Document:

Exhibit 4.16.2 

 

SPECIFIC
TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL
HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE
WITH FIVE ASTERISKS (*****).

 

AMENDMENT NO. 2

 

To

 

SRV LNG CARRIER

 

TIME CHARTERPARTY

 

DATED 20 March 2007

 

Between

 

SRV JOINT
GAS LTD.

 

And

 

GDF SUEZ
LNG SUPPLY SA

 

DATED 23 February 2015 

 

    	EXECUTION VERSION	1

    	 

    

 

AMENDMENT NO. 2 TO SRV LNG CARRIER
TIME CHARTERPARTY

 

This amendment no. 2 (the “Amendment
No. 2”) to the Charter (as defined in the Recitals below) is made on this 23 of February 2015, and forms an integral
part of the Charter.

 

BY AND BETWEEN:

 

		(i)	SRV Joint Gas Ltd., a company incorporated
                                         and existing under the laws of Cayman Island (“Owner”); and

 

		(ii)	GDF SUEZ LNG Supply SA, a company
                                         organized and existing under the laws of Luxembourg (“Charterer”);

 

(each a “Party” and together
the “Parties”).

 

RECITALS

 

WHEREAS,
Owner and SUEZ LNG Trading SA, predecessor of Charterer, have entered into an SRV LNG Carrier Time Charterparty dated 20 March
2007 as amended by Amendment No. 3 dated 23 April 2014 and as further novated and/or amended from time to time, (the “Charter”),
whereby Owner has agreed to let and Charterer has agreed to hire the use and service of a Shuttle and Regasification Vessel built
by Samsung Heavy Industries Co. Ltd. with reference Hull no. 1688 and now named GDF SUEZ Neptune (the “Vessel”);

 

WHEREAS,
Charterer wishes to use the Vessel in FSRU Mode or alternatively in LNG Carrier Mode under a sub-charter arrangement with GNLS
for the Project (all as defined below); and

 

WHEREAS,
Owner is willing to accommodate Charterer’s wish to use the Vessel as an FSRU and accept that Charterer uses the Vessel
under the Sub-Charter (as defined below) for the Project, on the terms and subject to the conditions of this Amendment No. 2;

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants herein contained, Owner and Charterer agree as
follows:

 

    	EXECUTION VERSION	2

    	 

    

 

		1.	Definitions

 

For purposes of this Amendment No. 2 (including
the Recitals), the capitalized terms used herein shall have the meanings ascribed to them in the Charter (unless the context requires
otherwise) or below (as the case may be).

 

“Critical Equipment”
shall mean the regasification skids consisting of high pressure pump, LNG vaporiser and associated pipework and controls and the
HP compressor.

 

“FSRU” means floating storage
and regasification unit.

 

“FSRU Mode” means the use
of the Vessel at all times during the Sub-Charter Period, except when a Voyage is occurring.

 

“FSRU Neptune Uruguay” means
Eklur SA, now FSRU Neptune LNG Uruguay SA.

 

“FSRU Terminal” means the
Montevideo FSRU terminal located offshore near Punta Sayago West of Montevideo, Uruguay, in the estuary of Rio de la Plata.

 

“Group Agreement” means the
contractual agreement between the Charterer and FSRU Neptune Uruguay.

 

“GNLS” means GNLS SA or any
assignee or sub-charterer of GNLS SA approved in writing by Owner.

 

“HLNG”
means Höegh LNG AS and its affiliates acting as manager for the Vessel.

 

“LNG Carrier Mode” has the
meaning given to it in Clause 6 (Voyage).

 

“Major Equipment” means cargo
tank LP in-tank pumps, cargo stripping pumps, HP compressor, LD & HD LP compressors and DFDE engines.

 

“Modification Specification”
means the document to be mutually agreed between Parties and defining the scope of the Modification Work which shall be based
on and always include the items set out in Appendix 1 to this Amendment No. 2, and once agreed shall replace the current Appendix
1.

 

    	EXECUTION VERSION	3

    	 

    

 

“Modification Work” means
any and all work; design, engineering, procurement, fabrication, installation, commissioning and testing required for the modification
of the Vessel to FSRU in accordance with the Modification Specification.

 

“Modification Yard” means
such yard as mutually agreed between the Parties for the performance of the Modification Work.

 

“Mortgagee” means DNB Bank
ASA (previously called DnB NOR Bank ASA) as agent on behalf of the lenders.

 

“Project” means Charterer’s
project with GNLS, consisting of using the Vessel in FSRU Mode at the FSRU Terminal or in LNG Carrier Mode.

 

“Reinstatement Specification”
means the scope of work mutually agreed between Parties so that the Vessel is fitted in every way as an SRV for service under
the Charter.

 

“Reinstatement Work” means
(i) any and all work, design, engineering, procurement, fabrication, installation, commissioning and testing required to reinstate
the Vessel in accordance with the Reinstatement Specification and (ii) dry-docking, cleaning and painting of the Vessel’s
bottom and effecting scheduled maintenance, so that the Vessel is fitted in every way for service under the Charter.

 

“Reinstatement Yard” means
such yard as mutually agreed between the Parties for the performance of the Reinstatement Work.

 

“Shipyard” means the shipyard
as agreed between Owner and Charterer which will implement the Modification Work.

 

“Sub-Charter” means the agreement
signed between FSRU Neptune Uruguay and GNLS for sub-chartering of the Vessel to GNLS.

 

“Sub-Charter Period” means
a period at GNLS’s option, beginning on the earlier of (i) the date of delivery of the Vessel to GNLS, or (ii) the Vessel
is all fast at the FSRU Terminal and ending on the later of (i) the date of redelivery of the Vessel by GNLS under the Sub-Charter
or such earlier date as the Sub-Charter may be terminated in accordance with its terms, or (ii) the date the Vessel is permanently
unmoored and disconnected from the FSRU Terminal and is ready and free to depart from the FSRU Terminal.

 

    	EXECUTION VERSION	4

    	 

    

 

“Uruguayan Taxes” means Uruguayan
tax liabilities specifically suffered or incurred by Owner or any other member of Owner Group (as defined in Clause 8.2) whatsoever
and howsoever arising due to the presence of the Vessel as an FSRU in Uruguay when the Vessel acts in FSRU Mode, including but
not limited to business tax, local surcharges, wealth tax, income tax and individual income tax, personal tax of employees, VAT,
withholding tax on hire, withholding tax on loan repayments or interest, and any tax relating to the importation, stay or exportation
into and from Uruguay (as the case may be) of the Vessel (including related materials and/or equipment).

 

“Voyage” means a legitimate
voyage under the Charter ordered pursuant to and in accordance with Clause 6 of this Amendment No. 2, the duration of which shall
always be deemed to be from when the Vessel is unmoored and disconnected from the FSRU Terminal for the purpose of commencing
the Voyage until the Vessel is all fast again at the FSRU Terminal.

 

		2.	Purpose,
                                         Intention and Interpretations

 

The purpose of this Amendment No. 2 is
to set forth the terms and conditions under which the Vessel may be utilized as an FSRU on the Project and to permit the Sub-Charter
with GNLS in respect of the Vessel and to set out the specific conditions applicable between the Parties when the Vessel is operating
in FSRU Mode.

 

It is Owner’s and Charterer’s
clear intention, which is hereby declared, that this Amendment No. 2 shall not imply or impose greater or more onerous obligations
exposures and/or liabilities on Owner or any member of Owner Group (as defined in Clause 8.2) (except for the undertaking to arrange
for the Modification Work and the Reinstatement Work at the expense of Charterer and any other provisions of this Amendment No.
2 expressly providing to the contrary) than it would otherwise have under the Charter.

 

In case of conflict between the provisions
of the Charter and this Amendment No. 2, the provisions of this Amendment No. 2 shall prevail.

 

		3.	Modification
                                         of the Vessel to FSRU

 

Owner shall arrange for the Modification
Work being carried out at the Modification Yard at a time mutually agreed with Charterer for Charterer’s time, risk and
expense.

 

    	EXECUTION VERSION	5

    	 

    

 

SPECIFIC
TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL
HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE
WITH FIVE ASTERISKS (*****).

 

Without prejudice to the aforesaid,
Owner shall obtain a quote for the Modification Work from the Modification Yard, and include such quote in a budget which is
to be approved as soon as reasonably practicable by Charterer. Any comment to or rejection of any parts of the budget or
Modification Work, including its scope and costs shall be discussed in good faith and resolved by the Parties. After the
budget has been agreed, Owner shall promptly inform Charterer of any cost overrun and/or any matter which affects the budget
and take reasonable steps to seek to reduce an adverse cost effect.

 

Charterer shall reimburse Owner for the
documented cost of the Modification Work and compensate Owner for Owner’s own reasonable and documented cost related to
the Modification Work to the extent not covered by paragraph 1.2 of Schedule III of the Charter, including but not limited to
the cost of supervision, administration and follow up of the Modification Work (not covered by paragraph 1.2 (c) (i) of Schedule
III of the Charter) within ***** days of receipt by Charterer of Owner’s invoice together with supporting documentation.

 

Notwithstanding anything to the contrary
in the Charter, the Vessel shall be on hire, and the performance warranties set out in Clause 27 of the Charter shall not apply,
for the duration of the Modification Work. For the avoidance of doubt, Vessel’s deviation time, time spent at, and time
spent returning from the Modification Yard until the Vessel has regained a position equivalent to that when the Vessel deviated
for the Modification Work shall not count against the Maintenance Allowance set forth in Clause 25(d) as amended herein.

 

A drydock specification for scheduled
maintenance work and the Modification Works will be supplied to Charterer ***** months before the agreed timing of the drydock.
Charterer and Owner have agreed that the duration of the Modification Work in dry dock shall be ***** days (the “Drydock
Period”). Scheduled maintenance shall be carried out on the Vessel while it is in drydock, which shall also be a scheduled
drydock for the purposes of Clause 25 of the Charter. Owner will be entitled to the Drydocking Allowances (as defined in Clause
25(g) of the Charter) in respect of scheduled maintenance work. If the Drydocking Allowances are exceeded in respect of scheduled
maintenance work the Vessel will be off-hire in accordance with Clause 25 of the Charter but only if the overall period of drydock
exceeds the Drydock Period, so that the Vessel shall actually be off-hire for the lesser of (i) the period of off-hire in respect
of scheduled maintenance work determined in accordance with Clause 25(g) and (ii) the period by which the drydock exceeds the
Drydock Period. Owner shall keep records of the time taken in respect of scheduled maintenance work and Modification Work, respectively,
and shall make those records available to Charterer.

 

Any compensation in
respect of delays and performance received by the Owner from the Shipyard in accordance with the terms of the agreement between
the Owner and the Shipyard for the Modification Works will be reimbursed from the Owner to the Charterer. Owner agrees with Charterer
that it will exercise its rights in respect of delay and performance against the Shipyard with due diligence according to the
standards of a reasonable and prudent operator.

 

    	EXECUTION VERSION	6

    	 

    

		4.	Importation,
                                         Stay and Exportation

 

Any importation, stay and exportation
into and from Uruguay (as the case may be) of the Vessel and all materials and/or equipment necessary for Owner’s performance
of the Charter and/or any Voyage during or related to the Sub-Charter Period, shall be arranged by Charterer, in accordance with
all applicable laws and regulations, for its own time, risk and expense, but with all reasonable practical assistance from Owner.

 

		5.	FSRU
                                         Mode specific modifications

 

		5.1	At all times during
                                         the Sub-Charter Period, except when a Voyage is occurring, the Charter shall be modified
                                         by the following amendments, additions and other modifications:

 

		(a)	Modifications
                                         to Clause 1 (“Definitions”) of the Charter :

 

		i.	The definition of “Actual
                                         Discharge Rate” in Clause 1 of the Charter shall be amended to read in its
                                         entirety: ““Actual Discharge Rate” has the meaning set out
                                         in Clause 27(b)(iv).” 

 

		ii.	The definition of “Adverse
                                         Weather Periods” in Clause 1 of the Charter shall be deleted.

 

		iii.	The definition of “Allowance
                                         Period” in Clause 1 of the Charter shall be deleted.

 

		iv.	The definition of “BOE”
                                         in Clause 1 of the Charter shall be deleted.

 

		v.	A new definition shall
                                         be included in Clause 1 of the Charter, which reads: ““GNLS”
                                         means GNLS or any assignee or sub-charterer of GNLS approved in writing by Owner.”

 

		vi.	A new definition shall
                                         be included in Clause 1 of the Charter, which reads: ““Charterer’s
                                         Group” has the meaning set out in Clause 68(a)”.

 

		vii.	The definition of “Discharge
                                         Period” in Clause 1 of the Charter shall be deleted. Any other use of
                                         the term “Discharge Period” in the Charter shall be replaced with the term
                                         “FSRU Discharge Period”.

 

		viii.	The definition of
                                         “Discharge Point” in Clause 1 of the Charter shall be deleted.

 

    	EXECUTION VERSION	7

    	 

    

 

		ix.	A new definition shall
                                         be included in Clause 1 of the Charter, which reads: ““FSRU”
                                         means floating storage and regasification unit.”

 

		x.	A new definition shall
                                         be included in Clause 1 of the Charter, which reads: ““FSRU Discharge
                                         Period” has the meaning set out in Clause 27(b)(vi).”

 

		xi.	A new definition shall
                                         be included in Clause 1 of the Charter, which reads: ““FSRU Gas Day”
                                         has the meaning set out in Clause 27(b)(iv).”

 

		xii.	A new definition shall
                                         be included in Clause 1 of the Charter, which reads: ““FSRU Gas Nomination
                                         Procedures” means the procedures for requesting and establishing Send Out Profile
                                         and Intraday Nominations as set forth in Schedule X.”

 

		xiii.	A new definition shall
                                         be included in Clause 1 of the Charter, which reads: ““FSRU Terminal”
                                         means the Montevideo FSRU terminal located offshore Montevideo, Uruguay.”

 

		xiv.	The definition of “Gas
                                         Day” in Clause 1 of the Charter shall be deleted. Any other use of the term
                                         “Gas Day” in the Charter shall be replaced with the term “FSRU Gas
                                         Day”.

 

		xv.	The definition of “Gas
                                         Nomination Procedures” in Clause 1 of the Charter shall be deleted. Any other
                                         use of the term “Gas Nomination Procedures” in the Charter shall be replaced
                                         with the term “FSRU Gas Nomination Procedures”.

 

		xvi.	A new definition
                                         shall be included in Clause 1 of the Charter, which reads: ““Lowest Performance”
                                         has the meaning set out in Clause 27(b)(i)”.

 

		xvii.	A new definition shall be included in Clause 1
                                         of the Charter, which reads: ““Maintenance Allowance” has
                                         the meaning set out in Clause 25(d).”

 

    	EXECUTION VERSION	8

    	 

    

 

		xviii.	The definition of
                                         “Nominated Discharge Rate” in Clause 1 of the Charter shall be amended
                                         to read in its entirety: ““Nominated Discharge Rate” has
                                         the meaning set out in Clause 27(b)(iv).”

 

		xix.	The definition of “Normal
                                         Performance” in Clause 1 of the Charter shall be amended to read in its entirety:
                                         ““Normal Performance” has the meaning set out in Clause 27(b)(i).”
                                         

 

		xx.	The definition of “Off-hire
                                         Allowance” in Clause 1 of the Charter shall be deleted.

 

		xxi.	A new definition shall
                                         be included in Clause 1 of the Charter, which reads: ““Owner’s
                                         Group” has the meaning set out in Clause 68(a)”.

 

		xxii.	The definition of
                                         “Performance Period” in Clause 1 of the Charter shall be deleted.

 

		xxiii.	The definitions of
                                         “Primary Terminals” and “Primary Terminal” in Clause
                                         1 of the Charter shall be deleted.

 

		xxiv.	The definition of
                                         “Reduced Performance” in Clause 1 of the Charter shall be amended
                                         to read in its entirety: ““Reduced Performance” has the meaning
                                         set out in Clause 27(b)(iv).” 

 

		xxv.	A new definition
                                         shall be included in Clause 1 of the Charter, which reads: ““Reduced Rate”
                                         has the meaning set out in Clause 27(b)(iv)”.

 

		xxvi.	A new definition
                                         shall be included in Clause 1 of the Charter, which reads: ““Maintenance”
                                         has the meaning set out in Clause 25 (d)”.

 

		xxvii.	A new definition
                                         shall be included in Clause 1 of the Charter, which reads: ““Send Out
                                         Profile” has the meaning set out in Clause 27(b)(iii)”.

 

		xxviii.	A new definition
                                         shall be included in Clause 1 of the Charter, which reads: ““Start Up
                                         Period” has the meaning set out in Clause 27(b)(i)”.

 

		xxix.	A new definition shall be included in Clause 1 of the
Charter, which reads: ““Sub-Charter” means the agreement signed between Eklur SA, now FSRU Neptune
LNG Uruguay SA, and GNLS for sub-chartering of the Vessel to GNLS.”

 

    	EXECUTION VERSION	9

    	 

    

 

		xxx.	A new definition shall
                                         be included in Clause 1 of the Charter, which reads ““Commercial Availability”
                                         means the Commercial Availability in relation to regas performance as measured by the
                                         compliance on a particular FSRU Gas Day with the nominated daily quantity for such FSRU
                                         Gas Day in case of shortfall where:

 

AQ: (actual) Regasified
LNG Delivered Quantity

 

FQ: Nominated Daily Quantity”.

 

		xxxi.	A new definition shall
                                         be included in Clause 1 of the Charter, which reads ““Guaranteed Nominal
                                         Regas Capacity” means the regasifying LNG in closed loop at a discharge rate
                                         equal to any discharge rate within the operational envelope between the Lowest Performance
                                         up to the Normal Performance”. 

 

		xxxii.	A new definition
                                         shall be included in Clause 1 of the Charter, which reads ““Minimum
                                         Aggregate Availability” has the meaning set out in clause 27(b)(x)”.

 

		xxxiii.	A new definition shall be included in Clause 1 of the
Charter, which reads: ““Sub-Charter Period” means a period of time beginning on the earlier of (i)
delivery of the Vessel to GNLS, or (ii) the Vessel is all fast at the FSRU Terminal and ending on the later of (i) the date of
redelivery of the Vessel by GNLS under the Sub-Charter or such earlier time as the Sub-Charter is terminated in accordance with
its terms, or (ii) the Vessel is permanently unmoored and disconnected from the FSRU Terminal and is ready and free to depart
from the FSRU Terminal.”

 

		xxxiv.	The definition of
                                         “Unscheduled Maintenance” in Clause 1 of the Charter shall be deleted.

 

		xxxv.	The definition of
                                         “Unscheduled Maintenance Allowance” in Clause 1 of the Charter shall
                                         be deleted.

 

		(b)	In
                                         Clause 3 (a)(i) of the Charter, the reference to “SRV” shall be amended to
                                         read: “FSRU”.

 

    	EXECUTION VERSION	10

    	 

    

 

		(c)	Clause
                                         3 a) of the Charter shall be completed with the following bullet points:

 

		“      (vi)	Owner
will use reasonable endeavours to have on board one person with a good working knowledge of the Spanish language. For avoidance
of doubt, Owner shall not be obligated to incur additional costs with regard to this requirement.

 

		(vii)	the master and chief officer
                                         shall combined in total have not less than twelve (12) months’ sailing and cargo
                                         operations experience in the past five (5) calendar years exercising responsibilities
                                         of a senior rank (master and/or chief officer) on board an gas tanker/FSRU. The chief
                                         engineer, one cargo engineer and the second engineer shall combined in total have not
                                         less than eighteen (18) months’ sailing and cargo operations experience in the
                                         past five (5) calendar years exercising responsibilities of a senior rank (chief engineer,
                                         cargo engineer and/or second engineer) on board a gas tanker/FSRU.

 

		(viii)	prior
                                         to the commencement of the Sub-Charter Period, the Owner shall, using Owner’s standard
                                         format and subject always to GNLS first having duly executed a “no poaching declaration”
                                         in a wording acceptable to Owner, provide the GNLS with professional LNG tanker/FSRU
                                         histories in rank of the master, chief officer, chief engineer and cargo engineer (if
                                         applicable) serving on board the Vessel at the time of delivery. Prior to their assignment,
                                         similar histories shall be furnished for any new master chief officer, chief engineer
                                         or cargo engineer assigned to the Vessel during the Sub Charter Period.”

 

		(d)	Clause
                                         3 c) of the Charter shall be completed with the following new paragraph:

 

		“	If during the Sub-Charter
                                         Period, Owner should change or replace the manager of the Vessel, it shall give reasonable
                                         consideration to any input from GNLS in this respect. Owner confirms that under the present
                                         circumstances it has no intention of changing or replacing the manager of the Vessel.”

