Document:

Call Option Agreement

 Exhibit 10.4 

DATED JULY 6, 2010 

BETWEEN 

VALENCIA DRILLING CORPORATION 

and 

VANTAGE DRILLING COMPANY 
  

 
 CALL OPTION
AGREEMENT 
  
  

 THIS CALL OPTION AGREEMENT is dated July 6, 2010 

PARTIES 
  

	(1)	 VALENCIA DRILLING CORPORATION, a corporation organised under the laws of the Marshall Islands having its registered office at Trust Company
Complex, Ajeltake Road, Ajeltake Island Majuro, Marshall Islands, MH 96960 (the “Buyer”). 

  

	(2)	 VANTAGE DRILLING COMPANY, an exempted company incorporated with limited liability under the laws of the Cayman Islands whose registered
office is at PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands (the “Seller”). 

BACKGROUND RECITALS 
  

	(A)	 The Seller is the legal and beneficial owner of the Option Shares and has agreed to enter into a call option in favour of the Buyer on the terms of
this Agreement. 

  

	(B)	 The Company is incorporated with limited liability under the laws of the Cayman Islands and its registered office is at PO Box 309, Ugland House,
Grand Cayman, KY1-1104, Cayman Islands. 

  

	(C)	 This Call Option Agreement has been executed concurrently with the completion and closing of the Share Sale and Purchase Agreement dated as of
July 6, 2010, between F3 Captial and Seller. 

 AGREED TERMS. For good and valuable consideration, the
receipt of which is hereby acknowledged, the parties hereto hereby agree as follows: 
  

	1	 INTERPRETATION 

  

	1.1	 The definitions and rules of interpretation in this clause 1 apply in this Agreement. 

Agreement: means this Call Option Agreement dated as of July 6, 2010, between Seller and Buyer. 

Builder: means Daewoo Shipbuilding and Marine Engineering Co. Ltd. 

Business Day: a day (other than a Saturday, Sunday or public or national holiday) when banks in London, UK and
Houston, Texas are open for business. 
 Company: Vantage Deepwater Company, an exempted company
incorporated with limited liability under the laws of the Cayman Islands whose registered office is at PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. 

Completion: the completion of the exercise of the Option and the sale of the Option Shares, including the payment
of all required consideration and the delivery of the certificates evidencing the Option Shares, all as described in clause 6. 

 Consideration: the purchase price for the Option Shares payable by
the Buyer on Completion as set out in clause 5. 
 Construction Management Agreement: Agreement to Perform
Construction Management Services in respect of drillship with hull number 3602 between Valencia and Titanium Explorer Company. 

Drilling Contract: the drilling contract dated 4 February 2009 between Petrobras Venezuela
Investments & Services B.V. and the Company in respect of drilling services to be performed by the Vessel. 

Escrow Agent: JP Morgan Chase Bank N.A. 

Escrow Agreement: the escrow agreement in respect of the Option Shares, to be entered into on the date of this
Agreement in the form set out in the Schedule. 
 Exercise Notice: the written notice given by the Buyer
in accordance with clause 4.1. 
 Lapse Date: a date to be ascertained by taking the date of scheduled
delivery of the Vessel by the Builder (the “Delivery Date”) and working back from the Delivery Date for a period that is equal to the period of time between Seller obtaining financing for Hull 3601 and the delivery of Hull 3601 by the
Builder. 
 Management Agreement: the management agreement dated March 2009 between Valencia and the
Company pursuant to which the Company agreed to operate the Vessel on behalf of Valencia Drilling Corporation. 

Option: the option granted in favour of the Buyer by the Seller pursuant to clause 2. 

Option Shares: the one registered share of US$1.00 in the capital of the Company legally and beneficially owned by
the Seller and any other shares, stock or securities referred to in clause 7. 
 Parties: means Seller and
Buyer. 
 Performance Guarantee: means the guarantee given by Seller as required under the terms of the
Drilling Contract. 
 Reorganisation: in relation to the Company, any issue by way of capitalisation of
profits or reserves or by way of rights and any consolidation or sub-division or reduction of capital or capital dividend or other reconstruction or adjustment relating to the equity share capital (or any shares, stock or securities derived
therefrom) and any other amalgamation, arrangement, reconstruction or compromise affecting the share capital (or any shares, stock or securities derived therefrom). 

 

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 Substantial Financing: committed debt financing provided to Buyer by
a bank or other financial institution not affiliated with Seller or Buyer, in an amount exceeding the difference between (a) US$125,000,000 and (b) the amount that Buyer has paid towards or associated with the construction of the Vessel
(including any equity payments made to the Builder, any payments made in respect of equipment for the Vessel, any payments made pursuant to the Construction Management Agreement, any miscellaneous overhead costs and expenses associated with the
construction of the Vessel – such miscellaneous overhead costs and expenses not to cumulatively total more that US$1,000,000 – and any other direct or indirect costs associated with the construction of the Vessel), for the purpose of
constructing and outfitting the Vessel. 
 Valencia: Valencia Drilling Corporation, a Marshall Islands
corporation. 
 Vessel: the ultra deepwater drillship known as the “Dragon Quest” with the
builder’s hull number 3602 
  

	1.2	 Clause, schedule and paragraph headings shall not affect the interpretation of this Agreement. 

 

	1.3	 A person includes a natural person, corporate or unincorporated body (whether or not having separate legal personality), partnership (limited
or general), limited liability company, business trust or association. 

  

	1.4	 The schedules form part of this Agreement and shall have effect as if set out in full in the body of this Agreement and any reference to this
Agreement includes the schedules. 

  

	1.5	 References to clauses and schedules are to the clauses and schedules of this Agreement; references to paragraphs are to paragraphs of the relevant
schedule. 

  

	1.6	 A reference to one gender shall include a reference to the other genders. 

 

	1.7	 Words in the singular shall include the plural and vice versa. 

 

	1.8	 A reference to a statute or statutory provision is a reference to it as it is in force for the time being, taking account of any amendment,
extension or re-enactment and includes any subordinate legislation for the time being in force made under it. 

  

	1.9	 Writing or written includes faxes but not e-mail. 

 

	1.10	 Where the words include(s), including or in particular are used in this Agreement, they are deemed to have the words
“without limitation” following them. The words other and otherwise are illustrative and shall not limit the sense of the words preceding them. 

 

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	1.11	 Any obligation in this Agreement on a person not to do something includes an obligation not to agree or allow that thing to be done.

