Document:

<PAGE>
                                                                   EXHIBIT 10.15

              FIRST AMENDMENT TO THE REGISTRATION RIGHTS AGREEMENT

         This First Amendment ("Amendment") to the Registration Rights Agreement
dated as of February 4, 2004 between Transocean Inc., a company organized under
the laws of the Cayman Islands ("Transocean"), and TODCO, a Delaware corporation
(the "Company"), is made and entered into as of September 7, 2004, by Transocean
and the Company.

         WHEREAS, Transocean and the Company are parties to a Registration
Rights Agreement dated as of February 4, 2004 (the "Agreement"); and

         WHEREAS, Transocean has notified the Company that it and Transocean
Holdings Inc., a Delaware corporation and a wholly owned subsidiary of
Transocean, intend to offer to the public (the "Public Offering") shares of the
Company's Class A Common Stock (as defined below); and

         WHEREAS, the Company has filed a registration statement on Form S-1
(Registration No. 333-117888) covering the offering of shares of the Company's
Class A Common Stock with a maximum aggregate offering price of up to
$230,000,000 pursuant to the Public Offering; and

         WHEREAS, the Agreement currently provides for the payment by the
Company of all Registration Expenses with respect to a registration pursuant to
the Agreement; and

         WHEREAS, Transocean has agreed to pay for all Registration Expenses in
connection with the Public Offering; and

         WHEREAS, Transocean and the Company wish to amend the Agreement to
reflect such agreement;

         NOW, THEREFORE, upon the premises and based on the mutual promises
herein contained, and for other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties agree as follows:

         1. Definitions. Capitalized terms used herein that are defined in the
Agreement shall have their meanings as defined in the Agreement, unless
otherwise defined herein.

         2. Amendment. Section 4 of the Agreement is hereby amended and restated
as follows:

         Transocean agrees to pay all Registration Expenses (except for the
fees, disbursements and expenses of the Company's counsel(s) in the event the
Company retains counsel other than Transocean's counsel) with respect to the
registration of shares of Class A Common Stock pursuant to the Company's
registration statement on Form S-1 (Registration No. 333-117888) covering the
offering of shares of the Company's Class A Common Stock with a maximum
aggregate offering price of up to $230,000,000 (as such amount may be increased
at the direction of Transocean) and any registration statement for the same
offering filed pursuant to Rule 462(b) under the Securities Act at the direction
of Transocean. The Company agrees to pay all Registration Expenses with respect
to all other registrations as provided in the Agreement. All

                                       1
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internal expenses of the Company or a Holder in connection with any offering
pursuant to this Agreement, including, without limitation, the salaries and
expenses of officers and employees, including in-house attorneys, shall be borne
by the party incurring them. All Selling Expenses of the Holders participating
in any registration pursuant to this Agreement shall be borne by such Holders
pro rata based on each Holder's number of Registrable Securities included in
such registration.

         3. Limited Effect. Except as amended hereby, the Amendment shall
continue to be, and shall remain, in full force and effect in accordance with
its terms as currently written.

         4. Counterparts. For the convenience of the parties, this Amendment may
be executed in any number of counterparts, each of which shall be deemed to be
an original but all of which together shall be one and the same instrument.

         5. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS, WITHOUT REGARD TO THE CONFLICTS
OF LAWS PRINCIPLES THEREOF.

         6. Construction. This Amendment shall be construed as if jointly
drafted by the Company and Transocean and no rule of construction or strict
interpretation shall be applied against either party. The paragraph headings
contained in this Amendment are for reference purposes only, and shall not
affect in any manner the meaning or interpretation of this Amendment.

         IN WITNESS WHEREOF, the undersigned has executed this Amendment to be
effective as of the date first above written.

                                          TRANSOCEAN INC.