 

		(e)	A
                                         new paragraph (e) shall be included in Clause 5 (“Period and Trading Limits”)
                                         and shall read:

 

“Notwithstanding
anything to the contrary in Clauses 5(a), (b), and (c), Charterer shall, at no expense to Owner, provide or cause to be provided,
at the FSRU Terminal, port and marine facilities capable of receiving the Vessel and berths and places which the Vessel can safely
reach and return from without exposure to danger, and at which the Vessel can safely lie, load or discharge (as the case may be)
always afloat. Furthermore, Charterer shall provide to Owner all relevant information required to meet the interface requirements
of the FSRU Terminal as soon as reasonably possible. All reasonable costs incurred in implementing such modifications to the Vessel
(and their later removal, if required to comply with the terms of this Charter), including the time taken to implement such modifications
and to comply with such regulations necessary to allow the Vessel to load or discharge at the FSRU Terminal, shall be for Charterer’s
account and shall be reimbursed to Owner in accordance with Schedule III. Charterer shall also be responsible, and shall reimburse
Owner in accordance with Schedule III, for all such reasonable costs incurred, including the necessary time taken, should the
interface requirements of or the regulations applicable to the FSRU Terminal be altered.”

 

    	EXECUTION VERSION	11

    	 

    

 

Charterer’s definition of a safe Port
is specified in Appendix 5.

 

		(f)	A
                                         new paragraph (f) shall be included in Clause 5 (“Period and Trading Limits”)
                                         and shall read:

 

“Notwithstanding anything
to the contrary in this Charter, Owner shall not under any circumstances whatsoever be obliged to go to and/or stay at an FSRU
Terminal which has not entered into a Port Liability Agreement, acceptable to Owner’s P&I Club, with Owner.”

 

		(g)	Clause
                                         14 a) shall be completed with the following bullet point :

 

“(v) During the Sub
Charter Period, GNLS shall have the right to fly the GNLS or Montevideo FSRU project flag on the Vessel.”

 

		(h)	Clause
                                         24 (“Off-hire”) of the Charter shall be amended to read: “Not
                                         Used”. Any use of the term “off-hire” elsewhere in the Charter
                                         and any references in the Charter to Clause 24 thereof shall be deemed deleted in their
                                         entirety when the Vessel is being used in FSRU Mode.

 

		(i)	Modification
                                         to Clause 25 (“Dry-docking; Time for Scheduled Maintenance”) of the Charter:

 

		i.	Clause 25 (d) of the
                                         Charter shall be amended to read in its entirety:

 

“Owner
may carry out scheduled or unscheduled maintenance and take the Vessel out of service, if so required by such maintenance, but
always keeping a minimum of 10MSm3/day capacity available unless Owner can demonstrate from its operating experience
that, in the reasonable opinion of Owner, after consulting with Charterer, scheduling such maintenance would be necessary (“Maintenance”).

 

    	EXECUTION VERSION	12

    	 

    

 

SPECIFIC
TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL
HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE
WITH FIVE ASTERISKS (*****).

 

Owner shall
make reasonable efforts to minimize impact of maintenance on services to be provided by the Charterer as part of the Project.

 

The Owner shall implement
a process to record the status of the Critical Equipment and of the Major Equipment and rotate use of Critical Equipment over
a period not exceeding ***** months period pursuant to Appendix 3. 

 

Owner shall
be entitled to an allowance of up to ***** days per every ***** days, commencing from the first day of the Sub-Charter Period
for all scheduled and unscheduled maintenance (“Maintenance Allowance”) which may have an impact on actual
regas send-out. Owner shall not use more time for maintenance than is necessary and shall notify Charterer of any Maintenance
Allowance taken or to be taken and shall consult with Charterer as far in advance as possible as regards the timing of any such
Maintenance. There will be no scheduled dry docking during the Sub-Charter Period unless mutually agreed by Owner and Charterer.

 

Notwithstanding
anything to the contrary in the Charter, the Vessel shall always be on hire without any reduction for all time used of the Maintenance
Allowance and all items to be provided and paid for by Charterer pursuant to Clause 9(a) shall be for Charterer’s account,
and Owner’s use of the Maintenance Allowance shall not in any way or to any extent whatsoever be regarded as a default,
non-performance or breach by Owner of any obligation under or any provision of the Charter.”

 

		ii.	Clause 25 (e) shall
                                         be amended to read: “Not Used”.

 

		(j)	Clause
                                         27 (“Performance”) of the Charter shall be amended to read in its entirety:

 

“(a)

 

		(i)	Owner undertakes and
                                         guarantees that at all times during the Sub-Charter Period the Vessel shall be capable
                                         of maintaining a maximum average daily boil-off of no more than 0.16% of the Vessel’s
                                         total cargo capacity. For purposes of establishing whether the Vessel has achieved performance
                                         as required under this Clause 27(a), the Parties shall discount periods when the Vessel
                                         (i) is discharging regasified LNG and/or loading or discharging LNG and (ii) when due
                                         to loading of LNG the saturated vapour pressure is above 170 mbarg. 

 

		(ii)	Boil-off calculation:
                                         Boil-off shall be measured by subtracting the volume of LNG contained in the Vessel’s
                                         tanks at gauging at the end of a 24 hour period of no discharging regasified LNG and/or
                                         loading or discharging LNG, but where the Vessel is still connected within Montevideo
                                         Port, from the volume of LNG contained in the Vessel’s tanks at gauging
                                         at the start of a 24 hour period of no discharging regasified LNG and/or loading or discharging LNG, but where the
                                         Vessel is still connected within Montevideo Port. Actual boil-off shall be calculated
                                         using the mean value from 5 (five) distinct but consecutive measurements.

    	EXECUTION VERSION	13

    	 

    

 

 (b)

 

		(i)	Owner further undertakes,
                                         subject to the provisions of this Clause 27(b) and subject always to a start up period
                                         which shall end upon completion of the commissioning procedure (including the tests specified
                                         in Appendix 2) which the Parties will use reasonable endeavors to develop and agree by
                                         three (3) months prior to the start of the Sub-Charter Period (“Start Up Period”),
                                         that the Regasification Components will, throughout the Term, enable the Vessel’s
                                         cargo to be regasified and discharged at a maximum regasified LNG discharge rate of two
                                         hundred and fifty (250) MMScf/day (“Normal Performance”), and at a
                                         minimum regasified LNG discharge rate of sixty (60) MMScf/day (“Lowest Performance”).
                                         

 

		(ii)	Upon every case that
                                         the Vessel’s Actual Discharge Rate being higher than the Normal Performance but
                                         less than five hundred (500) MMScf/day during regasification of LNG and has been in operation
                                         for three (3) periods of at least eight (8) hours without any unplanned shut down so
                                         that total testing time accumulates to twenty-four (24) hours, this Actual Discharge
                                         Rate shall immediately replace the current Normal Performance and such increase in the
                                         Normal Performance shall be formalized by the signing of the Parties of the Discharge
                                         Performance Certificate attached as Appendix 6 to the Amendment No. 2 to the Charter
                                         dated [ ] 2015 and made between the Owner and the Charterer. Normal Performance may be
                                         re-adjusted up to a maximum of five hundred (500) MMScf/day using this process.

 

Upon every case that the
Vessel’s Actual Discharge Rate being lower than the Lowest Performance but more than eleven (11) MMScf/day during regasification
of LNG and has been in operation for three (3) periods of at least eight (8) hours without any unplanned shut down so that total
testing time accumulates to twenty-four (24) hours, this Actual Discharge Rate shall immediately replace the current Lowest Performance
and such decrease in the Lowest Performance shall be formalized by the signing of the Parties of the Discharge Performance Certificate
attached as Appendix 6 to the Amendment No. 2 to the Charter dated [ ] 2015 and made between the Owner and the Charterer. Lowest
Performance may be re-adjusted down to a minimum of eleven (11) MMScf/day using this process.

 

    	EXECUTION VERSION	14

    	 

    

 

		(iii)	Subject always to the
                                         provisions of Clause 27(b)(iv) below, Owner shall, subject to applicable terms of the
                                         FSRU Gas Nomination Procedures, deliver the Nominated Discharge Rate in accordance with
                                         the daily curve agreed with Charterer in accordance with the FSRU Gas Nomination Procedures
                                         (“Send Out Profile”), subject to such Send-Out Profile for that FSRU
                                         Gas Day being agreed no later than twelve (12) hours before the commencement of the relevant
                                         FSRU Gas Day.  In case the Owner fails to deliver gas in accordance
                                         with the Send Out Profile as required pursuant to the applicable terms of the FSRU Gas
                                         Nomination Procedures, then the applicable terms of the FSRU Gas Nomination Procedures
                                         will apply to such failure (provided always that such terms are fair, reasonable and
                                         proportionate to the failure). Owner shall use reasonable endeavors to accommodate any
                                         change to the Send Out Profile requested by Charterer, less than twenty nine ((29) hours
                                         before the end of the relevant FSRU Gas Day (“Intraday Nomination”),
                                         but Owner shall not be liable for any failure in this respect. 

 

During a FSRU Gas Day, Owner
and Charterer agree to a maximum of five (5) different Nominated Discharge Rates in total resulting in no more than 4 start-up/stop
per day, being understood that those Nominated Discharge Rates that have been requested intraday will be treated the same way
as an Intraday Nomination.

 

		(iv)	Whenever Charterer requests
                                         a Nominated Discharge Rate above Normal Performance or below Lowest Performance, Owner
                                         shall use reasonable endeavors to make such rate available, subject always to the maximum
                                         and minimum capacity of the Regasification Components. Notwithstanding the provisions
                                         of the immediately following paragraph, if the Vessel is incapable of discharging its
                                         cargo at such higher or lower rates, such performance shall not be considered Reduced
                                         Performance and Charterer shall not be entitled to pay hire at a rate equal to the Reduced
                                         Rate or claim a reduction in hire.

 

			If, on any day, commencing from
                                         06.00 A.M. (Uruguay local time) on that day and ending at 05.59 A.M. (Uruguay local time)
                                         on the immediately following day (an “FSRU Gas Day”), the Vessel’s
                                         actual discharge rate calculated over that FSRU Gas Day as measured in accordance with
                                         Clause 27(b)(vi)-(vii) (the “Actual Discharge Rate”), is less than
                                         the daily nominated discharge rate requested by Charterer in accordance with the FSRU
                                         Gas Nomination Procedures for that FSRU Gas Day (the “Nominated Discharge Rate”),
                                         and such Actual Discharge Rate is lower than Normal Performance (such deficient performance
                                         hereinafter being referred to as “Reduced Performance”), then a Hire
                                         Rate equal to a reduced rate determined by multiplying the Fixed Element of the Hire
                                         Rate by a factor calculated by dividing the Actual Discharge Rate by the lower of (i)
                                         the Nominated Discharge Rate or (ii) the Normal Performance (the “Reduced Rate”)
                                         shall be payable for each of such FSRU Gas Day in respect of which an Actual Discharge
                                         Rate lower than the Nominated Discharge Rate and the Normal Performance
                                         has been determined during the FSRU Discharge Period in question. This Reduced Rate in
                                         case of Reduced Performance shall replace in its entirety Paragraph 4 of Schedule III.
                                         For the avoidance of doubt, any reduction of hire to which Charterer is entitled under
                                         this Clause 27(b)(iv) shall be credited against hire payments in accordance with Clause
                                         12(a) as promptly as possible.

    	EXECUTION VERSION	15

    	 

    

 

SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE
CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL HAS BEEN SEPARATELY FILED WITH THE SECURITIES
AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH FIVE ASTERISKS (*****).

		(v)	If on any day, commencing
                                         from 06.00 A.M. (Uruguay local time) on that day and ending at 05.59 A.M. (Uruguay local
                                         time) on the immediately following day, the Vessel’s Actual Discharge Rate calculated
                                         over that FSRU Gas Days as measured in accordance with Clause 27(b)(vi)-(vii) is over
                                         ***** percent ***** above the Nominated Discharge Rate (“Daily Over Delivery”),
                                         being understood that such Nominated Discharge Rate is lower than Normal Performance
                                         and higher than Lowest Performance, then a Hire Rate equal to a reduced rate determined
                                         by multiplying the Fixed Element of the Hire Rate by a factor calculated by dividing
                                         the Nominated Discharge Rate by the Actual Discharge Rate shall be payable for each of
                                         such FSRU Gas Day in respect of which an Actual Discharge Rate above ***** percent
                                         ***** than the Nominated Discharge Rate.

 

		(vi)	If no discharge of regasified
                                         LNG is currently ongoing from the Vessel, measurement of the Actual Discharge Rate shall
                                         commence when the vaporizers, piping and pressurizing risers are cooled down and the
                                         last high pressure pump required to achieve the ordered discharge rate is placed
                                         on line and the Vessel starts the discharge of Regasified LNG, and shall terminate
                                         when the first high pressure pump is secured near the end of the discharge (“FSRU
                                         Discharge Period”). 

 

Prior to the commencement of
a FSRU Discharge Period a notification of FSRU Readiness to Discharge Gas (as defined in the FSRU Gas Nomination Procedures) shall
be delivered by Charterer to Owner in accordance with the FSRU Gas Nomination Procedures and an FSRU Discharge Period shall start
no later than six (6) hours after Owner’s receipt of the above notification, unless such time is extended by reasons attributable
to Charterer, GNLS, the FSRU Terminal, governmental or regulatory authorities or Force Majeure (as defined in the FSRU Gas Nomination
Procedures).

 

The Actual Discharge Rate shall
be the rate of regasified LNG discharged as measured by the Vessel’s metering station. When measuring the Actual Discharge
Rate against Normal Performance, Lowest Performance or Nominated Discharge Rate a variation of one percent (1%) shall be allowed.

 

Normal Performance or Lowest
Performance shall be based upon LNG with a chemical composition pursuant to Appendix 4.

 

    	EXECUTION VERSION	16

    	 

    

 

		(vii)	The performance of
                                         the Vessel in relation to the warranty contained in this Clause 27(b) shall be reviewed
                                         on the 25th of each calendar month, and the results accumulated and compensation,
                                         if any, shall be assessed and paid at the next hire payment due at the beginning of the
                                         following calendar month. For purposes of establishing whether the Vessel has achieved
                                         performance as required under Clause 27(b) and calculating the Hire Rate, the Parties
                                         shall discount any FSRU Gas Day (or in case of (g) below, only the relevant part of the
                                         FSRU Gas Day, provided that the volumes required in such part of the FSRU Gas Day in
                                         accordance with the Send Out Profile shall be disregarded and the Nominated Discharge
                                         Rate for that FSRU Gas Day shall be adjusted accordingly):

 

		(a)	where the FSRU Terminal
                                         is not ready or able to receive the Nominated Discharge Rate specified by Charterer in
                                         accordance with the FSRU Gas Nomination Procedures and at the corresponding pressures
                                         and temperatures;

 

		(b)	where Charterer has requested
                                         Intraday Nominations as per clause 27 b) (iii);

 

		(c)	where Charterer has instructed
                                         the Vessel to proceed from the FSRU Terminal;

 

		(d)	where the Vessel is prevented
                                         from approaching or remaining and/or operating at the FSRU Terminal by any relevant regulatory
                                         or governmental authority by reason other than a failure or default on part of the Vessel
                                         or Owner;

 

		(e)	where the Vessel is required
                                         to disconnect and/or to depart from the FSRU Terminal or is prevented from discharging
                                         her cargo as regasified LNG by reason of compliance with the applicable requirements
                                         and guidelines of the Classification Society, the Vessel’s Flag State or any other
                                         relevant regulatory authority and/or with such requirements as set out in the FSRU operating
                                         manual in relation to the Vessel’s safe operation, cargo management and/or filling
                                         level restrictions;

 

		(f)	where there is not a required
                                         amount of LNG onboard the Vessel to obtain the Nominated Discharge Rate in accordance
                                         with the FSRU Gas Nomination Procedure;

 

		(g)	where the Owner is using
                                         the Maintenance Allowance;

 

		(h)	where the ship-to-ship
                                         transfer system and/or the Downstream Systems are not ready or able to provide or receive
                                         the Nominated Discharge Rate specified by Charterer in accordance with the FSRU Gas Nomination
                                         Procedures and at the corresponding pressures and temperatures; 

 

    	EXECUTION VERSION	17

    	 

    

 

		(i)	where the Vessel is prevented
                                         from discharging by other events within the port or where there is a wider risk to safety
                                         or the environment;

 

		(j)	where the Nominated Discharge
                                         Rate is between forty-four (44) MMscf/day and sixty (60) MMscf/day and can only be achieved
                                         using the low capacity regas pump skid, unless a 4th pump has been delivered
                                         by WOGS onboard the Vessel before starting of operations in Montevideo or the cause of
                                         failure is operator’s error or negligence;

 

		(k)	Where the Nominated Discharge
                                         Rate is between eleven (11) MMscf/day and forty four (44) MMscf/day, during a period
                                         of the first thirty (30) FSRU Gas Days;

 

		(l)	Any Nominated Discharge
                                         Rate that can only be achieved using the HP compressor and the HP Compressor is not available.

 

If, during the period of the
first thirty (30) FSRU Gas Days, a long term failure (>2 months) of the ability to provide 11-44 MMscfd occurs then Owner and
Charterer will meet to discuss reasonable solution and adjusted penalty mechanism.

 

		(viii)	Notwithstanding the
                                         provisions of this Clause 27(b), if at any stage the Actual Discharge Rate achieved by
                                         the Vessel is less than Normal Performance due to a defect in the Regasification Components
                                         (and such lower discharge rate has not been requested by Charterer in accordance with
                                         the FSRU Gas Nomination Procedures), Owner shall be entitled to repair such defect in
                                         the Regasification Components and/or the Vessel by the Vessel proceeding to dry-docking
                                         in accordance with the provisions of Clause 25(h). Before committing to a dry dock, Owner
                                         shall always consult with the Charterer to assess alternative solutions. The Owner shall
                                         make its reasonable endeavours to implement solutions in-situ if requested by the Charterer.

 

		(ix)	The Vessel shall be
                                         capable of regasifying LNG in a closed-loop heating mode using steam from the Vessel’s
                                         regas boilers as the primary heating medium at a daily Nominated Discharge Rate with
                                         a pressure of 40 to 104 barg and a temperature of +5 to 45◦C
                                         at the outlet of the regas skid.

 

		(x)	If the average Commercial
                                         Availability of the regas system (inclusive of the Annual Maintenance Allowance) measured
                                         over a period of twelve (12) consecutive months, or twenty-four (24) nonconsecutive months
                                         is below seventy per cent (70%) at the Guaranteed Nominal Regas Capacity (the "Minimum
                                         Aggregate Availability"), the Charterer shall have the right to require the
                                         Owner to change the Manager pursuant to Clause 3(e) of the Charter”.

 

    	EXECUTION VERSION	18

    	 

    

 

		(k)	Clause
                                         52(c)(iv) of the Charter shall be amended to read in its entirety: “Not Used”.

 

		(l)	The
                                         second sentence of Clause 53 of the Charter shall be amended to read in its entirety:

 

“The foregoing notwithstanding,
no term of this Charter, other than Clauses 68(a) and (b), is enforceable under the Contracts (Rights of Third Parties) Act 1999
by a person or entity who is not a party to it.”

 

		(m)	Clause
                                         68(a) of the Charter shall be amended to read in its entirety: “No member of
                                         Owner’s Group shall be under any liability whatsoever to Charterer, Charterer’s
                                         Representatives, GNLS, or their estates (“Charterer’s Group”)
                                         for their death or personal injury during the time when they are engaged in the activities
                                         contemplated under this Charter unless death or personal injury is caused, in whole or
                                         in part, by the gross negligence or willful misconduct of Owner, its employees or its
                                         agents (“Owner’s Group”). Likewise, no member of Owner’s
                                         Group shall be under any liability to any member of Charterer’s Group in respect
                                         of damage to, or loss or destruction of, their personal property unless such damage to,
                                         or loss or destruction of, personal property is caused by the gross negligence or willful
                                         misconduct of any member of Owner’s Group.”

 

Clause
68(b) of the Charter shall be amended to read in its entirety:

 

“No member of Charterer’s
Group shall be under any liability whatsoever to any member of Owner’s Group for their death or personal injury during the
time when they are engaged in the activities contemplated under this Charter unless death or personal injury is caused, in whole
or in part, by the gross negligence or willful misconduct of a member of Charterer’s Group. Likewise, no member of Charterer’s
Group shall be under any liability to any member of Owner’s Group in respect of damage to, or loss or destruction of, their
personal property unless such damage to, or loss or destruction of, personal property is caused by the gross negligence or willful
misconduct of any member of Charterer’s Group.”

 

		(n)	Appendix
                                         I to Schedule I of the Charter shall be amended to read in its entirety: “Not
                                         Used”. Any references in the Charter to Appendix I to Schedule I thereof,
                                         any uses of the term “Primary Terminal” in the Charter shall be deemed deleted
                                         in their entirety.

    	EXECUTION VERSION	19

    	 

    

 

SPECIFIC
TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL
HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE
WITH FIVE ASTERISKS (*****).

