Document:

First Supplemental Agreement

 
EXHIBIT 4.2

 
Dated February 15, 2002 
 
SMEDVIG RIG AS

as Borrower 
 
THE SEVERAL BANKS AND
FINANCIAL INSTITUTIONS 
listed in Schedule 1 
as Lenders 
 
NORDEA BANK NORGE ASA (formerly known as 
CHRISTIANIA BANK OG KREDITKASSE ASA) 
CITIBANK, N.A. 
DEN NORSKE BANK ASA 
SKANDINAVISKA ENSKILDA BANKEN AB (PUBL.) 
as Joint Arrangers 
 
DEN NORSKE BANK ASA 
as Facility Agent

 
NORDEA BANK
NORGE ASA 
as Paying Agent 
 
DEN NORSKE BANK ASA 
as Documentation Agent 
 
DEN NORSKE BANK ASA 
as Security Trustee 
 

 
FIRST SUPPLEMENTAL
AGREEMENT TO THE 
USD600,000,000 REDUCING
AND REVOLVING 
CREDIT LOAN FACILITY

dated 10 May 2001 
 

 
Sinclair Roche
& Temperley 
Royex House 
5 Aldermanbury Square 
London EC2V 7LE 
Ref. MCF/261124 
 
Portions of this agreement have been omitted and filed separately with 
the Securities and Exchange Commission pursuant to a request for confidential treatment 

 
INDEX 
 

	 Clause

	  	 Subject

	  	 Page

	 1.
	  	 DEFINITIONS AND CONSTRUCTION
	  	 2

	 2.
	  	 CONTINUING REPRESENTATIONS AND WARRANTIES
	  	 3

	 3.
	  	 CONDITIONS PRECEDENT
	  	 3

	 4.
	  	 AMENDMENT TO THE FACILITY
AGREEMENT
	  	 4

	 5.
	  	 FURTHER ASSURANCE
	  	 5

	 6.
	  	 COSTS AND EXPENSES
	  	 5

	 7.
	  	 COUNTERPARTS
	  	 5

	 8.
	  	 NOTICES
	  	 5

	 9.
	  	 PROPER LAW AND JURISDICTION
	  	 5

 
THIS
FIRST SUPPLEMENTAL AGREEMENT TO THE LOAN AGREEMENT dated the 15th day of February 2002 is made by and between: 
 

	(1)	 	SMEDVIG RIG AS as Borrower; 

 

	(2)	 	THE SEVERAL BANKS AND FINANCIAL INSTITUTIONS listed
in Schedule 1 as Lenders; 

 

	(3)	 	NORDEA BANK NORGE ASA (formerly known as CHRISTIANIA BANK OG
KREDITKASSE ASA), CITIBANK, N.A., DEN NORSKE BANK ASA and SKANDINAVISKA ENSKILDA BANKEN AB (PUBL.)
as Joint Arrangers; 

 

	(4)	 	DEN NORSKE BANK ASA as Facility Agent; 

 

	(5)	 	NORDEA BANK NORGE ASA as Paying Agent; 

 

	(6)	 	DEN NORSKE BANK ASA as Documentation Agent; and 

 

	(7)	 	DEN NORSKE BANK ASA as Security Trustee 

 
WHEREAS:- 
 

	(A)	 	By a reducing and revolving credit loan facility agreement dated 10 May 2001 (the “Facility Agreement”) the Lenders agreed to make available to the
Borrower a secured reducing and revolving credit loan facility in the sum of up to six hundred million Dollars (USD600,000,000) for the purposes and on the terms and conditions contained therein. 

 

	(B)	 	Pursuant to clause 11.2 (Negative Pledge) of the Facility Agreement the Borrower has covenanted (inter alia) that, except with the prior written consent of the
Lenders, it will not and shall procure that no other Group Member will, create or permit to subsist any Encumbrance on the whole or any part of its present assets except for Permitted Encumbrances. 

 

 

	(C)	 	By virtue of Paragraph (C) of the definition of Permitted Encumbrances in Clause 1.1 of the Facility Agreement, Encumbrances created by any Group Member on any
newbuilding Unit acquired after the 10 May 2001 are Permitted Encumbrances where the Facility Agent is satisfied that such Encumbrance is (inter alia) incurred by any person (whether or not a Group Member) towards a shipyard, financial institution
affiliated with a shipyard or government owned financial institution and only if the Lenders have first been given the opportunity to bid for such financing. 

 

	(D)	 	The Borrower wishes to amend the Facility Agreement by deleting paragraph (C) only of the definition of Permitted Encumbrances in Clause 1.1 in its entirety.

 

	(E)	 	Pursuant to Clause 19.1 (G) of the Facility Agreement any change to (inter alia) Clause 1 (Definitions and Construction) requires the consent of all the Lenders and
in consideration of the premises the Lenders agree to grant consent on the terms and conditions contained herein. 

 
NOW THIS DEED WITNESSES as follows:- 
 

	1.	 	DEFINITIONS AND CONSTRUCTION 

 

	1.1	 	Terms and expressions not defined herein but whose meanings are defined in the Facility Agreement shall have the meanings set out therein.

 
In this Agreement the following
words and expressions shall have the following meanings:- 
 
“Agreement” 
the first supplemental agreement to the Facility Agreement; 
 
“Borrower” 
Smedvig Rig AS, a company incorporated under the laws of Norway with registered number 979 193 416 and having its registered office and
principal place of business at Finnestadveien 28, PO Box 110, N-4001 Stavanger, Norway; 
 

-2- 

 
“Facility Agreement” 
the loan agreement referred to in recital (A); 
 

	1.2	 	The provisions of clause 1 of the Facility Agreement except as amended hereby shall apply hereto (mutatis mutandis). 

 

	1.3	 	Clause headings are inserted for convenience of reference only and shall be ignored in the interpretation of this Agreement. 

 

	2.	 	CONTINUING REPRESENTATIONS AND WARRANTIES

 

	2.1	 	The Borrower represents and warrants to the Facility Agent and the Lenders that: 

 

	 	(A)	 	it has the power to enter into and perform this Agreement and has taken all necessary action to authorise the entry into and performance of this Agreement and will
duly perform and observe the terms hereof and thereof. 

 

	 	(B)	 	this Agreement constitutes the legal, valid and binding obligations of the Borrower, enforceable in accordance with its terms; 

 

	 	(C)	 	the entry into and performance of this Agreement and the transactions contemplated thereby do not and will not conflict with (i) any law or regulation or any
official or judicial order or (ii) the constitutional documents of the Borrower or (iii) any agreement or document to which the Borrower is a party or which is binding upon the Borrower, or any of its assets, nor result in the creation or imposition
of any encumbrance on any of its assets; 

 

	 	(D)	 	no Event of Default or Possible Event of Default would result from the execution of this Agreement or the performance of the Facility Agreement as amended by this
Agreement. 

