Document:

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                                                                   EXHIBIT 10.18

                     SEVERANCE AGREEMENT AND GENERAL RELEASE

         This Severance Agreement and General Release (hereafter, the
"Agreement") is made by SEABULK INTERNATIONAL INC, its affiliated companies, and
each of its officers, directors, managers, employees, agents, and successors
(hereafter referred to collectively as "SEABULK") and Andy Brauninger and all of
his agents, heirs, and successors (hereafter referred to as "EMPLOYEE").

         On the occasion of EMPLOYEE's separation from employment with SEABULK,
March 31, 2003, (Effective Date) the parties to this Agreement desire to resolve
all matters and potential differences between them arising out of the EMPLOYEE's
employment with SEABULK, and the termination of that employment. Therefore, in
order to achieve this result, SEABULK and the EMPLOYEE agree to the following:

         1.       Severance: Following the eighth calendar day after the
Effective Date SEABULK will pay to the EMPLOYEE a severance payment in the gross
amount of $145,384. This payment is based on three weeks of compensation for
each year of service (14 yrs.). The EMPLOYEE understands and agrees that the
gross amount written above will be reduced by amounts withheld for taxes as
required by law. The EMPLOYEE acknowledges and further agrees that he is not
already entitled to this severance payment.

         2.       Vacation & Medical Insurance: SEABULK will also pay all
eligible unused vacation days pro-rated for the present year. SEABULK will
provide medical insurance for the EMPLOYEE and his wife through COBRA insurance
at a monthly cost to EMPLOYEE of $150.00 for a period of six months or until you
go to work for another employer. Following the initial six month period, COBRA
insurance will be provided at the 2003 prevailing rate ($1,226.72/month). You
will be notified of the 2004 rates in December 2003.

         3.       Vehicle: SEABULK agrees to transfer to the EMPLOYEE title to
and ownership of the Employer-owned 1997 Chevrolet Suburban he is now using at
no cost to the Employee.

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         4.       Stock Options: SEABULK agrees to vest your stock options upon
the Effective Date and the exercise period will be extended to one year from the
Effective Date if you obtain other employment and three years if you retire.

         5.       Ongoing Cooperation and Consulting Services.

                  a.       During the initial six month period immediately
following the Effective Date, you will remain available to the Company to
provide general advice, cooperation, assistance, as the Company may request from
time to time, regarding projects you were involved in prior to your retirement.

                  b.       To the extent that the Company requests that you
perform work on any projects, conduct any study, or prepare a written report in
connection with such matters, the Company will retain you as an independent
contractor/consultant at a daily rate of $700. The Company also will reimburse
you for reasonable out-of-pocket expenses, including any travel expenses that
you may incur in connection with consulting services that you may provide to the
Company.

                  c.       You will cooperate with the Company in providing
information in connection with any investigation by the board of directors or
governmental authorities concerning the operations and activities of the Company
during the period of your employment.

         6.       Return of Property. You agree to return to the Company on or
before the Effective Date, property of the Company such as credit cards, keys,
computer disks, computer programs, files, and any documents in any format
prepared or received by you or the Company that you have in your possession or
control relating in any way to the Company's business operations. Any other
property of the Company currently in your possession shall be returned to the
Company or purchased by you at its depreciated value in accordance with Company
policy.

         7.       Confidentiality/Non-Competition/Non-Solicitation.

                  a.       Confidentiality. You will keep confidential the fact
of and the terms of this Agreement, as well as any confidential or proprietary
information that you acquired during your employment by the Company. This is
intended to cover any information of a nature not normally disclosed by the
Company to the general public, including, but not limited to, financial
information, business plans, strategic plans, marketing strategies, and other
information about the present or proposed operations of

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the Company. You shall not disclose any such information to any person or entity
outside the Company at any time in the future, and you shall not use any such
information for the benefit of anyone other than the Company. This provision
shall not be deemed to limit your disclosure of the terms of this Agreement to
legal or financial advisors that have a reasonable need to know of such terms in
connection with providing professional advise to you.

                  b.       Non-Competition. During the six month period
immediately following the Effective Date, you acknowledge and agree that you
will not, without the prior written consent of the Company, directly or
indirectly participate in any capacity in the ownership, management, operation,
financing or control of, or permit your name to be used in connection with, any
business or enterprise that competes with the Company. Notwithstanding the
foregoing, you will not be prohibited from owning not more than 2% of any class
of outstanding securities of any such publicly held enterprise. If these
restrictions should ever be adjudicated to exceed the time, geographic, product,
services, or other limitations permitted by applicable law in any jurisdiction,
then such provisions will be deemed reformed in such jurisdiction to such
limitations permitted by law.

                  c.       Non-Solicitation. During the period that you receive
severance payments from the Company, you acknowledge and agree that you will not
solicit, urge or induce any employee of the Company to terminate his or her
employment with the Company or otherwise interfere with or disrupt the Company's
relationships with its employees. In addition, you acknowledge and agree that
you will not solicit, urge or induce any client of the Company not to do
business with, or otherwise contract with, another person or entity for the
types of products or services that are offered by the Company, or otherwise
solicit, urge or induce any such client to terminate or adversely modify any
business relationship with the Company.

         8.       Non-Disparagement. In any announcements or public statements
concerning your departure, you and the Company will state only that you decided
to take early retirement. You agree that you will not communicate to anyone any
adverse, disparaging or derogatory statements or information concerning the
Company or any current or former director, officer or employee of the Company.
In return, the Company will not make any adverse, disparaging or derogatory
statements about you. In response to any request for information about you from
any prospective employer, the Company

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will confirm the dates of your employment and the position that you held.
Nothing in this Agreement shall restrict you or the Company from making truthful
disclosures as required by law.

