Document:

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                                                                   EXHIBIT 10(h)

                              SHIPBUILDING CONTRACT

                                     BETWEEN

                               JOS. L. MEYER GMBH

                                       AND

                               SHIP VENTURES INC.

                                       AND

                                 ARRASAS LIMITED

                        ----------------------------------

                          IN RELATION TO HULL NO. S.668

                        ----------------------------------

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                                                                  FIRST ORIGINAL

                                    CONTENTS
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CLAUSE                                                                                                        PAGE
<S>                                                                                                           <C>
Article 1: Subject matter of Contract........................................................................  1

1.       Agreement to build, sell and purchase...............................................................  1

2.       Description of the Ship.............................................................................  2

3.       Specification and Plans.............................................................................  3

4.       Classification......................................................................................  4

5.       Builder's right to subcontract......................................................................  5

6.       Buyer's Supplies....................................................................................  6

7.       Builder's tally of Buyer's Supplies.................................................................  8

Article 2: Supervision.......................................................................................  9

1.       Supervisor..........................................................................................  9

2.       Plan approval......................................................................................  10

3.       Work approval......................................................................................  11

4.       Planned Programme..................................................................................  12

5.       Minor alterations..................................................................................  12

6.       Technical disputes.................................................................................  13

Article 3: Modifications....................................................................................  14

1.       Modifications......................................................................................  14

2.       Classification and regulatory changes..............................................................  14

3.       Substitution of Parts..............................................................................  15

Article 4: Title and insurances.............................................................................  16

1.       Title, risk and encumbrances.......................................................................  16

2.       Insurances.........................................................................................  18

3.       Loss or damage.....................................................................................  19

Article 5: Permissible delays...............................................................................  21

1.       Extension of time for building work................................................................  21

2.       Delay notices......................................................................................  23

Article 6: Tests and liquidated damages.....................................................................  24

1.       Tests..............................................................................................  24

2.       Liquidated damages.................................................................................  26

Article 7: Delivery and guarantee...........................................................................  32

1.       Delivery and acceptance............................................................................  32

2.       Guarantee..........................................................................................  35
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                                                                  FIRST ORIGINAL
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Article 8: Contract Price and payment terms.................................................................  40

1.       Contract Price.....................................................................................  40

2.       Payments...........................................................................................  40

Article 9: Termination......................................................................................  43

1.       Termination by Builder.............................................................................  43

2.       Termination by Buyer...............................................................................  44

3.       Termination by either party........................................................................  46

Article 10: Builder's representations, covenants and indemnities............................................  47

1.       Representations, warranties and covenants..........................................................  47

2.       Indemnities........................................................................................  47

Article 11: Intellectual property rights....................................................................  49

1.       Patents, trade marks and copyrights................................................................  49

2.       Rights to engineering and design data..............................................................  50

Article 12: Taxes and contract expenses.....................................................................  51

1.       Taxes..............................................................................................  51

2.       Contract expenses..................................................................................  51

Article 13: Disputes........................................................................................  52

1.       Technical disputes.................................................................................  52

2.       Arbitration........................................................................................  53

3.       Governing law......................................................................................  54

4.       Notices............................................................................................  54

Article 14: General matters.................................................................................  56

1.       Computation of time................................................................................  56

2.       Assignments........................................................................................  56

3.       Partial illegality.................................................................................  57

4.       Confidentiality....................................................................................  57

5.       Amendments.........................................................................................  57

6.       No waiver..........................................................................................  57

7.       Consents...........................................................................................  57

8.       Language...........................................................................................  58

9.       Models.............................................................................................  58

10.      Counterparts.......................................................................................  58

11.      Effective Date.....................................................................................  58

12.      Protected Parties..................................................................................  59

13.      Guarantee..........................................................................................  59
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                                                                  FIRST ORIGINAL
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SCHEDULE....................................................................................................  60

1.       Definition of certain terms........................................................................  60

2.       Interpretation of certain references...............................................................  63

3.       Priority of Contract, Plans and Specification......................................................  64
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                                                                  First Original

THIS SHIPBUILDING CONTRACT is dated as of 15 September 2003 and made between:

(1)   JOS.L.MEYER GMBH, a company organised and existing under the laws of
      Germany, and having its principal office at Industriegebiet Sud, D-26871
      Papenburg, Germany (the "BUILDER"); and

(2)   SHIP VENTURES INC., a Delaware corporation having its registered office at
      1209 Orange Street, Wilmington, County of Newcastle, Delaware 19801,
      United States of America (the "BUYER"); and

(3)   ARRASAS LIMITED, a company incorporated in the Isle of Man and having its
      registered office at International House, Castle Hill, Victoria Road,
      Douglas, Isle of Man, British Isles ("ARRASAS").

NOW IT IS HEREBY AGREED as follows:

ARTICLE 1: SUBJECT MATTER OF CONTRACT

1.    AGREEMENT TO BUILD, SELL AND PURCHASE

1.1   On and subject to the provisions of this Contract, the Plans and the
      Specification:-

      (i)   the Builder shall:

            (a)   design, engineer, build, launch, equip and outfit the Ship at
                  the Shipyard, and

            (b)   provide all components, equipment, gear, fittings, machinery,
                  materials, parts, plant, outfit, spares and supplies,
                  including the shipbuilding materials manufactured and
                  processed in the United States of America referred to in
                  clause 3.3, which are necessary to achieve the objects and
                  purposes described in clause 1.1(i) (a) (the "Parts") other
                  than the specified supplies to be provided by the Buyer (the
                  "Buyer's Supplies"), and

            (c)   complete, finish, sell and deliver the Ship to the Buyer at a
                  North European sea port (the "DELIVERY PORT") selected by the
                  Builder and approved by the Buyer (such approval not to be
                  unreasonably withheld or delayed) after successful performance
                  and completion of the tests relating to the Ship; and

      (ii)  the Buyer shall purchase and accept delivery of the duly completed
            Ship at the Delivery Port.

1.2   The Builder, as a first class shipbuilder with a reputation for excellence
      and with knowledge of the Buyer's performance and quality requirements and
      standards shall ensure that all building work shall be carried out in a
      good and workmanlike manner and in accordance with the highest
      shipbuilding and marine engineering practices and standards for new
      passenger cruise ships, and so that (unless specified to the contrary in
      the Specification) the quality of workmanship, quality of materials and
      aesthetic design of the passenger cabins and public areas shall not be
      lower than the corresponding quality standards on m.v. Norwegian Dawn.

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                                                                  First Original

2.    Description of The Ship

2.1   The Ship shall be a luxury passenger cruise ship suitable for continuous
      year-round worldwide cruising, with the following main dimensions and
      characteristics:

      (i)   Dimensions

            Length overall about - 294.13 metres
            Length between perpendiculars: - 264.80 meters
            Breadth moulded - 32.20 metres
            Depth bulkhead deck - 11.50 metres
            Design draft - 8.30 metres

            *In this paragraph "about" means a tolerance of +/- 1 metre

      (ii)  Deadweight

            Guaranteed deadweight at a draft of 8.30 metres - 7,500 metric tons
            in sea water of 1.025 t/m3 density (and under the conditions further
            described in section G.2.3 of the Specification).

      (iii) Passenger Cabins

            Garden Villas - 2
            Executive suites - 4
            Junior suites - 20
            Studio - 20
            Deluxe - 132
            Standard outside with balcony - 352
            Standard outside - 234
            Standard inside - 399
            Handicapped - 25

      (iv)  Crew Cabins

            Captain class - 7
            Officer, single occupancy - 54
            Petty officers - 52
            Crew, two (2) berth - 93
            Crew, four (4)berth - 81
            Crew, six (6) berth - 118

      (v)   Life Saving Equipment

            Total number of persons on board for the purposes of long
            international voyages - 4,000.

      (vi)  Machinery

            Diesel engines           4 x MAN B&W 12V 48/60 B each capable of a
                                     maximum continuous rating of 14,400 kW at
                                     514 rpm (or equivalent)

            Pod units                2 pod units each developing 19,500 kW at
                                     approximately 150 rpm

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                                                                  First Original

      (vii) Speed

            The trial speed of the Ship at a draft of [***] [Confidential
            Treatment] shall be at least [***] [Confidential Treatment] under
            the conditions specified in Section G.2.5 of the Specification.

2.2   The details of the dimensions and characteristics referred to in clause
      2.1 above, as well as the definitions and method of measurements and
      calculations, are as indicated in the Specification and no changes shall
      be made to such dimensions and characteristics without the Buyer's prior
      written approval.

2.3   The hull number of the Ship will be S.668 and that number shall in
      accordance with clause 1.1 and 1.2 in Article 4 be placed upon the Ship
      and the Parts during construction.

3.    Specification And Plans

3.1   The Specification and the Plans describe in detail building work
      standards, the features of the building work and the general scope of the
      building work but, although the contents of the Specification and the
      Plans are believed by the Builder and the Buyer to be accurate, all
      dimensions and other details shall be independently verified and checked
      by the Builder and, if there are any errors or omissions in the
      Specification or Plans which may adversely affect the safety,
      seaworthiness or technical performance of the Ship, the Builder shall
      correct the same, after first notifying the Buyer in writing and obtaining
      the Buyer's written approval (which is not to be unreasonably withheld),
      without any increase in the Contract Price.

3.2   The Builder shall be solely and directly responsible for all aspects of
      the design, performance and quality of the building work, and the fact
      that any calculations, measurements, drawings, plans, test results or any
      other documents and data relating to the building work shall have been
      made, prepared or supplied by the Buyer or shown to the Buyer or approved
      by the Buyer and/or any Regulatory Authority and/or the Classification
      Bodies and/or any other specified person(s) or that modifications or
      alterations shall have been carried out in accordance with the Buyer's
      requirements shall not in any manner or to any extent relieve the Builder
      from (or otherwise reduce) any of the Builder's obligations and/or
      liabilities under this Contract.

3.3   The Builder has purchased from the Buyer various shipbuilding materials,
      which were manufactured and processed in the United States of America for
      use in Ingalls Shipbuilding, Inc.'s Hull No.7672 under the construction
      contract described in section 8109 of the Department of Defense
      Appropriation Act for the Fiscal Year 1998 (Public Law 105-56), for use in
      the construction of the Ship. Otherwise, all Parts shall be new or (with
      the Supervisor's prior written approval which shall not be unreasonably
      withheld) unused, of high quality, and in strict and full accordance and
      compliance with this Contract, the Plans and the Specification and shall
      otherwise be in strict and full accordance and compliance with the
      Builder's usual high standards and practices of construction for similar
      ships. The materials to be used for certain components are stated in the
      Specification.

3.4   The Builder shall pay for all Parts promptly on or before delivery of the
      Ship or in accordance with usual commercial credit terms.

3.5   The Builder shall furnish: spare parts in accordance with the
      Specification; and maintenance tools of the kind and in at least the
      quantities required by the Specification,

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                                                                  First Original

      the Classification Society, and the maker's standards, for items furnished
      by the Builder. The cost of such spares and tools are included in the
      Contract Price. The Builder at its own cost and risk shall be responsible
      for the handling, storing and bringing on board the Ship of all spares and
      tools. Spares and tools furnished by the Builder shall be properly
      protected against physical decay, corrosion and mechanical damage and
      shall be properly listed so that replacements may be readily ordered by
      the Buyer.

4.    Classification

4.1   The Builder shall build the Ship under the supervision and special survey
      of the Classification Bodies in accordance with the regulations,
      requirements, resolutions and rules of the Classification Bodies (the
      "Class Rules") that are (i) in force as of the Effective Date and (ii)
      announced as of the Effective Date as intended thereafter to come into
      force or to be implemented, so that on delivery the Ship achieves the
      class notation DNV + 1A1 Passenger Vessel, ECO, CLEAN and ABS + A1
      Passenger Vessel E, + AMS, + ACC free of all conditions, notations,
      qualifications, recommendations, reservations and restrictions.

4.2   The Classification Bodies' decision as to compliance or non-compliance of
      the building work with the Class Rules shall be final and binding on the
      parties but this provision shall not in any manner or to any extent
      relieve the Builder from (or otherwise reduce) any of the Builder's
      obligations to comply with this Contract, the Plans and the Specification
      in respect of requirements that exceed the Class Rules.

4.3   The Ship shall also be designed and built under the supervision and in
      accordance with the regulations, requirements, resolutions and rules of
      the Regulatory Authorities (the "Regulatory Rules") as well as all other
      specified regulations, requirements, resolutions and rules that, are (i)
      in force as of the Effective Date and (ii) announced as of the Effective
      Date as intended thereafter to come into force or to be implemented.

4.4   The decision of any Regulatory Authority which is to issue specified
      certificates shall be final and binding on the parties as to compliance or
      non-compliance of the building work with the relevant Regulatory Rules but
      this provision shall not in any manner or to any extent relieve the
      Builder from (or otherwise reduce) any of the Builder's obligations to
      comply with this Contract, the Plans or the Specification in respect of
      requirements which exceed the Regulatory Rules.

4.5   All classification, certification, testing, survey and other fees and
      charges payable to the Classification Bodies and other third parties in
      relation to the building work shall be for the account of the Builder.

4.6   Although the Classification Bodies will be appointed and paid for by the
      Builder, and although the Builder will be exclusively responsible for the
      correct interpretation and application of the Class Rules:

      (i)   the parties intend that, in performing its role in relation to the
            building work, the Classification Bodies shall be acting for, and
            shall owe identical duties to, both of the parties to this Contract;
            and

      (ii)  the Builder will ensure that the provisions of this clause 4.6 are
            communicated to, and accepted by, the Classification Bodies prior to
            its appointment under this Contract.

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                                                                  First Original

4.7   All fees and charges incidental to the registration of the Ship under the
      flag and laws of the Flag State shall be for the account of the Buyer.

4.8   In relation to the building work, the Buyer has the right:

      (i)   to inspect all correspondence, minutes of meetings and other
            documents passing between the Builder and the Classification Bodies
            and to have copies thereof upon request of the Supervisor or the
            Buyer; and

      (ii)  to attend all scheduled meetings between the Builder and the
            Classification Society,

      and the Builder shall provide (or procure that the Classification Bodies
      provides) copies of all documents requested under paragraph (i) above and
      shall keep the Buyer well informed (in advance) of all of the meetings
      referred to in paragraph (ii) above. The Builder will promptly inform the
      Supervisor of any unscheduled meetings between the Builder and the
      Classification Bodies and, if the Supervisor does not attend any of such
      meetings, the Builder will give the Supervisor a reasonably detailed
      account of the matters discussed and decisions taken at the meeting.

4.9   The Builder and its subcontractors shall comply with all laws, rules and
      regulations applicable to the building work, and the Builder shall obtain
      all licenses, permits, certificates and permissions required for the
      execution and completion of the building work, including those required by
      the Classification Bodies and the Regulatory Authorities.

4.10  The Builder shall be responsible for obtaining the approval of all
      drawings, calculations and other necessary matters by the Classification
      Bodies and the Regulatory Authorities, and shall arrange for all
      applicable certificates and approvals to be issued.

5.    Builder's Right To Subcontract

5.1   The Builder shall not subcontract the whole of the building work but it
      may subcontract the performance of certain parts of the building work to
      reputable and suitably qualified and experienced subcontractors provided
      that for any major subcontracting the Builder shall obtain the prior
      written consent of the Buyer (which consent shall not be unreasonably
      withheld), it being agreed that "Major Subcontracting" shall mean any
      construction or assembly of the Ship's volume sections or installation of
      the Ship's machinery and other main Parts, or any other major building
      work, to be done outside the Shipyard unless customarily done outside the
      builders' yards in connection with the construction of luxury passenger
      ships within the North/Northwest European shipbuilding industry.

5.2   The Builder's appointment, contracting, employment or use of any workmen,
      subcontractors, agents and other representatives (including, without
      limitation, any such persons appointed or employed or contracted by the
      Builder with the Buyer's approval) shall not in any manner or to any
      extent relieve the Builder from (or otherwise reduce) any of the Builder's
      obligations and/or liabilities under or in connection with this Contract
      nor diminish the Builder's responsibility adequately to manage and
      supervise such persons and to ensure that they conduct themselves in an
      efficient and workmanlike manner and in accordance with the practices and
      standards referred to in clauses 1.2.

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                                                                  FIRST ORIGINAL

5.3   The Builder covenants with the Buyer that:

      (i)   it shall ensure that there is not and will not be created by the
            Builder any direct or indirect contractual or other legal
            relationship between the Buyer and any subcontractors appointed or
            otherwise used by the Builder (save for such relationships as may be
            created by reason of the warranty and guarantee assignments to be
            made by the Builder under clause 2.10 of Article 7);

      (ii)  it shall take reasonable care in the selection, employment,
            appointment and supervision of all subcontractors, and shall use its
            best endeavours to procure their employment or appointment on the
            best possible terms consistent with the Buyer's rights, and the
            Builder's obligations and liabilities, under this Contract
            including, without limitation, such matters as (a) the best possible
            guarantees and warranties and liberty for the Builder to assign all
            or any part(s) of such guarantees and warranties to the Buyer, (b)
            the safety of passengers and crew, (c) good service, (d) reliability
            of subcontractors, and (e) availability of spares and post-delivery
            service support;

      (iii) it shall prevent its subcontractors from exercising any rights
            (including without limitation, any German Law Encumbrance Rights) to
            arrest, attach, detain or encumber the Ship, the Parts or any other
            of the Buyer's property;

      (iv)  it shall promptly provide the Buyer with such information and access
            as it may require from time to time in order to verify the
            performance of the supply and building work carried out by the
            Builder's subcontractors;

      (v)   it shall promptly (a) deal with the Buyer's reasonable complaints
            regarding the terms of engagement or contract of any of its
            subcontractors, and/or (b) take necessary steps to ensure the proper
            performance of any such subcontractors, and/or (c) comply with any
            reasonable requests by the Buyer to terminate any such engagement or
            contract and appoint a substitute subcontractor or; and

      (vi)  it shall be fully, directly and solely responsible (as between the
            Builder, the Buyer and the other protected parties) for the acts,
            omissions and defaults of the Builder's subcontractors (including,
            without limitation, any persons appointed, employed or contracted by
            the Builder with the approval of the Buyer) and for the acts,
            omissions and defaults of the respective officers, employees,
            workmen, agents and other representatives of the Builder and its,
            subcontractors.

5.4   The Buyer shall have the right to approve the identity of all main
      subcontractors other than those specified in the List of Suppliers, such
      approval not to be unreasonably withheld.

5.5   All labour costs (including overtime costs) of the Builder and of the
      workmen, subcontractors, and others used by the Builder shall be for the
      account of the Builder.

6.    BUYER'S SUPPLIES

6.1   The Buyer, at its own risk and expense, shall contract for, supply and
      deliver the Buyer's Supplies to the Shipyard and, in the case of certain
      materials, to the Builder's facility at the base port for trials in proper
      condition for installation or incorporation in, or stowage

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                                                                  FIRST ORIGINAL

      on board, the Ship in precise accordance with a delivery schedule to be
      agreed between the Buyer and the Builder within one hundred and eighty
      (180) days after the Effective Date.

6.2   The Builder shall, at its own risk and expense, receive, check as to
      agreement with transport documents, insure (in accordance with clause 2 of
      Article 4), safely store and keep well protected, and properly inspect,
      put on board and thereafter install or incorporate in or stow on the Ship,
      all of the Buyer's Supplies from time to time delivered to the Shipyard,
      and (whenever so requested by the Supervisor) the Builder shall also
      assist the Buyer to clear any Buyer's Supplies through German customs and
      (in relation to the materials which are to be delivered at the base port
      for trials) through the relevant customs. Upon request by the Builder, the
      Buyer's available personnel at the Shipyard will assist in the
      installation of the Buyer's Supplies.

6.3   In order to facilitate the inspection, installation and incorporation of
      the Buyer's Supplies by the Builder, the Buyer shall furnish the Builder
      with all plans, instruction books, test reports and certificates provided
      to the Buyer by its suppliers and, if so requested by the Builder, the
      Buyer shall without charge to the Builder cause the relevant suppliers to
      assist the Builder in the installation and incorporation of such Buyer's
      Supplies at the Shipyard. If any Buyer's Supplies (including any Buyer's
      Supplies to be replaced by the Buyer pursuant to this clause 6) have not
      been delivered within five (5) working days after the Supervisor's receipt
      of a notice from the Builder under clause 6.4(ii), the Builder shall be
      entitled to proceed with the construction of the Ship without installing
      or incorporating such Supplies in or on the Ship and the lack of any such
      installation or incorporation shall not be treated as a Defect in the Ship
      provided that if, having regard to the nature and/or expected delivery
      date(s) of the relevant Buyer's Supplies and/or the Builder's programme
      for the building work, it is reasonable for the Buyer to request the
      Builder to arrange the building work so that the relevant Supplies can be
      installed or incorporated in or on the Ship at a later date then, in each
      such case, the Builder will use its best efforts to accommodate any such
      reasonable request.

6.4   The Builder:

      (i)   shall be liable to the Buyer for any damage to or loss of any
            Buyer's Supplies occurring or arising after their delivery by (or on
            behalf of) the Buyer under clause 6.1 unless such damage or loss is
            caused by the inadequate packing or inherent vice of such Buyer's
            Supplies; and

      (ii)  shall notify the Supervisor as soon as practicable of any loss of,
            damage to, or deficiency in the supply or performance of, any of the
            Buyer's Supplies or any late delivery thereof in accordance with
            clause 6.3.

6.5   Where the Builder is liable to the Buyer (under clause 6.4) for any damage
      to or loss of any Buyer's Supplies, the Builder will promptly replace the
      relevant Supplies with identical items at its risk and expense; in all
      other cases where the Builder gives notice to the Buyer under clause
      6.4(ii), the Buyer will promptly replace the relevant Supplies at its risk
      and expense.

6.6   Within fifteen (15) days after the Ship has been delivered by the Builder
      and accepted by the Buyer in accordance with the provisions of this
      Contract, the Buyer will remove from

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                                                                  FIRST ORIGINAL

      the Shipyard any of the Buyer's Supplies which have not been used in the
      construction of, or otherwise delivered with, the Ship.

7.    BUILDER'S TALLY OF BUYER'S SUPPLIES

7.1   The Builder shall make and keep fully itemised and up-to-date records of
      all Buyer's Supplies from time to time delivered to the Shipyard and/or
      other premises of the Builder (and/or its subcontractors) and, without
      prejudice to the generality of the foregoing, the Builder shall ensure
      that such records are made and kept in the form used by the Builder for
      its own stocks and show:

      (i)   the date of delivery to the Builder (or its subcontractors) of each
            batch or consignment of Buyer's Supplies;

      (ii)  where and how such Buyer's Supplies are stored;

      (iii) when such Buyer's Supplies are incorporated or installed in, or
            stowed on, the Ship; and

      (iv)  the balance (in units) of any unused Buyer's Supplies.

7.2   The Builder shall provide the Supervisor, on a monthly basis, with a
      complete set of the records described in clause 7.1 and all amendments of,
      or supplements to, such records.

                                                              (END OF ARTICLE 1)

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                                                                  First Original

ARTICLE 2: SUPERVISION

1.    SUPERVISOR

1.1   The Buyer may retain a supervisor (the "Supervisor") and a supervision
      team at the Shipyard to maintain close contact with the Builder and, on
      behalf of the Buyer, to supervise the building work, and the Builder will
      assist the Buyer to obtain any necessary German permissions and
      authorisations for the Supervisor and his team to carry out their duties.

1.2   The Supervisor and his team shall at all times be deemed to be the
      employees of the Buyer and the Builder shall be under no liability
      whatsoever for personal injuries or other harm to, or death of, the
      Supervisor or any of his team, or for damage to, or loss or destruction
      of, their property, unless such injury, harm, death, damage, loss or
      destruction is caused by the negligence and/or wilful default of the
      Builder and/or any of the Builder's subcontractors.

1.3   The Supervisor and his team shall carry out their inspections and
      supervision in an efficient manner and in such a way as to avoid any
      increase in the building costs or delays to the building work.

1.4   All salaries and, subject to clause 1.5, costs and expenses of the
      Supervisor and his team shall be for the Buyer's account.

1.5   The Builder shall provide, free of charge to the Buyer, the Supervisor and
      the Supervisor's team:

      (i)   adequately equipped, maintained and serviced changing rooms and
            offices in reasonable numbers (including, without limitation,
            tables, chairs, filing cabinets, direct call national and
            international telephones and telefaxes, word processing workstations
            with laser printers in each office all in reasonable numbers, and
            one (1) full time secretary) conveniently located in the Shipyard
            and in close proximity to the Ship, and

      (ii)  lodgings in Papenburg (or vicinity) and meals at the Shipyard (as
            far as available),

      provided that the Builder may charge the Buyer at cost for such lodgings
      and meals, for the secretary and for the use by the Supervisor and his
      team of the national and international postage, telephone and telefax
      services provided by the Builder under this clause 1.5.

1.6   A written statement confirming the Supervisor's appointment and the scope
      of his actual authority shall be given by the Buyer to the Builder within
      thirty (30) days after the Effective Date. Written notice of revocation of
      appointment of the Supervisor and/or any change in the scope of his actual
      authority shall be given by the Buyer to the Builder immediately after any
      such revocation and/or change has been decided upon by the Buyer.

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                                                                  FIRST ORIGINAL

1.7   The Supervisor and his team shall be deemed to have notice of and shall
      observe the safety, security and other rules and precautions in force from
      time to time at the Shipyard and at the premises of the Builder's
      sub-contractors.

2.    PLAN APPROVAL

2.1   Each of the Builder and the Buyer acknowledges and agrees that the
      construction of the Ship requires co-operation and flexibility on the part
      of both parties, especially during the design phase.

2.2   Notwithstanding the generality of clause 2.1, the building work shall be
      carried out in strict accordance with the provisions of this Contract, the
      Specification and the Plans, and prior to commencement of the building
      work (and from time to time thereafter as and when the Buyer may request)
      the Builder will provide the Supervisor with a work schedule containing a
      critical path treatment of the major and significant elements of the
      building work, in their proper sequence, which must be completed to ensure
      delivery of the Ship by the Delivery Date.

2.3   All plans, drawings and other documents required to be developed and
      supplied by the Builder to the Buyer for approval shall be hand-delivered
      by the Builder in their proposed final form in three (3) copies to the
      Supervisor (or, if the Supervisor is not at the Shipyard at the relevant
      time, to any member of the Supervisor's team at the Shipyard unless a
      specified member of the team has been nominated by the Supervisor for this
      purpose by notice to the Builder and is available at the Shipyard) for the
      Buyer's approval, and the Builder agrees to use its best endeavours to
      submit all such plans, drawings and documents in such a manner that the
      Buyer may reasonably review and approve or comment on the same within the
      periods provided for in clauses 2.4 and 2.5.

2.4   Within five (5) working days after the Supervisor's receipt of the plans,
      drawings and other documents referred to in clause 2.3, the Supervisor
      will notify the Builder in writing whether or not such plans, drawings and
      other documents are sufficient to enable the Buyer to review them pursuant
      to this clause 2; and if any of the plans, drawings or other documents are
      deficient in any way, the Supervisor must specify the deficiency and give
      his reasons in such notice.

2.5   Any plans, drawings and other documents submitted to the Supervisor and
      accepted by him as being sufficient for the Buyer's review must be
      returned to the Builder as soon as practicable and, at the latest, within
      fifteen (15) days after the Supervisor's receipt of those plans, drawings
      and other documents which the Supervisor has authority to approve on
      behalf of the Buyer.

2.6   One copy of all plans, drawings and other documents submitted to the
      Supervisor and accepted by him as being sufficient for the Buyer's review
      shall be returned to the Builder (in accordance with the timetable laid
      down in clause 2.5) either as approved or as rejected by the Buyer
      provided that all rejections shall specify with reasons all aspects of the
      rejected plans, drawings or documents which do not, or which provide for
      building work which does not, conform to the requirements of this
      Contract, the Plans or the Specification.

                                     - 10 -
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                                                                  FIRST ORIGINAL

2.7   If a plan, drawing or other document is approved, the Builder shall
      proceed with the building work shown therein.

2.8   If a plan, drawing or other document is not accepted by the Supervisor as
      being sufficient for the Buyer's review in accordance with clause 2.4, the
      Builder shall promptly alter the relevant plan, drawing or document
      without charge to the Buyer and resubmit it as altered for approval by the
      Buyer in accordance with clauses 2.3 to 2.6.

2.9   All building work performed by the Builder prior to approval by the Buyer
      of all plans, drawings or documents relating to such work shall be at the
      sole risk and expense of the Builder.

2.10  If the Buyer (or the Supervisor on the Buyer's behalf) fails to return to
      the Builder, in accordance with the timetable laid down in clause 2.5, any
      plan or drawing or other document and this failure is not remedied within
      two (2) working days after the Supervisor's receipt of a written notice
      from the Builder specifying such failure, such plan or drawing or other
      document shall be deemed to have been automatically approved by the Buyer
      without any comments.

2.11  If the Builder discovers any feature in the Plans or the Specification
      which appears to be inconsistent with the general scheme of the building
      work or which might (in the reasonable opinion of the Builder) expose the
      Builder or the Buyer to any product liabilities, the Builder shall
      promptly notify the Supervisor and submit a proposal to the Supervisor for
      the Buyer's approval (such approval not to be unreasonably withheld) for
      the removal of the inconsistency or risk of product liability at the
      Builder's cost and in the Builder's time.

3.    WORK APPROVAL

3.1   Throughout the period during which the Ship is being built the Builder
      will conduct its usual quality control programme of inspections, testing
      and supervision by a team of the Builder's staff specially designated for
      this purpose but the building work and all Parts, as the same may at any
      time and at any place be completed or be in progress, shall also be
      subject to inspection by and the approval of the Buyer (acting through the
      Supervisor and his team) and the Classification Society.

3.2   The Builder shall at all times during normal working hours give the
      Supervisor and the Supervisor's team free and ready access to (and a free
      right to inspect) the Ship and Parts at any place where building work is
      being done or tests are being carried out or Parts are being processed or
      stored in connection with the building of the Ship including, without
      limitation, the Shipyard and other yards, workshops and stores of the
      Builder, and the premises of the Builder's subcontractors who are doing
      work in connection with the building of the Ship or processing or storing
      Parts, and the Builder shall ensure that the provisions of this clause 3.2
      are inserted into all subcontracts from time to time made by it in
      connection with the building work.

3.3   The Buyer shall be entitled (but not obliged) to reject all building work
      and Parts which do not comply with the requirements of this Contract, the
      Plans and the Specification unless and to the extent that such
      non-compliance is the direct result of the Builder

                                     - 11 -
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                                                                  First Original

      seeking to avoid (in a manner approved by the Buyer, such approval not to
      be unreasonably withheld) the product liabilities described in clause 2.11
      provided that all rejections shall be made in writing, and shall specify
      with reasons those aspects of the building work or Parts inspected which
      do not comply with the requirements of this Contract, the Plans or the
      Specification.

3.4   If any building work or Parts shall be duly rejected by the Buyer as not
      complying with the Contract, the Plans or the Specification, the Builder
      shall promptly correct or replace such work or Parts at the Builder's cost
      and in the Builder's time.

4.    PLANNED PROGRAMME

4.1   The Ship shall be constructed in accordance with the planned programme
      contained in the Specification which defines certain stages of the
      construction process ("Milestones") which must be completed by the dates
      therein specified.

4.2   The Builder shall submit to the Buyer each month, commencing on the date
      falling one month after the Effective Date, until delivery, the following
      documentation (the accuracy of which the Builder hereby warrants):

      (a)   a status report on the building work as compared with the planned
            programme, including the critical path;

      (b)   a report setting out the actual progress of the building work during
            the previous month as compared with the planned programme;

      (c)   a list of modifications (if any) agreed during the previous month,
            including Contract adjustments, if any, agreed during that month;

      (d)   a report on the delivery of subcontracted materials during the
            previous month (the precise nature and form of which report shall be
            agreed, from time to time, between the Buyer and the Builder).

4.3   Without prejudice to the Builder's obligations under this Contract, if the
      construction of the Ship should, for any reason whatsoever, be delayed
      beyond the time-frame indicated in the planned programme, the Builder
      shall immediately notify the Buyer. If the delay which has occurred is not
      a permissible delay, the Builder shall within fourteen (14) working days
      after provision of such notification provide to the Buyer a written
      schedule describing the steps (including any appropriate increase in
      manpower and material resources) the Builder intends to take to recover
      the time lost. The Builder and the Buyer shall meet at the earliest
      opportunity to discuss the proposal and the Builder's detailed plans for
      implementation of the same.

5.    MINOR ALTERATIONS

5.1   Subject to clause 3.2 in Article 1 and to Article 3, approvals and other
      decisions of the Buyer in relation to the design and performance of the
      building work shall be final and may not be revised or revoked without the
      prior written approval of the Builder provided that the Builder shall not
      withhold its approval for any minor alterations or revisions requested by
      the Buyer which (in the reasonable opinion of the Builder) would not:

                                     - 12 -
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                                                                  First Original

      (i)   delay or increase the cost of the building work or have a material
            adverse affect on the Builder's planning or programme for the
            building work; or

      (ii)  otherwise constitute a material modification of this Contract, the
            Plans or the Specification; or

      (iii) require the Builder to jeopardise its contracted building
            schedule(s) for other ships.

6.    TECHNICAL DISPUTES

6.1   If, at any time during the design phase or any other stage of the building
      work, there is a difference of opinion between the Builder and the Buyer
      in relation to any technical matter, then either party may give a notice
      (a "Dispute Notice") to the other party and if the parties do not resolve
      the difference of opinion within five (5) working days after the date of
      service of the Dispute Notice, the Builder or the Buyer may require that
      the difference of opinion be treated as a technical dispute to be resolved
      in accordance with clause 1 of Article 13.

                                                              (End of article 2)

                                     - 13 -
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                                                                  FIRST ORIGINAL

ARTICLE 3: MODIFICATIONS

1.    MODIFICATIONS

1.1   This Contract, the Plans and the Specification may be modified from time
      to time by agreement of the parties provided that any reasonable and
      timely modifications requested by the Buyer, and/or any modifications
      required to be made under clause 2 which are occasioned by any changes in
      the Class Rules or in any of the Regulatory Rules after the Effective
      Date, shall be implemented by the Builder if the Buyer assents to
      necessary modifications to the Contract Price, the Delivery Date and any
      other relevant provisions of this Contract, the Builder agreeing to act in
      good faith and use its best efforts to accommodate any such reasonable
      requests by the Buyer so that any such modifications shall be made:

      (i)   at the lowest cost reasonably possible;

      (ii)  within the shortest period of time reasonably possible; and

      (iii) without any loss in the relative priority of the building work for
            the Ship compared to other construction work in the Shipyard,

      provided that nothing in this clause 1.01 shall require the Builder to
      jeopardise its contracted building schedule(s) for other ships.

1.2   Any agreement on a modification of this Contract, the Plans or the
      Specification shall include:

      (i)   any increase or decrease in the Contract Price;

      (ii)  any change in the Delivery Date, and

      (iii) any other adjustment to or amendment of any relevant provisions of
            this Contract, the Plans or the Specification,

      which is directly, necessarily and reasonably occasioned by such
      modification.

1.3   Any agreement on a modification of this Contract, the Plans or the
      Specification shall be recorded and evidenced by an exchange of letters or
      telefaxes which shall constitute an amendment to this Contract and/or the
      Plans and/or the Specification and shall be sequentially numbered, marked
      "Contract modification under Clause 3" and signed by the parties duly
      authorised representatives, and following any such agreement the Builder
      shall modify the building of the Ship in accordance therewith.

1.4   If there is any dispute between the parties as to any of the matters
      referred to in clause 1.2 then, if the Buyer so requires, the Builder will
      make the requested modification before the dispute has been resolved
      provided the Buyer confirms its willingness to pay the amount found due to
      the Builder in respect of such modification.

2.    CLASSIFICATION AND REGULATORY CHANGES

2.1   If, after the Effective Date, any Class Rules and/or any Regulatory Rules
      are changed by the Classification Bodies or any Regulatory Authority, the
      Builder shall promptly notify

                                     - 14 -
<PAGE>

                                                                  FIRST ORIGINAL

      the Buyer in writing of the relevant change(s) and of the necessary
      modifications to be made to this Contract, the Plans and the
      Specification.

2.2   If the Classification Bodies or any Regulatory Authority requires any
      change to be made in the design, construction or certification of the Ship
      - as compared with the design, construction or certification of Hull
      No.S.667 (Bahamas flag) - in order to enable the Ship to comply with the
      requirements of the Flag State, the Builder shall promptly notify the
      Buyer in writing of the relevant change and of the necessary modifications
      to be made to the Contract, the Plans and the Specification.

2.3   If, following its receipt of a notice under clause 2.1 or clause 2.2, the
      Buyer reasonably considers that the operation of the Ship in its intended
      service would permit of a dispensation or waiver, the Builder will at the
      request of the Buyer apply for a dispensation from, or waiver of
      compliance with, the relevant change(s).

2.4   If the Buyer does not require the Builder to apply for a dispensation or
      waiver (or it has not been possible to obtain a dispensation or waiver)
      within a period of fifteen (15) days after the Buyer's receipt of a notice
      under clause 2.1 or under clause 2.2 (or such longer period of time as the
      parties may agree to be reasonable in the light of all the circumstances
      then prevailing), the parties shall make an agreement to modify this
      Contract in accordance with clause 1 and thereafter the Builder shall make
      the relevant change(s) in the design or building of the Ship.

3.    SUBSTITUTION OF PARTS

3.1   If (notwithstanding all reasonable efforts on the part of the Builder and
      provided that orders for the same were placed in good time by the Builder)
      any Parts are not available at the time required for their installation or
      incorporation in the Ship, the Builder may (with the prior written
      approval of the Buyer) use suitable substitute Parts which are at least
      equal to the standard and quality of the Parts which were not available
      and which are capable of meeting all of the requirements of:

      (i)   this Contract, the Plans and the Specification; and

      (ii)  the Classification Bodies and the Regulatory Authorities.

3.2   Where a proposed substitution of Parts is approved by the Buyer, the
      Builder shall:

      (i)   bear all additional costs and expenses whatsoever in relation to
            such substitution; and

      (ii)  credit the Buyer with any cost savings occasioned by such
            substitution.

                                                              (END OF ARTICLE 3)

                                     - 15 -
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                                                                  FIRST ORIGINAL

ARTICLE 4: TITLE AND INSURANCES

1.    TITLE, RISK AND ENCUMBRANCES

1.1   On and from the Effective Date, the Builder (as legal and beneficial
      owner) hereby transfers and agrees to transfer to the Buyer (free and
      clear of all encumbrances whatsoever) - and the Buyer hereby agrees to
      accept such transfer - the Ship, as it is constructed from time to time
      including without limitation all of the Builder's ownership and interest
      (legal and beneficial) in the appurtenances, components, equipment items,
      machinery fittings and all materials of whatsoever kind (whether marked or
      not) from time to time intended for the construction of the Ship which the
      Builder has acquired or will acquire for this purpose, the agreed and
      irrevocable intention of the parties being that from the Effective Date
      the Buyer has and shall have full title (free and clear of all
      encumbrances whatsoever) to:

      (i)   the Ship itself as it is in the course of progressive stages of
            construction.