 

	3.	 	CONDITIONS PRECEDENT 

 

	3.1	 	Subject to clause 3.2 below, the Facility Agreement shall be amended as provided in clause 4 below upon the date (the “Effective Date”) on which the
Facility Agent gives notice to the Borrower that it is satisfied that the conditions which are set out below 

 

-3- 

have been met to the satisfaction of the Facility Agent, namely that: 
 

	 	(A)	 	the Facility Agent has received in form and substance satisfactory to it this Agreement duly executed by all parties pursuant to such corporate authorisation
(resolutions, powers of attorney, signatory books) as is, in each case, satisfactory to the Facility Agent in its sole discretion; 

 

	 	(B)	 	the representations and warranties contained in Clause 2 (Continuing Representations and Warranties) of this Agreement are true and correct on and as of the
Effective Date as if each was made with respect to the facts and circumstances existing at such time; 

 

	 	(C)	 	no Event of Default or Possible Event of Default shall have occurred and be continuing or would result from the amendment of the Facility Agreement in accordance
with this Agreement. 

 

	3.2	 	The Effective Date shall be a Banking Day on or before 28 February 2002. If the Effective Date shall not have occurred by close of business in London on that day (or
such later date as all parties may agree), this Agreement shall cease to have effect (unless the parties agree otherwise in writing) except for clauses 7, 8 and 9 below. 

 

	3.3	 	The conditions precedent set out in clause 3.1 above are for the sole benefit of the Lenders and accordingly the Facility Agent may (acting on behalf of the Lenders)
waive all or any of the same, unconditionally or on such conditions as it may in its sole discretion think fit. Any such waiver shall not limit or restrict any other rights of the Lenders in respect of the Facility Agreement.

 

	4.	 	AMENDMENT TO THE FACILITY AGREEMENT 

 

	4.1	 	The parties hereto hereby agree that with effect from the Effective Date paragraph (C) of the definition of Permitted Encumbrances in Clause 1.1 of the Facility
Agreement shall be deleted in its entirety (but, for the avoidance of any doubt, the remaining paragraphs (A), (B), (D) and (E) of the definition of Permitted Encumbrances shall stay in full force and effect). 

 

	4.2	 	Except as expressly varied herein all other terms of the Facility Agreement shall remain in full force and effect. 

 

-4- 

 

	5.	 	FURTHER ASSURANCE 

 

	5.1	 	The Borrower hereby covenants that from time to time at the request of the Facility Agent it will execute and deliver to the Facility Agent or procure the execution
and delivery to the Facility Agent of any and all such documents as the Facility Agent shall deem necessary or desirable in its absolute discretion for giving full effect to this Agreement and for perfecting, protecting the value of or enforcing any
security granted to the Facility Agent under or pursuant to the Facility Agreement as amended by this Agreement. 

 

	6.	 	COSTS AND EXPENSES 

 

	6.1	 	All costs, expenses, internal and external legal fees, registration fees, taxes, stamp duties and all other charges and disbursements whatsoever incurred by the
Facility Agent in connection with the preparation, execution and administration and enforcement of this Agreement and any documents to be executed pursuant hereto shall be paid by the Borrower forthwith on demand by the Facility Agent on a full
indemnity basis. 

 

	7.	 	COUNTERPARTS 

 

	7.1	 	This Agreement may be executed in any number of counterparts all of which shall constitute but one and the same agreement. Execution by the parties hereto separately
of one or more counterpart(s) hereof shall be deemed to be due execution hereof by all the parties hereto, and such counterparts shall be deemed to be one single deed. 

 

	8.	 	NOTICES 

 

	8.1	 	The provisions of Clause 25 of the Facility Agreement shall apply to this Agreement. 

 

	9.	 	PROPER LAW AND JURISDICTION 

 

	9.1	 	This Agreement shall be governed by and construed in accordance with the laws of England. The provisions of Clause 27 of the Facility Agreement in relation to the
submission to jurisdiction by the Borrower shall apply to this Agreement. 

 

-5- 

 
EXECUTION PAGE 
 
IN WITNESS WHEREOF the parties hereto have caused this Agreement to be duly executed as a Deed on the day first written above. 
 

	 The Borrower
	 	 	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 SMEDVIG RIG AS
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 The Facility Agent
	 	 	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 DEN NORSKE BANK
ASA
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 The Paying Agent
	 	 	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 NORDEA BANK NORGE
ASA
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 The Documentation Agent
	 	 	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 DEN NORSKE BANK
ASA
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 

 

-6- 

 

	 The Security Trustee
	 	 	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 DEN NORSKE BANK
ASA
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 The Joint Arrangers
	 	 	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 NORDEA BANK NORGE
ASA
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 CITIBANK, N.A.
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 DEN NORSKE BANK
ASA
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 

 

-7- 

 

	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 SKANDINAVISKA
ENSKILDA
	 	 )
	 	 
	 BANKEN AB (PUBL.)
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 The Lenders
	 	 	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 SCOTIABANK EUROPE
PLC
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 BNP PARIBAS
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 JPMORGAN CHASE
BANK
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 NORDEA BANK NORGE
ASA
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 

 

-8- 

 

	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 CITIBANK, N.A.
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 COMMERZBANK INTERNATIONAL
S.A.
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 CREDIT AGRICOLE
INDOSUEZ
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 DANSKE BANK
A/S
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 DEN NORSKE BANK
ASA
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 

 

-9- 

 

	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 DEUTSCHE SCHIFFSBANK
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 DEUTSCHE BANK AG IN
HAMBURG
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 NEDSHIP BANK
N.V.
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 ING BANK
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 LANDESBANK
SCHLESWIG-HOLSTEIN
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 

 

-10- 

 

	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 FORTIS BANK (NETHERLAND)
N.V.
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 SKANDINAVISKA
ENSKILDA
	 	 )
	 	 
	 BANKEN AB
(PUBL.)
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 SPAREBANKEN ROGALAND
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 VEREINS UND
WESTBANK
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 

 

	

 
 

-11- 

 SCHEDULE 1 
  
 THE LENDERS AND THEIR
COMMITMENTS 
  

	Name

	  	 Address, telex and
 telefax
number

	  	 Commitment
 USD

	  	 Percentage
 %

				
	Scotiabank Europe plc	  	 Scotia House
 33 Finsbury
Square
 London EC2A 1BB
  
 Telex: 885188
 Fax: 020 7454 9019
 Attention: Transportation Dep.
	  	*	  	*
				
	 BNP Paribas
 Oslo Branch
	  	 Biskop Gunerus’ gate 2
 P.O. Box 106
Sentrum
 0155 Oslo
 Norway
  