                                          By:  /s/ Eric B. Brown
                                             ---------------------------------
                                          Name: Eric B. Brown
                                          Title: Vice President

                                          TODCO

                                          By:  /s/ Randall A. Stafford
                                             ---------------------------------
                                          Name: Randall A. Stafford
                                          Title: Vice President

                                       2<PAGE>
                                                                   EXHIBIT 10.16

                        SERVICE AND SECONDMENT AGREEMENT

This Agreement, entered into as of the 26 day of July , 2004, by and between
Transocean Offshore International Ventures Ltd. with offices at Manor Lodge
Complex Building #1, Suite #2 Lodge Hill, St. Michael, Barbados ("Company")
and Cliffs Drilling  Trinidad Offshore Limited  with offices located at
2 1/4 MM South Trunk Road, La Romain, Trinidad ("Contractor"),

                              W I T N E S S E T H:

      WHEREAS, Company has entered into a contract with British Gas Trinidad and
Tobago Limited and British Gas International Limited ("Company's Client") for
the drilling, completing, and reworking oil and gas wells offshore Trinidad and
Tobago(the "Drilling Contract"); and

      WHEREAS, Company desires to acquire certain services and utilize certain
personnel of Contractor or its affiliates ("Work"); and

      WHEREAS, Contractor is willing to provide such services;

      NOW THEREFORE, in consideration of the mutual promises and obligations
herein contained, the parties agree as follows:

1.    Administrative Services.
      -----------------------
      During the term of the Drilling Contract, Contractor or its affiliates
      will provide Company with certain facilities and administrative services
      to facilitate Company's performance of the Drilling Contract. The
      facilities and administrative services to be
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      provided (the "Work") are set forth in detail in Exhibit A, attached
      hereto and made a part hereof.

2.    Seconded Personnel.
      ------------------
      Contractor through its affiliates shall furnish to Company mutually
      acceptable personnel of the classifications requested by Company for the
      performance of work onboard Company's Drilling Unit (the "Seconded
      Personnel"). Although such personnel shall be seconded to Company,
      Contractor remains their legal employer and shall be responsible for
      payment of their salaries and benefits. Company shall reimburse
      Contractor's actual salary and benefit cost as well as any documented cost
      (and any VAT required to be paid with respect to such reimbursement, if
      applicable) incurred by Contractor or its affiliates in connection with
      the Seconded Personnel for the period(s) during which each such person is
      seconded to Company pursuant to this Agreement. Although the Seconded
      Personnel shall remain the employees of Contractor while working for
      Company pursuant to this agreement, the Seconded Personnel will work under
      the direct supervision and control of Company.

3.    INDEPENDENT CONTRACTOR.
      ----------------------
      Contractor shall be an independent contractor with respect to the
      performance of all Work for Company hereunder. Neither Contractor, its
      principals, agents, partners, or subcontractors nor its or their employees
      shall be servants, agents, or employees of Company. Company shall have no
      direction or control of such parties, except for monitoring the results to
      be obtained and in Company's general right of inspection to require that
      the Work is being performed in accordance with this Agreement and any
      applicable Work Order.

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4.    COMPLIANCE WITH LAWS.
      --------------------
      Contractor shall comply and ensure that all of its subcontractors and its
      employees and agents comply with all applicable laws, rules, and
      regulations of any governmental authority which are now or may become
      applicable to operations arising out of or in any way incident to
      Contractor's Work.

5.    DAYRATE AND PAYMENT.
      -------------------
      In consideration for the performance of the Work, Company shall pay
      Contractor a daily rate of US$2,750 per day from the commencement date of
      operations under the Company Drilling Contract with Company's Client in
      Trinidad and ending on the date of termination of operations of the
      Drilling Unit in Trinidad or on the date of termination of the Drilling
      Contract. Company shall pay Contractor any documented costs associated
      with the work other than for administrative and support work as detailed
      in Exhibit A prior to the commencement date and after the date of
      termination. On the commencement date hereof, Company shall advance
      Contractor a mutually agreed amount that is sufficient to ensure that
      Contractor will be working capital positive for the duration of the
      contract. Company will increase the balance of advance payment into
      working capital during the contract period as and when required by mutual
      consent. Thereafter, Company shall pay invoices within thirty (30) days
      after receipt. The Advance Payment will be credited against Contractor's
      final payment hereunder. Any excess shall be repaid to Company concurrent
      with delivery of such final invoice. In the event Company should dispute
      any part of an invoice, undisputed portions thereof shall be paid; and
      upon resolution of all disputed items, a supplemental invoice will be
      submitted to Company for payment.

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6.    RECORDS RETENTION; AUDIT.
      ------------------------
      Contractor shall support all invoices a summary statement each month.
      Contractor agrees to retain all applicable documentation and records for a
      period of not less than two (2) years after completion of the Work.
      Company or any party with which Company is rendering services or under
      contract shall be entitled to audit and examine all documents and/or
      records necessary to verify the correctness of charges contained in any
      invoice. The payment of an invoice shall not preclude Company's right to
      audit any charge during said two-year period.