      (ii)  all materials and equipment from time to time appropriated or
            allocated for the construction on the Ship, all of which shall be
            marked as allocated to hull number S.668 as soon as reasonably
            practicable after the Effective Date;

      (iii) all parts assembled, fabricated or manufactured from the materials
            and equipment referred to above; and

      (iv)  all other Parts.

      All risks in relation to the Ship and all the materials and equipment
      referred to above and all other Parts (including delivered Buyer's
      Supplies) shall be and remain with the Builder until the Ship is delivered
      to and accepted by the Buyer in accordance with Clause 1 in Article 7.

1.2   Immediately upon:

      (i)   the delivery to the Builder (or any of its subcontractors) of any
            Buyer's Supplies; and

      (ii)  the delivery to, or fabrication by, the Builder (or any of its
            subcontractors) of all other Parts,

      the Builder shall mark (or cause its relevant subcontractors to mark) the
      same and the Ship (as it is from time to time built) with hull number
      S.668.

1.3   The Builder shall have no authority to create (and waives all rights to
      create) any encumbrances whatsoever over any of the Buyer's property
      (which for all purposes of this Contract shall include the Ship, the
      Buyer's Supplies, the Parts and other materials referred to in subclause
      1.1 and any other property of the Buyer), nor shall it permit any of its
      subcontractors to impose or assert any encumbrances of any kind on or
      against any of the Buyer's Property.

1.4   At any time when a payment is due to the Builder under this Contract, and
      at all other reasonable times, the Buyer may require the Builder to
      provide a written statement

                                     - 16 -
<PAGE>

                                                                  FIRST ORIGINAL

      satisfactory to the Buyer showing what, if any, encumbrances of any kind
      (other than permitted encumbrances) have been or are liable to be imposed
      on or asserted against any of the Buyer's property.

1.5   If any encumbrance of any kind (other than any permitted encumbrance) is
      imposed on or asserted against any of the Buyer's property, the Builder
      shall promptly notify the Buyer and shall, not later than ten (10) days
      thereafter, secure the discharge or release of such encumbrance provided
      that if the Builder desires to contest any such encumbrance and such
      discharge or release is not available under law during such contest
      (including, without limitation, through the filing of a bond or other
      security), the Builder shall immediately take such steps as in the opinion
      of the Buyer shall prevent such encumbrance from delaying or otherwise
      adversely affecting the building work and shall indemnify fully, hold
      harmless and defend the Buyer and all other protected parties from and
      against all Losses which any of them may sustain or incur as a result of
      the imposition of any such encumbrance.

1.6   Notwithstanding the provisions of clause 1.5, the Buyer may secure the
      removal of any such encumbrance in which event the Builder shall reimburse
      the Buyer in full for its costs (including legal fees) of securing such
      discharge or release by deducting such sum from any payments due or to
      become due to the Builder under this Contract save that if any such cost
      is in excess of the amount of any such reimbursement by deductions, the
      Builder shall pay the amount of such excess to the Buyer promptly upon
      demand.

1.7   Notwithstanding the provisions of clause 1.5, the Buyer, without securing
      the discharge or release of any such encumbrance, may nevertheless
      withhold from any payments due or to become due to the Builder, unless and
      until such encumbrance is discharged or released by the Builder, a sum
      equal to the amount reasonably determined by the Buyer to be required to
      secure the discharge or release of such encumbrance (which amount shall
      include the estimated amount of all expenses which might be incurred in
      connection therewith, including legal fees).

1.8   Prior to the installation of any of the Buyer's Supplies:

      (i)   the Builder may require the Buyer to state in writing whether any
            permitted encumbrances have been imposed on or asserted against the
            relevant Buyer's Supplies and to discharge any such permitted
            encumbrances prior to the installation of such Buyer's Supplies, and
            if the Buyer fails to discharge any such permitted encumbrances, the
            Builder may withhold the installation of the relevant Buyer's
            Supplies in which case any resulting delays will be the Buyer's
            responsibility; and

      (ii)  the Buyer may require the Builder to confirm in writing that the
            representations made by it in Article 10, clause 1.2(ii) remain in
            all respects true and accurate and to procure that the Builder's
            financiers confirm in writing to the Buyer that they have no grounds
            for making (nor any expectation of acquiring grounds for making) any
            claims against the Builder or the Ship, and if the Builder or its
            financiers fails to deliver any such statement, the Buyer may
            require the Builder to withhold the installation of the relevant
            Buyer's Supplies in which case any resulting delays will be the
            Builder's responsibility.

                                     - 17 -
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                                                                  First Original

1.9   Until delivery and acceptance of the Ship under and in accordance with
      this Contract, the parties agree that:

      (i)   as a substitute for the transfer of physical possession to the
            Buyer, the Builder will have actual possession (unmittelbarer
            Besitz) of the Ship, the Parts and delivered Buyer's Supplies and
            will keep the same in safe custody for the Buyer (and free of charge
            to the Buyer); and

      (ii)  and the Buyer will have constructive possession (mittelbarer Besitz)
            of the Ship, the Parts and delivered Buyer's Supplies until the
            Buyer takes delivery thereof or obtains possession thereof in
            accordance with this Contract.

2.    INSURANCES

2.1   During the currency of this Contract and until her delivery to the Buyer
      the Ship, all Parts, and all Buyers' Supplies (up to a maximum aggregate
      value of (euro)25,000,000 (twenty five million euro) delivered to the
      Builder (or any of its subcontractors), shall be at the sole, direct and
      entire risk of the Builder which shall at its own expense keep the same
      insured on terms, and with brokers and underwriters, approved by the Buyer
      and its financiers in respect of and against all usual building risks,
      including protection and indemnity risks, tests risks and war risks. All
      premiums and deductibles shall be for the sole account of the Builder.
      Neither the brokers nor the underwriters shall have any rights of recourse
      against the Buyer or the Ship, or any rights to make any deduction,
      set-off or other withholding from or against any sum payable to the Buyer
      in connection with the Insurances.

2.2   The amount of the insurances (the "Insurances") to be arranged by the
      Builder under this Article shall be not less than the Contract Price.

2.3   All Insurances shall be taken out by the Builder naming the Buyer as the
      assured party and the Builder as the co-insured party for their respective
      interests. The Insurances shall contain loss payable provisions reasonably
      acceptable to the Buyer and its financiers.

2.4   All Insurances shall provide that there shall be no recourse against the
      Buyer or its assignees for the payment of any premiums or commissions and
      that no cancellation of the Insurances, for any reason whatsoever, shall
      become effective unless and until fourteen (14) days prior written notice
      has been given by the relevant brokers or insurers to the Buyer.

2.5   The Builder shall supply the Buyer prior to the commencement of
      construction of the Ship with an original cover note specifying the terms
      of the Insurances and security (which shall be as usual for the London
      insurance market) for the Ship.

2.6   If at any time there is:

      (i)   any lapse in the insurance coverage which the Builder is required to
            arrange under this clause 2, the Buyer may effect replacement
            coverage at the Builder's expense; or

                                     - 18 -
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                                                                  First Original

      (ii)  any failure by the Builder to pay any premiums due in respect of the
            Insurances, the Buyer may pay the same and recover the relevant
            payment(s) from the Builder.

3.    LOSS OR DAMAGE

3.1   In the event of any partial loss of the Ship before delivery:

      (i)   the loss shall be made good by the Builder as soon as reasonably
            possible, the Delivery Date shall be extended in accordance with
            clause 1 in Article 5 (provided that the cause of the partial loss
            is excused under that clause) and the partial loss proceeds
            referable to the Ship and/or Parts (other than Buyer's Supplies)
            subject to the partial loss shall be applied by the Builder in
            making good the partial loss to the approval of the Buyer, the
            Classification Bodies and the Regulatory Authorities; and

      (ii)  the partial loss proceeds referable to any Buyer's Supplies subject
            to the partial loss shall be paid to the Buyer.

3.2   In the event of the total loss of the Ship before delivery, either the
      Builder or the Buyer shall be entitled to terminate this Contract by
      written notice to the other, such notice to be delivered within thirty
      (30) days after the date (the "Determination Date") on which it is
      determined that the Ship has become a total loss pursuant to clause 3.6
      below.

3.3   If, following the total loss of the Ship, neither party terminates this
      Contract pursuant to clause 3.2, the Builder shall proceed with the
      building of the Ship in accordance with this Contract and the Delivery
      Date shall be extended in accordance with clause 1 in Article 5 provided
      that the cause of the total loss is excused under that clause.

3.4   If there is a total loss of the Ship before delivery, then:-

      (i)   if either party elects to terminate this Contract pursuant to clause
            3.2, the Builder shall within ninety (90) days from (and including)
            the Determination Date pay to the Buyer an amount equal to the sum
            of:

            (a)   all payments previously made by the Buyer to the Builder under
                  this Contract together with interest thereof at the relevant
                  rate calculated from the date on which the Builder received
                  each such payment to the date on which the reimbursement is
                  received by the Buyer, and

            (b)   the Buyer's Supply Costs in respect of any Buyer's Supplies
                  which are subject to the total loss; or

      (ii)  if neither party terminates this Contract pursuant to clause 3.2,
            the Builder shall within ninety (90) days from (and including) the
            Determination Date pay to the Buyer the Buyer's Supply Costs in
            respect of any Buyer's Supplies which are subject to the total loss.

3.5   To the extent that amounts are paid to the Buyer under clause 3.4, any
      insurance proceeds received on that account shall be paid to the Builder.

                                     - 19 -
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                                                                  FIRST ORIGINAL

3.6   A total loss shall be deemed to have occurred:

      (i)   if it consists of an actual loss, at noon Papenburg time on the
            actual date of loss; or

      (ii)  if it consists of a constructive or compromised or arranged or
            agreed total loss, at noon Papenburg time on the date on which
            notice of abandonment of the Ship is given to her insurers or (if
            her insurers do not admit the claim for a total loss) at the time on
            the date at which a total loss is subsequently adjudged to have
            occurred by a competent court or arbitration tribunal or liability
            in respect thereof as a total loss is admitted by underwriters.

                                                              (END OF ARTICLE 4)

                                     - 20 -
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                                                                  FIRST ORIGINAL

ARTICLE 5: PERMISSIBLE DELAYS

1.    EXTENSION OF TIME FOR BUILDING WORK

1.1   If the Builder gives notice as provided in clauses 2.1, 2.2 and 2.3 the
      Builder shall be entitled to an extension of the Delivery Date but only
      if:

      (i)   there is a specific cause of delay which the Builder can prove will
            solely and directly delay delivery of the Ship beyond the Delivery
            Date and which cause is delaying or will delay building work which
            is in the critical path of delivery of the Ship for more than one
            working day;

      (ii)  such cause of delay is one of the excusable causes set out in clause
            1.3;

      (iii) the Builder proves that it has used and is continuing to use all
            reasonable efforts to avoid, prevent, minimise and overcome the
            actual delay in delivery of the Ship including, without limitation,
            by the performance of other or additional building work provided
            that such other or additional building work does not jeopardise the
            Builder's contracted obligations for the construction of other
            ships; and

      (iv)  but for such cause of delay the Ship would have been delivered on
            time,

      provided that the length of any such extension shall be the number of days
      by which the Builder can prove that the Delivery Date for the Ship
      actually will be delayed solely and directly by each such cause of delay.

1.2   The Builder shall at all times have the burden of proving each of the
      matters required to be established by this clause 1 and in the event that
      it is not possible for it to prove whether, or to what extent, any delay
      in delivery is directly and solely attributable to a cause which is
      excused by the provisions of this clause 1, the Builder shall not be
      entitled to any extension of the Delivery Date.

1.3   The Builder shall be entitled to an extension of the Delivery Date, as
      provided in clause 1.1, for any delay caused:

      (i)   by the Buyer (other than such delays, if any, as are caused by the
            Buyer in the proper and timely exercise of any of its rights or
            obligations under this Contract);

      (ii)  by legislation or other formal action by or on behalf of the German
            government (or any agency or other authority of such government)
            prohibiting or otherwise preventing the Builder from proceeding with
            the building work;

      (iii) by war or warlike events involving any country which is directly
            relevant to the building of the Ship;

      (iv)  by extraordinary weather conditions not included in normal planning;

      (v)   by such strikes, lockouts and other labour disturbances of the
            Builder or those of its subcontractors who supply important parts
            (such as engines, major castings or major forgings) as are beyond
            the Builder's control;

                                     - 21 -
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                                                                  FIRST ORIGINAL

      (vi)   by such accidents, explosions, fires, disruptions of power supplies
             and other similar occurrences as are beyond the Builder's control;

      (vii)  by the short, late or non-delivery to the Builder of any Parts, or
             the late performance of the Builder's subcontractors provided that
             the late, short or non-delivery or late performance resulted from
             causes which would entitle the Builder to an extension of the
             Delivery Date under this clause 1 and provided that the Builder
             proves that it has exercised due diligence (a) in contracting for
             such Parts and with such subcontractors, (b) in the performance of
             any acts required of it with respect to such Parts or
             subcontractors, (c) in monitoring the acts and circumstances of
             such subcontractors, and (d) in expediting deliveries or
             performance under the Builder's purchase or subcontracts or
             procuring equivalent substitute performance in the event of the
             late delivery of such Parts or the under-performance in such
             purchase or subcontracts; or

      (viii) by unfavourable weather conditions if commencement of the sea
             trials tests is postponed or such tests are discontinued pursuant
             to clause 1.4 in Article 6 by reason of such conditions and the
             number of days thereafter during which such tests cannot be
             undertaken exceed three (3) in total, then any further days during
             which the weather conditions remain unfavourable may be claimed
             (subject to the other provisions of this clause 1) as a permissible
             delay.

1.4   Notwithstanding anything to the contrary in this clause 1, the Builder
      shall not be entitled to any extension of the Delivery Date for:

      (i)   any delay resulting from a cause of delay which has itself been
            caused or contributed to by the negligence or other default of the
            Builder;

      (ii)  any delay resulting from a cause of delay in existence as of the
            Effective Date; or

      (iii) any delay resulting from a cause of delay, which was or reasonably
            should have been foreseen or anticipated by the Builder by reason of
            facts which were, or after reasonable enquiry should have become,
            known to the Builder as of the Effective Date; or

      (iv)  any delay resulting from a cause of delay which reasonably could
            have been avoided by the Builder;

      (v)   any delay resulting from the late performance or default of a
            subcontractor, if such delay results from a cause of delay in effect
            published and announced as of the date of the award of the relevant
            purchase contract or subcontract;

      (vi)  any delay resulting from any dispute or arbitration proceeding under
            this Contract, provided that in the case of any building work under
            dispute or arbitration which would otherwise be commenced prior to
            the resolution thereof the Builder shall not be required to proceed
            therewith (and a corresponding extension of the Delivery Date shall
            be allowed) if, after written request by the Builder, the Buyer
            fails to confirm forthwith its willingness to pay the amount found
            due in respect of such work; or

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                                                                  FIRST ORIGINAL

      (vii) any delay in moving the Ship from the Shipyard to the Delivery Port
            due to extraordinary weather conditions not included in normal
            planning.

2.    DELAY NOTICES

2.1   The Builder shall give written notice to the Buyer of a cause of delay
      pursuant to clause 1.3 as soon as practicable and no later than five (5)
      days after the date on which the Builder first has knowledge of such cause
      of delay and in such notice the Builder shall describe the cause of the
      delay, the date of commencement (or first occurrence) of the cause, its
      expected duration and its expected effect on the Builder's ability to
      carry on with the building work.

2.2   The Builder will provide the Buyer with regular written status reports (at
      such reasonable intervals as the Buyer may request) with respect to any
      delay in respect of which the Builder has given notice pursuant to clause
      2.1 and as to the steps being taken (and planned) by the Builder to
      minimise and overcome any actual delay in delivery of the Ship.

2.3   Within five (5) days after any cause of delay set forth in clause 1.3 has
      ceased to exist, the Builder shall notify the Buyer of such cessation and
      give the Buyer a written statement of the actual or estimated delay in the
      completion of the building work resulting from such cause together with
      such detailed documentation as is then available to it justifying such
      extension, and any such detailed documentation thereafter becoming
      available to the Builder shall be promptly be given to the Buyer.

2.4   On the basis of the notices, reports, statements and information given to
      the Buyer by the Builder relating to any actual or estimated delay in
      delivery (and such further information and documentation as the Buyer may
      reasonably request), the Buyer and the Builder shall confer and attempt to
      agree upon the number of days by which the Delivery Date shall be extended
      provided that if the Buyer and the Builder cannot so agree within thirty
      (30) days after the completion of any such conference, the extension of
      the Delivery Date (if any) shall be determined as a dispute pursuant to
      the provisions of Article 13.

2.5   The extension of the Delivery Date provided for in this Article shall be
      the only remedy for delay to which the Builder shall be entitled and, by
      way of illustration but not limitation, the Builder shall not be entitled
      to damages or any adjustment in the Contract Price.

                                                              (END OF ARTICLE 5)

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                                                                  FIRST ORIGINAL

ARTICLE 6: TESTS AND LIQUIDATED DAMAGES

1.    TESTS

1.1   At its sole and direct risk and expense, the Builder shall subject the
      Ship and specified Parts to the tests in order to ascertain whether the
      Ship and such Parts have been completed in full accordance with this
      Contract, the Plans and Specification.

1.2   The Buyer shall be entitled to have the Supervisor and his team present at
      all tests and the Builder shall give the Supervisor:

      (i)   two (2) days prior written notice of all tests (except sea trials
            tests) (a) designated for such notice by the Buyer after its receipt
            from the Builder of an agreed schedule of tests and (b) scheduled to
            take place on week-ends or other non-working days; and

      (ii)  twenty four (24) hours prior written notice of all other tests
            (except sea trials tests).

1.3   The Builder shall give the Supervisor fifteen (15) days' estimated, and
      seven (7) days' definite, prior written notice of the time and the place
      for the sea trials tests provided that only one (1) day's prior written
      notice need be given to the Supervisor with respect to retrials at sea
      conducted within three (3) days after completion of a previous sea trial
      at or upon which the need for such retrial was determined.

1.4   If the weather conditions on the date specified for the sea trials tests
      are (in the reasonable opinion of the Builder) so unfavourable that they
      would prevent the Builder from carrying out such tests then the same shall
      take place on the first available day thereafter that weather conditions
      permit. If, during the sea trials tests sudden and unexpected changes in
      the weather occur which, in the reasonable opinion of the Builder, are
      such as to prevent the continuation of such tests then the Builder shall
      have the option of continuing such tests or of postponing them until the
      next following favourable day unless the Buyer shall (in its option) agree
      to accept the Ship on the basis of the tests made.

1.5   The failure of the Supervisor to be present at any test, after due notice,
      shall (unless such failure is due an event or combination of events
      outside the Supervisor's control) be deemed to be a waiver of the
      Supervisor's right to be present at the relevant test and the Buyer shall
      be obliged to accept the results of such test on the basis of acceptance
      by the Builder and the Classification Society.

1.6   All tests conducted without notice to the Supervisor shall be reconducted
      by the Builder on due notice to the Supervisor at the sole risk and
      expense of the Builder.

1.7   If a Defect is discovered during any test the Builder shall, after
      correcting such Defect, be required to make such further tests as may be
      necessary in extent and number to demonstrate and confirm the complete
      correction thereof provided that additional sea trials tests will not be
      required if the correction of any such Defect can be verified in shop or
      dock tests, and the sole and direct risk and expense of all such further
      or additional tests shall be borne by the Builder.

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                                                                  First Original

1.8   The term "DEFECT" means:

      (i)   any defect in the Ship or in any Part installed or incorporated in,
            stowed on or otherwise delivered with the Ship (including Buyer's
            Supplies installed by the Builder or its subcontractors) which is
            due to defective materials, workmanship, construction or design or
            any failure to comply with the relevant recommendations of any
            subcontractors or other parties,

      (ii)  any inherent vice, breakdown, incompleteness, omission or other
            deficiency of the Ship or any Part,

      (iii) any failure of the Ship or any Part or any aspect of the building
            work to comply with any of the requirements of this Contract, the
            Specification or the Plans, or the requirements of any of the
            subcontractors used in connection with this Contract, or

      (iv)  the existence of any condition, notation, qualification,
            recommendation, reservation or restriction in relation to any
            certificate issued by the Classification Bodies or any Regulatory
            Authority,

      provided that the term "Defect" shall not include any fault in any of the
      Buyer's Supplies which were properly received, handled, installed or
      incorporated in, stowed on or otherwise delivered with, the Ship by the
      Builder in accordance with the requirements of this Contract, the
      Specification and the Plans.

1.9   After all tests have been satisfactorily performed and completed, the
      Builder shall:

      (i)   take the Ship to the sea port referred to in Article 1, clause
            1.1(i)(c) and open up such machinery as (a) the Classification
            Bodies and/or the Regulatory Authorities may require and/or (b) the
            Buyer may reasonably require, for post-tests inspection and
            examination;

      (ii)  correct any Defects then appearing in such machinery;and

      (iii) close, connect, retry and retest the machinery, as appropriate, and
            then make the Ship ready for service, and

      thereafter the Buyer may require a final post-tests examination and
      inspection at which the Builder shall demonstrate and confirm to the Buyer
      the complete correction of any and all Defects in such machinery.

1.10  Not later than two (2) weeks before the anticipated Delivery Date, the
      Builder and the Buyer shall prepare a final punch list of items which the
      Buyer considers defective from the perspective of first class shipping
      and/or shipbuilding practice and, subject always to Article 7 clauses 1.5
      and 1.6, the Builder shall be obliged to rectify such items before
      delivery.

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                                                                  First Original

2.    LIQUIDATED DAMAGES

2.1   The Builder agrees that certain Defects and certain delays in the delivery
      of the Ship shall result in the reduction of the Contract Price by way of
      the liquidated damages provided for in this clause 2.

2.2   The guaranteed trial speed ("GTS") of the Ship at a draft of [***]
      [Confidential Treatment] shall be [***] [Confidential Treatment] and shall
      be demonstrated by the Builder during the sea trials tests under the
      conditions described in section G.2.5 of the Specification.

2.3   If the Builder fails to remedy any deficiency in the Ship's speed before
      delivery, the Builder shall have no liability to the Buyer if the actual
      speed of the Ship as determined during the final sea trials tests is up to
      [***] [Confidential Treatment] of a knot below GTS but commencing with a
      deficiency of more than [***] [Confidential Treatment] of a knot in actual
      speed below the GTS the Contract Price shall be reduced by way of
      liquidated damages as follows:

      (i)    for [***] [Confidential Treatment], a total sum of [***]
             [Confidential Treatment];

      (ii)   for [***] [Confidential Treatment], a total sum of [***]
             [Confidential Treatment];

      (iii)  for [***] [Confidential Treatment], a total sum of [***]
             [Confidential Treatment];

      (iv)   for [***] [Confidential Treatment], a total sum of [***]
             [Confidential Treatment];

      (v)    for [***] [Confidential Treatment], a total sum of [***]
             [Confidential Treatment];

      (vi)   for [***] [Confidential Treatment], a total sum of [***]
             [Confidential Treatment];

      (vii)  for [***] [Confidential Treatment], a total sum of [***]
             [Confidential Treatment];

      (viii) for [***] [Confidential Treatment], a total sum of [***]
             [Confidential Treatment];

      with fractions of a knot being calculated in proportion provided that if
      the Defect in the actual speed of the Ship is more than [***]
      [Confidential Treatment] below the GTS, then (subject to the following
      proviso to this clause 2.3) the Buyer may, at its option, accept the Ship
      at a reduction in the Contract Price for such Defect of [***]
      [Confidential Treatment] or reject the Ship and terminate this Contract
      pursuant to clause 2 in Article 9.

2.4   The guaranteed fuel consumption ("GFC") of each of the diesel engines of
      the Ship at [***] [Confidential Treatment] without attached pumps shall be
      [***] [Confidential Treatment]

                                     - 26 -
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                                                                  First Original

      conditions and shall be demonstrated by the Builder in tests conducted at
      the engine manufacturers' testbed.

2.5   If the Builder fails to remedy any deficiency in the fuel consumption of
      the Ship's diesel engines before delivery, the Builder shall have no
      liability to the Buyer if such fuel consumption as determined during the
      final tests is more than the GFC provided such excess is not more than
      [***] [Confidential Treatment] over the GFC but commencing with an excess
      of more than [***] [Confidential Treatment] in actual fuel consumption the
      Contract Price shall be reduced by way of liquidated damages by the sum of
      [***] [Confidential Treatment] for each [***] [Confidential Treatment]
      increase in fuel consumption above such [***] [Confidential Treatment]
      level up to a maximum of [***] [Confidential Treatment] over the GFC with
      fractions of every [***] [Confidential Treatment] being calculated in
      proportion provided that if the fuel consumption is more than [***]
      [Confidential Treatment] above the GFC, the Buyer may, at its option,
      accept the Ship at a reduction in the Contract Price for such Defect of
      [***] [Confidential Treatment] or reject the relevant engine(s) (without
      prejudice to its other rights with respect to the Ship).

2.6   The guaranteed deadweight capacity of the Ship shall be [***]
      [Confidential Treatment] under the conditions defined in sections G.2.3
      and G.2.4 of the Specification and shall be demonstrated by the Builder in
      the specified deadweight capacity test.

2.7   If the Builder fails to remedy any deficiency in the Ship's deadweight
      capacity before delivery, the Builder shall have no liability to the Buyer
      if the actual deadweight capacity of the Ship as determined in accordance
      with the Specification is less than [***] [Confidential Treatment] below
      the guaranteed deadweight capacity but the Contract Price for the Ship
      shall be reduced by way of liquidated damages by the sum of [***]
      [Confidential Treatment] of such deficiency being more than [***]
      [Confidential Treatment] up to a maximum deficiency of [***] [Confidential
      Treatment] at a draft of not more than [***] [Confidential Treatment] even
      keel with fractions of each metric ton being calculated in proportion
      provided that if the actual deadweight deficiency at a draft of not more
      than [***] [Confidential Treatment] even keel is more than [***]
      [Confidential Treatment] the Buyer may, at its option, accept the Ship at
      a reduction in the Contract Price of [***] [Confidential Treatment] for
      such Defect or reject the Ship and terminate this Contract pursuant to
      clause 2 in Article 9.

2.8   The guaranteed cabin capacity of the Ship shall be as defined in sections
      G.2.2.1 and G.2.2.2 of the Specification and no change shall be made to
      such cabin capacity without the Buyer's prior written consent.

2.9   If the number of completed and fully habitable cabins of any of the
      passenger and crew grades referred to in clause 2.1(iii) and (iv) of
      Article 1 is lower than the number of cabins specified for any such grade,
      the Buyer may, at its option, accept the Ship subject to a to be agreed
      reduction in the Contract Price for the Ship or reject the Ship and
      terminate this Contract pursuant to clause 2 in Article 9.

                                     - 27 -
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                                                                  FIRST ORIGINAL

2.10  In the cabins and in the public rooms and spaces of the Ship, the
      guaranteed maximum vibration levels ("GVL") shall be the single peak
      values defined in section G.5.2.3. of the Specification.

2.11  If, in any cabin or in any area of the public rooms and spaces of the
      Ship, the measured vibration levels ("MVL"), measured as provided for in
      section G.5.2.3 of the Specification, exceeds the GVL, the Builder shall
      make the necessary changes before delivery to reduce such levels to the
      GVL figures.

2.12  If, after the changes made by the Builder pursuant to clause 2.11, the
      final MVL measured as provided for in the Specification exceeds the GVL,
      the Builder shall have no liability to the Buyer for an excess of up to
      [***] [Confidential Treatment] but commencing with an excess of more than
      [***] [Confidential Treatment] over GVL, the Contract Price shall be
      reduced by way of liquidated damages by [***] [Confidential Treatment] for
      each cabin and/or for each area of public rooms or spaces of [***]
      [Confidential Treatment] provided that if in more than [***] [Confidential
      Treatment] of the cabins and/or if in more than [***] [Confidential
      Treatment] of the aggregate area of public rooms or spaces the final MVL
      exceeds the GVL by more than [***] [Confidential Treatment], the Buyer
      may, at its option, accept the Ship at a reduction in the Contract Price
      of:

      (i)   [***] [Confidential Treatment], in respect of the cabins; and/or

      (ii)  [***] [Confidential Treatment], in respect of the public rooms or
            spaces,

      or the Buyer may reject the Ship and terminate this Contract pursuant to
      clause 2 in Article 9.

2.13  In the cabins and in the public rooms and spaces of the Ship, the
      guaranteed maximum sound levels ("GSL") shall be the upper limits of the
      sound levels defined in section G.5.2.2. of the Specification.

2.14  If, in any cabin or in any area of the public rooms and spaces of the
      Ship, the measured sound levels ("MSL"), measured as provided for in
      section G.5.2.2 of the Specification, exceeds the GSL, the Builder shall
      make the necessary changes before delivery to reduce such levels to the
      GSL figures.

2.15  If, after the changes made by the Builder pursuant to clause 2.14, the
      final MSL measured as provided for in the Specification exceeds the GSL,
      the Builder shall have no liability to the Buyer for an excess of up to
      [***] [Confidential Treatment] but commencing with an excess of more than
      [***] [Confidential Treatment] over GSL, the Contract Price shall be
      reduced by way of liquidated damages as follows:

      (i)  from [***] [Confidential Treatment] above GSL, a total sum of [***]
           [Confidential Treatment] for each cabin and/or for each area of
           public rooms or spaces of [***] [Confidential Treatment]; and

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                                                                  First Original

      (ii)  from [***] [Confidential Treatment] up to [***] [Confidential
            Treatment] above GSL, a total sum of [***] [Confidential Treatment]
            for each cabin and/or for each area of public rooms or spaces of
            [***] [Confidential Treatment],

      with fractions of a decibel calculated in proportion provided that if in
      more than [***] [Confidential Treatment] of the cabins the final MSL
      exceeds the GSL by more than [***] [Confidential Treatment] and/or if the
      average value of MSL in more than [***] [Confidential Treatment] of the
      aggregate area of public rooms and spaces exceeds the GSL by more than
      [***] [Confidential Treatment], the Buyer may, at its option, accept the
      Ship at a reduction in the Contract Price of:

      (i)   [***] [Confidential Treatment], in respect of the cabins; and/or

      (ii)  [***] [Confidential Treatment], in respect of the public rooms and
            spaces,

      or the Buyer may reject the Ship and terminate this Contract pursuant to
      clause 2 in Article 9.

2.16  All reductions in the Contract Price provided for under any of clauses
      2.3, 2.5, 2.7, 2.9, 2.12 and/or 2.15 shall be determined on delivery of
      the Ship and made by means of set-off and deduction from the payments to
      be made by the Buyer on delivery of the Ship.

2.17  The Buyer intends to arrange for the Ship's maiden cruise with fare paying
      passengers to be held on the Ship's relocation voyage from the port of
      delivery referred to in Article 1, clause 1.1(i)(c) above. The Builder:

      (i)   acknowledges that it is imperative for the Ship to be ready at the
            time, and in the condition, provided for in this Contract so as to
            enable the Buyer to fulfil its commitments in relation to the Ship's
            maiden cruise; and

      (ii)  agrees to do all it can to assist the Buyer to fulfil its
            commitments in relation to the Ship's maiden cruise.

2.18  If delivery of the Ship is not made on the Compensation Date, the Buyer
      will suffer loss and damage (including reputational damage) in amounts
      which are extremely difficult to quantify in advance but it is agreed that
      the per day sums set out in paragraphs (i) to (iv) below represent a
      genuine and reasonable pre-estimate of the Buyer's loss and damage for
      each day of delay in delivery of the Ship beyond the Compensation Date. If
      delivery of the Vessel is delayed beyond the Compensation Date, the
      Contract Price shall be reduced by the way of liquidated damages for each
      calendar day (or pro-rata for each part of a calendar day) by the per day
      sums set out at paragraphs (i) to (iv) below from (and including) the
      Compensation Date until delivery of the Ship is actually made or this
      Contract is terminated:-

      (i)   if the Builder shall have given to the Buyer less than thirty one
            (31) days notice of the delay in delivery prior to the Delivery
            Date: for the first [***] [Confidential Treatment] the rate of
            reduction shall be [***] [Confidential Treatment] per day; for the
            next [***] [Confidential Treatment] the rate of reduction shall be
            [***] [Confidential Treatment]

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                                                                  FIRST ORIGINAL

            [***] [Confidential Treatment] per day; and thereafter the rate of
            reduction shall be [***] [Confidential Treatment] per day;

      (ii)  if the Builder shall have given to the Buyer more than thirty (30)
            days but less than ninety one (91) days notice of the delay in
            delivery prior to the Delivery Date: for the first [***]
            [Confidential Treatment] days the rate of reduction shall be [***]
            [Confidential Treatment] per day; for the next [***] [Confidential
            Treatment] days the rate of reduction shall be [***] [Confidential
            Treatment] per day; and thereafter the rate of reduction shall be
            [***] [Confidential Treatment] per day;

      (iii) if the Builder shall have given to the Buyer more than ninety (90)
            days but less than one hundred and eighty three (183) days notice of
            the delay in delivery prior to the Delivery Date: for the first
            [***] [Confidential Treatment] days the rate of reduction shall be
            [***] [Confidential Treatment] per day; for the next [***]
            [Confidential Treatment] days the rate of reduction shall be [***]
            [Confidential Treatment] per day, and thereafter the rate of
            reduction shall be [***] [Confidential Treatment] per day; and

      (iv)  if the Builder shall have given to the Buyer more than one hundred
            and eighty two (182) days notice of the delay in delivery prior to
            the Delivery Date: for the first [***] [Confidential Treatment] days
            the rate of reduction shall be [***] [Confidential Treatment] per
            day; for the next [***] [Confidential Treatment] days the rate of
            reduction shall be [***] [Confidential Treatment] per day; and
            thereafter the rate of reduction shall be [***] [Confidential
            Treatment] per day.

      If the delay in delivery of the Ship continues for [***] [Confidential
      Treatment] days after the Compensation Date then, in such event, the Buyer
      may at any time thereafter terminate this Contract pursuant to Clause 2 in
      Article 9. If the delay in delivery of the Ship continues for [***]
      [Confidential Treatment] days after the Compensation Date, and provided
      the Buyer has not by then elected to terminate this Contract, the Builder
      may (by written notice) require the Buyer to make an election in which
      case the Buyer shall - within 15 (fifteen) days after its receipt of the
      Builder's notice - notify the Builder in writing of its intention either
      to terminate this Contract or to consent to the acceptance of the Ship at
      an agreed future date on the basis that the Buyer shall remain entitled to
      all liquidated damages which would otherwise have been payable or
      allowable by the Builder; it being further understood that, if the Ship is
      not delivered by such agreed future date, the Buyer shall have the same
      right of termination upon the same terms and conditions as set out above.
      If the Buyer fails to make an election as specified above within the
      relevant 15 (fifteen) day period, the Buyer shall be deemed to have
      consented to the Ship being delivered at the future date proposed by the
      Builder.

2.19  All reductions in the Contract Price provided for in clause 2.18 shall be
      made in the form of payments by the Builder to the Buyer as follows:

      (i)   the Builder's first payment shall be made on the earlier of (a) the
            thirtieth (30th) day after delivery of the Ship has been delayed
            beyond the Compensation Date and (b) the date on which actual
            delivery of the Ship is made; and

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                                                                  FIRST ORIGINAL

      (ii)  thereafter the payments shall be made every ten (10) days commencing
            on the tenth (10th) day after the end of the thirty (30) day period
            mentioned in clause 2.19(i)(a),

      and continuing on the last day of each succeeding ten (10) day period
      thereafter until the day on which delivery of the Ship is actually made or
      this Contract is terminated at which time the Builder shall pay the entire
      remaining amount due under clauses 2.18 and 2.19.

2.20  The parties acknowledge and agree that:

      (i)   the Contract Price reductions and payments provided for in this
            clause 2 are cumulative; and

      (ii)  subject always to the guarantee provisions in Article 7 clause 2 and
            to the termination provisions in Article 9 clause 2, the Contract
            Price reductions and payments provided for in this clause 2 shall be
            the only compensation recoverable by the Buyer in respect of the
            Defects and the delay in delivery to which they relate and, in
            particular, the Builder shall not be liable for any consequential
            losses resulting from such Defects or such delay in delivery.

                                                              (END OF ARTICLE 6)

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                                                                  First Original

ARTICLE 7: DELIVERY AND GUARANTEE

1.    DELIVERY AND ACCEPTANCE

1.1   The date on which the Ship shall be ready for delivery is 14 April 2006
      (the "Delivery Date"). The Ship shall not be delivered before this date
      without the express written approval of the Buyer. When:

      (i)   the Builder has completed the building work in conformity with this
            Contract, the Plans and the Specification;

      (ii)  all tests have been performed and completed in a manner satisfactory
            to the Buyer;

      (iii) the Ship has been freed from all Defects (apart from Defects which
            qualify as minor and insignificant Defects, as defined in clause
            1.6, and Defects for which there will be a reduction in the Contract
            Price in accordance with Article 6 clause 2); and

      (iv)  the Ship (a) has been cleaned and prepared (in accordance with the
            Builder's usual practices and to their usual standards for ships of
            this type) to take on a full complement of passengers, officers,
            crew and staff, and (b) is in all other respects ready to commence
            operations as a luxury cruise ship,

      the Builder shall tender the Ship for delivery to the Buyer safely afloat
      alongside a safe and accessible quay at the Delivery Port where there must
      be sufficient water for the Ship always to remain afloat and from where
      there must be direct, free, unimpeded, safe and lawful access to
      international waters provided that (a) the Builder shall have given to the
      Buyer not less than 180 (one hundred and eighty) days and ninety (90) days
      estimated, followed by 15 (fifteen) days definite, prior written notice of
      delivery, and (b) with effect from service of the 90 (ninety) day
      estimated notice referred to above, the Builder shall have allowed
      designated employees of the Star Cruises Group to attend the Shipyard and
      to be present during tests and for familiarisation purposes.