  

	2	 GRANT OF THE OPTION 

  

	2.1	 In consideration of the payment of US$1.00 by the Buyer to the Seller (receipt of which is hereby acknowledged by the Seller), the Seller grants to
the Buyer an option to purchase all of the Option Shares on the terms set out in this Agreement. 

  

	2.2	 The Option Shares shall be sold with full title guarantee free from all liens, charges and encumbrances and with all rights attached to them at the
date of Completion. 

  

	3	 OPTION PERIOD 

  

	3.1	 The Option may be exercised on the earlier to occur of (i) the Vessel construction has been completed and outfitted with all equipment
necessary for its performance of the Drilling Contract, and the Vessel has been delivered to Valencia, all as evidenced by a Certificate of Acceptance delivered to Seller, and (ii) a Substantial Financing being executed (with the Parties
acknowledging hereby that Completion will be effected concurrently with the draw down by the Buyer of the proceeds of a Substantial Financing); provided, however, that in order to exercise the Option in accordance with this Section 3.1, all
amounts due and owing (including without limitation fees, expenses and pre-funding requirements) by Buyer or any of Buyer’s affiliates to Seller or any of Seller’s affiliates in respect of any agreement between such parties pertaining to
the Vessel, including without limitation the Management Agreement and the Construction Management Agreement, must have first been paid and satisfied in full. To the extent the Option has not previously been exercised by Buyer, if (a) the Option
is otherwise not exercised on or before the Lapse Date, (b) a default or event of default arising from the act or omission of Valencia occurs under any agreement, including any loan or credit agreement, security agreement, ship mortgage, fleet
mortgage or other agreement pertaining to the financing of the Vessel, and it remains uncured for 30 days, (c) a default or event of default arising from the act or omission of Valencia occurs under any agreement between the Builder and
Valencia (or any affiliate thereof) pertaining to the construction of the Vessel in relation to payment or which will delay the contractual delivery date of the Vessel, and it remains uncured for 30 days, or (d) demand is made for payment under
the Performance Guarantee in respect of a breach caused by Valencia, then the Option shall terminate and be without further force or effect as of the date any of the foregoing events described in clauses (a) through (d) first occurred, and
the Escrow Agreement shall be deemed terminated at the request of both Seller and Buyer. 

  

	3.2	 For the purposes of clause 3.1, the date of exercise of the Option is the date on which the Buyer serves the Exercise Notice on the Seller and not
the date on which the Seller is deemed to receive the Exercise Notice in accordance with clause 16. 

  

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	3.3	 Upon the execution hereof, (i) the Seller and the Buyer shall execute and deliver to the Escrow Agent the Escrow Agreement, (ii) Seller
and Buyer shall each pay when due from time to time for the duration of the Escrow Agreement 50% of the escrow fees, and (iii) Seller shall deposit the Option Shares with the Escrow Agent pursuant to the Escrow Agreement.

  

	4	 EXERCISE 

  

	4.1	 The Option shall be exercised only by the Buyer giving the Seller an Exercise Notice in accordance with clause 16, but subject to clause 3.1, which
provides conditions precedent to the exercise of the Option. The Exercise Notice, to be effective, must: 

  

	 	4.1.1	 state the date on which the Exercise Notice is given; 

 

	 	4.1.2	 provide a statement to the effect that the Buyer is exercising the Option; 

 

	 	4.1.3	 state a date, which is no less than five and no more than 15 Business Days after the date of the Exercise Notice, on which Completion is to take
place; and 

  

	 	4.1.4	 contain a signature by an authorized officer of the Buyer. 

 

	4.2	 Once given, an Exercise Notice may not be revoked without the written consent of the Seller. 

 

	4.3	 All dividends and other distributions resolved or declared to be paid or made by the Company in respect of the Option Shares by reference to a
record date which falls on or before Completion and after the date of exercise of the Option (as provided in Section 3.2) shall belong to and be payable to the Seller. 

 

	5	 CONSIDERATION 

The Consideration payable on exercise of the Option shall be US$1.00 which shall be satisfied in cash at Completion.

  

	6	 COMPLETION 

  

	6.1	 Completion shall take place on the date specified in the Exercise Notice or such later date as the parties may agree in writing, provided that in no
event shall Completion occur prior to (i) the satisfaction in full of the conditions specified in Section 3.1 hereof, and (ii) the satisfaction and performance of all of the conditions precedent set forth in Sections 6.1 through 6.6
(inclusive), whereupon the Escrow Agreement shall provide for release of the Option Shares to Buyer. 

  

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	6.2	 At Completion, the Buyer shall pay or procure the payment of the Consideration to the Seller by electronic funds transfer to such bank account of
the Seller as the Seller shall notify to the Buyer in writing. 

  

	6.3	 The Seller shall procure delivery to the Buyer at Completion of: 

 

	 	6.3.1	 a share transfer form in respect of the Option Shares duly completed in favour of the Buyer (or such persons as the Buyer may direct); and

  

	 	6.3.2	 share certificate in respect of the Option Shares. 

 

	6.4	 The Seller shall deliver to the Buyer at Completion: 

 

	 	6.4.1	 The original Memorandum and Articles of Association of the Company; 

 

	 	6.4.2	 The original minute books and statutory records of the Company; 

 

	 	6.4.3	 Resignation letters for all directors and officers of the Company; 

 

	 	6.4.4	 Originals or copies of the Company’s accounting records. 

 

	6.5	 Following Completion, each of the parties shall use its reasonable endeavours at the expense of the Seller (other than in respect of stamp duty or
stamp duty reserve tax) to ensure the registration of the Buyer (or as it directs) as the holder of the Option Shares. 

  

	6.6	 As a condition precedent to Completion, the Parties shall enter into such written arrangements as may be reasonably satisfactory to Seller, to
ensure that the Seller will still receive, at such times as may be satisfactory to Seller, a sum equal to all Management Fees and Marketing Fees (both as defined in the Management Agreement) arising from time to time prior to or after the date
hereof under the Management Agreement that the Company would have received had the Option Shares not been sold to the Buyer. The satisfaction of the condition precedent set forth in this Section 6.6 shall be evidenced by a written statement,
signed by Seller and Buyer, indicating that such written arrangements satisfactory to Seller have been executed and delivered by Buyer to Seller. If the Seller and Buyer are unable to agree upon such written arrangements within one year after
delivery of the Exercise Notice by Buyer to Seller, then this Agreement shall terminate and be without further force or effect and the Option Shares shall be released by the Escrow Agent to the Seller. 