7.    TAXES.
      -----
      Except to the extent Company is required to reimburse Contractor for such
      costs pursuant to Clause 2, above, or Exhibit A attached hereto, each
      party shall pay all taxes, duties, licenses, and fees levied, assessed,
      and/or incurred by it directly or indirectly with respect to its
      operations which are imposed on it by any governmental authority. VAT,
      Municipal or other revenue based taxes incurred by Contractor in
      connection with reimbursable expenses shall be for the account of Company.

8.    INSURANCE.
      ---------
      During the term of this Agreement, Contractor shall maintain at its sole
      expense the minimum insurance coverage specified in Exhibit "B" with
      underwriters acceptable to Company, and under the terms of coverage
      specified, all of which is adopted herein. Except as provided by law, the
      limits specified therein shall in no way limit liabilities or obligations
      of Contractor for claims arising from performance of this Agreement.

                                       4
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9.    ACCIDENTS.
      ---------
      Contractor shall report to Company as soon as possible all accidents or
      occurrences resulting in injuries to or property damage of any third
      party, Company, Contractor, and/or their employees or agents arising out
      of or incident to Work furnished pursuant to this Agreement. Contractor
      shall furnish Company with copies of all reports submitted to Contractor's
      insurer.

10.   SAFETY.
      ------
      Contractor shall comply, notify, and require its subcontractors and its
      and their employees, invitees, and agents to comply with Company's safety
      rules and procedures, including its Corporate Policy Directive (Exhibit
      "D") which prohibits possession of contraband items in work areas.

11.   FORCE MAJEURE.
      -------------
      Each party hereto shall be excused from performance under this Agreement
      for so long as such performance is hindered or impeded by a force majeure
      event (other than payment of amounts due hereunder). As used in this
      Agreement, a "force majeure" event includes riots, strikes, wars,
      terrorist acts, civil disturbances, governmental authority (whether such
      authority be actual or assumed), fires, floods, storms, other acts of God,
      or such other causes which are reasonably beyond the control of the party
      affected. Any party to this Agreement which is unable, in whole or in
      part, to carry out its obligations under this Agreement due to force
      majeure shall promptly give written notice to that effect to the other
      party stating in reasonable detail the circumstances underlying such force
      majeure. Any party to this Agreement claiming force majeure shall
      diligently use all reasonable efforts to remove the cause of such force
      majeure, shall promptly give written notice to the

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      other party of the termination of such force majeure and shall resume
      performance of any suspended obligations as soon as reasonably possible
      after termination of such force majeure. If any such force majeure delay
      extends beyond a period of ten (10) days, Company may, at its sole option,
      terminate this Agreement by notice thereof to Contractor.

12.   TERMINATION.
      -----------
      Company may terminate this Agreement by providing thirty (30) days prior
      written notice to Contractor . Such termination shall not relieve either
      party of obligations accrued, including compensation for services
      performed hereunder prior to the time such termination becomes effective.

13.   INDEMNITY.
      ---------
      A.    Contractor shall defend, release, indemnify and hold harmless
            Company, and Company's Client, their parents, subsidiaries,
            affiliates, officers, directors, agents or employees, from and
            against all liens, claims, demands, causes of action, costs,
            expenses or losses (including but not limited to attorneys' fees)
            pertaining to, for or on account of injury to, illness or death
            of employees (other than Seconded Personnel), or agents of
            Contractor, or anyone brought onto Company's work site by
            Contractor, its affiliates and subcontractors, or loss or damage
            to property of Contractor, its affiliates and subcontractors
            which arise from, are incident to or result directly or
            indirectly from the performance of the Work, the presence of the
            above individuals at any job or work site, or transportation to
            or from such locations, performance of this Agreement, or breach
            hereof.

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      B.    Except as provided in paragraph A, above, Company shall defend,
            release, indemnify and hold harmless Contractor, its parents,
            subsidiaries, affiliates, officers, directors, employees and
            agents from and against all liens, claims, demands, causes of
            action, costs, expenses or losses (including but not limited to
            attorneys' fees) pertaining to, for or on account of injury to,
            illness or death of any person, including without limitation,
            employees (including Seconded Personnel), or agents of Company,
            Company's Client, their affiliates or other contractors, or loss
            or damage to property of any person, including without
            limitation, Company, Company's Client, their affiliates or other
            contractors, or Seconded Personnel which arise from, are incident
            to or result directly or indirectly from the performance of the
            Drilling Contract, the presence of the above individuals at any
            job or work site, or transportation to or from such locations,
            performance of this Agreement, or breach hereof.

