Document:

d1367695_ex4-34.htm

 

Exhibit 4.34

 

 

EXECUTION VERSION

 

SPONSOR GUARANTEE

14 May 2012

Between

DRYSHIPS INC.

as Guarantor

DEUTSCHE BANK LUXEMBOURG S.A.

as Facility Agent

for itself and on behalf of various financial institutions

 as Lenders

and

DEUTSCHE BANK AG FILIALE DEUTSCHLANDGESCHAFT

as Security Trustee

ALLEN & OVERY

Allen & Avery LLP

  

  

  

 

 

 

	 CONTENTS

 

	
Clause

	  	
Page

	  	  	  
	
1

	
Interpretation

	
1

	
2

	
Effectiveness

	
2

	
3

	
Guarantee and indemnity

	
2

	
4

	
Nature of a Finance Party’s obligations

	
4

	
5

	
Taxes

	
5

	
6

	
Payments

	
7

	
7

	
Representations and warranties

	
 8

	
8

	
Undertakings

	
10

	
9

	
The Administrative Parties

	
13

	
10

	
Evidence and calculations

	
13

	
11

	
Indemnities

	
13

	
12

	
Amendments and waivers

	
14

	
13

	
Changes to the Parties

	
14

	
14

	
Disclosure of information

	
15

	
15

	
Set-off

	
15

	
16

	
Pro rata sharing

	
16

	
17

	
Severability

	
17

	
18

	
Counterparts

	
17

	
19

	
Notices

	
17

	
20

	
Expenses

	
18

	
21

	
Language

	
19

	
22

	
Governing law

	
19

	
23

	
Enforcement

	
19

	
24

	
Miscellaneous

	
20

	  	  	  
	  	  	  
	
Schedules

	  	  
	  	  	  
	
1.

	
Original Lenders

	
21

	  	  	  
	  	  	  
	
Signatories

	
22

	  	  	  

  

  

  

THIS GUARANTEE is dated 14 May 2012 and is made BETWEEN:

 

	
(1)

	
DRYSHIPS INC., a corporation incorporated in the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960 Marshall Islands (the Guarantor);

 

	
(2)

	
DEUTSCHE BANK LUXEMBOURG S.A. as facility agent for itself and on behalf of the financial institutions listed in Schedule 1 (Original Lenders) as original lenders (the Original Lenders) (the Facility Agent); and

 

	
(3)

	
DEUTSCHE BANK AG FILIALE DEUTSCHLANDGESCHÄFT as agent and trustee for the Finance Parties (the Security Trustee).

 

BACKGROUND

 

The Guarantor and the other parties to this Guarantee enter into this Guarantee in connection with the Credit Agreement (as defined below).

 

IT IS AGREED as follows:

 

1.           INTERPRETATION

 

	
1.1

	
Definitions

 

In this Guarantee:

 

Credit Agreement means the US$495,000,000 credit facility agreement dated 18 July 2008 and as most recently amended and restated on or about the date of this Guarantee between (among others) the Owner as borrower, the Facility Agent as facility agent, the Security Trustee as security trustee, Deutsche Bank AG, London Branch as mandated lead arranger and various banks and financial institutions as lenders.

 

Finance Document means:

 

	
  

	
(a)

	
the Credit Agreement;

 

	
  

	
(b)

	
each Security Document;

 

	
  

	
(c)

	
the DPP;

 

	
  

	
(d)

	
the GIEK Security Trustee Letter;

 

	
  

	
(e)

	
each Fee Letter;

 

	
  

	
(f)

	
each Transfer Certificate;

 

	
  

	
(g)

	
the Account Bank Mandate; and

 

	
  

	
(h)

	
any other document designated as such by the Facility Agent and the Owner provided that the Swap Agreement shall not at any time be designated as a Finance Document for the purposes of this Guarantee by the Facility Agent and the Owner.

 

Finance Party means a Lender or an Administrative Party.

 

  

1

  

Group means the Guarantor and its subsidiaries.

 

Owner means Drillship Kithira Owners Inc.

 

Party means a party to this Guarantee.

 

Post-Delivery Guaranteed Amount has the meaning given in Clause 3.1(a) below.

 

US GAAP means generally accepted accounting principles in the United States of America.

 

	
1.2

	
Construction

 

	
  

	
(a)

	
Capitalised terms defined in the Credit Agreement have, unless expressly defined in this Guarantee, the same meaning in this Guarantee.

 

	
  

	
(b)

	
The provisions of clause 1.2 (Construction) of the Credit Agreement apply to this Guarantee as though they were set out in full in this Guarantee, except that references to the Credit Agreement are to be construed as references to this Guarantee.

 

2.           EFFECTIVENESS

 

The provisions of Clauses 3 (Guarantee and Indemnity) to 6 (Payments) inclusive and Clause 8 (Undertakings) (other than Clauses 8.6 (Consents) and 8.7 (Maintenance of Security Interests)) shall only become effective upon, and shall become effective automatically upon, a breach by Ocean Rig of any of its financial covenants as set out in clause 7.14 of the Ocean Rig Guarantee (as tested in accordance with clause 7.15 of the Ocean Rig Guarantee).

 

3.           GUARANTEE AND INDEMNITY

 

	
3.1

	
Guarantee and indemnity

 

	
  

	
(a)

	
The Guarantor irrevocably and unconditionally guarantees to each Finance Party the obligations of the Owner to each Finance Party which become due under the Finance Documents plus other amounts which become payable in connection therewith under other provisions of this Guarantee (the Post-Delivery Guaranteed Amount).

 

	
  

	
(b)

	
The Guarantor undertakes with each Finance Party that, whenever the Owner does not pay any such amount expressed to be payable by it under a Finance Document, it must immediately on demand by the Security Trustee pay that amount as if it were the principal obligor in respect of that amount.

 

	
  

	
(c)

	
The Guarantor agrees with each Finance Party that if, for any reason, any amount claimed by a Finance Party under this Clause is not recoverable from the Guarantor on the basis of a guarantee then the Guarantor will be liable as a principal debtor and primary obligor to indemnify that Finance Party in respect of any loss it incurs as a result of the Owner failing to pay any such amount expressed to be payable by it under a Finance Document on the date when it ought to have been paid. The amount payable by the Guarantor under this indemnity will not exceed the amount it would have had to pay under this Clause had the amount claimed been recoverable on the basis of a guarantee.

 

	
  

	
(d)

	
The aggregate amount payable by the Guarantor under this Clause 3.1 shall not exceed USS214,000,000 plus other amounts which become payable in connection therewith under other provisions of this Guarantee.

 

  

2

  

	
3.2

	
Continuing guarantee

 

This guarantee is a continuing guarantee and will extend to the ultimate balance of the amounts expressed to be payable by the Owner under a Finance Document, regardless of any intermediate payment or discharge in whole or in part.

 

	
3.3

	
Reinstatement

 

	
  

	
(a)

	
If any discharge (whether in respect of the obligations of the Owner or any security for those obligations or otherwise) or arrangement is made in whole or in part on the faith of any payment, security or other disposition which is avoided or must be restored on insolvency, liquidation, administration or otherwise without limitation, the liability of the Guarantor under this Clause will continue or be reinstated as if the discharge or arrangement had not occurred.

 

	
  

	
(b)

	
Each Finance Party may concede or compromise any claim that any payment, security or other disposition is liable to avoidance or restoration.

 

	
3.4

	
Waiver of defences

 

The obligations of the Guarantor under this Clause will not be affected by any act, omission or thing (whether or not known to it or any Finance Party) which, but for this provision, would reduce, release or prejudice any of its obligations under this Clause. This includes:

 

	
  

	
(a)

	
any time or waiver granted to, or composition with, any person;

 

	
  

	
(b)

	
any release of any person under the terms of any composition or arrangement;

 

	
  

	
(c)

	
the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any person;

 

	
  

	
(d)

	
any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;

 

	
  

	
(e)

	
any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of any person;

 

	
  

	
(f)

	
any amendment of a Finance Document or any other document or security;

 

	
  

	
(g)

	
any unenforceability, illegality, invalidity or non-provability of any obligation of any person under any Finance Document or any other document or security; or

 

	
  

	
(h)

	
any insolvency or similar proceedings.

 

	
3.5

	
Immediate recourse

 

	
  

	
(a)

	
The Guarantor waives any right it may have of first requiring any Finance Party (or any trustee or agent on its behalf) to proceed against or enforce any other right or security or claim payment from any person before claiming from the Guarantor under this Clause.

 

	
  

	
(b)

	
This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.

 

  

3

  

	
3.6

	
Appropriations

 

Until all amounts which may be or become payable by the Owner under the Finance Documents have been irrevocably paid in full, each Finance Party (or any trustee or agent on its behalf) may without affecting the liability of the Guarantor under this Clause:

 

	
  

	
(a)

	
(i)

	
refrain from applying or enforcing any other moneys, security or rights held or received by that Finance Party (or any trustee or agent on its behalf) against those amounts; or

 

	 	
  

	
(ii)

	
apply and enforce them in such manner and order as it sees fit (whether against those amounts or otherwise); and

 

	
  

	
(b)

	
hold in an interest-bearing suspense account any moneys received from the Guarantor or on account of the Guarantor’s liability under this Clause.

 

	
3.7

	
Non-competition

 

Unless:

 

	
  

	
(a)

	
all amounts which may be or become payable by the Owner under or in connection with the Finance Documents have been irrevocably paid in full; or

 

	
  

	
(b)

	
the Security Trustee otherwise directs,

 

the Guarantor will not, after a claim has been made or by virtue of any payment or performance by it under this Clause:

 

	
  

	
(i)

	
be subrogated to any rights, security or moneys held, received or receivable by any Finance Party (or any trustee or agent on its behalf);

 

	
  

	
(ii)

	
be entitled to any right of contribution or indemnity in respect of any payment made or moneys received on account of the Guarantor’s liability under this Clause;

 

	
  

	
(iii)

	
claim, rank, prove or vote as a creditor of the Owner or its estate in competition with any Finance Party (or any trustee or agent on its behalf); or

 

	
  

	
(iv)

	
receive, claim or have the benefit of any payment, distribution or security from or on account of the Owner, or exercise any right of set-off as against the Owner.