 

	6.7	 As a condition precedent to Completion, Buyer shall pay to Seller all sums due and owing (including without limitation fees, expenses and
pre-funding requirements) by Buyer or any of Buyer’s affiliates to Seller or any of Seller’s affiliates in respect of any agreement between such parties pertaining to the Vessel, including without limitation the Management Agreement and
the Construction Management Agreement. 

  

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	6.8	 If within five years after the date hereof (provided that the Drilling Contract remains in force): 

(i) an event of default arising from the act or omission of Valencia occurs under any agreement, including any loan or
credit agreement, security agreement, ship mortgage, fleet mortgage or other agreement pertaining to the financing of the Vessel, and it remains uncured for 30 days; 

(ii) a default or event of default arising from the act or omission of Valencia occurs under any agreement between the
Builder and the Buyer (or any affiliate thereof) pertaining to the construction of the Vessel in relation to payment or which will delay the contractual delivery date of the Vessel, and it remains uncured for 30 days; or 

(iii) demand is made for payment under the Performance Guarantee in respect of a breach solely caused by Valencia,

 then (subject to any financing arrangements that are in place and any obligations that Buyer has thereunder or
provisions that are contained therein that would prevent the operation of this clause) Buyer shall (A) convey to Seller the Option Shares, free and clear of all liens, claims and encumbrances, (B) Buyer shall take such other actions and
deliver to Seller such other value as was conveyed by Seller to Buyer at Completion, so as to put Seller in the same economic position with respect hereto as Seller had immediately prior to Completion, as if this Agreement had never existed and the
Completion had never occurred. Seller shall cause the Company prior to Completion, and Buyer shall cause the Company after completion, to maintain its stock transfer records so as to reflect the rights and provisions set forth in this
Section 6.7, so that any transferee of the Option Shares shall be subject to the terms and provisions hereof until the fifth anniversary of the date hereof. 
  

	7	 REORGANISATION 

  

	7.1	 If any Reorganisation takes place after the date of this Agreement but prior to Completion, all shares, stock and other securities (if any) to which
the Seller (or its nominees) become legally or beneficially entitled as a result of each such Reorganisation, and which derive (whether directly or indirectly) from the Option Shares, shall be deemed to be subject to the Option and shall be
transferred to the Buyer (or as the Buyer may direct) in accordance with clause 6.3, provided that nothing in this clause 7 shall be construed as imposing any obligations on the Seller either to exercise or to refrain from exercising any rights or
powers conferred on it by or deriving from the Option Shares. 

  

	7.2	 References in this Agreement to the Option Shares and the Consideration shall be construed so as to give full effect to clause 7.1.

  

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	7.3	 Concurrently with Completion, the Buyer shall change the name of the Company so that it no longer uses the word “Vantage” in its name.
Seller may, if it so elects, cause the change of name of the Company immediately prior to Completion so as to delete the term “Vantage” from the name. Seller and Buyer shall cooperate as needed to effect the foregoing name change.

  

	8	 WARRANTIES 

  

	8.1	 The Seller represents and warrants to the Buyer both at the date of this Agreement and at Completion that: 

 

	 	8.1.1	 it has full corporate power and authority to grant the Option on the terms and conditions of this Agreement; 

 

	 	8.1.2	 it is, and will remain during the Option Period, the legal and beneficial owner of the Option Shares, subject only to the Option; and

  

	 	8.1.3	 the Option Shares represent the entire issued share capital of the Company issued or agreed to be issued and there is no option or right outstanding
in favour of any third party to subscribe for any share or loan capital of the Company. 

  

	9	 BUYER’S PROTECTION 

  

	9.1	 Unless and until the Option has terminated pursuant to this Agreement or Completion has occurred, the Seller shall not, without the prior written
consent of the Buyer: 

  

	 	9.1.1	 sell, transfer or otherwise dispose of, or mortgage, charge, pledge or otherwise encumber its legal or beneficial interest in any of the Option
Shares (or any interest in any of them); or 

  

	 	9.1.2	 exercise any votes attaching to the Option Shares in a manner that would materially and adversely affect Buyer’s rights hereunder.

  

	9.2	 The Seller shall procure that unless and until the Option has terminated pursuant to this Agreement or Completion has occurred:

  

	 	9.2.1	 no alteration is made to the Company’s articles of association that would materially and adversely affect Buyer’s rights hereunder, and no
regulations that are inconsistent with them, are adopted; 

  

	 	9.2.2	 the Company does not make any material change to its business except in connection with effecting Completion; and 

 

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	 	9.2.3	 the Company does not enter into any transaction that is not in the normal and proper course of conducting its business nor enter into any
transaction which is not on arm’s length terms. 

  

	10	 CONFIDENTIALITY AND ANNOUNCEMENTS 

  

	10.1	 The Seller undertakes to the Buyer, and the Buyer undertakes to the Seller, to keep confidential the existence of this Agreement and to use the
information only for the purposes contemplated by this Agreement. 

  

	10.2	 Either party may disclose any information that it is otherwise required to keep confidential under this clause 10: 

 

	 	10.2.1	 to such of its professional advisers, consultants and employees or officers as are reasonably necessary to advise on this Agreement, or to
facilitate the exercise of the Option, provided that the disclosing party procures that the people to whom the information is disclosed keep it confidential as if they were that party; or 

 

	 	10.2.2	 with the written consent of the other party; or 

  

	 	10.2.3	 to the extent that the disclosure is required: 

  

	 	10.2.3.1	 by law (including applicable securities law); or 

  

	 	10.2.3.2	 by a regulatory body, court, arbitral proceeding, tax authority or securities exchange, 

but shall consult the other party and to take into account any reasonable requests it may have in relation to the
disclosure before making it. 
  

	10.3	 No announcement, circular or other publicity in connection with the subject matter of this Agreement (other than as permitted by this Agreement)
shall be made prior to Completion by or on behalf of the Seller or the Buyer without the approval of the other (such approval not to be unreasonably withheld or delayed). 

 

	11	 FURTHER ASSURANCE 

At all times after the date of this Agreement the parties shall, at their own expense, execute all such documents and do
all such acts and things as may reasonably be required for the purpose of giving full effect to this Agreement. 
  

	12	 ASSIGNMENT 

  

	12.1	 All rights under this Agreement are personal to the parties and may not be assigned by either party without the prior written consent of the other
party. 