 

		(o)	Schedule
                                         X of the Charter (Gas Nomination Procedures) shall be deleted in its entirety and shall
                                         be replaced with a new Schedule X (FSRU Gas Nomination Procedure). The Parties will use
                                         their reasonable endeavors to develop and agree said procedures.

 

		5.2	All
                                         terms and conditions of the Charter, except to the extent modified or changed by Clauses
                                         1, 2, 3, 5, 6, 7, and 8 of this Amendment No. 2 shall remain in full force and effect.
                                         However, such terms and conditions shall be interpreted in light of and in such way to
                                         give effect to the intention of the Parties set out in Clause 2 above, provided however
                                         that, any further amendment or modification to the Charter that may be required during
                                         the Sub-Charter Period shall always be agreed in writing between the Parties.

 

		5.3	For
                                         the avoidance of doubt and with reference to paragraph 1.2(c)(ii) to Schedule III of
                                         the Charter, Owner shall not in any circumstances whatsoever be forced or obliged to
                                         lay off any of the Vessel’s master, officers or crew. However, Owner shall use
                                         reasonable endeavours to mitigate the Variable Element cost (i.e. manning and
                                         crew travel expenses).

 

		5.4	For
                                         the avoidance of doubt and without prejudice to Clauses 1-4, 5.2, 5.3, 5.4, 5.5 and 5.6,
                                         and 6-13 of this Amendment No. 2, for any Voyage the Charter shall apply without the
                                         amendments and/or additions set out in Clause 5.1 of this Amendment No. 2.

 

		5.5	For
                                         the avoidance of doubt and without prejudice to Clauses 1-4, 5.2, 5.3, 5.4, 5.5, and
                                         7-13 of this Amendment No. 2, upon expiry of the Sub-Charter Period the Charter shall
                                         apply without the amendments and/or additions set out in Clauses 5.1, 5.6, 6, 8, 9, 10
                                         16 of this Amendment No. 2 but without prejudice to any rights, obligations or liabilities
                                         that may have accrued prior to the expiry of Sub-Charter.

 

		5.6	At
                                         any time during the Sub-Charter Period when a Voyage is occurring, each of the Unscheduled
                                         Maintenance Allowance specified in Clause 25(d) of the Charter and each of the Off hire
                                         Allowance specified in Clause 24(h) of the Charter shall be reduced to an allowance equal
                                         to the original Unscheduled Maintenance and Off-hire Allowances, multiplied by the number
                                         of days in the then-current year of the Sub-Charter Period during which a Voyage has
                                         occurred, divided by ***** days.

 

    	EXECUTION VERSION	20

    	 

    

 

SPECIFIC
TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL
HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE
WITH FIVE ASTERISKS (*****).

 

		6.	Voyage

 

At any time during the Sub-Charter Period,
the Charterer is entitled to use the Vessel in LNG carrier mode (“LNG Carrier Mode”) and order the Vessel on
a Voyage. Charterer shall inform in writing Owner of its intention to use the Vessel in LNG Carrier Mode and Owner shall as soon
as reasonably possible and in all cases within a maximum ***** days of receipt of said notice, inform the Charterer when at the
soonest the Vessel can proceed to said Voyage, being understood that this date shall not be later than ***** days after receipt
of Charterer’s notice.

 

If Owner is requested by Charterer to
prepare the Vessel for a Voyage including but not limited to removal of any fouling, then to the extent not covered by paragraph
1.2 of Schedule III, Charterer shall reimburse Owner for the documented related costs within ***** days of receipt of Owner’s
invoice.

 

Notwithstanding anything to the contrary
in the Charter, during a Voyage Owner shall not be deemed to be in breach of any provisions of the Charter to the extent such
breach is caused by or otherwise directly attributable to the use of the Vessel in FSRU Mode. 

 

Unless Owner has been allowed to perform
Voyage preparations in order for the Vessel to meet its original performance guarantees of the Charter, Clauses 27(a)(i)-(ii),
the part of Clauses 27(c)(i) pertaining to speed and the part of Clause 27(c)(ii) pertaining to fuel oil consumption (not related
to excess boil off) shall not apply to any Voyage.

 

		7.	Reinstatement
                                         Work to the Vessel

 

At the expiry of the Sub-Charter Period
the Charterer in coordination with the Owner shall carry out reinstatement work in-situ in Uruguay or proceed to the Reinstatement
Yard where Owner shall arrange for the Reinstatement Work being carried out for Charterer’s time, risk and expense.

 

Owner shall provide to Charterer a proposed
Reinstatement Specifications, which scope time and related costs shall be mutually agreed to by the Parties. Charterer shall reimburse
Owner for the documented cost of the Reinstatement Work and compensate Owner for Owner’s own reasonable and documented costs
related to the Reinstatement Work to the extent not covered by paragraph 1.2 of Schedule III, including but not limited to the
cost of supervision, administration and follow up of the Reinstatement Work (to the extent not covered by paragraph 1.2 (c) (i)
of Schedule III), within ***** days of receipt of Owner’s invoice.

 

Notwithstanding anything to the
contrary in the Charter, the Vessel shall be on hire, and the performance warranties set out in Clause 27 of the Charter
shall not apply, for the duration of the Reinstatement Work. Vessel’s deviation time, time spent at, and time spent
returning from the yard for Reinstatement Work until the Vessel has regained a position equivalent to that when the Vessel
deviated for the Reinstatement Work shall not, for the avoidance of doubt, count against the Drydocking Allowances or the
Unscheduled Maintenance Allowances set forth in the original Clause 25(d) of the Charter.

 

    	EXECUTION VERSION	21

    	 

    

 

		8.	Indemnities

 

		8.1	

 

		(a)	Charterer
                                         shall indemnify and hold Owner Group harmless from any charges, costs, expenses, claims,
                                         liabilities and losses whatsoever (except for charges, costs, expenses, claims, liabilities
                                         and losses relating to the tax implications addressed in Clause 8.2 below) which Owner
                                         Group may incur as a consequence of the Sub-Charter, and,
                                         for the avoidance of doubt, that exceed charges, costs expenses, claims, liabilities
                                         and losses that Owner Group would have otherwise been liable for under the Charter.

 

		(b)	It is agreed between Owner and Charterer
                                         that the Sub-Charter and any other documents to be entered into pursuant to or in connection
                                         with the Sub-Charter are not intended to impose upon Owner Group any greater liability
                                         than that contemplated by the Charter and further, the indemnity by Charterer in sub-clause
                                         (a) above, subject only to the confirmation, clarification and agreement below, covers
                                         all liabilities which would not, under the original Charter, without any Sub-Charter
                                         to GNLS, have been suffered by Owner or any other member of Owner Group.

 

		(c)	It is confirmed, clarified and agreed
                                         as follows:

 

		(i)	that sub-clause (a) above shall
                                         not apply to any liability specifically addressed by Clause 68 of the Charter as amended
                                         ("Specified Liabilities"), which shall subsist and be construed in accordance
                                         with their terms regardless of where any Specified Liabilities may be suffered or incurred
                                         (including during any use or operation of the Vessel as an FSRU in Uruguay or as a conventional
                                         LNG carrier in Uruguay) and regardless of the nationality of the Party or Parties to
                                         whom any Specified Liabilities are incurred (and Specified Liabilities are hereby confirmed
                                         to be liabilities which do not fall within the scope of the words "as a consequence
                                         of the Sub-Charter" in sub-clause (a) above);

 

    	EXECUTION VERSION	22

    	 

    

 

		(ii)	that Owner's liability for any
                                         tortious act (which includes negligence) by Owner or any member of the Owner's Group
                                         to any third party shall be treated in the same manner as such tortious act would be
                                         treated under the Charter, and the fact that any such tortious act may be committed during
                                         operation of the Vessel as an FSRU in Uruguay or as a conventional LNG carrier in Uruguay)
                                         or elsewhere shall not change the allocation of liability which would otherwise apply
                                         as a consequence of such tort occurring under the Charter; nor shall the geographical
                                         location of any tortious act or the nationality of the Party or Parties injured by such
                                         tortious act(s) affect in any way the allocation of liability therefor. The fact that
                                         a tortious act to any third party is committed by Owner or any other member of the Owner
                                         Group while operations are conducted under the Sub-Charter does not affect in any way
                                         the culpability and liability of Owner or any member of the Owner Group for such tortious
                                         act(s) (and liability for such acts shall be treated as if they had occurred under the
                                         Charter); and any resulting loss suffered by Owner or any member of Owner Group shall
                                         not be covered by the indemnity in sub-clause (a) above (i.e., such acts are not contemplated
                                         by Owner and Charterer as falling within the scope of the words "as a consequence
                                         of the Sub-Charter" in sub-clause (a) above) save and except that any indemnities
                                         or limitations or exclusions of liability available to Owner under the Charter (excluding
                                         sub-clause (a) above) shall apply and shall be available to Owner in respect of any liability
                                         arising from use of the Vessel by GNLS SA as an FSRU in Uruguay or as a conventional
                                         LNG carrier in Uruguay or elsewhere;

 

		(iii)	that the indemnities in sub-clause
                                         (a) above and in Clause 8.2 below shall extend to and for the benefit of each member
                                         of Owner Group and that each member of Owner Group shall have the benefit of and may
                                         enforce those provisions notwithstanding Clause 13 of this Amendment No. 2.

 

8.2

 

		a)	Charterer shall always be liable
                                         for and shall indemnify and hold harmless Owner and each other member of Owner Group,
                                         on a net, after tax basis, against all Uruguayan Taxes; it being understood that any
                                         tax credit that Owner obtains, or would have obtained if a relevant tax credit claim
                                         had been made by Owner or other member of Owner Group, in relation to such Uruguayan
                                         Taxes shall be deducted from Charterer’s future indemnification amounts when the
                                         creditable amount has been confirmed based on a final tax assessment. If Charterer is
                                         entitled to a deduction in future indemnification amounts according to the above, but
                                         such deduction cannot be made, Owner shall reimburse Charterer accordingly. For the avoidance
                                         of doubt, the provisions of Clause 52 (Taxes) shall apply to taxes other than Uruguayan
                                         Taxes.

 

		b)	Notwithstanding the provisions
                                         of sub-clause (a) above, Owner and any member of Owner Group shall take reasonable measures
                                         to mitigate where reasonably and practically possible its tax exposure related to its
                                         presence in Uruguay by rotating where reasonably practicable the crew thereby mitigating
                                         Owner and any member of Owner Group’s liability to pay income tax or social security
                                         charges for its crew in Uruguay.

 

“Owner
Group”, for the purposes of this Clause 8 and Clause 9 below means Owner or its successor in application of the provisions
of Clause 21(b) of the Charter, Höegh LNG Holdings Ltd., Höegh LNG Ltd., Höegh LNG AS, Höegh LNG Fleet Management
AS, Höegh LNG Maritime Management Pte. Ltd., Mitsui O.S.K Lines, Ltd., Tokyo LNG Tanker Co. Ltd., Höegh LNG Partners
L.P and Höegh LNG Partners Operating LLC and such other directly or indirectly wholly owned subsidiary of Höegh LNG
Holdings Ltd. that is providing management services to the Owner in relation to the Vessel.

 

    	EXECUTION VERSION	23

    	 

    

 

		9.	Compliance
                                         with laws when in FSRU Mode

 

		9.1.	Owner shall use best efforts to comply
                                         and cause each applicable member of Owner Group to comply with all relevant Uruguayan
                                         laws and regulations applicable to the Vessel's operation in Uruguay in FSRU Mode, including
                                         the provision (either directly to government authorities or to Charterer, as applicable)
                                         of any documentation required by Uruguayan law and governmental authorities (with a copy
                                         to Charterer in the event such documentation is directly sent to government authorities).

 

		9.2	The following is agreed in respect of Owner's obligations
under Clause 9.1:

 

		a)	Subject to the provisions of Clauses
                                         9.1 and 9.2:

 

		i)	Charterer’s indemnity
                                         shall extend to Owner's costs of compliance, if any, with Uruguayan law both current
                                         law and any future changes of law;

 

		ii)	Charterer’s indemnity
                                         shall cover Owner and Owner Group for the consequences of failure to comply with Uruguayan
                                         law provided that Owner and Owner Group shall have used best efforts to comply. For the
                                         avoidance of doubt, Owner shall have no liability to Charterer for the consequences of
                                         failure to comply with Uruguayan law provided Owner and Owner Group use best efforts;
                                         and

 

		b)	Charterer shall inform Owner of applicable
                                         provisions of Uruguayan law which are not available from public sources and of proposed
                                         or imminent new laws or amendments to laws that Charterer is aware of and which may be
                                         relevant to Owner for purposes of the Project. For the avoidance of doubt, it shall never
                                         be held liable for not transmitting such information that it would have no knowledge
                                         of or for which it would be submitted to confidentiality restrictions.

 

		c)	Charterer shall use all reasonable
                                         efforts to obtain information from GNLS about agreements between GNLS and any Uruguayan
                                         governmental authorities relating to the Project which may affect the Vessel, Owner and/or
                                         any member of Owner Group and supply same to Owner for purposes of the Project. For the
                                         avoidance of doubt, it shall never be held liable for not transmitting such information
                                         that it would have no knowledge of or for which it would be submitted to confidentiality
                                         restrictions.

 

    	EXECUTION VERSION	24

    	 

    

 

SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE
CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL HAS BEEN SEPARATELY FILED WITH THE SECURITIES
AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH FIVE ASTERISKS (*****).

		10.	Exclusion
                                         of Consequential Loss

 

Notwithstanding
anything to the contrary contained in, or implied by, this Amendment No. 2 or any conditions of use, each Party shall each
bear its own Consequential Loss and shall be responsible for, and shall protect, defend, indemnify and hold harmless the
other Party in respect of any Consequential Loss suffered or sustained by the indemnifying Party and/or the indemnifying
Party Group irrespective of the negligence, breach of duty (statutory or otherwise), breach of contract, breach of warranty,
or strict liability of the person to be indemnified. The term "Consequential Loss" as used in this Clause 10 shall
mean (a) any consequential or indirect loss under English law; and/or (b) loss and/or deferral of production, loss of
product, loss of use, loss of revenue, profit or anticipated profit (if any), losses or damages under other contracts or loss
of opportunity, in each case whether direct or indirect to the extent that these are not included in paragraph (a) above, and
whether or not foreseeable and in each case howsoever arising out of or related to the use or operation of the FSRU Terminal
or otherwise in connection with the Terminal and not just limited (by implication or otherwise) to the subject-matter of this
Agreement. The term "Group" as used in this provision shall mean the parent companies, subsidiaries, affiliates,
employees, agents and sub-contractors (of any tier) of a Party.

 

		11.	Costs
                                         and Expenses

 

Charterer shall compensate Owner for all
time spend and all reasonable and documented costs and expenses incurred by Owner in connection with or related to (i) GNLS, the
Project and/or the Sub-Charter, and/or (ii) the negotiation, preparation and completion of this Amendment No. 2 and any other
documents related to the Sub-Charter, including but not limited to reasonable travel expenses and legal costs, provided however
that such costs have been approved in advance and in writing by Charterer.

 

The following costs are deemed to be approved
in advance and in writing by Charterer as per the date of this Amendment No. 2:

 

		(a)	Any legal costs incurred or which
                                         may incur, for the owner’s account under the Facility Agreement between the Owner
                                         and Owner’s Financiers in connection with or related to the negotiation, preparation
                                         and completion of this Amendment No. 2 and any other documents related to the Sub-Charter;

 

		(b)	Up to USD ***** for Owner’s
                                         external legal cost in connection with or related to the negotiation, preparation and
                                         completion of this Amendment No. 2 and any other documents related to the Sub-Charter,
                                         documented by copies of the relevant invoices; and

 

		(c)	Up to USD ***** for Owner’s
                                         reasonable and documented costs and expenses incurred by Owner in connection with or
                                         related to (i) GNLS, the Project and/or Sub-Charter and /or (ii) the negotiation, preparation
                                         and completion of this Amendment No. 2 and any other documents related to the Sub-Charter,
                                         provided these costs are not already included as operating costs or in the management
                                         fee paid for by Charterer to Owner under the Charter.

 

		(d)	MOSS Maritime has been hired as a
                                         consultant for the modification work. All costs generated by MOSS Maritime shall be for
                                         Charterer’s account. Costs will be closely monitored in cooperation
with the Charterer. The Charterer has received and approved the offer given by MOSS Maritime.

    	EXECUTION VERSION	25

    	 

    

  

		12.	Confirmation

 

		12.1	The Charterer hereby represents,
                                         warrants and confirms that the Group Agreement and the Sub-Charter contains provisions:

 

		(a)	expressly acknowledging the existence
                                         of the mortgage over the Vessel executed by the Owner in favour of the Mortgagee as Security
                                         Trustee for a syndicate of lenders and registered at the Norwegian International Ship
                                         Register;

 

		(b)	expressly acknowledging that GNLS’s
                                         rights under the Sub-Charter are subject and subordinate to the Owners’ rights
                                         under the Charter (with effect that, without limitation, GNLS shall not assert any claim
                                         against the Owner or the Vessel by reason of any breach by the Charterer of the Sub-Charter);
                                         and

 

		(c)	agreement that GNLS shall not
                                         assert any claim against the Owner for wrongful interference with GNLSs’ rights
                                         (or any similar or equivalent claim) in respect of any actions taken by the Owner in
                                         compliance with the Charter.

 

		12.2	The Charterer hereby represents, warrants and confirms
that the Group Agreement shall automatically terminate at the end of the Sub-Charter Period.

 

		12.3	The Charterer confirms, for the
                                         avoidance of doubt, that Clause 29(b) of the Charter covers any lien on the Vessel or
                                         claim against the Owner asserted by GNLS or FSRU Neptune Uruguay arising out of or in
                                         connection with the Sub-Charter or the Group Agreement, or in breach of the provisions
                                         of the Sub-Charter referred to in Clause 12.1 or of the provisions of the Group Agreement
                                         referred to in Clause 12.2 and the Charterer shall indemnify the Owner against the consequences
                                         of (i) any such lien or claim and (ii) any breach by the Charterer of Clause 12.1 or
                                         Clause 12.2.

 

		13.	Third
                                         party rights

 

No one who is not a party to the Amendment
No.2 shall have any rights under it by reason of the Contracts (Rights of Third Parties) Act 1999 except that the Mortgagee shall
have the benefit of and may enforce the provisions of Clause 12 above.

 

    	EXECUTION VERSION	26

    	 

    

 

		14.	Law
                                         and arbitration

 

		14.1	This Amendment No. 2 shall be governed by and construed
in accordance with English law.

 

		14.2	The dispute resolution provisions of clause 53 of the
Charter shall apply to this Amendment No. 2 as if set out in full in this Amendment No. 2.

 

		15.	Effective
                                         date

 

This Amendment No. 2 shall be fully effective
on the later of the date it is executed by both parties and the date the Mortgagee’s consent is given, as required by the
terms of the Owner’s financing documents (and the Owner shall promptly confirm to the Charterer on such consent being given
by the Mortgagee). However, Clause 11 of this Amendment No. 2 shall be fully effective starting on 15th September 2013
and include for the avoidance of doubt all costs and expenses generated in relation to the Project prior to the date of this Amendment
No. 2.

 

		16.	Miscellaneous

 

16.1 Adverse Weather Conditions

 

All operational limits set out in this
Clause 16 shall be subject to the results of a maneuvering study to be undertaken and accepted by the port authority at Punta
Sayago, the Charterer and the Owner to ascertain the safe operating conditions. In any event, during all maneuvering operations
suitable capacity tugs shall be required.

 

Weather conditions outside the below operating
window for the different operating modes shall be considered as “Adverse Weather Conditions”.

 

	 	Operation	Item	Limit Value
	A.	
        Maneuvering near the

        berth and mooring
	Maximum current near terminal	0.18 m/s at  320°N
	Maximum wind speed 	16 m/s
	Maximum wave height	Hs = 1.25 m
	
        B.