 

The Guarantor must hold in trust for and immediately pay or transfer to the Security Trustee for the Finance Parties any payment or distribution or benefit of security received by it contrary to this Clause or in accordance with any directions given by the Security Trustee under this Clause.

 

	
3.8

	
Additional security

 

This guarantee is in addition to and is not in any way prejudiced by any other security now or subsequently held by any Finance Party.

 

4.           NATURE OF A FINANCE PARTY’S OBLIGATIONS

 

Unless all the Finance Parties agree otherwise:

 

  

4

  

 

	
  

	
(a)

	
the obligations of a Finance Party under the Finance Documents are several;

 

	
  

	
(b)

	
failure by a Finance Party to perform its obligations does not affect the obligations of any other Party under the Finance Documents;

 

	
  

	
(c)

	
no Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents;

 

	
  

	
(d)

	
the rights of a Finance Party under the Finance Documents are separate and independent rights;

 

	
  

	
(e)

	
a Finance Party may, except as otherwise stated in the Finance Documents, separately enforce those rights; and

 

	
  

	
(f)

	
a debt arising under the Finance Documents to a Finance Party is a separate and independent debt.

 

5.           TAXES

 

	
5.1

	
General

 

In this Clause Tax Credit means a credit against any Tax or any relief or remission for Tax (or its repayment).

 

	
5.2

	
Tax gross-up

 

	
  

	
(a)

	
The Guarantor must make all payments to be made by it under the Finance Documents without any Tax Deduction, unless a Tax Deduction is required by law.

 

	
  

	
(b)

	
If the Guarantor or a Lender is aware that it must make a Tax Deduction (or that there is a change in the rate or the basis of a Tax Deduction), it must promptly notify the Security Trustee. The Security Trustee must then promptly notify the affected Parties.

 

	
  

	
(c)

	
If a Tax Deduction is required by law to be made by the Guarantor or the Security Trustee, the amount of the payment due from the Guarantor will be increased to an amount which (after making the Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required.

 

	
  

	
(d)

	
If the Guarantor is required to make a Tax Deduction, the Guarantor must make the minimum Tax Deduction and must make any payment required in connection with that Tax Deduction within the time allowed by law.

 

	
  

	
(e)

	
Within 30 days of making either a Tax Deduction or a payment required in connection with a Tax Deduction, the Guarantor must deliver to the Security Trustee for the relevant Finance Party evidence satisfactory to that Finance Party (acting reasonably) that the Tax Deduction has been made or (as applicable) the appropriate payment has been paid to the relevant taxing authority.

 

	
5.3

	
Value added taxes

 

	
  

	
(a)

	
Any amount payable under a Finance Document by the Guarantor is exclusive of any value added tax or any other Tax of a similar nature which might be chargeable in connection with that amount. If any such Tax is chargeable, the Guarantor must pay to the Finance Party (in addition to and at the same time as paying that amount) an amount equal to the amount of that Tax.

 

  

5

  

	
  

	
(b)

	
Where a Finance Document requires any Party to reimburse a Finance Party for any costs or expenses, that Party must also at the same time pay and indemnify the Finance Party against all value added tax or any other Tax of a similar nature incurred by the Finance Party in respect of those costs or expenses but only to the extent that the Finance Party (acting reasonably) determines that it is not entitled to credit or repayment from the relevant tax authority in respect of the Tax.

 

	
5.4

	
Stamp taxes

 

The Guarantor must pay and within five Business Days of demand indemnify each Finance Party against any cost, loss or liability that Finance Party incurs in relation to all stamp duty, registration and other Taxes payable in respect of this Guarantee.

 

6.           PAYMENTS

 

	
6.1

	
Place

 

All payments by a Party (other than the Security Trustee) under this Guarantee must be made to the Security Trustee to its account at such office or bank in London, as it may notify to that Party for this purpose by not less than five Business Days’ prior notice.

 

	
6.2

	
Funds

 

Payments under this Guarantee to the Security Trustee must be made for value on the due date at such times and in such funds as the Security Trustee may specify to the Party concerned as being customary at the time for the settlement of transactions in the relevant currency in the place for payment.

 

	
6.3

	
Distribution

 

	
  

	
(a)

	
Each payment received by the Security Trustee under this Guarantee for another Party must, except as provided below, be made available by the Security Trustee to that Party by payment (as soon as practicable after receipt) to its account with such office or bank in London, as it may notify to the Security Trustee for this purpose by not less than five Business Days’ prior notice.

 

	
  

	
(b)

	
The Security Trustee may apply any amount received by it for the Guarantor in or towards payment (as soon as practicable after receipt) of any amount due from the Guarantor under the Finance Documents or in or towards the purchase of any amount of any currency to be so applied.

 

	
  

	
(c)

	
Where a sum is paid to the Security Trustee under this Guarantee for another Party, the Security Trustee is not obliged to pay that sum to that Party until it has established that it has actually received it. However, the Security Trustee may assume that the sum has been paid to it, and, in reliance on that assumption, make available to that Party a corresponding amount. If it transpires that the sum has not been received by the Security Trustee, that Party must immediately on demand by the Security Trustee refund any corresponding amount made available to it together with interest on that amount from the date of payment to the date of receipt by the Security Trustee at a rate calculated by the Security Trustee to reflect its cost of funds.

 

  

6

  

	
6.4

	
Currency

 

	
  

	
(a)

	
Any amount under this Guarantee payable in respect of any other amount payable under the Finance Documents under this Guarantee is payable under this Guarantee in the same currency as that other amount.

 

	
  

	
(b)

	
Each other amount payable under this Guarantee is payable in Dollars.

 

	
6.5

	
No set-off or counterclaim

 

All payments made by the Guarantor under this Guarantee must be calculated and made without (and free and clear of any deduction for) set-off or counterclaim.

 

	
6.6

	
Business Days

 

	
  

	
(a)

	
If a payment under this Guarantee is due on a day which is not a Business Day, the due date for that payment will instead be the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not) or whatever day the Security Trustee determines is market practice.

 

	
  

	
(b)

	
During any extension of the due date for payment of any principal under this Guarantee interest is payable on that principal at the rate payable on the original due date.

 

	
6.7

	
Partial payments

 

If the Security Trustee receives a payment insufficient to discharge all the amounts then due and payable by the Guarantor under this Guarantee, the Security Trustee must apply that payment towards the obligations of the Guarantor under this Guarantee in the order set out in the DPP.

 

	
6.8

	
Timing of payments

 

If this Guarantee does not provide for when a particular payment is due, that payment will be due within 15 days of demand by the relevant Finance Party. Notwithstanding the foregoing and subject to other provisions of this Guarantee, to the extent that any claim under this Guarantee is covered by funds standing to the credit of any of the Accounts, payment under this Guarantee will be due within three Business Days of demand by the relevant Finance Party.

 

	
6.9

	
Interest on overdue amounts

 

Clause 7.3 (Interest on overdue amounts) of the Credit Agreement shall be deemed set out in this Guarantee in full as if each reference to the Owner were to the Guarantor and each reference to the Finance Documents were to this Guarantee.

 

7.           REPRESENTATIONS AND WARRANTIES

 

	
7.1

	
Representations and warranties

 

The representations and warranties set out in this Clause are made by the Guarantor to each Finance Party.

 

  

7

  

	
7.2

	
Status

 

	
  

	
(a)

	
It is a limited liability company, duly incorporated and validly existing under the laws of its jurisdiction of incorporation.

 

	
  

	
(b)

	
It and each of its Subsidiaries has the power to own its assets and carry on its business as it is being conducted.

 

	
7.3

	
Powers and authority

 

It has the power to enter into and perform, and has taken all necessary action to authorise the entry into and performance of, this Guarantee and the transactions contemplated by it.

 

	
7.4

	
Legal validity

 

Subject to any general principles of law limiting its obligations and referred to in any legal opinion required under the Agreement, this Guarantee is its legally binding, valid and enforceable obligation.

 

	
7.5

	
Non-conflict

 

The entry into and performance by it of, and the transactions contemplated by, this Guarantee does not conflict with:

 

	
  

	
(a)

	
any law or regulation applicable to it;

 

	
  

	
(b)

	
its or any of its Subsidiaries’ constitutional documents; or

 

	
  

	
(c)

	
any document which is binding upon it or any of its Subsidiaries or any of its or its Subsidiaries’ assets.

 

	
7.6

	
No default

 

	
  

	
(a)

	
No Default is outstanding or will result from the entry into of, or the performance of any transaction contemplated by this Guarantee; and

 

	
  

	
(b)

	
no other event or circumstance is outstanding which constitutes a default under any document which is binding on it or any of its Subsidiaries or any of its or its Subsidiaries’ assets to an extent or in a manner which has or is reasonably likely to have a Material Adverse Effect.

 

	
7.7

	
Authorisations

 

All authorisations required by it in connection with the entry into, performance, validity and enforceability of, and the transactions contemplated by, this Guarantee have been obtained or effected (as appropriate) and are in full force and effect.

 

	
7.8

	
Litigation

 

No litigation, arbitration or administrative proceedings against any member of the Group are current or, to its knowledge, pending or threatened, which have or, if adversely determined, are reasonably likely to have a Material Adverse Effect.

 

  

8

  

	
7.9

	
Taxes on payments

 

As at the date of this Guarantee, all amounts payable by it under this Guarantee may be made without any Tax Deduction.

 

	
7.10

	
Stamp duties

 

As at the date of this Guarantee, no stamp or registration duty or similar Tax or charge is payable in its jurisdiction of incorporation in respect of this Guarantee.