 Fax: (47) 22 41 08 44
 Attention: Shipping
	  	*	  	*
				
	JPMorgan Chase Bank
(formerly known as
The Chase Manhattan
Bank)	  	 1)      Information related to Loan
          Administration
          Trinity Tower
          9 Thomas More Street
          London E1W 1YT
  
          Telex: 895461 CMB G
          Fax: (44) 207 777 5305
          Attention: European Loan
          Processing
  
 2)      Information related to
          Credit/Commercial matters
          125 London Wall
          London EC2Y 5AJ
          Telex: 8954681 CMBG
          Fax: (44) 207 777 4613
          Attention: Debt Capital Markets
	  	*	  	*
				
	Nordea Bank Norge
ASA (formerly known
as Christiania Bank og
Kreditkasse ASA)	  	 Middelthunsgate 17
 N-0368 Oslo
 Norway
	  	*	  	*

 * The confidential portion of this section of the
agreement has been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment. 
  

 -12- 

	 	  	 Telex: 71043
 Fax: (47) 22 48 66
68
 Attention:
 Offshore/Oilservices
	  	 	  	 
				
	 Citibank, N.A.
	  	 1)     2nd Floor
          4 Harbour Exchange
          Isle of Dogs
          London E14 9GE
          England
  
 Telex: 940500 (Answerback
 896581 CITIUK G)
 Fax: (44) 20 7500 5806
 Attention: UK Loans
 Processing Unit
	  	*	  	*
				
	 	  	 2)     c/o Citibank, International
          plc, Norway Branch
          Tordenskioldsgate 8-10
          PO Box 1481 Vika
          N-0116 Oslo
          Norway
  
 Fax: (47) 22 00 96 22
	  	 	  	 
				
	Commerzbank
International S.A.	  	 1)     Information related to Loan
          Administration:
          11, rue Notre Dame
          L-2240 Luxembourg
  
          Telex: 1292, 1293, 2195
          cbklxlu
          Tel: (35) 2 477 911 459
          Fax: (35) 2 477 911 386
  
 2)     Information related to Credit
          Commercial matters:
          Schauenburgerstrasse 49
          20095 Hamburg
          Germany
  
          Fax: (49) 40 36 83 4068/4123
          Attention: Ship Finance Dep.
  
	  	*	  	*

 * The confidential portion of this section of the
agreement has been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment. 
  
  

 -13- 

	Crédit Agricole Indosuez	  	 1)      Lending office, and all
          information related to Loan
          Administration matters:
          Shipping Finance
          Division/Loan Administration
          9 Quai du President Paul
          Doumer
          2920 Paris La Defense
          Cedex
          France
  
          Telex: 699600 (INSU
          699600 F)
          Fax: (33) 141 89 19 34
          Tel: (33) 141 89 1249
          Attention: DFMA/
          Loan Administration
  
 2)     Information
related to
          Credit/Commercial matters:

         Representative Office
          Norway
          Ruseløkkveien 6
          N-0251 Oslo
          Norway
  
          Fax: +(47) 22 01 06 51
          Tel: +(47) 22 01 06 50
	  	*	  	*
				
	 Danske Bank A/S
	  	 Information related to Loan
 Administration
 75 King William Street
 London EC4N 7DT
 England
  
 Telex:
 Fax: (44) 020 7410 8002
 Attention: Corporate Loans
 Administration
  
 Information related to
 Credit/Commercial Matters
 Stortingsgt.8
 PO Box 1934 Vika
 N-0125 Oslo
 Norway
	  	*	  	*

 * The confidential portion of this section of the
agreement has been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment. 
  
  

 -14- 

	 	  	 Fax: (47) 23 13 90 90
 Attention:
Corporate Banking Department
	  	 	  	 
				
	Den norske Bank ASA	  	 Stranden 21
 N-0107 Oslo
 Norway
  
 Telex: 78175
 Fax: (47) 22 48 20 20
 Attention:
Credit
 Administration Shipping
	  	*	  	*
				
	Deutsche Bank AG in
Hamburg	  	 Brandstwiete 1
 20457 Hamburg

 
 Fax: (49) 40 37 01 46 49
 Attention: Shipfinancing
 Department
	  	*	  	*
				
	 Deutsche
 Schiffsbank AG
	  	 Domshof 17
 D-28195 Bremen
  
 Tel: + 49 421 3609-0
 Fax: + 49 421 323539
	  	*	  	*
				
	 Fortis Bank
 (Netherland) N.V.
	  	 1)      Information related to Loan
          Administration:
          Fortis Bank (Netherland) N.V.
          CBO/CB
          Loan Administration
          Coolsingel 93
          NL-3012 AE Rotterdam
          The Netherlands
  
          Fax: (31) 10 401 6118
  
 2)      Information related to Credit/
          Commercial matters:
          Fortis Bank (Netherland) N.V., Oslo Branch
  
          Munkedamsveien 53B
          N-0250 Oslo
          Norway
	  	*	  	*

 * The confidential portion of this section of the
agreement has been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment. 
  
  

 -15- 

	 	  	Fax: (47) 23 11 49 40	  	 	  	 
				
	ING Bank N.V.	  	 De Amsterdamse Poort
 Location Code HE
02.09
 Bijlmerplein 888
 P.O. Box 1800
 1000 BV Amsterdam
 Netherlands
  
 Attention: Natural Resources
 (offshore)
 Tel: + 31 20 576 8896
 Fax: + 31 20 563 5164
	  	*	  	*
				
	 Landesbank
 Schleswig-Holstein
 Girozentrale
	  	 Martensdamm 6
 D-24103 Kiel
 Germany
  
 Fax: +49 431 900 1130
 Attention: Shipping
 Department
	  	*	  	*
				
	Nedship Bank N.V.	  	 Nedship Bank (Nordic)
 Strandgaten
18
 P.O. Box 701 Sentrum
 5807 Bergen
 Norway
  
 Fax: (47) 55 30 95 50
	  	*	  	*
				
	 Skandinaviska
 Enskilda Banken AB

(Publ.)
	  	 Rosenkrantz gate 22
 PO Box 1843
Vika
 N-0123 Oslo
 Norway
  
 Telex: 19119
 Fax: (47) 22 82 71 24
 Attention: Shipping/Offshore
	  	*	  	*
				
	 Sparebanken
 Rogaland
	  	 Bjergsted Terrasse 1
 PO Box
218
 N-4001 Stavanger
 Norway
  
 Telex: 33016
 Fax: (47) 51 53 47 55
	  	*	  	*

  

  
 * The confidential portion of this section of the agreement has been omitted and filed separately with the Securities and Exchange
Commission pursuant to a request for confidential treatment. 
  

