Document:

Exhibit 4.25  

SEABULK INTERNATIONAL, INC.

SEACOR HOLDINGS INC.

and

the Guarantors named herein  

 91/2% SENIOR NOTES DUE 2013  

 THIRD SUPPLEMENTAL

INDENTURE AND AMENDMENT

DATED AS OF                        , 2006  

 U.S. BANK NATIONAL ASSOCIATION

Trustee  

   
        This THIRD SUPPLEMENTAL INDENTURE, dated as of                        , 2006, is
among Seabulk International, Inc., a Delaware corporation (the "Company"), SEACOR Holdings Inc.
(the "Parent"), each of the parties identified under the caption "Subsidiary Guarantors" on the signature page hereto (the "Subsidiary Guarantors") and U.S. Bank National Association, successor to
Wachovia Bank, National Association, as Trustee (the "Trustee"). 

RECITALS  

        WHEREAS, the Company, the initial guarantors party thereto and the Trustee entered into an Indenture, dated as of August 5, 2003 (the "Indenture"),
pursuant to which the Company has issued $150,000,000 in principal amount of 91/2% Senior Notes due 2013 (the "Notes"), of which $138,500,00 aggregate principal amount are outstanding
on the date hereof; 

        WHEREAS,
the Company is a wholly-owned subsidiary of the Parent; 

        WHEREAS,
the Company desires to execute and deliver this Third Supplemental Indenture to, among other things: (i) amend the Indenture to provide that the reports and other
information required to be provided by the Company may instead be provided by and with respect to the Parent if the Parent has guaranteed the payment obligations of the Company under the Notes and the
Indenture; (ii) amend the Indenture to permit certain transactions between the Company and the Parent and the other Subsidiaries of the Parent; and (iii) add or modify certain defined
terms and related text in the Indenture (collectively, the "Proposed Amendments"); 

        WHEREAS,
the Board of Directors of the Company has determined that it is in the best interests of the Company to make the Proposed Amendments; 

        WHEREAS,
the Board of Directors of the Parent has determined that it is in the best interests of the Parent to fully and unconditionally guarantee all of the Company's payment
obligations under the Notes and the Indenture; 

        WHEREAS,
Section 9.02 of the Indenture provides that the Company, the Subsidiary Guarantors and the Trustee may amend the Indenture with the written consent of the Holders of at
least a majority in aggregate principal amount of the Notes then outstanding; 

        WHEREAS
the Holders of at least a majority in aggregate principal amount of the Notes outstanding have consented to the amendments effected by this Third Supplemental Indenture; and 

        WHEREAS,
all acts and things prescribed by the Indenture, by law and by the Certificate of Incorporation and the Bylaws (or comparable constituent documents) of the Company, of the
Parent, of the Subsidiary Guarantors and of the Trustee necessary to make this Third Supplemental Indenture a valid instrument legally binding on the Company, the Parent, the Subsidiary Guarantors and
the Trustee, in accordance with its terms, have been duly done and performed; 

        NOW,
THEREFORE, to comply with the provisions of the Indenture and in consideration of the above premises, the Company, the Parent, the Subsidiary Guarantors and the Trustee covenant and
agree for the equal and proportionate benefit of the respective Holders of the Notes as follows: 

ARTICLE I  

        1.01.    This
Third Supplemental Indenture is supplemental to the Indenture and does and shall be deemed to form a part of, and shall be construed in connection with and
as part of, the Indenture for any and all purposes. 

2

 
ARTICLE 2  

        2.01.    The
definition of "Guarantor" set forth in Section 1.01 of the Indenture is amended by: (A) deleting "and" from the end of subsection (b) thereto
and inserting "," in lieu thereof; (B) deleting "." from the end of subsection (c) thereto and inserting "and" in lieu thereof; and (C) adding a subsection (d) thereto,
which shall read as follows: "and for the purposes of Article 10 only, any direct or indirect parent of the
Company that executes a supplement to this Indenture in accordance with the terms of Article 10 hereof." 