 

	
7.11

	
Immunity

 

	
  

	
(a)

	
The entry into by it of this Guarantee constitutes, and the exercise by it of its rights and performance of its obligations under this Guarantee will constitute, private and commercial acts performed for private and commercial purposes; and

 

	
  

	
(b)

	
it will not be entitled to claim immunity from suit, execution, attachment or other legal process in any proceedings taken in its jurisdiction of incorporation in relation to this Guarantee.

 

	
7.12

	
No adverse consequences

 

	
  

	
(a)

	
It is not necessary under the laws of its jurisdiction of incorporation:

 

	
  

	
(i)

	
in order to enable any Finance Party to enforce its rights under this Guarantee; or

 

	
  

	
(ii)

	
by reason of the entry into of this Guarantee or the performance by it of its obligations under this Guarantee,

 

that any Finance Party should be licensed, qualified or otherwise entitled to carry on business in its jurisdiction of incorporation; and

 

	
  

	
(b)

	
no Finance Party is or will be deemed to be resident, domiciled or carrying on business in its jurisdiction of incorporation by reason only of the entry into, performance and/or enforcement of this Guarantee.

 

	
7.13

	
Jurisdiction/governing law

 

	
  

	
(a)

	
Its:

 

	
  

	
(i)

	
irrevocable submission under this Guarantee to the jurisdiction of the courts of England;

 

	
  

	
(ii)

	
agreement that this Guarantee is governed by English law; and

 

	
  

	
(iii)

	
agreement not to claim any immunity to which it or its assets may be entitled,

 

are legal, valid and binding under the laws of its jurisdiction of incorporation; and

 

	
  

	
(b)

	
any judgment obtained in England will be recognised and be enforceable by the courts of its jurisdiction of incorporation.

 

	
7.14

	
Financial statements

 

Its audited financial statements most recently delivered to the Security Trustee:

 

  

9

  

	
  

	
(a)

	
have been prepared in accordance with IFRS or US GAAP, consistently applied; and

 

	
  

	
(b)

	
give a true and fair view of its financial condition (consolidated, if applicable) as at the date to which they were drawn up,

 

except, in each case, as disclosed to the contrary in those financial statements.

 

	
7.15

	
No material adverse change

 

As at the date of this Agreement there has been no material adverse change in the consolidated financial condition of the Guarantor since the date to which the latest audited financial statements were drawn up.

 

	
7.16

	
Times for making representations and warranties

 

	
  

	
(a)

	
The representations and warranties set out in this Clause are made by the Guarantor on the date of this Guarantee.

 

	
  

	
(b)

	
Unless a representation and warranty is expressed to be given at a specific date, each representation and warranty is deemed to be repeated by the Guarantor on each Utilisation Date and on the last day of each Interest Period.

 

	
  

	
(c)

	
When a representation and warranty is repeated, it is applied to the circumstances existing at the time of repetition.

 

8.           UNDERTAKINGS

 

	
8.1

	
General

 

The Guarantor undertakes with the Security Trustee to comply with the following provisions of this Clause 8 at all times during the Security Period.

 

	
8.2

	
Information provided to be accurate

 

The Guarantor agrees to procure that all financial and other information which is provided in writing by or on behalf of the Guarantor under or in connection with this Guarantee will be true and not misleading and will not omit any material fact or consideration.

 

	
8.3

	
Provision of financial statements

 

The Guarantor must send to the Security Trustee:

 

	
  

	
(a)

	
as soon as possible, but in no event later than 150 days after the end of each financial year of the Guarantor, the audited consolidated financial statements of the Guarantor for that financial year; and

 

	
  

	
(b)

	
as soon as possible, but in no event later than 60 days after the end of quarter of each financial year of the Guarantor ending after the date of this Guarantee, the interim unaudited consolidated financial statements of the Guarantor for that quarter; and

 

	
  

	
(c)

	
such other financial information (including information as to its financial condition, commitments and operations) in connection with the Guarantor as the Security Trustee may reasonably require.

 

  

10

  

	
8.4

	
Form of financial statements

 

	
  

	
(a)

	
All financial statements (audited and unaudited) delivered under Clause 8.3 must:

 

	
  

	
(i)

	
be prepared in accordance with all applicable laws and US GAAP, consistently applied;

 

	
  

	
(ii)

	
give a true and fair view of the state of affairs of the Guarantor and its subsidiaries at the date of those accounts and of their profit for the period to which those accounts relate; and

 

	
  

	
(iii)

	
fully disclose or provide for all significant liabilities of the Guarantor and the Group.

 

	
  

	
(b)

	
The Guarantor must notify the Security Trustee of any change to the basis on which the audited financial statements are prepared.

 

	
8.5

	
Shareholder and creditor notices

 

The Guarantor must send the Security Trustee, at the same time as they are despatched, copies of all communications which are despatched to the Guarantor’s shareholders or creditors or any class of them.

 

	
8.6

	
Consents

 

The Guarantor must maintain in force and promptly obtain or renew, and will promptly send certified copies to the Security Trustee of, all consents required:

 

	
  

	
(a)

	
for the Guarantor to perform its obligations under this Guarantee;

 

	
  

	
(b)

	
for the validity or enforceability of this Guarantee , and the Guarantor will comply with the terms of all such consents.

 

	
8.7

	
Maintenance of Security Interests

 

The Guarantor must:

 

	
  

	
(a)

	
At its own cost, do all that is reasonable can to ensure that this Guarantee validly creates the obligations which it purports to create; and

 

	
  

	
(b)

	
without limiting the generality of paragraph (a) above, at its own cost, promptly register, file, record or enrol this Guarantee with any court or authority in all relevant jurisdictions, pay any stamp, registration or similar tax in all relevant jurisdictions in respect of this Guarantee, give any notice or take any other step which may be or become necessary or desirable for this Guarantee to be valid, enforceable or admissible in evidence.

 

	
8.8

	
Notification of litigation

 

The Guarantor must provide the Security Trustee with details of any legal or administrative action involving the Guarantor as soon as such action is instituted or it becomes apparent to the Guarantor that it is likely to be instituted, unless it is clear that the legal or administrative action cannot be considered material in the context of this Guarantee.

 

  

11

  

	
8.9

	
Notification of default

 

The Guarantor must notify the Security Trustee as soon as the Guarantor becomes aware of:

 

	
  

	
(a)

	
the occurrence of a Default; or

 

	
  

	
(b)

	
any matter which indicates that a Default may have occurred, and will thereafter keep the Security Trustee fully up-to-date with all developments.

 

	
8.10

	
Negative undertakings

 

The Guarantor must not:

 

	
  

	
(a)

	
change the nature of its business; or

 

	
  

	
(b)

	
pay any dividend or make any other form of distribution or effect any form of redemption or return of share capital Provided that the Guarantor may in any financial year pay a dividend or make any other form of distribution which does not exceed in aggregate 50 per cent. of the Net Income for such financial year subject to no Event of Default having occurred which is continuing at the relevant time or resulting from the payment of a dividend or the making of any other form of distribution.

 

	
8.11

	
Negative pledge and pari passu ranking

 

The Guarantor must:

 

	
  

	
(a)

	
not, and must procure that the Owner will not, create or permit to arise any Security Interest over any asset present or future except

 

	
  

	
(i)

	
Security Interests created or permitted by the Finance Documents;

 

	
  

	
(ii)

	
Permitted Liens; and

 

	
  

	
(iii)

	
in the case of the Guarantor, those arising in the normal course of its business of acquiring, financing and operating vessels and making investments within the shipping and oil and gas sector;

 

	
  

	
(b)

	
not incur or grant any Financial Indebtedness or any other financial support in connection with any vessel owned by Cardiff Marine Inc. or any of its Affiliates; and

 

	
  

	
(c)

	
procure that its liabilities under this Guarantee do and will rank at least part passu with all its other present and future liabilities, except for liabilities which are mandatorily preferred by law.

 

	
8.12

	
No disposal of assets, change of business

 

The Guarantor must procure that the Owner conforms with its obligations set out in clauses 16.5 and 16.7 of the Credit Agreement.

 

  

12

  

	
8.13

	
No merger etc

 

The Guarantor must not, and must procure that none of its Subsidiaries will, enter into any form of merger, sub-division, amalgamation or other reorganisation.

 

9.           THE ADMINISTRATIVE PARTIES

 

The Guarantor acknowledges the terms of clause 20 (Administrative Parties) of the Credit Agreement.

 

10.           EVIDENCE AND CALCULATIONS 10.1 ACCOUNTS

 

Accounts maintained by a Finance Party in connection with this Guarantee are prima facie evidence of the matters to which they relate for the purpose of any litigation or arbitration proceedings.

 

	
10.1

	
Certificates and determinations

 

Any certification or determination by a Finance Party of a rate or amount under the Finance Documents will be, in the absence of manifest error, conclusive evidence of the matters to which it relates.

 

	
10.2

	
Calculations

 

Any interest or fee accruing under this Guarantee accrues from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 or 365 days or otherwise, depending on what the Security Trustee determines is market practice.

 

11.           INDEMNITIES

 

	
11.1

	
Currency indemnity

 

	
  

	
(a)

	
The Guarantor must, as an independent obligation, indemnify each Finance Party against any loss or liability which that Finance Party incurs as a consequence of:

 

	
  

	
(i)

	
that Finance Party receiving an amount in respect of the Owner’s liability under the Finance Documents; or

 

	
  

	
(ii)

	
that liability being converted into a claim, proof, judgment or order,

 

in a currency other than the currency in which the amount is expressed to be payable under the relevant Finance Document.

 

	
  

	
(b)

	
Unless otherwise required by law, the Guarantor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency other than that in which it is expressed to be payable.