      D.    All indemnities under this Agreement (I) shall be supported by
            equal amounts of available liability (or other appropriate)
            insurance to be carried by the indemnifying party at its own
            expense and (ii) shall survive and not be affected by termination
            of this Agreement or completion of the Work.  If it is judicially
            determined that the monetary limits of insurance required
            hereunder or the indemnities or releases assumed under this
            Agreement exceed the maximum monetary limits or scope permitted
            under applicable law, it is agreed that said insurance
            requirements or indemnities or releases shall automatically be
            amended to conform to the maximum monetary limits or scope
            permitted under such law.

      E.    THE ALLOCATIONS OF RISK CONTAINED IN THIS AGREEMENT SHALL APPLY
            NOTWITHSTANDING THE SIMPLE, GROSS, SOLE, JOINT OR CONCURRENT
            NEGLIGENCE OF ANY PERSON OR PARTY

                                       7
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            (REGARDLESS OF WHETHER SUCH PERSON OR PARTY IS AN INDEMNITEE OR
            NOT), THE UNSEAWORTHINESS OR OTHER FAULT OF ANY VESSEL, "RUIN," OR
            STRICT LIABILITY, LIABILITY IMPOSED BY STATUTE, DEFECTS IN PREMISES,
            EQUIPMENT OR MATERIAL, OR ANY OTHER EVENT OR CONDITION WHETHER
            ANTICIPATED OR UNANTICIPATED AND REGARDLESS OF WHETHER PRE-EXISTING
            THIS AGREEMENT.

14.   LIMITATION OF DAMAGES.
      ---------------------
      IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER FOR SPECIAL,
      INDIRECT OR CONSEQUENTIAL DAMAGES RESULTING FROM OR ARISING FROM REPAIR OR
      REPLACEMENT OF THE WORK PERFORMED BY CONTRACTOR, INCLUDING, WITHOUT
      LIMITATION, LOSS OF PROFIT OR BUSINESS INTERRUPTIONS, HOWEVER SAME MAY BE
      CAUSED.

15.   ASSIGNMENT.
      ----------
      This Agreement shall be binding upon the parties, their successors, and
      assigns; provided, however, that Contractor shall not assign this
      Agreement or any part of any Work for Company without Company's prior
      written consent. The subcontracting of any portion of the Work to be
      provided by Contractor shall not relieve Contractor from any of its
      obligations to perform in accordance with this Agreement, or relieve
      Contractor of any other obligations under the contract.

16.   GOVERNING LAW.
      -------------
      THIS AGREEMENT SHALL BE GOVERNED BY AND INTERPRETED IN ACCORDANCE WITH
      THE GENERAL MARITIME LAW AND STATUTES OF THE UNITED STATES WHERE
      APPLICABLE, EXCLUDING, HOWEVER, ANY

                                       8
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      CONFLICTS OF LAW RULES THAT WOULD APPLY THE LAWS OF ANY OTHER
      JURISDICTION. IF GENERAL MARITIME LAW DOES NOT APPLY, THIS CONTRACT WILL
      BE INTERPRETED UNDER THE LAWS OF TEXAS. VENUE OF ANY LITIGATION SHALL BE
      HARRIS COUNTY, TEXAS. BOTH PARTIES HEREBY SUBMIT TO THE NON-EXCLUSIVE
      JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING IN HOUSTON, TEXAS.
      SERVICE ON THE SECRETARY OF STATE MAY BE MADE BY ANY MEANS PERMITTED AS IF
      ANOTHER AGENT HAD BEEN APPOINTED IN TEXAS.

17.   ENTIRE AGREEMENT.
      ----------------
      This Agreement and the exhibits contain the entire agreement between the
      parties relating to the subject work hereof and supersede any previous
      undertakings, considerations, writings, specifications, or commitments,
      whether oral or in writing. No amendment, modification, or waiver of this
      Agreement shall be effective unless it is in writing and signed by an
      officer of Company and a duly authorized representative of Contractor.