  

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	13	 WHOLE AGREEMENT 

  

	13.1	 This Agreement, and any documents referred to in it, constitute the whole agreement between the parties and supersede any previous arrangement,
understanding or agreement between them relating to the subject matter they cover. Each party acknowledges that in entering into this Agreement, it does not rely on, and shall have no remedy in respect of, any representation of any person other than
as expressly set out in this Agreement. 

  

	13.2	 Nothing in this clause 13 operates to limit or exclude any liability for fraud. 

 

	14	 VARIATION AND WAIVER 

  

	14.1	 All variations of this Agreement shall be in writing and signed by or on behalf of each party. 

 

	14.2	 Any waiver of any right under this Agreement is only effective if it is in writing and signed by the waiving or consenting party and it applies only
in the circumstances for which it is given, and shall not prevent the party who has given the waiver from subsequently relying on the provision it has waived. 

 

	14.3	 Except as expressly stated, no failure to exercise or delay in exercising any right or remedy provided under this Agreement or by law constitutes a
waiver of such right or remedy or shall prevent any future exercise in whole or in part thereof. 

  

	14.4	 No single or partial exercise of any right or remedy under this Agreement shall preclude or restrict the further exercise of any such right or
remedy. 

  

	14.5	 Unless specifically provided otherwise, rights arising under this Agreement are cumulative and do not exclude rights provided by law.

  

	15	 COSTS 

Each party shall bear its own legal, accountancy and other costs, charges and expenses connected with the negotiation,
preparation and implementation of this Agreement and any other agreement incidental to or referred to in this Agreement. 
  

	16	 NOTICE 

  

	16.1	 A notice given under this Agreement: 

  

	 	16.1.1	 shall be in writing in the English language (or be accompanied by a properly prepared translation into English); 

 

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	 	16.1.2	 shall be sent for the attention of the person, and to the address or fax number, given in this clause 16 (or such other address, fax number or
person as the relevant party may notify in writing to the other party); and 

  

	 	16.1.3	 shall be: 

  

	 	16.1.3.1	 delivered personally; or 

  

	 	16.1.3.2	 sent by fax; or 

  

	 	16.1.3.3	 sent by internationally recognized commercial delivery service providing for delivery within three days after sending. 

 

	16.2	 The addresses for service of notice are: 

  

	 	16.2.1	 BUYER 

Valencia Drilling Corporation 

c/o TMT Co Ltd 

12th floor 

No. 167, Fu Hsin N. Rd 

Taipei City, 

Taiwan 

R.O.C. 

with a copy to: 

Ince & Co 

International House

1 St Katherine’s Way 

London E1W 1AY 

Fax: +44 20 7481 4968 

Ref: WJM/8643 
  

	 	16.2.2	 SELLER 

Vantage Drilling Company 

Box 309, Ugland House, 

Grand Cayman, 

KY1-1104, 

Cayman Islands 

Attention: Christopher Celano, General Counsel 

Fax: (281) 404 4749 
  

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 with a copy to: 

Fulbright & Jaworski L.L.P. 

1301 McKinney, Suite 5100 

Houston, Texas 77010 

Attention: Joshua P. Agrons 

Fax: (713) 651-5246 
  

	16.3	 A notice is deemed to have been received: 

  

	 	16.3.1	 if delivered personally, at the time of delivery; or 

 

	 	16.3.2	 in the case of fax, at the time of transmission; or 

 

	 	16.3.3	 in the case of delivery by internationally recognized commercial delivery service, five days from the date sent; or 

 

	 	16.3.4	 if deemed receipt under the previous paragraphs of this clause 16.3 is not within business hours (meaning 9.00 am to 5.30 pm Monday to Friday on a
day that is not a Business Day), when business next starts in the place of receipt. 

  

	16.4	 To prove service, it is sufficient to prove that the notice was transmitted by fax to the fax number of the party or, in the case of delivery by
commercial delivery service, that the envelope containing the notice was properly addressed and received by the commercial delivery service. 

  

	17	 SEVERANCE 

  

	17.1	 If any provision of this Agreement (or part of a provision) is found by any court or administrative body of competent jurisdiction to be invalid,
unenforceable or illegal, the other provisions shall remain in force. 

  

	17.2	 If any invalid, unenforceable or illegal provision would be valid, enforceable or legal if some part of it were deleted, the provision shall apply
with whatever modification is necessary to give effect to the commercial intention of the parties. 

  

	18	 THIRD PARTY RIGHTS 

No term of this Agreement shall be enforceable by a third party (being any person other than the parties and their
permitted successors and assignees). 
  

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	19	 COUNTERPARTS 

This Agreement may be executed in any number of counterparts, each of which is an original and which together have the
same effect as if each party had signed the same document. 
  

	20	 LANGUAGE 

If this Agreement is translated into any language other than English, the English language text shall prevail. 

 

	21	 GOVERNING LAW AND JURISDICTION 

  

	21.1	 This Agreement and any disputes or claims arising out of or in connection with its subject matter or formation (including non-contractual disputes
or claims) are governed by and construed in accordance with the law of England. 

  

	21.2	 The Parties irrevocably agree that the courts of England in London have exclusive jurisdiction to settle any disputes or other matters whatsoever
arising under or in connection with this Agreement (including a dispute relating to non-contractual obligations arising in connection with this Agreement) and any disputes or other such matters arising in connection with the negotiation, validity or
enforceability of this Agreement or any part thereof, and the Parties accordingly irrevocably and unconditionally submit to the jurisdiction of such courts. 

 

	21.3	 Each Party irrevocably consents to the service of process relating to any proceedings before the English courts in connection with this Agreement by
mailing or delivering a copy of the process to its address for the time being applying under clause 16. 

This Agreement has been entered into on the date first set forth above. 