 

  

13

  

12.           AMENDMENTS AND WAIVERS 12.1 PROCEDURE

 

	
  

	
(a)

	
Except as provided in this Clause, any term of this Guarantee may be amended or waived with the agreement of the Guarantor and the Security Trustee. The Security Trustee (acting on the instructions of an Instructing Group (as defined in the DPP), or otherwise in accordance with this Guarantee) may effect, on behalf of any Finance Party, an amendment or waiver allowed under this Clause.

 

	
  

	
(b)

	
The Security Trustee must promptly notify the other Parties of any amendment or waiver effected by it under paragraph (a) above. Any such amendment or waiver is binding on all the Parties.

 

	
12.2

	
Exceptions

 

	
  

	
(a)

	
An amendment or waiver which relates to:

 

	
  

	
(i)

	
the definition of an Instructing Group in so far as it applies to this Guarantee;

 

	
  

	
(ii)

	
Clause 2 (Guarantee) of this Guarantee;

 

	
  

	
(iii)

	
a release of the Owner or the Guarantor other than in accordance with the terms of this Guarantee;

 

	
  

	
(iv)

	
a term of this Guarantee which expressly requires the consent of each Lender;

 

	
  

	
(v)

	
the right of a Lender to assign or transfer its rights or obligations under this Guarantee or the Finance Documents; or

 

	
  

	
(vi)

	
this Clause,

 

may only be made with the consent of all the Lenders.

 

	
  

	
(b)

	
An amendment or waiver which relates to the rights or obligations of an Administrative Party may only be made with the consent of that Administrative Party.

 

	
12.3

	
Waivers and remedies cumulative

 

The rights of each Finance Party under the Finance Documents:

 

	
  

	
(a)

	
may be exercised as often as necessary;

 

	
  

	
(b)

	
are cumulative and not exclusive of its rights under the general law; and

 

	
  

	
(c)

	
may be waived only in writing and specifically.

 

Delay in exercising or non-exercise of any right is not a waiver of that right.

 

13.           CHANGES TO THE PARTIES

 

	
13.1

	
Assignments and transfers by the Guarantor

 

The Guarantor may not assign or transfer any of its rights and obligations under this Guarantee without the prior consent of all the Lenders.

 

  

14

  

	
13.2

	
Assignments and transfers by Lenders

 

	
  

	
(a)

	
The Guarantor consents to any assignment, transfer, novation or change in Facility Office made by a Lender under the Credit Agreement.

 

	
  

	
(b)

	
Any reference in this Guarantee to a Lender includes a New Lender but excludes a Lender if no amount is or may be owed to or by it under the Credit Agreement and its Commitment has been cancelled or reduced to nil.

 

14.           DISCLOSURE OF INFORMATION

 

	
  

	
(a)

	
Each Finance Party must keep confidential any information supplied to it by or on behalf of the Guarantor in connection with this Guarantee. However, a Finance Party is entitled to disclose information:

 

	
  

	
(i)

	
which is publicly available, other than as a result of a breach by that Finance Party of this Clause;

 

	
  

	
(ii)

	
in connection with any legal or arbitration proceedings;

 

	
  

	
(iii)

	
if required to do so under any law or regulation;

 

	
  

	
(iv)

	
to a governmental, banking, taxation or other regulatory authority;

 

	
  

	
(v)

	
to its professional advisers;

 

	
  

	
(vi)

	
to the extent allowed under paragraph (b) below; or

 

	
  

	
(vii)

	
with the agreement of the Guarantor.

 

	
  

	
(b)

	
A Finance Party may disclose to an Affiliate or any person (a third party) with (or through) whom that Finance Party enters into (or may enter into) any kind of transfer, participation or hedge agreement in relation to this Guarantee or any other transaction under which payments are to be made by reference to this Guarantee or the Guarantor:

 

	
  

	
(i)

	
a copy of this Guarantee; and

 

	
  

	
(ii)

	
any information which that Finance Party has acquired under or in connection with this Guarantee.

 

However, before a third party may receive any confidential information, it must agree with the relevant Finance Party to keep that information confidential on the terms of paragraph (a) above.

 

	
  

	
(c)

	
This Clause supersedes any previous confidentiality undertaking given by a Finance Party in connection with this Guarantee prior to it becoming a Party

 

15.           SET-OFF

 

Subject to the DPP, a Finance Party may set off any matured obligation owed to it by the Guarantor under this Guarantee (to the extent beneficially owned by that Finance Party) against any obligation (whether or not matured) owed by that Finance Party to the Guarantor, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off.

 

  

15

  

16.           PRO RATA SHARING 16.1 REDISTRIBUTION

 

If a Finance Party (the recovering Finance Party) receives or recovers any amount from the Guarantor other than in accordance with this Guarantee (a recovery) and applies that amount to a payment due under this Guarantee or a Finance Document, then:

 

	
  

	
(a)

	
the recovering Finance Party must, within three Business Days, supply details of the recovery to the Security Trustee;

 

	
  

	
(b)

	
the Security Trustee must calculate whether the recovery is in excess of the amount which the recovering Finance Party would have received if the recovery had been received and distributed by the Security Trustee in accordance with the DPP without taking account of any Tax which would be imposed on the Security Trustee in relation to the recovery or distribution; and

 

	
  

	
(c)

	
the recovering Finance Party must pay to the Security Trustee an amount equal to the excess (the redistribution).

 

	
16.2

	
Effect of redistribution

 

	
  

	
(a)

	
The Security Trustee must treat a redistribution as if it were a payment by the Guarantor under this Guarantee and distribute it among the Finance Parties, other than the recovering Finance Party, accordingly.

 

	
  

	
(b)

	
When the Security Trustee makes a distribution under paragraph (a) above, the recovering Finance Party will be subrogated to the rights of the Finance Parties which have shared in that redistribution.

 

	
  

	
(c)

	
If and to the extent that the recovering Finance Party is not able to rely on any rights of subrogation under paragraph (b) above, the Guarantor will owe the recovering Finance Party a debt which is equal to the redistribution, immediately payable and of the type originally discharged.

 

	
  

	
(d)

	
If:

 

	
  

	
(i)

	
a recovering Finance Party must subsequently return a recovery, or an amount measured by reference to a recovery, to the Guarantor; and

 

	
  

	
(ii)

	
the recovering Finance Party has paid a redistribution in relation to that recovery,

 

each Finance Party, on the request of the Security Trustee must reimburse the recovering Finance Party all or the appropriate portion of the redistribution paid to that Finance Party, together with interest for the period while it held the redistribution. In this event, the subrogation in paragraph (b) above will operate in reverse to the extent of the reimbursement.

 

	
16.3

	
Exceptions

 

Notwithstanding any other term of this Clause, a recovering Finance Party need not pay a redistribution to the extent that:

 

  

16

  

	
  

	
(a)

	
it would not, after the payment, have a valid claim against the Guarantor in the amount of the redistribution; or

 

	
  

	
(b)

	
it would be sharing with another Finance Party any amount which the recovering Finance Party has received or recovered as a result of legal or arbitration proceedings, where:

 

	
  

	
(i)

	
the recovering Finance Party notified the Security Trustee of those proceedings; and

 

	
  

	
(ii)

	
the other Finance Party had an opportunity to participate in those proceedings but did not do so or did not take separate legal or arbitration proceedings as soon as reasonably practicable after receiving notice of them.

 

17.           SEVERABILITY

 

If a term of this Guarantee is or becomes illegal, invalid or unenforceable in any respect under any jurisdiction, that will not affect:

 

	
  

	
(a)

	
the legality, validity or enforceability in that jurisdiction of any other term of this Guarantee; or

 

	
  

	
(b)

	
the legality, validity or enforceability in other jurisdictions of that or any other tern of this Guarantee.

 

18.           COUNTERPARTS

 

This Guarantee may be executed in any number of counterparts. This has the same effect as if the signatures on the counterparts were on a single copy of this Guarantee.

 

19.           NOTICES

 

	
19.1

	
In writing

 

	
  

	
(a)

	
Any communication in connection with this Guarantee must be in writing and, unless otherwise stated, may be given:

 

	
  

	
(i)

	
in person, by post or fax; or

 

	
  

	
(ii)

	
to the extent agreed by the Parties making and receiving communication, by e-mail or other electronic communication.

 

	
  

	
(b)

	
For the purpose of this Guarantee, an electronic communication will be treated as being in writing.

 

	
  

	
(c)

	
Unless it is agreed to the contrary, any consent or agreement required under this Guarantee must be given in writing.

 

	
19.2

	
Contact details

 

	
  

	
(a)

	
Except as provided below, the contact details of each Party for all communications in connection with this Guarantee are those notified by that Party for this purpose to the Security Trustee on or before the date it becomes a Party.

 

  

17

  

	
  

	
(b)

	
The contact details of the Guarantor for this purpose are:

 

	
Address:

	
c/o Dryships Inc.

	  	
80 Kifissias Avenue

	  	
GR-151 25 Amaroussion

	  	
Greece

	
Fax number:

	
+30 210 8090575

	
Attention:

	
Mr. Ziad Nakhleh

 

	
  

	
(c)

	
The contact details of the Security Trustee for this purpose are:

 

	
Address:

	
c/o Deutsche Bank Luxembourg S.A.

	  	
2, Boulevard Konrad Adenauer

	  	
L-1115 Luxembourg

	  	
Luxembourg

	
Fax number:

	
+352 42122 95771

	
Attention:

	
Banu Ozkutan / Franz-Josef Ewerhardy, International Loans and Agency Services

	
  

	
(d)

	
Any Party may change its contact details by giving five Business Days’ notice to the Security Trustee or (in the case of the Security Trustee) to the other Parties.

 

	
  

	
(e)

	
Where a Party nominates a particular department or officer to receive a communication, a communication will not be effective if it fails to specify that department or officer.