1.2   The Builder shall deliver the Ship to the Buyer free and clear of all
      encumbrances whatsoever.

1.3   On delivery of the Ship the Builder shall also deliver the following
      documents (together, the "Delivery Documents"):

      (i)   a protocol of delivery and acceptance in a mutually agreed form
            confirming delivery of the Ship to, and acceptance and taking
            possession of the Ship by, the Buyer pursuant to this Contract,
            executed in duplicate by the Builder and stating the date and
            (local) time of such delivery and acceptance;

      (ii)  a declaration of warranty by the Builder in a mutually agreed form
            confirming that the Ship is delivered to the Buyer free and clear of
            all encumbrances whatsoever (including, without limitation, all
            liabilities of the Builder to its subcontractors and all liabilities
            arising from the operation of the Ship for the purposes of the
            tests) and that the Ship is absolutely free of all burdens in the

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                                                                  FIRST ORIGINAL

             nature of taxes imposed by the nation, city, county, state or port
             of delivery, executed in triplicate and notarised and legalised in
             accordance with the Buyer's instructions;

      (iii)  a detailed inventory showing the machinery and equipment installed
             on the Ship and the spares, stores and other consumable items
             delivered with the Ship;

      (iv)   the makers' certificates, subcontractors' instruction books, and
             all of the Classification Society, trading and other certificates
             (each free of conditions, qualifications, recommendations,
             reservations and restrictions) required to be supplied upon
             delivery of the Ship pursuant to this Contract and the
             Specification;

      (v)    a protocol showing the results of the tests;

      (vi)   such documents signed by the Builder as the Buyer may reasonably
             require to procure the deletion of the Ship from the Registry of
             Ships under Construction;

      (vii)  a commercial invoice for the Ship and all other amounts payable by
             the Buyer on delivery;

      (viii) a builder's certificate and a bill of sale, each in a form
             acceptable to the Buyer, each executed in quadruplicate and
             notarised and legalised in accordance with the Buyer's
             instructions, and such other written instruments (each notarised
             and legalised in accordance with the Buyer's instructions) as may
             be necessary or desirable, in the reasonable opinion of the Buyer,
             to confirm that full and clean title in the Ship has been vested in
             the Buyer;

      (ix)   a full set of the specified construction documents (each in three
             (3) white prints, one of each of which will be on board the Ship at
             delivery);

      (x)    one CD-ROM of the principal delivery drawings and plans relating to
             the Ship approved by the Classification Society; and

      (xi)   such further certificates and/or other documents as may be
             necessary or desirable, in the reasonable opinion of the Buyer, in
             connection with the Buyer's ownership, registration and/or
             financing of the Ship.

1.4   If, at the time when the Builder tenders delivery of the Ship to the
      Buyer, the Ship is complete (meaning that she has been designed,
      engineered, built, launched, equipped, outfitted, finished and tested in
      accordance with this Contract and the Specification), and if such tender
      is accompanied by a tender of delivery of a complete and proper set of the
      Delivery Documents, the Ship and the Delivery Documents shall thereupon be
      accepted by the Buyer but if, at such time, the Ship and/or the Delivery
      Documents are not complete, the Buyer shall be entitled to refuse
      acceptance of the same by delivering to the Builder, within two (2)
      working days from (and including) the date of such tender, a written
      notice describing those aspects of the Ship and/or the Delivery Documents
      which are not complete.

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1.5   Notwithstanding any provision to the contrary in this clause 1, if the
      Ship is complete but for minor and insignificant Defects, the Buyer shall
      accept delivery subject to:

      (i)   an agreed reduction in the Contract Price; or

      (ii)  in the Buyer's option, the Builder undertaking to correct (at the
            Builder's entire risk and expense, and with all convenient speed)
            minor and insignificant Defects described in a list to be prepared
            by the Buyer and agreed with the Builder at or before delivery.

1.6   The expression "minor and insignificant Defects" means those Defects
      which:

      (i)   do not and will not adversely affect the seaworthiness of the Ship;
            or

      (ii)  do not and will not prevent the unrestricted use of the Ship in its
            intended service and purpose; or

      (iii) do not and will not (a) prevent the use of any of the Ship's cabins
            and public areas, or (b) in any other way adversely affect the
            comfort and safety of the Ship's passengers; or

      (iv)  do not and will not adversely affect the operational efficiency of
            the Ship; or

      (v)   do not and will not involve any condition, qualification,
            recommendation, reservation or restriction in relation to any
            certificate issued (or to be issued) by the Classification Bodies or
            any Regulatory Authority or any other specified person which in the
            opinion of the Buyer (acting in good faith) is or could be material
            in a commercial or technical sense.

1.7   Acceptance of the Ship by the Buyer shall be accomplished by:

      (i)   the delivery to the Builder of a counterpart of the protocol of
            delivery and acceptance duly executed by the Buyer; and

      (ii)  payment by the Buyer to the Builder of that part of the Contract
            Price which the Buyer is required to pay upon delivery of the Ship
            pursuant to clause 2.1(vi) in Article 8.

1.8   The Buyer may (but shall not be obliged to) identify in the list described
      in clause 1.5(ii) any Defects which are known by the Buyer to exist in the
      Ship at the time that the Ship is accepted, and all such Defects (whether
      or not identified or otherwise noted), shall thereafter be deemed to be,
      and shall be treated as, Defects arising and reported during the Guarantee
      Period.

1.9   The Buyer shall be afforded five (5) days free of any wharfage or any
      other charge, and up to three (3) further days at the usual wharfage fee
      charged by the relevant port authority, within which to remove the Ship
      from her point of delivery.

1.10  Lubricating oil left in storage tanks, and diesel and fuel oil remaining
      on board, at delivery of the Ship shall be inventoried by the Builder and
      the Buyer shall pay for them

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                                                                  First Original

      at the Builder's actual cost price provided that the Builder shall remove
      all waste-oil and sludge from the Ship at the Builder's risk and expense
      prior to delivery.

1.11  In every instance in which a right or obligation or the computation of any
      period of time under this Contract is in any manner or to any extent
      dependent upon delivery of the Ship, delivery shall not be deemed to have
      occurred unless and until the Ship and the related Delivery Documents have
      been accepted by the Buyer under this clause 1.

1.12  Acceptance of the Ship and the related Delivery Documents by the Buyer
      under this clause 1:

      (i)   shall signify that the Buyer has taken possession and the risk of
            loss of the Ship and the related Delivery Documents as of the time
            and date set out in the protocol of delivery and acceptance and that
            the Builder may terminate the Insurances; and

      (ii)  shall not be deemed to constitute a waiver of or otherwise prejudice
            any of the Buyer's rights under clause 2 with respect to any Defect,
            whether known or unknown, and whether or not noted in any document
            delivered in connection with delivery and acceptance of the Ship,
            which may exist in the Ship at the time it is accepted by the Buyer,
            and any such Defect may be reported to, and shall be corrected at
            the sole and direct risk and expense of, the Builder as provided in
            clause 2.

2.    GUARANTEE

2.1   Subject to the provisions of this clause 2, the Builder guarantees:

      (i)   the Ship's main engines and certain components of the azipod system
            (namely: the pod, the converter, trafo and main switchboard parts)
            against all Defects for the period of seven hundred and thirty (730)
            days; and

      (ii)  the Ship and all other Parts against all Defects for the period of
            three hundred and sixty five (365) days,

      (subject to any extension thereof as provided for in this clause 2) from
      date of the Ship's actual delivery to the Buyer under Article 6 (the
      "Guarantee Period").

2.2   In calculating the length of the Guarantee Period there shall be excluded
      any day(s) during which the Ship is prevented from entering or is taken
      out of service solely on account of any Defect in the Ship or in any Part
      for which the Builder is responsible under this clause 2.

2.3   Where any Defect in the Ship or any Part (including the main engines or
      azipod system as defined in subclause 2.1(i) above) is corrected during or
      after the Guarantee Period, the Builder's guarantee under this clause 2
      shall apply to such correction for the longer of three hundred and sixty
      five (365) days from the date on which the correction was completed and
      the end of the relevant period specified in subclause 2.1(i) and 2.1(ii)
      above so that the Guarantee Period for the items referred to in subclause
      2.1(i) shall not

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      exceed one thousand and ninety five (1095) days and the Guaranteed Period
      for the items referred to in subclause 2.1(ii) shall not exceed seven
      hundred and thirty (730) days.

2.4   If any corrective works made or agreed to be made during or after the
      Guarantee Period (or any extension thereof under clause 2.3) indicate any
      recurring Defect, the Builder shall:

      (i)   investigate the same on the basis of a potential design Defect; and

      (ii)  ascertain the source of such recurring Defect and notify the Buyer
            thereof; and

      (iii) correct such recurring Defect, and the source thereof, in order to
            avoid a continuation or repetition of such recurring Defect.

2.5   The Builder shall not be responsible for the correction of any Defect if
      it is due to:

      (i)   perils of the sea, accident (but excluding any accident caused by
            any Defect), negligence (but excluding negligence on the part of the
            Builder), or improper maintenance or handling (including, without
            limitation, overloading) of the Ship or any Parts; or

      (ii)  use of fuels or lubricants not recommended by the relevant
            manufacturer; or

      (iii) ordinary wear and tear; or

      (iv)  any fault in (or caused by) any Buyer's Supplies which were properly
            (a) received, (b) handled, (c) installed or incorporated in, (d)
            stowed on, or (e) otherwise delivered with the Ship by the Builder
            in accordance with all of the requirements of this Contract, the
            Plans and the Specification.

2.6   The Buyer shall give written notice to the Builder as soon as possible and
      in any event within fourteen (14) days after the discovery of any Defect
      for which a claim is made under this clause 2 and, a copy of each such
      notice shall also be given to the guarantee engineer, who shall
      acknowledge receipt by his signature thereof. The Buyer's notice shall
      give full details (so far as possible) as to the nature of the Defect and
      the extent of any damage caused thereby.

2.7   Within thirty (30) days after the end of the Guarantee Period, the Buyer
      (in consultation with the guarantee engineer) will draw up, and send to
      the Builder, a list identifying every Defect for which a claim is to be
      made under this clause 2 provided that this clause 2.7 will not preclude
      the Buyer from giving notice to the Builder of, and making claims in
      respect of, any Defect which is covered by the Builder's guarantee under
      clause 2.3.

2.8   Each Defect will be corrected by the Builder as soon as reasonably
      practicable (and shall be scheduled so as to minimise disruption to the
      Ship's service and the availability of cabins, public rooms and areas, and
      other passenger facilities) or, at the Buyer's option, under the
      instruction or supervision of the Builder at a suitably qualified shipyard
      or workshop selected by the Buyer and approved by the Builder (such
      approval not to be unreasonably withheld or delayed), and in each case the
      Builder shall bear and pay:

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                                                                  FIRST ORIGINAL

      (i)   the cost of all equipment, parts and materials required to correct
            the Defect (including, without limitation, the cost of delivering
            the same to the selected shipyard or workshop by airfreight if the
            Buyer reasonably so requires, and the cost of returning any
            defective equipment, parts and materials);

      (ii)  the cost of all labour required to correct the Defect including,
            without limitation, the expenses of independent contractors in
            travelling to the Ship;

      (iii) the cost of any necessary underwater inspection of the Ship by
            divers; and

      (iv)  where the Ship is drydocked solely on account of the need to
            investigate or correct any Defect in the Ship's external underwater
            parts at any time before the Ship's first scheduled drydocking after
            delivery, the fuel costs of taking the Ship from her berth to the
            nearest available dry-dock and vice versa, the drydocking costs and
            the costs of correcting any such Defect.

      For the avoidance of doubt, in view of the intended area of the Ship's
      operation during the Guarantee Period, the Builder will not be entitled to
      require the Ship to be returned to any of the Builder's facilities for the
      correction of any Defects.

2.9   Where the Buyer discovers any Defect which (in the reasonable opinion of
      the Buyer) requires correction on an urgent basis, the Buyer will (acting
      in good faith) give such notice to the Builder as is practicable in the
      circumstances then prevailing (the intention being that the Builder shall
      have a reasonable opportunity to obtain necessary remedial instructions
      from the relevant sub-contractor(s) and to relay such instructions to the
      Buyer) and thereafter the necessary corrective works may be carried out by
      the Ship's crew or, if practicable having regard to the degree of urgency,
      by the nearest suitably qualified shipyard or workshop selected by the
      Buyer, and in each such case the Builder shall reimburse the Buyer for the
      costs described in clause 2.8(i), (ii), (iii) and (iv) above.

2.10  With effect from the expiry of the Guarantee Period or (if later) final
      completion of all corrective works to be made by the Builder under this
      clause 2, the Builder will:

      (i)   assign to the Buyer, to the fullest extent possible and without any
            charge to the Buyer, that part of every warranty or guarantee made
            or given by any sub-contractor with respect to any design,
            workmanship or Part which extends beyond the Guarantee Period or
            which is otherwise more favourable to the Buyer than the guarantee
            of the Builder under this clause 2; or

      (ii)  if it is not possible fully and effectively to assign the relevant
            part of any such warranty or guarantee, hold and enforce the
            relevant warranty and guarantee as trustee and agent for the Buyer
            and promptly account to the Buyer for all monies received in or
            pursuant to the holding or enforcement of any such warranty or
            guarantee.

2.11  The Builder shall, at its sole risk and expense (except for the cost of
      suitable accommodation and food on board the Ship which shall be supplied
      free of charge by the Buyer), employ and place a suitably qualified and
      experienced English-speaking guarantee engineer acceptable to the Buyer on
      board the Ship throughout the Guarantee Period and thereafter until the
      Builder has corrected every Defect to which this clause 2

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                                                                  First Original

      applies. If the Builder should so request at delivery, the Buyer will also
      make one double cabin available for a second guarantee engineer and/or
      fitters for up to three (3) months after delivery.

2.12  If:

      (i)   any Defect in the Ship's external underwater parts is discovered
            during the Guarantee Period or the period of thirty (30) days
            referred to in clause 2.7; or

      (ii)  any Defect in the Ship's external underwater parts is discovered
            during the Ship's first scheduled drydocking after delivery (which
            is to commence not later than thirty six (36) months after delivery
            provided that if the Ship is not drydocked within twenty four (24)
            months after delivery, the Buyer and the Builder will jointly make
            an in-water inspection of the Ship's underwater parts within twenty
            four (24) months after delivery) and either the Builder accepts that
            the Defect arose during the Guarantee Period or the Builder is
            unable to prove that the Defect arose after the end of the Guarantee
            Period,

      the Builder shall be responsible for such Defect and the correction
      thereof in accordance with this clause 2 provided that the Buyer shall
      bear and pay for the haul day and any drydocking costs incurred in the
      ordinary course of the Ship's normal drydocking maintenance and the
      Builder, in addition to the costs of all necessary corrective works, shall
      bear and pay for such additional drydocking day(s) as may be required to
      correct such Defect.

2.13  Without prejudice to the Builder's obligations and liabilities under the
      other provisions of this clause 2, the Builder shall not be responsible
      for any loss or damage caused by any Defect except:

      (i)   that, in addition to the other guarantee obligations specified in
            this clause 2, the Builder shall be obliged to correct (or, as
            provided for in the preceding paragraphs of this clause 2, pay for
            the correction of) any equipment or part of the Ship that is damaged
            as a direct result of any Defect covered by the Builder's guarantee
            under this clause 2;

      (ii)  for any loss or damage directly caused by the Builder's correction
            of any Defect;

      (iii) for any loss or damage directly caused by the wrongful refusal or
            failure of the Builder or its subcontractors to correct (or
            authorise the correction) of any Defect, and

      (iv)  for any increase in premium or any loss of rebate incurred by the
            Buyer as a result of any claims being made on the Buyer's insurance
            policies for the Ship in respect of any loss or damage referred to
            in this clause 2.13.

      provided always that the Builder's maximum liability in respect of any
      claim made against it by the Buyer under this clause 2.13 shall not exceed
      the sum of [***] [Confidential Treatment] per Defect.

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                                                                  FIRST ORIGINAL

2.14  The Builder further guarantees the Ship against any latent Defects which
      the Buyer can demonstrate existed at the time of the Ship's delivery to
      the Buyer but which were not apparent during the Guarantee Period. If the
      Buyer discovers any latent Defects after the expiry of the Guarantee
      Period, the Guarantee Period shall be deemed to be extended in respect of
      such Defects and the Builder shall be obliged to correct (or pay for the
      correction of) such Defects in accordance with the foregoing provisions of
      this clause 2 provided always that:

      (i)   the Buyer shall give written notice to the Builder as soon as
            possible (and in any event within fourteen (14) days) after the
            discovery of any latent Defect for which a claim is made under this
            clause 2.14, and such notice shall give full details (so far as
            possible) of the nature of the latent Defect and the extent of any
            damage cause thereby;

      (ii)  the Buyer shall have the burden of establishing that the Defect is a
            latent Defect within the meaning set out above, failing which the
            Builder shall have no liability in respect thereof;

      (iii) the Builder shall be under no obligation in respect of any latent
            Defect unless written notice thereof has been received by the
            Builder by midday (Papenburg time) on the day falling [***]
            [Confidential Treatment] months from the date of the Ship's actual
            delivery to the Buyer; and

      (iv)  the provisions of this sub clause relating to latent Defects do not
            apply to paintings or coatings.

2.15  Subject to the other express provisions of this Contract, the Builder
      shall not be responsible for any loss of profit or other consequential
      losses suffered by the Buyer.

                                                              (END OF ARTICLE 7)

                                     - 39 -
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                                                                  FIRST ORIGINAL

ARTICLE 8: CONTRACT PRICE AND PAYMENT TERMS

1.    CONTRACT PRICE

1.1   The Contract Price for the Ship:

      (i)   shall be (euro)356,200,000 (three hundred and fifty six million two
            hundred thousand euro);

      (ii)  is a fixed price and may be adjusted only in strict accordance with,
            and subject to, the express provisions of this Contract; and

      (iii) includes a lump sum allowance in the amount of (euro)25,000,000
            (twenty five million euro) in respect of (a) Buyer's Supplies from
            time to time purchased by or at the direction of the Buyer and (b)
            other costs from time to time expended by or at the direction of the
            Buyer in connection with construction of the Ship, which amount
            shall be paid by the Builder to the Buyer immediately after receipt
            of the balance of the Contract Price (see clause 2.1(vi) below).

1.2   For the avoidance of doubt, the Contract Price includes:

      (i)   the cost of the Ship, completed in accordance with the requirements
            of this Contract;

      (ii)  the cost of all building work and the cost of all tests and trials
            of the Ship to be performed by, or on behalf of, the Builder;

      (iii) the cost of procuring the classification notation for the Ship, and
            of obtaining all certificates and other documents which are required
            to be delivered pursuant to this Contract; and

      (iv)  all other costs and expenses of the Builder as provided for herein
            or otherwise incurred by the Builder unless expressly provided for
            in this Contract as being for the Buyer's account.

1.3   No commission of any kind whatsoever is or will be payable (whether
      directly or indirectly) by or to any person in relation to or in
      connection with this Contract or any of the business transactions
      described in or contemplated by this Contract.

2.    PAYMENTS

2.1   Payment of the Contract Price shall be made to the Builder as follows:

      (i)   [***] [Confidential Treatment], on [***] [Confidential Treatment];

      (ii)  [***] [Confidential Treatment] on the date falling [***]
            [Confidential Treatment] calendar months before delivery of the
            Ship;

      (iii) [***] [Confidential Treatment], on the date falling [***]
            [Confidential Treatment] calendar months before delivery of the
            Ship;

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                                                                  FIRST ORIGINAL

      (iv)  [***] [Confidential Treatment], on the date falling [***]
            [Confidential Treatment] calendar months before delivery of the
            Ship;

      (v)   [***] [Confidential Treatment], on the date falling [***]
            [Confidential Treatment] calendar months before delivery of the
            Ship; and

      (vi)  the balance of the Contract Price, on delivery of the Ship and the
            Delivery Documents to, and their acceptance by, the Buyer in
            accordance with the provisions of this Contract.

2.2   The Builder shall by not less than fourteen (14) days advance written
      notice advise the Buyer of the date upon which each of the payments
      referred to sub-clauses 2.1(ii) to (vi) shall become due and payable and,
      in addition, the notice given in relation to sub-clause 2.1(vi) will show
      (in reasonable detail and on an open-book basis) the Builder's calculation
      of the balance of the Contract Price payable on delivery of the Ship and,
      in particular, the amounts of any reductions in or additions to the
      Contract Price occasioned by the terms and conditions of this Contract.

2.3   The Buyer's obligations to make the payments referred to in sub-clauses
      2.1(i) to (vi) shall, in the case of each such payment, be subject to and
      conditional upon the Buyer's receipt of the Builder's invoice for the
      relevant payment.

2.4   Subject to the terms and conditions of the Account Block Agreement, the
      Builder shall not be entitled to apply or use any payment made by the
      Buyer, or any amount standing to the credit of the Builder's Account, for
      any purpose other than to pay for work done and deliveries made in
      relation to the construction of the Ship. The Builder shall be entitled to
      withdraw amounts from the Builder's Account for such purposes so long as
      the Builder is not in material breach of any of its obligations under this
      Contract. The Builder's Account shall immediately be blocked in favour of
      the Buyer when the Buyer notifies the Builder's Bank that the Builder is
      in material breach of any of its obligations under this Contract and that
      the Builder has failed to remedy such material breach within 10 (ten) days
      after notice from the Buyer. At quarterly intervals counting from the
      Effective Date the Builder will provide the Buyer with a status report
      (verified by the Builder's auditors and in a form reasonably acceptable to
      the Buyer) detailing the payments made from the Builder's Account in the
      preceding quarter and the credit balance of the Account on or about the
      date of each report. The Buyer may raise questions and request further
      information in relation to such reports (and the status or operation of
      the Builder's Account) and the Builder will ensure that any such questions
      and requests for information are answered promptly and in reasonable
      detail in the following order - by the Builder or (as the case may be) by
      the Builder's auditors or by the Builder's Bank.

2.5   The other payments from time to time due under this Contract shall be made
      as follows:

      (i)   payment or credits for any modification(s) pursuant to Article 3
            and/or any other amount(s) accruing prior to delivery (but for which
            no specific date is stipulated in this Contract) shall be made
            simultaneously with delivery of the Ship, and the amount(s) thereof
            shall be shown in the invoice to be issued and

                                     - 41 -
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                                                                  FIRST ORIGINAL

            delivered by the Builder in respect of the Contract Price payment
            referred to in clause 2.1(vi);

      (ii)  any amount for which a specific payment date is stipulated in this
            Contract shall be paid on such date; and

      (iii) for any amount accruing after delivery in respect of a defect,
            payment shall be made as follows:

            (a)   if the parties agree that the defect in question is a Defect,
                  not later than fifteen (15) days after the Builder's receipt
                  of an invoice for the Defect remedied pursuant to clause 2 in
                  Article 7; or

            (b)   if the parties are in dispute as to whether the defect is a
                  Defect on the date on which it is finally determined or
                  adjudged to be a Defect under Article 13, together with
                  interest thereof at the relevant rate calculated from the date
                  of the Builder's receipt of an invoice for the Defect remedied
                  pursuant to clause 2 in Article 7 up to and including the date
                  of the Buyer's receipt of the relevant amount.

2.6   Every amount from time to time due under this Contract but unpaid for
      longer than seven (7) days from (and excluding) the due date shall bear
      interest at the relevant rate from the due date up to and including the
      date of receipt by the party to which the amount is owed.

2.7   All amounts payable to the Builder under this Contract shall be paid
      direct to the Builder's Account, and the Builder and the Buyer shall
      consult with each other about the mode of payment with a view to reducing
      the amount of any applicable bank transfer charges.

2.8   All payments made by the Buyer to the Builder prior to the delivery of the
      Ship shall be in the nature of advances to the Builder.

2.9   All fees, costs and other charges whatsoever arising in connection with
      any payment made under this Contract shall be borne and paid by the paying
      party provided that any fees, costs or other charges levied by the
      receiving party's bank(s) (including correspondent banks, whether in
      Germany or elsewhere) shall be borne and paid by that party.

2.10  The euro is the currency of account and payment for each and every sum at
      any time due from either party to the other under or in connection with
      this Contract.

                                                              (END OF ARTICLE 8)

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                                                                  First Original

ARTICLE 9: TERMINATION

1.    TERMINATION BY BUILDER

1.1   Each of the following events shall be a "Builder Termination Event" for
      the purposes of this Contract:

      (i)   if, without due cause, the Buyer fails to pay any part of the
            Contract Price under any of clauses 2.1 (i), (ii), (iii), (iv) or
            (v) in Article 8 on the due date for such payment and such failure
            is not remedied within fifteen (15) working days after the receipt
            by the Buyer of a written notice from the Builder notifying the
            Buyer of such failure and requesting remedial action; or

      (ii)  if, without due cause, the Buyer fails to accept delivery of (and
            pay the balance of the Contract Price for) the Ship within three (3)
            working days after the Ship and the related Delivery Documents have
            been duly tendered for delivery by the Builder in conformity with
            this Contract; or

      (iii) if (a) a final order shall be made or an effective resolution shall
            be passed for the winding up of the Buyer (otherwise than by a
            members' voluntary winding up for the purpose of an amalgamation or
            reconstruction on terms previously approved by the Builder, which
            approval shall not be unreasonably withheld) or (b) a receiver shall
            be appointed of the whole or any substantial part of the undertaking
            of the Buyer or (c) the Buyer shall suspend the payment of its debts
            or (d) the Buyer shall make an arrangement or composition with its
            creditors generally or (e) the Buyer shall apply to any court for
            protection from its creditors generally.

1.2   At any time after a Builder Termination Event shall have occurred and be
      continuing, the Builder may, by notice to the Buyer, terminate this
      Contract whereupon:

      (i)   title in the Ship, the Parts, and in the Buyer's Supplies owned by
            the Buyer which have been installed or incorporated in the Ship
            before termination, shall pass to the Builder; and

      (ii)  the Builder shall retain and apply (in the manner provided for in
            clause 1.3) all payments previously made by the Buyer to the Builder
            under this Contract.

1.3   If the Builder terminates this Contract under clause 1.2, the Builder
      shall endeavour to obtain the best market price reasonably obtainable for
      the Ship, the Parts and the Buyer's Supplies referred to in clause 1.2 (i)
      by sale at public auction or tender or private sale, and shall apply the
      proceeds of sale (after deducting the necessary expenses of sale including
      the reasonable costs of completing the Ship for sale) and all amounts
      retained by the Builder under clause 1.2 (ii) plus a credit for the value
      of Buyer's Supplies previously delivered by the Buyer and either retained
      by the Builder or its subcontractors or sold by any of them, as follows:

      (i)   firstly, in satisfaction of the balance due to the Builder under
            this Contract being (a) where the Ship is completed in accordance
            with this Contract and then sold, the unpaid parts of the Contract
            Price or (b) where the Ship is sold in an

                                     - 43 -
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                                                                  First Original

            uncompleted state, that proportion of the unpaid parts of the
            Contract Price which is required to reimburse the Builder's costs of
            the building work up to the cessation of such work, and (c) all
            other amounts payable by the Buyer to the Builder under the
            provisions of this Contract; and

      (ii)  secondly, in payment of the Builder's proved loss directly resulting
            from the Buyer's default; and

      (iii) thirdly, in payment of any remaining balance to the Buyer,

      provided that if the total of such proceeds of sale, such retained amounts
      and such credit shall be less than the balance due to the Builder under
      paragraphs (i) and (ii) of this clause 1.3, the difference shall be paid
      by the Buyer to the Builder.

2.    TERMINATION BY BUYER

2.1   Each of the following events shall be a "Buyer Termination Event" for the
      purposes of this Contract:

      (i)   if (a) at any time the construction of the Ship is suspended for a
            period of more than thirty (30) days in circumstances where the
            Builder would not be entitled to claim an extension of the Delivery
            Date under clause 1 of Article 5 and the Buyer reasonably believes
            that the Builder will not be able to recover the lost time or (b)
            delivery has not been made, or it can with reasonable certainty be
            anticipated that delivery will not be made, for whatever reason or
            combination of reasons (excepting only one or more independent
            defaults by the Buyer), by the date falling [***] [Confidential
            Treatment] from [***] [Confidential Treatment];

      (ii)  if the Buyer becomes entitled to terminate this Contract under any
            of clauses 2.3, 2.7, 2.9, 2.12, 2.15 or 2.18 in Article 6;

      (iii) if the Builder commits a material breach of any of its obligations
            under this Contract (including, without limitation, its obligations
            with respect to the achievement of Milestones) or the Account Block
            Agreement, and fails to remedy any such breach within 30 (thirty)
            days after receipt of written notice from the Buyer requesting
            remedial action;

      (iv)  if the Builder removes the Ship from the Shipyard, or if it assigns
            or transfers any of its rights or obligations under this Contract,
            or if it subcontracts the whole or any major part of the building
            work, except as expressly permitted by this Contract;

      (v)   if the Account Block Agreement is or becomes wholly or partially
            invalid, ineffective or unenforceable; or

      (vi)  if either (a) the Builder shall fail at any time to effect or
            maintain the Insurances, or any insurer shall avoid or cancel the
            Insurances or the Builder shall commit any breach of or make any
            misrepresentation in respect of the Insurances the result of which
            is to entitle the insurers to avoid the cover or otherwise to be
            excused or released from any or all of its liability thereunder, or

                                     - 44 -
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                                                                  FIRST ORIGINAL

            (b) any of the Insurances shall cease for any reason whatsoever to
            be in full force and effect, unless the Insurances are re-instated
            or reconstituted in a manner meeting the requirements of this
            Contract within seven (7) days; or

      (vii) if (a) a final order shall be made or an effective resolution shall
            be passed for the winding up of the Builder (otherwise than by a
            members' voluntary winding up for the purposes of amalgamation or
            reconstruction on terms previously approved by the Buyer, which
            approval shall not be unreasonably withheld) or (b) a receiver shall
            appointed of the whole or any substantial part of the undertaking of
            the Builder or (c) the Builder shall suspend the payment of its
            debts or (d) the Builder shall make an arrangement or composition
            with its creditors generally or (e) the Builder shall apply to any
            court for protection from its creditors generally.

2.2   At any time after a Buyer Termination Event shall have occurred and be
      continuing the Buyer may, by notice to the Builder, terminate this
      Contract and thereafter:

      (i)   the Buyer may retain and/or claim from the Builder (which shall
            immediately pay to the Buyer) all liquidated damages paid or payable
            by the Builder to the Buyer under clauses 2.17 to 2.19 in Article 6;
            and

      (ii)  the Buyer may also claim from the Builder (which shall immediately
            refund to the Buyer) the aggregate of (a) all payments previously
            made by the Buyer to the Builder under this Contract together with
            interest thereon at the relevant rate calculated from the date upon
            which the Builder received each such payment to the date on which
            the refund is received by the Buyer, (b) the Buyer's Supply Costs,
            and (c) all other amounts payable by the Builder to the Buyer under
            the provisions of this Contract; and

      (iii) if the Buyer's right to terminate this Contract (whether under
            Articles 4 and/or 9 or otherwise) becomes exercisable as a result of
            any negligence or wilful misconduct on the part of the Builder the
            Buyer shall, in addition to the payments referred to in sub-clauses
            2.2(i) and (ii), be entitled to the proved loss directly resulting
            from the Builder's default.

2.3   If the Buyer elects to terminate this Contract under clause 2.2 but the
      payments and refunds referred to in clause 2.2 are not made in full
      immediately upon such cancellation, the Buyer may (at any time thereafter)
      take possession of the Ship in its then state together with the Buyer's
      Supplies and all plans, machinery, equipment and other Parts appropriated
      or allocated to the Ship, and complete the Ship at the Shipyard or (in the
      Buyer's option) at another shipyard.

2.4   If the Buyer elects to take possession of the Ship under clause 2.3 it may
      remove the Ship together with the Buyer's Supplies and all equipment and
      other Parts appropriated or allocated to, or ordered for the Ship or,
      alternatively, it may use the Shipyard facilities, plant, machinery, tools
      and all equipment and other Parts appropriated or allocated to, or ordered
      for, the Ship and in either case the Builder shall release the same to the
      Buyer free from all encumbrances whatsoever against payment to the Builder
      of the unpaid balance of the Contract Price less the aggregate of:

                                     - 45 -
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                                                                  FIRST ORIGINAL

      (i)   the payments, refunds and other amounts referred to in clause 2.2
            (i), (ii) and (iii); and

      (ii)  the Buyer's good faith estimate of the costs that it will incur in
            (a) moving the Ship (and the Buyer's Supplies and all related
            equipment and other Parts) to another shipyard and in having the
            Ship completed at such other shipyard or (b) in completing the Ship
            at the Shipyard.

3.    TERMINATION BY EITHER PARTY

3.1   Any event entitling a party to terminate this Contract in accordance with
      its express provisions shall constitute (as the case may be) either a
      repudiatory breach of, or breach of condition by the Builder or Buyer
      under, this Contract or an agreed terminating event the occurrence of
      which will (in any such case) entitle the relevant party to terminate this
      Contract and recover the amounts provided for in this Contract either as
      liquidated damages or as agreed sums deductible or payable on the
      occurrence of such event.

3.2   The Builder's receipt of all payments to be made by the Buyer under clause
      1.3 or, as the case may be, the Buyer's receipt of all payments to be made
      by the Builder under clause 2.2 and clause 2.3 shall discharge all
      obligations and liabilities of each of the parties to the other under this
      Contract save for any obligations and liabilities of either party arising
      under the other provisions of this Contract.

                                                              (END OF ARTICLE 9)

                                     - 46 -
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                                                                  First Original

ARTICLE 10: BUILDER'S REPRESENTATIONS, COVENANTS AND INDEMNITIES

1.    REPRESENTATIONS, WARRANTIES AND COVENANTS

1.1   The Builder acknowledges that the Buyer has entered into this Contract in
      full reliance on the representations set out in clauses 1.2 and 1.3 and
      the Builder warrants that the statements contained in those clauses are in
      all respects true and accurate.

1.2   Each party (in either case, the "Warrantor") represents and warrants to
      the other party that:

      (i)   all acts, conditions and things required to be done, fulfilled and
            performed in order (a) to enable it lawfully to enter into, exercise
            its rights under and perform and comply with the obligations
            expressed to be assumed by it in this Contract and (b) to ensure
            that the obligations expressed to be assumed by it in this Contract
            are legal, valid and binding have been done, fulfilled and
            performed; and

      (ii)  no legal proceedings have been started or (to the best of the
            warrantor's knowledge and belief) threatened which might have a
            material adverse effect on the warrantor's ability to perform its
            obligations under this Contract.

1.3   The Builder further represents and warrants to the Buyer:

      (i)   that neither the execution of this Contract nor the exercise by the
            Builder of its rights and performance of its obligations under this
            Contract will result in any breach of any German or European
            Community law, regulation, rule, directive or treaty; and

      (ii)  neither the Builder nor (to the best of the Builder's knowledge,
            information or belief) any other person has (whether directly or
            indirectly) offered or paid or agreed to pay or give commission of
            any kind whatsoever in relation to or in connection with this
            Contract or any of the business transactions described in or
            contemplated by this Contract.

      (iii) that it shall obtain, comply with the terms of and do all that is
            necessary to maintain in full force and effect all authorisations,
            approvals, licences and consents required in or by the laws,
            regulations, rules, directives and treaties of Germany and the
            European Community to enable it lawfully to enter into and perform
            its obligations under this Contract;

2.    INDEMNITIES

2.1   The Builder shall indemnify fully, hold harmless and defend the Buyer and
      the other protected parties from and against all Losses which any of them
      may sustain or incur in respect of any personal injuries or other harm to
      or death of any person(s) or any damage to, or loss or destruction of, any
      property of any person(s), and which arise out of:

      (i)   any acts, omissions or defaults on the part of (a) the Builder
            and/or (b) any of the Builder's subcontractors and/or (c) any of the
            respective officers, employees, workmen, agents or other
            representatives of the Builder or its subcontractors

                                     - 47 -
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                                                                  FIRST ORIGINAL

            provided that this indemnity shall not (aa) extend to any Losses to
            the extent they are caused by the negligence or wilful misconduct of
            the Buyer or any other of the protected parties or (bb) apply to any
            claim arising out of injury, harm, death, damage, loss or
            destruction sustained after delivery of the Ship unless any such
            claim arises out of injury, harm, death, damage, loss or destruction
            sustained before delivery for which the Builder is responsible; and

      (ii)  any representation made by the Builder in clause 1.3 proving (at any
            time before or after the date hereof) to be untrue, inaccurate or
            misleading in any material respect.

                                                             (END OF ARTICLE 10)

                                     - 48 -
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                                                                  FIRST ORIGINAL

ARTICLE 11: INTELLECTUAL PROPERTY RIGHTS

1.    PATENTS, TRADE MARKS AND COPYRIGHTS

1.1   The Builder shall pay all royalties, licence fees or other similar charges
      on or in connection with:

      (i)   the Ship;

      (ii)  any Parts (other than Buyer's Supplies) installed or incorporated
            in, stowed on or otherwise delivered with the Ship; or

      (iii) any part of the building work.

1.2   The Builder shall indemnify fully, hold harmless and defend the Buyer and
      the other protected parties from and against all Losses which any of them
      may suffer or incur as a result of any actual or alleged infringement of
      any patents, patent rights, copyrights, trademarks, trade secrets or other
      intellectual property rights of any kind or nature on or in connection
      with the Ship, the Parts (other than Buyer's Supplies) or any part of the
      building work or the ownership or the proper use thereof by the Buyer
      provided that this indemnity shall not apply to any such infringement if
      the management of the Buyer or the management of any other protected party
      knew of the relevant infringement (at any time between the Effective Date
      and the date of actual delivery of the Ship) but failed to notify the
      Builder.

1.3   If:

      (i)   the Ship or any Part (other than Buyer's Supplies) by reason of any
            claim for which the Builder is responsible under this clause 1 shall
            be held to constitute an infringement of any patent, patent right,
            copyright, trademark, trade secret or other intellectual property
            right; or

      (ii)  the Buyer's use, possession or quiet enjoyment of the Ship or any
            such Part shall be in any manner or to any extent disturbed,
            interfered with, limited, restricted or restrained,

      the Builder shall, at its own expense, either procure on behalf of the
      Buyer the full and free right to continue using the Ship or such Part or,
      if the same can be done without material adverse affect on or delay to the
      Ship's schedule, replace any infringing Part with a non-infringing Part
      which is satisfactory to the Buyer and/or the Classification Bodies and/or
      the Regulatory Authorities.

1.4   The Buyer shall indemnify fully, hold harmless and defend the Builder from
      and against all Losses which it may suffer or incur as a result of any
      actual or alleged infringement of any patents, patent rights, copyrights,
      trademarks, trade secrets or other intellectual property rights of any
      kind or nature on or in connection with any Buyer's Supplies, plans,
      designs and engineering and design data supplied by the Buyer to the
      Builder under or in connection with this Contract provided that this
      indemnity shall not apply to any such infringement if the management of
      the Builder knew of the relevant

                                     - 49 -
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                                                                  FIRST ORIGINAL

      infringement (at any time between the Effective Date and the date of
      actual delivery of the Ship) but failed to notify the Buyer.

2.    RIGHTS TO ENGINEERING AND DESIGN DATA

2.1   All plans, designs and engineering and design data supplied by the Buyer
      to the Builder which are the property of the Buyer shall remain the
      property of the Buyer and such plans, designs and engineering and design
      data may be used by the Builder only in such manner as is permitted by
      this clause 2.

2.2   All plans, designs and engineering and design data supplied by the Builder
      to the Buyer which are the property of the Builder shall remain the
      property of the Builder and such plans, designs and engineering and design
      data may be used by the Buyer only in such manner as is permitted by this
      clause 2.

2.3   Each party shall take all reasonable precautions to maintain in
      confidence, and will not use or permit the use of (except as may be
      necessary for the purposes of the building work), any of the designs,
      plans and engineering and design data owned by the other party.

2.4   Nothing contained in this Contract shall be construed as transferring any
      patent, patent right, copyright, trademark, trade secret or other
      intellectual property right created or used in the performance of this
      Contract, all of which are hereby expressly reserved to the true and
      lawful owners thereof.