         

         
	
        Operational limit LNGC/FSRU : cargo handling (fixed by the LNG
        arms operating limit)

         

         
	Maximum current near terminal	0.5 m/s for all directions
	Maximum wind speed 	20 m/s (3”average)
	Maximum wave height	Hs=1.25m 
	C.	Safety limit LNGC: staying at berth with arms connected but without cargo handling (fixed by the LNG arms operating limit)	Maximum current near terminal	0.5 m/s for all directions
	Maximum wind speed 	26.7 m/s (3” average)
	Maximum wave height	Hs=1.25m 
	D.	
        Safety limit LNGC: staying at berth

        (fixed by the mooring)
	Maximum current near terminal	0.5 m/s for all directions
	Maximum wind speed	
        40.1 m/s

        (30” average)

	Maximum wave height	Hs=1.25m 

 

    	EXECUTION VERSION	27

    	 

    

 

	E.	Operational limit FSRU on eastern side : HP NG transfer (fixed by the HP arm operating limit)	Maximum current near terminal	0.5 m/s for all directions
	Maximum wind speed 	25 m/s (3” average)
	Maximum wave height	Hs=1.25m 
	F.	Safety limit FSRU on the eastern side : staying at berth with HP arm connected but without HP NG transfer (fixed by the HP gas arm operating limit)	Maximum current near terminal	0.5 m/s for all directions
	Maximum wind speed 	26.7 m/s (3” average)
	Maximum wave height	Hs=1.50m 
	G.	Safety limit FSRU on the eastern side : staying at berth disconnected (fixed by the mooring)	Maximum current near terminal	0.5 m/s for all directions
	Maximum wind speed	40.1 m/s
	Maximum wave height	Hs=1.25

 

“Abnormal Weather Conditions”
are weather conditions which are above the values provided in the following table:

 

	Condition	Wind	Waves	Current
	Vel. (kn)	Dir (°)	Hs(m)	Dir (°)	Tz 's)	Vel. (kn)	Dir (°)
	1	73	0	0,5	0	3	1	270
	2	72	30	0,9	30	3	1	90
	3	70	60	0,7	60	3,5	1	90
	4	75	90	1,1	90	3,75	1	90
	5.a	70	120	2,75	105	5,5	1	90
	5.b	80	120	1,5	105	5,5	1	90
	6	81	150	1,45	120	5,5	1	90
	7	83	180	0,75	120	5,5	1	90
	8	84	210	0,75	120	5,5	1	90
	9	85	240	0,5	300	4,75	1	270
	10	87	270	0,8	300	5	1	270
	11	89	300	0,8	300	4,25	1	270
	12	89	330	1,15	330	3,75	1	270

 

16.2 Schedule X: FSRU Gas nomination Procedures
to be detailed at a later stage

 

16.3 Accuracy of Measuring Equipment

 

For purposes of this Charter, the accuracy of the measuring
instrumentation and devices shall be:

 

		·	Cargo
                                         tank instrumentation.

 

Pressure:

 

    	EXECUTION VERSION	28

    	 

    

 

approx. +/- 1%

 

Temperature:

 

approx. +/- 0.2 deg C between
the range of – 165 deg C to – 145 deg C

 

approx. +/- 0.3 deg C between
the range of – 145 deg C to – 120 deg C

 

approx. +/- 1.5 deg C between
the range of – 120 deg C to + 80 deg C

 

Nitrogen flow meter:

 

approx. +/- 1.35%, based on
the orifice type

 

16.4 Acceptance Test Procedure

 

    	EXECUTION VERSION	29

    	 

    

 

A specific set of performance tests will
be carried out during commissioning. These are specified in Appendix 2.

 

IN WITNESS WHEREOF the Parties have executed this Amendment
No. 2 in triplicate as of the date above first written.

 

	For and on behalf of Charterer:	Witness
	 	 
	/s/ Francis Bretnacher	/s/ Gilles Billet
	Name: Francis Bretnacher	Gilles Billet
	Title:   Managing
    Director	Director
	 	 
	For and on behalf of Charterer:	Witness
	 	 
	/s/ Guy-Hubert De Sola	/s/ Illegible Signature
	Name: Guy-Hubert De
    Sola	 
	Title:   Director	 
	 	 
	For and on behalf of Owner:	Witness
	 	 
	/s/ Marthe Solaas	/s/ Illegible Signature
	Name: Marthe Solaas	 
	Title:   Attorney-in-fact	 
	 	Witness
	For and on behalf of Owner:	 
	 	 
	Name:	 
	Title:  	 

 

    	EXECUTION VERSION	30

    	 

    

 

Schedule 1

 

GAS
FORM C

 

		1.1	PREAMBLE

 

	Ship’s name	GDF SUEZ NEPTUNE
	Owner	SRV Joint Gas Ltd.
	Flag - Registry	NIS
	Builder	Samsung Heavy Industries Co., Ltd, Korea
	Delivery	30 November 2009 
	Class	
        XDet Norske
        Veritas, + A1Tanker for Liquefied

        gas, ship type 2G (Membrane tank, Maximum

        pressure 25 kPa, Minimum temperature –

        163degC), NAUTICUS (Newbuilding) PLUS-2, CSA-

        2, COAT-2, CLEAN E0, F-AMC, ICS, TMON, DYNPOS

        -AUT, STL, BIS, NAUT-AW

         

 

	GRT/NRT
	International	97,100
	Suez	98,727.21

 

	Is vessel approved?
	USCG	Yes
	IMO	Yes

 

1.2HULL

 

	 	Meters	Feet
	LOA	283.0611	928,54
	LBP	270.04	885.83
	Breadth	43.40	142.39
	Depth	26.00	85.30
	
        Keel to highest point

         

        Air draught (folded mast)

         

        Assumed ballast draught

         
	
        55.3

         

        40.4

         

        9.6

         
	
        181.4

         

        132.5

         

        31.5

         

 

    	EXECUTION VERSION	31

    	 

    

  

	Summer Load Line	12.4 m	Corresponding deadweight	80,857mt
	TPC at design draft  11.4 m	100.3 mt/cm

 

	Mean draft with full bunkers and full cargo
	Specific Gravity	Mean draft	Corresponding DW
	0.47 mt/m^3	11.64 m	73,143 mt

 

	Communication equipment
	International call sign	LADV7
	Radio station	257356000
	Satcom B	
        764876384

        764876385

        764876386

         

	- Telephone/telex	
        +441224347218
        (IP)

         

        + 47 94508198 (Cell)

         

         

	- Telefax	
        764876387

         

         

	Satcom C Telex	425735610 / 425735611

 

		1.3	MACHINERY

 

	Main Engine
	Type	
        Wartsila: 12V50DF x 3 units

         

        Wartsila: 6L50DF x 1 unit

         

	Max Cont.	3 x 11,400 kW + 1 x 5,700 kW
	Grade fuel used	
        Marine diesel oil (ISO 8217:1996, DMB)
        ,

         

        Boil-off gas

         

        Heavy Fuel Oil (Low Sulphur <1.5% m/m)

         

 

    	EXECUTION VERSION	32

    	 

    

 

SPECIFIC
TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL
HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE
WITH FIVE ASTERISKS (*****).

 

	Other machinery
	Propeller	1 Fixed Pitch, 
	Bow Thrusters	
        2,000 kW x 2 units 

         

        6.6 kV, Controllable Pitch, 4-bladed,
        Ni-Al-Bronze

         

	Stern Thrusters	
        1,200 kW x 2 units 

         

        6.6 kV, Controllable Pitch, 4-bladed,
        Ni-Al-Bronze

         

 

	Speed/Consumption (propulsion power only)
	Guaranteed speed (Round trip, Beaufort Force 5) 	19.5 knots 
	Average consumption on guaranteed speed	
        ***** tons MDO/day (main engine)

         

        ***** tons HFO/day (main engine)

         

 

	Fuel consumption (for information only)
	Loading:   	    23 tons/day
	Discharging (conventional):	  36 tons/day
	Anchorage (MDO mode):	  8.3 tons/day
	Fuel consumption during regasified LNG discharge (for information only)
	Regas rate (mmscuf/hr)	120	250	450	500	600	712.5	750
	Regas rate (mt/hr)	101	210	378	420	504	599	630
	Fuel consumption, NG              (mt/day)	*****	*****	*****	*****	*****	*****	*****
	Fuel consumption, MDO               (mt/day)	*****	*****	*****	*****	*****	*****	*****

Note:

 

Gas consumption at DF engine(s) and 2 regas boilers based on
Low Calorific Value (LCV) of 49,900 KJ/kg

 

Diesel oil consumption as pilot fuel at DF engine(s) based
on Low Calorific Value (LCV) of 42,700 KJ/kg

 

    	EXECUTION VERSION	33

    	 

    

 

	Permanent bunkers capacity
	HFO	4,311,3 m3	MDO/MGO    	1,398,6 m3
	 	 	TOTAL	5,719 m3

  

		1.4	CARGO INSTALLATION

 

	Transportable products and respective quantities *)
	

Tank

No.	20 °C

100%

M3	-163 °C

98.5 %

M3	
        -163 °C

        

        98.5%

         

        MT

         

        S.G. 0.47

         
	
        -163°C

         

        70%H

         

        M3

         
	
        -163°C

         

        70%H

         

        m

         
	
        -163°C

         

        10% H

         

        M3

         
	
        -163°C

         

        10%H

         

        m

         

	1	19,375	19,084	8,969	13,192	19.275	1,488	2.754
	2	41,882	41,254	19,389	31,222	19.268	3,944	2.753
	3	41,883	41,255	19,390	31,221	19.265	3,944	2.752
	4	41,897	41,269	19,396	31,234	19.270	3,946	2.753
	Total	145,037	142,862	67,145	106,869	 	13,322	 

 (Please Note that Heights and Volume for 10 % and
70% of Tank Height were calculated from Cargo Tank Gauging Tables) ( off 100% range of the tank )

 

*) Approx. figures per 1 July 2009 based on a cargo specific
gravity of 470 kg/m^3

 

The cargo tank system is GTT Mark III, reinforced to all cargo
tank area except tank bottom in accordance with GTT document N500 CR009.

 

	Scantlings of the cargo tanks are based on a maximum density of cargo of 500 kg/m3.

 

	Tank working pressure
	Maximum pressure	25 kPa gauge
	Minimum pressure	-1 kPa gauge
	Minimum temperature acceptable in tanks	-163oC

 

	Acceptable cargo filling levels 
	Lower criteria	Below 10% of cargo tank height
	Upper criteria	Above 70% of cargo tank height

 

    	EXECUTION VERSION	34

    	 

    

 

	Loading & discharging time for LNG	12 hours, excluding time for connecting, disconnecting, cooling down, topping up and custody transfer measurement

 

		1.5	CARGO MACHINERY

 

	Cargo pumps	1,700 m^3/h @155 mlc x 8 units
	Cargo pump location	2 in each cargo tank
	Max permissible specific gravity	500 kg/m
	Time for discharging full cargo using all cargo pumps against no backpressure	12 hours, excluding time for connecting, disconnecting, cooling down, topping up and custody transfer measurement 
	Unpumpable cargo volume	 491   m3
	Heel LNG for cooling down	500 m^3
	Fuel LNG for ballast voyage	3,300 m^3
	Cargo remaining onboard in cargo tanks after completion pumping	3,841 m^3
	Spray pumps	50m^3/h @145 mlc x 4 units
	Fuel Gas Pumps	
        40m3/h@215mlc x 2 units

         

        Located in tank No. 3 and 4

         

	Emergency cargo pump/ LNG Feed Pump	
        650m^3/h @155 mlc x 3 units

         

        Located in tank No. 2, 3 and 4

         

 

	High duty cargo compressor	32,000 m^3/h x 2 units 
	Low duty cargo compressor	4,350 m^3/h x 2 units
	Nitrogen plant	120 Nm^3 x 2 units
	Inert gas plant	14,000 Nm^3/h x 1 unit

 

    	EXECUTION VERSION	35

    	 

    

  

	Composition of inert gas
	Carbon dioxide, CO2	Max 14% by volume
	Oxygen max., O2	1.0% by volume
	Carbon monoxide max. ; CO	100 ppm
	HC	0%
	Soot	Bacharach 0
	Sulphur oxides max., Sox	10 ppm
	Nitrogen oxides max. ; NOx	100 ppm
	Remainder	N2, H2, Air
	Dewpoint	-45oC at atm.
	Grade fuel used	DMA:  ISO 8217
	Discharge pressure	Max. 25 kPaG

 

	State if any shore supply of liquid nitrogen may be required   NO
	May be required for purging of tanks and insulation spaces  
	What quantity?	 

 

	Gas freeing
	Can this operation be carried out at sea?	Yes

 

	Heaters
	Cargo Vapor Heater (warm-up)	16,939 kg/h x 2 units (-117oC to  0oC)
	Cargo Vapor Heater (boil-off)	4,621 kg/h x 2 units (-140oC to 45oC)

 

	Guaranteed boil-off rates
	Laden condition	0.16% / 24h
	Ballast condition	0.10% / 24h

 

	 Fuel Gas Vaporizers
	LNG vaporizer	23,970 kg/h x 1 unit
	Forcing vaporizer	5,800 kg/h x 1 unit

 

    	EXECUTION VERSION	36

    	 

    

 

		1.6	MEASURING APPARATUS

 

	 	Type and location	Number
	
        Primary level gauge system

         

        Secondary level gauge system

         
	
        Radar sensor, top of each tank

         

        Radar sensor

         
	
        4

         

        4

         

	Cargo temperature	
        Temperature Sensor;

         

        Vapor space at liquid dome +

         

        Liquid space (0,10,50,95%) on tank bottom and pump column

         
	
        40

         

        2 x 5 in each tank

         

	Absolute pressure transmitter	Vapor dome of each tank	4 

 

		1.7	CARGO LINES

 

	Is vessel fitted with midship manifolds	Yes, 2
	Distance from cargo manifold to stem (FP)	132 m
	Distance from manifold to stern (AP)	138 m
	Height cargo manifold above deck	4.8 m
	Height manifold above working platform	1.4 m
	Height cargo manifold above waterline when light	21.2 m
	Height cargo manifold above waterline when loaded	19.4 m
	Distance manifold from ship’s rail	3.15 m
	Distance between loading and vapor return connections	3.0 m
	Is vessel fitted with stern discharge	No
	Is vessel fitted with fore discharge	No

 

	Dimension of lines
	 	Diameter	Flange size
	Liquid	400 mm	16”
	Vapour Line	400 mm	16”

 

    	EXECUTION VERSION	37

    	 

    

 

	What reducers onboard
	Number	Diameter	Pressure rating
	3	16”/12”	10 kg/cm^2

  

		1.8	LNG REGASIFICATION SYSTEM

 

	
        Liquid inlet conditions:

         

        Pressure

         

        Temperature

         

        Liquid volume flow

         

        Composition (mass %)

         
	
         

         

        5 bara

         

        -160oC (256oF)

         

        479.8 m^3/h x 3 units

         

        Typical Trinidad composition as given
        in Appendix I to Schedule 1, para 11 (c) 

         

	
        Gas outlet condition:

         

        Volume

         

        Pressure

         

        Temperature

         
	
         

         

        250 mmscuf/day x 3 units

         

        105 bar

         

        10 oC

         

	Capacity	
        210,000 kg/hr x 3 units

         

         

         

	LNG booster pump number	6 units
	LNG  booster pump  discharge pressure	120 bar
	LNG booster pump suction pressure	5 bar
	LNG booster pump temperature	-160°C

 

    	EXECUTION VERSION	38

    	 

    

 

	Steam pressure from boilers (saturated)	28 kg/cm^2
	 	 
	LNG/brine Shell & Tube Heat exchanger	3 units
	Steam/brine PCHE	
        3 units

         

        Separate steam and condensate section
        each unit

         

	Brine circulation pump	680 m^3/h x 6 units

  

		1.9	GAS METERING SYSTEM

 

	Ultrasonic Gas Metering System	
        Ultrasonic gas flow meters x 2 units

         

        Pressure transmitters x 2 units

         

        Temperature transmitters x 2 units

         

	Gas Analyzer System	
        Sample probe x 2 unit

         

        Gas chromatographs x 2 units

         

        Supplementary Gas Chromatograph x 1 unit

         

        Analyzer cabinet x 1 unit

         

	Metering Control System	
        Metering cabinet x 1 unit

         

        Flow computers x 2 units

         

        Supplementary flow computers x 2 units

         

 

		1.10	BALLAST SYSTEM

 

	Pumps	Particular
	No.	Three (3)
	Type	Vertical single stage, centrifugal
	Prime mover	Electric motor
	Discharge rate	2,500 m3/h
	Total head	30 mwc (S.G.: 1.025)

 

    	EXECUTION VERSION	39

    	 

    

  

		1.11	ODORANT INJECTION SYSTEM

 

	Odorant	Mercaptan Mixture
	Injection Rate	1.0lb/mmscf
	Injection Pumps	2 x 100%
	Injection Controllers	2 x 100%
	Injection Point	1
	Storage Tank	 

 

		1.12	LIFTING DEVICE

 

	Location	Aft	Amidships	fwd
	 	STB and Port	
        Manifold area

         

        Stb and Port

         
	Regas and STL area
	Number and lifting capacity	
        1 x 15 mt SWL (STB)

         

        1 x 5 mt SWL (Port)

         
	2 x 12 mt SWL	
        1 x 10 mt SWL (Hs < 0.5m)

         

        1 x 8 mt SWL (Hs < 1.0m)

         

	Max. distance from ship’s side of lifting hook	5 m	5 m	6 m

 

    	EXECUTION VERSION	40

    	 

    

 

Appendix
1  

 

(Preliminary)
Description of Modification Work

 

		1.	High Pressure Gas Manifolds
                                         

4 pcs DN400 high pressure gas
manifolds will be installed with automatic valves, two each side (one as a forward extension of existing cargo manifold and one
further forward). The valves will have automatic closing functionality from the existing ESD system.

The piping for the high pressure
gas manifolds will be routed from gas send out from regasification plant to the high pressure manifolds via T-piece and 1 pcs
manual valve in order to select whether to send gas to shore manifolds or via turret. If gas is sent to high pressure gas manifolds,
the turret will be blinded with 1 pcs spectacle flange. A manual valve is also installed on the starboard side of gas export crossover
to port side to allow segregation.

New pressure transmitters are
installed in each new port/stb. main HP export pipe, and separately on shore side of each new HP manifold.

 

New walkway across transversal
HP Gas line between starboard to port side will be provided.

 

Two new Davits/Cranes to be
installed on forward HP Gas Export Platforms in order to lift down FMC valve to Upper Deck. Crane Capacity 3 tonnes at 2 m. arm.

 

See general arrangement
drawing for the high pressure manifolds (3797-MM-ZD-101-001 General Arrangement), HP Gas Line Piping Arrangement (3797-MM-PD-355-001,
Manifold Platforms (3797-MM-ND-263-001 to 004 HP Manifold Platforms,) P&ID Gas Export System (3797-MM-PD-900-003), material
list (TBC) and valve list for same (37979-MM-PB-900-001 Actuated valves datasheets LNG and NG system).

 

		2.	Segregation of Individual
                                         Regasification Skids, existing units

In order to allow maintenance
on individual skids without interrupting regas operation, approximately 25manual valves and spectacle flanges will be installed
on each regas skid. In addition, one manual valve and a drain line will be installed to allow draining and purging of isolated
skids back to cargo tanks.

 

See P&ID for regasification
plant (3797-MM-PD-900-006 P&ID REGASIFICATION PLAN) and valve list for same (similar as for Sister Vessel: Valve List Redundancy
Upgrade Rev05.xlsx).

 

    	EXECUTION VERSION	41

    	 

    

 

		3.	Installation of Low
                                         Capacity Regas Pump Skid.

A pump skid with three small
capacity booster pumps will be installed to reduce minimum regas capacity down from approximately 60mmscf/d to 11 mmscf/d. Each
pump has a maximum capacity of 22 mmscf/d. The three booster pumps are installed in a separate skid on the forward port side,
forward of the glycol storage tank. The three pumps are interconnected to the three regas skids, downstream the existing booster
pumps. The new pumps will be installed with same segregation philosophy as with the existing regas skids in order to allow in
service maintenance.

 

The reduced gas flow through
the vaporizers will also require reduced heat input from the steam/glycol system, hence additional smaller capacity steam inlet
control valves are installed in parallel with existing control valves on each regas skid.

 

New Electrical Steam Boiler
with low steam generation capacity to be installed in Boson Store forward, if not existing Boiler burners can be downgraded sufficiently
in order to reduce fuel gas cost.

 

Cryogenic spill protection with
drainage down to sea level will be incorporated in order to ensure safety.

 

One new CCTV camera will be installed to allow video
monitoring of Pump Skid area.

 

Existing Glycol Tank has to
be relocated in order to provide access to Pump Skid.

 

See P&ID for regasification
plant ( P&ID - LNG low send-out pump skid - Neptune Pump Skid (01-DRAWING - 1347730 - 1 - 02) - 1.PDF) and valve list for
same (Copy of Valve list - Neptune pump skid (01-LIST - 1349306 - 1 - 02) - 1.PDF).

 

		4.	Increase Redundancy
                                         on Key Components of the Regasification Plant 

 

Control of LNG inlet to suction
drum: 2 pcs automatic valves, 4 pcs block valves and 8 pcs bleed valves.

 

Control of vapour return from
suction drum: 2 pcs automatic valves, 4 pcs block valves and 4 pcs bleed valves.

 

Control of gas supply to suction
drum: 1 pcs automatic valve, 4 pcs block valves, 2 pcs spectacle flanges and 10 pcs bleed valves.

 

Pressure relief from suction
drum to safety header: 1 pc safety relief valve, 4 pcs block valves and 2 pcs bleed valve.