         9.       Release. In exchange for the severance payment referred to in
Paragraph 1, the EMPLOYEE hereby releases and forever discharges SEABULK from
any and all claims, actions, demands, and causes of action in law or in equity
which EMPLOYEE may have had, or may now have, which are based on or in any way
related to his employment with SEABULK or the termination of that employment.
The EMPLOYEE's release of claims and actions includes, but is not limited to,
claims of age discrimination arising under the Age Discrimination in Employment
Act, as amended, claims under Title VII of the Civil Rights Act of 1964, as
amended, the Americans with Disabilities Act, the Fair Labor Standards Act, the
Employee Retirement Income Security Act, the Consolidated Omnibus Budget
Reconciliation Act, the Family and Medical Leave Act, the Florida Civil Rights
Act of 1992, as amended, claims under Florida Statutes Chapter 448.101 et seq.,
commonly known as the Florida Private Whistleblower Act, and related or similar
Texas statutes, and any and all actions EMPLOYEE may have in tort, contract or
under statutory or the common law.

         10.      Binding Agreement. The obligations of the Company under this
letter Agreement shall be binding on the Company and its successors and assigns.

         11.      Offer Period/Revocation. Please read this Agreement carefully
and feel free to consult with your own legal advisors if you so desire. Pursuant
to the Older Workers' Benefit Protection Act, you may have up to 21 days to
consider this Agreement before signing it. In addition, once you sign this
Agreement, you will have seven days within which to revoke this Agreement. Any
revocation must be in writing and delivered to the Company's Chairman of the
Board, President, and Chief Executive Officer within seven days after you sign
this Agreement. This Agreement will not become effective until the seven-day
revocation period has expired, and you therefore will not receive any
consideration under this Agreement until after the revocation period has
expired. Of course, if you revoke this Agreement, you will not receive any of
the severance benefits or any other special consideration provided for under
this Agreement.

                  If the foregoing terms are acceptable to you, please confirm
your Agreement by signing your name below. Your signature below will indicate
that you are

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entering into this Agreement freely and with a full understanding of its terms
and effect. No changes to this Agreement will be valid unless in writing and
signed by both you and the Company's Chief Executive Officer.

         12.      The EMPLOYEE understands and agrees that by accepting the
severance payment and signing this Agreement, he is giving up the right to sue
SEABULK for any claims arising out of his employment with SEABULK, and the
termination of that employment.

         13.      The EMPLOYEE further promises and agrees not to file, cause to
be filed, or join in the filing in any federal, state or local court or agency,
of any grievance, charge, claim or action, as an individual or as a member of a
class, relating to his employment or the termination of his employment with
SEABULK, and he waives any right to legal or equitable relief which might be
claimed on his behalf by any class representative or government agency with
respect to his employment with SEABULK.

         14.      The EMPLOYEE understands and agrees that this Agreement is
confidential. EMPLOYEE agrees not to disclose the terms of this Agreement or the
fact of its execution to any person, including but not limited to, current
employees, the media, prospective employers, private or public entities, or
other individuals or entities without the advanced written consent of SEABULK.
This confidentiality provision does not apply to the EMPLOYEE's immediate
family, attorney or tax advisor, so long as these excepted individuals are
notified of this provision and agree to not further disclose the terms of the
Agreement in accordance with the terms of this provision. This Agreement does
not apply to Seabulk to the extent that in its reasonable judgement it is
required to disclose the contents of this Agreement under SEC public Company
requirements.

         15.      The EMPLOYEE acknowledges that SEABULK has made no
representations regarding the tax consequences of this Agreement. The EMPLOYEE
understands that SEABULK will deduct from the payment referenced in Paragraph 1
applicable federal income tax withholding and ordinary employment taxes, and
will report the payment referenced in Paragraph 1 to the Internal Revenue
Service on Form W-2.

         16.      In the event that any party to this Agreement is forced to
institute legal proceedings for breach of the terms of this Agreement, it is
agreed that any trial shall be without a jury, venue shall be in Broward County,
Florida, this Agreement shall be

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interpreted in accordance with the laws of the State of Florida, and the
prevailing party in any such action shall be entitled to its costs, including
reasonable attorney's fees.

         17.      EMPLOYEE acknowledges that he has been advised to consult with
an attorney of his own choice prior to and in connection with the execution of
this Agreement.

         18.      This Agreement shall not be construed as or deemed to be
evidence of an admission of any liability whatsoever on the part of SEABULK or
any of its officers, directors, employees or agents.

         19.      This Agreement contains the entire Agreement and complete
understanding of the parties, and no other statements, promises or
understandings of any party may alter the plain meaning of the terms of this
Agreement.

         Intending to be legally bound, the parties execute this Severance
Agreement and General Release by their signatures below.

/s/ ANDREW W. BRAUNINGER ______________               3/20/03 _________________
EMPLOYEE     Andrew W. Brauninger                                           DATE

/s/ AIMEE DUBUISSON ____________________             3/20/03 _________________
WITNESS                                              DATE

SEABULK  INTERNATIONAL, INC.

By: /s/ GERHARD E. KURZ__________________            3/21/03 _________________
                                                     DATE<PAGE>

                                                                   EXHIBIT 10.19

                                  PLAN DOCUMENT

                           SEABULK INTERNATIONAL, INC.
                      EXECUTIVE DEFERRED COMPENSATION PLAN

SEABULK INTERNATIONAL, INC., A DELAWARE corporation (the "Company"), hereby
establishes the Executive Deferred Compensation Plan (the "Plan"), effective
JANUARY 1, 2003, to enable Participants covered under the Plan to enhance their
retirement security by permitting them to enter into agreements with the Company
to defer compensation and receive benefits at retirement, death, separation from
service, and as otherwise provided under the Plan.

