-Documentation Agent and a Lender

By: /s/ Kelly Brandenburg

Name: Kelly Brandenburg

Title: Vice President

JPMORGAN CHASE BANK, N.A., as a Co-Documentation Agent and a Lender

By: /s/ Helen A. Carr

Name: Helen A. Carr

Title: Managing Director

UBS LOAN FINANCE LLC, as a Lender

By: /s/ Richard L. Tavrow

Name: Richard L. Tavrow

Title: Director

By: /s/ Irja R. Otsa

Name: Irja R. Otsa

Title: Associate Director

WELLS FARGO BANK, N.A., as a Lender

By: /s/ William S. Rogers

Name: William S. Rogers

Title: Associate Director

THE BANK OF NEW YORK, as a Lender

By: /s/ Raymond J. Palmer

Name: Raymond J. Palmer

Title: Bank of New York

DnB NOR BANK ASA, as a Lender

By: /s/ Truls Nergaard

Name: Truls Nergaard

Title: EVP and General Manager

By: /s/ Tor Ivar Hansen

Name: Tor Ivar Hansen

Title: Assistant Vice President

HSBC BANK USA, as a Lender

By: /s/ Jose Aldeannueva

Name: Jose Aldeannueva

Title: Senior Vice President

THE BANK OF NOVA SCOTIA, as a Lender

By: /s/ N. Bell

Name: N. Bell

Title: Senior Manager

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as a Lender

By: /s/ Kelton Glasscock

Name: Kelton Glasscock

Title: Vice President & Manager

CALYON CORPORATE AND INVESTMENT BANK, as a Lender

By: /s/ Darrell Stanley

Name: Darrell Stanley

Title: Managing Director

By: /s/ Bertrand Cord’homme

Name: Bertrand Cord’homme

Title: Director

WILLIAM STREET CREDIT CORPORATION, as a Lender

By: /s/ Mark Walton

Name: Mark Walton

Title: Assistant Vice President

MORGAN STANLEY BANK, as a Lender

By: /s/ Daniel Twenge

Name: Daniel Twenge

Title: Vice President

ING CAPITAL LLC, as a Lender

By: /s/ Richard Ennis

Name: Richard Ennis

Title: Managing Director

CREDIT SUISSE, CAYMAN ISLANDS BRANCH, as a Lender

By: /s/ Vanessa Gomez

Name: Vanessa Gomez

Title: Vice President

By: /s/ Nupur Kumar

Name: Nupur Kumar

Title: Associate

2

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