 

Pressure relief valve from
LNG inlet on suction drum to safety header: 2 pcs block valves and 1 pcs bleed valve.

 

    	EXECUTION VERSION	42

    	 

    

 

Pressure relief valve from
suction drum drain line to safety header: 2 pcs block valves and 1 pc bleed valve.

            

Pressure relief on gas supply
to suction drum from gas export system: 1 pce safety relief valve, 4 pcs block valves and 2 pcs bleed valves.

 

See P&ID for regasification
plant (3797-MM-PD-900-005) and valve list for same (Valve List Redundancy Upgrade Rev05.xlsx).

 

		5.	Installation of High
                                         Pressure Gas Compressor

 

A high pressure gas compressor (“HP Compressor”)
will be permanently installed in order to deliver any excess boil off gas to shore via export line. The compressor skid will be
installed forward of the cargo compressor room on starboard side. The suction pressure will be 1,15 bara and delivery pressure
up to 100 bara with a rated capacity of 5 tons/hr.

 

Two new CCTVs will be installed to allow video monitoring
of major areas in HP Compressor unit. The cameras will be relocated from the SRV system.

 

See P&ID for cargo system
(3797-MM-PD-900-006 P&ID REGASIFICATION PLAN).

 

		6.	Upgrade of Cargo Control-,
                                         ESD- and SSL Systems

 

Install new process and control
cabinet for the HP compressor. Provide new software, safety functionality, mimic screen pictures, etc.

 

Integrate operation of the
new booster pumps skid within the existing IAS.

 

Provide various hardware and
software changes for the existing regas units.

 

Control and feedback of additional
valves need to be incorporated in the control system.

 

Feedback from additional pressure
transmitters will be incorporated in the control system.

 

Isolation of individual components/systems,
e.g. isolate individual skids to prevent alarms during maintenance.

 

Ensure cargo loading
and gas production can run simultaneously.

 

Incorporate
new safety functionality according to revised C&E diagram within the existing ESDS system for high pressure manifold valves.

 

    	EXECUTION VERSION	43

    	 

    

 

Prepare system for site-specific
communication and data information exchange via Ship-Shore Link.

 

		7.	Installation of Customer
                                         equipment on bridge

The Jetty is planned to be un-manned when gas export
only is in progress from the FSRU. During these periods, remote control will be arranged from a separate Jetty control centre
located in aft Stb. corner of the Wheel House. This area will then be integrated into the existing FSRU cargo control room.

Among equipment that will be installed in the new
Jetty control centre, the following items can be mentioned. All items are supplied by Owner/Jetty operator:

		·	Monitors
                                         for remote indication of jetty status. The monitors are interfaced towards the jetty
                                         DCS.

		·	CCTV
                                         monitors for indication of jetty views

		·	Mooring
                                         system with monitor for indication of loads in jetty mooring hooks

		·	Hot
                                         line telephones

		·	OPC
                                         cabinet for interface purposes of Jetty and FSRU control and monitoring systems

 

Conversion work.

Installation of Jetty OPC cabinet

 

		8.	Sea Water Cooling System
                                         Upgrade 

 

Marine growth prevention system
upgraded to ten (10) times capacity for efficient marine growth prevention at low salinity.

 

Installation of manual valves,
re-arranged and added piping in engine room, allowing any of the general service pumps to be used for sea water cooling and back
flushing of atmospheric condenser for regasification boilers.

 

Installation of new FW Cooling
Pumps for HP Compressor, including new piping to HP compressor cooling..

 

Installation of 3x50% regas
capacity strainers to prevent mud and silt entering the sea water cooling system.

 

See piping diagram for engine
room (3797-MM-LD-722-001), Sea Water Pumps and Filters (3797-MM-LD-721-005).

 

    	EXECUTION VERSION	44

    	 

    

  

Appendix 2

 

Site Acceptance Tests and Performance
Tests at Delivery Point with the Vessel

 

		A.	Site Acceptance Tests (SAT)
                                         to be performed during the Commissioning Period

 

		1.1.	Site Acceptance Test (SAT) -
                                         Unloading transfer rate between the LNGC and the Vessel

 

The transfer rate will be limited
to max. 4 000 m3/h through the unloading arms L-131A/B located on the jetty at LNGC side and into the FSRU through
the loading arms L-121A/B located on the jetty at FSRU side, loading rate to be adjusted taking into account the send-out and
the fuel gas consumption required for the close loop system and the design capacity of the CGU and the steam dump. This reduced
maximum transfer rate is caused by the limited capacity of the boil-off handling system installed on board of the Neptune vessel,
which has been designed as a SRV intending to download her cargo in some days into the grid.

 

Purpose of this unloading transfer
rate test is to confirm the 4 000m3/h transfer rate could be reached in stable mode.

 

		1.2.	Site Acceptance Tests (SAT) –
                                         nominal send-out capacity

 

The nominal send-out of 10
Mm3 (st)/day in (N+1 configuration) will be checked during the performance tests on site during 3 periods of 2 hours, at nominal
pressure of 100 barg in stable conditions (average value of the 3 performance tests) and at temperature of minimum 5°C temperature
at the outlet FSRU HP gas manifold. Detail procedure will be developed to define the operating conditions of the performance test.

 

		1.3.	Site Acceptance Tests (SAT) –
                                         Guaranteed fuel consumption

 

The ramp-up from 0,3 Mm3 (st)/day
up to 10 Mm3 (st)/day will be checked on site with associated fuel consumptions for guaranteed points without LNG loading (0,3;
0,6; 1; 3; 5; 10 Mm3 (st)/day), in stable conditions and as per an agreed procedure to be developed during the detail design between
the FSRU provider and the Charterer.

 

Site Acceptance Tests are scheduled with
the intention to be performed within one week to avoid delay in the deliverance of the provisional acceptance test certificate.

 

Detailed Commissioning Period, scopes and procedures and the
exact required duration covering Site Acceptance Tests shall be discussed and developed between the Owner and the Charterer.

 

    	EXECUTION VERSION	45

    	 

    

 

Performance tests described in paragraph
B of this Appendix 2 (“Performance Tests”) will be conducted in order to demonstrate proper operation of the
Vessel’s Regas facilities in different operating mode.

 

		B.	Performance Tests required
                                         by the Charterer

 

Additional Performance Tests will be performed
at Charterer’s request after the completion of the Site Acceptance Tests, in order to check the proper operation of the
various pumping and regasification systems all together and in various combinations.

 

In particular, the minimum sendout of
0.3 MSm3/d, with and without the HP compressor; will be tested during such Performance Tests.

 

Period, scopes and procedures shall be
discussed between the Owner and the Charterer and shall be submitted by the Owner for Charterer’s approval.

 

    	EXECUTION VERSION	46

    	 

    

 

SPECIFIC
TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL
HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE
WITH FIVE ASTERISKS (*****).

 

Appendix 3

Technical availability

 

The Owner shall implement
a process to record the status of the Critical Equipment and of the Major Equipment and report such status on the shift log at
the end of each shift. Each such shift log shall be consolidated into one log for each Gas Day (the “Consolidated Shift
Log”). This Consolidated Shift Log will be used to determine the unavailability of each item of Critical Equipment for
such Gas Day. Any unavailability of one item of Critical Equipment below N shall be considered as an event of "Technical
Unavailability" as shown in the Consolidated Shift Log for the applicable Gas Day.

In addition, the Owner
shall implement a process to regularly check the recorded technical availability of the regasification of LNG and the transfer
of high-pressure natural gas, as stated in (a) above, through the testing of the Critical Equipment on a rotating schedule ("Rotary
Verification Tests"), as well as the testing of the Guaranteed Nominal Regas Capacities.

 

The sequence and frequency
of Rotary Verification Tests in respect of the Critical Equipment shall be based on and conducted in accordance with the Master
Maintenance and Repair Plan. The intention is to rotate the running equipment and to get evidence that all equipment is able to
perform the services. The rotation cycle will be of maximum two (2) months for a complete cycle.

 

For each Verification
Test, the procedure shall take into account, but not be limited to, equipment running hours, mandatory Classification Society
survey requirements, cargo system containment and equipment manufacturer’s maintenance recommendations, spare parts inventory
and historical data from previous inspections.

 

The Critical Equipment
will be tested without disrupting normal operation of the Vessel, in terms of the schedule, including cargo scheduling, LNG unloading
and the Preliminary Gas Nomination Schedule, including Nominated Daily Quantities.

 

The Owner shall submit
to the Charterer for each set of Guaranteed Nominal Regas Capacities Verification Tests the detailed test procedures, including
protocols, conditions of acceptance and rejection, and the schedule of such Verification Tests not less than ***** days in advance
of such Verification Tests. The Guaranteed Nominal Regas Capacities Verification Tests may be conducted no more than twice in
each Contract Year at the Charterer’s request or otherwise at any other time deemed appropriate by the Owner, and if such
Verification Tests are requested by the Charterer, the same shall be performed no later than ***** days following the Charterer's
request.

 

The Owner shall issue
to the Charterer a reasonably detailed report of each Verification Test, containing a summary of such Verification Test, the raw
data, calculations and results thereof within ***** days of the date on which such Verification Test was performed.

 

 

    	EXECUTION VERSION	47

    	 

    

  

For the avoidance of
doubt, actual fuel consumption recorded during the Guaranteed Nominal Regas Capacities Verification Tests shall not be considered
in determining a reduction in the Hire Rate as a result of a deficiency in Warranty Fuel Consumption.

 

If during a Rotary Verification
Test an item of Critical Equipment fails, the subsequent unit from the same item of Critical Equipment shall immediately be tested
in the test sequence of the Rotary Verification Tests.

 

    	EXECUTION VERSION	48

    	 

    

 

Appendix
4

LNG
composition

 

The range of LNG compositions considered
for Normal Performance is indicated in the following table. This range of LNG compositions covers a large range of LNG qualities
(excluded: Lybia & Heaviest Algeria).

 

Typical LNG compositions shown here below
and referred to them as design case, Lean LNG and Rich LNG:

 

	 	 	Design Case (Rich Rich Peru)	 	Lean LNG (Trinidad)	 	Rich LNG (Algeria)
	 	 	Mol %	 	Mol %	 	Mol %
	Nitrogen	 	0.5	 	0.01	 	0.01
	Methane	 	88.51	 	96.7	 	84.19
	Ethane	 	10.64	 	2.80	 	11.0
	Propane	 	0.32	 	0.4	 	3.15
	i-Butane	 	0.01	 	0.03	 	0.6
	n-Butane	 	0.01	 	0.03	 	0.8
	Pentane	 	0.01	 	0	 	0.25

 

	PHYSICAL PROPERTIES	 	Design Case

        (Rich Rich Peru)
	 	Lean LNG

 (Trinidad)	 	Rich LNG 

(Algeria)
	Molecular Weight	 	Kg/kmole	 	17.7	 	16.59	 	19.2
	Boiling Temperature	 	°C	 	-160.8	 	-161.2	 	-159.8
	Density at standard conditions	 	kg/Sm3	 	0.749	 	0.702	 	0.817
	Density (LNG)	 	Kg/m3	 	456	 	434.2	 	479.5
	High Heating Value HHV (Volume)	 	MJ/Sm3	 	40.3	 	38.47	 	43.75
	High Heating Value HHV  (Mass)	 	MJ/kg	 	54.0	 	54.9	 	53.85
	Wobbe index	 	MJ/Sm3	 	52.2	 	51.32	 	54.2

  

Some of these compositions (including
the design case) do not respect the High heating value and/or the wobbe index and/or the nitrogen content of the pipeline specification
and it is expected that in some operating modes (by running the HP compressors, due to ageing, the gas will be outside the gas
pipeline specification requirements (Decreto N° 78/999 del 13/04/1999). Owner takes no liability or responsibility for the
discharge gas quality.

    	EXECUTION VERSION	49

    	 

    

 

SPECIFIC
TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL
HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE
WITH FIVE ASTERISKS (*****).

 

Appendix
5

Port Safety Requirements

 

The Charterer warrants that the Vessel
will operate in a Designated Port which is a safe Port, meaning a Port which through adherence to international standards and
best practice, and under the required operating conditions set out in this Agreement has the facilities, operations and procedures
to ensure the safety of the Vessel, its crew and the Port environment whilst at the berth, or maneuvering within the Designated
Port limit and its contiguous zone/traffic scheme (existing channel).

 

Charterer will operate under the requirements
imposed by any governmental authority, which requirements must:

 

		-	regulate and control the entry
                                         of vessels into Ports, and their stay, movements or operations in and departures from
                                         Ports;

 

		-	regulate and control pollution
                                         and the protection of the environment within the Port limits;

 

		-	exercise licensing and controlling
                                         functions in respect of Port services and Port facilities; and

 

		-	exercise the licensing of the erection
                                         and operation of off-shore cargo-handling facilities and services relating thereto.

 

By 31st December 2014 a Port
operations manual must be developed by Charterer. At the latest ***** months before start of the operation, such manual will have
been verified by both the Owner and a suitable and mutually agreed independent 3rd party.

 

The Port operations manual must include
at a minimum:

 

		-	a description of the Port;

 

		-	a description of authorisation
                                         of different parties;

 

		-	a description of operations, including
                                         emergency contract structure (e.g. emergency contact list),

 

		-	a description of communication procedures;

 

		-	environmental operating restrictions;

 

		-	emergency response procedures including
                                         emergency departure;

 

		-	pollution control procedures; and

 

		-	appendices covering drawings, regulations
                                         and standard forms.

 

The Port must provide a safe means of
transferring all of the Vessel’s waste and oil products to ensure that the Vessel can comply with the International Prevention
of Pollution from Ships 1973/78 (MARPOL 73/78) regulations and all subsequent amendment whilst in Port.

 

The Port must comply with the relevant
sections of the 2004 International Ship and Port Facility Security Code (ISPS) as amended from time to time.

 

    	EXECUTION VERSION	 

    	 

    

 

SPECIFIC
TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL
HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE
WITH FIVE ASTERISKS (*****).

 

The Port must be provided with suitable
Fi-Fi 1 rated standby vessels available on continual service at all times whilst the Vessel is at one of the berths. This standby
vessel must be capable of towing the Vessel at 3 knots and in Beaufort Force 5 conditions.

 

The company operating the standby vessel
must have experience in LNG operations, fire fighting response, and oil pollution response. It must also comply with all applicable
and necessary design, procedural and operational regulations.

 

An exclusion zone to all vessels and non-authorised
Port vessels must be in operation around the Vessel when operating as an FSRU. Various levels of response and control by the Charterer
must be agreed for ships coming within other specified distances of the Vessel at the Port. These distances must be developed
based upon the risk of incident and the ability of the Charterer/the passing ship to respond to control actions.

 

Any pilotage duties must be conducted
by suitably qualified harbour pilots who have suitably conducted full mission simulator training of LNG carrier movements and
operations in the Designated Port. Charterer will co-operate with Owner to ensure that the form of pilot training is appropriate
for the Vessel.

 

Charterer is to monitor expected weather
conditions at the site for ***** days ahead, and inform the Owner and Vessel master of such conditions. In the event that expected
weather conditions may result in the Vessel being required to disconnect from the berth, then the Charterer shall cooperate with
the Owner to ensure that filling limits inside the Vessels tanks are within the safe fill level specified in Schedule 1.

 

At all times the Vessel master has the
right to take the Vessel to sea at his or her sole discretion if the master at any time considers that remaining at berth is or
will become unsafe and the Vessel master will give notice thereof to Charterer as soon as reasonably practicable. During this
period the Vessel will remain on hire and will not be considered as non-performing or under performing for purposes of paragraph
12 of Schedule 1 to Schedule I, or any other provision of this Agreement.

 

    	EXECUTION VERSION	51

    	 

    

 

Appendix
6

Discharge Performance
Certificate

 

[date]

 

Discharge Performance Certificate

 

Reference is made to Clause 27 (Performance)
(b) (ii) of the Time Charterparty dated 20 March 2007 (as amended) (the “Charter”) and made between SRV Joint
Gas Ltd. as owner (the “Owner”) and GDF SUEZ LNG Supply SA as charterer (the “Charterer”).

 

Terms defined in the Charter shall have
the same meaning when used in this certificate unless given a different meaning herein.

 

On [date] the Actual Discharge
Rate was [reduced] [increased] from [ ] MMScf/day to [ ] MMScf/day during regasification of LNG and has been in operation for
three (3) periods of at least eight (8) hours. As of [date] such [reduced] [increased] Actual Discharge Rate, being [ ]
MMScf/day, shall be the [Lowest Performance] [Normal Performance].

  

	For and on behalf of Owner	 	For and on behalf of Charterer
	 	 	 
	 	 	 
	Name:	 	Name:
	Title:	 	Title:

 

    	EXECUTION VERSIONExhibit 4.19

 

Execution Version

 

Dated 18 July 2014

 

MITSUI
O.S.K. LINES, LTD.

 

and

 

HÖEGH
LNG PARTNERS OPERATING LLC

 

and

 

TOKYO LNG TANKER CO., LTD

 

 

 

 

AMENDED AND RESTATED 

SHAREHOLDERS’ AGREEMENT

 

 

 

    	 

    	 

    

 

Execution Version

 

INDEX

 

	Article	 	Page
	 	 	 
	1	DEFINITIONS	2
	 	 	 
	2	purpose of EACH company	6
	 	 	 
	3	MANAGEMENT AND TECHNICAL AGREEMENT	6
	 	 	 
	4	CAPITALISATION OF THE COMPANY - SHARE CAPITAL OF THE COMPANIES	6
	 	 	 
	5	FINANCING OF THE VESSELs	6
	 	 	 
	6	fees	7
	 	 	 
	7	GUARANTEE/support undertaking	8
	 	 	 
	8	articles OF each COMPANY	8
	 	 	 
	9	DIRECTORS AND OFFICERS AND OTHER MATTERS	8
	 	 	 
	10	DIVIDEND AND DISTRIBUTION POLICY	11
	 	 	 
	11	general meetings	11
	 	 	 
	12	AUDITORS	11
	 	 	 
	13	TRANSFER OF SHARES - SYNDICATION OF OWNERSHIP INTERESTS	11
	 	 	 
	14	PLEDGE OF SHARES	16
	 	 	 
	15	TERMINATION	17
	 	 	 
	16	CONFIDENTIALITY	19
	 	 	 
	17	REPLACEMENT and Effective Time	19
	 	 	 
	18	duration	20
	 	 	 
	19	GOVERNING LAW AND ARBITRATION	20
	 	 	 
	20	NOTICES	20
	 	 	 
	21	general provisions	21
	 	 	 
	22	further assurances	22
	 	 	 
	SCHEDULE	24
	 	 
	DETAILS OF COMPANY 1	24
	 	 
	DETAILS OF COMPANY 2	25

 

    	 

    	 

    

 

Execution Version

 

THIS  Amended and Restated Shareholders’
Agreement is made on 18 July 2014 by and

 

BY
AND BETWEEN:

 

		(1)	Mitsui O.S.K.
Lines, Ltd., a company incorporated under the laws of Japan, having its principal
office at 1-1, Toranomon, 2-Chome, Minato-ku, Tokyo, Japan 105-8688 (“MOL”);

 

		(2)	Höegh
LNG PARTNERS OPERATING LLC, a company incorporated pursuant to the laws of Marshall Islands, having its address at Trust
Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (“HLPO”); and

 

		(3)	Tokyo LNG Tanker Co., Ltd., a company incorporated
under the laws of Japan, having its address at 1-5-20 Kaigan, Minato-ku, Tokyo, Japan 105-8527 (“TLT”).

 

WHEREAS:

 

		(A)	By an Amended and Restated Shareholders’ Agreement dated 31 August 2010, which amended and
restated the Shareholders’ Agreement dated 26 April 2006 as amended and restated on 20 December 2007, the Shareholders agreed
matters in relation to their participation in the ownership, funding and management of SRV Joint Gas Limited and SRV Joint Gas
Two Limited, which each participate in the Neptune LNG Project through ownership of GDF Suez Neptune (Hull Number 1688) and GDF
Suez Cape Ann (Hull Number 1689), respectively.

 

		(B)	GDF Suez Neptune was delivered to SRV Joint Gas Limited as buyer from Samsung Heavy Industries
Co., Ltd. as builder and from SRV Joint Gas Limited as owner to GDF Suez Global LNG Supply SA as charterer on 30 November 2009.

 

		(C)	GDF Suez Cape Ann was delivered to SRV Joint Gas Two Limited
as buyer from Samsung Heavy Industries Co., Ltd. as builder and from SRV Joint Gas Two Limited as owner to GDF Suez Global LNG
Supply SA as charterer on 1 June 2010.

 

		(D)	Höegh LNG Holdings Ltd. has sponsored the formation
of a master limited partnership, Höegh LNG Partners LP (the "HMLP"), units of which have been or will be
listed on the New York Stock Exchange. In connection with the listing of HMLP, certain assets of Höegh LNG Ltd. (the "Previous
Shareholder") have been or are to be transferred to HLPO (wholly-owned by HMLP), including all of the Previous Shareholders'
shares in each of the Companies, as consented to by MOL in the letter to the Previous Shareholder dated 3 March 2014.