 -16- 

	 	  	Attention: Shipping/Offshore	  	 	  	 
				
	Vereins-  und Westbank AG, Hamburg	  	 22, Alter Wall
 D-20457 Hamburg

Fax: 0049 40 3692 3894
 Attention: Corporate Banking
 Department – Energy
	  	*	  	*
				
	 	  	Total	  	600,000,000	  	100

  

  
 * The confidential portion of this section of the agreement has been omitted and filed separately with the Securities and
Exchange Commission pursuant to a request for confidential treatment. 
  

 -17-Second Supplemental Agreement

 
EXHIBIT 4.3

 
Dated May 9, 2003 
 
SMEDVIG RIG AS

as Borrower 
 
THE SEVERAL BANKS AND FINANCIAL INSTITUTIONS

listed in Schedule 1 
as Lenders 
 
NORDEA BANK NORGE ASA (formerly known as 
CHRISTIANIA BANK OG KREDITKASSE ASA) 
CITIBANK, N.A. 
DEN NORSKE BANK ASA

SKANDINAVISKA ENSKILDA BANKEN AB (PUBL.) 
as Joint Arrangers 
 
DEN NORSKE BANK ASA 
as Facility Agent 
 
NORDEA BANK NORGE ASA 
as
Paying Agent 
 
DEN
NORSKE BANK ASA 
as Documentation Agent 
 
DEN NORSKE BANK
ASA 
as Security Trustee 
 

 
SECOND SUPPLEMENTAL AGREEMENT TO THE 
USD600,000,000 REDUCING AND REVOLVING 
CREDIT LOAN FACILITY 
dated 10 May 2001

 

 
Stephenson Harwood 
One St Paul’s Churchyard 
London EC4M 8SH 
 
Portions of this agreement have been omitted and filed separately with 
the Securities and Exchange Commission pursuant to a request for confidential treatment 
 

 
Index

 

	 Clause

	  	 Subject

	  	 Page

	 1.
	  	 DEFINITIONS AND CONSTRUCTION
	  	 2

	 2.
	  	 CONTINUING REPRESENTATIONS AND WARRANTIES
	  	 2

	 3.
	  	 CONDITIONS PRECEDENT
	  	 3

	 4.
	  	 AMENDMENT TO THE FACILITY
AGREEMENT
	  	 4

	 5.
	  	 FURTHER ASSURANCE
	  	 10

	 6.
	  	 COSTS AND EXPENSES
	  	 10

	 7.
	  	 COUNTERPARTS
	  	 10

	 8.
	  	 NOTICES
	  	 10

	 9.
	  	 PROPER LAW AND JURISDICTION
	  	 10

 
THIS
SECOND SUPPLEMENTAL AGREEMENT TO THE LOAN AGREEMENT dated the 9th day of May 2003 is made by and between: 
 

	(1)	 	SMEDVIG RIG AS as Borrower; 

 

	(2)	 	THE SEVERAL BANKS AND FINANCIAL INSTITUTIONS listed
in Schedule 1 as Lenders; 

 

	(3)	 	NORDEA BANK NORGE ASA (formerly known as CHRISTIANIA BANK OG
KREDITKASSE ASA), CITIBANK, N.A., DEN NORSKE BANK ASA and SKANDINAVISKA ENSKILDA BANKEN AB (PUBL.)
as Joint Arrangers; 

 

	(4)	 	DEN NORSKE BANK ASA as Facility Agent; 

 

	(5)	 	NORDEA BANK NORGE ASA as Paying Agent; 

 

	(6)	 	DEN NORSKE BANK ASA as Documentation Agent; and 

 

	(7)	 	DEN NORSKE BANK ASA as Security Trustee 

 
WHEREAS:- 
 

	(A)	 	By a reducing and revolving credit loan facility agreement dated 10 May 2001 as supplemented by a first supplemental agreement dated 15 February 2002 (together and
as may be further amended, supplemented or modified, the “Facility Agreement”) the Lenders agreed to make available to the Borrower a secured reducing and revolving credit loan facility in the sum of up to six hundred million Dollars
(USD600,000,000) for the purposes and on the terms and conditions contained therein. 

 

	(B)	 	The Borrower wishes to amend the Facility Agreement further and has requested the consent of the Lenders, and in consideration of the premises the Lenders agree to
grant consent on the terms and conditions contained herein. 

 

	(C)	 	The Borrower wishes to merge with Smedvig Drillship I AS so that the assets, liabilities, rights and obligations of the Borrower will be assumed by Smedvig Drillship
I AS which will then change its name to Smedvig Rig AS (the “Merger”), and has requested the consent of the Lenders to such merger. 

 
NOW THIS DEED WITNESSES as follows:- 

 

	1.	 	DEFINITIONS AND CONSTRUCTION 

 

	1.1	 	Terms and expressions not defined herein but whose meanings are defined in the Facility Agreement shall have the meanings set out therein.

 
In this Agreement the following
words and expressions shall have the following meanings:- 
 
“Agreement” 
the second supplemental agreement to the Facility Agreement; 
 
“Borrower” 
Smedvig Rig AS, a company incorporated under the laws of Norway with registered number 979 193 416 and having its registered office and
principal place of business at Finnestadveien 28, PO Box 110, N-4001 Stavanger, Norway; 
 
“Facility Agreement” 
the loan facility agreement as amended
referred to in recital (A); 
 

	1.2	 	The provisions of clause 1 of the Facility Agreement except as amended hereby shall apply hereto (mutatis mutandis). 

 

	1.3	 	Clause headings are inserted for convenience of reference only and shall be ignored in the interpretation of this Agreement. 

 

	2.	 	CONTINUING REPRESENTATIONS AND WARRANTIES

 

	2.1	 	The Borrower represents and warrants to the Facility Agent and the Lenders that: 

 

	 	2.1.1	 	it has the power to enter into and perform this Agreement and has taken all necessary action to authorise the entry into and performance of this Agreement and will
duly perform and observe the terms hereof and thereof. 

 

	 	2.1.2	 	this Agreement constitutes the legal, valid and binding obligations of the Borrower, enforceable in accordance with its terms; 

 

	 	2.1.3	 	the entry into and performance of this Agreement and the transactions contemplated thereby do not and will not conflict with (i) any law or regulation or any
official or judicial order or (ii) the constitutional documents of the Borrower or (iii) any agreement or document to which the Borrower is a party or which is binding upon the Borrower, or any of its assets, nor result in the creation or imposition
of any encumbrance on any of its assets; 

 
 

2 

 

	 	2.1.4	 	no Event of Default or Possible Event of Default would result from the execution of this Agreement or the performance of the Facility Agreement as amended by this
Agreement. 