 

 13 

							
	 Signed by
	 		  	 By: 
	  	 /s/ Hsin Chi Su

	 for and on behalf of
	 		  	 Print Name: 
	  	 Hsin Chi Su

	 VALENCIA DRILLING

CORPORATION
	 		  	 Title: Director
	  	
				
	 Signed by
	 		  	 By: 
	  	 /s/ Paul A. Bragg

	 for and on behalf of
	 		  	 Print Name: 
	  	 Paul A. Bragg

	 VANTAGE DRILLING COMPANY
	 		  	 Title: 
	  	 Chairman & Cheif Executive Officer

 

 14Financing Agreement

 Exhibit 10.5 

DATED JULY 6, 2010 

F3 CAPITAL 

and 

VANTAGE DRILLING COMPANY 

and 

VANTAGE DEEPWATER COMPANY 

and 

VALENCIA DRILLING CORPORATION 

and 

TITANIUM EXPLORER COMPANY 
  

 
 Agreement in
respect of the Drillship the “Dragon Quest” 
  

 

 THIS AGREEMENT is made as a Deed and is dated the 6th day of July, 2010 

PARTIES 
  

	(1)	 F3 CAPITAL, an exempted company incorporated with limited liability under the laws of the Cayman Islands having its registered office at c/o
Campbell Corporate Services Limited, Scotia Centre, PO Box 268, Grand Cayman, KY1-1104, Cayman Islands (“F3”); and 

  

	(2)	 VANTAGE DRILLING COMPANY, an exempted company incorporated with limited liability under the laws of the Cayman Islands, having its registered
office at PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands (“VDC”); and 

  

	(3)	 VANTAGE DEEPWATER COMPANY, an exempted company incorporated with limited liability having its registered office at P.O. Box 309, Ugland
House, Grand Cayman, KY1-1104, Cayman Islands (“VDWC”); and 

  

	(4)	 VALENCIA DRILLING CORPORATION, a corporation organised under the laws of the Marshall Islands having its registered office at Trust Company
Complex, Ajeltake Road, Ajeltake Island Majuro, Marshall Islands, MH 96960 (“Valencia”) 

  

	(5)	 TITANIUM EXPLORER COMPANY, an exempted company incorporated with limited liability having its registered office at P.O. Box 309, Ugland
House, Grand Cayman, KY1-1104, Cayman Islands (“Titanium”) 

 BACKGROUND 

 

	(A)	 Valencia is the buyer of the Vessel (as defined below) pursuant to a shipbuilding contract dated 27 December 2007 with the Builder (as defined
below). 

  

	(B)	 In March 2009, Valencia and VDWC entered into the Management Agreement (as defined below) in respect of the Vessel. 

 

	(C)	 On 4 February 2009, VDWC entered into the Drilling Contract (as defined below). 

 

	(D)	 VDWC is the wholly owned subsidiary of VDC. 

  

	(E)	 VDWC and VDC agree to do all such things as may be reasonably requested by Valencia and/or the Financier to facilitate financing for Valencia and
the Vessel. 

 The Parties have agreed to enter into this Agreement to record the terms of such agreement.

  

 1 

 AGREED TERMS 
  

	1	 DEFINITIONS 

  

	1.1	 In this Agreement, unless the context otherwise requires: 

“Agreement” means this Agreement in respect of the Drillship the “Titanium Explorer” dated as
of July 6, 2010, among F3, VDC, VDWC and Valencia. 
 “Builder” means Daewoo Shipbuilding
and Marine Engineering Co. Ltd. 
 “Business Days” means any day (other than a Saturday, Sunday
or national holiday) when banks are open in London, UK and Houston, Texas for the transaction of ordinary banking business. 

“Construction Management Agreement” means the Agreement to Perform Construction Management Services in
respect of drillship with hull number 3602 between Valencia and Titanium. 
 “Drilling Contract”
means the drilling contract dated 4 February 2009 between Petrobras and VDWC in respect of drilling services to be performed by the Vessel. 

“Financier” means any entity that Valencia enters into financing arrangements with in respect of itself
or the Vessel. 
 “GAAP” means Republic of China generally accepted accounting principles with
adjustments made where necessary to comply with United States generally accepted accounting principles as in effect from time to time. 

“Management Agreement” means the management agreement dated March 2009 between Valencia and VDWC pursuant
to which VDWC agreed to operate the Vessel on behalf of Valencia. 
 “Material Adverse
Effect” means a change or effect in the condition (financial or otherwise), properties, assets, liabilities, rights, obligations, operations, business, or prospects which change (or effect), individually or in the aggregate,
could reasonably be expected to materially and adversely affect the ability of VDC or VDWC to conduct its operations and carry on its business. 

“Performance Guarantee” means the guarantee given by VDC as required under the terms of the Drilling
Contract. 
 “Person” means any individual, partnership, limited
liability company, corporation, association, joint stock company, trust, joint venture, unincorporated organization, or governmental authority. 

“Petrobras” means Petrobras Venezuela Investments & Services B.V. 

 

 2 

 “Vessel” means the ultra deepwater drillship known as the
“Dragon Quest” with the Builder’s hull number 3602. 
  

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

  

	1.3	 In this Agreement, unless the context otherwise requires, references to clauses are to be construed as references to clauses of this Agreement.

  

	2	 FINANCING OF VALENCIA AND THE VESSEL 

  

	2.1	 In order that Valencia can seek to obtain the most favourable financing possible for the Vessel, each of VDC and VDWC hereby agree that they will
each take all reasonable actions as are reasonably requested by Valencia and/or the Financier in order to facilitate such financing for the Vessel; provided, that neither VDC nor VDWC shall be required to (i) guarantee the obligations of any
other Person, pledge any of their respective assets or incur any indebtedness, (ii) take any action or execute any document that would have a Material Adverse Effect or (iii) take any action that adversely affects its expected economic
returns under the Management Agreement. This may include, but is not limited to, any of the following: 

  

	 	2.1.1	 Valencia and VDWC agree that if reasonably requested by Valencia and/or the Financier, they shall amend the terms of the Management Agreement to
incorporate such terms as the Financier may reasonably require in the course of taking standard international banking security, provided that such amendments: 

 

	 	2.1.1.1	 allow for prompt payment when due of all reasonable operating expenses required for the operation of the Vessel under the Drilling Contract to be
paid to VDWC in the normal course; and 

  

	 	2.1.1.2	 do not require that the funds required for such operating expenses be included in any assignment of earnings. 