 

		(E)	Following the transfer of the shares in the Companies described above, each Company’s share
capital is held as follows:

 

		(i)	HLPO – 25,000 shares – 50%

 

		(ii)	MOL – 24,250 shares – 48.5%

 

		(iii)	TLT – 750 shares – 1.5%

 

		(F)	The Parties have agreed that the relationship between them as Shareholders shall be regulated on
the terms of this Agreement, which shall replace the terms of the Previous Shareholders’ Agreement in their entirety.

 

		(G)	The Shareholders shall participate in the ongoing ownership, funding and management of the Companies
on the terms and conditions set out in this Agreement.

 

    	1

    	 

    

 

NOW THEREFORE, it is hereby agreed
as follows:

 

		1	DEFINITIONS

 

In
this Shareholders’ Agreement the following words and expressions shall have the following
meanings:

 

“Accounts”
means, in relation to each Company, its audited financial statements as at, and for the accounting reference period ended on, the
Accounts Date, to be prepared in accordance with International Accounting Standards.

 

“Accounts
Date” means 31 December in each year.

 

“Articles”
means the Memorandum and Articles of Association of each Company.

 

“Board” means the
Board of Directors of each Company as from time to time constituted.

 

“Builder” means Samsung
Heavy Industries Co., Ltd.

 

“Business Day” means
a day (other than a Saturday or Sunday) on which clearing banks in London, New York and Japan are open for business.

 

“Charterer” means
GDF Suez Global LNG Supply SA.

 

“Change in Control”
shall mean, in relation to any Person (a “relevant person”), any other Person or group of Connected Persons not having
control of the relevant person at the Effective Time directly or indirectly acquiring or obtaining a Controlling Interest in the
relevant person provided that in relation to HLPO the foregoing shall not be a Change in Control if all of the following
conditions remain satisfied and a Change in Control shall in any event be deemed to occur in relation to HLPO if any of the following
conditions ceases to be satisfied (with such conditions to apply for the purposes of Article 13.7, with any necessary consequential
amendments to a Permitted Transferee of HLPO):

 

		(a)	HLNG Holdings retains direct or indirect ownership of at least such percentage of the total common and unsubordinated units
of HMLP as shall give HLNG Holdings the power to veto the removal of the general partner of HMLP;

 

		(b)	HMLP retains ownership of 100% of the units of HLPO;

 

		(c)	the general partner of HMLP shall be a directly or indirectly owned Subsidiary of HLNG Holdings or HLNG Holdings (directly
or through a Subsidiary or Subsidiaries) has the power, directly or indirectly, to direct or cause the direction of the management
and policies of the general partner of HMLP, whether through the ownership of voting securities, by contract or otherwise.

 

“Company” means Company
1 or Company 2 and “Companies” means both of them.

 

“Company
1” means SRV Joint Gas Limited, a limited liability company incorporated under the laws of the Cayman Islands with
an authorised share capital of fifty thousand Dollars ($50,000), divided into fifty thousand (50,000)
shares of par value one Dollar ($1) each, of which all shares are issued and owned as to 25,000 shares by HLPO, 24,250 shares by
MOL and 750 shares by TLT.

 

    	2

    	 

    

 

“Company 2” means
SRV Joint Gas Two Limited, a limited liability company incorporated under the laws of the Cayman Islands with an authorised share
capital of fifty thousand Dollars ($50,000), divided into fifty thousand (50,000) shares of
par value one Dollar ($1) each, of which all shares are issued and owned as to 25,000 shares by HLPO, 24,250
shares by MOL and 750 shares by TLT.

 

"Confidential Information"
as used in this Shareholders' Agreement means all information relating to the Höegh Group, the HMLP Group, the MOL Group and
the TG Group disclosed to a Party (the "Recipient") by another Party (the "Disclosing Party"),
including any business, technical, marketing, financial or other information, whether in electronic, oral or written form, and
all notes, analyses, compilations, studies or other documents prepared by Recipient, which contain or reflect such information.
The contents or existence of discussions or negotiations related to the above shall constitute Confidential Information. Confidential
Information shall not include information that:

 

		(a)	was in the public domain prior to the date of disclosure of such information to Recipient or information
that later becomes part of the public domain by publication or otherwise, except by an unauthorised act or omission on the part
of Recipient; or

 

		(b)	becomes available to Recipient on a non-confidential basis from a source other than the Disclosing
Party, provided that, to Recipient's actual knowledge after reasonable inquiry, such source is not prohibited from disclosing such
information by a contractual, legal, or other obligation to Disclosing Party; or

 

		(c)	was in Recipient's possession prior to disclosure of the same by Disclosing Party; or

 

		(d)	can be shown by Recipient to have been independently developed by its Representatives (as defined
below) without access to the Confidential Information.

 

“Connected Person”
means in relation to a Person:

 

		(a)	any Group Undertaking of that Person;

 

		(b)	any director, officer or shareholder of that Person; and

 

		(c)	any company in respect of which that Person is a director, officer or shareholder,

 

and references in this Agreement to a
person being “connected” with another shall be construed accordingly.

 

“Controlling Interest”
shall mean an interest in shares or similar rights of ownership conferring in aggregate, directly
or indirectly, more than 50% of the total voting rights conferred by all the shares in the equity
share capital or similar rights of ownership of the relevant Person at any time in issue and conferring the
right to (i) vote at all general meetings
on all or substantially all matters or (ii) obtain the right to appoint or
remove directors holding a majority of the voting rights
at meetings of the board of directors of the relevant Person on all or substantially all matters.

 

“Directors”
means the Directors (or any of them) of a Company as from time to time appointed.

 

“Dollars”,
“US $” or “$” means the lawful currency of the United States of America.

 

"Effective
Time" means the time at which this Shareholders' Agreement comes into effect in accordance with Article 17.1.

 

    	3

    	 

    

 

“Group
Undertaking” means, in relation to a Person, any holding company or subsidiary, and any subsidiary of such holding company
(as such terms are defined in section 1159 of the Companies Act 2006) of that Person.

 

"HLNG
Holdings" means Höegh LNG Holdings Ltd. (formerly called Leif Höegh & Co. Limited), a company incorporated
under the laws of Bermuda.

 

"HMLP
Group" means HMLP and its Subsidiaries.

 

“Höegh
Group” means HLNG Holdings and its Subsidiaries.

 

“HLPO
Directors” shall have the meaning as described in Article 9.1.

 

“Insolvency Event”
means, in respect of a body corporate, that it has ceased to trade or has a receiver, examiner,
administrative receiver, administrator or manager appointed over the whole or the majority of its assets or undertakings, or has
become insolvent or gone into liquidation (unless such liquidation is for the purpose of a solvent reconstruction or amalgamation),
compounded with its creditors generally or has otherwise been unable to meet its debts as they fall due or has suffered any similar
event in consequence of debt.

 

“International Accounting Standards”
means the financial reporting standards issued by the International Accounting Standards Board, the financial reporting standards
issued by the International Accounting Standards Committee and generally accepted interpretation thereof.

 

“MOL Directors”
shall have the meaning as described in Article 9.1.

 

“MOL Group” means
MOL and its Subsidiaries.

 

“Neptune LNG Project”
means the LNG project located off the coast of Massachusetts, United States of America, involving the discharge of regasified LNG
from shuttle regasification vessels into offshore buoys.

 

“Party” means a party
who at the date of signing or (including in the case of a Permitted Transferee) later has
become a party to this Shareholders’ Agreement.

 

“Parties”
means all the parties to this Shareholders’ Agreement.

 

“Person” shall mean
any juridical entity and natural persons.

 

“Permitted Transferee”
means, in the case of MOL, any company in the MOL Group, in the case of HLPO, any company in the HMLP Group and in the case of
TLT, any company in the TG Group.

 

“Previous Shareholders’
Agreement” means the amended and restated shareholders’ agreement dated 31 August 2010 referred to in Recital (A).

 

“Qualified Decision”
means a decision of the Board in respect of any matter listed in Article 9.4.

 

“Relevant Proportion”
means, in relation to each Shareholder, the percentage which the number of Shares held by it bears to the total number of Shares
in issue at the relevant time (or, as the case may be, the total number of Shares held at the relevant time by all Shareholders
in respect of whom the relevant percentage is to be calculated at the relevant time).

 

    	4

    	 

    

 

"Representatives" means,
as to any Person, such Person's affiliates and its and their directors, officers, employees, agents, advisors (including, without
limitation, financial advisors, counsel, financing sources, and accountants) and controlling Persons.

 

“Security Documents”
means the (i) negative pledges of shares in each Company entered into between HLPO, MOL, TLT and DNB Bank ASA on or about the date
hereof (ii) vessel sponsor’s undertakings in respect of each Vessel entered into between HLNG, MOL and DNB Bank ASA dated
20 December 2007 and (iii) the deeds of guarantee in relation to each Time Charterparty given by the Previous Shareholder and MOL
in favour of the Charterer on 25 March 2010.

 

“Share” means a share
of US$1 in the Share Capital.

 

“Share Capital”
means, in relation to each Company, its authorised share capital from time to time as issued from time to
time.

 

“Shareholder”
means a Party to this Shareholders’
Agreement or, as the context requires, a Permitted Transferee.

 

“Shareholder
Loan” means the loans made from time to time to a Company by the Shareholders
in accordance with Article 5.1, Article 5.2 and Article 5.3.

 

“Shipbuilding
Contract (1688)” means the shipbuilding contract dated 7 April 2006 (together with all supplements and addenda thereto)
entered into between Company 1 and the Builder in respect of the construction of the shuttle and regasification vessel with Builder’s
Hull number 1688 (GDF Suez Neptune).

 

“Shipbuilding
Contract (1689)” means the shipbuilding contract dated 7 April 2006 (together with all supplements and addenda thereto)
entered into between Company 1 and the Builder in respect of the construction of the shuttle and regasification vessel with Builder’s
Hull number 1689 (GDF Suez Cape Ann) (as the same has been novated from Company 1 to Company 2).

 

“Shipbuilding
Contracts” means Shipbuilding Contract (1688) and Shipbuilding Contract (1689) and “Shipbuilding Contract”
means either of them.

 

“Subsidiary”
means a body corporate from time to time of which another (a) has direct or indirect control, or (b) owns directly or indirectly
more than fifty (50) per cent. of the share capital or similar right of ownership (and in this definition “control”
means the power to direct the management and the policies of a body corporate, whether through the ownership of voting capital,
by contract or otherwise) and “Subsidiaries” shall be construed accordingly.

 

“TG”
means Tokyo Gas Co. Ltd, being the sole shareholder of TLT.

 

“TG Group”
means TG and its Subsidiaries.

 

“Time Charterparty
(Cape Ann)” means the time charterparty dated 20 March 2007 (together with all supplements and addenda thereto) entered
into between Company 1 and the Charterer in respect of the time chartering of the shuttle and regasification vessel GDF Suez Cape
Ann (Builder’s Hull number 1689), which became effective and unconditional on 28 March 2007 (as the same has been novated
from Company 1 to Company 2).

 

“Time Charterparty
(Neptune)” means the time charterparty dated 20 March 2007 (together with all supplements and addenda thereto) entered
into between Company 1 and the Charterer in respect of the time chartering of the shuttle and regasification vessel GDF Suez Neptune
(Builder’s Hull number 1688), which became effective and unconditional on 28 March 2007.

 

    	5

    	 

    

 

“Time Charterparties”
means the Time Charterparty (Neptune) and the Time Charterparty (Cape Ann) and “Time Charterparty” means either
of them.

 

“Vessels” and each
a “Vessel” means the shuttle and regasification vessels GDF Suez Neptune and GDF Suez Cape Ann, owned by Company
1 and Company 2 respectively, and time chartered to the Charterer.

 

		2	purpose of EACH company

 

		2.1	The business of each Company is to own a Vessel and time charter out a Vessel to the Charterer
or any other charterer acceptable to the Parties. The intended business of each Company is to own and charter a vessel for the
purposes of the Neptune LNG Project or otherwise as agreed with the Charterer. Each Company is party to a Shipbuilding Contract
with the Builder. The Parties shall procure that the Vessels shall be delivered (if not already
delivered) according to the requirements of the Charterer or any other charterer approved by the Board pursuant to Article 9.4
as applicable.

 

		2.2	The details of Company 1 and Company 2 are as set
out in the Schedule to this Shareholders’ Agreement.

 

		3	MANAGEMENT AND TECHNICAL AGREEMENT

 

The technical
and crewing management of the Vessels shall be carried out by a company from the Höegh Group (determined or to be determined
by HLPO after consulting with MOL) on the terms of a ship management agreement approved in accordance with the Previous Shareholders’
Agreement. MOL will be entitled to second an appropriate and reasonable number of persons to such Höegh Group management company
for participation in the management of the Vessels.

 

The
commercial management of the Vessels shall be carried out by a company from the Höegh Group (determined or to be determined
by HLPO after consulting with MOL) on the terms of a commercial management agreement which was approved in accordance with the
Previous Shareholders’ Agreement.

 

		4	CAPITALISATION OF THE COMPANY - SHARE CAPITAL OF THE COMPANIES

 

		4.1	Each Company was formed and exists as described in the definition of “Company 1” and
“Company 2” in Article 1, with each of HLPO, MOL and TLT owning 50%, 48.5% and 1.5% (respectively) of the Share Capital
of each Company as described in such definition and in the Schedule hereto.

 

		5	FINANCING OF THE VESSELs

 

		5.1	It is the intention of the Parties to seek limited recourse
finance for the Vessels if such can be arranged at competitive cost. The Parties agree that each Company should seek to secure
the most efficient funding for its Vessel and each Shareholder undertakes subject to Article 5.5 to subscribe for additional Shares
and/or provide Shareholder Loans in each case in its Relevant Proportion to the extent that the funding required by a Company for
its Vessel is not available through non-Shareholder debt or other sources on terms reasonably acceptable to the Board of that Company.
Until a Company has obtained finance for its Vessel, the Parties shall subject to Article 5.5 procure that instalments payable
to the Builder under each Shipbuilding Contract shall be financed by Shareholder Loans to be provided by the Parties in the Relevant
Proportions.

 

    	6

    	 

    

 

		5.2	Each Shareholder Loan referred to in Article 5.1 above shall
bear an interest rate of eight percent (8%) per annum and such interest shall be calculated on a quarterly basis and added to the
outstanding principal amount. 

 

		5.3	Save as set out in Article 5.1, each Company shall be financed, so far as possible, from external
sources on a non-recourse basis to the Shareholders, on such terms as shall be determined from time to time by the Board of that
Company (but subject always to the prior approval of each of HLPO and MOL (on behalf of itself and TLT)) and so that any security
required to be provided in respect of such finance shall, if possible, be provided by that Company which shall, if necessary and
if so, from time to time, by its Board (but subject always to the prior approval of each of HLPO and MOL (on behalf of itself and
TLT), be empowered to create any security interests required to obtain such finance. To the extent that the working capital requirements
of a Company exceed that Company’s resources and cannot be financed from external sources in accordance with this Article
(or cannot be financed on terms acceptable to HLPO and MOL (on behalf of itself and TLT)), the amount or amounts so required may
be contributed to that Company by the Shareholders (in the Relevant Proportions) in such form (whether by way of additional share
capital subscriptions, Shareholder Loans or otherwise) and on such terms as shall be agreed (and, for the avoidance of doubt, subject
always to agreement between the Shareholders but subject as provided below) between the Shareholders within 30 Business Days after
written notice served by any of the Shareholders upon the others specifying the amount required to be so contributed and the Business
Day on which it is required. It is agreed and acknowledged by the Parties that, save for paying for fully paid-up shares in each
Company, and as set out in Article 5.1, no Shareholder shall have any obligation to provide any funding to a Company, so that any
such funding shall only be required to be provided by the Shareholders if and to the extent that the Shareholders so agree in writing
from time to time Provided that each Shareholder agrees that it shall use its best endeavours to reach agreement regarding
such funding from the Shareholders and the terms of any such funding.

 

		5.4	The obligations of each Shareholder under this Article 5 shall automatically cease and determine
in relation to a Company if a Company shall be the subject of an Insolvency Event.

 

		5.5	The total amount which each Shareholder shall be required to contribute in aggregate to the Companies
under this Article 5 shall be limited as follows:

 

		(a)	in the case of Company 1;

 

		(i)	to a maximum of US$25 million in the case of HLPO; and

 

		(ii)	to a maximum of US$25 million in the case of MOL and TLT (who shall be liable on a several basis
in accordance with their Relevant Proportions),

 

		(b)	in the case of Company 2;

 

		(i)	to a maximum of US$25 million in the case of HLPO; and

 

		(ii)	to a maximum of US$25 million in the case of MOL and TLT (who shall be liable on a several basis
in accordance with their Relevant Proportions),

 

or such greater
amount as may be mutually agreed in writing by the Shareholders having regard to the capital requirements of each Company from
time to time.

 

		6	fees

 

		6.1	The fees to be paid by MOL to HLPO in connection with this Shareholders’ Agreement shall
be separately agreed between MOL and HLPO.

 

    	7

    	 

    

		7	GUARANTEE/support undertaking

 

		7.1	The Charterer and/or finance providers to the Companies may require the performance of a Company
to be guaranteed or otherwise supported, in which case each Party will provide guarantees
or support undertakings on a several basis in its Relevant Proportion on terms to be agreed with the relevant Charterer and/or
finance provider, save that any guarantees or support undertakings required to be provided
by TLT under this Article 7 shall be provided subject to Article 7.3. Should any guarantee or support undertaking be provided by
a Party otherwise than severally by reference to Relevant Proportions, the relevant Parties shall indemnify and keep indemnified
the other Party from and against its proportion of its liability in excess of its Relevant Proportion. No fee shall be payable
by a Company to the Parties in connection with the provision of such guarantees or support undertakings.

 

		7.2	Acknowledging that the deeds of guarantee in relation to each
Time Charterparty given by the Previous Shareholder and MOL in favour of the Charterer on 25 March 2010 will continue in full force
and effect, MOL and the Previous Shareholder have entered into or will enter into on or around the date of this Shareholders' Agreement
an agreement in respect of any joint and several liability thereunder to reflect indemnification for liability in excess of Relevant
Proportion in a similar manner as is contained in Article 7.1.

 

		7.3	In respect of any guarantee or support undertaking required
to be provided by TLT under Article 7.1:

 

		(i)	such guarantee or support undertaking shall be provided by
MOL on behalf of TLT in addition to any guarantee and support undertaking MOL is itself required to provide under Article 7.1 and
TLT agrees to indemnify and keep indemnified MOL from and against all liability in respect of any guarantee or support undertaking
provided by MOL on behalf of TLT, save to the extent that HLPO is required to indemnify MOL under this Article (or save to the
extent that the Previous Shareholder is required to indemnify MOL as referred to in Article 7.2); and

 

		(ii)	where such guarantee or support undertaking has been provided
by MOL prior to the date hereof pursuant to MOL’s obligations under the Previous Shareholders’ Agreement, including
under any of the Security Documents, TLT agrees to indemnify MOL in respect of an amount equal to its Relevant Proportion of the
guarantee or support undertaking provided by MOL.

 

		8	articles OF each COMPANY

 

If there is
a conflict between the Articles and the provisions of this Shareholders’ Agreement, the provisions of this Shareholders’
Agreement shall prevail and the Shareholders shall procure that the Articles are amended
accordingly and shall not exercise any rights conferred on them by the Articles which are or may be inconsistent with or in conflict
with this Shareholders’ Agreement.

 

		9	DIRECTORS AND OFFICERS AND OTHER MATTERS

 

		9.1	Unless otherwise agreed by the Shareholders, the Board of each Company shall consist of a total
number of four (4) Directors, who shall be appointed as follows:

 

		(i)	MOL shall, whilst and so long as this Shareholders’ Agreement is in force and it and its
Permitted Transferees continue to hold no less than 48.5% of the total number of Shares in issue, be entitled to nominate or appoint
two (2) Directors to the Board of each Company (the “MOL Directors”); and

 

		(ii)	HLPO shall, whilst and so long as this Shareholders’ Agreement is in force and it and its
Permitted Transferees continue to hold no less than 50% of the total number of Shares in issue, be entitled to nominate or appoint
two (2) Directors to the Board of each Company (the “HLPO Directors”).

 

    	8

    	 

    

 

MOL
and HLPO undertake to elect or appoint the number of Directors as set out in
this Article 9.1 in accordance with this Shareholders’ Agreement and the Articles.

 

		9.2	The chairmanship of each Board meeting shall alternate between MOL and HLPO.

 

The
Board shall also appoint a president or vice-president, or alternatively a deputy
chairman, if required.