        2.02    The
definition of "Permitted Investment" set forth in Section 1.01 of the Indenture is amended by: (A) deleting "and" from the end of subsection
(7) thereto; (B) deleting "." from the end of subsection (8) thereto and inserting "; and" in lieu thereof; and (C) adding a subsection (9) thereto, which shall read
as follows: "loans and advances made to the Parent or any direct or indirect Subsidiary of the Parent (other than the Company and its Restricted Subsidiaries)." 

        2.03.    Section 1.01
of the Indenture is amended to include the following definition in its proper alphabetical location: 

        "Parent" means SEACOR Holdings Inc., a Delaware corporation, or any other direct or indirect parent company of the Company. 

        2.04.    Section 4.03
of the Indenture is amended by: (A) restating subsection (b) in its entirety to read as follows: "Notwithstanding the foregoing, if
the Parent executes and delivers a full and unconditional guarantee of the Notes, the reports and other information required by this Section 4.03 may be filed by and be those of the Parent."
and (B) deleting subsection (c) in its entirety. 

        2.05.    Section 4.09
of the Indenture is amended by: (A) inserting "(i)" after the first "Indebtedness" in subsection (6) thereto and (B) deleting
", provided" after the first "Restricted Subsidiaries" in subsection (6) thereto and inserting "or (ii) by the Company and any of its Restricted Subsidiaries from the Parent and any of
its Subsidiaries (other than the Company and its Restricted Subsidiaries), provided, in each such case," in lieu thereof. 

        2.06.    Section 4.11
of the Indenture is amended by: (A) deleting "and" from the end of subsection (2)(b)(G) thereto; (B) deleting "." from subsection
(2)(b)(H) thereto; (C) adding a new subsection (2)(b)(I), which shall read as follows: "transactions between or among the Company and its Restricted Subsidiaries, on the one hand, and the
Parent and any direct or indirect Subsidiary of the Parent (other than the Company and its Restricted Subsidiaries) on the other hand, so long as such transaction is on terms that are no less
favorable to the Company or relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction by the Company or such Restricted Subsidiary in arm's length dealings
with an unrelated Person or, if there is no such comparable transaction, on terms that are fair and reasonable to the Company or such Restricted Subsidiary; and"; and (D) adding a new
subsection (2)(b)(J), which shall read as follows: "the incurrence of any Indebtedness permitted under Section 4.09." 

ARTICLE 3  

        3.01.    The
Parent hereby fully and unconditionally guarantees on the terms and subject to the conditions set forth in Article 10 of the Indenture (as the same applies
to the Subsidiary Guarantees), jointly and severally with the Subsidiary Guarantors, to each Holder and to the Trustee and its successors and assigns the full and punctual payment of principal of and
interest on the Notes when due, whether at maturity, by acceleration, by redemption or otherwise, and all other monetary obligations of the Company under the Indenture and the Notes and the full and
punctual performance within all applicable grace periods of all other obligations of the Company under the Indenture and the Notes. 

3

 
ARTICLE 4  

        4.01.    Except
as specifically modified herein, the Indenture and the Notes are in all respects ratified and confirmed (mutatis
mutandis) and shall remain in full force and effect in accordance with their terms with all capitalized terms used herein without definition having the same respective meanings
ascribed to them as in the Indenture. 

        4.02.    Except
as otherwise expressly provided herein, no duties, responsibilities or liabilities are assumed, or shall be construed to be assumed, by the Trustee by reason of
this Third Supplemental Indenture. This Third Supplemental Indenture is executed and accepted by the Trustee subject to all the terms and conditions set forth in the Indenture with the same force and
effect as if those terms and conditions were repeated at length herein and made applicable to the Trustee with respect hereto. 

        4.03.    THIS
SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

        4.04.    The
parties may sign any number of copies of this Third Supplemental Indenture. Each signed copy shall be an original, but all of such executed copies together shall
represent the same agreement. 