 

	3.	 	CONDITIONS PRECEDENT 

 

	3.1	 	Subject to clauses 3.2 and 5 below, the Facility Agreement shall be amended as provided in clause 4 below upon the date (the “Effective Date”) on which the
Facility Agent gives notice to the Borrower that it is satisfied that the conditions which are set out below have been met to the satisfaction of the Facility Agent, namely that: 

 

	 	3.1.1	 	the Facility Agent has received in form and substance satisfactory to it this Agreement duly executed by all parties pursuant to such corporate authorisation
(resolutions, powers of attorney, signatory books) as is, in each case, satisfactory to the Facility Agent in its sole discretion; 

 

	 	3.1.2	 	the representations and warranties contained in Clause 2 (Continuing Representations and Warranties) of this Agreement are true and correct on and as of the
Effective Date as if each was made with respect to the facts and circumstances existing at such time; 

 

	 	3.1.3	 	no Event of Default or Possible Event of Default shall have occurred and be continuing or would result from the amendment of the Facility Agreement in accordance
with this Agreement; 

 

	 	3.1.4	 	the Facility Agent has received in form and substance satisfactory to it such legal opinions as it shall require, including, but not limited to, a Danish law opinion
in respect of, inter alia, “West Alpha”, a Liberian law opinion in respect of inter alia “West Alpha”, a Norwegian law opinion in respect of “West Alpha”, and a Norwegian law opinion in respect of the Merger;

 

	 	3.1.5	 	the Facility Agent has received in form and substance satisfactory to it a first pledge of shares between the Guarantor as pledgor and the Security Trustee as
pledgee in respect of the shares in Smedvig Drillship I AS to be renamed Smedvig Rig AS; 

 

	 	3.1.6	 	the Facility Agent has received in form and substance satisfactory to it evidence of the filing with the Norwegian Ordinary Ship Registry in respect of the mortgage
registered against “West Venture” of all necessary documents in connection with the Merger; 

 
 

3 

 

	 	3.1.7	 	the Facility Agent has received in form and substance satisfactory to it evidence of the filing with the Norwegian Registry of Business Enterprises in respect of the
“Avtale om Factoring” registered against the Borrower of all necessary documents in connection with the Merger; 

 

	 	3.1.8	 	the Facility Agent has received in form and substance satisfactory to it evidence of the filing with the Liberian International Ship and Corporate Registry in
respect of the mortgage registered against “West Epsilon” of all necessary documents, (including, but not limited to amendments to the Foreign Maritime Entity status documents of the Borrower), in connection with the Merger; and

 

	 	3.1.9	 	the Facility Agent has received in form and substance satisfactory to it evidence of the execution of West Alpha Assignment in respect of various agreements re:
“West Alpha”, together with all related documents. 

 

	3.2	 	Subject to Clause 5 hereof the Effective Date shall be a Banking Day on or before 31 May 2003. If the Effective Date shall not have occurred by close of business in
London on that day (or such later date as all parties may agree), this Agreement shall cease to have effect (unless the parties agree otherwise in writing) except for clauses 7, 8 and 9 below. 

 

	3.3	 	The conditions precedent set out in clause 3.1 above are for the sole benefit of the Lenders and accordingly the Facility Agent may (acting on behalf of the Lenders)
waive all or any of the same, unconditionally or on such conditions as it may in its sole discretion think fit. Any such waiver shall not limit or restrict any other rights of the Lenders in respect of the Facility Agreement.

 

	4.	 	AMENDMENT TO THE FACILITY AGREEMENT 

 

	4.1	 	The parties hereto hereby agree that with effect from the Effective Date the following amendments shall be made to the Facility Agreement:

 

	 	4.1.1	 	References therein to “this agreement”, “hereunder”, “herein”, “hereof” and like terms shall be references to the Facility
Agreement as amended, varied and supplemented by this Agreement; 

 

	 	4.1.2	 	References therein to the “Security Documents” shall include this Agreement; 

 

4 

 

	 	4.1.3	 	In Clause 1.1 of the Facility Agreement, the definition of “Applicable Margin” shall be amended by adding a further paragraph: 

 

	 “
	 (iii)
	  	 with effect from 15 November 2002, during any period when Total Liabilities/EBITDA ratio (as set out in Clause 12.3
hereof) exceeds 4.00 : 1, one hundred and forty five (145) basis points, or, in the case of (ii) above, one hundred and ten (110) basis points”

 

	 	4.1.4	 	In Clause 1.1 of the Facility Agreement, the definition of “Associated Undertaking” shall be amended by deleting “(C) KS West Alpha, a limited
partnership established under the laws of Denmark” and re-lettering “(D)” and “(E)” as “(C)” and (“D)” accordingly. 

 

	 	4.1.5	 	Clause 3.6(C) of the Facility Agreement shall be deleted and replaced by: 

 

	 “3.6
	 (C)
	  	 Within the period ending twenty-four (24) months after the Execution Date, the Borrower may commit within the
aforesaid period, up to forty million Dollars (USD40,000,000) for the purpose of investing in shares in Partrederiet West Navion DA owning the drillship “West Navion” and/or the tender rig to be known as “T-9”, PROVIDED HOWEVER
that the Commitments shall, at the expiry of such twenty-four month period following the Execution Date, be reduced by any amount (including, if no commitment for investment is made at all, the whole amount) that the Borrower has not commited out of
the aforesaid USD40,000,000 within the aforesaid period under this Clause 3.6 (C) and PROVIDED FURTHER that, at the time of such commitment, the maximum amount available for drawdown in respect of the tender rig to be known as “T-9” shall
be USD62,500,000 (which amount shall include USD22,500,000 being the remaining sale proceeds from the sale of “West Delta”).

 

	 	4.1.6	 	Clause 5.5 (B) of the Facility Agreement shall be deleted and replaced by: 

 

	 “5.5
	 (B)
	  	 Amounts prepaid in accordance with the terms of Clause 5.5(A) may only be redrawn by the Borrower for the purpose of
investment by the Borrower in New Assets, which investment shall be subject to

 
 

5 

 

	 	  	 [Confidential Material].* Any such New Asset shall be deemed to be a Secured Asset and included in
Schedule 9. At the time of the investment the maximum amount available for drawdown is [Confidential Material]* of the market value of the New Asset, or, if the New Asset is a newbuilding or a conversion project or major upgrade (which for
the purposes of this Clause is any upgrade in excess of [Confidential Material]*), the maximum of [Confidential Material]* of the project capital cost budget approved by the board of the Guarantor EXCEPT THAT, in the case of sale
proceeds from the sale of “West Delta” in April 2001, the whole of those proceeds shall be available for drawdown hereunder. If not committed for acquisition of New Assets within twelve (12) months of the date of such prepayment under
Clause 5.5(A) above (or in the case of Clause 5.5.(C) below, within 10 May 2003), the Commitments shall be reduced accordingly.”