 

A Director
may at any time be replaced by the Shareholder that has appointed him. Such removal of a Director
and appointment of a new Director shall be made by written notice from the Shareholder
to the Director(s) in question and to the relevant Company and shall be in accordance with the Articles. Such notice shall take
effect upon lodgement at the registered office of the relevant Company. The Shareholder removing the Director shall be responsible
for and shall indemnify each other Shareholder and the relevant Company against any loss, liability or cost that any of them may
suffer or incur as a result of any claim by such Director for unfair or wrongful dismissal or otherwise howsoever arising out of
such removal.

 

Each
Director shall have one vote. The Chairman shall not have a second vote.

 

9.3

 

		(a)	The quorum for the transaction of business at any Board meeting shall be at least one (1) MOL Director,
and one (1) HLPO Director present in person or by proxy.

 

		(b)	A Board meeting
can be held by means of telephone or other communication facilities as to permit all
persons to communicate with each other
simultaneously and instantaneously and participation in such meeting shall
constitute presence in person at such meeting. A Board meeting held in this way shall
be considered held in the place where the minutes of the meeting are signed.

 

		(c)	A resolution signed by sufficient Directors to form a quorum shall be as valid and effectual
as a resolution passed at a Board meeting. 

 

		(d)	If there is a deadlock with the same number of votes in favour
of and against a decision, or if there is no quorum at a Board meeting duly called, a new Board meeting
may be called with five (5) days prior notice to each Director, at which
the Directors present at the next meeting shall form a quorum for decisions in those matters which were on the agenda at the first
Board meeting, but always subject to the provisions of Article 9.4. In the event that there
is still a deadlock or no quorum is present, no decision is made. The dispute
creating the deadlock shall then promptly be referred to the top management of the respective Shareholders (excluding TLT). The
top management shall meet within 30 days of such referral. In the event that the respective
representatives of the top management are unable to resolve the dispute within a reasonable time not to exceed 60 days:

 

		(i)	if there are the same Shareholders in each Company and the Relevant Proportion of the ownership
of the Shares in each Company (MOL and TLT’s shareholdings being taken together for this purpose and them being treated as
a single Shareholder) is 50% (or if there are the same Shareholders in each Company and the ownership of the Shares in each Company
is in different Relevant Proportions but those Relevant Proportions are such that each Shareholder (MOL and TLT’s shareholdings
being taken together for this purpose and them being treated as a single Shareholder) has a 50% interest in the Shares of both
Companies taken together), the Shareholders (excluding TLT) shall attempt to agree within 30 days that their shareholdings shall
be exchanged so that MOL and TLT between them (in the proportions 97% and 3% respectively) acquire 100% of the Shares in a Company
and HLPO acquires 100% of the Shares in a Company;

 

    	9

    	 

    

 

		(ii)	if the position in relation to the ownership of the Shares in both Companies is otherwise than
described in (i) above or if agreement as described in (i) above is not achieved within 30 days, a Shareholder (excluding TLT)
may take the steps referred to in Article 13. Such steps may be invoked in relation to the Shares in one Company only, if the dispute
relates to that Company alone, or may be invoked in relation to both Companies if the dispute is common to the running of both
Companies.

 

		9.4	A Qualified Decision requires the unanimous approval of the Directors.

 

The following matters require
a Qualified Decision of the Directors:

 

		(i)	the agreement of any form of time charter to be entered into between a Company and the Charterer
or any other charterer or any material amendment to the Time Charterparties;

 

		(ii)	the agreement of any form of ship management agreement to be entered into between a Company and
any member of the Höegh Group or any other manager;

 

		(iii)	the agreement of the terms of any financing of the Vessels or any other financing exceeding US$5,000,000
pursuant to Article 5;

 

		(iv)	the amendment of either Shipbuilding Contract unless such amendment:

 

		(A)	is required under the terms of the Time Charterparty relating to the relevant Vessel (which has
been approved under this Article 9.4); or

 

		(B)	is in the opinion of HLPO, acting reasonably and having consulted with MOL, necessary in the context
of the Neptune LNG Project;

 

		(v)	making investments exceeding US$2,500,000 per Company or US$5,000,000 in aggregate in respect of
the Companies;

 

		(vi)	amendment of the Articles or commencement or change of the business or
operations of a Company or amendments to the composition of the Board (other than as provided in Article 9.1 or 9.2 above);

 

		(vii)	issuance of any new Shares or the granting of any options or rights to
subscribe for Shares or issuance of loan capital or convertible securities, alteration of the nature of
the share capital of a Company or formation of any subsidiary;

 

		(viii)	the granting of any security over any Shares other than in accordance with the Security Documents;

 

		(ix)	acquisition of other companies;

 

		(x)	entering into joint ventures and other long-term co-operations
with third parties;

 

		(xi)	taking any action in respect of a significant contractual dispute including commencement and defending
any action or settling any dispute; and

 

		(xii)	sale of either Vessel.

 

    	10

    	 

    

 

		9.5	All other decisions and resolutions of the Board shall be passed by simple majority.

 

		9.6	For so long as TLT holds at least 1.5% of the Shares in issue in a Company, it shall have the right
to appoint a representative to attend as an observer at each and any meeting of the Board of that Company or any other meetings
of MOL and HLPO (in their capacity as Shareholders of that Company), provided that the subject matter of such meeting, in the opinion
of the commercial manager of that Company, is a matter that is of material importance to the Neptune LNG Project.

 

		10	DIVIDEND AND DISTRIBUTION POLICY

 

Subject
to the maintenance of prudent profits by way of reserve, and compliance with
any financial covenant given by a Company to its lenders in respect of its financing, and subject to
the determination by the Board as to the working capital requirements and cash flow conditions
of a Company, the Board shall declare and distribute, in respect of each financial
year of each Company, the maximum amount of its profits as are determined by the Board
to be available for distribution in accordance with applicable laws provided that
any such distribution shall be firstly by way of the repayment of principal of any
outstanding Shareholders’ Loans (in the Relevant Proportions).

 

		11	general meetings

 

When,
under the Cayman Islands corporate law, a decision of a general meeting of shareholders (“General Meeting”)
is required, or the matter is referred to a General Meeting, any decisions, resolutions
and transactions shall be resolved or approved by the Shareholders of a Company in
accordance with the Articles and applicable Cayman law.

 

Such
meetings shall be established only when all Shareholders are properly called to
a General Meeting in accordance with the Articles and applicable Cayman law.

 

The
chairmanship of each General Meeting shall alternate between MOL and HLPO.

 

		12	AUDITORS

 

		12.1	The Shareholders shall coordinate with the appointed auditor of each Company in connection with
the preparation of an annual audit of its annual accounts.

 

		12.2	HLPO shall procure that there are despatched to the Board of each Company within 120 days after
each Accounts Date, final Accounts for the accounting reference period ended on such Accounts Date.

 

		12.3	Each Party shall promptly after it becomes aware of the same notify the Board of:

 

		(i)	details of any claims made or (so far as the relevant Party is aware) threatened against either
Company or either Vessel; and

 

		(ii)	details of any litigation or other proceedings commenced or (so far as the relevant Party is aware)
threatened against either Company or either Vessel.

 

		13	TRANSFER OF SHARES - SYNDICATION
OF OWNERSHIP INTERESTS

 

		13.1	Unless otherwise mutually agreed by all Shareholders, sale or transfer of the Shares shall not
take place except as provided in this Article 13.

 

    	11

    	 

    

 

		13.2	A Shareholder (excluding TLT) intending to sell its
Shares in either or both of the Companies (the “Withdrawing Shareholder”) shall give written notice (the “First
Notice”) to the other Shareholder(s) (excluding TLT) (the “Remaining
Shareholder(s)”) of its intention
to dispose of its Shares. In the event that MOL is the Withdrawing Shareholder, MOL shall be deemed to be exercising rights
under this clause in respect of Shares held by MOL and TLT and in the event that MOL transfers all or a proportion (the “MOL
Proportion”) of its shareholding in a Company under this Article 13, TLT agrees to transfer its entire shareholding or
the MOL Proportion of its shareholding (as applicable) in that Company to such transferee on and subject to the same terms of sale
as the MOL Shares are transferred. MOL shall be entitled to exercise (or not to exercise) TLT’s rights under this Article
in respect of all of the Shares held by TLT and any notices to be given to Shareholders under this Article shall be given to MOL
for itself in respect of Shares held by MOL and on behalf of TLT in respect of Shares held by TLT. Within
thirty (30) days of issuing the First Notice, the Withdrawing Shareholder shall establish a fair cash price evaluation
of its Shares at its own cost and expense as follows:

 

		(A)	the Withdrawing Shareholder and the Remaining Shareholder(s)
shall jointly select three (3) independent valuers chosen from internationally recognised LNG shipbrokers to prepare three
(3) independent cash price valuations of the applicable Vessel or, as the case may be, the Vessels (taking into account any employment)
in the prevailing market conditions assuming
a sale was to take place within ninety (90)
days.

 

		(B)	the average value of the applicable Vessel or, as the case may be, the Vessels (taking into account
any employment) shall be determined from the average of the three (3) cash price valuations
received from the three (3) independent valuers chosen from internationally
recognised LNG shipbrokers. Such average value shall represent an indicative fair cash
price of the applicable Vessel or, as the case may be, the Vessels. In the event that
the Shareholders are unable to agree on the three valuers within 15 days, each Shareholder shall appoint its
valuer and the average of the value assessed by these valuers
shall be used as average value hereunder.

 

		(C)	the value of the Company’s or, as the case may
be, the Companies’ other assets and liabilities shall be assessed by the Company’s Auditor (acting as an expert and
not as an arbitrator) adopting the average value of the Vessels determined in Article
13.2 (B).

 

		(D)	upon receipt of the three (3) independent valuations in Article
13.2(A) and the Company Auditor’s
valuation in Article 13.2(C), the Withdrawing Shareholder shall give the Remaining Shareholder(s) a further notice (the “Second
Notice”) and at the same time forward to the Remaining Shareholder(s) the
valuations referred to in Article 13.2(A) and (C). The
Shareholders shall as soon as reasonably practicable after receipt of the Second Notice, at mutually convenient times and locations,
meet and negotiate in good faith for a period of ninety (90) days for the purpose of concluding the terms for a sale of the Shares
of the Withdrawing Shareholder to one or more of the Remaining Shareholders. If there is more than one Remaining Shareholder, each
Remaining Shareholder shall have the right to purchase the number of the offered Shares
calculated by expressing the relevant Remaining Shareholder’s shareholding (expressed
as a percentage of the total issued capital
held by all Remaining Shareholders) in the Company or, as the case may be, the Companies as a percentage of the total number of
offered Shares.

 

    	12

    	 

    

 

13.3

 

		(A)	If after receipt of the Second Notice, no Remaining Shareholder meets with the Withdrawing
Shareholder or in the event that the good faith negotiations in Article 13.2(D) have not resulted in the conclusion of terms
for a sale of the Shares of the Withdrawing Shareholder within the period referred to in
Article 13.2(D), the Withdrawing Shareholder shall be entitled to proceed with the sale of its
Shares to a third party. Once the Withdrawing Shareholder and a proposed third party
transferee (“Transferee”) have fully negotiated the final terms
and conditions of a transfer such final terms and conditions and the identity of the
Transferee shall be disclosed in detail to the Remaining Shareholder(s) in
a written notice (the “Third Notice”)
by the Withdrawing Shareholder to the Remaining Shareholder(s). The Remaining Shareholder(s)
shall have, and if more than one then each severally shall have:

 

		(1)	a preferential right to acquire the Withdrawing Shareholder’s
Shares on the same terms and conditions proposed by the Transferee (save that the only
warranties to be given by the Withdrawing Shareholder in respect of such shares would be warranties relating to title). The Remaining
Shareholder(s) preferential right shall be exercised within thirty (30) days of
receipt of the Third Notice by the Remaining Shareholder(s) delivering to all other Shareholders
written notice of its intention to accept the same terms and conditions of the
proposed transfer to the third party without reservations or conditions (the “Acceptance”);
and

 

		(2)	a right to sell
its Shares to the Withdrawing Shareholder at the same price set out in the Third Notice.
The Remaining Shareholder(s) right shall be exercised within thirty (30) days of receipt of the Third Notice by the Remaining Shareholder(s)
exercising the right to sell its Shares
(the “Issuing Shareholder(s)”) delivering to all other Shareholders written notice (the “Buy Out Notice”)
to all Shareholders of the
Issuing Shareholder(s) election to sell its Shares to the Withdrawing Shareholder. Once the Buy Out Notice is
issued, the Withdrawing Shareholder shall be obliged to
purchase the Issuing Shareholder(s) Shares,
at the price stated in the Third Notice, for
value within sixty (60) days of the date of the Buy Out Notice. The sale by the Issuing
Shareholder pursuant to this Article 13.3 (A)(2) shall not be subject to any pre-emption
rights of any Shareholder.

 

		(B)	If no Acceptance or Buy Out Notice is delivered by the Remaining
Shareholder(s) within thirty (30) days of the receipt of the Third Notice, the Withdrawing Shareholder shall be entitled to proceed
with the sale to the proposed third party transferee, subject to compliance with the other provisions of this Shareholders’
Agreement, under terms and conditions no more favourable to the proposed third party transferee than those set forth in the Third
Notice to the Remaining Shareholder(s), provided that the transfer to the proposed third party transferee shall be concluded within
ninety (90) days from the date of the Third Notice plus such reasonable additional period
not to exceed thirty (30) days as may
be required to secure the written approval of
the Charterer and
any mortgagee(s) of
the Vessel(s);

 

    	13

    	 

    

 

		(C)	If more than
one Remaining Shareholder issues an Acceptance to acquire the Withdrawing Party’s
Shares under Article 13.3(A), then each such Remaining Shareholder may acquire a proportion of the Withdrawing Shareholder’s
Shares equal to the ratio that its own shareholding (expressed as a percentage of
the total issued capital in the Company held by all Remaining Shareholders) bears to the total number of Withdrawing Party’s
Shares on offer, unless the Remaining Shareholders otherwise agree amongst themselves;
and

 

		(D)	In the event that the Withdrawing Shareholder’s proposed
transfer to the third party of part or all of its Shares involves consideration other
than cash or involves other
assets included in a wider
transaction (a “Package Deal”),
then the Withdrawing Shareholder’s Shares shall be allocated a reasonable and justifiable cash
value by the Withdrawing Shareholder in the Third Notice to the Remaining Shareholder(s) to reflect the value of the Shares in
the package deal to the proposed third party transferee. The Remaining Shareholder(s)
may exercise their pre-emption rights in Article
13.3(A) by issuing either (i) an Acceptance agreeing to pay the cash value
stated in lieu of the Package Deal consideration in the Third Notice or (ii) a Buy
Out Notice at the cash value stated in lieu of the
Package Deal consideration in the Third Notice.

 

		13.4	Any sale of
Shares pursuant to the above provision of this Article 13 shall be subject to the written
approval of the Charterer and any mortgagee(s) of
the Vessel(s), if required and also subject to the purchaser of the Shares entering into a deed of accession to this Shareholders’
Agreement on terms acceptable to the Company and the other Shareholder.

 

		13.5	A Shareholder (including, for the avoidance of doubt, TLT) shall
have the right to sell, transfer or assign its Shares (or a part thereof) in either
or both of the Companies to a Permitted Transferee subject to the consent of the other
Shareholder(s), which consent shall not unreasonably be withheld. The Shareholder intending to transfer its Shares (or part thereof)
(the “Transferor Shareholder”) to the Permitted Transferee shall at the time of its request for the
consent of the other Shareholder(s) (the
“Consenting Shareholder(s)”) provide documentation to the reasonable satisfaction of the Consenting Shareholder(s)
of the Permitted
Transferee’s financial ability to meet payment obligations and liabilities under this Shareholders’
Agreement and demonstrating that the Permitted Transferee has the technical and managerial
resources to discharge its obligations if it were
a Shareholder. It shall be deemed reasonable grounds to withhold consent to any sale,
transfer or assignment to a Permitted Transferee if either:

 

		(i)	the Consenting Shareholder(s) is or are not satisfied as to the financial standing of the proposed
Permitted Transferee; or

 

		(ii)	the Consenting Shareholder(s) is or are not satisfied as to the management or technical
resources available to the Permitted Transferee
to discharge its obligations under this Shareholders Agreement.

 

Any
consent given by the Consenting Shareholder(s) shall be subject to the written approval
of any mortgagee(s) of the Vessel(s) if required and also subject to the Transferor
Shareholder and the Permitted Transferee
entering into a deed of accession to this Shareholders’ Agreement
on terms acceptable to the Company and the other Shareholders before any
such share transfer shall become effective.

 

		13.6	In the event of a sale, transfer or assignment of Shares hereunder,
all costs incurred by the Withdrawing Shareholder(s), Remaining Shareholder(s), Consenting
Shareholder(s) or Issuing Shareholder(s) as
applicable in relation to the transaction, including all legal
and financial costs, break costs and other costs (inclusive of
VAT), (collectively the “Costs”) shall
be borne and paid for as follows:

 

    	14

    	 

    

 

		(i)	the Withdrawing
Shareholder shall pay the Remaining Shareholder(s) Costs if the terms of sale are
concluded during the ninety (90) day period after the receipt of the Second Notice
under Article 13.2(D);

 

		(ii)	the Withdrawing Shareholder shall pay the Remaining Shareholder(s)
Costs if any Acceptance is issued under Article 13.3(A)(1) by any Remaining Shareholder(s);

 

		(iii)	the Withdrawing Shareholder shall pay the Remaining Shareholder(s) Costs if a Buy Out Notice is
delivered in accordance with Article 13.3(A)(2) by the Issuing Shareholder(s). The Issuing Shareholder(s) shall bear their own
cost of such sale; and

 

		(iv)	the Transferor Shareholder shall pay the Consenting
Shareholder(s) Costs in respect of any transaction in accordance with Article 13.5.

 

		13.7	Where there is a Change in Control of a Permitted Transferee which has received from the Transferor
Shareholder Shares under Article 13.5, the following provisions shall apply as between the Permitted Transferee and the
Remaining Shareholder(s) from the date the Permitted Transferee signs and delivers unconditionally
the deed of accession to this Shareholders’ Agreement:

 

		(i)	the Permitted Transferee shall be obliged to notify
the Remaining Shareholder(s) of any Change in Control of
the Permitted Transferee;

 

		(ii)	on the date of
the Permitted Transferee’s
notice under Article 13.7(A) or in the event of a failure
to give notice as soon as the Remaining Shareholder(s) become aware of a Change in
Control of the Permitted Transferee, the Permitted
Transferee shall be deemed to have made an
offer to sell its Shares to the Remaining Shareholder(s);

 

		(iii)	the Permitted Transferee and the Remaining Shareholder(s)
shall, within thirty (30) days of the
Remaining Shareholder(s) becoming aware of the Change in Control, at the Permitted
Transferee’s expense, jointly select three (3) independent valuers chosen from internationally recognised LNG shipbrokers
to prepare three (3) independent cash price valuations
of the applicable Vessel, or as the case may be, the Vessels (taking into account any employment) in
the prevailing market conditions assuming for, the purposes of the valuation that a sale was to take place within ninety
(90) days;

 

		(iv)	the average of the three (3) independent cash price valuations (the “Average Value”)
shall for the purpose of determining the price of the Permitted Transferee’s
Shares represent the cash price of the applicable Vessel or, as the case may be, the
Vessels. The cash price of the Permitted Transferee’s
Shares shall be calculated by expressing the Permitted Transferee’s shareholding
(expressed as a percentage of the
total issued capital in the Company held by all Remaining Shareholders) as
a percentage and multiply that percentage by the Average Value. In the event that the Shareholders are
unable to agree on the three valuers within fourteen (14) days, each Shareholder shall
appoint its valuer and the average of the value assessed by these valuers shall be
used as average value; 

 

		(v)	the Permitted Transferee shall deliver copies of the
three (3) independent cash price valuations. The Remaining Shareholders shall have thirty
(30) days from the date of receipt by them of the three (3) independent cash price
valuations to accept or reject the Permitted Transferee’s offer to sell its Shares; and

 

		(vi)	if there is more than one Remaining Shareholder accepting the Permitted
Transferee’s offer to sell its Shares then each such Remaining Shareholder may
acquire a proportion of the Permitted
Transferee’s Shares equal to the
ratio that its own shareholding (expressed as a percentage of the total issued capital
in the Company held by all Remaining Shareholders) bears to the total number of Permitted
Transferee’s Shares, unless the Remaining Shareholders otherwise agree
amongst themselves.

 

    	15

    	 

    

 

		13.8	Where MOL is the Withdrawing Shareholder, TLT shall indemnify
MOL for such proportion of costs paid by MOL as TLT’s Shares bear to the total number of Shares transferred by MOL. 