 

	 	2.1.2	 VDWC agrees that if reasonably requested by the Financier, VDWC shall novate the Drilling Contract to Valencia, provided that such novation shall be
subject to the prior satisfaction of the following conditions precedent: 

  

	 	2.1.2.1	 VDWC using its reasonable efforts to obtain the consent of Petrobras to such novation; and 

 

	 	2.1.2.2	 VDC ensuring that the Performance Guarantee is maintained for as long as it is required by Petrobras for the purposes of the Drilling Contract, and
in such circumstances, Valencia shall (and does hereby agree to) indemnify, reimburse for and hold harmless VDC against any losses, costs, claims, expenses, damages, liabilities or demands that VDC may validly incur or suffer under the Performance
Guarantee; provided, that, 

  

 3 

	 	a)	 Valencia’s liability hereunder to VDC shall not in any event exceed the amount of its liability pursuant to the Management Agreement for any
losses, costs, claims, expenses, damages, liabilities or demands that VDC may validly incur or suffer under the Performance Guarantee; and 

  

	 	b)	 to the extent Valencia desires to dispose of the Vessel to an unrelated third party, F3 and Valencia shall first obtain, as a condition to such
disposition, a release from Petrobras of VDC’s obligations under the Performance Guarantee; and 

  

	 	c)	 F3 and Valencia shall enter into such written agreements to evidence the terms of this Section 2.1.2.2 as VDC may reasonably request; and

  

	 	2.1.2.3	 VDWC (or VDC or any of its subsidiaries) and Valencia will enter into an amended and restated version of the Management Agreement pursuant to which
VDWC (or VDC or any of its subsidiaries) agrees to operate the Vessel on behalf of Valencia pursuant to Valencia’s obligations under the novated Drilling Contract (the “Amended Management Agreement”) and which will include such
written arrangements as may be reasonably satisfactory to VDC to ensure that 

 (a) VDC will
still receive, a sum equal to the amount of all Management Fees and Marketing Fees (both as defined in the Management Agreement) arising from time to time prior to or after the date hereof under the Management Agreement that VDWC would have received
until the expiry of the Management Agreement (in accordance with its terms) had such novation not taken place; and 

(b) in the event that the Amended Management Agreement is terminated early for Valencia’s convenience (i.e. before
the term set out in the Amended Management Agreement and not for cause), VDC will receive prompt payment of all remaining Management Fee and Marketing Fees arising from time to time between the date of early termination and the end of the term of
the Amended Management Agreement that VDWC would have received had the Amended Management Agreement not been terminated early. 
  

 4 

 The satisfaction of the provisions set forth in this Section 2.1.2.3
shall be evidenced by a written statement, signed by the Parties, indicating that such written arrangements satisfactory to VDC have been executed and delivered by the Parties. 

 

	2.2	 Subject to the provisions of clause 2.1, if reasonably requested by Valencia and/or the Financier, VDWC, or any Affiliate of VDWC that is then party
to the Management Agreement (in either case, the “MA Party”), will agree that its right to receive up to 75% of the Management Fee and the Marketing Fee (both as defined in the Management Agreement) that are payable to the MA Party
under the Management Agreement, shall be assigned as collateral (on a non-recourse basis) as required by Valencia for financing of the Vessel, but otherwise permitted to be paid to the MA Party prior to the occurrence of a default under such
financing. Any sums paid to and retained by the Financier pursuant to such assignment shall be referred to hereafter as the “Deferred Fees”. For the avoidance of doubt, the remaining 25% balance of the Management Fee and the
Marketing Fee (both as defined in the Management Agreement) will be payable in accordance with the terms of the Management Agreement. 

The principal amount of the Deferred Fees will accrue and will carry interest at the rate of 8 per cent per annum.
The Deferred Fees plus the applicable interest will be reviewed annually on each anniversary of the commencement date of the Drilling Contract (each such anniversary being hereinafter referred to as a “DC Date”) and the Parties will
endeavour to agree upon a method for payment of the Deferred Fees to the MA Party within 21 Business Days of each such anniversary. In the absence of agreement between the Parties at the end of such 21 Business Days period, the Deferred Fees plus
the applicable interest will be paid to the MA Party by one of the following methods (but subject to the conditions set forth in Section 2.2.3.1 and 2.2.3.2 below and subject to the timely delivery of the financial statements set forth in
Section 2.2.3 below if an election is made to pay the Deferred Fees in Ordinary Shares) at the election of F3 and Valencia: 
  

	 	2.2.1	 In cash by Valencia; or 

  

	 	2.2.2	 In cash by F3; or 

  

 5 

	 	2.2.3	 by way of conversion into fully paid ordinary shares in Valencia (the “Ordinary Shares”) representing 2.5% (or (i) if the
Deferred Fees are less than 75% of the total annual amount of the Management Fee and total annual amount of the Marketing Fee, or (ii) if any of the Deferred Fees have been settled in cash in accordance with clauses 2.2.1 or 2.2.2, such lesser
proportion as is equal to the product of (A) 2.5% and (B) the quotient obtained by dividing (I) the total amount of Marketing Fees and Management Fees deferred and not paid in cash, by (II) the total amount of Marketing Fees and
Management Fees as were due and payable during the year for which such calculation is to be made) of the issued share capital of Valencia (determined on an as converted basis) for each such year that the maximum annual amount of the Deferred Fees
are not otherwise paid pursuant to Section 2.2.1 or 2.2.2, such that if the maximum annual amount of the Deferred Fees were deferred for each year of the entire eight year term of the Drilling Contract, the MA Party would acquire 20% of the
issued share capital of Valencia; provided, however, that F3 and Valencia shall only be permitted to satisfy Deferred Fees by means of delivery of Ordinary Shares if the net worth of Valencia as of the DC Date most recently occurring prior to such
delivery is at least $250 million, as determined by the audited financial statements of Valencia (a copy of which shall be delivered to the MA Party) for the fiscal year most recently ended (consisting of a balance sheet, an income statement and a
statement of cash flows), prepared in accordance with GAAP, and accompanied by an unqualified opinion of independent auditors of recognized international standing, that such financial statements have been prepared in accordance with GAAP and setting
forth in all material respects the financial condition and results of operations of Valencia. If Valencia does not have such minimum net worth, then F3 and Valencia shall not be permitted to satisfy Deferred Fees by means of delivery of Ordinary
Shares, but instead shall be required to pay such Deferred Fees in cash. 

 For so long as
Valencia retains the right hereunder to issue to the MA Party Ordinary Shares in accordance with clause 2.2.3 above: 
  

	 	2.2.3.1	 if the Financier reasonably requests, the MA Party agrees that it shall acquire the Ordinary Shares subject to any then-existing lien rights of
Financier; and 

  

	 	2.2.3.2	 it shall be a condition precedent to Valencia’s right to issue the Ordinary Shares in satisfaction of Deferred Fees that the MA Party, VDC,
Valencia and any other shareholders of Valencia at that time execute a shareholders’ agreement, in form and substance reasonably satisfactory to VDC, the MA Party, Valencia and such shareholders, containing the following terms: (i) before
the MA Party can transfer its Ordinary Shares it must first offer its Ordinary Shares to the other shareholders of Valencia at a price to be determined by an independent expert if not agreed between the parties, (ii) the shares of Valencia
owned by the MA Party shall have anti-dilution rights if Valencia sells its share capital for less than book value per share, (iii) without written approval from the MA Party, Valencia shall not be permitted to (a) enter in any merger,
consolidation or reorganization, (b) sell any material portion of its assets, (c) issue or incur any indebtedness, liability or obligation, contingent or liquidated, excluding trade payables incurred in the ordinary course of business,
(d) pay any dividend, or (e) enter into any transaction with an Affiliate, (iv) the MA Party would be entitled to have one individual attend all meetings of the board or any board committees of Valencia; (v) the MA Party would be
able to participate and tag along in any extraordinary transaction involving Valencia that is proposed by another shareholder of Valencia for the same transaction and on substantially similar terms, and (vi) the MA Party would have a
pre-emptive right to acquire a proportionate amount of the share capital of Valencia with respect to any future Valencia share capital issuances, participating on substantially equivalent terms as those offered to third parties.