                                                             (END OF ARTICLE 11)

                                     - 50 -
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                                                                  FIRST ORIGINAL

ARTICLE 12: TAXES AND CONTRACT EXPENSES

1.    TAXES

1.1   All taxes of any kind whatsoever and levied by whatsoever taxing authority
      arising out of or in connection with the making and execution of this
      Contract, the building of the Ship, the importation of any Parts (other
      than Buyer's Supplies) into Germany (or the country of any subcontractor),
      the classification and delivery of the Ship, the payment of the Contract
      Price in Germany and the export of the Ship or any Parts from Germany (or
      the country of any subcontractor) which is payable in Germany (or in the
      country of any subcontractor) shall be borne and paid by the Builder and
      the Builder shall indemnify fully, hold harmless and defend the Buyer and
      all other protected parties from and against any Losses which any of them
      may suffer or incur in relation to any such tax.

1.2   All taxes of any kind whatsoever and levied by whatsoever taxing authority
      arising out of or in connection with the importation of any Buyer's
      Supplies into Germany (or the country of any subcontractor) or the
      importation of the Ship or any Parts into the country of the Buyer shall
      be borne by the Buyer and the Buyer shall indemnify fully, hold harmless
      and defend the Builder from and against any Losses which the Builder may
      suffer or incur in relation to any such tax.

2.    CONTRACT EXPENSES

2.1   Each party shall bear and pay all costs and expenses incurred by it in
      connection with the negotiation, preparation and execution of this
      Contract.

2.2   Each party shall from time to time reimburse the other on demand for all
      costs and expenses (including fees of legal and other professional
      advisors) reasonably incurred by such other party in connection with the
      enforcement of any of the rights of that party under this Agreement.

                                                             (END OF ARTICLE 12)

                                     - 51 -
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                                                                  First Original

ARTICLE 13: DISPUTES

1.    TECHNICAL DISPUTES

1.1   Except where a technical dispute is determined by the Classification
      Bodies under clause 4.2 in Article 1 or, as appropriate, by a Regulatory
      Authority under clause 4.4 in Article 1, any technical dispute giving rise
      to issues purely of fact (including, without limitation, any dispute or
      difference of opinion relating to questions as to the existence, degree or
      extent of any alleged non-conformity of the Ship or any Part to the
      Contract, the Plans, the Specification, or the Rules) shall be referred to
      the Head Offices of the Classification Bodies for final decision provided
      that if the Head Office of either Classification Body declines to accept
      any such referral, or if either party reasonably considers that it is not
      appropriate to refer the dispute in question to the Head Offices of the
      Classification Society, the dispute shall be referred to a mutually
      acceptable technical expert for his final decision.

1.2   The procedure applicable to the resolution of technical disputes (whether
      by the Classification Bodies or by a mutually agreed technical expert)
      shall be as follows:

      (i)   the person or body to whom the dispute is referred (the "Expert")
            shall be requested to make a final decision within fourteen (14)
            working days after it has accepted the appointment;

      (ii)  within seven (7) working days after the Expert has confirmed to both
            parties that it has accepted the appointment, each party will send
            to the Expert (and simultaneously to the other party), by telefax or
            registered courier, its submissions and supporting evidence in
            relation to the dispute;

      (iii) if a party fails to submit its submissions and supporting evidence
            within the time limit laid down in paragraph (ii), it shall be
            deemed to have admitted the correctness of the other party's
            submissions;

      (iv)  the Expert shall act as an expert and not as an arbitrator;

      (v)   the decision of the Expert shall be final and binding on both
            parties; and

      (vi)  the parties shall bear the Expert's costs equally.

1.3   If:

      (i)   the Head Office of either Classification Body declines to accept a
            referral pursuant to clause 1.1; or

      (ii)  the Head Office of one Classification Body reaches a different
            decision from the Head Office of the other Classification Body; or

      (iii) a party reasonably considers that it is not appropriate to refer any
            such technical dispute to the Head Offices of the Classification
            Bodies and the parties fail to agree upon the identity of a mutually
            acceptable technical expert within five (5) days after the date of
            one party's receipt of a written notice from the other party calling
            upon it to concur in the appointment of an expert,

                                     - 52 -
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                                                                  FIRST ORIGINAL

      the dispute shall be determined in accordance with clause 2.

2.    ARBITRATION

2.1   Except where a dispute is determined under clause 1.1 and subject to the
      Buyer's rights under clause 3.3, all disputes or differences whatsoever
      which may arise at any time out of or in connection this Contract shall be
      referred to arbitration in London in accordance with the Arbitration Act
      1996 or any statutory modification or re-enactment thereof save to the
      extent necessary to give effect to the provisions of this Contract.

2.2   The reference shall be to two arbitrators, one arbitrator being appointed
      by each party. A party wishing to refer a dispute to arbitration shall
      appoint its arbitrator and send notice of such appointment to the other
      party requiring the other party to appoint its own arbitrator with seven
      (7) running days of its receipt (or deemed receipt) of that notice and
      stating that it will appoint its arbitrator as sole arbitrator unless the
      other party appoints its own arbitrator and gives notice that it has done
      so within the seven (7) days specified. If the other party does not
      appoint its own arbitrator, and give notice that it has done so within the
      seven (7) days specified, the party referring the dispute to arbitration
      may, without the requirement of any further prior notice to the other
      party, appoint its arbitrator as sole arbitrator and shall advise the
      other party accordingly. The award of the sole arbitrator shall be binding
      on both parties as if such arbitrator had been appointed by agreement of
      both parties. Nothing in this Contract shall prevent the parties agreeing
      to vary these provisions to provide for the appointment of a sole
      arbitrator. If the two (2) arbitrators properly appointed hereunder by the
      parties shall not agree, they shall appoint an umpire whose decision shall
      be final.

2.3   All arbitration proceedings shall be held and conducted in London, in the
      English language, under English law and in accordance with the London
      Maritime Arbitrators' Association ("LMAA") Terms current at the time when
      the proceedings are commenced (which Terms are deemed to be incorporated
      by reference into this clause 2).

2.4   Any person appointed as an arbitrator under this Contract shall be
      knowledgeable in commercial ship construction and no such person shall
      have had, or shall have any expectation of acquiring, any business or
      financial relationship with either of the parties to this Contract, except
      such relationship as may be acquired by reason of that person being
      appointed as arbitrator pursuant to this clause 2; it is not necessary for
      any person appointed as an arbitrator under this Contract to be a member
      of, or otherwise to be affiliated or connected with, the LMAA.

2.5   If any dispute or difference arises prior to delivery of the Ship and is
      referred to arbitration in accordance with this clause 2, the parties
      acknowledge that time will be of the essence in obtaining an award from
      the arbitrators in relation to such dispute or difference and,
      accordingly, the parties agree to establish and utilise a fast track
      arbitration procedure. To this end the arbitration tribunal shall be
      instructed to hear the merits of the dispute as presented by the parties
      as soon as may be practicable and in any event within 200 (two hundred)
      days after the commencement of proceedings. The parties agree that the
      decision of the arbitration tribunal shall be final and binding on the
      parties except that either party may appeal to the English High Court in
      London in respect of any manifest error of law. The decision of the
      tribunal shall be given in

                                     - 53 -
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                                                                  FIRST ORIGINAL

      writing with reasons, and shall include a finding as to whether or not the
      Delivery Date should, as a result or such dispute or difference, be in any
      way altered thereby.

2.6   The parties will use all reasonable efforts to keep any arbitration
      proceedings concerning this Contract (and any award made in such
      proceedings) confidential.

2.7   Subject to clause 1.4(vi) in Article 5, no dispute or difference under or
      in relation to this Contract shall entitle the Builder to cease or suspend
      any part of the building work or to withhold delivery of the Ship, nor
      shall any such dispute or difference entitle the Buyer to withhold the
      payment of any part of the Contract Price due under any of clauses 2.1(i),
      (ii), (iii), (iv) or (v) in Article 8 beyond the relevant due date for
      payment provided that nothing in this provision shall prejudice any right
      which:

      (i)   the Builder may have to retain possession of the Ship on account of
            non-payment of the Contract Price; or

      (ii)  the Buyer may have to dispute the due date for payment of any part
            of the Contract Price under clause 2.1 (vi) in Article 8.

2.8   For the avoidance of doubt, if any dispute or difference arises before
      delivery of the Ship and is referred for determination under any of the
      provisions of clauses 1 or 2 hereof, the Builder shall not be entitled to
      dispose of the Ship pending the final determination of such dispute or
      difference.

3.    GOVERNING LAW

3.1   This Contract is governed by and shall be construed in accordance with
      English law and, without prejudice to the provisions of clauses 1 and 2,
      each party hereby irrevocably submits itself to the jurisdiction of the
      English courts for the purposes of any arbitration or other proceedings
      under or in connection with this Contract, and for the enforcement of any
      awards rendered under or in connection with this Contract.

3.2   Service of any claims or awards issued out of, or made or granted by, the
      English courts may be served by being delivered to the relevant party at
      the address for such party set out in clause 4.

3.3   The Buyer reserves the right to proceed under this Contract against the
      Builder in the German state courts for interlocutory relief (einstweiliger
      Rechtsschutz).

4.    NOTICES

4.1   Any notice or other communication made under or in connection with this
      Contract shall be in writing in the English language and shall be given to
      the addressee at the address set out below or sent by telefax to the
      telefax number given below, marked for the attention of the relevant
      individual listed in the "Attention" lines set out below provided that all
      notices and communications relating to technical matters (including,
      without limitation, those concerning the approval of Plans and tests)
      shall be given to the Supervisor at the address set out in paragraph (ii)
      below or sent by telefax to the telefax number specified in paragraph (ii)
      below.

                                     - 54 -
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                                                                  First Original

      (i)  if to the Buyer, to:      SHIP VENTURES INC.
                                     c/o 7665 Corporate Center Drive
                                     Miami, Florida 33126

           Telefax:                  + 1 305 436 4113

           Attention:                Mr. Colin Veitch, President & CEO

           with a telefax copy to:   + 001 305 436 4117

           Attention:                Mr. Mark Warren, General Counsel

      (ii) if to the Supervisor, to: THE SUPERVISOR
                                     c/o the Supervisor's designated office
                                     at the Shipyard

           Telefax:                  + 49-4961-814167

           Attention:                Mr. Bo Franzen

      (iii)if to the Builder, to:    JOS. L. MEYER GMBH
                                     Postfach 1555
                                     D26855 Papenburg
                                     Germany

           Telefax:                  + 49-4961-814300

           Attention:                Mr. B. Meyer

      or to such other person, address or telefax number as either party may (by
      not less than five (5) working days' notice in writing) specify to the
      other.

4.2   In the absence of evidence of earlier receipt, any notice or other
      communication shall be deemed to have been duly given:

      (i)   if correctly addressed and marked for the attention of the
            appropriate individual and delivered personally, when left at the
            appropriate address of the addressee;

      (ii)  if correctly addressed and marked for the attention of the
            appropriate individual and sent by pre-paid registered mail (or
            registered airmail if international) or courier, upon
            acknowledgement of receipt by return telefax; and

      (iii) if correctly addressed and marked for the attention of the
            appropriate individual and sent by telefax to the correct number,
            upon acknowledgement of receipt by return telefax.

                                                             (End of article 13)

                                     - 55 -
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                                                                  FIRST ORIGINAL

ARTICLE 14: GENERAL MATTERS

1.    COMPUTATION OF TIME

1.1   Except as otherwise provided in this Contract, all periods of time shall
      be computed by including Saturdays, Sundays and holidays except that if
      any period terminates on:

      (i)   any day which is not a working day in London or Papenburg (in the
            case of periods applicable to action by the Buyer); or

      (ii)  any day which is not a working day in Papenburg (in the case of
            periods applicable to action by the Builder),

      such period shall be deemed to be extended to the next following working
      day in such place.

2.    ASSIGNMENTS

2.1   The Buyer may:

      (i)   grant to its financiers of the Ship, or the other financiers of the
            Star Cruises Group, a first assignment (or other security interest)
            of this Contract and of all the Buyer's rights, title, interest and
            benefits in relation to this Contract and the Insurances;

      (ii)  assign, novate or transfer this Contract to any member of the Star
            Cruises Group or (with the prior approval of the Builder, which is
            not to be unreasonably withheld) to any other person whatsoever; and

      (iii) assign its rights under Article 7, Clause 2 to any purchaser, lessee
            or bareboat charterer of the Ship,

      provided that the guarantee provided for in Clause 13 shall remain in full
      force and effect notwithstanding any such assignment, novation or
      transfer.

2.2   The Buyer shall be entitled to mortgage the Ship, and to charge the
      Buyer's Supplies and other items in which it has title from time to time
      under this Contract, for the purposes of securing the pre and post
      delivery financing arrangements for the Ship entered into at any time by
      the Buyer, its assignees and any other members of the Star Cruises Group.

2.3   The Builder shall at its own cost promptly give all such assistance,
      provide all such information, and execute and deliver all such documents
      to the Buyer and/or any other relevant person, body or entity (including,
      but not limited to, the Registry of Ships under construction and the
      Bundesamt fur Seeschiffahrt und Hydrographie) as may from time to time be
      request by the Buyer in connection with the registration and deletion of
      the Ship in and from the Registry of Ships under Construction. In addition
      to its obligations under Article 4 Clause 1, the Builder undertakes to
      identify and/or mark the Ship for the purposes of such registration.

2.4   The Builder shall not assign or novate or transfer, or purport to assign
      or novate or transfer, any of its rights or obligations under this
      Contract save that the Builder may

                                     - 56 -
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                                                                  FIRST ORIGINAL

      assign its rights hereunder to its financiers for the Builder's
      pre-delivery construction financing of the Ship.

3.    PARTIAL ILLEGALITY

3.1   If any provision of this Contract or the application thereof to any person
      or in any circumstances shall to any extent be illegal, invalid or
      unenforceable, such illegality, invalidity or unenforceability shall not
      prejudice the effectiveness of the remainder of this Contract or the
      application of such provision to other persons or in other circumstances
      and each other provision of this Contract shall be legal, valid and
      enforceable to the fullest extent permitted by law.

4.    CONFIDENTIALITY

4.1   After the date of this Contract, the parties will agree the terms and
      publication date(s) of press announcements in relation to the construction
      of the Ship.

4.2   Save as provided in clause 4.1, the parties shall treat as confidential
      and use all reasonable efforts to ensure that their respective agents,
      officers, employees, workmen, subcontractors, and other representatives
      treat as confidential, the provisions of this Contract provided that:

      (i)   each party may, with the prior written consent of the other,
            disclose to any third party information relating to the matters
            referred to in this clause 4.2; and

      (ii)  each party shall be entitled to disclose any such information to
            their shareholders, bankers, auditors and/or legal advisors or to
            such extent as may from time to time be required by law or the rules
            or regulations of any applicable stock exchange or similar body.

5.    AMENDMENTS

5.1   No amendment, modification, supplement or other variation of this
      Contract, the Plans or the Specification shall be of any effect unless
      made in writing and signed by the Builder and the Buyer or their
      respective duly authorised representatives.

6.    NO WAIVER

6.1   No failure or delay on the part of either party in exercising any right,
      power or remedy under this Contract shall operate as a waiver thereof or a
      waiver of any other rights, powers or remedies nor shall any single or
      partial exercise of any such right power or remedy preclude any other or
      further exercise of any such right, power or remedy or the exercise any
      other right, power or remedy.

6.2   The respective rights, powers and remedies conferred on the parties by
      this Contract are cumulative and (save where the contrary is expressly
      stated) are in addition to (and not exclusive of) any rights, powers and
      remedies provided by law.

7.    CONSENTS

7.1   Subject to clause 1.6 in Article 2, where any matter:

                                     - 57 -
<PAGE>

                                                                  First Original

      (i)   requires an instruction from the Buyer, a waiver by the Buyer or the
            approval, authority or consent of the Buyer any such instruction,
            waiver, approval, authority or consent shall not be deemed to have
            been given or to any extent effective unless it is given in writing
            by a duly authorised representative of the Buyer; and

      (ii)  is required to be acceptable or satisfactory to the Buyer, the Buyer
            shall not be deemed to have accepted, or to be satisfied with such
            matter, unless its acceptance or satisfaction is communicated in
            writing to the Builder by a duly authorised representative of the
            Buyer.

8.    LANGUAGE

8.1   The official text of this Contract (and all plans, drawings, test and work
      schedules, reports, protocols, certificates, instruction booklets,
      notices, communications and other materials or documents to be drawn up,
      developed or supplied under this Contract) shall be in the English
      language.

9.    MODELS

9.1   The Builder shall build and supply free of charge to the Buyer (and place
      on board the Ship at or before delivery) the models of the Ship described
      in section G6.2 of the Specification.

10.   COUNTERPARTS

10.1  This Contract may be executed in up to four (4) counterparts each of which
      when dated and signed by (or on behalf of) both parties shall be an
      original, but all counterparts together shall constitute one and the same
      instrument.

11.   EFFECTIVE DATE

11.1  This Contract shall not have any legal effect whatsoever until the time on
      the date (the "Effective Date") when all of the following conditions have
      been satisfied:

      (i)   each party shall have received an original counterpart of this
            Contract, duly signed by the other party;

      (ii)  the Buyer shall have confirmed in writing to the Builder that is has
            approved the form and terms of the Insurances;

      (iii) each of the Account Block Agreement and the Opinion Letter shall
            have been signed and delivered;

      (iv)  the contract for Hull S.667 shall have been signed and shall have
            become effective; and

      (v)   the Buyer shall have confirmed by written notice to the Builder that
            it has obtained binding written commitments (in terms reasonably
            satisfactory to the Buyer) for the pre and post delivery loan
            financings (including the "Hermes" cover) that will be required to
            enable the Buyer to part fund certain of the payments referred to in
            clause 2 of Article 8.

                                     - 58 -
<PAGE>

                                                                  FIRST ORIGINAL

11.2  If this Contract has not come into effect by 4pm (Papenburg time) on 26
      September 2003 either party may, by written notice given to the other
      within ten (10) days thereafter, cancel this Contract.

11.3  In the event of the exercise by either party of its right to cancel this
      Contract under clause 11.2, this Contract shall, with effect from such
      cancellation, be null and void without any liability whatsoever on the
      part of either party.

11.4  Notwithstanding any provision to the contrary in this Contract, the Buyer
      shall not be obliged to make any payment to the Builder hereunder until
      such time as all of the conditions set out in clause 11.1 have been
      fulfilled or expressly waived in writing by both parties.

12.   PROTECTED PARTIES

12.1  Any of the protected parties may enforce the terms of any provision of
      this Contract which purports to confer any rights on them, subject to and
      in accordance with the Contracts (Rights of Third Parties) Act 1999.

12.2  The Builder and the Buyer may at any time, by agreement between them,
      rescind this Contract or vary it without the consent of the protected
      parties.

12.3  If any protected party becomes entitled to bring a claim against the
      Builder under or in respect of this Contract, the Buyer shall bring such
      claim against the Builder on behalf of the relevant protected party.

12.4  If any claim is made against the Builder by the Buyer on behalf of a
      protected party under clause 12.3, the Builder shall only have available
      to it by way of defence any matter that would have been available to it by
      way of defence if the relevant protected party had been a party to this
      Contract.

12.5  Save as provided above the operation of the Contracts (Rights of Third
      Parties) Act 1999 is hereby excluded.

13.   GUARANTEE

13.1  Arrasas guarantees to the Builder the due and punctual observance and
      performance of all the terms, conditions and covenants on the part of the
      Buyer contained in this Contract and agrees to pay to the Builder each sum
      of money which the Buyer is at any time liable to pay to the Builder under
      or pursuant to this Contract and which has become due but has not been
      paid.

13.2  Neither the obligations of Arrasas under the guarantee provided for in
      Clause 13.1 nor the rights, powers and remedies conferred upon the Builder
      in respect of such guarantee shall be discharged or impaired by any act,
      circumstance, event or omission which (but for this Clause 13.2) might
      operate to discharge or impair any of the obligations, rights, powers or
      remedies referred to above.

                                                             (END OF ARTICLE 14)

                                     - 59 -
<PAGE>

                                                                  First Original

                                    SCHEDULE

1.    DEFINITION OF CERTAIN TERMS

1.1   In this Contract:

      "Account Block Agreement" means an agreement which is to be executed by
      the Buyer, the Builder and the Builder's Bank in order to provide for
      certain rules concerning payments into and from the Builder's Account.

      "Builder's Account" means the euro account numbered 1021179 and held by
      the Builder's Bank at its office in Bremen;

      "Builder's Bank" means Commerzbank AG;

      "building work" means all of the Parts to be provided and all of the work
      to be done by the Builder under and in connection with this Contract, as
      more particularly described in the Specification and the Plans, and
      includes all Parts to be provided and all work to be done by the Builder's
      subcontractors;

      "Buyer's Supplies" has the meaning given in Article 1, clause 1.1(i)(b)
      and, for the avoidance of doubt, any of the US manufactured and processed
      materials referred to in Article 1, clause 3.3 which are used in the
      construction of the Ship shall be regarded as "Parts" rather than "Buyer's
      Supplies";

      "Buyer's Supply Costs" means at any given time the aggregate of (i) the
      costs incurred by the Buyer in relation to the carriage, pre-delivery
      insurance and delivery of all Buyer's Supplies and (ii) the cost to the
      Buyer of obtaining replacements for such Supplies at such time;

      "Class Rules" has the meaning given in Article 1, clause 4.1;

      "Classification Bodies" means American Bureau of Shipping and Det Norske
      Veritas Classification AS;

      "commission" means any benefit (whether monetary or not), brokerage,
      commission, consideration, gift, gratuity, inducement, payment, reward or
      success fee of any kind whatsoever payable to any broker, agent,
      intermediary or other person in relation to or in connection with the
      placing and/or performance of this Contract;

      "Compensation Date" means (i) the 5th (fifth) day from (and including) the
      Delivery Date or (ii) the 3rd (third) day from (and including) the
      Delivery Date if the Ship has not been delivered by the intended delivery
      date mentioned in the 15 (fifteen) days definite notice given by the
      Builder under clause 1.1 in Article 7;

      "Contract" means this shipbuilding contract and includes the Plans, the
      Specification and the schedule, each of which forms an integral part of
      this Contract;

      "Contract Price" means the fixed price for the Ship specified in clause
      1.1 of Article 8;

                                     - 60 -
<PAGE>

                                                                  First Original

      "correct" shall be construed (in Article 8, clause 2) so as to mean and
      include rectify, remedy, repair and replace with the intent that the
      Builder's duty under Article 8, clause 2 shall be to take all necessary
      corrective action by (as may be appropriate) correcting or rectifying or
      remedying or repairing or replacing, or paying for the correction or
      rectification or remedy or repair or replacement of, every Defect to which
      clause 2 applies;

      "Defect" has the meaning given in Article 6, clause 1.8;

      "DELIVERY DATE" means the fixed delivery date for the Ship specified in
      clause 1.1 of Article 7, it being acknowledged and agreed by the parties
      that such date may be reset only in strict accordance with, and subject
      to, the express provisions this Contract;

      "Delivery Port" has the meaning given in Article 1, clause 1.1 (c);

      "Dispute Notice" had the meaning given in Article 2, clause 6.1;

      "Effective Date" has the meaning given in Article 14, clause 11.1;

      "encumbrance" means (i) any claim (whether in personam or in rem and
      including any arrest or other detention in connection with any claim) and
      any debt, and/or (ii) any mortgage, charge, pledge, maritime or possessory
      or other lien, assignment, hypothecation, trust arrangement, encumbrance,
      or other security interest securing any obligation of any person or any
      other type of preferential arrangement (including, without limitation,
      title transfer and retention arrangements) having a similar effect and or
      (iii) any of the German Law Encumbrance Rights, but does not include any
      permitted encumbrance;

      "Euribor" means the percentage rate per annum determined by the Banking
      Federation of the European Union for the relevant period displayed on the
      appropriate page of the Telerate or the Reuters screen from time to time
      or, if such display is not available at any relevant time, as certified by
      the head office of the Builder's Bank;

      "Flag State" means the United States of America;

      "German Law Encumbrance Rights" means any retention of title
      (Eignetumsvorbehalt, auch erweitert, verlangert, weitergeleitet,
      nachgeschaltet, nachtraglich, als Kontokorrentvorbehalt, als
      Konzernvorbehalt u.s.w.), right of retention (Zuruckbehaltungsgrecht),
      pledge, lien (Pfandrecht) and any other encumbrance (sonstige Belastung)
      or other similar rights under German law;

      "Insurances" has the meaning given in Article 4, clause 2.2;

      "List of Suppliers" means the agreed list of approved subcontractors dated
      22 August 2003 and initialled by the parties for the purposes of
      identification;

      "Losses" means any and all causes of action, charges (including interest
      charges), costs, claims (in contract, tort or otherwise), controls,
      liquidated or unliquidated damages, demands, expenses, fees (including
      legal fees) fines, liabilities (civil, criminal or otherwise), losses
      (other than consequential losses), payments, penalties, proceedings,

                                     - 61 -
<PAGE>

                                                                  First Original

      restrictions, suits and any and all other sanctions of a monetary nature
      other than taxes;

      "Milestones" has the meaning given in Article 2, clause 4.1;

      "Opinion Letter" means a legal opinion from Ahlers & Vogel to the Buyer
      (in a form reasonably acceptable to the Buyer) regarding retention of
      title and title transfer issues relating to this Contract.

      "Parts" has the meaning given in Article 1, clause 1.1(i)(b);

      "partial loss" means any loss of or damage to the Ship (including Buyer's
      Supplies and other Parts) which does not constitute a total loss and
      "partial loss proceeds" means any insurance proceeds paid and/or payable
      in respect of any partial loss;

      "permitted encumbrance" means any encumbrance (i) created by the Buyer or
      (ii) arising by operation of law in connection with claims against the
      Buyer for which the Buyer would not be entitled to compensation or
      indemnification from the Builder under this Contract;

      "Plans" means the GA Plan No. P.8573-A19 dated 22 August 2003 and
      initialled by the parties for the purposes of identification, and the
      technical system and other plans and drawings described or referred to in
      the Specification;

      "protected parties" means (i) every member of the Star Cruises Group from
      time to time (as certified by the Buyer), and (ii) all of the respective
      agents, officers, employees, workmen, suppliers and other representatives
      of (a) the Buyer and (b) each other protected party;

      "Regulatory Authorities" means those authorities, bodies and entities
      having regulatory responsibility and authority in respect of the Ship or
      specific areas or parts of the Ship, whether before or after delivery
      under this Contract, including (i) the International Maritime
      Organisation, (ii) the World Health Organisation, (iii) the United States'
      Coast Guard and Public Health Services authorities, (iv) the maritime and
      other relevant authorities of the Flag State, and (v) all other specified
      national or international regulatory authorities, bodies and entities;

      "Regulatory Rules" has the meaning given in Article 1, clause 4.3;

      "relevant rate" means the aggregate of (i) one per cent (1%) and (ii)
      EURIBOR for the relevant period;

      "Ship" means the ship which is the subject of this Contract and all Parts
      (including all delivered Buyer's Supplies);

      "Shipyard" means the Builder's shipyard at Papenburg, Germany;

      "Specification" means Specification No. P.8573 - Hull No. S.668 dated 22
      August 2003 and the Appendices thereto marked A, B and C (the
      "APPENDICES") and, unless the context otherwise requires, "SPECIFIED"
      means stipulated in the Specification or in the Appendices;

                                     - 62 -
<PAGE>

                                                                  First Original

      "Star Cruises Group" means (i) Star Cruises Limited and its subsidiaries
      from time to time, and (ii) all other associated or affiliated companies;

      "subcontractor(s)" shall include each of the Builder's makers and
      suppliers, and any other person, company or other entity under contract to
      the Builder or used by the Builder in connection with the design,
      construction, manufacture or supply of any materials, machinery,
      equipment, other parts or services for the Ship;

      "tests" means (i) the shop, dock, sea and other tests, trials and
      inspections described in the Specification and the Plans and (ii) such
      other tests, trials and inspections (or retests, retrials and
      reinspections) as the Buyer and/or the Classification Bodies and/or the
      Regulatory Authorities may reasonably require in order to demonstrate and
      confirm the complete correction of any Defects;

      "total loss" means any actual, constructive, compromised or arranged or
      agreed total loss of the Ship (including Buyer's Supplies or other Parts);

      "working day" means any day, other than a Saturday or Sunday, on which
      banks are generally open for business in each of London and Papenburg; and

      "(EURO)" and "EURO" denote the single currency unit of the European Union.

2.    INTERPRETATION OF CERTAIN REFERENCES

2.1   Save where the contrary is expressly stated, any reference in this
      Contract to:

      (i)    this Contract, the Specification, the Appendices, the Plans or any
             other agreements or documents shall be construed as a reference to
             this Contract, the Specification, the Appendices, the Plans or, as
             the case may be, such other agreements or documents as the same may
             have been, or may from time to time be, amended, modified, varied,
             novated or supplemented;

      (ii)   an Article or the schedule shall be construed as a reference to an
             Article or the schedule of this Contract;

      (iii)  an award shall be construed as a reference to any award, decision,
             declaration, injunction, judgement, order or other relief;

      (iv)   a claim shall be construed as a reference to any action, claim,
             demand, proceeding, process or suit, whether in arbitration or
             court or otherwise;

      (v)    a clause shall be construed as a reference to a clause of the
             Article in which the reference appears;

      (vi)   a person shall be construed as a reference to any individual, firm,
             company, corporation, unincorporated body of persons, or any state
             or state agency,

      (vii)  a party to this Contract shall include a reference to such party's
             successors and permitted assigns;

      (viii) a tax shall be construed as a reference to any tax, levy, impost,
             duty or other charge of a similar nature (including, without
             limitation, any penalty or interest

                                     - 63 -
<PAGE>
                                                                  FIRST ORIGINAL

             payable in connection with any failure to pay or any delay in
             paying any of the same);

      (ix)   a receiver shall be construed so as to include any liquidator,
             trustee, administrator, receiver, administrative receiver or
             similar officer; and

      (x)    the winding up of a party to this Contract shall be construed so as
             to include any equivalent or analogous proceedings under the law of
             the jurisdiction in which such party is incorporated or any other
             jurisdiction in which such party carries on business.

2.2   The Index, Article, clause and schedule headings and sub-headings are
      inserted for convenience only and shall not affect the interpretation of
      this Contract.

3.    PRIORITY OF CONTRACT, PLANS AND SPECIFICATION

3.1   This Contract, the Plans, the Specification and the Appendices are
      intended to compliment and supplement one another. All general language or
      requirements embodied in the Specification are intended to amplify,
      explain and implement the requirements of this Contract. The Specification
      and the Plans are also intended to explain each other, and anything shown
      in the Plans but not stipulated in the Specification or stipulated in the
      Specification and not shown in the Plans shall be deemed and considered as
      if embodied in both. The Appendices are intended to clarify, amplify and
      supplement the Specification.

3.2   If any conflict is found to exist between:

      (i)   the provisions of this Contract, on the one hand, and the
            Specification and/or the Plans on the other hand, then to the extent
            of such conflict only, the Specification and the Plans shall be
            ineffectual, and the provisions of this Contract shall prevail, and
            in all other respects the Specification and the Plans shall be and
            remain in full force and effect provided that to the extent such
            conflict arises solely because this Contract, on the one hand, and
            the Specification and/or the Plans, on the other hand, contain
            requirements that are in addition to the requirements of the other,
            then all of such additional requirements shall be fully complied
            with by the Builder; or

      (ii)  the provisions of the Specification, on the one hand, and the Plans,
            on the other hand, then to the extent of such conflict only, the
            Plans shall be ineffectual, and the provisions of the Specification
            shall prevail, and in all other respects the Plans shall be and
            remain in full force and effect provided that to the extent such
            conflict arises solely because the Specification, on the one hand,
            and the Plans, on the other hand, contain requirements that are in
            addition to the requirements of the other, then all of such
            additional requirements shall be fully complied with by the Builder;
            or

      (iii) the provisions of the Appendices, on the one hand, and the
            Specification and/or Plans on the other hand, then to the extent of
            such conflict only, the Specification and the Plans shall be
            ineffectual, and the relevant provisions of the Appendices shall
            prevail, and in all other respects the Specification and the

                                     - 64 -
<PAGE>
                                                                  First Original

            Plans shall be and remain in full force and effect provided that to
            the extent such conflict arises solely because the Appendices, on
            the one hand, and the Specification and/or Plans on the other hand
            contain requirements that are in addition to the requirements of the
            other, then all of such additional requirements shall be fully
            complied with by the Builder; or

      (iv)  a Plan, on the one hand, and another Plan on the other hand, then to
            the extent of such conflict only, the Plan with the earlier date
            shall be ineffectual, and the other Plan shall prevail, and in all
            other respects the Plans shall be and remain in full force and
            effect provided that to the extent such conflict arises solely
            because a Plan, on the one hand, and another Plan on the other hand,
            contain requirements that are in addition to the requirements of the
            other, then all of such additional requirements shall be fully
            complied with by the Builder.

SIGNATURES

SIGNED by                           MR. C VEITCH
for and on behalf of
SHIP VENTURES INC.

SIGNED by                           TAN SRI KT LIM
for and on behalf of
ARRASAS LIMITED

SIGNED by                         MR. B MEYER
for and on behalf of
JOS. L. MEYER GMBH

(END OF CONTRACT)

                                     - 65 -
<PAGE>

                                                                  FIRST ORIGINAL

                                 ADDENDUM NO. 1

ADDENDUM NO. 1 TO THE SHIPBUILDING CONTRACT DATED AS OF 15 SEPTEMBER 2003 (AS
AMENDED, THE "CONTRACT") AND MADE BETWEEN JOS. L. MEYER GMBH AS BUILDER
("BUILDER"), SHIP VENTURES INC. AS BUYER ("BUYER") AND ARRASAS LIMITED AS
BUYER'S GUARANTOR IN RELATION TO HULL NO. S.668 ("SHIP").

1.    The parties have agreed that in Article 1, Clause 2.1(vi) of the Contract,
      the paragraph entitled "Diesel Engines" has been amended to read "5 x MAN
      B&W 12V 48/60 B each capable of a maximum continuous rating of 14,400kW at
      514 rpm (or equivalent)".

2.    In consideration for the Builder's agreement to the amendment specified at
      paragraph 1 above, the Buyer has agreed that the Contract Price stated in
      Article 8, Clause 1.1(i) of the Contract has been increased to (euro)
      359,850,000 inclusive of the lump sum allowance specified in Article 8,
      Clause 1.1(iii) of the Contract.

3.    Save and except as expressly provided in this Addendum No. 1, the terms
      and conditions of the Contract shall remain unamended and in full force
      and effect.

SIGNATURES

Signed by   BERNARD MEYER
for and on behalf of
JOS. L. MEYER GMBH
as of 13 April 2004

Signed by   PAUL TURNER
for and on behalf of
SHIP VENTURES INC.
as of 7 April 2004

Signed by   PAUL TURNER
for and on behalf of
ARRASAS LIMITED
as of 7 April 2004<PAGE>
                                                                   EXHIBIT 10(i)

CLIFFORD                                           LIMITED LIABILITY PARTNERSHIP

CHANCE

                             SHIPBUILDING CONTRACT

                                    BETWEEN

                               JOS. L. MEYER GMBH

                                      AND

                                 HULL 669 LTD.

                                      AND

                              NCL CORPORATION LTD.

                         IN RELATION TO HULL NO. S.669

<PAGE>

                                                                  FIRST ORIGINAL

<TABLE>
<CAPTION>
                                    CONTENTS
 CLAUSE                                                                           PAGE
<S>                                                                               <C>
Article 1: Subject Matter of Contract....................................           1
1.       Agreement to Build, Sell and Purchase...........................           1
2.       Description of the Ship.........................................           2
3.       Specification and Plans.........................................           3
4.       Classification..................................................           4
5.       Builder's Right to Subcontract..................................           6
6.       Buyer's Supplies................................................           7
7.       Builder's Tally of Buyer's Supplies.............................           8
Article 2: Supervision...................................................          10
1.       Supervisor......................................................          10
2.       Plan Approval...................................................          11
3.       Work Approval...................................................          12
4.       Planned Programme...............................................          13
5.       Minor Alterations...............................................          14
6.       Technical Disputes..............................................          14
Article 3: Modifications.................................................          15
1.       Modifications...................................................          15
2.       Classification and Regulatory Changes...........................          16
3.       Substitution of Parts...........................................          16
Article 4: Title and Insurances..........................................          17
1.       Title, Risk and Encumbrances....................................          17
2.       Insurances......................................................          18
3.       Loss or Damage..................................................          19
Article 5: Premissible Delays............................................          22
1.       Extension of Time for Building Work.............................          22
2.       Delay Notices...................................................          24
Article 6: Tests and Liquidated Damages..................................          25
1.       Tests...........................................................          25
2.       Liquidated Damages..............................................          27
Article 7: Delivery and Guarantee........................................          33
1.       Delivery and Acceptance.........................................          33
</TABLE>

<PAGE>

                                                                  FIRST ORIGINAL

<TABLE>
<S>                                                                                <C>
 2.      Guarantee.......................................................          36
 Article 8: Contract Price and Payment Terms.............................          42
 1.      Contract Price..................................................          42
 2.      Payments........................................................          42
 Article 9: Termination..................................................          46
 1.      Termination by Builder..........................................          45
 2.      Termination by Buyer............................................          46
 3.      Termination by Either Party.....................................          49
 Article 10: Builder's Representations, Covenants and Indemnities........          51
 1.      Representations, Warranties and Covenants.......................          50
 2.      Indemnities.....................................................          50
 Article 11: Intellectual Property Rights................................          53
 1.      Patents, Trade Marks and Copyrights.............................          52
 2.      Rights to Engineering and Design Data...........................          53
 Article 12: Disputes....................................................          55
 1.      Taxes...........................................................          54
 2.      Contract Expenses...............................................          54
 Article 13: Disputes....................................................          56
 1.      Technical Disputes..............................................          55
 2.      Jurisdiction....................................................          56
 3.      Governing Law...................................................          56
 4.      Notices.........................................................          57
 Article 14: General Matters.............................................          60
 1.      Computation Of Time.............................................          59
 2.      Assignments.....................................................          59
 3.      Partial Illegality..............................................          59
 4.      Confidentiality.................................................          60
 5.      Amendments......................................................          60
 6.      No Waiver.......................................................          60
 7.      Consents........................................................          60
 8.      Language........................................................          61
 9.      Models..........................................................          61
10.      Counterparts....................................................          61
11.      Effective Date..................................................          61
</TABLE>

<PAGE>

                                                                  FIRST ORIGINAL

<TABLE>
<S>                                                                                <C>
12.      Protected Parties...............................................          62
13.      Guarantee.......................................................          62
14.      UN Convention...................................................          63
FIRST SCHEDULE...........................................................          65
 1.      Definition Of Certain Terms.....................................          64
 2.      Interpretation Of Certain References............................          67
 3.      Priority Of Contract, Plans And Specification...................          68
SECOND SCHEDULE..........................................................          71
 1.      Form Of Guarantee - See Article 8, Clause 2.3(ii)...............          70
</TABLE>

<PAGE>

                                                                  FIRST ORIGINAL

THIS SHIPBUILDING CONTRACT is dated as of 24 December 2004 and made between:

(1)   JOS.L.MEYER GMBH, a company organised and existing under the laws of
      Germany, and having its principal office at Industriegebiet Sud, D-26871
      Papenburg, Germany (the "BUILDER"); and

(2)   HULL 669 LTD., a company incorporated in Bermuda and having its registered
      office at Milner House, 18 Parliament Street, Hamilton HM12, Bermuda (the
      "BUYER"); and

(3)   NCL CORPORATION LTD., a company incorporated in Bermuda having its
      registered office at Milner House, 18 Parliament Street, Hamilton HM12,
      Bermuda ("NCLC").