18.   FOREIGN CORRUPT PRACTICES ACT.
      -----------------------------
      THE PARTIES TO THIS AGREEMENT EACH AGREE THAT THEY WILL AT ALL TIMES
      COMPLY WITH THE PROVISIONS OF THE FOREIGN CORRUPT PRACTICES ACT OF 1977,
      AS AMENDED, AND IT AND ITS EMPLOYEES AND AGENTS WILL NOT PAY, OFFER OR
      PROMISE TO GIVE, OR AUTHORIZE THE GIVING OF ANY SERVICES OR ANYTHING ELSE
      OF VALUE, EITHER DIRECTLY OR THROUGH A THIRD PARTY, TO ANY OFFICIAL OR ANY
      EMPLOYEE OF ANY GOVERNMENT OR OF ANY GOVERNMENTAL INSTRUMENTALITY, OR TO
      ANY POLITICAL PARTY OR OFFICIAL THEREOF OR TO ANY CANDIDATE FOR POLITICAL
      OFFICE FOR THE PURPOSE OF (a) INFLUENCING ANY ACT OR DECISION OF THAT
      PERSON IN HIS OFFICIAL CAPACITY OR INDUCING SUCH PERSON TO DO ANY ACT IN
      VIOLATION OF THE LAWFUL DUTY OF SUCH PERSON, OR (b) INDUCING SUCH

                                       9
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      PERSON TO USE HIS INFLUENCE WITH SUCH GOVERNMENT OR INSTRUMENTALITY TO
      AFFECT OR INFLUENCE ANY ACT OF DECISION THEREOF, IN ORDER TO PROMOTE OR
      ASSIST IN THE PERFORMANCE OF CONTRACTOR'S OR SUBCONTRACTOR'S OBLIGATIONS
      HEREUNDER OR TO OBTAIN OR RETAIN BUSINESS.

19.   MODIFICATION.
      ------------
      In the event any provision of this Agreement is inconsistent with or
      contrary to any applicable law, rule, or regulation, said provision shall
      be deemed to be modified to the extent required to comply with said law,
      rule, or regulation; and as so modified, said provision and this Agreement
      shall continue in full force and effect.

20.   NOTICES.
      -------
      All notices, invoices, and payments shall be sent to the addresses shown
      herein above.

21.   AUTHORITY.
      ---------
      Company represents and warrants that it has full and complete authority to
      enter into and to perform this Agreement. Contractor represents and
      warrants that it has full and complete authority to enter into and to
      perform this Agreement. Each person who executes this Agreement on behalf
      of Company or Contractor represents and warrants that he or she has full
      authority to do so and that Company will be bound thereby.

                                       10
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      IN WITNESS WHEREOF, the parties hereto have executed this Agreement
effective as of the day and year herein above first written.

Transocean Offshore International             Cliffs Drilling Trinidad
Offshore Ltd. Ventures Ltd.

By /s/ Kevin P. Monaghan                    By   /s/ David Crowley
   ----------------------------                  ----------------------------
   Name: Kevin P. Monaghan                       Name: David Crowley
   Title: Vice President                         Title: Director

                                       11
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                                   EXHIBIT A-1

Description of Personnel, Facilities and Services to be provided by Contractor
in Trinidad.

Seconded Offshore Personnel
---------------------------
Contractor will be the legal employer and is responsible for hiring, , training
and coordinating the movements of Offshore Personnel as requested by
Company. Company is responsible for any Human Resources related services
pertaining to Labor and Union issues. Such additional personnel shall be
furnished to Company as Seconded Personnel.

Company shall reimburse Contractor for Seconded personnel at Contractor's
documented cost

Seconded Onshore Personnel
--------------------------
Contractor will be the legal employer and is responsible for hiring and training
additional Onshore Personnel, as mutually agreed between Company and Contractor,
if Company's requirements are such that they cannot be fulfilled with
Contractor's existing staff without compromising Contractor's core business in
Trinidad

Company shall reimburse Contractor for Seconded personnel at Contractor's
documented cost

Office Facilities
-----------------
Contractor shall provide Company with office space at Contractor's main offices
in San Romaine, Trinidad furnished and equipped as follows:

Office furniture, including but not limited to chairs, desks, shelves, internet
connection, fixed and mobile phones, fax facility, stationary, other materials
and supplies normally associated with offices.