  

 6 

	2.3	 If, within eight years after the date hereof (provided that the Drilling Contract remains in force and the MA Party has continuing obligations
thereunder), 

 (i) an event of default arising from the act or omission of Valencia occurs
under any agreement, including any loan or credit agreement, security agreement, ship mortgage, fleet mortgage or other agreement pertaining to the financing of the Vessel, and it remains uncured for 30 days, 

(ii) a default or event of default arising from the act or omission of Valencia occurs under any agreement between the
Builder and Valencia (or any affiliate thereof) pertaining to the construction of the Vessel in relation to payment or which will delay the contractual delivery date of the Vessel, and it remains uncured for 30 days, or 

(iii) demand is made for payment under the Performance Guarantee in respect of a breach solely caused by Valencia,

 then VDC shall have the option (subject to any financing arrangements that are in place and any obligations
that Valencia has thereunder or provisions that are contained therein that would prevent exercise of such an option), to purchase all of the issued and outstanding shares of Valencia, free and clear of all liens, claims and encumbrances for cash
payment with the shares valued at fair market value as determined by appraisal conducted by an appraisal firm jointly selected by the Parties (provided that if the parties hereto cannot agree within 30 days after commencing negotiations on the
identity of such appraiser, then each party shall name an appraiser and the appraisal shall be conducted promptly by a third appraiser selected by the nominees of each party), the cost of such appraisal to be paid by Valencia. F3 shall cause
Valencia to maintain its stock transfer records so as to reflect the rights and provisions set forth in this Section 2.3, so that any transferee of the shares of Valencia owned by F3 shall be subject to the terms and provisions hereof until the
eighth anniversary of the date hereof. 
  

 7 

	3	 ADDITIONAL UNDERTAKINGS 

  

	3.1	 If requested by Valencia, VDC and VDWC hereby undertake to use their reasonable efforts to obtain an extension of two years to the existing term of
the Drilling Contract. If the Drilling Contract is novated pursuant to the provisions of clause 2.1.2 above, VDC and VDWC hereby undertakes to use their reasonable efforts to assist Valencia to obtain an extension of two years to the existing term
of the Drilling Contract; provided, that neither VDC nor VDWC is required to take any action that would have a Material Adverse Effect. 

  

	3.2	 Subject to the terms of this Agreement, each of Valencia and F3 hereby undertake to take all such steps and do all such acts as are reasonably
necessary to protect and preserve VDWC’s rights under the Drilling Contract and the Management Agreement; provided, that none of Valencia, VDC, VDWC or F3 is required to take any action that would have a Material Adverse Effect.

  

	3.3	 As soon as reasonably practical (but always within 90 Business Days of the date of this Agreement) following execution of this Agreement, Valencia
will provide VDC and VDWC with summary financing details for the Vessel (the “Financial Summary”), including projected levels of equity and debt required to finance the Vessel, likely sources of funding for each, and the terms and
conditions governing any proposed debt. Within five Business Days following the end of each calendar month during the term of this Agreement (but not before the provision by Valencia to VDC and VDWC of the Financial Summary), Valencia will provide
VDC and VDWC in writing with an anticipated timeline and key milestones for the financing of Valencia and the Vessel, the progress of such financing during such calendar month, and the expected progress of such financing in the following calendar
month. From time to time Valencia shall provide to VDC answers to such reasonable questions as VDC may have with respect to such financing activities and progress. 

 

	3.4	 Titanium agrees that Valencia may defer payment of all of the Construction Manager’s Fee (as defined in the Construction Management Agreement
and amounting to $416,666.67 per month) accruing after the date of this Agreement and due to Titanium pursuant to the Construction Management Agreement (the “Deferred Construction Manager’s Fee) until the date of delivery of the Vessel by
the Builder to Valencia at which point the Deferred Construction Manager’s Fee will be payable to Titanium; provided, however, that such deferral only pertains to the Construction Manager’s Fee and not to any other reimbursable amounts due
by Valencia to Titanium pursuant to the Construction Management Agreement, which shall be duly paid by Valencia as provided in the Construction Management Agreement. 

 

 8 

	4	 NOTICES 

  

	4.1	 Any and all notices to be given under the terms of this Agreement shall be given in writing and shall be delivered personally or by facsimile or
first class post to the following addresses: 

  

	 	4.1.1	 To F3: 

F3 Capital 

c/o Campbell Corporate Services Limited 

Scotia Centre, 

PO Box 268, 

Grand Cayman 

KY1-1104, 

Cayman Islands 

Fax: (345) 949 8613 

with a copy to: 

Ince & Co 

International House 

1 St Katherine’s Way 

London E1W 1AY 

Fax: +44 20 7481 4968 

Ref: WJM/8643 
  

	 	4.1.2	 To VDC: 

Vantage Drilling Company 

c/o P.O. Box 309, Ugland House, 

Grand Cayman, 

KY1-1104, Cayman Islands 

Fax: (281) 404 4749 

Attention: Christopher Celano, General Counsel 

with a copy to: 

Fulbright & Jaworski L.L.P. 

1301 McKinney, Suite 5100 

Houston, Texas 77010 

Attention: Joshua P. Agrons 

Fax: (713) 651-5246 
  

 9 

	 	4.1.3	 To VDWC: 

Vantage Deepwater Company 

c/o P.O. Box 309, Ugland House, 

Grand Cayman, 

KY1-1104, Cayman Islands 

Attention: Christopher Celano, General Counsel 

Fax: (281) 404 4749 

with a copy to: 

Fulbright & Jaworski L.L.P. 