 

	
19.3

	
Effectiveness

 

	
  

	
(a)

	
Except as provided below, any communication in connection with this Guarantee will be deemed to be given as follows:

 

	
  

	
(i)

	
if delivered in person, at the time of delivery;

 

	
  

	
(ii)

	
if posted, five days after being deposited in the post, postage prepaid, in a correctly addressed envelope;

 

	
  

	
(iii)

	
if by fax, when received in legible form; and

 

	
  

	
(iv)

	
if by e-mail or any other electronic communication, when received in legible form.

 

	
  

	
(b)

	
A communication given under paragraph (a) above but received on a non-working day or after business hours in the place of receipt will only be deemed to be given on the next working day in that place.

 

	
  

	
(c)

	
All communications under this Guarantee to or from the Guarantor must be sent through the Security Trustee.

 

20.           EXPENSES

 

Clause 24 (Expenses) of the Credit Agreement shall be deemed set out in this Guarantee in full as if each reference to the Owner were to the Guarantor and each reference to the Finance Documents or this Guarantee were to this Guarantee.

 

  

18

  

21.           LANGUAGE

 

	
  

	
(a)

	
Any notice given in connection with this Guarantee must be in English.

 

	
  

	
(b)

	
Any other document provided in connection with a Finance Document must be:

 

	
  

	
(i)

	
in English; or

 

	
  

	
(ii)

	
(unless the Security Trustee otherwise agrees) accompanied by a certified English translation. In this case, the English translation prevails unless the document is a statutory or other official document.

 

22.           GOVERNING LAW

 

This Guarantee and any non-contractual obligations arising out of or in connection with it, is governed by and shall be construed in accordance with English law and the parties irrevocably submit to the jurisdiction of the Courts of England and Wales, including in connection with any dispute relating to any non-contractual obligations arising out of or in connection with this Guarantee.

 

23.           ENFORCEMENT

 

	
23.1

	
Jurisdiction

 

	
  

	
(a)

	
The English courts have exclusive jurisdiction to settle any dispute in connection this Guarantee or any non-contractual obligations in connection with it.

 

	
  

	
(b)

	
The English courts are the most appropriate and convenient courts to settle any such dispute in connection with this Guarantee and any Finance Document. The Guarantor agrees not to argue to the contrary and waives objection to those courts on the grounds of inconvenient forum or otherwise in relation to proceedings in connection with this Guarantee and any Finance Document.

 

	
  

	
(c)

	
This Clause is for the benefit of the Finance Parties only. To the extent allowed by law, a Finance Party may take:

 

	
  

	
(i)

	
proceedings in any other court; and

 

	
  

	
(ii)

	
concurrent proceedings in any number of jurisdictions.

 

	
  

	
(d)

	
References in this Clause to a dispute in connection with a Finance Document includes any dispute as to the existence, validity or termination of that Finance Document.

 

	
23.2

	
Service of process

 

	
  

	
(a)

	
The Guarantor irrevocably appoints Ince Process Agents Ltd of International House, 5th Floor, 1 St. Katharine’s Way, London E1W 1AY (attn: Mr. Michael Volikas) as its agent under the Finance Documents for service of process in any proceedings before the English courts in connection with any Finance Document.

 

	
  

	
(b)

	
If any person appointed as process agent under this Clause is unable for any reason to so act, the Guarantor must immediately (and in any event within five (5) days of the event taking place) appoint another agent on terms acceptable to the Security Trustee. Failing this, the Security Trustee may appoint process another agent for this purpose.

 

  

19

  

	
  

	
(c)

	
The Guarantor agrees that failure by a process agent to notify it of any process will not invalidate the relevant proceedings.

 

	
  

	
(d)

	
This Clause does not affect any other method of service allowed by law.

 

	
23.3

	
Waiver of immunity

 

The Guarantor irrevocably and unconditionally:

 

	
  

	
(a)

	
agrees not to claim any immunity from proceedings brought by a Finance Party against it in relation to a Finance Document and to ensure that no such claim is made on its behalf;

 

	
  

	
(b)

	
consents generally to the giving of any relief or the issue of any process in connection with those proceedings; and

 

	
  

	
(c)

	
waives all rights of immunity in respect of it or its assets.

 

24.           MISCELLANEOUS

 

This Guarantee is a Security Document.

 

IN WITNESS WHEREOF this Guarantee has been entered into as a deed by the parties to it on the day and year first above written.

 

  

20

  

 

 

SCHEDULE I

 

ORIGINAL LENDERS

 

Deutsche Bank AG, London Branch

 

Eksportfinans ASA

 

The Export-Import Bank of Korea

 

DVB Bank N.V., Nordic Branch

 

Helaba Landesbank Hessen-Thuringen Girozentrale, New York Branch

 

 

 

  

21

  

 

 

SIGNATORIES

The Sponsor

	
SIGNED as a deed by

	
)

	  	  
	
DRYSHIPS INC.

	
)

	
/s/ Dimitrios Glynos

	  
	
acting by its attorney DIMITRIOS GLYNOS

	
)

	
DryShips Inc. by its attorney

	  
	
in the presence of:

	
)

	  	  
	  	  	  	  

	  	
Witness's Signature:

	
/s/ Nikiforos G. Sifakis

	  
	  	
Name:

	
Nikiforos G. Sifakis

	  
	  	  	
Attorney-at-law

	  
	  	
Address:

	
52, Ag. Konstantinous Street, 15124 Marousi

	  
	  	  	
Athens, Greece

	  
	  	
Tel.:

	
+30 210 6140810

	  
	  	
Fax:

	
+30 210 6140267

	  

Security Trustee

By:  /s/ Carole Roth                                    /s/ Dr. Bastian [Illegible]

       Carole Roth                                           Dr. Bastian [Illegible]

as attorney for

DEUTSCHE BANK AG FILIALE DEUTSCHLANDGESCHÄFT

Facility Agent for itself and on behalf of the Original Lenders

By: /s/ M. Heinemann                                     /s/ Ewerhardy

      M. Heinemann                                           Ewerhardy

as attorney for

DEUTSCHE BANK LUXEMBOURG S.A.

  

22d1367761_ex4-35.htm

Exhibit 4.35

EXECUTION VERSION

DEED OF RELEASE AND AMENDMENT

 

14 MAY 2012

DRILLSHIP SKOPELOS OWNERS INC.

(as Owner)

OCEAN RIG DRILLING OPERATIONS B.V.

 (as Bareboat Charterer)

DRYSHIPS INC

(as Sponsor)

and

OCEAN RIG UDW INC.

(as Ocean Rig)

DRILLSHIPS INVESTMENT INC.

(as Parent Shareholder)

SKOPELOS SHAREHOLDERS INC.

 (as Parent)

with

DEUTSCHE BANK AG, LONDON BRANCH

(as Swap Bank)

DEUTSCHE BANK LUXEMBOURG S.A.

(as Facility Agent for itself and on behalf of various financial institutions as Lenders)

 

DEUTSCHE BANK AG FILIALE DEUTSCHLANDGESCHÄFT

(as Security Trustee)

DEUTSCHE BANK AG, LONDON BRANCH

(as Bookrunner and Mandated Lead Arranger)

and

DEUTSCHE BANK AG, LONDON BRANCH

(as Account Bank)

  

  

  

 

	 CONTENTS	 
	
Clause

	  	
Page

	
1.

	
Definitions and Interpretation

	
2

	
2.

	
Sponsor Release

	
2

	
3.

	
Amendments, amendments and restatements

	
2

	
4.

	
Ocean Rig and Bareboat Charterer Confirmations

	
3

	
5.

	
Joint and Several Liability

	
7

	
6.

	
Notices

	
7

	
7.

	
Finance Documents

	
7

	
8.

	
Counterparts

	
8

	
9.

	
Governing Law

	
8

	
10.

	
Enforcement

	
8

	
11.

	
Service of Process

	
8

	  	  	  
	  	  	  
	
Schedule

	  	  
	
1 .

	
Original Lenders

	
9

	
2.

	
Form of Effective Date Notice

	
10

	
3.

	
Conditions Precedent

	
11

	
4.

	
Form of Amended and Restated Credit Agreement

	
12

	
5.

	
Form of Amended and Restated DPP

	
13

	
6.

	
Form of Sponsor Guarantee

	
14

	  	  	  
	  	  	  
	
Signatories

	  	
15

 

 

  

  

  

THIS DEED OF RELEASE AND AMENDMENT is dated 14 May 2012 

 

BETWEEN:

	
(1)

	
DRILLSHIP SKOPELOS OWNERS INC. a corporation incorporated in the Marshall Islands with registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MI-I 96960 as borrower (the Owner);

 

	
(2)

	
OCEAN RIG DRILLING OPERATIONS B.V. a private company with limited liability (beslotenvennootschap) under the laws of the Netherlands, having its registered office at Claude Debussylaan 24, 1082 MD Amsterdam, the Netherlands, registered in the Netherlands in the trade register of the Amsterdam Chamber of Commerce under number 34392532 as bareboat charterer (the Bareboat Charterer);

 

	
(3)

	
DRYSHIPS INC. a corporation incorporated in the Marshall Islands with registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 (the Sponsor);

 

	
(4)

	
OCEAN RIG UDW INC., a corporation incorporated in the Marshall Islands with its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 as guarantor (Ocean Rig);

 

	
(5)

	
DRILLSHIPS INVESTMENT INC., a corporation incorporated in the Marshall Islands and the sole shareholder of the Parent whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (the Parent Shareholder);

 

	
(6)

	
SKOPELOS SHAREHOLDERS INC., a corporation incorporated in the Marshall Islands and the sole shareholder of the Owner whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (the Parent);

 

	
(7)

	
DEUTSCHE BANK LUXEMBOURG S.A. as facility agent for itself and on behalf of the financial institutions listed in Schedule 1 (Original Lenders) as original lenders (the Original Lenders) (in this capacity the Facility Agent);

 

	
(8)

	
DEUTSCHE BANK AG FILIALE DEUTSCHLANDGESCHAFT as security trustee (in this capacity the Security Trustee);

 

	
(9)

	
DEUTSCHE BANK AG, LONDON BRANCH as bookrunner and mandated lead arranger and bookrunner (in this capacity the Bookrunner and Mandated Lead Arranger);

 

	
(10)

	
DEUTSCHE BANK AG, LONDON BRANCH as account bank (the Account Bank); and

 

	
(11)

	
DEUTSCHE BANK AG, LONDON BRANCH as swap bank (in this capacity the Swap Bank).