                             ARTICLE 1 - DEFINITIONS

1.1      ANNUAL DEFERRAL: shall mean the amount of Compensation, which the
         Participant elects to defer under the Deferral Commitment pursuant to
         Article 3 of the Plan.

1.2      BENEFICIARY: shall mean the person or persons or entity designated as
         such in accordance with Article 11 of the Plan.

1.3      COMPANY: shall mean SEABULK INTERNATIONAL, INC., its subsidiaries and
         divisions, and any successor(s) in interest.

1.4      COMPENSATION: shall mean a Participant's salary, commissions, bonuses
         and restricted stock before reductions for deferral.

1.5      CREDITING RATE: shall mean certain investment alternatives designated
         by the Deferred Compensation Committee from time to time for
         determining adjustments of amounts credited to the Deferral Accounts of
         participants. The Deferred Compensation Committee, in its sole
         discretion, will establish administrative rules for applying the
         Crediting Rate.

1.6      DEFERRAL ACCOUNT: shall mean the bookkeeping device used by the Company
         to measure and determine the amounts to be paid to a Participant under
         the Plan. One Deferral Account will be established for amounts deferred
         by a Participant under the Plan.

1.7      DEFERRAL CONTRIBUTION PERIOD: shall mean the period of one (1) Plan
         Year, or such other period as the Deferred Compensation Committee may
         permit in its discretion, over which the Participant has elected to
         defer Compensation pursuant to Article 3 of the Plan.

1.8      DEFERRAL COMMITMENT OR DEFERRAL UNIT: shall mean a commitment made by a
         Participant to defer compensation pursuant to Articles 2 and 3 of the
         Plan for which a Deferral Election Form has been submitted by the
         Participant.

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1.9      DEFERRED COMPENSATION COMMITTEE: shall mean Management's Benefits and
         Deferred Compensation Committee, appointed by the Company to administer
         the Plan pursuant to Article 11 of the Plan.

1.10     DEFERRAL ELECTION FORM: shall mean a written agreement between the
         Company and the Participant, entered into pursuant to paragraph 2.1 of
         the Plan, by which the Participant elects to participate in the Plan
         and make a Deferral Commitment.

1.11     DISABILITY: shall mean a physical or mental condition that prevents a
         Participant from performing his or her normal duties of employment. If
         a Participant makes application for or is otherwise eligible for
         disability benefits under a long-term disability program sponsored by
         his Employer and qualifies for such benefits, the Participant shall be
         presumed to qualify as disabled under the Plan. In the event that a
         Participant is not covered by an Employer-sponsored long-term
         disability program, a Participant shall be presumed to be disabled if
         the Deferred Compensation Committee so determines upon review of one or
         more medical opinions acceptable to the Deferred Compensation
         Committee.

1.12     EARLY RETIREMENT: shall mean the date of the cessation of the
         Participant's employment with the Company for any reason whatsoever,
         whether voluntary or involuntary, other than as a result of the
         Participant's death, after the Participant attains age 55, or such
         other date as the Deferred Compensation Committee may determine in its
         discretion.

1.13     ELIGIBLE EMPLOYEE: shall mean an officer or member of the senior
         management of the Company as designated by the Compensation Committee
         of the Board of Directors to be eligible to participate in the Plan and
         Non-Employee Directors. New employees within this group are eligible to
         participate the first of the month following one month of service.

1.14     EMPLOYER: shall mean the Company or any of its subsidiaries or
         divisions.

1.15     ERISA: shall mean the Employee Retirement Income Security Act of 1974,
         as amended.

1.16     FINANCIAL HARDSHIP: shall mean a Participant's unexpected need for cash
         arising from an illness, casualty loss, sudden financial reversal, or
         other such unforeseeable occurrence as determined by the Deferred
         Compensation Committee. Cash needs arising from foreseeable events such
         as, for example, the purchase of a residence or education expenses for
         children shall not, alone, be considered a Financial Hardship.

1.17     PARTICIPANT: shall mean an Eligible Employee who is participating in
         the Plan as provided in Article 2, or a former Eligible Employee for
         whom a Deferral Account is being maintained under the Plan.

1.18     PLAN: shall mean this Executive Deferred Compensation Plan as set forth
         in this document and as the same may be amended, supplemented and/or
         restated from time to time and any successor plan.

1.19     PLAN YEAR: shall mean the 12-month period from January 1 through
         December 31.

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1.20     RETIREMENT: shall mean the date of the cessation of the Participant's
         employment with the Company for any reason whatsoever, whether
         voluntary or involuntary, other than as a result of the Participant's
         death, after the Participant attains age 65, or such other date as the
         Deferred Compensation Committee may determine in its discretion.

1.21     TERMINATION OF EMPLOYMENT: shall mean the date of the cessation of the
         Participant's employment with the Company for any reason whatsoever,
         whether voluntary or involuntary, other than as a result of the
         Participant's Retirement, death, or, to the extent provided in Article
         8 of the Plan, Disability.

1.22     VALUATION DATE: shall mean the last day of each Plan Year calendar
         quarter, or such other dates as the Deferred Compensation Committee may
         determine in its discretion, which must be at least annually, for the
         valuation of a Participant's Deferral Account.

1.23     VESTING DATE: your account balance created by your deferrals is always
         100% vested. Your account balance created by any company contributions
         will vest as follows:

<TABLE>
<CAPTION>

                              Full Years of                  Percentage
                             Vesting Service                   Vested
                             ---------------                 ----------

<S>                                                          <C>
                                    1                           33%
                                    2                           66%
                                    3                          100%
</TABLE>

         You will be credited for a full year of vesting service for each year
         from your date of hire and each anniversary thereof in which you
         complete at least 1,000 hours of service. Vesting service start date is
         date of hire.