NOW IT IS HEREBY AGREED as follows:

ARTICLE 1: SUBJECT MATTER OF CONTRACT

1. AGREEMENT TO BUILD, SELL AND PURCHASE

1.1   On and subject to the provisions of this Contract, the Plans and the
      Specification:-

      (i)   the Builder shall:

            (a)   design, engineer, build, launch, equip and outfit the Ship at
                  the Shipyard, and

            (b)   provide all components, equipment, gear, fittings, machinery,
                  materials, parts, plant, outfit, spares and supplies which are
                  necessary to achieve the objects and purposes described in
                  Clause 1.1(i) (a) (the "PARTS") other than the specified
                  supplies to be provided by the Buyer (the "BUYER'S SUPPLIES"),
                  and

            (c)   complete, finish, sell and deliver the Ship to the Buyer at a
                  North European sea port (the "DELIVERY PORT") selected by the
                  Builder and approved by the Buyer (such approval not to be
                  unreasonably withheld or delayed) after successful performance
                  and completion of the tests relating to the Ship; and

      (ii)  the Buyer shall purchase and accept delivery of the duly completed
            Ship at the Delivery Port.

1.2   The Builder, as a first class shipbuilder with a reputation for excellence
      and with knowledge of the Buyer's performance and quality requirements and
      standards shall ensure that all building work shall be carried out in a
      good and workmanlike manner and in accordance with the highest
      shipbuilding and marine engineering practices and standards for new
      passenger cruise ships, and so that (unless specified to the contrary in
      the Specification) the quality of workmanship, quality of Parts, function
      and performance of systems, and aesthetic design of the passenger cabins
      and public areas

                                      - 1 -

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                                                                  FIRST ORIGINAL

      shall not be lower than the corresponding quality standards on the
      reference ship, as built by the Builder and accepted by the buyer of the
      reference ship.

2.    DESCRIPTION OF THE SHIP

2.1   The Ship shall be a luxury passenger cruise ship suitable for continuous
      year-round worldwide cruising, with the following main dimensions and
      characteristics:

      (i)   DIMENSIONS

            Length overall about - 294.13 metres
            Length between perpendiculars: - 264.80 meters
            Breadth moulded - 32.20 metres
            Depth bulkhead deck - 11.50 metres
            Design draft - 8.30 metres

            *In this paragraph "about" means a tolerance of +/-1 metre

      (ii)  DEADWEIGHT

            Guaranteed deadweight at a draft of 8.30 metres - 7,500 metric tons
            in seawater of 1.025 t/m3 density (and under the conditions further
            described in section G.2.3 of the Specification). The deadweight is
            the difference between the loaded displacement and the contractual
            lightweight. The contractual lightweight is the weight of the empty
            and clean ship adjusted by any weight (and related ballast) added or
            subtracted by reason of any agreements on modification (a) made at
            any time under Article 3 of this Contract and (b) made at any time
            up to the date of this Contract under Article 3 of the contract for
            the reference ship.

      (iii) PASSENGER CABINS

            Garden Villas - 2
            Executive suites - 4
            Junior suites - 20
            Studio - 20
            Deluxe - 132
            Standard outside with balcony - 352
            Standard outside - 235
            Standard inside - 398
            Handicapped - 25

      (iv)  CREW CABINS

            Captain class - 7
            Officer, single occupancy - 54
            Petty officers - 54
            Crew, two (2) berth - 71
            Crew, three (3) berth -13

                                      - 2 -

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                                                                  FIRST ORIGINAL

            Crew, four (4) berth - 217

      (v)   LIFE SAVING EQUIPMENT

            Total number of persons on board for the purposes of long
            international voyages - 4,000.

      (vi)  MACHINERY

            Diesel engines        5 x MAN B&W 12V 48/60 B each capable of a
                                  maximum continuous rating of 14,400 kW at
                                  514 rpm (or equivalent)

            Pod units             2 pod units each developing 19,500 kW at
                                  approximately 150 rpm

      (vii) SPEED

            The trial speed of the Ship at a draft of [***] [Confidential
            Treatment] shall be at least [***] [Confidential Treatment] under
            the conditions specified in Section G.2.5 of the Specification.

2.2   The details of the dimensions and characteristics referred to in Clause
      2.1 above, as well as the definitions and method of measurements and
      calculations, are as indicated in the Specification and no changes shall
      be made to such dimensions and characteristics without the Buyer's prior
      written approval.

2.3   The hull number of the Ship will be S.669 and that number shall in
      accordance with Clause 1.1 and 1.2 in Article 4 be placed upon the Ship
      and the Parts during construction.

3.    SPECIFICATION AND PLANS

3.1   The Specification and the Plans describe in detail building work
      standards, the features of the building work and the general scope of the
      building work but, although the contents of the Specification and the
      Plans are believed by the Builder and the Buyer to be accurate, all
      dimensions and other details shall be independently verified and checked
      by the Builder and, if there are any errors or omissions in the
      Specification or Plans which may adversely affect the safety,
      seaworthiness or technical performance of the Ship, the Builder shall
      correct the same, after first notifying the Buyer in writing and obtaining
      the Buyer's written approval (which is not to be unreasonably withheld),
      without any increase in the Contract Price.

3.2   The Builder shall be solely and directly responsible for all aspects of
      the design, performance and quality of the building work, and the fact
      that any calculations, measurements, drawings, plans, test results or any
      other documents and data relating to the building work shall have been
      made, prepared or supplied by the Buyer or shown to the Buyer or approved
      by the Buyer and/or any Regulatory Authority and/or the Classification
      Society and/or any other specified person(s) or that modifications or
      alterations shall have been carried out in accordance with the Buyer's
      requirements

                                      - 3 -

<PAGE>

                                                                  FIRST ORIGINAL

      shall not in any manner or to any extent relieve the Builder from (or
      otherwise reduce) any of the Builder's obligations and/or liabilities
      under this Contract.

3.3   All Parts shall be new or (with the Supervisor's prior written approval
      which shall not be unreasonably withheld) unused, of high quality, and in
      strict and full accordance and compliance with this Contract, the Plans
      and the Specification and shall otherwise be in strict and full accordance
      and compliance with the Builder's usual high standards and practices of
      construction for similar ships.

3.4   The Builder shall pay for all Parts promptly on or before delivery of the
      Ship or in accordance with usual commercial credit terms.

3.5   The Builder shall furnish: spare parts in accordance with the
      Specification; and maintenance tools of the kind and in at least the
      quantities required by the Specification, the Classification Society, and
      the maker's standards, for items furnished by the Builder. The cost of
      such spares and tools are included in the Contract Price. The Builder at
      its own cost and risk shall be responsible for the handling, storing and
      bringing on board the Ship of all spares and tools. Spares and tools
      furnished by the Builder shall be properly protected against physical
      decay, corrosion and mechanical damage and shall be properly listed so
      that replacements may be readily ordered by the Buyer.

4.    CLASSIFICATION

4.1   The Builder shall build the Ship under the supervision and special survey
      of Det Norske Veritas (the "CLASSIFICATION SOCIETY"), in accordance with
      the regulations, requirements, resolutions and rules of the Classification
      Society (the "CLASS RULES") that are (i) in force as of the Effective Date
      and (ii) announced as of the Effective Date as intended thereafter to come
      into force or to be implemented, so that on delivery the Ship achieves the
      class notation + 1A1 Passenger Vessel, ECO, CLEAN free of all conditions,
      notations, qualifications, recommendations, reservations and restrictions.

4.2   The Classification Society's decision as to compliance or non-compliance
      of the building work with the Class Rules shall be final and binding on
      the parties but this provision shall not in any manner or to any extent
      relieve the Builder from (or otherwise reduce) any of the Builder's
      obligations to comply with this Contract, the Plans and the Specification
      in respect of requirements that exceed the Class Rules.

4.3   The Ship shall also be designed and built under the supervision and in
      accordance with the regulations, requirements, resolutions and rules of
      the Regulatory Authorities (the "REGULATORY RULES") as well as all other
      specified regulations, requirements, resolutions and rules that, are (i)
      in force as of the Effective Date and (ii) announced as of the Effective
      Date as intended thereafter to come into force or to be implemented.

4.4   The decision of any Regulatory Authority which is to issue specified
      certificates shall be final and binding on the parties as to compliance or
      non-compliance of the building work with the relevant Regulatory Rules but
      this provision shall not in any manner or to any extent relieve the
      Builder from (or otherwise reduce) any of the Builder's

                                      - 4 -

<PAGE>

                                                                  FIRST ORIGINAL

      obligations to comply with this Contract, the Plans or the Specification
      in respect of requirements which exceed the Regulatory Rules.

4.5   All classification, certification, testing, survey and other fees and
      charges payable to the Classification Society and other third parties in
      relation to the building work shall be for the account of the Builder.

4.6   Although the Classification Society will be appointed and paid for by the
      Builder, and although the Builder will be exclusively responsible for the
      correct interpretation and application of the Class Rules:

      (i)   the parties intend that, in performing its role in relation to the
            building work, the Classification Society shall be acting for, and
            shall owe identical duties to, both of the parties to this Contract;
            and

      (ii)  the Builder will ensure that the provisions of this Clause 4.6 are
            communicated to, and accepted by, the Classification Society prior
            to its appointment under this Contract.

4.7   All fees and charges incidental to the registration of the Ship under the
      flag and laws of the Flag State shall be for the account of the Buyer.

4.8   In relation to the building work, the Buyer has the right:

      (i)   to inspect all correspondence, minutes of meetings and other
            documents passing between the Builder and the Classification Society
            or the Regulatory Authorities and to have copies thereof upon
            request of the Supervisor or the Buyer; and

      (ii)  to attend all scheduled meetings between the Builder and the
            Classification Society or the Regulatory Authorities,

      and the Builder shall provide (or procure that the Classification Society
      or Regulatory Authorities provide) copies of all documents requested under
      paragraph (i) above and shall keep the Buyer well informed (in advance) of
      all of the meetings referred to in paragraph (ii) above. The Builder will
      promptly inform the Supervisor of any unscheduled meetings between the
      Builder and the Classification Society or the Regulatory Authorities and,
      if the Supervisor does not attend any of such meetings, the Builder will
      give the Supervisor a reasonably detailed account of the matters discussed
      and decisions taken at the meeting.

4.9   The Builder and its subcontractors shall comply with all laws, rules and
      regulations applicable to the building work, and the Builder shall obtain
      all licenses, permits, certificates and permissions required for the
      execution and completion of the building work, including those required by
      the Classification Society and the Regulatory Authorities.

                                      - 5 -

<PAGE>

                                                                  FIRST ORIGINAL

4.10  The Builder shall be responsible for obtaining the approval of all
      drawings, calculations and other necessary matters by the Classification
      Society and the Regulatory Authorities, and shall arrange for all
      applicable certificates and approvals to be issued.

5.    BUILDER'S RIGHT TO SUBCONTRACT

5.1   The Builder shall not subcontract the whole of the building work but it
      may subcontract the performance of certain parts of the building work to
      reputable and suitably qualified and experienced subcontractors provided
      that for any major subcontracting the Builder shall obtain the prior
      written consent of the Buyer (which consent shall not be unreasonably
      withheld), it being agreed that "MAJOR SUBCONTRACTING" shall mean any
      construction or assembly of the Ship's volume sections or installation of
      the Ship's machinery and other main Parts, or any other major building
      work, to be done outside the Shipyard unless customarily done outside the
      builders' yards in connection with the construction of luxury passenger
      ships within the North/Northwest European shipbuilding industry.

5.2   The Builder's appointment, contracting, employment or use of any workmen,
      subcontractors, agents and other representatives (including, without
      limitation, any such persons appointed or employed or contracted by the
      Builder with the Buyer's approval) shall not in any manner or to any
      extent relieve the Builder from (or otherwise reduce) any of the Builder's
      obligations and/or liabilities under or in connection with this Contract
      nor diminish the Builder's responsibility adequately to manage and
      supervise such persons and to ensure that they conduct themselves in an
      efficient and workmanlike manner and in accordance with the practices and
      standards referred to in Clauses 1.2.

5.3   The Builder covenants with the Buyer that:

      (i)   it shall ensure that there is not and will not be created by the
            Builder any direct or indirect contractual or other legal
            relationship between the Buyer and any subcontractors appointed or
            otherwise used by the Builder (save for such relationships as may be
            created by reason of the warranty and guarantee assignments to be
            made by the Builder under Clause 2.10 of Article 7);

      (ii)  it shall take reasonable care in the selection, employment,
            appointment and supervision of all subcontractors, and shall use its
            best endeavours to procure their employment or appointment on the
            best possible terms consistent with the Buyer's rights, and the
            Builder's obligations and liabilities, under this Contract
            including, without limitation, such matters as (a) the best possible
            guarantees and warranties and liberty for the Builder to assign all
            or any part(s) of such guarantees and warranties to the Buyer, (b)
            the safety of passengers and crew, (c) good service, (d) reliability
            of subcontractors, and (e) availability of spares and post-delivery
            service support;

                                      - 6 -

<PAGE>

                                                                  FIRST ORIGINAL

      (iii) it shall prevent its subcontractors from exercising any rights
            (including without limitation, any German Law Encumbrance Rights) to
            arrest, attach, detain or encumber the Ship, the Parts or any of the
            Buyer's Supplies;

      (iv)  it shall promptly provide the Buyer with such information and access
            as it may require from time to time in order to verify the
            performance of the supply and building work carried out by the
            Builder's subcontractors;

      (v)   it shall promptly (a) deal with the Buyer's reasonable complaints
            regarding the terms of engagement or contract of any of its
            subcontractors, and/or (b) take necessary steps to ensure the proper
            performance of any such subcontractors, and/or (c) comply with any
            reasonable requests by the Buyer to terminate any such engagement or
            contract and appoint a substitute subcontractor; and

      (vi)  it shall be fully, directly and solely responsible (as between the
            Builder, the Buyer and the other protected parties) for the acts,
            omissions and defaults of the Builder's subcontractors (including,
            without limitation, any persons appointed, employed or contracted by
            the Builder with the approval of the Buyer) and for the acts,
            omissions and defaults of the respective officers, employees,
            workmen, agents and other representatives of the Builder and its
            subcontractors.

5.4   The Buyer shall have the right to approve the identity of all main
      subcontractors other than those specified in the List of Suppliers, such
      approval not to be unreasonably withheld.

5.5   All labour costs (including overtime costs) of the Builder and of the
      workmen, subcontractors, and others used by the Builder shall be for the
      account of the Builder.

6.    BUYER'S SUPPLIES

6.1   The Buyer, at its own risk and expense, shall contract for, supply and
      deliver the Buyer's Supplies to the Shipyard and, in the case of certain
      materials, to the Builder's facility at the base port for trials in proper
      condition for installation or incorporation in, or stowage on board, the
      Ship in precise accordance with a delivery schedule to be agreed between
      the Buyer and the Builder within one hundred and eighty (180) days after
      the Effective Date.

6.2   The Builder shall, at its own risk and expense, receive, check as to
      agreement with transport documents, insure (in accordance with Clause 2 of
      Article 4), safely store and keep well protected, and properly inspect,
      put on board and thereafter install or incorporate in or stow on the Ship,
      all of the Buyer's Supplies from time to time delivered to the Shipyard,
      and (whenever so requested by the Supervisor) the Builder shall also
      assist the Buyer to clear any Buyer's Supplies through German customs and
      (in relation to the materials which are to be delivered at the base port
      for trials) through the relevant customs. Upon request by the Builder, the
      Buyer's available personnel at the Shipyard will assist in the
      installation of the Buyer's Supplies.

                                      - 7 -

<PAGE>

                                                                  FIRST ORIGINAL

6.3   In order to facilitate the inspection, installation and incorporation of
      the Buyer's Supplies by the Builder, the Buyer shall furnish the Builder
      with all plans, instruction books, test reports and certificates provided
      to the Buyer by its suppliers and, if so requested by the Builder, the
      Buyer shall without charge to the Builder cause the relevant suppliers to
      assist the Builder in the installation and incorporation of such Buyer's
      Supplies at the Shipyard. If any Buyer's Supplies (including any Buyer's
      Supplies to be replaced by the Buyer pursuant to this Clause 6) have not
      been delivered within five (5) working days after the Supervisor's receipt
      of a notice from the Builder under Clause 6.4(ii), the Builder shall be
      entitled to proceed with the construction of the Ship without installing
      or incorporating such Supplies in or on the Ship and the lack of any such
      installation or incorporation shall not be treated as a Defect in the Ship
      provided that if, having regard to the nature and/or expected delivery
      date(s) of the relevant Buyer's Supplies and/or the Builder's programme
      for the building work, it is reasonable for the Buyer to request the
      Builder to arrange the building work so that the relevant Supplies can be
      installed or incorporated in or on the Ship at a later date then, in each
      such case, the Builder will use its best efforts to accommodate any such
      reasonable request.

6.4   The Builder:

      (i)   shall be liable to the Buyer for any damage to or loss of any
            Buyer's Supplies occurring or arising after their delivery by (or on
            behalf of) the Buyer under Clause 6.1 unless such damage or loss is
            caused by the inadequate packing or inherent vice of such Buyer's
            Supplies; and

      (ii)  shall notify the Supervisor as soon as practicable of any loss of,
            damage to, or deficiency in the supply or performance of, any of the
            Buyer's Supplies or any late delivery thereof in accordance with
            Clause 6.3.

6.5   Where the Builder is liable to the Buyer (under Clause 6.4) for any damage
      to or loss of any Buyer's Supplies, the Builder will promptly replace the
      relevant Supplies with identical items at its risk and expense; in all
      other cases where the Builder gives notice to the Buyer under Clause
      6.4(ii), the Buyer will promptly replace the relevant Supplies at its risk
      and expense.

6.6   Within fifteen (15) days after the Ship has been delivered by the Builder
      and accepted by the Buyer in accordance with the provisions of this
      Contract, the Buyer will remove from the Shipyard any of the Buyer's
      Supplies which have not been used in the construction of, or otherwise
      delivered with, the Ship.

7.    BUILDER'S TALLY OF BUYER'S SUPPLIES

7.1   The Builder shall make and keep fully itemised and up-to-date records of
      all Buyer's Supplies from time to time delivered to the Shipyard and/or
      other premises of the Builder (and/or its subcontractors) and, without
      prejudice to the generality of the foregoing, the Builder shall ensure
      that such records are made and kept in the form used by the Builder for
      its own stocks and show:

                                      - 8 -

<PAGE>

                                                                  FIRST ORIGINAL

      (i)   the date of delivery to the Builder (or its subcontractors) of each
            batch or consignment of Buyer's Supplies;

      (ii)  where and how such Buyer's Supplies are stored;

      (iii) when such Buyer's Supplies are incorporated or installed in, or
            stowed on, the Ship; and

      (iv)  the balance (in units) of any unused Buyer's Supplies.

7.2   The Builder shall provide the Supervisor, on a monthly basis, with a
      complete set of the records described in Clause 7.1 and all amendments of,
      or supplements to, such records.

                                                              (END OF ARTICLE 1)

                                      - 9 -

<PAGE>

                                                                  FIRST ORIGINAL

ARTICLE 2: SUPERVISION

1.    SUPERVISOR

1.1   The Buyer may retain a supervisor (the "SUPERVISOR") and a supervision
      team at the Shipyard to maintain close contact with the Builder and, on
      behalf of the Buyer, to supervise the building work, and the Builder will
      assist the Buyer to obtain any necessary German permissions and
      authorisations for the Supervisor and his team to carry out their duties.

1.2   The Supervisor and his team shall at all times be deemed to be the
      employees of the Buyer and the Builder shall be under no liability
      whatsoever for personal injuries or other harm to, or death of, the
      Supervisor or any of his team, or for damage to, or loss or destruction
      of, their property, unless such injury, harm, death, damage, loss or
      destruction is caused by the negligence and/or wilful default of the
      Builder and/or any of the Builder's subcontractors.

1.3   The Supervisor and his team shall carry out their inspections and
      supervision in an efficient manner and in such a way as to avoid any
      increase in the building costs or delays to the building work.

1.4   All salaries and, subject to Clause 1.5, costs and expenses of the
      Supervisor and his team shall be for the Buyer's account.

1.5   The Builder shall provide, free of charge to the Buyer, the Supervisor and
      the Supervisor's team:

      (i)   adequately equipped, maintained and serviced changing rooms and
            offices in reasonable numbers (including, without limitation,
            tables, chairs, filing cabinets, direct call national and
            international telephones and telefaxes, word processing workstations
            with laser printers in each office all in reasonable numbers, and
            one (1) full time secretary) conveniently located in the Shipyard
            and in close proximity to the Ship, and

      (ii)  lodgings in Papenburg (or vicinity) and meals at the Shipyard (as
            far as available),

      provided that the Builder may charge the Buyer at cost for such lodgings
      and meals, for the secretary and for the use by the Supervisor and his
      team of the national and international postage, telephone and telefax
      services provided by the Builder under this Clause 1.5.

1.6   A written statement confirming the Supervisor's appointment and the scope
      of his actual authority shall be given by the Buyer to the Builder within
      thirty (30) days after the Effective Date. Written notice of revocation of
      appointment of the Supervisor and/or any change in the scope of his actual
      authority shall be given by the Buyer to the Builder immediately after any
      such revocation and/or change has been decided upon by the Buyer.

                                     - 10 -

<PAGE>

                                                                  FIRST ORIGINAL

1.7   The Supervisor and his team shall be deemed to have notice of and shall
      observe the safety, security and other rules and precautions in force from
      time to time at the Shipyard and at the premises of the Builder's
      sub-contractors.

2.    PLAN APPROVAL

2.1   Each of the Builder and the Buyer acknowledges and agrees that the
      construction of the Ship requires co-operation and flexibility on the part
      of both parties, especially during the design phase. The plan approval
      arrangements referred to in this Clause 2 shall be limited to such plans,
      drawings and other documents as are described in section G.4.3 of the
      Specification.

2.2   Notwithstanding the generality of Clause 2.1, the building work shall be
      carried out in strict accordance with the provisions of this Contract, the
      Specification and the Plans, and prior to commencement of the building
      work (and from time to time thereafter as and when the Buyer may request)
      the Builder will provide the Supervisor with a work schedule containing a
      critical path treatment of the major and significant elements of the
      building work, in their proper sequence, which must be completed to ensure
      delivery of the Ship by the Delivery Date.

2.3   All plans, drawings and other documents required to be developed and
      supplied by the Builder to the Buyer for approval shall be hand-delivered
      by the Builder in their proposed final form in three (3) copies to the
      Supervisor (or, if the Supervisor is not at the Shipyard at the relevant
      time, to any member of the Supervisor's team at the Shipyard unless a
      specified member of the team has been nominated by the Supervisor for this
      purpose by notice to the Builder and is available at the Shipyard) for the
      Buyer's approval, and the Builder agrees to use its best endeavours to
      submit all such plans, drawings and documents in such a manner that the
      Buyer may reasonably review and approve or comment on the same within the
      periods provided for in Clauses 2.4 and 2.5.

2.4   Within five (5) working days after the Supervisor's receipt of the plans,
      drawings and other documents referred to in Clause 2.3, the Supervisor
      will notify the Builder in writing whether or not such plans, drawings and
      other documents are sufficient to enable the Buyer to review them pursuant
      to this Clause 2; and if any of the plans, drawings or other documents are
      deficient in any way, the Supervisor must specify the deficiency and give
      his reasons in such notice.

2.5   Any plans, drawings and other documents submitted to the Supervisor and
      accepted by him as being sufficient for the Buyer's review must be
      returned to the Builder as soon as practicable and, at the latest, within
      fifteen (15) days after the Supervisor's receipt of those plans, drawings
      and other documents which the Supervisor has authority to approve on
      behalf of the Buyer.

2.6   One copy of all plans, drawings and other documents submitted to the
      Supervisor and accepted by him as being sufficient for the Buyer's review
      shall be returned to the Builder (in accordance with the timetable laid
      down in Clause 2.5) either as approved

                                      - 11 -

<PAGE>

                                                                  FIRST ORIGINAL

      or as rejected by the Buyer provided that all rejections shall specify
      with reasons all aspects of the rejected plans, drawings or documents
      which do not, or which provide for building work which does not, conform
      to the requirements of this Contract, the Plans or the Specification.

2.7   If a plan, drawing or other document is approved, the Builder shall
      proceed with the building work shown therein.

2.8   If a plan, drawing or other document is not accepted by the Supervisor as
      being sufficient for the Buyer's review in accordance with Clause 2.4, the
      Builder shall promptly alter the relevant plan, drawing or document
      without charge to the Buyer and resubmit it as altered for approval by the
      Buyer in accordance with Clauses 2.3 to 2.6.

2.9   All building work performed by the Builder prior to approval by the Buyer
      of all plans, drawings or documents relating to such work shall be at the
      sole risk and expense of the Builder.

2.10  If the Buyer (or the Supervisor on the Buyer's behalf) fails to return to
      the Builder, in accordance with the timetable laid down in Clause 2.5, any
      plan or drawing or other document and this failure is not remedied within
      two (2) working days after the Supervisor's receipt of a written notice
      from the Builder specifying such failure, such plan or drawing or other
      document shall be deemed to have been automatically approved by the Buyer
      without any comments.

2.11  If the Builder discovers any feature in the Plans or the Specification
      which appears to be inconsistent with the general scheme of the building
      work or which might (in the reasonable opinion of the Builder) expose the
      Builder or the Buyer to any product liabilities, the Builder shall
      promptly notify the Supervisor and submit a proposal to the Supervisor for
      the Buyer's approval (such approval not to be unreasonably withheld) for
      the removal of the inconsistency or risk of product liability at the
      Builder's cost and in the Builder's time.

3.    WORK APPROVAL

3.1   Throughout the period during which the Ship is being built the Builder
      will conduct its usual quality control programme of inspections, testing
      and supervision by a team of the Builder's staff specially designated for
      this purpose but the building work and all Parts, as the same may at any
      time and at any place be completed or be in progress, shall also be
      subject to inspection by and the approval of the Buyer (acting through the
      Supervisor and his team) and the Classification Society.

3.2   The Builder shall at all times during normal working hours give the
      Supervisor and the Supervisor's team free and ready access to (and a free
      right to inspect) the Ship and Parts at any place where building work is
      being done or tests are being carried out or Parts are being processed or
      stored in connection with the building of the Ship including, without
      limitation, the Shipyard and other yards, workshops and stores of the
      Builder, and the premises of the Builder's subcontractors who are doing
      work in connection with the building of the Ship or processing or storing
      Parts, and the Builder

                                      - 12 -

<PAGE>

                                                                  FIRST ORIGINAL

      shall ensure that the provisions of this Clause 3.2 are inserted into all
      subcontracts from time to time made by it in connection with the building
      work.

3.3   The Buyer shall be entitled (but not obliged) to reject all building work
      and Parts which do not comply with the requirements of this Contract, the
      Plans and the Specification unless and to the extent that such
      non-compliance is the direct result of the Builder seeking to avoid (in a
      manner approved by the Buyer, such approval not to be unreasonably
      withheld) the product liabilities described in Clause 2.11 provided that
      all rejections shall be made in writing, and shall specify with reasons
      those aspects of the building work or Parts inspected which do not comply
      with the requirements of this Contract, the Plans or the Specification.

3.4   If any building work or Parts shall be duly rejected by the Buyer as not
      complying with the Contract, the Plans or the Specification, the Builder
      shall promptly correct or replace such work or Parts at the Builder's cost
      and in the Builder's time.

4.    PLANNED PROGRAMME

4.1   The Ship shall be constructed in accordance with the planned milestones
      programme in Appendix 4 of the Specification defining certain stages of
      the construction process ("MILESTONES") which must be completed by the
      dates therein specified.

4.2   The Builder shall submit to the Buyer each month, commencing on the date
      falling one month after the Effective Date, until delivery, the following
      documentation (the accuracy of which the Builder hereby warrants):

      (i)   a status report on the building work as compared with the planned
            programme, including the critical path;

      (ii)  a report setting out the actual progress of the building work during
            the previous month as compared with the planned programme;

      (iii) a list of modifications (if any) agreed during the previous month,
            including Contract adjustments, if any, agreed during that month;

      (iv)  a report on the delivery of subcontracted materials during the
            previous month (the precise nature and form of which report shall be
            agreed, from time to time, between the Buyer and the Builder).

4.3   Without prejudice to the Builder's obligations under this Contract, if the
      construction of the Ship should, for any reason whatsoever, be delayed
      beyond the time-frame indicated in the planned programme, the Builder
      shall immediately notify the Buyer. If the delay which has occurred is not
      a permissible delay, the Builder shall within fourteen (14) working days
      after provision of such notification provide to the Buyer a written
      schedule describing the steps (including any appropriate increase in
      manpower and material resources) the Builder intends to take to recover
      the time lost. The Builder and the Buyer shall meet at the earliest
      opportunity to discuss the proposal and the Builder's detailed plans for
      implementation of the same.

                                      - 13 -

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                                                                  FIRST ORIGINAL

5.    MINOR ALTERATIONS

5.1   Subject to Clause 3.2 in Article 1 and to Article 3, approvals and other
      decisions of the Buyer in relation to the design and performance of the
      building work shall be final and may not be revised or revoked without the
      prior written approval of the Builder provided that the Builder shall not
      withhold its approval for any minor alterations or revisions requested by
      the Buyer which (in the reasonable opinion of the Builder) would not:

      (i)   delay or increase the cost of the building work or have a material
            adverse affect on the Builder's planning or programme for the
            building work; or

      (ii)  otherwise constitute a material modification of this Contract, the
            Plans or the Specification; or

      (iii) require the Builder to jeopardise its contracted building
            schedule(s) for other ships.

6.    TECHNICAL DISPUTES

6.1   If, at any time during the design phase or any other stage of the building
      work, there is a difference of opinion between the Builder and the Buyer
      in relation to any technical matter, then either party may give a notice
      to the other party and if the parties do not resolve the difference of
      opinion within five (5) working days after the date of service of such a
      notice, the Builder or the Buyer may require that the difference of
      opinion be treated as a Dispute of a technical nature to be resolved in
      accordance with Clause 1 of Article 13.

                                                              (END OF ARTICLE 2)

                                     - 14 -

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                                                                  FIRST ORIGINAL

ARTICLE 3: MODIFICATIONS

1.    MODIFICATIONS

1.1   This Contract, the Plans and the Specification may be modified from time
      to time by agreement of the parties provided that any reasonable and
      timely modifications requested by the Buyer, and/or any modifications
      required to be made under Clause 2 which are occasioned by any changes in
      the Class Rules or in any of the Regulatory Rules after the Effective
      Date, shall be implemented by the Builder if the Buyer assents to
      necessary modifications to the Contract Price, the Delivery Date and any
      other relevant provisions of this Contract, the Builder agreeing to act in
      good faith and use its best efforts to accommodate any such reasonable
      requests by the Buyer so that any such modifications shall be made:

      (i)   at the lowest cost reasonably possible;

      (ii)  within the shortest period of time reasonably possible; and

      (iii) without any loss in the relative priority of the building work for
            the Ship compared to other construction work in the Shipyard,

      provided that nothing in this Clause 1.1 shall require the Builder to
      jeopardise its contracted building schedule(s) for other ships.

1.2   Any agreement on a modification of this Contract, the Plans or the
      Specification shall include:

      (i)   any increase or decrease in the Contract Price;

      (ii)  any change in the Delivery Date, and

      (iii) any other adjustment to or amendment of any relevant provisions of
            this Contract, the Plans or the Specification,

      which is directly, necessarily and reasonably occasioned by such
      modification.

1.3   Any agreement on a modification of this Contract, the Plans or the
      Specification shall be recorded and evidenced by an exchange of letters or
      telefaxes which shall constitute an amendment to this Contract and/or the
      Plans and/or the Specification and shall be sequentially numbered, marked
      "Contract modification under Clause 3" and signed by the parties duly
      authorised representatives, and following any such agreement the Builder
      shall modify the building of the Ship in accordance therewith.

1.4   If there is any Dispute between the parties as to any of the matters
      referred to in Clause 1.2 then, if the Buyer so requires, the Builder will
      make the requested modification before the Dispute has been resolved
      provided the Buyer confirms its willingness to pay the amount found due to
      the Builder in respect of such modification.

                                     - 15 -

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                                                                  FIRST ORIGINAL

2.    CLASSIFICATION AND REGULATORY CHANGES

2.1   If, after the Effective Date, any Class Rules and/or any Regulatory Rules
      are changed by the Classification Society or any Regulatory Authority, the
      Builder shall promptly notify the Buyer in writing of the relevant
      change(s) and of the necessary modifications to be made to this Contract,
      the Plans and the Specification.

2.2   If, following its receipt of a notice under Clause 2.1, the Buyer
      reasonably considers that the operation of the Ship in its intended
      service would permit of a dispensation or waiver, the Builder will at the
      request of the Buyer apply for a dispensation from, or waiver of
      compliance with, the relevant change(s).

2.3   If the Buyer does not require the Builder to apply for a dispensation or
      waiver (or it has not been possible to obtain a dispensation or waiver)
      within a period of fifteen (15) days after the Buyer's receipt of a notice
      under Clause 2.1 (or such longer period of time as the parties may agree
      to be reasonable in the light of all the circumstances then prevailing),
      the parties shall make an agreement to modify this Contract in accordance
      with Clause 1 and thereafter the Builder shall make the relevant change(s)
      in the design or building of the Ship.

3.    SUBSTITUTION OF PARTS

3.1   If (notwithstanding all reasonable efforts on the part of the Builder and
      provided that orders for the same were placed in good time by the Builder)
      any Parts are not available at the time required for their installation or
      incorporation in the Ship, the Builder may (with the prior written
      approval of the Buyer) use suitable substitute Parts which are at least
      equal to the standard and quality of the Parts which were not available
      and which are capable of meeting all of the requirements of:

      (i)   this Contract, the Plans and the Specification; and

      (ii)  the Classification Society and the Regulatory Authorities.

3.2   Where a proposed substitution of Parts is approved by the Buyer, the
      Builder shall:

      (i)   bear all additional costs and expenses whatsoever in relation to
            such substitution; and

      (ii)  credit the Buyer with any cost savings occasioned by such
            substitution.

(END OF ARTICLE 3)

                                     - 16 -

<PAGE>

                                                                  FIRST ORIGINAL

ARTICLE 4: TITLE AND INSURANCES

1.    TITLE, RISK AND ENCUMBRANCES

1.1   Title to the Ship and all Parts (but not Buyer's Supplies, title to which
      will at all times be and remain with the Buyer) shall pass to the Buyer
      upon the Ship's delivery to, and acceptance by, the Buyer in accordance
      with Clause 1 in Article 7 and until such delivery and acceptance shall
      have occurred all risks connected with the building work - including,
      without limitation, all risks in relation to the Ship, all Parts and all
      Buyer's Supplies from the time when they are taken into the custody of the
      Builder or any of its subcontractors - shall lie exclusively with the
      Builder.

1.2   Immediately upon:

      (i)   the receipt by the Builder (or any of its subcontractors) of any
            Buyer's Supplies; and

      (ii)  the delivery to, or fabrication by, the Builder (or any of its
            subcontractors) of all other Parts,

      the Builder shall mark (or cause its relevant subcontractors to mark) the
      same and the Ship (as it is from time to time built) with hull number
      S.669.

1.3   The Builder shall have no authority to create (and waives all rights to
      create) any encumbrances whatsoever over any of the Buyer's Supplies, nor
      shall it permit any encumbrances of any kind (other than permitted
      encumbrances) to be imposed on or asserted against any of the Buyer's
      Supplies.

1.4   At any time when a payment is due to the Builder under this Contract, and
      at all other reasonable times, the Buyer may require the Builder to
      provide a written statement satisfactory to the Buyer showing what, if
      any, encumbrances of any kind (other than permitted encumbrances) have
      been or are liable to be imposed on or asserted against any of the Buyer's
      Supplies.

1.5   If any encumbrance of any kind (other than any permitted encumbrance) is
      imposed on or asserted against any of the Buyer's Supplies, the Builder
      shall promptly notify the Buyer and shall, not later than ten (10) days
      thereafter, secure the discharge or release of such encumbrance provided
      that if the Builder desires to contest any such encumbrance and such
      discharge or release is not available under law during such contest
      (including, without limitation, through the filing of a bond or other
      security), the Builder shall immediately take such steps as in the opinion
      of the Buyer shall prevent such encumbrance from delaying or otherwise
      adversely affecting the building work and shall indemnify fully, hold
      harmless and defend the Buyer and all other protected parties from and
      against all Losses which any of them may sustain or incur as a result of
      the imposition of any such encumbrance.

1.6   Notwithstanding the provisions of Clause 1.5, the Buyer may secure the
      removal of any such encumbrance in which event the Builder shall reimburse
      the Buyer in full for

                                     - 17 -

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                                                                  FIRST ORIGINAL

      its costs (including legal fees) of securing such discharge or release by
      deducting such sum from any payments due or to become due to the Builder
      under this Contract save that if any such cost is in excess of the amount
      of any such reimbursement by deductions, the Builder shall pay the amount
      of such excess to the Buyer promptly upon demand.

1.7   Notwithstanding the provisions of Clause 1.5, the Buyer, without securing
      the discharge or release of any such encumbrance, may nevertheless
      withhold from any payments due or to become due to the Builder, unless and
      until such encumbrance is discharged or released by the Builder, a sum
      equal to the amount reasonably determined by the Buyer to be required to
      secure the discharge or release of such encumbrance (which amount shall
      include the estimated amount of all expenses which might be incurred in
      connection therewith, including legal fees).

1.8   Prior to the installation of any of the Buyer's Supplies:

      (i)   the Builder may require the Buyer to state in writing whether any
            permitted encumbrances have been imposed on or asserted against the
            relevant Buyer's Supplies and to discharge any such permitted
            encumbrances prior to the installation of such Buyer's Supplies, and
            if the Buyer fails to discharge any such permitted encumbrances, the
            Builder may withhold the installation of the relevant Buyer's
            Supplies in which case any resulting delays will be the Buyer's
            responsibility; and

      (ii)  the Buyer may require the Builder to confirm in writing that the
            representations made by it in Article 10, Clause 1.2(ii) remain in
            all respects true and accurate and to procure that the Builder's
            financiers confirm in writing to the Buyer that they have no grounds
            for making (nor any expectation of acquiring grounds for making) any
            claims against the Builder or the Ship, and if the Builder or its
            financiers fails to deliver any such statement, the Buyer may
            require the Builder to withhold the installation of the relevant
            Buyer's Supplies in which case any resulting delays will be the
            Builder's responsibility.