Yard Space
----------
Contractor shall provide Company with open and enclosed storage space at its
yard in La Romain Trinidad for storage of Company's equipment and use of
Contractors existing equipment and facilities for movement of equipment and
materials within the yard.

Administration Services
-----------------------
Contractor will perform the following Administration Services for Company to the
extent feasible with Contractor's existing staff:

      o     Coordination of Company's 3rd party services, including but not
            limited to catering, import/export, visa and work permit, shipping
            and logistics, travel etc.

      o     Secretarial services

      o     Procurement of materials and supplies as requested by Company

      o     Logistics support, including but not limited to equipment packaging,
            expediting, etc.

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      o     Travel support, including but not limited to local transportation,
            airline ticket reservations & bookings.

      o     QHSE support.

      o     IT support and assistance, including but not limited to
            internet/intranet access at Contractor's facilities.

      o     Communications support, including but not limited to mail, courier
            services, mobile and fixed phones, fax facilities.

      o     Finance support, including accounts payable, but excluding accounts
            receivables, controlling and rig accounting

      o     Support for Company's expatriate resident staff, including but not
            limited to assistance in obtaining housing, relocation support, car
            rental and/or purchase and sale.

      o     Any other support and services as mutually agreeable between Company
            and Contractor

Company shall reimburse Contractor for such materials, supplies or services
acquired at Company's request at Contractor's documented cost or in the absence
of documentation at mutually agreed rates based on the market. (We may have the
materials in our possession and therefore not be acquiring them from a third
party).

Contractor Inventory
--------------------
If Company purchases Drilling Unit supplies or equipment from Contractor's
inventories, Company shall pay Contractor for such inventory at the documented
CIF cost.

                                       13
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                                   EXHIBIT "B"

                             INSURANCE REQUIREMENTS

Throughout the term of this Agreement Contractor shall maintain the following
insurance unless waived in writing and shall instruct its underwriters to
forward a Certificate of Insurance to, and to provide Company thirty (30) days
advance notice of changes, nonrenewal, or cancellation of such insurance whether
by Contractor or by underwriters. Contractor will ensure that all subcontractors
engaged by it in the performance of this Agreement shall, if not covered by
Contractor's Insurance, secure and maintain all applicable Insurance included
herein. All insurance policies shall contain a waiver of subrogation in favor of
Company, its affiliated companies, and any third parties to whom or for which
Company is under contract or rendering services and/or its and their employees
and agents. All insurance policies, except Worker's Compensation, shall name all
such parties as additional assureds. All such policies shall be endorsed to
provide that additional assureds shall not be liable for premiums and that such
policies shall be primary as to additional assureds, regardless of any "excess"
or "other insurance" clauses therein. The coverage extended an additional
assured shall not be less than that provided to the Contractor. All policies
will cover investigation and defense of claims. All policies will include
contractually assumed liability coverage. Self-insured retention and deductibles
in all Contractor policies shall be for the account of Contractor.

        COVERAGE                          LIMITS OF LIABILITY
        --------                          -------------------

    A)  Worker's Compensation(1)          Statutory Limits

    B)  Employer's Liability(1)
                                          Bodily Injury
                                          -------------
        1.  Onshore Operations            $1,000,000 each person
                                          $1,000,000 each occurrence

                                          Bodily Injury
                                          -------------
        2.  Over Water Operations         $1,000,000 each person
                                          $1,000,000 each occurrence

    C)  Comprehensive General Liability
                                          Bodily Injury & Property Damage
                                          -------------------------------
        1.  Onshore Operations            $1,000,000 each occurrence
                                          Combined Single Limit

                                          Bodily Injury & Property Damage
                                          -------------------------------
        2.  Over Water Operations(2)      $1,000,000 each occurrence
                                          Combined Single Limit

    D)  Automotive Liability              Bodily Injury
                                          -------------
        (includes coverage for            $1,000,000 each person
        owned, nonowned and hired         $1,000,000 each occurrence
        vehicles)
                                          Property Damage
                                          ---------------
                                          $1,000,000 each occurrence

                                       14
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                                          Bodily Injury & Property Damage
                                          -------------------------------
    G)  Excess Umbrella Liability

        All underlying coverages required herein, except Workers Compensation
        and Hull and Machinery, to be scheduled under Excess policy

        1.  Onshore Operations            $1,000,000 Combined Single Limit

        2.  Over Water Operations         $5,000,000 Combined Single Limit

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

(1) These policies (including occupational disease) shall have the following
    endorsements: borrowed servant, voluntary compensation, and alternative
    employer. If the Work is performed over water, the policies shall be
    endorsed to include coverage for transportation, wages, maintenance and
    cure, Jones Act, Death on the High Seas Act and general maritime law claims,
    USL&H, including its extension by the Outer Continental Shelf Lands Act, in
    rem, territorial extension for all work and transportation areas, and diving
    operations.