 

WHEREAS:

 

	
(A)

	
Pursuant to a credit agreement dated 18 July 2008 as amended from time-to-time and most recently amended and restated on 20 February 2012 (the Credit Agreement) and now between, amongst others, the Owner as borrower, the Facility Agent and the Security Trustee, the Owner has agreed to borrow and the Original Lenders have agreed to lend upon the terms and conditions mentioned in the Credit Agreement.

 

 

  

1

  

	
(B)

	
The Finance Parties have agreed, amongst other things, to release and discharge the Sponsor Construction and Post-Delivery Guarantee.

 

	
(C)

	
Accordingly, the Parties have agreed to amend, or amend and restate, certain of the Finance Documents as set out in this Deed.

 

IT IS AGREED as follows:

 

1.           DEFINITIONS AND INTERPRETATION

 

	
(a)

	
In this Deed (including the recitals hereto) capitalised terms defined in the Amended and Restated Credit Agreement have, unless specified, the same meaning, and:

 

Amended and Restated Credit Agreement means the Credit Agreement in the form attached at Schedule 4 (Form of Amended and Restated Credit Agreement).

 

Credit Agreement Parties means the Owner, the Bookrunner and Mandated Lead Arranger, the Lenders, the Swap Bank, the Facility Agent and the Security Trustee.

 

DPP Parties means the Owner, the Bareboat Charterer, Ocean Rig, the Lenders, the Swap Bank, the Facility Agent, the Security Trustee and the Account Bank.

 

Effective Date means the date of execution by the Facility Agent of the Effective Date Notice.

 

Effective Date Notice means a notice to be signed by the Facility Agent substantially in the form set out in Schedule 2 (Form of Effective Date Notice) to this Deed.

 

Parties means the parties to this Deed.

 

Sponsor Guarantee means the guarantee and indemnity from the Sponsor in favour of the Security Trustee, substantially in the form attached at Schedule 6 (Form of Sponsor Guarantee) to this Deed

 

	
(b)

	
Clause 1.2 of the Credit Agreement shall be deemed to be part of this Deed and is hereby incorporated as if set out in full but with references therein to the Credit Agreement being replaced by references to this Deed.

 

2.           SPONSOR RELEASE

 

The Finance Parties agree that with effect from the Effective Date:

 

(a)           the Sponsor Construction and Post-Delivery Guarantee is released and discharged;

 

	
  

	
(b)

	
the Finance Parties shall have no further rights under the Sponsor Construction and Post-Delivery Guarantee and the Sponsor shall be released from any and all of its obligations under the Sponsor Construction and Post-Delivery Guarantee; and

 

	
  

	
(c)

	
the Sponsor shall be released from any and all of its obligations under any of the Finance Documents to which it is a party (save for the Sponsor Guarantee).

 

3.           AMENDMENTS, AMENDMENTS AND RESTATEMENTS

 

	
(a)

	
The Credit Agreement Parties each agree and acknowledge that on and from the Effective Date the Credit Agreement will be amended and restated so that it takes effect in the form of the document as set out in Schedule 4 (Form of Amended and Restated Credit Agreement).

 

  

2

  

	
(b)

	
The DPP Parties each agree and acknowledge that on and from the Effective Date the DPP will be amended and restated so that it takes effect in the form of the document as set out in Schedule 5 (Form of Amended and Restated DPP).

 

	
(c)

	
Each of the Parent and the Parent Shareholder and the Security Trustee (as parties to the Share Charge) agree and acknowledge in respect of clause 20.2 of the Share Charge, that the reference to "the Sponsor" shall be deleted and replaced with "Ocean Rig".

 

	
(d)

	
Each of the Owner and the Security Trustee (as parties to the Floating Charge) agree and acknowledge that the reference to "or the Sponsor" in clause 7.2(a) of the Floating Charge is deleted.

 

	
(e)

	
Each of the Owner and the Security Trustee (as parties to the Management Agreement Assignment) agree and acknowledge that the reference to "the Sponsor" in clause 3.1 of the Management Agreement Assignment shall be deleted and replaced with "the Manager".

 

	
(f)

	
Each of the Owner and the Security Trustee (as parties to the General Assignment) agree and acknowledge that the reference to "or the Sponsor" in paragraph (b) of the definition of "Assigned Rights" in clause 1.1 of the General Assignment shall be deleted.

 

	
(g)

	
The Facility Agent shall serve the Effective Date Notice on the other parties to this Deed when it has received all of the conditions precedent set out in Schedule 3 (Conditions Precedent) in form and substance satisfactory to the Facility Agent (acting on the instructions of all of the Lenders).

 

4.           OCEAN RIG AND BAREBOAT CHARTERER CONFIRMATIONS

 

Each of Ocean Rig and the Bareboat Charterer confirms that notwithstanding the amendments contemplated by this Deed, its obligations arising under the Ocean Rig Guarantee in the case of Ocean Rig and under the Bareboat Charterer Guarantee in the case of the Bareboat Charterer shall remain unaffected and in full force and effect in respect of the obligations of the Owner under the Finance Documents with the exception of the amendments below:

 

	
  

	
(a)

	
With effect from the Effective Date, the following amendments will be made to the Ocean Rig Guarantee:

 

(i)           In clause 1.1, the following new definitions shall be added:

 

"Cash means:

 

	
  

	
(a)

	
cash in hand legally and beneficially owned by a member of the Group; and

 

	
  

	
(b)

	
cash deposits legally and beneficially owned by a member of the Group, and which are deposited with (i) the Lenders, (ii) any other deposit taking institution having a rating of at least A- from Standard & Poor's Rating Group Services or the equivalent with any other principal credit rating agency in the United States of America or Europe, (iii) EFG Eurobank Ergasias S.A. or (iv) any other bank or financial institution approved by the Facility Agent (on behalf of the Majority Lenders) which in each case:

 

	
  

	
(A)

	
is free from any Security Interest, other than pursuant to the Security Documents;

 

	
  

	
(B)

	
is otherwise at the free and unrestricted disposal of the relevant member of the Group , by which it is owned; and

 

  

3

  

	
  

	
(C)

	
in the case of cash in hand or cash deposits held by a member of the Group, other than the Owner, is (in the opinion of the Facility Agent, upon such documents and evidence as the Facility Agent may require the Owner to provide in order to form the basis of such opinion) capable or, upon the occurrence of an Event of Default, would become capable of being paid without restriction to the Owner within five (5) Business Days of its request or demand therefore either by way of a dividend or by way of a repayment of principal (or the payment of interest thereon) in respect of an intercompany loan from the Borrower to that Subsidiary."

 

"Cash Equivalents means at any time:

 

	
  

	
(a)

	
any investment in marketable debt obligations issued or guaranteed by (i) agovernment or (ii) an instrumentality or agency of a government and in respect of (i) and (ii) having a credit rating of either A-1 or higher by Standard & Poor's Rating Group Services or the equivalent with any other principal credit rating agency in the United States of America or Europe, maturing within one year after the relevant date of calculation and not convertible or exchangeable to any other security;

 

	
  

	
(b)

	
commercial paper (debt obligations) not convertible or exchangeable to any other security:

 

	
  

	
(i)

	
for which a recognised trading market exists;

 

	
  

	
(ii)

	
issued by an issuer incorporated in the United States of America, the United Kingdom or Norway;

 

	
  

	
(iii)

	
which matures within one year after the relevant date of calculation; and

 

	
  

	
(iv)

	
which has a credit rating of at least A-1 or higher by Standard & Poor's Rating Group Services or the equivalent with any other principal credit rating agency in the United States of America or Europe;

 

	
  

	
(c)

	
any investment in money market funds which (i) have a credit rating of either A-1 or higher by Standard & Poor's Rating Group Services or the equivalent with any other principal credit rating agency in the United States of America or Europe, (ii) which invest substantially all their assets in securities of the types described in paragraphs (a) to (b) above and (iii) can be turned into cash on not more than 5 days' notice; or

 

	
  

	
(d)

	
any other debt security approved by the Facility Agent (on behalf of the Majority Lenders),

 

in each case, to which any member of the Group is alone (or together with other members of the Group) beneficially entitled at that time and which is not issued or guaranteed by any member of the Group or subject to any Security Interest."

 

"Restricted Cash means cash deposits legally and beneficially owned by a member of the Group, and which are deposited (i) in the Debt Service Reserve Account; (ii) in the Debt Service Reserve Account (as defined in the Sister Loan Agreement); and (iii) in the accounts of Drillships Holdings Inc. held with Nordea Bank Finland plc. and ABN AMRO Bank N.V. in which Drillships Holdings Inc. shall maintain its minimum liquidity in line with the provisions of the loan agreement dated 15 April 2011 between, amongst others, Drillships Holdings Inc. as borrower and Nordea Bank Finland plc as agent, in respect of the financing of the Group vessels "OCR Corcovado" and "OCR Olympia"; and (iv) in the accounts of

 

 

  

4

  

Drill Rigs Holdings Inc. (or its subsidiaries) held with DNB Bank ASA in line with the minimum liquidity clause of the loan agreement dated 19 November 2009 between, amongst others, various companies as borrower and DNB as agent, in respect of the financing of the Group vessels "Eirik Raude" and "Leiv Eiriksson"."