2.    INSURANCES

2.1   During the currency of this Contract and until her delivery to the Buyer
      the Ship, all Parts, and all Buyers' Supplies (up to a maximum aggregate
      value of (euro)25,000,000 (twenty five million euros) taken into the
      custody of the Builder (or any of its subcontractors) and whether or not
      built into or installed on or in the Ship, shall be at the exclusive risk
      of the Builder which shall at its own expense keep the same insured on
      policy terms, and with brokers and underwriters, approved by the Buyer and
      its financiers in respect of and against all usual marine and builder's
      risks, including protection and indemnity risks, tests risks and war
      risks. All premiums and deductibles shall be for the sole account of the
      Builder. Neither the brokers nor the underwriters shall have any rights of
      recourse against the Ship or any of the protected parties, or any

                                     - 18 -

<PAGE>

                                                                  FIRST ORIGINAL

      rights to make any deduction, set-off or other withholding from or against
      any sum payable to the Buyer or its assignees in connection with the
      Insurances.

2.2   The amount of the insurances (the "INSURANCES") to be arranged by the
      Builder under this Article shall be not less than the Contract Price.

2.3   All Insurances shall be taken out by the Builder naming the Builder as the
      assured party and the Buyer as the co-insured party for their respective
      interests. The Insurances shall contain loss payable provisions reasonably
      acceptable to the Buyer and its financiers.

2.4   All Insurances shall provide that there shall be no recourse against the
      Ship, any of the protected parties or Buyer's assignees for the payment of
      any premiums or commissions and that no cancellation of the Insurances,
      for any reason whatsoever, shall become effective unless and until
      fourteen (14) days - or seven (7) days, in the case of war cover - prior
      written notice has been given by the relevant brokers or insurers to the
      Buyer.

2.5   The Builder shall supply the Buyer prior to the commencement of
      construction of the Ship with an original cover note and all related
      documents specifying the terms of the Insurances and security (which shall
      be as usual for the London insurance market) for the Ship.

2.6   If at any time there is:

      (i)   any lapse in the insurance coverage which the Builder is required to
            arrange under this Clause 2, the Buyer may effect replacement
            coverage at the Builder's expense; or

      (ii)  any failure by the Builder to pay any premiums due in respect of the
            Insurances, the Buyer may pay the same and recover the relevant
            payment(s) from the Builder.

3.    LOSS OR DAMAGE

3.1   In the event of any partial loss of the Ship before delivery:

      (i)   the loss shall be made good by the Builder as soon as reasonably
            possible, the Delivery Date shall be extended in accordance with
            Clause 1 in Article 5 (provided that the cause of the partial loss
            is excused under that Clause) and the partial loss proceeds
            referable to the Ship and/or Parts (other than Buyer's Supplies)
            subject to the partial loss shall be applied by the Builder in
            making good the partial loss to the approval of the Buyer, the
            Classification Society and the Regulatory Authorities; and

      (ii)  the partial loss proceeds referable to any Buyer's Supplies subject
            to the partial loss shall be paid to the Buyer.

                                     - 19 -
<PAGE>

                                                                  FIRST ORIGINAL

3.2   In the event of the total loss of the Ship before delivery, either the
      Builder or the Buyer shall be entitled to terminate this Contract by
      written notice to the other, such notice to be delivered within thirty
      (30) days after the date (the "DETERMINATION DATE") on which it is
      determined that the Ship has become a total loss pursuant to Clause 3.6
      below.

3.3   If, following the total loss of the Ship, neither party terminates this
      Contract pursuant to Clause 3.2, the Builder shall proceed with the
      building of the Ship in accordance with this Contract and the Delivery
      Date shall be extended in accordance with Clause 1 in Article 5 provided
      that the cause of the total loss is excused under that Clause.

3.4   If there is a total loss of the Ship before delivery, then:-

      (i)   if either party elects to terminate this Contract pursuant to Clause
            3.2, the Builder shall within ninety (90) days from (and including)
            the Determination Date pay to the Buyer an amount equal to the sum
            of:

            (a)   all payments previously made by the Buyer to the Builder under
                  this Contract together with interest thereof at the relevant
                  rate calculated from the date on which the Builder received
                  each such payment to the date on which the reimbursement is
                  received by the Buyer, and

            (b)   the Buyer's Supply Costs in respect of any Buyer's Supplies
                  which are subject to the total loss or which cannot be removed
                  in sound condition from the Ship, the Shipyard or other
                  place(s) where they are stored and returned to the Buyer,

                  and in addition the Builder will return to the Buyer all
                  Buyer's Supplies which have not been lost or damaged and which
                  can be removed in sound condition from the Ship, the Shipyard
                  and other place(s) where they are stored; or

      (ii)  if neither party terminates this Contract pursuant to Clause 3.2,
            the Builder shall within ninety (90) days from (and including) the
            Determination Date pay to the Buyer the Buyer's Supply Costs in
            respect of any Buyer's Supplies which are subject to the total loss.

3.5   To the extent that any amounts are paid by the Builder to the Buyer under
      Clause 3.4 and the Buyer also receives any proceeds of the Insurances in
      respect of the same loss, the Buyer will account to the Builder for the
      relevant excess amount.

3.6   A total loss shall be deemed to have occurred:

      (i)   if it consists of an actual loss, at noon Papenburg time on the
            actual date of loss; or

      (ii)  if it consists of a constructive or compromised or arranged or
            agreed total loss, at noon Papenburg time on the date on which
            notice of abandonment of the Ship is given to her insurers or (if
            her insurers do not admit the claim for a

                                      -20-
<PAGE>

                                                                  FIRST ORIGINAL

total loss) at the time on the date at which a total loss is subsequently
adjudged to have occurred by a competent court or arbitration tribunal or
liability in respect thereof as a total loss is admitted by underwriters.

                                                              (END OF ARTICLE 4)

                                      -21-
<PAGE>

                                                                  FIRST ORIGINAL

ARTICLE 5: PERMISSIBLE DELAYS

1.    EXTENSION OF TIME FOR BUILDING WORK

1.1   If the Builder gives notice as provided in Clauses 2.1, 2.2 and 2.3 the
      Builder shall be entitled to an extension of the Delivery Date but only
      if:

      (i)   there is a specific cause of delay which the Builder can prove will
            solely and directly delay delivery of the Ship beyond the Delivery
            Date and which cause is delaying or will delay building work which
            is in the critical path of delivery of the Ship for more than one
            working day;

      (ii)  such cause of delay is one of the excusable causes set out in Clause
            1.3;

      (iii) the Builder proves that it has used and is continuing to use all
            reasonable efforts to avoid, prevent, minimise and overcome the
            actual delay in delivery of the Ship including, without limitation,
            by the performance of other or additional building work provided
            that such other or additional building work does not jeopardise the
            Builder's contracted obligations for the construction of other
            ships; and

      (iv)  but for such cause of delay the Ship would have been delivered on
            time,

      provided that the length of any such extension shall be the number of days
      by which the Builder can prove that the Delivery Date for the Ship
      actually will be delayed solely and directly by each such cause of delay.

1.2   The Builder shall at all times have the burden of proving each of the
      matters required to be established by this Clause 1 and in the event that
      it is not possible for it to prove whether, or to what extent, any delay
      in delivery is directly and solely attributable to a cause which is
      excused by the provisions of this Clause 1, the Builder shall not be
      entitled to any extension of the Delivery Date.

1.3   The Builder shall be entitled to an extension of the Delivery Date, as
      provided in Clause 1.1, for any delay caused:

      (i)   by the Buyer (other than such delays, if any, as are caused by the
            Buyer in the proper and timely exercise of any of its rights or
            obligations under this Contract);

      (ii)  by legislation or other formal action by or on behalf of the German
            government (or any agency or other authority of such government)
            prohibiting or otherwise preventing the Builder from proceeding with
            the building work;

      (iii) by war or warlike events involving any country which is directly
            relevant to the building of the Ship;

      (iv)  by extraordinary weather conditions not included in normal planning;

                                      -22-

<PAGE>
                                                                  FIRST ORIGINAL

      (v)   by such strikes, lockouts and other labour disturbances of the
            Builder or those of its subcontractors who supply important parts
            (such as engines, major castings or major forgings) as are beyond
            the Builder's control;

      (vi)  by such accidents, explosions, fires, disruptions of power supplies
            and other similar occurrences as are beyond the Builder's control;

      (vii) by the short, late or non-delivery to the Builder of any Parts, or
            the late performance of the Builder's subcontractors provided that
            the late, short or non-delivery or late performance resulted from
            causes which would entitle the Builder to an extension of the
            Delivery Date under this Clause 1 and provided that the Builder
            proves that it has exercised due diligence (a) in contracting for
            such Parts and with such subcontractors, (b) in the performance of
            any acts required of it with respect to such Parts or
            subcontractors, (c) in monitoring the acts and circumstances of such
            subcontractors, and (d) in expediting deliveries or performance
            under the Builder's purchase or subcontracts or procuring equivalent
            substitute performance in the event of the late delivery of such
            Parts or the under-performance in such purchase or subcontracts; or

     (viii) by unfavourable weather conditions if commencement of the sea
            trials tests is postponed or such tests are discontinued pursuant to
            Clause 1.4 in Article 6 by reason of such conditions and the number
            of days thereafter during which such tests cannot be undertaken
            exceed three (3) in total, then any further days during which the
            weather conditions remain unfavourable may be claimed (subject to
            the other provisions of this Clause 1) as a permissible delay.

1.4   Notwithstanding anything to the contrary in this Clause 1, the Builder
      shall not be entitled to any extension of the Delivery Date for:

      (i)   any delay resulting from a cause of delay which has itself been
            caused or contributed to by the negligence or other default of the
            Builder;

      (ii)  any delay resulting from a cause of delay in existence as of the
            Effective Date; or

      (iii) any delay resulting from a cause of delay, which was or reasonably
            should have been foreseen or anticipated by the Builder by reason of
            facts which were, or after reasonable enquiry should have become,
            known to the Builder as of the Effective Date; or

      (iv)  any delay resulting from a cause of delay which reasonably could
            have been avoided by the Builder;

      (v)   any delay resulting from the late performance or default of a
            subcontractor, if such delay results from a cause of delay in effect
            published and announced as of the date of the award of the relevant
            purchase contract or subcontract;

                                      -23-
<PAGE>
                                                                  FIRST ORIGINAL

      (vi)  any delay resulting from any Dispute or legal proceeding under this
            Contract, provided that in the case of any building work under
            Dispute which would otherwise be commenced prior to the resolution
            thereof the Builder shall not be required to proceed therewith (and
            a corresponding extension of the Delivery Date shall be allowed) if,
            after written request by the Builder, the Buyer fails to confirm
            forthwith its willingness to pay the amount found due in respect of
            such work; or

      (vii) any delay in moving the Ship from the Shipyard to the Delivery Port
            due to extraordinary weather conditions not included in normal
            planning.

2.    DELAY NOTICES

2.1   The Builder shall give written notice to the Buyer of a cause of delay
      pursuant to Clause 1.3 as soon as practicable and no later than five (5)
      days after the date on which the Builder first has knowledge of such cause
      of delay and in such notice the Builder shall describe the cause of the
      delay, the date of commencement (or first occurrence) of the cause, its
      expected duration and its expected effect on the Builder's ability to
      carry on with the building work.

2.2   The Builder will provide the Buyer with regular written status reports (at
      such reasonable intervals as the Buyer may request) with respect to any
      delay in respect of which the Builder has given notice pursuant to Clause
      2.1 and as to the steps being taken (and planned) by the Builder to
      minimise and overcome any actual delay in delivery of the Ship.

2.3   Within five (5) days after any cause of delay set forth in Clause 1.3 has
      ceased to exist, the Builder shall notify the Buyer of such cessation and
      give the Buyer a written statement of the actual or estimated delay in the
      completion of the building work resulting from such cause together with
      such detailed documentation as is then available to it justifying such
      extension, and any such detailed documentation thereafter becoming
      available to the Builder shall be promptly be given to the Buyer.

2.4   On the basis of the notices, reports, statements and information given to
      the Buyer by the Builder relating to any actual or estimated delay in
      delivery (and such further information and documentation as the Buyer may
      reasonably request), the Buyer and the Builder shall confer and attempt to
      agree upon the number of days by which the Delivery Date shall be extended
      provided that if the Buyer and the Builder cannot so agree within thirty
      (30) days after the completion of any such conference, the extension of
      the Delivery Date (if any) shall be determined as a Dispute pursuant to
      the provisions of Article 13.

2.5   The extension of the Delivery Date provided for in this Article shall be
      the only remedy for delay to which the Builder shall be entitled and, by
      way of illustration but not limitation, the Builder shall not be entitled
      to damages or any adjustment in the Contract Price.

                                                              (END OF ARTICLE 5)

                                      -24-
<PAGE>

                                                                  FIRST ORIGINAL

ARTICLE 6: TESTS AND LIQUIDATED DAMAGES

1.    TESTS

1.1   At its sole and direct risk and expense, the Builder shall subject the
      Ship and specified Parts to the tests in order to ascertain whether the
      Ship and such Parts have been completed in full accordance with this
      Contract, the Plans and Specification.

1.2   The Buyer shall be entitled to have the Supervisor and his team present at
      all tests and the Builder shall give the Supervisor:

      (i)   two (2) days prior written notice of all tests (except sea trials
            tests) (a) designated for such notice by the Buyer after its receipt
            from the Builder of an agreed schedule of tests and (b) scheduled to
            take place on week-ends or other non-working days; and

      (ii)  twenty four (24) hours prior written notice of all other tests
            (except sea trials tests).

1.3   The Builder shall give the Supervisor fifteen (15) days' estimated, and
      seven (7) days' definite, prior written notice of the time and the place
      for the sea trials tests provided that only one (1) day's prior written
      notice need be given to the Supervisor with respect to retrials at sea
      conducted within three (3) days after completion of a previous sea trial
      at or upon which the need for such retrial was determined.

1.4   If the weather conditions on the date specified for the sea trials tests
      are (in the reasonable opinion of the Builder) so unfavourable that they
      would prevent the Builder from carrying out such tests then the same shall
      take place on the first available day thereafter that weather conditions
      permit. If, during the sea trials tests sudden and unexpected changes in
      the weather occur which, in the reasonable opinion of the Builder, are
      such as to prevent the continuation of such tests then the Builder shall
      have the option of continuing such tests or of postponing them until the
      next following favourable day unless the Buyer shall (in its option) agree
      to accept the Ship on the basis of the tests made.

1.5   The failure of the Supervisor to be present at any test, after due notice,
      shall (unless such failure is due an event or combination of events
      outside the Supervisor's control) be deemed to be a waiver of the
      Supervisor's right to be present at the relevant test and the Buyer shall
      be obliged to accept the results of such test on the basis of acceptance
      by the Builder and the Classification Society.

1.6   All tests conducted without notice to the Supervisor shall be reconducted
      by the Builder on due notice to the Supervisor at the sole risk and
      expense of the Builder.

1.7   If a Defect is discovered during any test the Builder shall, after
      correcting such Defect, be required to make such further tests as may be
      necessary in extent and number to demonstrate and confirm the complete
      correction thereof provided that additional sea trials tests will not be
      required if the correction of any such Defect can be verified in

                                      -25-
<PAGE>

                                                                  FIRST ORIGINAL

      shop or dock tests, and the sole and direct risk and expense of all such
      further or additional tests shall be borne by the Builder.

1.8   The term "DEFECT" means:

      (i)   any defect in the Ship or in any Part installed or incorporated in,
            stowed on or otherwise delivered with the Ship (including Buyer's
            Supplies installed by the Builder or its subcontractors) which is
            due to defective materials, workmanship, construction or design or
            any failure to comply with the relevant recommendations of any
            subcontractors or other parties,

      (ii)  any inherent vice, breakdown, incompleteness, omission or other
            deficiency of the Ship or any Part,

      (iii) any failure of the Ship or any Part or any aspect of the building
            work to comply with any of the requirements of this Contract, the
            Specification or the Plans, or the requirements of any of the
            subcontractors used in connection with this Contract, or

      (iv)  the existence of any condition, notation, qualification,
            recommendation, reservation or restriction in relation to any
            certificate issued by the Classification Society or any Regulatory
            Authority,

      provided that the term "DEFECT" shall not include any fault in any of the
      Buyer's Supplies which were properly received, handled, installed or
      incorporated in, stowed on or otherwise delivered with, the Ship by the
      Builder in accordance with the requirements of this Contract, the
      Specification and the Plans.

1.9   After all tests have been satisfactorily performed and completed, the
      Builder shall:

      (i)   take the Ship to the sea port referred to in Article 1, Clause
            1.1(i)(c) and open up such machinery as (a) the Classification
            Society and/or the Regulatory Authorities may require and/or (b) the
            Buyer may reasonably require, for post-tests inspection and
            examination;

      (ii)  correct any Defects then appearing in such machinery; and

      (iii) close, connect, retry and retest the machinery, as appropriate, and
            then make the Ship ready for service, and

      thereafter the Buyer may require a final post-tests examination and
      inspection at which the Builder shall demonstrate and confirm to the Buyer
      the complete correction of any and all Defects in such machinery.

1.10  Not later than two (2) weeks before the anticipated Delivery Date, the
      Builder and the Buyer shall prepare a final punch list of items which the
      Buyer considers defective from the perspective of first class shipping
      and/or shipbuilding practice and, subject always to Article 7 Clauses 1.5
      and 1.6, the Builder shall be obliged to rectify such items before
      delivery.

                                      -26-
<PAGE>
                                                                  FIRST ORIGINAL

2.    LIQUIDATED DAMAGES

2.1   The Builder agrees that certain Defects and certain delays in the
      delivery of the Ship shall result in the reduction of the Contract Price
      by way of the liquidated damages provided for in this Clause 2.

2.2   The guaranteed trial speed ("GTS") of the Ship at a draft of [***]
      [Confidential Treatment] shall be [***] [Confidential Treatment] and shall
      be demonstrated by the Builder during the sea trials tests under the
      conditions described in section G.2.5 of the Specification.

2.3   If the Builder fails to remedy any deficiency in the Ship's speed before
      delivery, the Builder shall have no liability to the Buyer if the actual
      speed of the Ship as determined during the final sea trials tests is up to
      [***] [Confidential Treatment] of a knot below GTS but commencing with a
      deficiency of more than [***] [Confidential Treatment] of a knot in actual
      speed below the GTS the Contract Price shall be reduced by way of
      liquidated damages as follows:

      (i)   for [***] [Confidential Treatment], a total sum of [***]
            [Confidential Treatment];

      (ii)  for [***] [Confidential Treatment], a total sum of [***]
            [Confidential Treatment];

      (iii) for [***] [Confidential Treatment], a total sum of [***]
            [Confidential Treatment];

      (iv)  for [***] [Confidential Treatment], a total sum of [***]
            [Confidential Treatment];

      (v)   for [***] [Confidential Treatment], a total sum of [***]
            [Confidential Treatment];

      (vi)  for [***] [Confidential Treatment], a total sum of [***]
            [Confidential Treatment];

      (vii) for [***] [Confidential Treatment], a total sum of [***]
            [Confidential Treatment];

     (viii) for [***] [Confidential Treatment], a total sum of [***]
            [Confidential Treatment];

      with fractions of a knot being calculated in proportion provided that if
      the Defect in the actual speed of the Ship is more than [***]
      [Confidential Treatment] below the GTS, then (subject to the following
      proviso to this Clause 2.3) the Buyer may, at its option, accept the Ship
      at a reduction in the Contract Price for such Defect of [***]
      [Confidential Treatment] or reject the Ship and terminate this Contract
      pursuant to Clause 2 in Article 9

2.4   The guaranteed fuel consumption ("GFC") of each of the diesel engines of
      the Ship at [***] [Confidential Treatment] power of MCR without attached
      pumps shall be [***] [Confidential Treatment]

                                      -27-
<PAGE>

                                                                  FIRST ORIGINAL

      with a [***] [Confidential Treatment] conditions and shall be demonstrated
      by the Builder in tests conducted at the engine manufacturers' testbed.

2.5   If the Builder fails to remedy any deficiency in the fuel consumption of
      the Ship's diesel engines before delivery, the Builder shall have no
      liability to the Buyer if such fuel consumption as determined during the
      final tests is more than the GFC provided such excess is not more than
      [***] [Confidential Treatment] over the GFC but commencing with an excess
      of more than [***] [Confidential Treatment] in actual fuel consumption the
      Contract Price shall be reduced by way of liquidated damages by the sum of
      [***] [Confidential Treatment] for each [***] [Confidential Treatment]
      increase in fuel consumption above such [***] [Confidential Treatment]
      level up to a maximum of [***] [Confidential Treatment] over the GFC with
      fractions of every [***] [Confidential Treatment] being calculated in
      proportion provided that if the fuel consumption is more than [***]
      [Confidential Treatment] above the GFC, the Buyer may, at its option,
      accept the Ship at a reduction in the Contract Price for such Defect of
      [***] [Confidential Treatment] or reject the relevant engine(s) (without
      prejudice to its other rights with respect to the Ship).

2.6   The guaranteed deadweight capacity of the Ship shall be [***]
      [Confidential Treatment] under the conditions defined in sections G.2.3
      and G.2.4 of the Specification and shall be demonstrated by the Builder in
      the specified deadweight capacity test.

2.7   If the Builder fails to remedy any deficiency in the Ship's deadweight
      capacity before delivery, the Builder shall have no liability to the Buyer
      if the actual deadweight capacity of the Ship as determined in accordance
      with the Specification is less than [***] [Confidential Treatment] below
      the guaranteed deadweight capacity but the Contract Price for the Ship
      shall be reduced by way of liquidated damages by the sum of [***]
      [Confidential Treatment] of such deficiency being more than [***]
      [Confidential Treatment] up to a maximum deficiency of [***] [Confidential
      Treatment] at a draft of not more than [***] [Confidential Treatment] even
      keel with fractions of each metric ton being calculated in proportion
      provided that if the actual deadweight deficiency at a draft of not more
      than [***] [Confidential Treatment] even keel is more than [***]
      [Confidential Treatment] the Buyer may, at its option, accept the Ship at
      a reduction in the Contract Price of [***] [Confidential Treatment] for
      such Defect or reject the Ship and terminate this Contract pursuant to
      Clause 2 in Article 9.

2.8   The guaranteed cabin capacity of the Ship shall be as defined in sections
      G.2.2.1 and G.2.2.2 of the Specification and no change shall be made to
      such cabin capacity without the Buyer's prior written consent.

2.9   If the number of completed and fully habitable cabins of any of the
      passenger and crew grades referred to in Clause 2.1(iii) and (iv) of
      Article 1 is lower than the number of cabins specified for any such grade,
      the Buyer may, at its option, accept the Ship

                                      -28-
<PAGE>

                                                                  FIRST ORIGINAL

      subject to a to be agreed reduction in the Contract Price for the Ship or
      reject the Ship and terminate this Contract pursuant to Clause 2 in
      Article 9.

2.10  In the cabins and in the public rooms and spaces of the Ship, the
      guaranteed maximum vibration levels ("GVL") shall be the single peak
      values defined in section G.5.2.3. of the Specification.

2.11  If, in any cabin or in any area of the public rooms and spaces of the
      Ship, the measured vibration levels ("MVL"), measured as provided for in
      section G.5.2.3 of the Specification, exceeds the GVL, the Builder shall
      make the necessary changes before delivery to reduce such levels to the
      GVL figures.

2.12  If, after the changes made by the Builder pursuant to Clause 2.11, the
      final MVL measured as provided for in the Specification exceeds the GVL,
      the Builder shall have no liability to the Buyer for an excess of up to
      [***] [Confidential Treatment] but commencing with an excess of more than
      [***] [Confidential Treatment] over GVL, the Contract Price shall be
      reduced by way of liquidated damages by [***] [Confidential Treatment] for
      each cabin and/or for each area of public rooms or spaces of [***]
      [Confidential Treatment] seats or [***] [Confidential Treatment] provided
      that if in more than [***] [Confidential Treatment] of the cabins and/or
      if in more than [***] [Confidential Treatment] of the aggregate area of
      public rooms or spaces the final MVL exceeds the GVL by more than [***]
      [Confidential Treatment], the Buyer may, at its option, accept the Ship at
      a reduction in the Contract Price of:

      (i)   [***] [Confidential Treatment], in respect of the cabins; and/or

      (ii)  [***] [Confidential Treatment], in respect of the public rooms or
            spaces,

      or the Buyer may reject the Ship and terminate this Contract pursuant to
      Clause 2 in Article 9.

2.13  In the cabins and in the public rooms and spaces of the Ship, the
      guaranteed maximum sound levels ("GSL") shall be the upper limits of the
      sound levels defined in section G.5.2.2. of the Specification.

2.14  If, in any cabin or in any area of the public rooms and spaces of the
      Ship, the measured sound levels ("MSL"), measured as provided for in
      section G.5.2.2 of the Specification, exceeds the GSL, the Builder shall
      make the necessary changes before delivery to reduce such levels to the
      GSL figures.

2.15  If, after the changes made by the Builder pursuant to Clause 2.14, the
      final MSL measured as provided for in the Specification exceeds the GSL,
      the Builder shall have no liability to the Buyer for an excess of up to
      [***] [Confidential Treatment] but commencing with an excess of more than
      [***] [Confidential Treatment] over GSL, the Contract Price shall be
      reduced by way of liquidated damages as follows:

                                      -29-
<PAGE>

                                                                  FIRST ORIGINAL

      (i)   from [***] [Confidential Treatment] up to [***] [Confidential
            Treatment] above GSL, a total sum of [***] [Confidential Treatment]
            for each cabin and/or for each area of public rooms or spaces of
            [***] [Confidential Treatment] seats or [***] [Confidential
            Treatment]; and

      (ii)  from [***] [Confidential Treatment] up to [***] [Confidential
            Treatment] above GSL, a total sum of [***] [Confidential Treatment]
            for each cabin and/or for each area of public rooms or spaces of
            [***] [Confidential Treatment] seats or [***] [Confidential
            Treatment],

      with fractions of a decibel calculated in proportion provided that if in
      more than [***] [Confidential Treatment] of the cabins the final MSL
      exceeds the GSL by more than [***] [Confidential Treatment] and/or if the
      average value of MSL in more than [***] [Confidential Treatment] of the
      aggregate area of public rooms and spaces exceeds the GSL by more than
      [***] [Confidential Treatment], the Buyer may, at its option, accept the
      Ship at a reduction in the Contract Price of:

      (i)   [***] [Confidential Treatment], in respect of the cabins; and/or

      (ii)  [***] [Confidential Treatment], in respect of the public rooms and
            spaces,

      or the Buyer may reject the Ship and terminate this Contract pursuant to
      Clause 2 in Article 9.

2.16  All reductions in the Contract Price provided for under any of Clauses
      2.3, 2.5, 2.7, 2.9, 2.12 and/or 2.15 shall be determined on delivery of
      the Ship and made by means of set-off and deduction from the payments to
      be made by the Buyer on delivery of the Ship.

2.17  The Buyer intends to arrange for the Ship's maiden cruise with fare paying
      passengers to be held on the Ship's relocation voyage from the port of
      delivery referred to in Article 1, Clause 1.1(i)(c) above. The Builder:

      (i)   acknowledges that it is imperative for the Ship to be ready at the
            time, and in the condition, provided for in this Contract so as to
            enable the Buyer to fulfil its commitments in relation to the Ship's
            maiden cruise; and

      (ii)  agrees to do all it can to assist the Buyer to fulfil its
            commitments in relation to the Ship's maiden cruise.

2.18  If delivery of the Ship is not made on the Compensation Date, the Buyer
      will suffer loss and damage (including reputational damage) in amounts
      which are extremely difficult to quantify in advance but it is agreed that
      the per day sums set out in paragraphs (i) to (iv) below represent a
      genuine and reasonable pre-estimate of the Buyer's loss and damage for
      each day of delay in delivery of the Ship beyond the Compensation Date. If
      delivery of the Ship is delayed beyond the Compensation Date, the Contract
      Price shall be reduced by the way of liquidated damages for each calendar
      day (or pro-rata for each part of a calendar day) by the per day sums set
      out at

                                      -30-
<PAGE>

                                                                  FIRST ORIGINAL

      paragraphs (i) to (iv) below from (and including) the Compensation Date
      until delivery of the Ship is actually made or this Contract is
      terminated:-

      (i)   if the Builder shall have given to the Buyer less than thirty one
            (31) days notice of the delay in delivery prior to the Delivery
            Date: for the first [***] [Confidential Treatment] days the rate of
            reduction shall be [***] [Confidential Treatment] per day; for the
            next [***] [Confidential Treatment] days the rate of reduction shall
            be [***] [Confidential Treatment] per day; and thereafter the rate
            of reduction shall be [***] [Confidential Treatment] per day;

      (ii)  if the Builder shall have given to the Buyer more than thirty (30)
            days but less than ninety one (91) days notice of the delay in
            delivery prior to the Delivery Date: for the first [***]
            [Confidential Treatment] days the rate of reduction shall be [***]
            [Confidential Treatment] per day; for the next [***] [Confidential
            Treatment] days the rate of reduction shall be [***] [Confidential
            Treatment] per day; and thereafter the rate of reduction shall be
            [***] [Confidential Treatment] per day;

      (iii) if the Builder shall have given to the Buyer more than ninety (90)
            days but less than one hundred and eighty three (183) days notice of
            the delay in delivery prior to the Delivery Date: for the first
            [***] [Confidential Treatment] days the rate of reduction shall be
            [***] [Confidential Treatment] per day; for the next [***]
            [Confidential Treatment] days the rate of reduction shall be [***]
            [Confidential Treatment] per day, and thereafter the rate of
            reduction shall be [***] [Confidential Treatment] per day; and

      (iv)  if the Builder shall have given to the Buyer more than one hundred
            and eighty two (182) days notice of the delay in delivery prior to
            the Delivery Date: for the first [***] [Confidential Treatment] days
            the rate of reduction shall be [***] [Confidential Treatment] per
            day; for the next [***] [Confidential Treatment] days the rate of
            reduction shall be [***] [Confidential Treatment] per day; and
            thereafter the rate of reduction shall be [***] [Confidential
            Treatment] per day.

      If the delay in delivery of the Ship continues for [***] [Confidential
      Treatment] days after the Compensation Date then, in such event, the Buyer
      may at any time thereafter terminate this Contract pursuant to Clause 2 in
      Article 9. If the delay in delivery of the Ship continues for [***]
      [Confidential Treatment] days after the Compensation Date, and provided
      the Buyer has not by then elected to terminate this Contract, the Builder
      may (by written notice) require the Buyer to make an election in which
      case the Buyer shall - within 15 (fifteen) days after its receipt of the
      Builder's notice - notify the Builder in writing of its intention either
      to terminate this Contract or to consent to the acceptance of the Ship at
      an agreed future date on the basis that the Buyer shall remain entitled to
      all liquidated damages which would otherwise have been payable or
      allowable by the Builder; it being further understood that, if the Ship is
      not delivered by such agreed future date, the Buyer shall have the same
      right of termination upon the same terms

                                      -31-
<PAGE>

                                                                  FIRST ORIGINAL

      and conditions as set out above. If the Buyer fails to make an election as
      specified above within the relevant 15 (fifteen) day period, the Buyer
      shall be deemed to have consented to the Ship being delivered at the
      future date proposed by the Builder.

2.19  All reductions in the Contract Price provided for in Clause 2.18 shall be
      made in the form of payments by the Builder to the Buyer as follows:

      (i)   the Builder's first payment shall be made on the earlier of (a) the
            thirtieth (30th) day after delivery of the Ship has been delayed
            beyond the Compensation Date and (b) the date on which actual
            delivery of the Ship is made; and

      (ii)  thereafter the payments shall be made every ten (10) days commencing
            on the tenth (10th) day after the end of the thirty (30) day period
            mentioned in Clause 2.19(i)(a),

      and continuing on the last day of each succeeding ten (10) day period
      thereafter until the day on which delivery of the Ship is actually made or
      this Contract is terminated at which time the Builder shall pay the entire
      remaining amount due under Clauses 2.18 and 2.19.

2.20  The parties acknowledge and agree that:

      (i)   the Contract Price reductions and payments provided for in this
            Clause 2 are cumulative; and

      (ii)  subject always to the guarantee provisions in Article 7 Clause 2 and
            to the termination provisions in Article 9 Clause 2, the Contract
            Price reductions and payments provided for in this Clause 2 shall be
            the only compensation recoverable by the Buyer in respect of the
            Defects and the delay in delivery to which they relate and, in
            particular, the Builder shall not be liable for any consequential
            losses resulting from such Defects or such delay in delivery.

                                                              (END OF ARTICLE 6)

                                      -32-
<PAGE>

                                                                  FIRST ORIGINAL

ARTICLE 7: DELIVERY AND GUARANTEE

1.    DELIVERY AND ACCEPTANCE

1.1   The date on which the Ship shall be ready for delivery is 8 February 2007
      (the "DELIVERY DATE"). The Ship shall not be delivered before this date
      without the express written approval of the Buyer. When:

      (i)   the Builder has completed the building work in conformity with this
            Contract, the Plans and the Specification;

      (ii)  all tests have been performed and completed in a manner satisfactory
            to the Buyer;

      (iii) the Ship has been freed from all Defects (apart from Defects which
            qualify as minor and insignificant Defects, as defined in Clause
            1.6, and Defects for which there will be a reduction in the Contract
            Price in accordance with Article 6 Clause 2); and

      (iv)  the Ship (a) has been cleaned and prepared (in accordance with the
            Builder's usual practices and to their usual standards for ships of
            this type) to take on a full complement of passengers, officers,
            crew and staff, and (b) is in all other respects ready to commence
            operations as a luxury cruise ship,

      the Builder shall tender the Ship for delivery to the Buyer safely afloat
      alongside a safe and accessible quay at the Delivery Port where there must
      be sufficient water for the Ship always to remain afloat and from where
      there must be direct, free, unimpeded, safe and lawful access to
      international waters provided that (a) the Builder shall have given to the
      Buyer not less than 180 (one hundred and eighty) days and ninety (90) days
      estimated, followed by 15 (fifteen) days definite, prior written notice of
      delivery, and (b) with effect from service of the 90 (ninety) day
      estimated notice referred to above, the Builder shall have allowed
      designated employees of the Star Cruises Group to attend the Shipyard and
      to be present during tests and for familiarisation purposes.

1.2   The Builder shall deliver the Ship to the Buyer free and clear of all
      encumbrances whatsoever.

1.3   On delivery of the Ship the Builder shall also deliver the following
      documents (together, the "DELIVERY DOCUMENTS"):

      (i)   a protocol of delivery and acceptance in a mutually agreed form
            confirming delivery of the Ship to, and acceptance and taking
            possession of the Ship by, the Buyer pursuant to this Contract,
            executed in duplicate by the Builder and stating the date and
            (local) time of such delivery and acceptance;

      (ii)  a declaration of warranty by the Builder in a mutually agreed form
            confirming that the Ship is delivered to the Buyer free and clear of
            all encumbrances whatsoever (including, without limitation, all
            liabilities of the Builder to the Refund Guarantors, the Builder's
            financiers and its subcontractors, and all

                                      -33-
<PAGE>

                                                                  FIRST ORIGINAL

            liabilities arising from the construction of the Ship or the
            operation of the Ship for the purposes of the tests or otherwise
            before delivery) and that the Ship is absolutely free of all burdens
            in the nature of imposts, taxes or other charges imposed by the
            national, provincial, local or port authorities of the country where
            the Ship was built and (if different) the country in which the Ship
            is delivered to the Buyer, executed in triplicate and notarised and
            legalised in accordance with the Buyer's instructions;

      (iii) a detailed inventory showing the machinery and equipment installed
            on the Ship and the spares, stores and other consumable items
            delivered with the Ship;

      (iv)  the makers' certificates, subcontractors' instruction books, and all
            of the Classification Society, trading and other certificates (each
            free of conditions, qualifications, recommendations, reservations
            and restrictions) required to be supplied upon delivery of the Ship
            pursuant to this Contract and the Specification;

      (v)   a protocol showing the results of the tests;

      (vi)  a non-registration or deletion certificate issued by the District
            Court of Emden, Germany;

      (vii) a commercial invoice for the Ship and all other amounts payable by
            the Buyer on delivery;

     (viii) a builder's certificate and a bill of sale, each in a form
            acceptable to the Buyer, each executed in quadruplicate and
            notarised and legalised in accordance with the Buyer's instructions,
            and such other written instruments (each notarised and legalised in
            accordance with the Buyer's instructions) as may be necessary or
            desirable, in the reasonable opinion of the Buyer, to confirm that
            full and clean title in the Ship has been vested in the Buyer;

      (ix)  a full set of the specified construction documents (each in three
            (3) white prints, one of each of which will be on board the Ship at
            delivery);

      (x)   one CD-ROM of the principal delivery drawings and plans relating to
            the Ship approved by the Classification Society;

      (xi)  such further certificates and/or other documents as may be necessary
            or desirable, in the reasonable opinion of the Buyer, in connection
            with the Buyer's ownership, registration and/or financing of the
            Ship;

      (xii) such documents as may be necessary or desirable, in the reasonable
            opinion of the Buyer, to prove the authority of the Builder's
            representatives below senior management to sign the documents to be
            executed on behalf of the Builder in connection with delivery of the
            Ship.

                                      -34-
<PAGE>

                                                                  FIRST ORIGINAL

1.4   If, at the time when the Builder tenders delivery of the Ship to the
      Buyer, the Ship is complete (meaning that she has been designed,
      engineered, built, launched, equipped, outfitted, finished and tested in
      accordance with this Contract and the Specification), and if such tender
      is accompanied by a tender of delivery of a complete and proper set of the
      Delivery Documents, the Ship and the Delivery Documents shall thereupon be
      accepted by the Buyer but if, at such time, the Ship and/or the Delivery
      Documents are not complete, the Buyer shall be entitled to refuse
      acceptance of the same by delivering to the Builder, within two (2)
      working days from (and including) the date of such tender, a written
      notice describing those aspects of the Ship and/or the Delivery Documents
      which are not complete.

1.5   Notwithstanding any provision to the contrary in this Clause 1, if the
      Ship is complete but for minor and insignificant Defects, the Buyer shall
      accept delivery subject to:

      (i)   an agreed reduction in the Contract Price; or

      (ii)  in the Buyer's option, the Builder undertaking to correct (at the
            Builder's entire risk and expense, and with all convenient speed)
            minor and insignificant Defects described in a list to be prepared
            by the Buyer and agreed with the Builder at or before delivery.

1.6   The expression "MINOR AND INSIGNIFICANT DEFECTS" means those Defects
      which:

      (i)   do not and will not adversely affect the seaworthiness of the Ship;
            or

      (ii)  do not and will not prevent the unrestricted use of the Ship in its
            intended service and purpose; or

      (iii) do not and will not (a) prevent the use of any of the Ship's cabins
            and public areas, or (b) in any other way adversely affect the
            comfort and safety of the Ship's passengers; or

      (iv)  do not and will not adversely affect the operational efficiency of
            the Ship; or

      (v)   do not and will not involve any condition, qualification,
            recommendation, reservation or restriction in relation to any
            certificate issued (or to be issued) by the Classification Society
            or any Regulatory Authority or any other specified person which in
            the opinion of the Buyer (acting in good faith) is or could be
            material in a commercial or technical sense.