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                            ARTICLE 2 - PARTICIPATION

2.1      DEFERRAL ELECTION FORM. Any Eligible Employee may elect to participate
         in the Plan and to make a Deferral Commitment by submitting a Deferral
         Election Form to the Deferred Compensation Committee prior to the
         beginning of the Deferral Contribution Period. Except as otherwise
         provided in this Plan, the Participant's Deferral Commitment shall be
         irrevocable.

2.2      CONTINUATION OF PARTICIPATION. A Participant who has elected to
         participate in the Plan by making a Deferral Commitment shall continue
         as a Participant in the Plan for purposes of such Deferral Commitment
         even though in any Plan Year after such Deferral Commitment such
         Participant elects not to make a new Deferral Commitment or ceases to
         be an Eligible Employee. A Participant shall not be eligible to make a
         new Deferral Commitment unless the Participant is an Eligible Employee
         with respect to the Plan Year for which the election is made.

                    ARTICLE 3 - FORM OF DEFERRAL COMMITMENTS

3.1      DEFERRAL COMMITMENT. Subject to paragraphs 3.2 and 3.3, a Participant
         may elect in the Deferral Election Form to defer an amount equal to a
         specified dollar amount or a percentage of Compensation so long as the
         amount of Compensation net of the amount deferred does not fall below
         any applicable thresholds determined by the Deferred Compensation
         Committee in its sole discretion. For any Plan Year, the total amount
         of a Participant's applicable Compensation, net of all Deferral
         Commitments, must not fall below the old age, survivor and disability
         insurance wage base under Social Security. The Deferred Compensation
         Committee, in its sole discretion, will determine other rules regarding
         the deferral of Compensation, as necessary.

3.2      MINIMUM DEFERRAL COMMITMENT. A participant may not elect to defer less
         than $5,000 in any one Plan Year.

3.3      MAXIMUM DEFERRAL COMMITMENT. The Deferred Compensation Committee, in
         its sole discretion, may establish maximum Deferral Commitment limits
         for the purpose of controlling the Company's financial obligations
         under the Plan or for any other reason deemed necessary.

3.4      INCOMPLETE DEFERRAL COMMITMENT. Notwithstanding anything contained
         herein to the contrary, if the Participant has not or will not actually
         defer the amount specified in such Participant's Deferral Election Form
         during the Deferral Contribution Period, the Participant shall,
         nevertheless, be permitted to continue participation in the Plan. The
         Company will accept no new Deferral Units until the Participant
         fulfills the previously Incomplete Deferral Unit.

3.5      WITHHOLDING. The Deferred Compensation Committee, in its sole
         discretion, will make arrangements for satisfying any federal, state or
         local income tax withholding requirements and Social Security or other
         employee tax requirements applicable to deferral of compensation under
         the Plan.

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                    ARTICLE 4 - DEFERRAL OF RESTRICTED STOCK

4.1      For purposes of this Article 4, the following terms shall be defined as
         follows:

         (a)    Common Stock. "Common Stock" shall mean the common stock of
                Seabulk International, Inc., $0.10 par value per share.

         (b)    Restricted Stock/Restricted Stock Award. "Restricted Stock" or
                "Restricted Stock Award" shall mean a share of restricted Common
                Stock that was granted to an Employee under a Stock Plan.

         (c)    Restricted Stock Deferral Agreement. "Restricted Stock Deferral
                Agreement" shall mean the form established from time to time by
                the Deferred Compensation Committee that an Employee completes,
                executes and returns to the Deferred Compensation Committee to
                defer the receipt of shares of Common Stock upon the lapse of
                restrictions on Restricted Stock Awards.

         (d)    Restricted Stock Unit/RSU. "Restricted Stock Unit" or "RSU"
                shall mean units of deemed investment in shares of Common Stock
                in accordance with Article 4 of the Plan.

         (e)    Restricted Stock Unit Account/RSU Account. "Restricted Stock
                Unit Account" or "RSU Account" shall mean the record of a
                Participant's interest in this Plan represented by the number of
                RSUs related to shares of Restricted Stock deferred hereunder,
                adjusted for distributions, withdrawals and other similar
                activities as provided in the Plan.

         (f)    Stock Plan. "Stock Plan" shall mean collectively the equity
                incentive plans adopted by the company from time to time or
                under which the Company has Restricted Stock Awards outstanding,
                and individually, such equity incentive plan governing any
                particular Restricted Stock Award.

4.2      The provisions of this Article 4 shall apply to all deferral elections
         made in compliance with this Article 4. All participants who have
         received Restricted Stock Awards under a Stock Plan of the Company,
         some or all of the restrictions on which have not lapsed as of December
         31, 2002, and all persons who receive a Restricted Stock Award under a
         Stock Plan of the Company after the effective date of this Plan whose
         Agreement provides that the recipient may elect to defer the receipt of
         such Restricted Stock Award are permitted to make deferral elections
         with respect to such Restricted Stock Awards under this Plan by
         following the provisions of this Article 4.

4.3      Eligible employees who elect to defer Restricted Stock Awards must
         enter into an irrevocable Restricted Stock Deferral Agreement, in the
         form approved by the Deferred Compensation Committee, which provides
         for the exchange of shares of Restricted Stock for Restricted Stock
         Units. A Restricted Stock Deferral Agreement may be filed at any time
         with respect to any number of Restricted Shares with respect to which
         the restrictions have not and are not due to lapse for at least six (6)
         months.