 

	
  

	
(ii)

	
In clause 1.1, the definition of "Secured Liabilities" shall be deleted and replaced with the following:

 

"Secured Liabilities means all present and future obligations and liabilities (actual or contingent) of the Owner, the Parent, the Parent Shareholder, the Sister Owner, the Sister Parent or the Guarantor to the Secured Parties or any of them under or in connection with any Finance Document or any Sister Finance Document.";

 

	
  

	
(iii)

	
Clause 2.5(c) shall be deleted and replaced with the following:

 

"the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any person (including, without limitation, the right to make a claim against the Bareboat Charterer under the Bareboat Charterer Guarantee and the neglect to take up or enforce the Bareboat Charterer Guarantee);";

 

	
  

	
(iv)

	
Clause 2.6(a) shall be deleted and replaced with the following:

 

"The Guarantor waives any right it may have of first requiring any Finance Party (or any trustee or agent on its behalf) to proceed against or enforce any other right or security or claim payment from any person before claiming from the Guarantor under this Clause (including, without limitation, proceeding against or enforcing any right to claim payment from the Bareboat Charterer under the Bareboat Charterer Guarantee).";

 

	
  

	
(v)

	
Clause 2.7(a)(i) shall be deleted and replaced with the following:

 

"refrain from applying or enforcing any other moneys, security or rights held or received by that Finance Party (or any trustee or agent on its behalf) against those amounts (including, without limitation, the right to make a claim against the Bareboat Charterer under the Bareboat Charterer Guarantee);";

 

	
  

	
(vi)

	
Clause 2.8(ii) shall be deleted and replaced with the following:

 

"be entitled to any right of contribution or indemnity in respect of any payment made or moneys received on account of the Guarantor's liability under this Clause (including, in particular but without limitation, any right of contribution or indemnity from the Bareboat Charterer as guarantor under the Bareboat Charterer Guarantee);";

 

	
  

	
(vii)

	
Clause 7.10(b) shall be deleted and replaced with the following:

 

“(b)         pay any dividend or make any other form of distribution or effect any form of redemption or return of share capital, provided that the Guarantor may in any financial year pay a dividend or make any such other form of distribution which does not exceed in aggregate 50 per cent. of the Net Income for such financial year subject to:

 

  

5

  

	
  

	
(i)

	
the Guarantor procuring that notwithstanding Clause 7.14(e) below, on, and at all times during the period of twelve (12) months from, the date of payment of such dividend, making of any such other form of distribution, or effecting of any such form of redemption or return of share capital, Ocean Rig and all other members of the Group shall have and shall maintain Cash, Cash Equivalents and Restricted Cash in an aggregate amount of not less than US$200,000,000, evidence of compliance to be provided prior to any such dividend, or other form of distribution by way of a cash-flow forecast including details of:

 

	
  

	
(A)

	
all committed payments in relation to capital expenditure;

 

	
  

	
(B)

	
scheduled repayments of debt; and

 

	
  

	
(C)

	
scheduled debt drawdowns under committed facilities; and

 

	
  

	
(ii)

	
no Event of Default having occurred and which is continuing at the relevant time or resulting from the payment of a dividend or the making of any other form of distribution.";

 

	
  

	
(viii)

	
Clause 7.14(e) shall be deleted and replaced with the following:

 

	
  

	
"(e)

	
subject to Clause 7.10(b), at all times there is available to the Guarantor and all the other members of the Group an aggregate amount of not less than US$100,000,000 in immediately freely available and unencumbered bank or cash balances.".

 

	
  

	
(b)

	
The following amendments will be made to the Bareboat Charterer Guarantee:

 

	
  

	
(i)

	
Clause 2.4(c) shall be deleted and replaced with the following:

 

"the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any person (including, without limitation, the right to make a claim against Ocean Rig under the Ocean Rig Guarantee and the neglect to take up or enforce the Ocean Rig Guarantee);";

 

	
  

	
(ii)

	
Clause 2.5(a) shall be deleted and replaced with the following:

 

"The Guarantor waives any right it may have of first requiring any Finance Party (or any trustee or agent on its behalf) to proceed against or enforce any other right or security or claim payment from any person before claiming from the Guarantor under this Clause (including, without limitation, proceeding against or enforcing any right to claim payment from Ocean Rig under the Ocean Rig Guarantee).";

 

	
  

	
(iii)

	
Clause 2.6(a)(i) shall be deleted and replaced with the following:

 

"refrain from applying or enforcing any other moneys, security or rights held or received by that Finance Party (or any trustee or agent on its behalf) against those amounts (including, without limitation, the right to make a claim against Ocean Rig under the Ocean Rig Guarantee); or";

 

	
  

	
(iv)

	
Clause 2.7(ii) shall be deleted and replaced with the following:

 

  

6

  

"be entitled to any right of contribution or indemnity in respect of any payment made or moneys received on account of the Guarantor's liability under this Clause (including, in particular but without limitation, any right of contribution or indemnity from Ocean Rig as guarantor under the Ocean Rig Guarantee);";

 

	
  

	
(v)

	
Clause 7.13(a) shall be deleted and replaced with the following:

 

"maintain and preserve the Vessel in good working order and repair (ordinary wear and tear excepted), seaworthy, in efficient operating condition and, in any event, to a standard at least equivalent to vessels managed and/or operated by the Manager and Ocean Rig's group and the recommendations of the Builder;".

 

	
5.

	
JOINT AND SEVERAL LIABILITY

 

In respect of the guarantee and indemnity of the Owner's obligations under the Finance Documents provided by each of the Bareboat Charterer and Ocean Rig under the Bareboat Charterer Guarantee and the Ocean Rig Guarantee respectively, and where any obligation, representation, warranty or undertaking is expressed to be made, undertaken or given by the Bareboat Charterer in the Bareboat Charterer Guarantee and by Ocean Rig in the Ocean Rig Guarantee, the Bareboat Charterer and Ocean Rig shall be jointly and severally responsible in respect of it. The Security Trustee may take action against or release or compromise in whole or in part the liability of any other party under this Deed or grant any time or other indulgence without affecting the liability of the others.

 

	
6.

	
NOTICES

 

Clause 19 (Notices) of the DPP (as attached at Schedule 5) shall apply to this Deed as if set out in full herein, with the addition of the following contact details for the Parent and the Parent Shareholder:

 

	
Address:

	
c/o Ocean Rig UDW Inc.

10 Skopa st. Tribune House

P.C. 1075, Nicosia

Cyprus

 

	
Fax number:

	
+357 22 76 75 15

 

	
Attention:

	
Mr Savvas D Georgiades

	
7.

	
FINANCE DOCUMENTS

 

	
(a)

	
This Deed is a Finance Document.

 

	
(b)

	
The Parties each agree that as of the Effective Date each reference in the Finance Documents (other than in this Deed) to the Credit Agreement, the DPP, the Ocean Rig Guarantee, the Bareboat Charterer Guarantee, Share Charge, the Floating Charge, the Management Agreement Assignment and the General Assignment (including the Schedules (howsoever described)) shall be construed as a reference to that document as amended, or as the case may be amended and restated in accordance with the terms of this Deed.

 

	
(c)

	
Save as expressly provided in this Deed, each of the Parties confirms that each of the Finance Documents to which it is a party remains in full force and effect.

 

  

7

  

 

	
8.

	
COUNTERPARTS

 

This Deed may be executed in any number of counterparts. This has the same effect as if the signatures on the counterparts were on a single copy of this Deed.

 

	
9.

	
GOVERNING LAW

 

This Deed and any non-contractual obligations arising out of or in connection with it, is governed by and shall be construed in accordance with English law and the parties irrevocably submit to the jurisdiction of the Courts of England and Wales, including in connection with any dispute relating to any non-contractual obligations arising out of or in connection with this Deed.

 

	
10.

	
ENFORCEMENT

 

Clause 36 (Enforcement) of the Amended and Restated Credit Agreement shall apply to this Deed as if set out in full herein.

 

	
11.

	
SERVICE OF PROCESS

 

	
(a)

	
Each of the Owner, the Bareboat Charterer, the Sponsor and Ocean Rig, the Parent and the Parent Shareholder irrevocably appoints Ince Process Agents Ltd of International House, 5th Floor, 1st Katherine's Way, London, ElW 1 AY (attn: Mr. Michael Volikas) as its agent under this Deed for service of process in any proceedings before the English courts in connection with this Deed.

 

	
(b)

	
If any person appointed as process agent under this Clause is unable for any reason to act as agent for service of process, the party appointing such process agent must forthwith (and in any event within five (5) days of the event taking place) appoint another agent on terms acceptable to the Security Trustee (acting reasonably). Failing this, the Security Trustee may appoint another process agent for this purpose.

 

	
(c)

	
The Owner, the Bareboat Charterer, the Sponsor and Ocean Rig each agree that failure by a process agent to notify it of any process will not invalidate the relevant proceedings.

 

	
(d)

	
This Clause 11 does not affect any other method of service allowed by law.

 

IN WITNESS WHEREOF this DEED has been entered into by the parties to it on the day and year first above written.

 

 

  

8

  

 

 

 

SCHEDULE 1

ORIGINAL LENDERS

 

Deutsche Bank AG, London Branch

 

Eksportfinans ASA

 

The Export-Import Bank of Korea

 

DVB Bank N.V., Nordic Branch

 

Helaba Landesbank Hessen-Thüringen Girozentrale, New York Branch

 

  

9

  

 

 

 

SCHEDULE 2

 

FORM OF EFFECTIVE DATE NOTICE

Deed of Release and Amendment dated [·] 2012 in relation to, amongst other things, a credit agreement between, amongst others, Drillship Skopelos Owners Inc. as borrower and Deutsche Bank Luxembourg S.A. as facility agent and dated 18 July 2008 as amended from time-to-time in respect of the drillship "Ocean Rig Mykonos" (the Agreement) (the Deed of Release and Amendment)

We refer to the Deed of Release and Amendment. Terms not defined herein are as defined in the Deed of Release and Amendment.