1.7   Acceptance of the Ship by the Buyer shall be accomplished by:

      (i)   the delivery to the Builder of a counterpart of the protocol of
            delivery and acceptance duly executed by the Buyer; and

      (ii)  payment by the Buyer to the Builder of that part of the Contract
            Price which the Buyer is required to pay upon delivery of the Ship
            pursuant to Clause 2.1(v) in Article 8.

                                      -35-
<PAGE>

                                                                  FIRST ORIGINAL

1.8   The Buyer may (but shall not be obliged to) identify in the list described
      in Clause 1.5(ii) any Defects which are known by the Buyer to exist in the
      Ship at the time that the Ship is accepted, and all such Defects (whether
      or not identified or otherwise noted), shall thereafter be deemed to be,
      and shall be treated as, Defects arising and reported during the Guarantee
      Period.

1.9   The Buyer shall be afforded five (5) days free of any wharfage or any
      other charge, and up to three (3) further days at the usual wharfage fee
      charged by the relevant port authority, within which to remove the Ship
      from her point of delivery.

1.10  Lubricating oil left in storage tanks, and diesel and fuel oil remaining
      on board, at delivery of the Ship shall be inventoried by the Builder and
      the Buyer shall pay for them at the Builder's actual cost price provided
      that the Builder shall remove all waste-oil and sludge from the Ship at
      the Builder's risk and expense prior to delivery.

1.11  In every instance in which a right or obligation or the computation of any
      period of time under this Contract is in any manner or to any extent
      dependent upon delivery of the Ship, delivery shall not be deemed to have
      occurred unless and until the Ship and the related Delivery Documents have
      been accepted by the Buyer under this Clause 1.

1.12  Acceptance of the Ship and the related Delivery Documents by the Buyer
      under this Clause 1:

      (i)   shall signify that the Buyer has taken possession and the risk of
            loss of the Ship and the related Delivery Documents as of the time
            and date set out in the protocol of delivery and acceptance and that
            the Builder may terminate the Insurances; and

      (ii)  shall not be deemed to constitute a waiver of or otherwise prejudice
            any of the Buyer's rights under Clause 2 with respect to any Defect,
            whether known or unknown, and whether or not noted in any document
            delivered in connection with delivery and acceptance of the Ship,
            which may exist in the Ship at the time it is accepted by the Buyer,
            and any such Defect may be reported to, and shall be corrected at
            the sole and direct risk and expense of, the Builder as provided in
            Clause 2.

2.    GUARANTEE

2.1   Subject to the provisions of this Clause 2, the Builder guarantees:

      (i)   the Ship's main engines and certain components of the azipod system
            (namely: the pod, the converter, trafo and main switchboard parts)
            against all Defects for the period of seven hundred and thirty (730)
            days; and

      (ii)  the Ship and all other Parts against all Defects for the period of
            three hundred and sixty five (365) days,

                                      -36-
<PAGE>

                                                                  FIRST ORIGINAL

      (subject to any extension thereof as provided for in this Clause 2) from
      the date of the Ship's actual delivery to the Buyer under Article 6 (the
      "GUARANTEE PERIOD").

2.2   In calculating the length of the Guarantee Period there shall be excluded
      any day(s) during which the Ship is prevented from entering or is taken
      out of service solely on account of any Defect in the Ship or in any Part
      for which the Builder is responsible under this Clause 2.

2.3   Where any Defect in the Ship or any Part (including the main engines or
      azipod system as defined in subclause 2.1(i) above) is corrected during or
      after the Guarantee Period, the Builder's guarantee under this Clause 2
      shall apply to such correction for the longer of three hundred and sixty
      five (365) days from the date on which the correction was completed and
      the end of the relevant period specified in subclause 2. l(i) and 2.1(ii)
      above so that the Guarantee Period for the items referred to in subclause
      2.1(i) shall not exceed one thousand and ninety five (1095) days and the
      Guaranteed Period for the items referred to in subclause 2.1(ii) shall not
      exceed seven hundred and thirty (730) days.

2.4   If any corrective works made or agreed to be made during or after the
      Guarantee Period (or any extension thereof under Clause 2.3) indicate any
      recurring Defect, the Builder shall:

      (i)   investigate the same on the basis of a potential design Defect; and

      (ii)  ascertain the source of such recurring Defect and notify the Buyer
            thereof; and

      (iii) correct such recurring Defect, and the source thereof, in order to
            avoid a continuation or repetition of such recurring Defect.

2.5   The Builder shall not be responsible for the correction of any Defect if
      it is due to:

      (i)   perils of the sea, accident (but excluding any accident caused by
            any Defect), negligence (but excluding negligence on the part of the
            Builder), or improper maintenance or handling (including, without
            limitation, overloading) of the Ship or any Parts; or

      (ii)  use of fuels or lubricants not recommended by the relevant
            manufacturer; or

      (iii) ordinary wear and tear; or

      (iv)  any fault in (or caused by) any Buyer's Supplies which were properly
            (a) received, (b) handled, (c) installed or incorporated in, (d)
            stowed on, or (e) otherwise delivered with the Ship by the Builder
            in accordance with all of the requirements of this Contract, the
            Plans and the Specification.

2.6   The Buyer shall give written notice to the Builder as soon as possible and
      in any event within fourteen (14) days after the discovery of any Defect
      for which a claim is made under this Clause 2 and, a copy of each such
      notice shall also be given to the guarantee engineer, who shall
      acknowledge receipt by his signature thereof. The Buyer's notice

                                      -37-
<PAGE>

                                                                  FIRST ORIGINAL

      shall give full details (so far as possible) as to the nature of the
      Defect and the extent of any damage caused thereby.

2.7   Within thirty (30) days after the end of the Guarantee Period, the Buyer
      (in consultation with the guarantee engineer) will draw up, and send to
      the Builder, a list identifying every Defect for which a claim is to be
      made under this Clause 2 provided that this Clause 2.7 will not preclude
      the Buyer from giving notice to the Builder of, and making claims in
      respect of, any Defect which is covered by the Builder's guarantee under
      Clause 2.3.

2.8   Each Defect will be corrected by the Builder as soon as reasonably
      practicable (and shall be scheduled so as to minimise disruption to the
      Ship's service and the availability of cabins, public rooms and areas, and
      other passenger facilities) or, at the Buyer's option, under the
      instruction or supervision of the Builder at a suitably qualified shipyard
      or workshop selected by the Buyer and approved by the Builder (such
      approval not to be unreasonably withheld or delayed), and in each case the
      Builder shall bear and pay:

      (i)   the cost of all equipment, parts and materials required to correct
            the Defect (including, without limitation, the cost of delivering
            the same to the selected shipyard or workshop by airfreight if the
            Buyer reasonably so requires, and the cost of returning any
            defective equipment, parts and materials);

      (ii)  the cost of all labour required to correct the Defect including,
            without limitation, the expenses of independent contractors in
            travelling to the Ship;

      (iii) the cost of any necessary underwater inspection of the Ship by
            divers; and

      (iv)  where the Ship is drydocked solely on account of the need to
            investigate or correct any Defect in the Ship's external underwater
            parts at any time before the Ship's first scheduled drydocking after
            delivery, the fuel costs of taking the Ship from her berth to the
            nearest available dry-dock and vice versa, the drydocking costs and
            the costs of correcting any such Defect.

      For the avoidance of doubt, in view of the intended area of the Ship's
      operation during the Guarantee Period, the Builder will not be entitled to
      require the Ship to be returned to any of the Builder's facilities for the
      correction of any Defects.

2.9   Where the Buyer discovers any Defect which (in the reasonable opinion of
      the Buyer) requires correction on an urgent basis, the Buyer will (acting
      in good faith) give such notice to the Builder as is practicable in the
      circumstances then prevailing (the intention being that the Builder shall
      have a reasonable opportunity to obtain necessary remedial instructions
      from the relevant sub-contractor(s) and to relay such instructions to the
      Buyer) and thereafter the necessary corrective works may be carried out by
      the Ship's crew or, if practicable having regard to the degree of urgency,
      by the nearest suitably qualified shipyard or workshop selected by the
      Buyer, and in each such case the Builder shall reimburse the Buyer for the
      costs described in Clause 2.8(i), (ii), (iii) and (iv) above.

                                      -38-
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                                                                  FIRST ORIGINAL

2.10  At the Buyer's request from time to time within the period commencing on
      delivery of the Ship and ending with final completion of all corrective
      works to be made by the Builder under this Clause 2, the Builder will:

      (i)   assign to the Buyer, to the fullest extent possible and without any
            charge to the Buyer, that part of every warranty or guarantee made
            or given by any subcontractor with respect to any design,
            workmanship or Part which extends beyond the Guarantee Period or
            which is otherwise more favourable to the Buyer than the guarantee
            of the Builder under this Clause 2; or

      (ii)  if it is not possible fully and effectively to assign the relevant
            part of any such warranty or guarantee, hold and enforce the
            relevant warranty and guarantee as trustee and agent for the Buyer
            and promptly account to the Buyer for all monies received in or
            pursuant to the holding or enforcement of any such warranty or
            guarantee.

2.11  The Builder shall, at its sole risk and expense (except for the cost of
      suitable accommodation and food on board the Ship which shall be supplied
      free of charge by the Buyer), employ and place a suitably qualified and
      experienced English-speaking guarantee engineer acceptable to the Buyer on
      board the Ship throughout the Guarantee Period and thereafter until the
      Builder has corrected every Defect to which this Clause 2 applies. If the
      Builder should so request at delivery, the Buyer will also make one double
      cabin available for a second guarantee engineer and/or fitters for up to
      three (3) months after delivery.

2.12  If:

      (i)   any Defect in the Ship's external underwater parts is discovered
            during the Guarantee Period or the period of thirty (30) days
            referred to in Clause 2.7; or

      (ii)  any Defect in the Ship's external underwater parts is discovered
            during the Ship's first scheduled drydocking after delivery (which
            is to commence not later than thirty six (36) months after delivery
            provided that if the Ship is not drydocked within twenty four (24)
            months after delivery, the Buyer and the Builder will jointly make
            an in-water inspection of the Ship's underwater parts within twenty
            four (24) months after delivery) and either the Builder accepts that
            the Defect arose during the Guarantee Period or the Builder is
            unable to prove that the Defect arose after the end of the Guarantee
            Period,

      the Builder shall be responsible for such Defect and the correction
      thereof in accordance with this Clause 2 provided that the Buyer shall
      bear and pay for the haul day and any drydocking costs incurred in the
      ordinary course of the Ship's normal drydocking maintenance and the
      Builder, in addition to the costs of all necessary corrective works, shall
      bear and pay for such additional drydocking day(s) as may be required to
      correct such Defect.

                                      -39-
<PAGE>

                                                                  FIRST ORIGINAL

2.13  Without prejudice to the Builder's obligations and liabilities under the
      other provisions of this Clause 2, the Builder shall not be responsible
      for any loss or damage caused by any Defect except:

      (i)   that, in addition to the other guarantee obligations specified in
            this Clause 2, the Builder shall be obliged to correct (or, as
            provided for in the preceding paragraphs of this Clause 2, pay for
            the correction of) any equipment or part of the Ship that is damaged
            as a direct result of any Defect covered by the Builder's guarantee
            under this Clause 2;

      (ii)  for any loss or damage directly caused by the Builder's correction
            of any Defect;

      (iii) for any loss or damage directly caused by the wrongful refusal or
            failure of the Builder or its subcontractors to correct (or
            authorise the correction) of any Defect, and

      (iv)  for any increase in premium or any loss of rebate incurred by the
            Buyer as a result of any claims being made on the Buyer's insurance
            policies for the Ship in respect of any loss or damage referred to
            in this Clause 2.13

      provided always that the Builder's maximum liability in respect of any
      claim made against it by the Buyer under this Clause 2.13 shall not exceed
      the sum of [***] [Confidential Treatment] per Defect.

2.14  The Builder further guarantees the Ship against any latent Defects which
      the Buyer can demonstrate existed at the time of the Ship's delivery to
      the Buyer but which were not apparent during the Guarantee Period. If the
      Buyer discovers any latent Defects after the expiry of the Guarantee
      Period, the Guarantee Period shall be deemed to be extended in respect of
      such Defects and the Builder shall be obliged to correct (or pay for the
      correction of) such Defects in accordance with the foregoing provisions of
      this Clause 2 provided always that:

      (i)   the Buyer shall give written notice to the Builder as soon as
            possible (and in any event within fourteen (14) days) after the
            discovery of any latent Defect for which a claim is made under this
            Clause 2.14, and such notice shall give full details (so far as
            possible) of the nature of the latent Defect and the extent of any
            damage cause thereby;

      (ii)  the Buyer shall have the burden of establishing that the Defect is a
            latent Defect within the meaning set out above, failing which the
            Builder shall have no liability in respect thereof;

      (iii) the Builder shall be under no obligation in respect of any latent
            Defect unless written notice thereof has been received by the
            Builder by midday (Papenburg time) on the day falling [***]
            [Confidential Treatment] from the date of the Ship's actual delivery
            to the Buyer; and

                                      -40-
<PAGE>

                                                                  FIRST ORIGINAL

      (iv)  the provisions of this sub Clause relating to latent Defects do not
            apply to paintings or coatings.

2.15  Subject to the other express provisions of this Contract, the Builder
      shall not be responsible for any loss of profit or other consequential
      losses suffered by the Buyer.

                                                              (END OF ARTICLE 7)

                                      -41-
<PAGE>

                                                                  FIRST ORIGINAL

ARTICLE 8: CONTRACT PRICE AND PAYMENT TERMS

1.    CONTRACT PRICE

1.1   The Contract Price for the Ship:

      (i)   shall be (euro)389,000,000 (three hundred and eighty nine million
            euros);

      (ii)  is a fixed price and may be adjusted only in strict accordance with,
            and subject to, the express provisions of this Contract; and

      (iii) includes a lump sum allowance in the amount of (euro)25,000,000
            (twenty five million euros) in respect of (a) Buyer'S Supplies from
            time to time purchased by or at the direction of the Buyer and (b)
            other costs from time to time expended by or at the direction of the
            Buyer in connection with construction of the Ship, which amount
            shall be paid by the Builder to the Buyer immediately after receipt
            of the balance of the Contract Price (see Clause 2.1(v) below).

1.2   For the avoidance of doubt, the Contract Price includes:

      (i)   the cost of the Ship, completed in accordance with the requirements
            of this Contract;

      (ii)  the cost of all building work and the cost of all tests and trials
            of the Ship to be performed by, or on behalf of, the Builder;

      (iii) the cost of procuring the classification notation for the Ship, and
            of obtaining all certificates and other documents which are required
            to be delivered pursuant to this Contract; and

      (iv)  all other costs and expenses of the Builder as provided for herein
            or otherwise incurred by the Builder unless expressly provided for
            in this Contract as being for the Buyer's account.

1.3   No commission of any kind whatsoever is or will be payable (whether
      directly or indirectly) by or to any person in relation to or in
      connection with this Contract or any of the business transactions
      described in or contemplated by this Contract.

2.    PAYMENTS

2.1   Payment of the Contract Price shall be made to the Builder as follows:

      (i)   [***] [Confidential Treatment], within [***] [Confidential
            Treatment] working days after the Effective Date;

      (ii)  [***] [Confidential Treatment], on the date falling [***]
            [Confidential Treatment] calendar months before the Delivery Date;

      (iii) [***] [Confidential Treatment], on the date falling [***]
            [Confidential Treatment] calendar months before the Delivery Date;

                                      -42-
<PAGE>

                                                                  FIRST ORIGINAL

      (iv)  [***] [Confidential Treatment], on the date falling [***]
            [Confidential Treatment] calendar months before the Delivery Date or
            (if later) the date determined by the Buyer (acting reasonably and
            in good faith) to be the date on which the Ship is expected to be
            ready for delivery in accordance with this Contract; and

      (v)   the balance of the Contract Price, on delivery of the Ship and the
            Delivery Documents to, and their acceptance by, the Buyer in
            accordance with the provisions of this Contract.

2.2   The Builder shall by not less than fourteen (14) days advance written
      notice advise the Buyer of the date upon which each of the payments
      referred to sub-clauses 2.1(ii) to (iv) shall become due and payable and,
      in addition, the notice given in relation to sub-clause 2.1(v) will show
      (in reasonable detail and on an open-book basis) the Builder's calculation
      of the balance of the Contract Price payable on delivery of the Ship and,
      in particular, the amounts of any reductions in or additions to the
      Contract Price occasioned by the terms and conditions of this Contract.

2.3   The Buyer's obligations to make the payments referred to in sub-clauses
      2.1(i) to (iv) shall, in the case of each such payment, be subject to and
      conditional upon the Buyer's receipt of:

      (i)   the Builder's invoice for the relevant payment; and

      (ii)  an irrevocable guarantee issued in favour of the Buyer by a first
            class German bank or insurance company ("REFUND GUARANTOR")
            acceptable to the Buyer (such acceptance not to be unreasonably
            withheld) securing the refund to the Buyer of the relevant payment
            together with interest thereon at the relevant rate calculated from
            the date of the Builder's receipt of such payment to the date of the
            Buyer's receipt of the refund, such guarantee to be in the terms of
            the draft set out in the Second Schedule or in such other terms as
            the Buyer, acting reasonably, may approve.

      The Buyer's obligation to make the payment referred to in sub-clause
      2.1(v) shall be subject to and conditional upon the Buyer's receipt of the
      Builder's invoice for the relevant payment and the Builder's performance
      of the other delivery-related obligations provided for in this Contract.

2.4   The other payments from time to time due under this Contract shall be made
      as follows:

      (i)   payment or credits for any modification(s) pursuant to Article 3
            and/or any other amount(s) accruing prior to delivery (but for which
            no specific date is stipulated in this Contract) shall be made
            simultaneously with delivery of the Ship, and the amount(s) thereof
            shall be shown in the invoice to be issued and delivered by the
            Builder in respect of the Contract Price payment referred to in
            Clause 2.1(v);

                                      -43-
<PAGE>

                                                                  FIRST ORIGINAL

      (ii)  any amount for which a specific payment date is stipulated in this
            Contract shall be paid on such date; and

      (iii) for any amount accruing after delivery in respect of a defect,
            payment shall be made as follows:

            (a)   if the parties agree that the defect in question is a Defect,
                  not later than fifteen (15) days after the Builder's receipt
                  of an invoice for the Defect remedied pursuant to Clause 2 in
                  Article 7; or

            (c)   if there is a Dispute as to whether the defect is a Defect on
                  the date on which it is finally determined or adjudged to be a
                  Defect under Article 13, together with interest thereon at the
                  relevant rate calculated from the date of the Builder's
                  receipt of an invoice for the Defect remedied pursuant to
                  Clause 2 in Article 7 up to and including the date of the
                  Buyer's receipt of the relevant amount.

2.5   Every amount from time to time due under this Contract but unpaid for
      longer than seven (7) days from (and excluding) the due date shall bear
      interest at the relevant rate from the due date up to and including the
      date of receipt by the party to which the amount is owed.

2.6   All amounts payable to the Builder under this Contract shall be paid
      direct to the Builder's Account, and the Builder and the Buyer shall
      consult with each other about the mode of payment with a view to reducing
      the amount of any applicable bank transfer charges.

2.7   All payments made by the Buyer to the Builder before delivery and
      acceptance of the Ship shall be in the nature of advances to the Builder.
      Payments made by the Buyer shall not be construed as a waiver of the
      Buyer's rights subsequently to object to any of such payments or the
      underlying invoices issued by the Builder.

2.8   All fees, costs and other charges whatsoever arising in connection with:

      (i)   each guarantee issued under Clause 2.3 (including, without
            limitation, fees and other costs or charges payable to the relevant
            bank(s) and/or insurance company(ies) in respect of the issuance and
            maintenance thereof) shall be borne and paid by the Builder; and

      (ii)  any payment made under this Contract shall be borne and paid by the
            paying party provided that any fees, costs or other charges levied
            by the receiving party's bank(s) (including correspondent banks,
            whether in Germany or elsewhere) shall be borne and paid by that
            party.

2.9   The euro is the currency of account and payment for each and every sum at
      any time due from either party to the other under or in connection with
      this Contract.

                                                              (END OF ARTICLE 8)

                                      -44-
<PAGE>

                                                                  FIRST ORIGINAL

ARTICLE 9: TERMINATION

1.    TERMINATION BY BUILDER

1.1   Each of the following events shall be a "BUILDER TERMINATION EVENT" for
      the purposes of this Contract:

      (i)   if, without due cause, the Buyer fails to pay any part of the
            Contract Price under any of Clauses 2.1 (i), (ii), (iii), or (iv) in
            Article 8 on the due date for such payment and such failure is not
            remedied within fifteen (15) working days after the receipt by the
            Buyer of a written notice from the Builder notifying the Buyer of
            such failure and requesting remedial action; or

      (ii)  if, without due cause, the Buyer fails to accept delivery of (and
            pay the balance of the Contract Price for) the Ship within three (3)
            working days after the Ship and the related Delivery Documents have
            been duly tendered for delivery by the Builder in conformity with
            this Contract; or

      (iii) if any of the following events or circumstances shall occur before
            the Buyer has accepted delivery of the Ship and paid the balance of
            the Contract Price (a) a final order shall be made or an effective
            resolution shall be passed for the winding up of the Buyer
            (otherwise than by a members' voluntary winding up for the purpose
            of an amalgamation or reconstruction on terms previously approved by
            the Builder, which approval shall not be unreasonably withheld) or
            (b) a receiver shall be appointed in respect of the whole or any
            substantial part of the undertaking of the Buyer or (c) the Buyer
            shall suspend the payment of its debts or (d) the Buyer shall make
            an arrangement or composition with its creditors generally or (e)
            the Buyer shall apply to any court for protection from its creditors
            generally or (f) the Buyer shall be unable, or shall admit its
            inability, to pay its debts as they fall due or it shall become or
            shall be declared insolvent under any applicable law or (g) any
            distress, execution, attachment or other process shall affect the
            whole or any substantial part of the Buyer's business and assets and
            shall remain undischarged for a period exceeding 21 (twenty one)
            days or (h) the whole or any substantial part of the Buyer's
            business and assets shall be subject to Compulsory Acquisition by
            the Bermudian government or any agency thereof for a period
            exceeding 30 (thirty) days or (i) anything analogous to or having a
            substantially similar effect to any of the events specified in (a)
            to (h) shall occur under the laws of any applicable jurisdiction.

1.2   At any time after a Builder Termination Event shall have occurred and be
      continuing, the Builder may, by notice to the Buyer, terminate this
      Contract whereupon:

      (i)   title in the Buyer's Supplies owned by the Buyer which have been
            installed or incorporated in the Ship before termination, shall pass
            to the Builder; and

      (ii)  the Builder shall retain and apply (in the manner provided for in
            Clause 1.3) all payments previously made by the Buyer to the Builder
            under this Contract.

                                      -45-

<PAGE>

                                                                  FIRST ORIGINAL

1.3   If the Builder terminates this Contract under Clause 1.2, the Builder
      shall endeavour to obtain the best market price reasonably obtainable for
      the Ship, the Parts and the Buyer's Supplies referred to in Clause 1.2 (i)
      by sale at public auction or tender or private sale, and shall apply the
      proceeds of sale (after deducting the necessary expenses of sale including
      the reasonable costs of completing the Ship for sale) and all amounts
      retained by the Builder under Clause 1.2 (ii) plus a credit for the value
      of Buyer's Supplies previously delivered by the Buyer and either retained
      by the Builder or its subcontractors or sold by any of them, as follows:

      (i)   firstly, in satisfaction of the balance due to the Builder under
            this Contract being (a) where the Ship is completed in accordance
            with this Contract and then sold, the unpaid parts of the Contract
            Price, or (b) where the Ship is sold in an uncompleted state, that
            proportion of the unpaid parts of the Contract Price which is
            required to reimburse the Builder's costs of the building work up to
            the cessation of such work, and (c) all other amounts payable by the
            Buyer to the Builder under the provisions of this Contract as at the
            date of termination; and

      (ii)  secondly, in payment of the Builder's proved loss directly resulting
            from the Buyer's default; and

      (iii) thirdly, in payment of any remaining balance to the Buyer,

      provided that if the total of such proceeds of sale, such retained amounts
      and such credit shall be less than the balance due to the Builder under
      paragraphs (i) and (ii) of this Clause 1.3, the difference shall be paid
      by the Buyer to the Builder.

2.    TERMINATION BY BUYER

2.1   Each of the following events shall be a "BUYER TERMINATION EVENT" for the
      purposes of this Contract:

      (i)   if (a) at any time the construction of the Ship is suspended for a
            period of more than thirty (30) days in circumstances where the
            Builder would not be entitled to claim an extension of the Delivery
            Date under Clause 1 of Article 5 and the Buyer reasonably believes
            that the Builder will not be able to recover the lost time or (b)
            delivery has not been made, or it can with reasonable certainty be
            anticipated that delivery will not be made, for whatever reason or
            combination of reasons (excepting only one or more independent
            defaults by the Buyer), by the date falling [***] [Confidential
            Treatment] days from [***] [Confidential Treatment];

      (ii)  if the Buyer becomes entitled to terminate this Contract under any
            of Clauses 2.3, 2.7, 2.9, 2.12, 2.15 or 2.18 in Article 6;

      (iii) if the Builder commits a material breach of any of its obligations
            under this Contract (including, without limitation, its obligations
            with respect to the achievement of Milestones), and fails to remedy
            any such breach within 30

                                      -46-

<PAGE>

                                                                  FIRST ORIGINAL

            (thirty) days after receipt of written notice from the Buyer
            requesting remedial action;

      (iv)  if the Builder removes the Ship from the Shipyard, or if it assigns
            or transfers any of its rights or obligations under this Contract,
            or if it subcontracts the whole or any major part of the building
            work, except as expressly permitted by this Contract;

      (v)   if any guarantee issued in favour of the Buyer under this Contract,
            or the security thereby given, is or becomes wholly or partially
            invalid, ineffective or unenforceable unless the Builder replaces
            any such guarantee with a new guarantee complying with Clause
            2.3(ii) of Article 8 within 7 (seven) days after receipt of written
            notice from the Buyer requiring such replacement; or

      (vi)  if either (a) the Builder shall fail at any time to effect or
            maintain the Insurances, or any insurer shall avoid or cancel the
            Insurances or the Builder shall commit any breach of or make any
            misrepresentation in respect of the Insurances the result of which
            is to entitle the insurers to avoid the cover or otherwise to be
            excused or released from any or all of their liabilities thereunder,
            or (b) any of the Insurances shall cease for any reason whatsoever
            to be in full force and effect, unless the Insurances are
            re-instated or reconstituted in a manner meeting the requirements of
            this Contract within seven (7) days; or

      (vii) if (a) a final order shall be made or an effective resolution shall
            be passed for the winding up of the Builder (otherwise than by a
            members' voluntary winding up for the purposes of amalgamation or
            reconstruction on terms previously approved by the Buyer, which
            approval shall not be unreasonably withheld) or (b) a receiver shall
            be appointed in respect of the whole or any substantial part of the
            undertaking of the Builder or (c) the Builder shall suspend the
            payment of its debts or (d) the Builder shall make an arrangement or
            composition with its creditors generally or (e) the Builder shall
            apply to any court for protection from its creditors generally or
            (f) the Builder shall be unable, or shall admit its inability, to
            pay its debts as they fall due or it shall become or shall be
            declared insolvent under any applicable law or (g) any distress,
            execution, attachment or other process shall affect the whole or any
            substantial part of the Builder's business or assets and shall
            remain undischarged for a period exceeding 21 (twenty one) days or
            (h) the Ship or the whole or any substantial part of the Builder's
            business or assets shall be subject to Compulsory Acquisition by the
            German government or any agency thereof for a period exceeding 30
            (thirty) days or (i) anything analogous to or having a substantially
            similar effect to any of the events specified in (a) to (h) above
            shall occur under the laws of any applicable jurisdiction.

2.2   At any time after a Buyer Termination Event shall have occurred and be
      continuing the Buyer may, by notice to the Builder, terminate this
      Contract and thereafter:

                                      -47-

<PAGE>

                                                                  FIRST ORIGINAL

      (i)   the Buyer may retain and/or claim from the Builder (which shall
            immediately pay to the Buyer) all liquidated damages paid or payable
            by the Builder to the Buyer under Clauses 2.17 to 2.19 in Article 6;
            and

      (ii)  the Buyer may also claim from the Builder (which shall immediately
            refund to the Buyer) the aggregate of (a) all payments previously
            made by the Buyer to the Builder under this Contract together with
            interest thereon at the relevant rate calculated from the date upon
            which the Builder received each such payment to the date on which
            the refund is received by the Buyer, (b) the return of any Buyer's
            Supplies which have not been built into or installed on or in the
            Ship or which may be removed from the Ship, the Shipyard or other
            place(s) where they are stored and the Buyer's Supply Costs for all
            other Buyer's Supplies, and (c) all other amounts payable by the
            Builder to the Buyer under the provisions of this Contract at the
            date of termination; and

      (iii) if the Buyer's right to terminate this Contract (whether under
            Articles 4 and/or 9 or otherwise) becomes exercisable as a result of
            any negligence or wilful misconduct on the part of the Builder the
            Buyer shall, in addition to the payments referred to in sub-clauses
            2.2(i) and (ii), be entitled to the proved loss directly resulting
            from the Builder's default.

2.3   If the Buyer elects to terminate this Contract under Clause 2.2 the Buyer
      may (at any time thereafter) elect to take title and possession of the
      Ship in its then state together with the Buyer's Supplies and all plans,
      machinery, equipment and other Parts appropriated or allocated to the
      Ship, and to complete the Ship at the Shipyard (without being liable to
      the Builder for rent or other claims) or, in the Buyer's option, at
      another shipyard.

2.4   If the Buyer elects to take title and possession of the Ship under Clause
      2.3 it may enter into one or more contracts with other parties to complete
      the Ship at the Shipyard or elsewhere and for such purposes the Buyer may
      remove the Ship together with the Buyer's Supplies and all equipment and
      other Parts appropriated or allocated to, or ordered for the Ship or,
      alternatively, it may use (to the extent it sees fit) any of the Shipyard
      facilities, plant, machinery, tools and all equipment and other Parts
      appropriated or allocated to, or ordered for, the Ship and in either case
      the Builder shall release (and, as necessary, procure the release of) the
      same to the Buyer free from all claims (including claims for rent) and
      encumbrances whatsoever against payment to the Builder of the unpaid
      balance of the Contract Price less the aggregate of:

      (i)   the payments, refunds and other amounts referred to in Clause 2.2
            (i), (ii) and (iii); and

      (ii)  the Buyer's good faith estimate of the costs that it will incur in
            (a) moving the Ship (and the Buyer's Supplies and all related
            equipment and other Parts) to another shipyard and in having the
            Ship completed at such other shipyard or (b) in completing the Ship
            at the Shipyard.

                                      -48-

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                                                                  FIRST ORIGINAL

2.5   If the Buyer elects to take title and possession in the Ship under Clauses
      2.3 and 2.4 the Builder will, at the Buyer's direction from time to time,
      arrange for the following steps to be taken as soon as may be practicable:

      (i)   the execution of all works and other steps required to permit the
            Ship, the Parts and the Buyer's supplies to be removed by the Buyer
            in an orderly and safe manner;

      (ii)  the removal from the Ship of all employees and other representatives
            of the Builder and its subcontractors;

      (iii) the delivery to the Buyer of the Ship, the Parts, the Buyer's
            Supplies, all completed and partially completed portions of the
            building work, and all documents and other data required by the
            Buyer in connection with the building work previously done or the
            work to be done in order to complete the construction of the Ship;

      (iv)  the vesting in the Buyer of all rights of the Builder under and in
            connection with the subcontracts and supply contracts made by the
            Builder in relation to the construction of the Ship; and

      (v)   the provision to the Buyer and its contractors of all such other
            assistance as may be required to enable the Buyer to remove the
            Ship, the Parts and the Buyer's Supplies.

3.    TERMINATION BY EITHER PARTY

3.1   Any event entitling a party to terminate this Contract in accordance with
      its express provisions shall constitute (as the case may be) either a
      repudiatory breach of, or breach of condition by the other party under,
      this Contract or an agreed terminating event the occurrence of which will
      (in any such case) entitle the relevant party to terminate this Contract
      and recover the amounts provided for in this Contract either as liquidated
      damages or as agreed sums deductible or payable on the occurrence of such
      event.

3.2   The Builder's receipt of all payments to be made by the Buyer under Clause
      1.3 or, as the case may be, the Buyer's receipt of all payments to be made
      by the Builder under Clause 2.2 and Clause 2.3 shall discharge all
      obligations and liabilities of each of the parties to the other under this
      Contract save for any obligations and liabilities of either party arising
      under the other provisions of this Contract.

                                                              (END OF ARTICLE 9)

                                      -49-

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                                                                  FIRST ORIGINAL

ARTICLE 10: BUILDER'S REPRESENTATIONS, COVENANTS AND INDEMNITIES

1.    REPRESENTATIONS, WARRANTIES AND COVENANTS

1.1   The Builder acknowledges that the Buyer has entered into this Contract in
      full reliance on the representations set out in Clauses 1.2 and 1.3 and
      the Builder warrants that the statements contained in those Clauses are in
      all respects true and accurate.

1.2   Each party (in either case, the "WARRANTOR") represents and warrants to
      the other party that:

      (i)   all acts, conditions and things required to be done, fulfilled and
            performed in order (a) to enable it lawfully to enter into, exercise
            its rights under and perform and comply with the obligations
            expressed to be assumed by it in this Contract and (b) to ensure
            that the obligations expressed to be assumed by it in this Contract
            are legal, valid and binding have been done, fulfilled and
            performed; and

      (ii)  no legal proceedings have been started or (to the best of the
            warrantor's knowledge and belief) threatened which might have a
            material adverse effect on the warrantor's ability to perform its
            obligations under this Contract.

1.3   The Builder further represents and warrants to the Buyer:

      (i)   that neither the execution of this Contract nor the exercise by the
            Builder of its rights and performance of its obligations under this
            Contract will result in any breach of any German or European
            Community law, regulation, rule, directive or treaty;

      (ii)  neither the Builder nor (to the best of the Builder's knowledge,
            information or belief) any other person has (whether directly or
            indirectly) offered or paid or agreed to pay or give commission of
            any kind whatsoever in relation to or in connection with this
            Contract or any of the business transactions described in or
            contemplated by this Contract; and

      (iii) that it shall obtain, comply with the terms of and do all that is
            necessary to maintain in full force and effect all authorisations,
            approvals, licences and consents required in or by the laws,
            regulations, rules, directives and treaties of Germany and the
            European Community to enable it lawfully to enter into and perform
            its obligations under this Contract.

2.    INDEMNITIES

2.1   The Builder shall indemnify fully, hold harmless and defend the Buyer and
      the other protected parties from and against all Losses which any of them
      may sustain or incur in respect of any personal injuries or other harm to
      or death of any person(s) or any damage to, or loss or destruction of, any
      property of any person(s), and which arise out of:

                                      -50-

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                                                                  FIRST ORIGINAL

(i)   any acts, omissions or defaults on the part of (a) the Builder and/or (b)
      any of the Builder's subcontractors and/or (c) any of the respective
      officers, employees, workmen, agents or other representatives of the
      Builder or its subcontractors provided that this indemnity shall not (aa)
      extend to any Losses to the extent they are caused by the negligence or
      wilful misconduct of the Buyer or any other of the protected parties or
      (bb) apply to any claim arising out of injury, harm, death, damage, loss
      or destruction sustained after delivery of the Ship unless any such claim
      arises out of injury, harm, death, damage, loss or destruction sustained
      before delivery for which the Builder is responsible; and

(ii)  any representation made by the Builder in Clause 1.3 proving (at any time
      before or after the date hereof) to be untrue, inaccurate or misleading in
      any material respect.

                                                             (END OF ARTICLE 10)

                                      -51-

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                                                                  FIRST ORIGINAL

ARTICLE 11: INTELLECTUAL PROPERTY RIGHTS

1.    PATENTS, TRADE MARKS AND COPYRIGHTS

1.1   The Builder shall procure all such approvals and licenses, and pay all
      such royalties, licence fees or other similar charges, on or in connection
      with:

      (i)   the Ship;

      (ii)  any Parts (other than Buyer's Supplies) installed or incorporated
            in, stowed on or otherwise delivered with the Ship;

      (iii) any part of the building work,

      as may be necessary to ensure that the same are delivered to the Buyer and
      may be owned and operated by the Buyer (and its successors, assignees and
      counterparties) without infringement of any patent, patent right,
      copyright, trademark, trade secret or other intellectual property right.

1.2   The Builder shall indemnify fully, hold harmless and defend the Buyer and
      the other protected parties from and against all Losses which any of them
      may suffer or incur as a result of any actual or alleged infringement of
      any patents, patent rights, copyrights, trademarks, trade secrets or other
      intellectual property rights of any kind or nature on or in connection
      with the Ship, the Parts (other than Buyer's Supplies) or any part of the
      building work or the ownership or the proper use thereof by the Buyer
      provided that this indemnity shall not apply to any such infringement if
      the management of the Buyer or the management of any other protected party
      knew of the relevant infringement (at any time between the Effective Date
      and the date of actual delivery of the Ship) but failed to notify the
      Builder.

1.3   If by reason of any claim for which the Builder is responsible under this
      Clause 1:

      (i)   the Ship or any Part (other than Buyer's Supplies) shall be held to
            constitute an infringement of any patent, patent right, copyright,
            trademark, trade secret or other intellectual property right; or

      (ii)  the Buyer's free use and possession or quiet enjoyment of the Ship
            or any such Part shall be in any manner or to any extent disturbed,
            interfered with, limited, restricted or restrained (whether by
            reason of an actual or threatened arrest, detention or claim or as a
            result of any other encumbrance or for any other reasons
            whatsoever),

      the Builder shall, at its own expense, either promptly take all such steps
      as may be necessary fully to restore to the Buyer the free use and
      possession and quiet enjoyment of the Ship or such Part or, if the same
      can be done without material adverse affect on or delay to the Ship's
      schedule, replace any infringing Part with a non-infringing Part which is
      satisfactory to the Buyer and/or the Classification Society and/or the
      Regulatory Authorities.

                                      -52-

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                                                                  FIRST ORIGINAL

1.4   The Buyer shall indemnify fully, hold harmless and defend the Builder from
      and against all Losses which it may suffer or incur as a result of any
      actual or alleged infringement of any patents, patent rights, copyrights,
      trademarks, trade secrets or other intellectual property rights of any
      kind or nature on or in connection with any Buyer's Supplies, plans,
      designs and engineering and design data supplied by the Buyer to the
      Builder under or in connection with this Contract provided that this
      indemnity shall not apply to any such infringement if the management of
      the Builder knew of the relevant infringement (at any time between the
      Effective Date and the date of actual delivery of the Ship) but failed to
      notify the Buyer.

2.    RIGHTS TO ENGINEERING AND DESIGN DATA

2.1   All plans, designs and engineering and design data supplied by the Buyer
      to the Builder which are the property of the Buyer shall remain the
      property of the Buyer and such plans, designs and engineering and design
      data may be used by the Builder only in such manner as is permitted by
      this Clause 2.