 

	 	4.1.7	 	Clause 5.5(C) of the Facility Agreement shall be deleted and replaced by: 

 

	 “5.5
	 (C)
	  	 In the event that the sale of “West Delta” is concluded prior to the Execution Date, and reduction is made
in accordance with Clause 5 in Schedule 11 of the September 1998 Agreement, that amount shall be available under this Agreement.”

 

	 	4.1.8	 	Clause 10.2(A) of the Facility Agreement shall be deleted and replaced by: 

 

	 “10.2
	 (A)
	  	 as soon as practicable, but in any event within one hundred and twenty (120) days after the close of each of its
financial years, printed copies (in sufficient numbers for the Banks) of the audited consolidated profit and loss account and balance sheet of the Smedvig Group for that financial year;”

 

	 	4.1.9	 	Clause 10.2 (C) of the Facility Agreement shall be deleted and replaced by: 

 

	 “10.2
	 (C)
	  	 not later than sixty (60) days after 31 March, 30 June, 30 September and

 

* The confidential portion of this section of the agreement has been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment.

 

6 

 
one hundred
and twenty (120) days after 31 December in each year (commencing with 30 June 2001), a compliance certificate signed by the Chief Financial Officer of the Guarantor in the form set out in Schedule 5 (or such other form as the Facility Agent may from
time to time reasonably require) certifying as to the financial condition of the Smedvig Group as at that quarterly reference date;” 
 

	 	4.1.10	 	Clause 10.14(B) of the Facility Agreement shall be deleted and replaced by: 

 

	 “10.14
	 (B)
	  	 The Borrower undertakes that immediately upon investment by the Borrower in a New Asset pursuant to financing under
[Confidential Material]*, it will procure that, if such New Asset is a Unit, the owner of such Unit shall execute a first preferred/priority ship mortgage over the Unit in favour of the Security Trustee together with a general
assignment of insurances and earnings in a form satisfactory to the Security Trustee, and if such New Asset is shares in a company which owns a Unit, that such shares are pledged in favour of the Security Trustee. The Borrower further undertakes
that it will procure that the purchaser of any New Asset which is a newbuilding shall enter into an assignment of that newbuilding contract and any refund guarantee or guarantees issued pursuant thereto in favour of the Security Trustee, in a form
satisfactory to the Security Trustee, and that, on a best effort basis it will procure that the builder of such newbuilding and any and all refund guarantors shall acknowledge to the Security Trustee notices of assignment of the said building
contracts and refund guarantees.

 

	 	4.1.11	 	Clause 12.3 of the Facility Agreement shall be deleted and replaced by: 

 

	 “12.3      
	  	 Total Liabilities/EBITDA ratio

	
	 	  	 The Borrower will procure that the ratio of Total Liabilities to EBITDA will not exceed:

 
 

* The confidential portion of this section of the agreement has been omitted and filed separately with the Securities and
Exchange Commission pursuant to a request for confidential treatment. 
 
 

7 

 
 

	 (A)
	  	 for the rest of the year 2001
	  	 5.00 : 1

	
	 (B)
	  	 for the year 2002
	  	 4.25 : 1

	
	 (C)
	  	 for the rest of the Loan Period
	  	 4.00 : 1

 
PROVIDED HOWEVER that the Lenders shall waive Clause 12.3 (B) and (C) above for the period 1 November 2002 until 31 December 2003 and that during that period, the Lenders agree with the Borrower that the ratio of Total Liabilities to
EBITDA will not exceed: 
 

	 (i)
	  	 from 1 November 2002 until 30 September 2003
	  	 6.5 : 1

	
	 (ii)
	  	 from 1 October 2003 until 31 December 2003
	  	 6.0 : 1

 

	 	4.1.12	 	In Schedule 8 of the Facility Agreement, Reduction of Commitments, the table of Reduction Dates in paragraph 1 shall be deleted and replaced by:

 
“Reduction Date 
 

	 	1st	 	15 May 2001 

 

	 	2nd	 	15 August 2001 

 

	 	3rd	 	15 November 2001 

 

	 	4th	 	15 February 2002 

 

	 	5th	 	15 May 2002 

 

	 	6th	 	15 August 2002 

 

	 	7th	 	15 May 2003 

 

	 	8th	 	15 August 2003 

 

	 	9th	 	15 November 2003 

 

	 	10th	 	15 February 2004 

 
 

8 

 

	 	11th	 	15 May 2004 

 

	 	12th	 	15 August 2004 

 

	 	13th	 	15 November 2004 

 

	 	14th	 	15 February 2005 

 

	 	15th	 	15 May 2005 

 

	 	16th	 	15 August 2005 

 

	 	17th	 	15 November 2005 

 

	 	18th	 	15 February 2006 

 

	 	19th	 	15 May 2006 

 

	 	4.1.13	 	In Schedule 9 of the Facility Agreement, the Secured Assets, paragraph 1, “The Secured Units (except West Alpha)” shall be amended by the deletion of
“(A) West Vanguard registered in Norway IMO Number 8756590” and the insertion of: 

 

	 	“(A)	 	West Alliance, registered in Panama, Provisional Patente 29946-PEXT.” 

 

	 	4.1.14	 	In Schedule 9 of the Facility Agreement, the Secured Assets, paragraph 3, “West Alpha” Agreements and Securities” shall be deleted and replaced with
the following: 

 

	 	“3.	 	West Alpha Agreements and Securities 

 

	 	•	 	First priority assignment of all the Guarantor’s rights, title and interest in and the benefit of all security which the Guarantor has taken over and in respect
of “West Alpha” in its capacity as lender to K/S West Alpha”. 

 

	4.2	 	Except as expressly varied herein all other terms of the Facility Agreement shall remain in full force and effect. 

 

	5.	 	MERGER WITH SMEDVIG DRILLSHIP I AS 

 
The Lenders hereby consent to the merger of Smedvig Drillship
I AS with the Borrower subject to receipt of a Norwegian and a supplementary Liberian legal opinion, each in form and substance satisfactory to the Facility Agent. For the purposes of this clause 5, the 
 

9 

 
Effective
Date for the Merger shall be the date on which the Merger has been completed in accordance with the laws of Norway, as confirmed in writing to the Facility Agent by the Borrower. 
 

	6.	 	FURTHER ASSURANCE 

 

	6.1	 	The Borrower hereby covenants that from time to time at the request of the Facility Agent it will execute and deliver to the Facility Agent or procure the execution
and delivery to the Facility Agent of any and all such documents as the Facility Agent shall deem necessary or desirable in its absolute discretion for giving full effect to this Agreement and for perfecting, protecting the value of or enforcing any
security granted to the Facility Agent under or pursuant to the Facility Agreement as amended by this Agreement. 