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4.4      Each Restricted Stock Deferral Agreement shall set forth: (i) the
         number of shares of Restricted Stock to be deferred; (ii) the date of
         grant of such shares of Restricted Stock; (iii) the date or dates on
         which the restrictions imposed on such shares of Restricted Stock
         lapse; (iv) the date on which the Restricted Stock Units credited to
         the Participant's Restricted Stock Unit Account shall become payable;
         and (v) whether distribution of the Restricted Stock Units shall be in
         installments or in a lump sum; and (vi) any other item determined to be
         appropriate by the Deferred Compensation Committee. Participants agree
         to execute any form that may be required by the Company's stock
         transfer agent with respect to book-entry or certificated shares. If
         the shares are not held in book-entry format by the Company's stock
         transfer agent, eligible Employees deferring Restricted Stock Awards
         must also tender the certificates for the shares of Restricted Stock
         with respect to which the Restricted Stock Deferral Agreement is being
         entered into at the time the Restricted Stock Deferral Agreement is
         tendered.

4.5      The effective date of the deferral of Restricted Stock hereunder is the
         close of business on the business day on which the Deferred
         Compensation Committee, or its designee, receives the Restricted Stock
         Deferral Agreement, and if the shares of Restricted Stock are not held
         in book-entry format, the certificates for the shares of Restricted
         Stock, along with any properly completed and executed stock powers that
         may be requested by the Deferred Compensation Committee.

4.6      Until the date specified in the Participant's Restricted Stock Deferral
         Agreement as the date on which restrictions on the shares of Restricted
         Stock will lapse, RSU's credited to such Participant's Restricted Stock
         Unit Account upon the deferral of such shares of Restricted Stock shall
         remain subject to forfeiture under the provisions of the Stock Plan and
         any related Restricted Stock Award agreement in the same manner as the
         shares of Restricted Stock deferred hereunder. The RSU's will be
         subject to restrictions identical to the restrictions on the shares of
         Restricted Stock deferred hereunder, and the restrictions on the RSU's
         shall lapse, if at all, at the same time and in the same manner that
         the restrictions on the shares of Restricted Stock would have lapsed
         had the participant not made a deferral election.

4.7      For each Participant electing to defer Restricted Stock, upon the
         effective date of the deferral, a RSU Account will be established by
         the Company, reflecting one RSU for each Restricted Stock share
         deferred hereunder. A subaccount representing cash equal to the
         earnings credited to the RSU Account with respect to dividend
         equivalents and interest thereon as calculated pursuant to Section 5.1
         hereof, will also be established, unless the Participant has elected to
         receive earnings attributable to RSU's currently, and not on a deferred
         basis. Earnings will be credited to the Participant's cash subaccount
         as follows: on each date on which the Company pays a dividend on its
         Common Stock, an amount equal to such dividend will be credited to the
         Participant's Account with respect to each RSU. Then, an additional
         amount will be credited to the Participant's cash subaccount to reflect
         earnings pursuant to Section 5.1. hereof to reflect earnings on the
         dividend equivalents from the time they were credited to the cash
         subaccount hereunder.

<PAGE>

4.8      In the event of a stock dividend, split-up or combination of the Common
         Stock, merger, consolidation, reorganization or recapitalization
         affecting the Common Stock, such that an adjustment is determined by
         the Deferred Compensation Committee to be appropriate in order to
         prevent dilution or enlargement of the benefits or potential benefits
         intended to be made available under this Article 4, then the Deferred
         Compensation Committee may make appropriate adjustments to the number
         of Share Units credited to any RSU Account. The determination of the
         Deferred Compensation Committee as to such adjustments, if any, shall
         be binding and conclusive.

4.9      Restricted Stock Units shall be distributed in the form of Common
         Stock. Distributions from a Participant's RSU Account and related RSU
         cash subaccount pursuant to Article 4 hereof will be computed as
         follows: with respect to the Participant's RSU Account, one share of
         Common Stock will be distributed for each RSU credited to such RSU
         Account; and with respect to the Participant's RSU cash subaccount,
         cash in the amount credited to such subaccount will be paid to the
         Participant.

4.10     A Participant may elect to receive earnings attributable to the
         Participant's RSU cash subaccount currently, and not on a deferred
         basis, by indicating such an election on the Participant's Restricted
         Stock Deferral Agreement. If such an election is made, the Participant
         will receive in cash on each date on which the Company pays a dividend
         on its shares of Common Stock an amount equal to such dividend with
         respect to each RSU in the Participant's RSU Account. Such payment
         shall be made in lieu of crediting any amount to the Participant's RSU
         cash subaccount, and such Participant's RSU cash subaccount will be
         deemed to be "zero" for all purposes under the Plan.

<PAGE>

                          ARTICLE 5 - DEFERRAL ACCOUNTS

5.1      DEFERRAL ACCOUNTS. A Deferral Account shall be established for each
         Participant. The Deferral Account shall be credited with the applicable
         portion of the Annual Deferral as of the approximate date such amounts
         would otherwise have been paid to the Participant. Deferral Accounts
         shall, except as otherwise provided in the Plan, be credited with
         interest based on the investment selections of the participant, in
         effect for each Plan Year, from the approximate date such Deferrals
         would have been paid through the earlier of the Participant's date of
         death or the following Valuation Date. Notwithstanding anything in this
         paragraph to the contrary, the Deferred Compensation Committee may, in
         its sole discretion, establish administrative rules for the purpose of
         crediting Deferral Accounts.

5.2      STATEMENTS OF ACCOUNT. The Deferred Compensation Committee shall
         provide periodically (but no less frequently than annually) to each
         Participant a statement setting forth the balance of the Deferral
         Account maintained for such Participant.