2.2   All plans, designs and engineering and design data supplied by the Builder
      to the Buyer which are the property of the Builder shall remain the
      property of the Builder and such plans, designs and engineering and design
      data may be used by the Buyer only in such manner as is permitted by this
      Clause 2.

2.3   Each party shall take all reasonable precautions to maintain in
      confidence, and will not use or permit the use of (except as may be
      necessary for the purposes of the building work), any of the designs,
      plans and engineering and design data owned by the other party.

2.4   Nothing contained in this Contract shall be construed as transferring any
      patent, patent right, copyright, trademark, trade secret or other
      intellectual property right created or used in the performance of this
      Contract, all of which are hereby expressly reserved to the true and
      lawful owners thereof.

                                                             (END OF ARTICLE 11)

                                      -53-

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                                                                  FIRST ORIGINAL

ARTICLE 12: TAXES AND CONTRACT EXPENSES

1.    TAXES

1.1   All taxes of any kind whatsoever and levied by whatsoever taxing authority
      arising out of or in connection with the making and execution of this
      Contract, the building of the Ship, the importation of any Parts (other
      than Buyer's Supplies) into Germany or (if different) the country of any
      subcontractor or of the Delivery Port, the classification and delivery of
      the Ship, the sale and delivery of the Ship, payment of the Contract Price
      in Germany and the export of the Ship or any Parts from Germany or (if
      different) the country of any subcontractor or of the Delivery Port which
      is payable in Germany or (if different) in the country of any
      subcontractor or of the Delivery Port shall be borne and paid by the
      Builder and the Builder shall indemnify fully, hold harmless and defend
      the Buyer and all other protected parties from and against any Losses
      which any of them may suffer or incur in relation to any such tax.

1.2   All taxes of any kind whatsoever and levied by whatsoever taxing authority
      arising out of or in connection with the importation of any Buyer's
      Supplies into Germany or (if different) the country of any subcontractor
      or of the Port of Delivery or the importation of the Ship or any Parts
      into the country of the Buyer shall be borne by the Buyer and the Buyer
      shall indemnify fully, hold harmless and defend the Builder from and
      against any Losses which the Builder may suffer or incur in relation to
      any such tax.

2.    CONTRACT EXPENSES

2.1   Each party shall bear and pay all costs and expenses incurred by it in
      connection with the negotiation, preparation and execution of this
      Contract.

2.2   Each party shall from time to time reimburse the other on demand for all
      costs and expenses (including fees of legal and other professional
      advisors) reasonably incurred by such other party in connection with the
      enforcement of any of the rights of that party under this Agreement.

                                                             (END OF ARTICLE 12)

                                      -54-

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                                                                  FIRST ORIGINAL

ARTICLE 13: DISPUTES

1.    TECHNICAL DISPUTES

1.1   Except where a Dispute of a technical nature is determined by the
      Classification Society under Clause 4.2 in Article 1 or, as appropriate,
      by a Regulatory Authority under Clause 4.4 in Article 1, any Dispute of a
      technical nature giving rise to issues purely of fact (including, without
      limitation, any dispute or difference of opinion relating to questions as
      to the existence, degree or extent of any alleged non-conformity of the
      Ship or any Part to the Contract, the Plans, the Specification, or the
      Rules) shall be referred to the Head Office of the Classification Society
      for its final decision provided that if the Head Office of the
      Classification Society declines to accept any such referral, or if either
      party reasonably considers that it is not appropriate to refer the Dispute
      in question to the Head Office of the Classification Society, the Dispute
      shall be referred to a mutually acceptable technical expert for his final
      decision.

1.2   The procedure applicable to the resolution of any Dispute of a technical
      nature (whether by the Classification Society or by a mutually agreed
      technical expert) shall be as follows:

      (i)   the person or body to whom the Dispute is referred (the "EXPERT",
            which term shall also apply to any substitute appointed by mutual
            agreement of the parties) shall be requested to make a final
            decision within 21 (twenty one) working days after it has accepted
            the appointment;

      (ii)  within 10 (ten) working days after the Expert has confirmed to both
            parties that it has accepted the appointment, each party will send
            to the Expert (and simultaneously to the other party), by telefax or
            registered courier, its submissions and supporting evidence in
            relation to the Dispute;

      (iii) if a party fails to submit its submissions and supporting evidence
            within the time limit laid down in paragraph (ii), it shall be
            deemed to have admitted the correctness of the other party's
            submissions;

      (iv)  the Expert shall act as an expert and not as an arbitrator;

      (v)   the decision of the Expert shall be final and binding on both
            parties; and

      (vi)  the parties shall bear the Expert's costs equally.

1.3   If within 10 (ten) working days after receipt by a party of a notice of a
      Dispute from the other party:

      (i)   the Head Office of the Classification Society has failed to accept a
            referral pursuant to Clause 1.1; or

      (ii)  a party reasonably considers that it is not appropriate to refer any
            Dispute of a technical nature to the Head Office of the
            Classification Society; or

                                      -55-

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                                                                  FIRST ORIGINAL

      (iii) the parties have failed to agree upon the identity of a mutually
            acceptable technical expert and obtain written acceptance of its
            appointment,

      the Dispute shall be determined in accordance with Clause 2.

2.    JURISDICTION

2.1   Except where a Dispute is determined under Clause 1.1 and subject to the
      Buyer's rights under Clause 3.4, the English courts shall have exclusive
      jurisdiction to settle and determine all Disputes.

2.2   Each party agrees that the English courts are the most appropriate and
      convenient courts to settle and determine Disputes and that accordingly no
      party will argue to the contrary; and each party hereby irrevocably
      submits itself to the jurisdiction of the English courts for the purposes
      of this Contract.

2.3   A judgment relating to this Contract that is given or enforceable by the
      English courts may be enforced without review in any other jurisdiction
      and each party waives all of its rights to apply for or require any such
      review.

2.4   Subject to Clause 1.4(vi) in Article 5, no Dispute shall entitle the
      Builder to cease or suspend any part of the building work or to withhold
      delivery of the Ship, nor shall any Dispute entitle the Buyer to withhold
      the payment of any part of the Contract Price due under any of Clauses
      2.1(i), (ii), (iii), (iv) or (v) in Article 8 beyond the relevant due date
      for payment provided that nothing in this provision shall prejudice any
      right which:

      (i)   the Builder may have to retain possession of the Ship on account of
            nonpayment of the Contract Price; or

      (ii)  the Buyer may have to dispute the due date for payment of any part
            of the Contract Price under Clause 2.1(v) in Article 8.

2.5   For the avoidance of doubt, if any Dispute arises before delivery of the
      Ship and is referred for determination under any of the provisions of
      Clauses 1 or 2 hereof, the Builder shall not be entitled to dispose of the
      Ship pending the final determination of such Dispute.

3.    GOVERNING LAW

3.1   This Contract is governed by and shall be construed in accordance with
      English law.

3.2   Each party irrevocably agrees to appoint, and to maintain, an agent for
      service of process in London in relation to any proceedings before the
      English courts in connection with this Contract. In addition, each party
      agrees that no neglect or default buy its agent, including any failure by
      it to notify the relevant party of any proceedings or process, will
      invalidate the proceedings or process concerned or any judgment.

3.3   Without prejudice to any other mode of service allowed under any relevant
      law, service of any proceedings or process or judgment issued out of, or
      made or granted by, the

                                      -56-

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                                                                  FIRST ORIGINAL

      English courts may be served by being delivered to the last known address
      in London of the agent for service of process of the relevant party or to
      the relevant party itself at the address for such party set out in Clause
      4.

3.4   The Buyer reserves the right to proceed under this Contract against the
      Builder in the German state courts for interlocutory relief (einstweiliger
      Rechtsschutz).

4.    NOTICES

4.1   Any notice or other communication made under or in connection with this
      Contract shall be in writing in the English language and shall be given to
      the addressee at the address set out below or sent by telefax to the
      telefax number given below, marked for the attention of the relevant
      individual listed in the "Attention" lines set out below provided that all
      notices and communications relating to technical matters (including,
      without limitation, those concerning the approval of Plans and tests)
      shall be given to the Supervisor at the address set out in paragraph (ii)
      below or sent by telefax to the telefax number specified in paragraph (ii)
      below.

       (i)  if to the Buyer, to:    Hull 669 Ltd.
            c/o                     7665 Corporate Centre Drive
                                    Miami, Florida 33126

            Telefax:                +1 305 436 4113

            Attention:              Mr Colin Veitch, President & CEO
            with a copy to telefax: +1 305 436 4117
                                    Attention: Mr Mark Warren
                                    Sr. Vice President & General Counsel

      (ii)  if to the Supervisor, to: THE SUPERVISOR
            c/o the Supervisor's designated office
            at the Shipyard

            Telefax:                + 49-4961-814330

            Attention:              Mr Christer Karlsson

      (iii) if to the Builder, to:  JOS. L. MEYER GMBH
                                    Postfach 1555
                                    D26855 Papenburg
                                    Germany

            Telefax:                + 49-4961-814300

            Attention:              Mr B. Meyer

      or to such other person, address or telefax number as either party may (by
      not less than five (5) working days' notice in writing) specify to the
      other.

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                                                                  FIRST ORIGINAL

4.2   In the absence of evidence of earlier receipt, any notice or other
      communication shall be deemed to have been duly given:

      (i)   if correctly addressed and marked for the attention of the
            appropriate individual and delivered personally, when left at the
            appropriate address of the addressee;

      (ii)  if correctly addressed and marked for the attention of the
            appropriate individual and sent by pre-paid registered mail (or
            registered airmail if international) or courier, upon
            acknowledgement of receipt by return telefax; and

      (iii) if correctly addressed and marked for the attention of the
            appropriate individual and sent by telefax to the correct number,
            upon acknowledgement of receipt by return telefax.

                                                             (END OF ARTICLE 13)

                                      -58-

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                                                                  FIRST ORIGINAL

ARTICLE 14: GENERAL MATTERS

1.    COMPUTATION OF TIME

1.1   Except as otherwise provided in this Contract, all periods of time shall
      be computed by including Saturdays, Sundays and holidays except that if
      any period terminates on:

      (i)   any day which is not a working day in London or Papenburg (in the
            case of periods applicable to action by the Buyer); or

      (ii)  any day which is not a working day in Papenburg (in the case of
            periods applicable to action by the Builder),

      such period shall be deemed to be extended to the next following working
      day in such place.

2.    ASSIGNMENTS

2.1   The Buyer may:

      (i)   grant to its financiers of the Ship, or the other financiers of the
            Star Cruises Group, assignments of (or other security interests in)
            this Contract, the Insurances, and the guarantees issued by the
            Refund Guarantors;

      (ii)  assign, novate or transfer this Contract to any member of the Star
            Cruises Group or (with the prior approval of the Builder, which is
            not to be unreasonably withheld) to any other person whatsoever; and

      (iii) assign its rights under Article 7, Clause 2 to any purchaser, lessee
            or bareboat charterer of the Ship,

      provided that the guarantee provided for in Clause 13 shall remain in full
      force and effect notwithstanding any such assignment, novation or
      transfer.

2.2   As and when so requested by the Buyer, the Builder will provide the
      Buyer's financiers and permitted assignees with all such information and
      documentation as they may reasonably request without depriving the Builder
      of its rights and interest under this Contract.

2.3   The Builder shall not assign or novate or transfer, or purport to assign
      or novate or transfer, any of its rights or obligations under this
      Contract save that the Builder may assign its rights hereunder to its
      financiers for the Builder's pre-delivery construction financing of the
      Ship.

3.    PARTIAL ILLEGALITY

3.1   If any provision of this Contract or the application thereof to any person
      or in any circumstances shall to any extent be illegal, invalid or
      unenforceable, such illegality, invalidity or unenforceability shall not
      prejudice the effectiveness of the remainder of this Contract or the
      application of such provision to other persons or in other

                                      -59-

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                                                                  FIRST ORIGINAL

      circumstances and each other provision of this Contract shall be legal,
      valid and enforceable to the fullest extent permitted by law.

4.    CONFIDENTIALITY

4.1   After the date of this Contract, the parties will agree the terms and
      publication date(s) of press announcements in relation to the construction
      of the Ship.

4.2   Save as provided in Clause 4.1, the parties shall treat as confidential
      and use all reasonable efforts to ensure that their respective agents,
      officers, employees, workmen, subcontractors, and other representatives
      treat as confidential, the provisions of this Contract provided that:

      (i)   each party may, with the prior written consent of the other,
            disclose to any third party information relating to the matters
            referred to in this Clause 4.2; and

      (ii)  each party shall be entitled to disclose any such information to
            their shareholders, bankers, auditors and/or legal advisors or to
            such extent as may from time to time be required by law or the rules
            or regulations of any applicable stock exchange or similar body.

5.    AMENDMENTS

5.1   No amendment, modification, supplement or other variation of this
      Contract, the Plans or the Specification shall be of any effect unless
      made in writing and signed by the Builder and the Buyer or their
      respective duly authorised representatives.

6.    NO WAIVER

6.1   No failure or delay on the part of either party in exercising any right,
      power or remedy under this Contract shall operate as a waiver thereof or a
      waiver of any other rights, powers or remedies nor shall any single or
      partial exercise of any such right power or remedy preclude any other or
      further exercise of any such right, power or remedy or the exercise any
      other right, power or remedy.

6.2   The respective rights, powers and remedies conferred on the parties by
      this Contract are cumulative and (save where the contrary is expressly
      stated) are in addition to (and not exclusive of) any rights, powers and
      remedies provided by law.

7.    CONSENTS

7.1   Subject to Clause 1.6 in Article 2, where any matter:

      (i)   requires an instruction from the Buyer, a waiver by the Buyer or the
            approval, authority or consent of the Buyer any such instruction,
            waiver, approval, authority or consent shall not be deemed to have
            been given or to any extent effective unless it is given in writing
            by a duly authorised representative of the Buyer; and

                                      -60-

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                                                                  FIRST ORIGINAL

      (ii)  is required to be acceptable or satisfactory to the Buyer, the Buyer
            shall not be deemed to have accepted, or to be satisfied with such
            matter, unless its acceptance or satisfaction is communicated in
            writing to the Builder by a duly authorised representative of the
            Buyer.

8.    LANGUAGE

8.1   The official text of this Contract (and all plans, drawings, test and work
      schedules, reports, protocols, certificates, instruction booklets,
      notices, communications and other materials or documents to be drawn up,
      developed or supplied under this Contract) shall be in the English
      language.

9.    MODELS

9.1   The Builder shall build and supply free of charge to the Buyer (and place
      on board the Ship at or before delivery) the models of the Ship described
      in section G6.2 of the Specification.

10.   COUNTERPARTS

10.1  This Contract may be executed in up to four (4) counterparts each of which
      when dated and signed by (or on behalf of) both parties shall be an
      original, but all counterparts together shall constitute one and the same
      instrument.

11.   EFFECTIVE DATE

11.1  This Contract shall not have any legal effect whatsoever until the time on
      the date (the "EFFECTIVE DATE") when all of the following conditions have
      been satisfied:

      (i)   each party shall have received an original counterpart of this
            Contract, duly signed by the other party;

      (ii)  the Buyer shall have confirmed in writing to the Builder that it has
            approved: the form and terms of the Insurances; the identity of the
            brokers and insurers; and the identity of the first Refund
            Guarantor;

      (iii) Star Cruises ("STAR") shall have received the approval of its board
            of directors and its shareholders for the transactions contemplated
            by this Contract and shall have complied with the requirements of
            all relevant regulatory authorities in relation to this Contract
            including, without limitation, The Rules Governing the Listing of
            Securities on The Stock Exchange of Hong Kong Limited and the rules
            applicable to the trading of Star's shares on the Central Limit
            Order Book International of the Singapore Exchange Securities
            Trading Limited;

      (vi)  the Buyer shall have confirmed by written notice to the Builder that
            it has obtained binding written commitments (in terms reasonably
            satisfactory to the Buyer) for the pre and post delivery loan
            financings that will be required to enable the Buyer to part fund
            certain of the payments referred to in Clause 2 of Article 8; and

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                                                                  FIRST ORIGINAL

      (vii) each party shall have (a) irrevocably appointed a process agent in
            London and (b) notified the other party in writing of the name and
            address of such agent.

11.2  If this Contract has not come into effect by 4pm (Papenburg time) on 17
      January 2005 either party may, by written notice given to the other within
      ten (10) days thereafter, cancel this Contract.

11.3  In the event of the exercise by either party of its right to cancel this
      Contract under Clause 11.2, this Contract shall, with effect from such
      cancellation, be null and void without any liability whatsoever on the
      part of either party.

11.4  Notwithstanding any provision to the contrary in this Contract, the Buyer
      shall not be obliged to make any payment to the Builder hereunder until
      such time as all of the conditions set out in Clause 11.1 have been
      fulfilled or expressly waived in writing by both parties.

12.   PROTECTED PARTIES

12.1  Any of the protected parties may enforce the terms of any provision of
      this Contract which purports to confer any rights on them, subject to and
      in accordance with the Contracts (Rights of Third Parties) Act 1999.

12.2  The Builder and the Buyer may at any time, by agreement between them,
      rescind this Contract or vary it without the consent of the protected
      parties.

12.3  If any protected party becomes entitled to bring a claim against the
      Builder under or in respect of this Contract, the Buyer shall bring such
      claim against the Builder on behalf of the relevant protected party.

12.4  If any claim is made against the Builder by the Buyer on behalf of a
      protected party under Clause 12.3, the Builder shall only have available
      to it by way of defence any matter that would have been available to it by
      way of defence if the relevant protected party had been a party to this
      Contract.

12.5  Save as provided above the operation of the Contracts (Rights of Third
      Parties) Act 1999 is hereby excluded.

13.   GUARANTEE

13.1  NCLC hereby guarantees to the Builder the due and punctual performance of
      all the terms, conditions and covenants to be performed by the Buyer and
      agrees to pay to the Builder each sum of many which the Buyer is at any
      time liable to pay to the Builder under or pursuant to this Contract and
      which has become due and payable but has not been paid.

13.2  Neither the obligations of NCLC under the guarantee provided for in Clause
      13.1 nor the rights, powers and remedies conferred on the Builder in
      respect of such guarantee shall be discharged or impaired by any act,
      circumstance, event or omission which (but

                                      -62-

<PAGE>

                                                                  FIRST ORIGINAL

      for this Clause 13.2) might operate to discharge or impair any of the
      obligations, rights or remedies referred to above.

13.3  With the prior written approval of the Builder (which is not to be
      unreasonably withheld) NCLC may be replaced as guarantor under this
      Contract by any person(s) inside or outside the Star Cruises Group.

14.   UN CONVENTION

14.1  The United Nations Convention on Contracts for the International Sale of
      Goods shall not govern this Contract or the performance of any of the
      parties' obligations hereunder.

                                                             (END OF ARTICLE 14)

                                      -63-

<PAGE>

                                                                  FIRST ORIGINAL

                                 FIRST SCHEDULE

1.    DEFINITION OF CERTAIN TERMS

1.1   In this Contract:

      "BUILDER'S ACCOUNT" means the euro account numbered 101027555 and held by
      the Builder's Bank at its office in Hanover;

      "BUILDER'S BANK" means Norddeutsche Landesbank Girozentrale;

      "BUILDING WORK" means all of the Parts to be provided and all of the work
      to be done by the Builder under and in connection with this Contract, as
      more particularly described in the Specification and the Plans, and
      includes all Parts to be provided and all work to be done by the Builder's
      subcontractors;

      "BUYER'S SUPPLIES" has the meaning given in Article 1, Clause 1.1(i)(b);

      "BUYER'S SUPPLY COSTS" means at any given time the aggregate of (i) the
      costs incurred by the Buyer in relation to the carriage, pre-delivery
      insurance and delivery of all Buyer's Supplies and (ii) the cost to the
      Buyer of obtaining replacements for such Supplies at such time;

      "CLASS RULES" has the meaning given in Article 1, Clause 4.1;

      "CLASSIFICATION SOCIETY" has the meaning given in Article 1, Clause 4.1;

      "COMMISSION" means any advantage or benefit (whether monetary or not),
      brokerage, commission, consideration, gift, gratuity, inducement,
      introduction fee, payment, promise, reward or success fee of any kind
      whatsoever payable to any broker, agent, intermediary or other person in
      relation to or in connection with the placing and/or performance of any
      activities connected with this Contract;

      "COMPENSATION DATE" means (i) the 5th (fifth) day from (and including) the
      Delivery Date or (ii) the 3rd (third) day from (and including) the
      Delivery Date if the Ship has not been delivered by the intended delivery
      date mentioned in the 15 (fifteen) days definite notice given by the
      Builder under Clause 1.1 in Article 7;

      "COMPULSORY ACQUISITION" means a requisition or other compulsory
      acquisition (including seizure, detention, confiscation or appropriation)
      by or on behalf of any government or governmental agency or by any persons
      acting or purporting to act on behalf of any government or governmental
      agency;

      "CONTRACT" means this shipbuilding contract and includes the Plans, the
      Specification and the schedules, each of which forms an integral part of
      this Contract;

                                      -64-

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                                                                  FIRST ORIGINAL

      "CONTRACT PRICE" means the fixed price for the Ship specified in Clause
      1.1 of Article 8;

      "CORRECT" shall be construed (in Article 8, Clause 2) so as to mean and
      include rectify, remedy, repair and replace with the intent that the
      Builder's duty under Article 8, Clause 2 shall be to take all necessary
      corrective action by (as may be appropriate) correcting or rectifying or
      remedying or repairing or replacing, or paying for the correction or
      rectification or remedy or repair or replacement of, every Defect to which
      Clause 2 applies;

      "DEFECT" has the meaning given in Article 6, Clause 1.8;

      "DELIVERY DATE" means the fixed delivery date for the Ship specified in
      Clause 1.1 of Article 7, it being acknowledged and agreed by the parties
      that such date may be reset only in strict accordance with, and subject
      to, the express provisions this Contract;

      "DELIVERY PORT" has the meaning given in Article 1, Clause 1.1 (c);

      "DISPUTE" means any dispute or difference whatsoever arising at any time
      out of or in connection with this Contract including a dispute regarding
      the existence, validity or termination of this Contract, and "DISPUTES"
      shall be construed accordingly;

      "EFFECTIVE DATE" has the meaning given in Article 14, Clause 11.1;

      "ENCUMBRANCE" means (i) any claim or demand (whether in personam or in rem
      and including any arrest or other detention in connection with any claim)
      and any debt, and/or (ii) any mortgage, charge, pledge, maritime or
      possessory or other lien, assignment, hypothecation, trust arrangement,
      encumbrance, or other security interest securing any obligation of any
      person or any other type of preferential arrangement (including, without
      limitation, title transfer and retention arrangements) having a similar
      effect and or (iii) any of the German Law Encumbrance Rights, but does not
      include any permitted encumbrance;

      "FLAG STATE" means the Bahamas;

      "EURIBOR" means the percentage rate per annum determined by the Banking
      Federation for Europe for the relevant period displayed on the appropriate
      page of the Telerate or the Reuters screen from time to time or, if such
      display is not available at any time, as certified by the head office of
      the Builder's Bank;

      "GERMAN LAW ENCUMBRANCE RIGHTS" means any retention of title
      (Eignetumsvorbehalt, ouch erweitert, verlngert, weitergeleitet,
      nachgeschaltet, nachtriiglich, als Komokorrentvorbehalt, als
      Konzernvorbehalt u.s.w.), right of retention (Zurckbehaltungsgrecht),
      pledge, lien (Pfandrecht) and any other encumbrance (sonstige Belastung)
      or other similar rights under German law;

      "INSURANCES" has the meaning given in Article 4, Clause 2.2;

                                      -65-

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                                                                  FIRST ORIGINAL

      "LIST OF SUPPLIERS" means the agreed list of approved subcontractors dated
      22 November 2004 and initialled by the parties for the purposes of
      identification;

      "LOSSES" means any and all causes of action, charges (including interest
      charges), costs, claims (in contract, tort or otherwise), controls,
      liquidated or unliquidated damages, demands, expenses, fees (including
      legal fees) fines, liabilities (civil, criminal or otherwise), losses
      (other than consequential losses), payments, penalties, proceedings,
      restrictions, suits and any and all other sanctions of a monetary nature
      other than taxes;

      "MILESTONES" has the meaning given in Article 2, Clause 4.1;

      "PARTS" has the meaning given in Article 1, Clause 1.1(i)(b);

      "PARTIAL LOSS" means any loss of or damage to the Ship (including Buyer's
      Supplies and other Parts) which does not constitute a total loss and
      "partial loss proceeds" means any insurance proceeds paid and/or payable
      in respect of any partial loss;

      "PERMITTED ENCUMBRANCE" means any encumbrance (i) created by the Buyer or
      (ii) arising by operation of law in connection with claims against the
      Buyer for which the Buyer would not be entitled to compensation or
      indemnification from the Builder under this Contract;

      "PLANS" means the GA Plan S669 dated 22 November 2004 and initialled by
      the parties for the purposes of identification, and the technical system
      and other plans and drawings described or referred to in the
      Specification;

      "PROTECTED PARTIES" means (i) every member of the Star Cruises Group from
      time to time (as certified by the Buyer), and (ii) all of the respective
      agents, officers, employees, workmen, suppliers and other representatives
      of (a) the Buyer and (b) each other protected party;

      "REFUND GUARANTOR" has the meaning given in Article 8, Clause 2.3;

      "REFERENCE SHIP" means Hull No. S.667 to be named m.v. Norwegian Jewel;

      "REGULATORY AUTHORITIES" means those authorities, bodies and entities
      having regulatory responsibility and authority in respect of the Ship or
      specific areas or parts of the Ship, whether before or after delivery
      under this Contract, including (i) the International Maritime
      Organisation, (ii) the World Health Organisation, (iii) the United States'
      Coast Guard and Public Health Services authorities, (iv) the maritime
      authorities of the Flag State, and (v) all other specified national or
      international regulatory authorities;

      "REGULATORY RULES" has the meaning given in Article 1, Clause 4.3;

      "RELEVANT RATE" means the aggregate of (i) one per cent (1%) and (ii)
      EURIBOR for the relevant period;

                                      -66-

<PAGE>

                                                                  FIRST ORIGINAL

      "SHIP" means the ship which is the subject of this Contract and all Parts
      (including all delivered Buyer's Supplies);

      "SHIPYARD" means the Builder's shipyard at Papenburg, Germany;

      "SPECIFICATION" means Specification Hull No. S669 dated 22 November 2004
      and the Appendices marked 1, 2, 3 and 4 thereto (the "APPENDICES") and,
      unless the context otherwise requires, "SPECIFIED" means stipulated in the
      Specification or in the Appendices;

      "STAR CRUISES GROUP" means (i) Star Cruises Limited and its subsidiaries
      and (ii) all other associated or affiliated companies;

      "SUBCONTRACTOR(S)" shall include each of the Builder's makers and
      suppliers, and any other person, company or other entity under contract to
      the Builder or used by the Builder in connection with the design,
      construction, manufacture or supply of any materials, machinery,
      equipment, other parts or services for the Ship;

      "TESTS" means (i) the shop, dock, sea and other tests, trials and
      inspections described in the Specification and the Plans and (ii) such
      other tests, trials and inspections (or retests, retrials and
      reinspections) as the Buyer and/or the Classification Society and/or the
      Regulatory Authorities may reasonably require in order to demonstrate and
      confirm the complete correction of any Defects;

      "TOTAL LOSS" means any actual, constructive, compromised or arranged or
      agreed total loss of the Ship (including Buyer's Supplies or other Parts);

      "WORKING DAY" means any day, other than a Saturday or Sunday, on which
      banks are generally open for business in each of London and Papenburg; and

      "(euro)" and "euro" mean the lawful currency of the Federal Republic of
      Germany, and "euros" shall be construed accordingly.

2.    INTERPRETATION OF CERTAIN REFERENCES

2.1   Save where the contrary is expressly stated, any reference in this
      Contract to:

      (i)   this Contract, the Specification, the Appendices, the Plans or any
            other agreements or documents shall be construed as a reference to
            this Contract, the Specification, the Appendices, the Plans or, as
            the case may be, such other agreements or documents as the same may
            have been, or may from time to time be, amended, modified, varied,
            novated or supplemented;

      (ii)  an Article or the schedule shall be construed as a reference to an
            Article or the schedule of this Contract;

      (iii) an award shall be construed as a reference to any award, decision,
            declaration, injunction, judgement, order or other relief;

                                      -67-

<PAGE>

                                                                  FIRST ORIGINAL

      (iv)   a claim shall be construed as a reference to any action, claim,
             demand, proceeding, process or suit, whether in arbitration or
             court or otherwise;

      (v)    a clause shall be construed as a reference to a clause of the
             Article in which the reference appears;

      (vi)   a person shall be construed as a reference to any individual, firm,
             company, corporation, unincorporated body of persons, or any state
             or state agency,

      (vii)  a party to this Contract shall include a reference to such party's
             successors and permitted assigns;

      (viii) a tax shall be construed as a reference to any tax, assessment,
             levy, impost, duty or other charge of a similar nature (including,
             without limitation, any penalty or interest payable in connection
             with any failure to pay or any delay in paying any of the same),
             whether national, provincial or local;

      (ix)   a judgment shall be construed so as to include any court order,
             injunction, declaration, decision and any other form of judicial
             relief;

      (x)    a receiver shall be construed so as to include any liquidator,
             trustee, administrator, receiver, administrative receiver, manager
             or similar officer; and

      (xi)   the winding up of a party to this Contract shall be construed so as
             to include the bankruptcy or liquidation of the party or any
             equivalent or analogous proceedings under the law of the
             jurisdiction in which such party is incorporated or any other
             jurisdiction in which such party carries on business.

2.2   The Index, Article, Clause and schedule headings and sub-headings are
      inserted for convenience only and shall not affect the interpretation of
      this Contract.

3.    PRIORITY OF CONTRACT, PLANS AND SPECIFICATION

3.1   This Contract, the Plans, the Specification and the Appendices are
      intended to complement and supplement one another. All general language or
      requirements embodied in the Specification are intended to amplify,
      explain and implement the requirements of this Contract. The Specification
      and the Plans are also intended to explain each other, and anything shown
      in the Plans but not stipulated in the Specification or stipulated in the
      Specification and not shown in the Plans shall be deemed and considered as
      if embodied in both. The Appendices are intended to clarify, amplify and
      supplement the Specification.

3.2   If any conflict is found to exist between:

      (i)   the provisions of this Contract, on the one hand, and the
            Specification and/or the Plans on the other hand, then to the extent
            of such conflict only, the Specification and the Plans shall be
            ineffectual, and the provisions of this Contract shall prevail, and
            in all other respects the Specification and the Plans

                                      -68-

<PAGE>

                                                                  FIRST ORIGINAL

            shall be and remain in full force and effect provided that to the
            extent such conflict arises solely because this Contract, on the one
            hand, and the Specification and/or the Plans, on the other hand,
            contain requirements that are in addition to the requirements of the
            other, then all of such additional requirements shall be fully
            complied with by the Builder; or

      (ii)  the provisions of the Specification, on the one hand, and the Plans,
            on the other hand, then to the extent of such conflict only, the
            Plans shall be ineffectual, and the provisions of the Specification
            shall prevail, and in all other respects the Plans shall be and
            remain in full force and effect provided that to the extent such
            conflict arises solely because the Specification, on the one hand,
            and the Plans, on the other hand, contain requirements that are in
            addition to the requirements of the other, then all of such
            additional requirements shall be fully complied with by the Builder;
            or

      (iii) the provisions of the Appendices, on the one hand, and the
            Specification and/or Plans on the other hand, then to the extent of
            such conflict only, the Specification and the Plans shall be
            ineffectual, and the relevant provisions of the Appendices shall
            prevail, and in all other respects the Specification and the Plans
            shall be and remain in full force and effect provided that to the
            extent such conflict arises solely because the Appendices, on the
            one hand, and the Specification and/or Plans on the other hand
            contain requirements that are in addition to the requirements of the
            other, then all of such additional requirements shall be fully
            complied with by the Builder; or

      (iv)  a Plan, on the one hand, and another Plan on the other hand, then to
            the extent of such conflict only, the Plan with the earlier date
            shall be ineffectual, and the other Plan shall prevail, and in all
            other respects the Plans shall be and remain in full force and
            effect provided that to the extent such conflict arises solely
            because a Plan, on the one hand, and another Plan on the other hand,
            contain requirements that are in addition to the requirements of the
            other, then all of such additional requirements shall be fully
            complied with by the Builder.

                                      -69-
<PAGE>

                                                                  FIRST ORIGINAL

                                 SECOND SCHEDULE

1. FORM OF GUARANTEE - SEE ARTICLE 8, CLAUSE 2.3(II)

LETTERHEAD OF REFUND GUARANTOR

To: [insert name of Buyer] c/o Paul Turner, Clifford Chance LLP, 10 Upper Bank
Street, London E14 5JJ, United Kingdom.

Date: [  ]

REFUND GUARANTEE NO. [INSERT NUMBER/REFERENCE] (THE "GUARANTEE")

1.    We refer to the shipbuilding contract dated as of [insert date] 2004 (as
      amended or supplemented at any time, the "CONTRACT") and made between
      [insert name of Buyer] (the "BUYER") and Jos. L. Meyer GmbH (the
      "BUILDER") in relation to the construction of the Builder's Hull S. 669
      (the "SHIP").

2.    In consideration of the Buyer agreeing to accept this Guarantee under
      Article 8, Clause 2.3 of the Contract as a security for the refund of the
      contract price instalment of        (euro) [insert amount of instalment in
      numbers I words] euros) (the "INSTALMENT") payable under Article 8, Clause
      2.1 [(i)] / [(ii)] / [(iii)] / [(iv)] of the Contract, at the request of
      the Builder we, [insert name of Refund Guarantor], hereby unconditionally
      and irrevocably: (i) guarantee to the Buyer to refund the Instalment to
      the Buyer and to pay interest thereon at the relevant rate (as defined in
      the Contract) from the date of the Builder's receipt of the Instalment to
      the date of the Buyer's receipt of the refund against the Buyer's simple
      written demand (a) specifying the amount claimed by the Buyer in respect
      of the Instalment together with interest thereon at the relevant rate (as
      defined in the Contract), and (b) specifying the account to which the
      amount demanded should be paid; and (ii) undertake to the Buyer that (a)
      payment will be made by us forthwith upon our receipt of such simple
      written demand, without any counterclaim, deductions, set-off,
      withholdings or any objection whatsoever, and (b) if we are required by
      law to make any deduction or withholding from any payment to the Buyer
      under this Guarantee, our payment to the Buyer will be increased by such
      amount as may be necessary to ensure that, after all of the required
      deductions and withholdings have been made, the Buyer receives a payment
      equal to the amount it would have received had no such deductions or
      withholdings been made.

3.    Notwithstanding paragraph 2 above, if, within fifteen (15) running days
      following our receipt of a written demand from the Buyer, the Builder has
      (i) confirmed to us in writing that the Builder is disputing the Buyer's
      entitlement to make a claim under this Guarantee and (ii) delivered to us
      a copy of a written notice served on the Buyer stating in reasonable
      detail the grounds upon which the Builder is disputing the Buyer's
      entitlement to make a claim under this Guarantee, we shall be entitled to
      withhold payment under this Guarantee pending settlement of the dispute
      between the

                                     - 70 -
<PAGE>

                                                                  FIRST ORIGINAL

      parties or determination of the dispute in accordance with the Contract.
      If the Builder subsequently accepts all or any part of the Buyer's claim,
      or if the Buyer obtains a final order from the English courts adjudging
      that all or any part of the claim is payable to the Buyer, we will pay the
      relevant amount to the Buyer (together with interest thereon as provided
      in Clause 2(i) above) upon our receipt of a certified true copy of a
      settlement agreement signed on behalf of the Builder and the Buyer or (as
      the case may be) upon our receipt of a certified true copy of the relevant
      court order.

4.    This Guarantee shall become effective upon the Builder's receipt of the
      Instalment and shall expire upon the first to occur of (i) the Buyer's
      acceptance of the Ship in accordance with the Contract, and (ii) the date
      when we have received a written notice from the Buyer stating that it has
      received, from another guarantor acceptable to the Buyer, a substitute
      guarantee securing the refund of the Instalment which is in form and
      substance satisfactory to the Buyer PROVIDED ALWAYS that if any written
      demand for payment is made by the Buyer or its assignees under this
      Guarantee prior to the termination of this Guarantee (but payment in
      satisfaction of such demand has not been made by us prior to termination
      hereof) this Guarantee shall remain in full force until payment of the
      amount demanded has been received by the Buyer or its assignees.

5.    Our obligations under this Guarantee are those of a sole primary obligor
      (as and for our own debt and independent from any obligations of the
      Builder) and not merely as surety, and we agree that the Buyer is not
      obliged to make any prior demand of the Builder under the Contract or to
      seek to enforce any remedies against the Builder before making a claim
      under this Guarantee.

6.    Our obligations under this Guarantee shall not be in any respect
      discharged, impaired or otherwise affected by reason of any events or
      circumstances whatsoever including without limitation (i) any invalidity,
      irregularity or unenforceability of any of the Builder's obligations under
      or in connection with the Contract, (ii) the granting to the Builder of
      any time, waiver, consent, indulgence or other forbearance in relation to
      the Contract, (iii) any bankruptcy, insolvency or similar proceedings
      related to any party to the Contract, (iv) any amendments or supplements
      to the Contract, or (v) any other events or circumstances that might
      otherwise constitute a legal or equitable discharge of or defence to a
      surety or guarantor under applicable law, and we hereby irrevocably and
      unconditionally waive any and all defences at law or in equity that may be
      available to us by reason of any such events or circumstances.

7.    This Guarantee shall be in addition to any other security granted by the
      Builder in favour of the Buyer under the Contract, and shall not be
      affected by any action taken by the Buyer under any such other security.

8.    This Guarantee may be assigned by the Buyer to any of the banks and
      financial institutions from time to time providing the Buyer with
      financial support for its payment obligations under the Contract.

                                     - 71 -
<PAGE>

                                                                  FIRST ORIGINAL

9.    We unconditionally and irrevocably (i) agree that this Guarantee shall be
      governed by and construed in accordance with English law, (ii) agree that
      the English courts shall have exclusive jurisdiction to hear and determine
      any suit, action or proceeding, and to settle any disputes, that may arise
      out of or in connection with this Guarantee, and (iii) submit to the
      jurisdiction of the English courts for the purposes of any proceedings
      under or in connection with this Guarantee.

10.   All correspondence, claims and demands under or in connection with this
      Guarantee shall be marked for the attention of [insert name] and delivered
      to us at [insert address]. Any legal process issued out of the English
      courts may be served on us by being delivered to our agent for service of
      process in London, [insert name] at [insert London address].

Yours faithfully

For and on behalf of [insert name of Refund Guarantor]

                                     - 72 -
<PAGE>

                                                                  FIRST ORIGINAL

AUTHORISED SIGNATURES

/s/ [ILLEGIBLE]
SIGNED by
for and on behalf of
HULL 669 LTD.

/s/ [ILLEGIBLE]
SIGNED by
for and on behalf of
NCL CORPORATION LTD.

/s/ [ILLEGIBLE]
SIGNED by
for and on behalf of
JOS. L. MEYER GMBH

(END OF CONTRACT)

                                     - 73 -

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