 

	7.	 	COSTS AND EXPENSES 

 

	7.1	 	All costs, expenses, internal and external legal fees, registration fees, taxes, stamp duties and all other charges and disbursements whatsoever incurred by the
Facility Agent in connection with the preparation, execution and administration and enforcement of this Agreement and any documents to be executed pursuant hereto shall be paid by the Borrower forthwith on demand by the Facility Agent on a full
indemnity basis. 

 

	8.	 	COUNTERPARTS 

 

	8.1	 	This Agreement may be executed in any number of counterparts all of which shall constitute but one and the same agreement. Execution by the parties hereto separately
of one or more counterpart(s) hereof shall be deemed to be due execution hereof by all the parties hereto, and such counterparts shall be deemed to be one single deed. 

 

	9.	 	NOTICES 

 

	9.1	 	The provisions of Clause 25 of the Facility Agreement shall apply to this Agreement. 

 

	10.	 	PROPER LAW AND JURISDICTION 

 

	10.1	 	This Agreement shall be governed by and construed in accordance with the laws of England. The provisions of Clause 27 of the Facility Agreement in relation to the
submission to jurisdiction by the Borrower shall apply to this Agreement. 

 

10 

 
EXECUTION PAGE 
 
IN WITNESS WHEREOF the parties hereto have caused this Agreement to be duly executed as a Deed on the day first written above. 
 

	 The Borrower
	 	 	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 SMEDVIG RIG AS
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 The Facility Agent
	 	 	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 DEN NORSKE BANK ASA
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 The Paying Agent
	 	 	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 NORDEA BANK NORGE
ASA
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 The Documentation Agent
	 	 	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 DEN NORSKE BANK ASA
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 

 

11 

 

	 The Security Trustee
	 	 	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 DEN NORSKE BANK ASA
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 The Joint Arrangers
	 	 	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 NORDEA BANK NORGE
ASA
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 CITIBANK, N.A.
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 DEN NORSKE BANK ASA
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 SKANDINAVISKA
ENSKILDA
	 	 )
	 	 
	 BANKEN AB (PUBL.)
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 

 

12 

 

	 The Lenders
	 	 	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 SCOTIABANK EUROPE
PLC
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 BNP PARIBAS
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 JPMORGAN CHASE
BANK
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 NORDEA BANK NORGE
ASA
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 CITIBANK, N.A.
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 

 

13 

 

	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 COMMERZBANK INTERNATIONAL S.A.
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 CREDIT AGRICOLE
INDOSUEZ
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 DANSKE BANK A/S
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a Deed by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 DEN NORSKE BANK ASA
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 DEUTSCHE SCHIFFSBANK
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 

 

14 

 

	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 DEUTSCHE BANK AG IN
HAMBURG
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 NEDSHIP BANK N.V.
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 ING BANK N.V.
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 LANDESBANK
SCHLESWIG-HOLSTEIN
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 FORTIS BANK (NEDERLAND)
N.V.
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 

 

15 

 

	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 SKANDINAVISKA
ENSKILDA
	 	 )
	 	 
	 BANKEN AB (PUBL.)
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 SPAREBANKEN ROGALAND
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 
	
	 EXECUTED and
DELIVERED
	 	 )
	 	 
	 as a DEED by
	 	 )
	 	 
	 	 	 )
	 	 
	 for and on behalf of
	 	 )
	 	 
	 VEREINS UND
WESTBANK
	 	 )
	 	 
	 in the presence of:-
	 	 )
	 	 

	

 
 

16 

 SCHEDULE 1 
  
 THE LENDERS AND THEIR
COMMITMENTS 
  

	 Name

	 	 Address, telex and
 telefax
Number

	 	 Original
 Commitment
 USD

	 	 Percentage
 %

	Scotiabank Europe plc	 	 Scotia House
 33 Finsbury
Square
 London EC2A 1BB
  
 Telex: 885188
 Fax: 020 7454 9019
 Attention: Transportation Dept.
	 	*	 	*
				
	 BNP Paribas
 Oslo Branch
	 	 Biskop Gunerus’ gate 2
 P.O.
Box 106 Sentrum
 0155 Oslo
 Norway
	 	*	 	*
				
	 	 	 Fax: (47) 22 41 08 44
 Attention:
Shipping
	 	 	 	 
					
	 J.P. Morgan Chase Bank
 (formerly known as
The Chase Manhattan Bank)
	 	1)	 	 Information related to Loan Administration
 Trinity Tower
 9 Thomas More Street
 London E1W
1YT
	 	*	 	*
				
	 	 	 Telex: 895461 CMB G
 Fax: (44)
207 777 5305
 Attention: European Loan Processing
	 	 	 	 
					
	 	 	2)	 	 Information related to Credit/Commercial matters
 125 London Wall
 London EC2Y 5AJ
	 	 	 	 
				
	 	 	 Telex: 8954681 CMBG
 Fax: (44)
207 777 4613
 Attention: Debt Capital Markets
	 	 	 	 
				
	Nordea Bank Norge ASA (formerly known as	 	 Middelthunsgate 17
 N-0368
Oslo
	 	*	 	*

  

 * The confidential portion of this section of the agreement has been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment. 
  

 17 

	 Name

	 	 Address, telex and
 telefax
Number

	  	 Original
 Commitment
 USD

	  	 Percentage
 %

	Christiania Bank og Kreditkasse ASA)	 	 Norway
  
 Telex: 71043
 Fax: (47) 22 48 66 68
 Attention: Offshore/Oil Services
	  	 	  	 
					
	Citbank, N.A.	 	1)	 	 2nd
Floor
 4 Harbour Exchange
 Isle of Dogs
 London E14 9GE
	  	*	  	*
				
	 	 	 Telex: 940500
 (Answerback 896581
CITIUK G)
 Fax: (44) 20 7500 5806
 Attention: UK Loans Processing
Unit
	  	 	  	 
					
	 	 	2)	 	 c/o Citibank International plc
 Norway
Branch
 Tordenskioldsgate 8-10
 P O Box 1481 Vika
 N-0116 Oslo
 Norway
	  	 	  	 
				
	 	 	Fax: (47) 22 00 96 22	  	 	  	 
					
	Commerzbank International S.A.	 	1)	 	 Information related to Loan Administration:
 11, rue Notre Dame
 L-2240 Luxembourg
	  	*	  	*
				
	 	 	 Telex: 1282, 1293, 2195
             Cbklxlu
 Tel: (35) 2 477 911 459
 Fax: (35) 2 477 911 386
	  	 	  	 
					
	 	 	2)	 	 Information related to
 Credit/Commercial matters:
 Commerzbank AG
 Global Shipping Hamburg
 Ness 7-9
 20457
Hamburg
 Germany
	  	 	  	 

  

 * The confidential portion of this section of the agreement has been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment. 
  