(2) These policies shall include endorsements for in rem, removal of watercraft
    exclusion and "care custody and control/rented - occupied property"
    exclusion, territorial extension for all work and transportation areas, and
    diving operations. Whenever in the context of a particular claim, the
    anti-indemnity provisions of the Longshore & Harbor Workers Compensation
    Act, 33U.S.C.A. sec. 905(b), are or might be applicable, the parties
    expressly agree and intend that the liability insurance provided and carried
    by the Contractor shall name and treat Company (including for this purpose
    any Company affiliate, subsidiary, subcontractor, client, agent or employee
    which might be treated as a vessel under that statute) as an additional
    named insured, shall be primary with respect to any other insurance
    available to Company, and shall waive subrogation as to Company, its
    subsidiaries, affiliates, clients, or any party as to which Company is
    contractually or legally obligated to provide indemnity, their respective
    employees and their insurers.

                                       15
<PAGE>
                                   EXHIBIT "C"

                           CORPORATE POLICY DIRECTIVE
                         POSSESSION OF CONTRABAND ITEMS

It is the policy of Company to maintain a safe work environment for its
employees. To this end, the possession of any illegal drug, drug paraphernalia,
alcoholic beverage, explosive, weapon or any other similar item or substance
which could cause or contribute to injury to Company personnel or damage to its
property ("contraband") is strictly prohibited at work locations or other
business premises ("work areas") of Company. This policy may be implemented by
such reasonable means as may from time to time be determined appropriate,
including searches of the person and personal effects of any person.

Compliance with this policy is a condition of employment of Company and
employees who decline to be searched or who are otherwise found in violation of
this policy will be subject to immediate termination. Non-employees who decline
to be searched or are otherwise found in violation of this policy or Company's
Substance Abuse Policy will be excluded from Company work areas. Attached is a
Notice outlining Company's Substance Abuse Policy.

                                       16
<PAGE>
                                     NOTICE

                       DRUGS, ALCOHOL, FIREARMS, SEARCHES

Company is concerned about the effects of the use of illegal drugs and the abuse
of alcohol on the health and safety of its employees. We recognize that
alcoholism and the illegal use of drugs leads to increased accidents and medical
claims, and can lead to the destruction of an employee's health, and adversely
affect his or her personal life. Employees who abuse drugs and alcohol are a
danger not only to themselves, but also to their fellow employees. In addition,
the medical costs incurred by employees with drug or alcohol problems are much
higher than those of other employees, and the decreased productivity of these
individuals can adversely affect a company's ability to operate competitively.
To help prevent substance abuse among our employees, Company has a policy and
practice of testing applicants, employees, and others that may regularly work in
or on Company premises. Applicants for employment will be required to undergo a
drug-screening test as part of consideration for employment. Employees and
others will be required, under certain circumstances, to cooperate with drug
testing procedures and drug searches.

   Accordingly, the unauthorized possession or use of illegal, drugs, narcotics,
alcohol and firearms is not permitted on any Company property or job site that
is not Company property, and the use of, possession of, and/or distribution of
such items by any person on any Company installations, property, or facilities
poses a serious threat to the safety of our employees, other personnel and
operations.

                       SEARCHES, INSPECTIONS, AND ANALYSES

   We reserve the right, at all times, to have authorized personnel conduct
reasonable searches or inspections on Company property of personal effects,
lockers, baggage, vehicles, and quarters of employees and other personnel for
the purpose of determining if any such persons are in possession of any illegal
or unauthorized items. These searches will be conducted in cases where the
Company receives reliable information indicating that reasonable cause exists to
conduct a search.

   Any Company employee who refuses to submit to a search, urinalysis, blood
test, or who is found in possession of any such illegal or unauthorized items
without an explanation satisfactory to us will be subject to disciplinary action
up to and including immediate discharge.

   When appropriate, such items discovered through these Company searches may be
taken into custody and may be turned over to the proper law enforcement
authorities.

                                       17

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