 

		13.9	Notwithstanding any other provision of this Article 13, TLT
shall be entitled to sell and MOL shall purchase, TLT’s shareholding in a Company at a price to be agreed between MOL and
TLT at the relevant time in the event that:

 

		(i)	a board or shareholder resolution of the Company which, in TLT’s reasonable opinion, materially
conflicts with one or more of the assumptions used by TLT in deciding to participate in the Neptune LNG Project is passed; or

 

		(ii)	there is in TLT’s reasonable opinion a material change in the business of the Company from
that assumed by TLT in deciding to participate in the Neptune LNG Project; or

 

		(iii)	such sale is required by, or TLT is prevented from maintaining its shareholding in a Company by,
any securities exchange or regulatory or governmental body to which TLT is subject.

 

In the event that the price
to be paid for the Shares being transferred under Article 13.9 cannot be agreed between MOL and TLT within thirty (30) days of
TLT expressing its intention to sell its shareholding, then the procedure set out in Article 13.2 (A), (B) and (C) shall be employed
in order to obtain a valuation.

 

TLT shall exercise its right
to sell its Shares under this Article 13.9 by giving written notice to MOL (the “TLT Sale Notice”). Once the
TLT Sale Notice has been given, MOL shall be obliged to purchase TLT’s Shares in the relevant Company at the price as determined
above for value within ninety (90) days of the TLT Sale Notice. The sale by TLT pursuant to this Article 13.9 shall not be subject
to any pre-emption rights of any Shareholder.

 

In the event of a sale of Shares
under this Article 13.9, all Costs (as defined in Article 13.6) incurred by HLPO shall be borne and paid for by TLT or, if not
paid for by TLT, by MOL.

 

		13.10	Save as otherwise provided in this Agreement, where a Shareholder transfers any Shares under this
Article 13 or otherwise under this Agreement, it shall also simultaneously transfer a corresponding proportion of its Shareholder
Loans made to the relevant Company at a price to be agreed between the transferor and the transferee.

 

		14	PLEDGE OF SHARES

 

		14.1	None of the Shareholders shall be entitled to pledge, charge, mortgage, encumber or hypothecate
its Shares unless the pledgee undertakes to respect and be bound by the obligations of the
pledgor as a Shareholder and a party to this Shareholders’ Agreement as if they
applied to the pledge.

 

		14.2	Subject to the preceding paragraph, the Parties
are permitted to pledge their Shares for the purpose of financing the Vessels.

 

    	16

    	 

    

 

	

	15	TERMINATION

In
the event that:

 

		15.1	any of the Parties default in making any payments hereunder (including, without limitation, pursuant
to Article 5.1) and such default continues for a period of fourteen (14) days after notice thereof has been given to the defaulting
Party;

 

		15.2	any of the Parties default in any of its material duties and/or
obligations hereunder (other than such default described under Article 15.1 above) (including, without limitation, pursuant to
Article 7) which if capable of remedy is not remedied to the
satisfaction of the other Parties within
thirty (30) days of giving notice thereof;

 

		15.3	any of the Parties do any of the following:

 

		(i)	apply for or appoint to it a receiver, trustee, liquidator of itself or any part of its assets
(other than a voluntary liquidation for the purpose of amalgamation or reconstruction, the terms of which have been previously
approved by the other Shareholders in writing);

 

		(ii)	stop or threaten to stop payment or cease to carry on its business or substantially the whole of
its business;

 

		(iii)	make a general assignment for the benefit of its creditors;

 

		(iv)	go into liquidation or be adjudicated bankrupt or insolvent or commit an act
of insolvency;

 

		(A)	file a voluntary petition for its bankruptcy or petition of a re-organisation;

 

		(B)	make any arrangement
with creditors to take advantage of any insolvency law; or

 

		(C)	anything analogous to the foregoing under the laws of the
country of its incorporation;

 

		15.4	a Change in Control shall occur in relation to any of the Parties, (the "Change in Control
Party") and the Person who has acquired or obtained a Controlling Interest in the Change of Control Party is a major and
direct competitor (in the LNG business) of any other Party such that it would be (as determined by the other Party; acting reasonably)
commercially unfeasible for such other Party and the Change in Control Party to continue in the joint venture constituted by this
Shareholders' Agreement,

 

(Shareholders
in default under 15.1 or 15.2 above or being in any such circumstance as described
under 15.3 or 15.4 above hereinafter referred to as the “Affected Shareholder”)

 

then
in such event: 

 

		(i)	if there are the same Shareholders in each Company and the Relevant Proportion of the ownership
of the Shares in each Company (MOL and TLT’s shareholdings being taken together for this purpose and them being treated as
a single shareholder) is 50% (or if there are the same Shareholders in each Company and the ownership of the Shares in each Company
is in different Relevant Proportions but those Relevant Proportions are such that each Shareholder (MOL and TLT’s shareholdings
being taken together for this purpose and them being treated as a single shareholder) has a 50% interest in the Shares of both
Companies taken together), the Shareholders shall attempt to agree within 30 days that their shareholdings shall be exchanged so
that MOL and TLT between them (in the proportions 97% and 3% respectively) acquire 100% of the Shares in a Company and HLPO acquires
100% of the Shares in a Company;

 

    	17

    	 

    

 

		(ii)	if the position in relation to the ownership of the Shares in both Companies is otherwise than
described in (i) above or if agreement as described in (i) above is not achieved within 30 days, any Party other than the Affected
Shareholder shall be entitled to:

 

		(A)	demand immediate termination of this Shareholders’ Agreement by reason thereof as regards
the relevant Company or Companies and a liquidation of the relevant Company (if the Affected Shareholder is a Shareholder in one
Company only) or the Companies (if the Affected Shareholder is a Shareholder in both Companies) shall thereupon be effected as
soon as all the obligations of the relevant Company or, as the case may be, each Company towards any third parties have been fulfilled
and have expired; or

 

		(B)	purchase the Shares and the Shareholder Loan(s) of the Affected Shareholder in the relevant Company
(if the Affected Shareholder is a Shareholder in one Company only) or the Companies (if the Affected Shareholder is a Shareholder
in both Companies) at a price based on a fair price evaluation by three independent evaluators who shall be appointed jointly by
the parties. This pre-emption right is subject to a request for appointment of evaluators
being made within thirty (30) days from a written notice given to the other Parties stating that a default exists. The evaluators
shall be chosen from internationally recognized LNG shipbrokers. The fair price evaluation
of the Shares (in the relevant Company or both Companies, as the case may be) is to be based
on the total value of the relevant Company or the Companies, as the case may be. If the Parties cannot agree on the appointment
of evaluators within thirty (30) days from receipt of such notice, such appointment shall be
made by the president of the London Maritime Arbitrators Association. The evaluators shall determine the fair price of
the Shares (in the relevant Company, or both Companies, as the case may be) within ninety (90) days from the time of the notice
stating the default. The fair price evaluation shall be established on the basis of cash
payment against delivery of the Shares at the end of a one-hundred-and-fifty (150) day-period from
the aforementioned notice. However, if any of the other Parties does not find the price for the Shares (in the relevant
Company or both Companies, as the case may be) based on the fair
price evaluation acceptable, then the pre-emption rights may be withdrawn in
writing to the Affected Shareholder at the latest
seven (7) days after notice has been provided that the fair price evaluation by the independent evaluators has not been
accepted by the Parties and the Parties shall remain Shareholders. Settlement shall take
place at the latest one-hundred-and-fifty (150) day-period from the aforementioned
notice.

 

PROVIDED
ALWAYS that such right of termination of this agreement shall be without prejudice
to any other right which the other Parties may have towards the Affected Shareholder
in respect of such default and the termination or exercise of pre-emption rights shall
thus take effect without prejudice to any rights accrued between the Parties.

 

In the
event of such default by a Party described under 15.1 above, the other Shareholders
shall have the option to make the shortfall caused by such default and to the extent
a Shareholder shall remit such funds, it shall be entitled to an indemnity from the Affected Shareholder
to include interest at the three month USD LIBOR rate at the relevant time plus two
percent (2%) per annum on the amount so paid, such interest to be calculated from the date of the default until payment by the
Affected Shareholder.

 

    	18

    	 

    

 

		16	CONFIDENTIALITY

 

		16.1	Each Party agrees to keep all Confidential Information confidential and not to disclose it to any
third party, save to the extent permitted by this Article 16 and to ensure that all Confidential Information is protected with
security measures and a degree of care that would apply to its own confidential information.

 

		16.2	Confidential Information received shall be disclosed by a Recipient only to that limited number
of Representatives who need to know such information, each of whom shall be informed of the confidential nature of the information
and agree to be bound by the terms of this Article 16. The Recipient shall be liable for any breach of this Article 16 by Representatives
to whom Confidential Information is disclosed.

 

		16.3	Each of the Parties acknowledges that some or all of the Confidential Information is or may be
price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including
securities law relating to insider dealing and market abuse and each of the Parties undertakes not to use any Confidential Information
for any unlawful purpose.

 

		16.4	In the event that a Recipient is legally compelled, pursuant to a subpoena, civil investigative
demand, regulatory demand or similar process or pursuant to applicable law, rule, regulation or pursuant to any applicable stock
exchange rule or any rule of the U.S. Securities and Exchange Commission or disclosure requirement to disclose any Confidential
Information, the Recipient shall provide the Disclosing Party with prompt notice of such request or requirement as far in advance
of its disclosure as is reasonably practicable. The Recipient agrees to reasonably cooperate with the Disclosing Party to obtain
a protective order or other appropriate remedy in order to limit such disclosure.

 

		16.5	For the avoidance of doubt, no Party has disclosed or will disclose (nor is any Party obliged to
disclose) to any other Party or any Company or any other Person information which is confidential in respect of LNG projects other
than the Neptune LNG Project.

 

		16.6	In this Article 16 the expressions "Disclosing Party" and "Recipient" shall
have the meanings given in the definition of "Confidential Information".

 

		17	REPLACEMENT and Effective Time

 

		17.1	This Shareholders' Agreement shall be effective as from the time at which the shares representing
the Previous Shareholders' 50% holding in the share capital of each Company are transferred by the Previous Shareholder to, and
registered in the name of, HLPO, such time of the transfer by the Previous Shareholder to HLPO having been notified in writing
by the Previous Shareholder to MOL and TLT, whereupon the Previous Shareholders' Agreement shall cease to have effect, without
prejudice to any accrued rights and obligations which are unsatisfied or unperformed under the Previous Shareholders' Agreement.

 

		17.2	With effect from the Effective Time the confidentiality agreement dated 20 February 2006 between
Leif Höegh & Co AS and MOL shall cease to have effect
but without prejudice to rights and obligations accrued before the Effective Time (and, as among the Parties, shall be superseded
by Article 16 of this Agreement).

 

    	19

    	 

    

 

		18	duration

 

This
Shareholders’ Agreement shall be binding on the Parties from the Effective Time
until this Shareholders’ Agreement is
terminated by the Parties hereto in accordance with Article 13 or Article 15 or otherwise ceases to apply as provided herein.

 

		19	GOVERNING LAW AND ARBITRATION

 

		19.1	This Shareholders’ Agreement shall be governed by and
construed in accordance with English law.

 

		19.2	Any claim, dispute or controversy arising among the Parties
out of or in relation to this Agreement, shall be settled through friendly consultations between the Parties. In the event that
no settlement is reached within 30 days from the date of notification by either Party to the other that it intends to submit a
claim, dispute or controversy to arbitration then such claim, dispute or controversy shall be finally settled by arbitration in
accordance with the rules of Arbitration of the International Chamber of Commerce by three arbitrators appointed in accordance
with the said rules. The place of arbitration shall be London, UK. The arbitration proceeding shall be conducted in English.

 

		20	NOTICES

 

Unless
otherwise specified herein, any notice required to be given hereunder by and Party shall
be deemed to have been well and sufficiently given if mailed by prepaid registered mail,
sent by facsimile or delivered to the address of the other Parties hereinafter set forth:

 

	HLPO:	Höegh LNG Partners Operating LLC
	 	c/o Höegh LNG AS
	 	Drammensveien 134
	 	0277 Oslo
	 	Norway
	 	Attention:	Chief Executive Officer
	 	Facsimile:	+ 47 2103 9013
	 	 	 
	MOL:	1-1, Toranomon,
	 	2-Chome, Minato-ku,
	 	Tokyo, Japan 105-8688
	 	Attention:	General Manager, LNG Carrier Division
	 	Facsimile:	+81 33587 7748
	 	 	 
	TLT:	Tokyo LNG Tanker Co., Ltd.
	 	1-5-20 Kaigan
	 	Minato-ku
	 	Tokyo, Japan 105-8527
	 	Attention:	General Manager, Business Development Division I
	 	Facsimile:	+81 3 3432 5834

 

or
such address as any Party may
from time to time direct in writing, and any such notice shall
be deemed to have been received, if mailed, on the fifth business day after the time of
mailing, if sent by facsimile on the day sent, and if delivered on the date of delivery, in
each case Saturdays, Sundays and statutory holidays excepted. If normal mail service is interrupted by strike, slowdown, force
majeure or other cause, a notice sent by mail will not be deemed to be received until
actually received, and the Party sending the notice shall utilize any other means of communication which have not been so interrupted
or shall deliver such notice in order to ensure prompt receipt thereof.

 

    	20

    	 

    

 

		21	general provisions

 

		21.1	Illegality. If
any one or more of the provisions contained in this Shareholders’ Agreement shall be invalid,
illegal or unenforceable in any respect in any competent jurisdiction, the validity, legality
and enforceability of such provision or provisions shall not in any way be affected
or impaired thereby in any other competent jurisdiction and the validity, legality and
enforceability of the remaining provisions contained herein shall not in any way be affected
or impaired.

 

		21.2	Entire agreement. The provisions herein constitute the entire agreement among the Parties
regarding the Companies and supersede all other agreements between the Parties regarding the same (including the heads of agreement
dated 21 March 2006 made between the Parties), save for any related or supplemental agreements having the same date as the Previous
Shareholders’ Agreement or the Shareholders’ Agreement dated 26 April 2006 (as amended and restated on 20 December
2007).

 

		21.3	Amendment. This
Shareholders’ Agreement may be amended only by written agreement executed by the
Parties hereto which agreement specifically states that it amends this Shareholders’ Agreement.

 

		21.4	No Waiver. Failure on any Party to insist upon strict
observance of or compliance with any term of this Shareholders’ Agreement in
one or more instances shall not be deemed to be a waiver of its rights to insist upon
such observance or compliance with the other terms hereof, or in the future.

 

		21.5	Headings. The headings preceding the text of the sections and subsections hereof are inserted
solely for convenience of reference and shall not constitute a part of this Shareholders’
Agreement, nor shall they affect its meaning, construction or effect.

 

		21.6	Counterparts. This Shareholders’ Agreement may be entered into in any number of counterparts
and by the Parties on separate counterparts, each of which when so executed and delivered shall be an original but shall not be
effective until each Party has executed at least one counterpart, but all the counterparts shall together constitute one and the
same instrument.

 

		21.7	Responsibility for costs. Any ongoing administrative costs of the Companies shall be borne
between the Parties in accordance with their Relevant Proportions. Except where expressly provided otherwise, each Party shall
pay its own costs connected with the negotiation, preparation, execution and implementation of this Shareholders Agreement and
any matters connected therewith but this is without prejudice to any Party’s rights to recover its costs (in whole or in
part) under the general law.

 

		21.8	Third party rights. This Shareholders’ Agreement is made for the benefit of the Parties
hereto and their successors and permitted assigns only and is not intended to benefit, and no term thereof shall be enforceable
by, any other person by virtue of the Contracts (Rights of Third Parties) Act 1999. However, notwithstanding the foregoing, (i)
HLNG Holdings shall have the benefit of and may enforce the provisions of Article 16 and Article 17.1 and (ii) Leif Höegh
& Co AS shall have the benefit of and may enforce the provisions of Article 17.2; provided that this Shareholders' Agreement
may be rescinded or varied by the Parties hereto without the consent of HLNG Holdings or Leif Höegh
& Co AS (or any person who is not a party to it) in all other respects.

 

		21.9	Assignment. This Shareholders’ Agreement shall
be binding on and enure for the benefit of each Party’s successors and assigns save that:

 

		(a)	any purported assignment, charge, transfer or other disposition
by a Party of the benefit of this Shareholders’ Agreement (or any related document) or of any of its claims or rights (whether
to damages or otherwise) or obligations arising under or in connection with this Agreement (or any related document) which is made
without the other Parties’ prior written consent (such consent not to be unreasonably withheld or delayed) shall be void
for all purposes; and

  

    	21

    	 

    

 

		(b)	any Party in breach of this Article 21.9 shall not be entitled
to recover damages or exercise any other remedy in respect of any loss which may be sustained by any other person who at any time
has any right or interest relating to this Shareholders’ Agreement as a result of any such breach.

 

		21.10	Warranties of authority. Each Party represents and
warrants as regards itself that as at the date hereof:

 

		(a)	it is duly incorporated and in existence and has full power
and authority to enter into, and perform all its obligations under, this Shareholders’ Agreement;

 

		(b)	this Shareholders’ Agreement constitutes its legal,
valid and binding obligations enforceable against it in accordance with its terms;

 

		(c)	the entry into and performance by it of this Shareholders’
Agreement does not and will not violate in any respect any law or regulation or any agreement to which it is a party; and

 

		(d)	all consents, licences, approvals and authorisations required
by it in connection with this Shareholders’ Agreement and the transactions contemplated hereby have been obtained and are
in full force and effect.

 

		22	further assurances

 

Subject always to the other
provisions of this Shareholders’ Agreement, each Party shall, and shall procure that any nominee for it and/or any Group
Undertaking of it shall, and each Shareholder shall use such voting and other powers available to it in relation to each Company
to procure that each Company shall execute any deeds or documents and exercise or waive any rights and generally take any and all
action which may be necessary for this Shareholders’ Agreement to be carried into effect including, but not limited to, entering
into and performing its obligations under the agreements to which each Company is, or is to be, a party and passing (or ensuring
that there are passed) any resolution of a Company which may be required or desirable in connection with this Shareholders’
Agreement.

 

    	22

    	 

    

 

IN
WITNESS whereof this Shareholders’
Agreement has been executed on the day and
year first before written.

 

	Executed by affixing a seal of	) /s/ Koichi Muto
	Mr. Koichi Muto,	)
	a Representative Director of :	)
	MITSUI O.S.K. LINES, LTD.	)
	 	 
	Executed and delivered by	) /s/ Emeline Yew
	 	) Attorney in fact
	an Attorney on behalf of	)
	HÖEGH LNG PARTNERS	)
	OPERATING LLC	)
	 	 
	Executed by affixing a seal of	) /s/ Tadashi Narushima
	Mr. Tadashi Narushima,	)
	a Representative Director of :	)
	TOKYO LNG TANKER CO., LTD	)

 

    	23

    	 

    

Execution Version

 

SCHEDULE

 

DETAILS
OF COMPANY 1

 

	Name	SRV Joint Gas Limited
	Date of incorporation	4 April 2006
	Registered number	HL-165287
	Registered office	Clifton House, 75 Fort Street, George Town, P.O. Box 1350 GT, Grand Cayman, Cayman Islands
	Directors	Nobuo Ishihara

Takeshi Hashimoto

Morten Høegh

Sveinung Støhle
	Secretary	Appleby Corporate Services (Cayman) Limited
	Authorised share capital	$50,000 divided into 50,000 shares of $1 each
	Issued share capital 	$50,000 divided into 50,000 shares of $1 each
	
        Registered
        shareholders

        (with
        numbers of shares

        and
        beneficial owners)
	
        Höegh
        LNG Partners Operating LLC - 25,000 shares 

         

        Mitsui
        O.S.K. Lines, Ltd – 24,250 shares 

         

        Tokyo
        LNG Tanker Co., Ltd – 750 shares

	Loan capital	None
	Bankers	None
	Auditors	Ernst & Young
	Accounting reference date	31 December

 

    	24

    	 

    

 

DETAILS
OF COMPANY 2

 

	Name	SRV Joint Gas Two Limited
	Date of incorporation	13 August 2007
	Registered number	HL - 193196
	Registered office	Clifton House, 75 Fort Street, George Town, P.O. Box 1350 GT, Grand Cayman, Cayman Islands
	Directors	Nobuo Ishihara

Takeshi Hashimoto

Morten Høegh

Sveinung Støhle
	Secretary	Appleby Corporate Services (Cayman) Limited
	Authorised share capital	$50,000 divided into 50,000 shares of $1 each
	Issued share capital 	$50,000 divided into 50,000 shares of $1 each
	
        Registered
        shareholders

        (with
        numbers of shares

        and
        beneficial owners)
	
        Höegh
        LNG Partners Operating LLC - 25,000 shares

         

        Mitsui
        O.S.K. Lines, Ltd – 24,250 shares

         

        Tokyo
        LNG Tanker Co., Ltd – 750 shares

	Loan capital	None
	Bankers	None
	Auditors	Ernst & Young
	Accounting reference date	31 December

 

    	25

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