5.3      VESTING OF DEFERRAL ACCOUNTS. Each Participant shall be one hundred
         percent (100%) vested at all times in the amount of Annual Deferrals
         and interest actually credited to such Participant's Deferral Account.
         The Participant shall be zero percent (0%) vested in any contributions
         or interest credited to such Participant's Deferral Account for Company
         contributions until the Participant's Vesting Date is reached. If the
         Participant is still employed by the Company and continues to be
         eligible to participate in the Plan on the Vesting Date, the
         Participant shall immediately become one hundred percent (100%) vested
         in all interest credited to Company contributions in his/her Deferral
         Account. In the event the Participant dies prior to reaching the
         Vesting Date, the Benefits calculated under Article 7 of the Plan shall
         assume that the Participant became one hundred percent (100%) vested in
         any interest credited to his Deferral Account as of the day prior to
         his date of death.

                        ARTICLE 6 - COMPANY CONTRIBUTIONS

6.1      The Company may from time to time, in its discretion, credit the
         Deferral Account of each Participant who is an Eligible Employee with a
         matching contribution. The amount of the matching contribution, if any,
         shall be equal to a percentage of Compensation deferred by the
         Participant under Section 5, as determined by the Company in its sole
         discretion.

6.2      Company Contributions held in the Deferral Account shall be distributed
         to a Participant only to the extent such amounts are vested. A
         Participant shall become vested in Company Contributions made on his or
         her behalf, and all earnings allocable thereunder, in accordance with
         the Vesting Date. The balance, if any, of such Company Contributions
         shall be forfeited upon termination of the Participant's employment to
         the extent not vested.

<PAGE>

                         ARTICLE 7 - PAYMENT OF BENEFITS

7.1      RETIREMENT BENEFITS. Upon Retirement or Early Retirement, the Company
         shall pay to the Participant a benefit in the form provided in
         paragraph 7.2 of the Plan, based on the balance of the Participant's
         Deferral Account.

7.2      FORM OF BENEFITS. The retirement benefit attributable to a Deferral
         Account shall be paid in accordance with the Participant's direction as
         found on a Deferral Election Form prescribed by the Deferred
         Compensation Committee for designation of form of payment; such payment
         election shall be made at the time the Deferral Commitment election is
         made. The available forms of payment after Retirement are as follows:

         (a)    Lump Sum. A lump sum payment equal to the balance of the
                applicable Deferral Account as of the Valuation Date following
                Retirement or Early Retirement. Payment is to commence no
                earlier than the first day of the calendar year quarter
                following his severance and no later than January 30 of the
                calendar year following his/her 70th birthday

         (b)    Installment Payments. Annual installment payments in
                substantially equal amounts over a period of 5, 10, or 15 years.
                Installment payments shall be made by the 30th day of the
                calendar year quarter of each year following Retirement.
                Payments must commence no later than the quarter following
                his/her 70th birthday. Interest will be credited to the unpaid
                balance in the Deferral Account at a rate in effect for each
                Plan Year. The Deferred Compensation Committee, in its sole
                discretion, may establish rules for making payments and
                crediting interest to the unpaid Deferral Account balance.

         The participant may change this retirement benefit election to an
         allowable alternative payout period by submitting a new Deferral
         Election Form to the Deferred Compensation Committee, provided that any
         such Deferral Election Form is submitted at least one (1) year prior to
         the Participant's Retirement. Subject to the foregoing, the Election
         Form most recently accepted by the Deferred Compensation Committee
         shall govern the payout of the retirement benefit. If no election is
         submitted, payment will be made in 15 annual installment payments.

7.3      TERMINATION OF EMPLOYMENT BENEFITS. Upon Termination of Employment, the
         Company shall pay the Participant a benefit in the form of a lump sum
         payment equal to the balance of the applicable Deferral Account as of
         the Valuation Date following the termination of employment. Such
         payment shall be made within ninety (90) days of said Valuation Date.

7.4      IN-SERVICE DISTRIBUTIONS. A Participant can elect to receive a lump sum
         payment of benefits created and generated by the contribution for a
         Deferral Contribution Period without terminating employment. The
         benefit payment will be received by January 31st of a chosen year at
         least five (5) years after the end of the Deferral Contribution Period
         which the contribution(s) was made.

<PAGE>

7.5      SMALL BENEFIT EXCEPTION. Notwithstanding any of the foregoing, in the
         event the sum of all benefits payable to the Participant is less than
         or equal to ten thousand dollars ($10,000), the Company may, in its
         sole discretion, elect to pay such benefits in a single lump sum
         payment on the date such benefits first become payable.

<PAGE>

                          ARTICLE 8 - SURVIVOR BENEFITS

8.1      PRE-RETIREMENT SURVIVOR BENEFIT. If a Participant dies prior to
         Retirement or Termination of Employment the Company shall pay to the
         Participant's Beneficiary a lump sum benefit equal to the balance of
         the Participant's Deferral Account as of the Valuation Date following
         the death of the Participant.

8.2      POST-RETIREMENT SURVIVOR BENEFIT. If a Participant dies during
         Retirement the Company shall pay to the Participant's Beneficiary the
         remaining schedule of benefit payments.

8.3      SMALL BENEFIT EXCEPTION. Notwithstanding any of the foregoing, in the
         event the sum of all benefits payable to the Beneficiary is less than
         or equal to ten thousand dollars ($10,000), the Company may, in its
         sole discretion, elect to pay such benefits in a single lump sum
         payment on the date such benefits first become payable.

                             ARTICLE 9 - DISABILITY

If a Participant is determined to have a Disability, the Participant shall,
effective as of the date such Participant is no longer paid his Compensation by
the Company, cease deferrals under the Plan except for any Deferral Commitment
regarding any Compensation which is earned or payable subsequent to the
Disability. The Participant's Deferral Account shall continue to be credited
with interest at the Crediting Rate until such time as the Participant's
benefits under the Plan are distributed in accordance with the Participant's
election or as provided for in paragraph 10.2 of the Plan.