[NEXT
PAGE IS SIGNATURE PAGE] 

4

 

        IN
WITNESS WHEREOF, the parties hereto have caused this Third Supplemental Indenture to be duly executed, all as of the date first written above. 

	 	 	SEABULK INTERNATIONAL, INC.
	

 	
 	
By:	

 Name:

Title:
	

 	
 	
SEACOR HOLDINGS INC.
	

 	
 	
By:	

 Name:

Title:
	

 	
 	
SUBSIDIARY GUARANTORS
	
 	
 	

LONE STAR MARINE SERVICES, INC.

SEABULK ARIZONA USA, INC.

SEABULK ENERGY CARRIERS, INC.

SEABULK GLOBAL CARRIERS, INC.

SEABULK GLOBAL TRANSPORT, INC.

SEABULK MARINE INTERNATIONAL, INC.

SEABULK MARINE SERVICES, INC.

SEABULK OCEAN TRANSPORT, INC.

SEABULK OFFSHORE ABU DHABI, INC.

SEABULK OFFSHORE DUBAI, INC.

SEABULK OFFSHORE INTERNATIONAL, INC.

SEABULK OFFSHORE OPERATORS, INC.

SEABULK OPERATORS, INC.

SEABULK OVERSEAS TRANSPORT, INC.

SEABULK PETROLEUM TRANSPORT, INC.

SEABULK TANKERS, INC.

SEABULK TOWING, INC.

SEABULK TOWING SERVICES, INC.

SEABULK TRANSMARINE II, INC.

SEABULK TRANSPORT, INC.
	

 	
 	

By:	

 Name:

Title:

5

 

	 	 	SEABULK TANKERS, LTD.
	

 	
 	
By:	

SEABULK TRANSPORT, INC.,

General Partner
	

 	
 	

By:	

 Name:

Title:
	

 	
 	

SEABULK AMERICA PARTNERSHIP, LTD.

SEABULK OFFSHORE, LTD.

SEABULK TRANSMARINE PARTNERSHIP, LTD.
	

 	
 	

By:	

SEABULK TANKERS, LTD.,

General Partner
	

 	
 	

By:	

SEABULK TRANSPORT, INC.,

General Partner
	

 	
 	

By:	

 Name:

Title:

6

 

	 	 	U.S. BANK NATIONAL ASSOCIATION,

as TRUSTEE
	

 	
 	

By:	

 Name:

Title:

7Filed by Automated Filing Services Inc. (604) 609-0244 - Aberdene Mines Limited - Exhibit 10.1

CONSULTING AGREEMENT 

THIS AGREEMENT is made effective as of the 19th day of
January, 2006. 

BETWEEN: 

  
    
      
        
          MARK A. REYNOLDS of Suite
            3210, 666 Burrard Street Vancouver, British Columbia, Canada V6C 2X8

          (the "Consultant") 

        

      

    

  

OF THE FIRST PART 

AND: 

  
    
      
        
          ABERDENE MINES LIMITED, a Nevada corporation,
            having its registered office at 101 Convention Center Drive, Suite
            700, Las Vegas, NV 89109 

          (the “Corporation”) 

        

      

    

  

OF THE SECOND PART 

WHEREAS: 

A.                 
The Corporation wishes to contract for the services of the Consultant; 

B.                  
The Consultant has agreed to accept such contract for services upon the terms
and conditions of this Agreement. 

NOW THEREFORE THIS AGREEMENT WITNESSES THAT in
consideration of the mutual covenants herein contained, the parties hereto agree
as follows: 

1.                   ENGAGEMENT

1.1               
 Appointment: The Corporation hereby contracts for the services of
the Consultant and the Consultant hereby agrees with the Corporation to perform
services for the Corporation in accordance with the terms and conditions of this
Agreement. 