1301 McKinney, Suite 5100 

Houston, Texas 77010 

Attention: Joshua P. Agrons 

Fax: (713) 651-5246 
  

	 	4.1.4	 To Valencia: 

Valencia Drilling Corporation 

c/o TMT Co Ltd 

12th floor 

No. 167, Fu Hsin N. Rd 

Taipei City, 

Taiwan 

R.O.C. 

with a copy to: 

Ince & Co 

International House 

1 St Katherine’s Way 

London E1W 1AY 

Fax: +44 20 7481 4968 

Ref: WJM/8643 
  

	 	4.1.5	 To Titanium: 

Titanium Explorer Company 

c/o P.O. Box 309, Ugland House, 

Grand Cayman, 

KY1-1104, Cayman Islands 

Attention: Christopher Celano, General Counsel 

Fax: (281) 404 4749 
  

 10 

 with a copy to: 

Fulbright & Jaworski L.L.P. 

1301 McKinney, Suite 5100 

Houston, Texas 77010 

Attention: Joshua P. Agrons 

Fax: (713) 651-5246 
  

	4.2	 Notice shall be effective, in the case of a letter, on delivery, and in the case of a facsimile, on receipt by the sender of a confirmed
transmission report. 

  

	5	 COUNTERPARTS 

This Agreement may be executed in any number of counterparts each of which, when so executed, shall be deemed to be an
original but such counterparts shall together constitute but one and the same instrument. 
  

	6	 THIRD PARTY RIGHTS 

A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to
enforce or to enjoy the benefit of any term of this Agreement. 
  

	7	 FEES AND COSTS 

Each Party shall be responsible for its own fees and expenses in relation to the preparation, execution and completion of
this Agreement. 
  

	8	 FURTHER ASSURANCE 

The Parties agree to do all such things as may be necessary or advantageous in order to give full effect to the terms and
scope and purpose of this Agreement. 
  

	9	 CONFIDENTIALITY 

  

	9.1	 The Parties agree to treat as confidential all documents and other information which they may obtain in connection with this Agreement unless
disclosure of such information is expressly permitted by prior agreement of the other party, required by law, or is made in connection with a request from, or other disclosure to a regulatory authority or governmental agency or authority, including
the U.S. Department of Justice or the U.S. Securities and Exchange Commission. 

  

	9.2	 The Parties shall not make any press releases without the prior approval of the other parties except as may be required by law. Following execution
of this Agreement, the Parties shall consult together on the timing, contents and manner of release of an agreed form announcement and on the terms of any SEC filings in respect of this Agreement. 

 

 11 

	10	 MISCELLANEOUS 

  

	10.1	 This Agreement and any disputes of claims arising out of or in connection with its subject matter or formation (including non-contractual disputes
and claims) shall be governed by and construed in accordance with English law. 

  

	10.2	 The Parties irrevocably agree that the courts of England in London have exclusive jurisdiction to settle any disputes or other matters whatsoever
arising under or in connection with this Agreement (including a dispute relating to non-contractual obligations arising in connection with this Agreement) and any disputes or other such matters arising in connection with the negotiation, validity or
enforceability of this Agreement or any part thereof, and the Parties accordingly irrevocably and unconditionally submit to the jurisdiction of such courts. 

 

	10.3	 Each Party irrevocably consents to the service of process relating to any proceedings before the English courts in connection with this Agreement by
mailing or delivering a copy of the process to its address for the time being applying under clause 4. 

  

	10.4	 The agreements contained in this clause 10 shall be severable from the rest of this Agreement and shall remain valid, binding and in full force and
shall continue to apply notwithstanding this Agreement or any part thereof being held to be avoided, rescinded, terminated, discharged, frustrated, invalid, unenforceable, illegal and/or otherwise of no effect for any reason.

  

	10.5	 This agreement, and any documents referred to in it, constitute the whole agreement between the parties and supersede any arrangements,
understanding or previous agreement between them relating to the subject matter they cover. Each party acknowledges that in entering into this Agreement, it does not rely on, and shall have no remedy in respect of, any representation of any person
other than as expressly set out in this Agreement. Nothing in this clause 10.5 operates to limit or exclude any liability for fraud. 

  

 12 

 EXECUTION PAGE 

IN WITNESS WHEREOF this Agreement has been executed and delivered as a Deed on the day and year first above written. 

 

									
	 SIGNED and DELIVERED
	 	 )
	 		 		 	
	 as a DEED
	 	 )
	 		 		 	
	 by
	 	 )
	 		 	 By:
	 	 /s/ Hsin Chi Su

	 for and on behalf of
	 	 )
	 		 	 Print Name:
	 	  

    Hsin Chi Su

	 F3 CAPITAL
	 	 )
	 		 	 Title:
	 	  

    Director

		 	 )
	 		 		 	
					
	 SIGNED and DELIVERED
	 	 )
	 		 		 	
	 as a DEED
	 	 )
	 		 		 	
	 by
	 	 )
	 		 	 By:
	 	 /s/ Paul A. Bragg

	 for and on behalf of
	 	 )
	 		 	 Print Name:
	 	     Paul A. Bragg

	 VANTAGE DRILLING COMPANY
	 	 )
	 		 	 Title:
	 	  

    Chairman & Chief Executive Officer

		 	 )
	 		 		 	
					
	 SIGNED and DELIVERED
	 	 )
	 		 		 	
	 as a DEED
	 	 )
	 		 		 	
	 by
	 	 )
	 		 	 By:
	 	 /s/ Paul A. Bragg

	 for and on behalf of
	 	 )
	 		 	 Print Name:
	 	  

    Paul A. Bragg

	 VANTAGE DEEPWATER COMPANY
	 	 )
	 		 	 Title:
	 	  

    Chief Executive Officer

					
	 SIGNED and DELIVERED
	 	 )
	 		 		 	
	 as a DEED
	 	 )
	 		 		 	
	 by
	 	 )
	 		 	 By:
	 	 /s/ Hsin Chi Su

	 for and on behalf of
	 	 )
	 		 	 Print Name:
	 	     Hsin Chi Su

	 VALENCIA DRILLING CORPORATION
	 	 )
	 		 	 Title:
	 	     Director

					
	 SIGNED and DELIVERED
	 	 )
	 		 		 	
	 as a DEED
	 	 )
	 		 		 	
	 by
	 	 )
	 		 	 By:
	 	 /s/ Paul A. Bragg

	 for and on behalf of
	 	 )
	 		 	 Print Name:
	 	     Paul A. Bragg

	 TITANIUM EXPLORER COMPANY
	 	 )
	 		 	 Title:
	 	  

    Chief Executive Officer

 

 13

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