<PAGE>

                   ARTICLE 10 - CONDITIONS RELATED TO BENEFITS

10.1     NONASSIGNABILITY. The benefits provided under the Plan may not be
         alienated, assigned, transferred, pledged or hypothecated by or to any
         person or entity, at any time or in any manner whatsoever. These
         benefits shall be exempt from the claims of creditors or other
         claimants of any Participant and from all orders, decrees, levies,
         garnishment or executions against any Participant to the fullest extent
         allowed by law.

10.2     FINANCIAL HARDSHIP DISTRIBUTION. Upon finding that the Participant or
         the Beneficiary has suffered a Financial Hardship, the Deferred
         Compensation Committee may, in its sole discretion and upon written
         petition by the Participant or Beneficiary, accelerate distributions of
         benefits under the Plan in the amount reasonably necessary to alleviate
         such Financial Hardship or as requested by the Participant or the
         Beneficiary. If a distribution is to be made to a Participant on
         account of Financial Hardship, the Participant may not make subsequent
         Deferral Commitments under the Plan until the second Plan Year
         following the Plan Year in which a distribution based on Financial
         Hardship was made. Any Deferral Commitment in effect at the time such
         distribution is made under this section shall be canceled.

10.3     NO RIGHT TO COMPANY ASSETS. The benefits paid under the Plan shall be
         paid from the general funds of the Company, and the Participant and any
         Beneficiary shall be no more than unsecured general creditors of the
         Company with no special or prior right to any assets of the Company for
         payment of any obligations hereunder.

10.4     PROTECTIVE PROVISIONS. The Participant shall cooperate with the Company
         by furnishing any and all information requested by the Deferred
         Compensation Committee in order to facilitate the payment of benefits
         hereunder, taking such physical examinations as the Deferred
         Compensation Committee may deem necessary, and taking such other
         actions as may be requested by the Deferred Compensation Committee. If
         the Participant refuses to cooperate or makes any material misstatement
         or nondisclosure of information, then no benefits will be payable
         hereunder to such Participant or his Beneficiary.

10.5     WITHHOLDING. The Participant or the Beneficiary shall make appropriate
         arrangements with the Company for satisfaction of any federal, state or
         local income tax withholding requirements and Social Security or other
         employee tax requirements applicable to the payment of benefits under
         the Plan. If no such arrangements are made, the Company may provide, at
         its discretion, for such withholding and tax payments as may be
         required.

<PAGE>

                     ARTICLE 11 - ADMINISTRATION OF THE PLAN

The Deferred Compensation Committee shall administer the Plan and interpret,
construe and apply its provisions in accordance with its terms. The Compensation
Committee of the Board of Directors shall determine in its sole discretion those
who are eligible to participate in the Plan and shall have the right to set
guidelines for participation under the Plan including, but not limited to, the
type, manner and level of Deferral Commitments. The Deferred Compensation
Committee shall further establish, adopt or revise such other rules and
regulations as it may deem necessary or advisable for the administration of the
Plan. All decisions of the Deferred Compensation Committee shall be final and
binding. The individuals serving on the Deferred Compensation shall, except as
prohibited by law, be indemnified and held harmless by the Company from any and
all liabilities, costs, and expenses (including legal fees), to the extent not
covered by liability insurance, arising out of any action taken by any member of
the Deferred Compensation Committee with respect to the Plan, unless such
liability arises from the individual's own gross negligence or willful
misconduct.

                      ARTICLE 12 - BENEFICIARY DESIGNATION

12.1     BENEFICIARY DESIGNATION. The Participant shall have the right, at any
         time, to designate any person or persons as a Beneficiary (both primary
         and contingent) to whom payment under the Plan shall be made in the
         event of the Participant's death. The Beneficiary designation shall be
         effective when it is submitted in writing and delivered to the Deferred
         Compensation Committee during the Participant's lifetime on a form
         prescribed by the Deferred Compensation Committee. If, however, the
         Participant is married, his spouse shall be required to join any such
         designation, or change or revocation thereof, to name a Beneficiary
         other than the spouse.

12.2     NEW BENEFICIARY DESIGNATION. The Participant shall have the right to
         change or revoke any such designation from time to time by filing a new
         designation or notice of revocation with the Company, and no notice to
         any Beneficiary nor consent by any Beneficiary shall be required to
         effect any such change or revocation. If, however, the Participant is
         married, his spouse shall be required to join in any such designation,
         or change or revocation thereof, to name a Beneficiary other than the
         spouse.

12.3     FAILURE TO DESIGNATE BENEFICIARY. If a Participant fails to designate a
         Beneficiary before his death, or if no designated Beneficiary survives
         the Participant, the Deferred Compensation Committee shall direct the
         Company to pay the balance of the Participant's Account in a lump sum
         to the executor or administrator for his estate; provided, however, if
         no executor or administrator shall have been appointed, and actual
         notice of the death was given to the Deferred Compensation Committee
         within sixty (60) days after the Participant's death, and if his
         Account balance does not exceed ten thousand dollars ($10,000), the
         Deferred Compensation Committee may direct the Company to pay the
         Account balance to such person or persons as the Deferred Compensation
         Committee determines may be entitled to it, and the Deferred
         Compensation Committee may require such proof of right and/or identity
         of such person or persons as the Deferred Compensation Committee may
         deem appropriate and necessary.