 18 

	 Name

	 	 Address, telex and
 telefax
Number

	  	 Original
 Commitment
 USD

	  	 Percentage
 %

	 	 	 Fax: (49) 40 36 83 4068/4123
 Attention: Global Shipping
	  	 	  	 
					
	 Credit Agricole Indosuez
	 	1)	 	 Lending office and all information related to Loan Administration matters:
 Shipping Finance
 Division/Loan
 Administration
 9 Quai du President Paul Doumer
 92920 Paris La Defense
 Cedex
 France
	  	*	  	*
				
	 	 	 Telex: 699600 (INSU 699600 F)
 Attention: DFMA/Loan Administration
	  	 	  	 
					
	 	 	2)	 	 Information related to Credit/Commercial matters:
 Representative Office
 Norway
 Ruseløkkveien 6
 N-0251 Oslo
 Norway
	  	 	  	 
				
	 	 	 Fax: +(47) 22 01 06 51
 Tel:
+(47) 22 01 06 50
	  	 	  	 
				
	 Danske Bank A/S
	 	 Information related to Loan
 Administration:
 75 King William Street
 London
EC4N 7DT
 England
	  	*	  	*
				
	 	 	 Telex: (44) 7410 8002
 Attention:
Corporate Loans Administration
	  	 	  	 
				
	 	 	 Information related to
 Credit/Commercial matters:
 Stortingsgt. 8
 P O
Box 1934 Vika
	  	 	  	 

  

 * The confidential portion of this section of the agreement has been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment. 
  

 19 

	 Name

	  	 Address, telex and
 telefax
Number

	  	 Original
 Commitment
 USD

	  	 Percentage
 %

				
	 	  	 N-0125 Oslo
 Norway
	  	 	  	 
				
	 	  	 Fax: (47) 23 13 90 90  
 Attention: Corporate Banking Department
	  	 	  	 
				
	 Den norske Bank ASA
	  	 Stranden 21
 N-0107
Oslo
 Norway
	  	*	  	*
				
	 	  	 Telex: 78175   
 Fax:
(47) 22 48 20 20
 Attention: Credit Administration Shipping
	  	 	  	 
				
	 Deutsche Bank AG in Hamburg
	  	 Brandstwiete 1
 20457
Hamburg
	  	*	  	*
				
	 	  	 Fax: (49) 40 37 01 46 49
 Attention: Shipfinancing Department
	  	 	  	 
				
	 Deutsche Schiffsbank AG
	  	 Domshof 17
 D-28195
Bremen
	  	*	  	*
				
	 	  	 Tel: +49 421 3609-0
 Fax: +49 421
323539
	  	 	  	 
				
	 Fortis Bank (Nederland) N.V.
	  	 1)      Information related to
Loan
 Administration:
 Fortis   Bank (Nederland) N.V.
 CBO/CB
 Loan Administration
 Coolsingel 93
 NL-3012 AE Rotterdam
 The Netherlands
	  	*	  	*
				
	 	  	 Fax: (31) 10 401 6118
	  	 	  	 
				
	 	  	 2)      Information related to
 Credit/Commercial matters:
 Fortis Bank (Nederland)
 N.V., Oslo Branch
	  	 	  	 

  

  
 * The confidential portion of this section of the agreement has been omitted and filed separately with the Securities and Exchange
Commission pursuant to a request for confidential treatment. 
  

 20 

 

	 Name

	  	 Address, telex and
 telefax Number

	  	 Original
 Commitment
 USD

	  	 Percentage
 %

	 	  	 Munkedamsveien 53B
 N-0250 Oslo
 Norway
	  	 	  	 
	
	 	  	 Fax: (47) 23 11 49 40
	  	 	  	 
	
	 ING Bank N.V.
	  	 De Amsterdamse Poort
 Location Code HE 02.09
 Bijlmerplein 888
 P O Box 1800
 1000 BV Amsterdam
 Netherlands
	  	 *
	  	 *

	
	 	  	 Attention: Natural Resources (Offshore)
	  	 	  	 
	
	 	  	 Tel: +31 20 576 8896
	  	 	  	 
	 	  	 Fax: + 31 20 563 5164
	  	 	  	 
	
	 Landesbank Schleswig-Holstein Girozentrale
	  	 Martensdamm 6
 D-24103 Kiel
 Germany
	  	 *
	  	 *

	
	 	  	 Fax: 49 431 900 1130
	  	 	  	 
	 	  	 Attention: Shipping Department
	  	 	  	 
	
	 Nedship Bank N.V.
	  	 Nedship Bank (Nordic)
 Strandgaten 18
 P O Box 701 Sentrum
 5807 Bergen
 Norway
	  	 *
	  	 *

	
	 	  	 Fax: (47) 55 30 95 50
	  	 	  	 
	
	 Skandinaviska Enskilda Banken AB (publ)
	  	 Rosenkrantz gate 22
 P O Box 1843 Vika
 N-0123 Oslo
 Norway
	  	 *
	  	 *

	
	 	  	 Telex: 19119
	  	 	  	 
	 	  	 Fax: (47) 22 82 71 24
	  	 	  	 
	 	  	 Attention: Shipping/Offshore
	  	 	  	 
	
	 Sparebanken Rogaland
	  	 Bjergsted Terrasse 1
	  	 *
	  	 *

 

 
* The confidential portion of this section of the agreement has been omitted and filed separately with the Securities and
Exchange Commission pursuant to a request for confidential treatment. 
 

21 

 

	 Name

	  	 Address, telex and
 telefax Number

	  	 Original
 Commitment
 USD

	    	 Percentage
 %

	
	 	  	 P O Box 218
 N-4001 Stavanger
 Norway
	  	 	    	 
	
	 	  	 Telex: 33016
	  	 	    	 
	 	  	 Fax: (47) 51 53 47 55
	  	 	    	 
	 	  	 Attention: Shipping/Offshore
	  	 	    	 
	
	 Vereins-  und Westbank AG, Hamburg
	  	 22, Alter Wall
 D-20457 Hamburg
	  	 *
	    	 *

	
	 	  	 Fax: 00 49 40 3692 3894
	  	 	    	 
	 	  	 Attention: Corporate Banking
 Department – Energy
	  	 	    	 
	
	 	  	 Total
	  	 600,000,000
	    	 100

 

 
* The confidential portion of this section of the agreement has been omitted and filed separately with the Securities
and Exchange Commission pursuant to a request for confidential treatment. 
 

22

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