Pursuant to clause 3 of the Deed of Release and Amendment, we hereby confirm that the conditions precedent set out in Schedule 3 (Conditions Precedent) to the Deed of Release and Amendment have been satisfied. Accordingly, the Effective Date shall be [●] 2012.

For and on behalf of

Deutsche Bank Luxembourg S.A.

in its capacity as Facility Agent

___________________

By:

Title:

 

Dated:                       [●] 2012

 

  

10

  

 

 

SCHEDULE 3

 

CONDITIONS PRECEDENT

 

	
1.

	
An original of  each of the following documents (the Documents) duly executed by the parties to them, together with all notices thereto:

 

	
  

	
(a)

	
this Deed; and

 

	
  

	
(b)

	
the Sponsor Guarantee.

 

	
2.

	
From  and in relation to the Owner, the Bareboat Charterer, Ocean Rig, the Parent and the Parent Shareholder refresh certificates, update report or, as the case may be confirmation and satisfactory evidence of continued compliance with the conditions precedent referred to in part 1 of schedule 2 to the Credit Agreement at paragraphs 2, 3, 18, 19 and 21.

 

	
3.

	
Up-to-date certificates of good standing of Owner, Ocean Rig, the Parent, the Parent Shareholder and the Sponsor dated no more than two Business Days prior to the Effective Date.

 

	
4.

	
A certified copy of a resolution of the board of directors of each of the Owner, the Parent, the Parent Shareholder, the Sponsor, Ocean Rig and the Bareboat Charterer:

 

	
  

	
(a)

	
approving the terms of, and the transactions contemplated by, the Documents to which it is party and resolving that it executes each such Document then to be executed;

 

	
  

	
(b)

	
authorising a specified person or persons to execute on its behalf the Documents to which it is party, then to be executed; and

 

	
  

	
(c)

	
authorising a specified person or persons, on its behalf, to sign and/or despatch all other documents and notices to be signed and/or despatched by it under or in connection with the Documents to which it is party then to be executed,

 

together with a certified copy of the related shareholder resolutions of each of those entities where applicable.

 

	
5.

	
A power of attorney of each of the Owner, the Parent, the Parent Shareholder, the Sponsor, Ocean Rig and the Bareboat Charterer issued, and not amended or rescinded, authorising the execution by the attorneys named therein of the Documents to which it is party.

 

	
6.

	
A specimen of the signature of each person authorised by the resolutions referred to in paragraphs 4 and 5 above.

 

	
7.

	
Evidence of appointment of process agent by each of the Bareboat Charterer, Ocean Rig, the Owner, the Parent, the Parent Shareholder and the Sponsor in relation to each of the Documents to which it is a party.

 

	
8.

	
Copies of such other documents and/or legal opinions which, based on legal advice received from the relevant advisers referred to in this Deed and which are reasonably required to evidence the legality, validity and enforceability of the obligations of the parties to, or in connection with, any of the Documents.

 

  

11

  

 

SCHEDULE 4

FORM OF AMENDED AND RESTATED CREDIT AGREEMENT

  

12

  

SCHEDULE 5

FORM OF AMENDED AND RESTATED DPP

  

13

  

SCHEDULE 6

FORM OF SPONSOR GUARANTEE

  

14

  

 

 

SIGNATORIES

SKOPELOS–DEED OF REALEASE, UNDERTAKING AND AMENDMENT

Owner

	
SIGNED as a deed by

	
)

	  
	
DRILLSHIP SKOPELOS OWNERS INC.

	
)

	
/s/ Dimitrios Glynos

	
acting by its attorney DIMITRIOS GLYNOS

	
)

	
Drillship Skopelos Owners Inc. by its attorney

	
in the presence of:

	
)

	  
	  	  	  

	  	
Witness’s Signature:

	
/s/ Nikiforos G. Sifakis

	  
	  	  	  	  
	  	
Name:

	
Nikiforos G. Sifakis

	  
	  	  	
Attorney-at-Law

	  
	  	
Address:

	
52, Ag. Konstantinou Street 15124-Marousi

	  
	  	  	
Athens, Greece

	  
	  	  	
Tel: +302106140810

	  
	  	  	
Fax: +302106140267

	  

The Sponsor

	
SIGNED as a deed by

	
)

	  
	
DRYSHIPS INC.

	
)

	
/s/ Dimitrios Glynos

	
acting by its attorney DIMITRIOS GLYNOS

	
)

	
DryShips Inc. by its attorney

	
in the presence of:

	
)

	  
	  	  	  

	  	
Witness’s Signature:

	
/s/ Nikiforos G. Sifakis

	  
	  	  	  	  
	  	
Name:

	
Nikiforos G. Sifakis

	  
	  	  	
Attorney-at-Law

	  
	  	
Address:

	
52, Ag. Konstantinou Street-15124 Marousi

	  
	  	  	
Athens, Greece

	  
	  	  	
Tel: +302106140810

	  
	  	  	
Fax: +302106140267

	  

  

15

  

Ocean Rig

	
SIGNED as a deed by

	
)

	  
	
OCEAN RIG UDW INC.

	
)

	
/s/ Dimitrios Glynos

	
acting by its attorney DIMITRIOS GLYNOS

	
)

	
Ocean Rig UDW Inc. by its attorney

	
in the presence of:

	
)

	  
	  	  	  

	  	
Witness’s Signature:

	
/s/ Nikiforos G. Sifakis

	  
	  	  	  	  
	  	
Name:

	
Nikiforos G. Sifakis

	  
	  	  	
Attorney-at-Law

	  
	  	
Address:

	
52, Ag. Konstantinou Street 15124 Marousi

	  
	  	  	
Athens Greece

	  
	  	  	
Tel: +302106140810

	  
	  	  	
Fax: +302106140267

	  

The Bareboat Charterer

	
SIGNED as a deed by

	
)

	  
	
OCEAN RIG DRILLING OPERATINS B.V.

	
)

	
/s/ Dimitrios Glynos

	
by its attorney 

	
)

	
Ocean Rig Drilling Operatins B.V. by its attorney

	 	
)

	  
	        in the presence of:	) 	  

	  	
Witness’s Signature

	
/s/ [Illegible]

	  
	  	  	  	  
	  	
Name:

	
[Illegible]

	  
	  	  	  	  
	  	
Address:

	 	  
	  	  	  	  
	  	  	  	  
	  	  	  	  

  

16

  

The Parent Shareholder

	
SIGNED as a deed by

	
)

	  
	
DRILLSHIPS INVESTMENT INC.

	
)

	
/s/ Dimitrios Glynos

	
acting by its attorney DIMITRIOS GLYNOS

	
)

	
Drillships Investment Inc. by its attorney

	
in the presence of:

	
)

	  
	  	  	  

	  	
Witness’s Signature:

	
/s/ Nikiforos G. Sifakis

	  
	  	  	  	  
	  	
Name:

	
Nikiforos G. Sifakis

	  
	  	  	
Attorney-at-Law

	  
	  	
Address:

	
52, Ag. Konstantinou Street-15124 Marousi

	  
	  	  	
Athens, Greece

	  
	  	  	
Tel: +302106140810

	  
	  	  	
Fax: +302106140267

	  

The Parent

	
SIGNED as a deed by

	
)

	  
	
SKOPELOS SHAREHOLDERS INC.

	
)

	
/s/ Dimitrios Glynos

	
acting by its attorney DIMITRIOS GLYNOS

	
)

	
Skopelos Shareholders Inc. by its attorney

	
in the presence of:

	
)

	  
	  	  	  

	  	
Witness’s Signature:

	
/s/ Nikiforos G. Sifakis

	  
	  	  	  	  
	  	
Name:

	
Nikiforos G. Sifakis

	  
	  	  	
Attorney-at-Law

	  
	  	
Address:

	
52, Ag. Konstantinou Street-15124 Marousi

	  
	  	  	
Athens, Greece

	  
	  	  	
Tel: +302106140810

	  
	  	  	
Fax: +302106140267

	  

  

17

  

	
The Facility Agent for itself and on behalf of each Lender

	  
	  	  
	
By: /s/ M. Heinemann

	
/s/ Ewerhardy

	
       M. Heinemann

	
Ewerhardy

	  	  
	
as authorized signatory for

	  
	  	  
	
DEUTSCHE BANK LUXEMBOURG S.A.

	  
	  	  
	  	  
	  	  
	
The Security Trustee

	  
	  	  
	
By: /s/ Carola Roth

	
/s/ Dr. Bastian [Illegible]

	
      Carola Roth

	
Dr. Bastian [Illegible]

	  	  
	
as authorized signatory for

	  
	  	  

	
DEUTSCHE BANK AG FILIALE DEUTSCHLANDESCHÄFT

	  

	  	  
	
The Bookrunner and Mandated Lead Arranger

	  
	  	  
	
By: /s/ Ross D. Cloney

	
/s/ Daniel Pietrzak

	        Ross D. Cloney	Daniel Pietrzak
	
       Authorised Signatory

	
Managing Director

	  	  
	
as authorized signatory for

	  
	  	  
	
DEUTSCHE BANK AG, LONDON BRANCH

	  
	  	  
	 	 
	  	  
	
The Account Bank

	  
	  	  
	
By: /s/ Ross D. Cloney

	
/s/ Daniel Pietrzak

	        Ross D. Cloney	Daniel Pietrzak
	
       Authorised Signatory

	
Managing Director

	  	  
	
as authorized signatory for

	  
	  	  
	
DEUTSCHE BANK AG, LONDON BRANCH

	  

 

 

  

18

  

	
The Swap Bank

	  

	  	  
	
By: /s/ Ross D. Cloney

	
/s/ Daniel Pietrzak

	Ross D. Cloney	Daniel Pietrzak
	
Authorised Signatory

	
Managing Director

	  	  
	
as authorized signatory for

	  
	  	  
	
DEUTSCHE BANK AG, LONDON BRANCH

	  
	  	  

  

19

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