<PAGE>

               ARTICLE 13 - AMENDMENT AND TERMINATION OF THE PLAN

13.1     AMENDMENT OF THE PLAN. The Company may at any time amend the Plan in
         whole or in part, provided however, that such amendment (i) shall not
         decrease the vested balance of the Participant's Deferral Account at
         the time of such amendment and (ii) shall not retroactively decrease
         the applicable crediting rates of the Plan prior to the time of such
         amendment. The Company or Deferred Compensation Committee may amend the
         crediting rates of the Plan prospectively. If the Company and/or the
         Deferred Compensation Committee change the formula for determining the
         Crediting Rate under the Plan, the Company or the Deferred Compensation
         Committee shall notify the Participant of such amendment in writing
         within thirty (30) days of such amendment. Within thirty (30) days of
         receipt of the notice of an amendment to the formula for determining
         the applicable Crediting Rate, the Participant may elect by written
         notice to the Deferred Compensation Committee to terminate an
         incomplete Deferral Commitment.

13.2     TERMINATION OF THE PLAN. The Company may at any time terminate the Plan
         as to all or any group of Participants. If the Company terminates the
         Plan as to all or any group of Participants, the date of such
         termination shall be treated as the date of Retirement for the purpose
         of calculating Plan benefits. The Company shall pay to the Participant
         the benefits the Participant is entitled to receive under the Plan in
         annual installments over a three (3) year period or such shorter period
         of time as the Company may determine in its sole discretion. Interest
         at the Crediting Rate will be credited to the Participant's Deferral
         Account until distribution under this paragraph is completed, in
         accordance with the rules established under paragraph 7.2(b).

13.3     CONSTRUCTIVE RECEIPT TERMINATION. In the event the Deferred
         Compensation Committee determines that amounts deferred under the Plan
         have been constructively received by Participants and must be
         recognized as income for federal income tax purposes, the Plan shall
         terminate and distributions shall be made to Participants in accordance
         with the provisions of paragraph 13.2. The determination of the
         Deferred Compensation Committee under this paragraph 13.3 shall be
         binding and conclusive.

<PAGE>

                           ARTICLE 14 - MISCELLANEOUS

14.1     SUCCESSORS OF THE COMPANY. The rights and obligations of the Company
         under the Plan shall inure to the benefit of, and shall be binding
         upon, the successors and assigns of the Company.

14.2     ERISA PLAN. The Plan is intended to be an unfunded plan maintained
         primarily to provide deferred compensation benefits for "a select group
         of management or highly compensated employees" within the meaning of
         Sections 201, 301, and 401 of ERISA and therefore to be exempt from
         Parts 2, 3, and 4 of Title I of ERISA. Notwithstanding any provisions
         of this Plan to the contrary, if any Participant is determined not to
         be a "management or highly compensated employee" within the meaning of
         ERISA or applicable regulations thereunder at the time a Deferral
         Commitment is elected, such Participant will not be eligible to
         complete such Deferral Commitment and shall receive an immediate lump
         sum payment equal to the unpaid balance of the Deferral Account as of
         the most recent Valuation Date. Upon such payment, no survivor benefit
         or other benefit shall thereafter be payable under this Plan either to
         the Participant or any Beneficiary of the Participant, with respect to
         said Deferral Account.

14.3     EMPLOYMENT NOT GUARANTEED. Nothing contained in the Plan nor any action
         taken hereunder shall be construed as a contract of employment or as
         giving any Participant any right to continued employment with the
         Company.

14.4     GENDER, SINGULAR AND PLURAL. All pronouns and variations thereof shall
         be deemed to refer to the masculine or feminine, as the identity of the
         person or persons may require. As the context may require, the singular
         may be read as the plural and the plural as the singular.

14.5     CAPTIONS. The captions of the articles and paragraphs of the Plan are
         for convenience only and shall not control or affect the meaning or
         construction of any of its provisions.

14.6     VALIDITY. In the event any provision of the Plan is held invalid, void
         or unenforceable, the same shall not affect, in any respect whatsoever,
         the validity of any other provisions of the Plan.

14.7     WAIVER OF BREACH. The waiver by the Company of any breach of any
         provision of the Plan by the Participant shall not operate or be
         construed as a waiver of any subsequent breach by the Participant.

14.8     APPLICABLE LAW. The Plan shall be governed and construed in accordance
         with the laws of the State of DE except where the laws of the State of
         DE are preempted by ERISA.

<PAGE>

14.9     NOTICE. Any notice or filing required or permitted to be given to the
         Company under the Plan shall be sufficient if in writing or
         hand-delivered, or sent by registered or certified mail, return receipt
         requested, to the principal office of the Company, directed to the
         attention of the Deferred Compensation Committee. Such notice shall be
         deemed given as of the date of delivery, or if delivery is made by
         mail, as of the date shown on the postmark on the receipt for
         registration or certification.

14.10    ARBITRATION. Any claim, dispute or other matter in question of any kind
         relating to this Plan shall be settled by arbitration in accordance
         with the Rules of the American Arbitration Association. Notice of
         demand for arbitration shall be made in writing to the opposing party
         and to the American Arbitration Association within a reasonable time
         after the claim, dispute or other matter in question has arisen. In no
         event shall a demand for arbitration be made after the date when the
         applicable statute of limitations would bar the institution of a legal
         or equitable proceeding based on such claim, dispute or other matter in
         question. The decision of the arbitrators shall be final and may be
         enforced in any court of competent jurisdiction.

IN WITNESS WHEREOF, the Company has caused this Plan to be executed and
effective as of the 4th day of February, 2003.

                                          SEABULK INTERNATIONAL, INC.

                                     By:  /s/ GERHARD E. KURZ

                                  Title:  President and Chief Executive Officers

                                     By:  /s/ ALAN R. TWAITS

                                  Title:  Senior Vice President, General Counsel
                                          & Secretary

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