1.2                 Scope
of Duties: The Consultant will have the following responsibilities and
duties to the Corporation (the "Consultant Services"): 

	 	(a) 	
      assist the Corporation with hiring and co-ordination of
      geological consultants for the Corporation; 

	 	 	
       

	 	(b) 	
      assist the Corporation in establishing materials handling
      procedures; 

	 	 	
       

	 	(c) 	
      assist the Corporation in establishing audit and
      compensation committees and finding appropriate members for its
      committees; 

	 	 	
       

	 	(d) 	
      assist the President in developing and implementing the
      Corporation’s business plans; 

2 

	 	(e) 	
      assist the Corporation in retaining and liaisoning with
      professional advisors in North America in connection with compliance with
      the Corporation’s reporting requirements under the United States
      Securities Act of 1934; and 

	 	 	
       

	 	(f) 	
      general administrative services as directed by the
      Corporation. 

1.3                 
Best Efforts: The Consultant shall at all times use his best efforts to
advance the interests of the Corporation, and shall faithfully, industriously,
and to the best of his abilities, perform the responsibilities and duties
described above. 

1.4                 
Covenants and Restrictions: The Consultant covenants and agrees with the
Corporation that the Consultant will not engage in any activities which would
bring the Corporation's reputation into disrepute. 

1.5                 
Warranties and Representations: The Consultant warrants and represents to
the Corporation as follows and acknowledges that the Corporation is relying upon
these warranties and representations in entering into this Agreement: 

	 	(a) 	
      the Consultant has the necessary expertise to effectively
      provide the Consultant Services; 

	 	 	
       

	 	(b) 	
      the Consultant is not aware of any matter which would
      prevent the Consultant from carrying out his duties and obligations
      pursuant to this Agreement; and 

	 	 	
       

	 	(c) 	
      the Consultant is not subject to any review by any
      securities regulatory body. 

1.6                 
The Consultant shall at all times be an independent contractor and shall not at
any time be or be deemed to be an employee of the Corporation. The Consultant
acknowledges that he is not an employee of the Corporation and that the
execution of this Agreement shall not give rise to any employment with the
Corporation. 

2.                   
PAYMENT FOR THE CONSULTANT SERVICES 

2.1                 
During the term of this Agreement and in consideration for the provision of the
Consulting Services by the Consultant, the Company will pay to the Consultant a
consulting fee in consideration for the Consultant Services equal to the sum of
$10,000 US per month (the “Consultant Fee”). Nothwithstanding the date of this
Agreement, the Consultant will be paid $10,000 for the month of January, 2006;

2.2                 
The Corporation will grant the Consultant a total of 1,200,000 incentive stock
options upon effectiveness of this Agreement (the "Options") on the following
basis:

	 	(a) 	
      the Options will be granted in accordance with the terms
      of the Corporation’s 2006 Nonqualified Stock Option Plan, as such plan may
      be amended from time to time, or in accordance with the terms of any
      replacement incentive stock option plan; 

	 	 	
       

	 	(b) 	
      the exercise price of Options will be at $0.40 US per
      share; and 

	 	 	
       

	 	(c) 	
      each Option granted will have a term of five years
      commencing from the date the Option is granted.

3 

2.3                  The
Consulting Fee shall be payable by the Corporation to the Consultant on the
first business day of each month during the term of this Agreement. 

2.4                  The
Consultant shall deliver to the Corporation at the end of each fiscal quarter of
the Corporation, a report detailing all activities and services provided to the
Corporation for that quarter. 

2.5                  The
Corporation will pay to the Consultant, in addition to the Consulting Fee, the
reasonable travel and promotional expenses and other specific expenses incurred
by the Consultant in provision of the Consulting Services. 

3.                   
CONFIDENTIALITY 

3.1                 
Confidential Information and Non-Disclosure. The Consultant acknowledges
and agrees that all information connected with the Corporation's technology,
including without limitation, all information, data, inventions, discoveries,
improvements, modifications, developments, technical manuals, or process-flow
manuals, data, customer information and pricing information is confidential, and
the Consultant covenants and agrees with the Corporation to use his best efforts
to ensure that such information does not become public knowledge and undertakes
not to disclose such information or any part thereof to any other person except
as may be necessary to carry out his obligations under this Agreement.

4.                  
 TERM 

4.1                 
Initial Term: The initial term of this Agreement shall be five (5) years,
commencing on the date of first written above, subject to earlier termination as
hereinafter provided. 

4.2                 
Renewal: This Agreement shall be renewed for further terms of such
duration and upon such terms and conditions as the Consultant and the
Corporation may mutually agree upon in writing. 

5.                   
TERMINATION 

5.1                 
Termination by The Corporation for Cause: The Corporation may terminate
this Agreement at any time for just cause, provided that a reasonable written
notice of three (3) business days has been first given by the Corporation to the
Consultant. 

5.2                 
Termination by the Consultant: The Consultant may terminate this
Agreement for just cause at any time without notice to the Corporation, or
without just cause by providing ninety (90) days' notice in writing to the
Corporation. 

6.                   
OTHER PROVISIONS 

6.1                 
Governing Law: This Agreement shall be governed by and construed in
accordance with the laws of the Province of British Columbia. Notwithstanding
the foregoing, it is agreed that the Consultant may commence an action in
respect of the enforcement of its rights hereunder in any jurisdiction in which
the Corporation carries on business, has an office or has assets. 

6.2                 
Notice: Any notice required or permitted to be given under this Agreement
shall be in writing and may be delivered personally or by telex or telecopier,
or by prepaid registered post addressed to the parties at the above-mentioned
addresses or at such other address of which notice may be given by either of
such parties. Any notice shall be deemed to have been received, if personally
delivered or by telex or telecopier, on the date of delivery and, if mailed as
aforesaid, then on the seventh business day after and excluding the day of
mailing. 

4 

6.3                 
Personal Nature: This Agreement is a contract for services and may not be
assigned in whole or in part by the Consultant. 

6.4                 
Indemnity: The Consultant shall indemnify the Corporation and save it
harmless from and against any and all claims, actions, damages, liabilities and
expenses arising out of or in connection with a breach of any kind by the
Consultant of any provisions, covenants, conditions and warranties contained in
this Agreement, or any other matter arising whatsoever out of this Agreement
including the actions of the Consultant. 

6.5                 
This Agreement supersedes any previous agreement, arrangement or understanding,
whether written or oral between the parties hereto. 

6.6                 
This Agreement constitutes the entire agreement between the parties and may only
be amended in writing. 

6.7                 
Time is of the essence of this Agreement. 

6.8                 
The Consultant is an independent contractor, and notwithstanding anything
contained herein to the contrary, this Agreement does not create and is not
intended to create a relation of master-servant between the parties hereto. 

6.9                 
This Agreement may be executed in one or more counterparts, each of which so
executed shall constitute an original and all of which together shall constitute
one and the same agreement. 

IN WITNESS WHEREOF the parties have executed this
Agreement as of the day first above written. 

	SIGNED, SEALED AND DELIVERED 	 	  
	BY MARK REYNOLDS 	 	  
	in the presence of: 	 	  
	  	 	  
	  	 	  
	/s/ Jeremy T.
      Ross 	 	/s/
      Mark A. Reynolds 
	Signature 	 	MARK A. REYNOLDS 
	  	 	  
	Jeremy T. Ross 	 	  
	Name 	 	  
	  	 	  
	1066 Heywood St.
    	 	  
	Address 	 	  
	  	 	  
	N. Van, B.C. V7L
      1%3 	 	  
	  	 	  
	  	 	  
	  	 	  
	ABERDENE MINES LIMITED 	 	  
	by its authorized signatory: 	 	  
	  	 	  
	  	 	  
	/s/ Brent
      Jardine 	 	  
	Brent Jardine, President

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