Document:

EX-10.1

 Exhibit 10.1 
 EXECUTION VERSION 
 $350,000,000 

SECOND TERM LOAN AGREEMENT 
 Dated as of March 28, 2013, 
 among 

OFFSHORE GROUP INVESTMENT LIMITED 
 and 
 VANTAGE DELAWARE HOLDINGS, LLC, 

as Borrowers, 

VANTAGE DRILLING COMPANY AND 
 CERTAIN SUBSIDIARIES THEREOF PARTY HERETO, 
 as Guarantors 

THE LENDERS PARTY HERETO 
 CITIBANK, N.A., 
 as Administrative Agent, 

and 
 WELLS FARGO
BANK, NATIONAL ASSOCIATION, 
 as Collateral Agent, 
 CITIGROUP GLOBAL MARKETS INC., 
 DEUTSCHE BANK SECURITIES INC., 

JEFFERIES FINANCE LLC, 
 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED and 
 RBC CAPITAL
MARKETS 
 as Joint Lead Arrangers and Joint Bookrunning Managers, 

JEFFERIES FINANCE LLC and 
 RBC CAPITAL MARKETS, 
 as Co-Syndication Agents, 

and 
 DEUTSCHE
BANK SECURITIES INC. and 
 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, 

as Co-Documentation Agents 

 TABLE OF CONTENTS 

 

									
	 	  	 	    	 	  	Page	 
			
	 ARTICLE I
	  	 DEFINITIONS
	  	 	1	  
			
	Section 1.01.	    	 Defined Terms
	  	 	1	  
			
	Section 1.02.	    	 Terms Generally
	  	 	35	  
			
	 ARTICLE II
	  	 THE CREDITS
	  	 	36	  
			
	Section 2.01.	    	 Term Loans
	  	 	36	  
			
	Section 2.02.	    	 [Reserved]
	  	 	36	  
			
	Section 2.03.	    	 Notice of Borrowing
	  	 	36	  
			
	Section 2.04.	    	 Disbursement of Funds
	  	 	36	  
			
	Section 2.05.	    	 Repayment of Loans; Evidence of Debt
	  	 	37	  
			
	Section 2.06.	    	 Change of Control; Asset Sale; Mandatory Prepayments
	  	 	39	  
			
	Section 2.07.	    	 [Reserved]
	  	 	43	  
			
	Section 2.08.	    	 Interest
	  	 	43	  
			
	Section 2.09.	    	 Interest Periods
	  	 	43	  
			
	Section 2.10.	    	 Increased Costs, Illegality, etc
	  	 	44	  
			
	Section 2.11.	    	 Compensation
	  	 	45	  
			
	Section 2.12.	    	 Change of Lending Office
	  	 	45	  
			
	Section 2.13.	    	 Notice of Certain Costs
	  	 	45	  
			
	Section 2.14.	    	 Voluntary Prepayments
	  	 	45	  
			
	Section 2.15.	    	 Fees
	  	 	46	  
			
	Section 2.16.	    	 Method and Place of Payment
	  	 	46	  
			
	Section 2.17.	    	 Net Payments
	  	 	46	  
			
	Section 2.18.	    	 Limit on Rate of Interest
	  	 	49	  
			
	Section 2.19.	    	 Pro Rata Sharing
	  	 	50	  
			
	Section 2.20.	    	 Adjustments; Set-off
	  	 	50	  
			
	Section 2.21.	    	 Interest Elections
	  	 	51	  
			
	Section 2.22.	    	 Extension Offers
	  	 	52	  
			
	 ARTICLE III
	  	 REPRESENTATIONS AND WARRANTIES
	  	 	53	  
			
	Section 3.01.	    	 Corporate Status
	  	 	53	  
			
	Section 3.02.	    	 Corporate Power and Authority; Enforceability; Security Interests
	  	 	53	  
			
	Section 3.03.	    	 No Violation
	  	 	53	  
			
	Section 3.04.	    	 Litigation
	  	 	54	  
			
	Section 3.05.	    	 Margin Regulations
	  	 	54	  
			
	Section 3.06.	    	 Governmental Approvals
	  	 	54	  
			
	Section 3.07.	    	 Investment Company Act
	  	 	54	  
			
	Section 3.08.	    	 True and Complete Disclosure
	  	 	54	  

  
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 TABLE OF CONTENTS 

(continued) 
  

									
	 	  	 	    	 	  	Page	 
			
	Section 3.09.	    	 Financial Condition; Financial Statements
	  	 	55	  
			
	Section 3.10.	    	 Tax Matters
	  	 	55	  
			
	Section 3.11.	    	 Compliance with ERISA
	  	 	55	  
			
	Section 3.12.	    	 Subsidiaries; Capitalization
	  	 	55	  
			
	Section 3.13.	    	 Accounting System
	  	 	56	  
			
	Section 3.14.	    	 Intellectual Property
	  	 	56	  
			
	Section 3.15.	    	 Environmental Laws
	  	 	56	  
			
	Section 3.16.	    	 Labor Matters
	  	 	57	  
			
	Section 3.17.	    	 Properties; Vessel Registration
	  	 	57	  
			
	Section 3.18.	    	 Insurance
	  	 	58	  
			
	Section 3.19.	    	 Permits
	  	 	58	  
			
	Section 3.20.	    	 Solvency
	  	 	58	  
			
	Section 3.21.	    	 No Receiver
	  	 	58	  
			
	Section 3.22.	    	 No Material Adverse Effect
	  	 	59	  
			
	Section 3.23.	    	 USA Patriot Act; Bank Secrecy Act; OFAC; FCPA; Money Laundering Laws
	  	 	59	  
			
	Section 3.24.	    	 Security Interests; Collateral
	  	 	59	  
			
	Section 3.25.	    	 No Liens or Financing Statements
	  	 	61	  
			
	Section 3.26.	    	 No Restrictions on Payments of Dividends
	  	 	61	  
			
	Section 3.27.	    	 Brokers
	  	 	62	  
			
	 ARTICLE IV
	  	 CONDITIONS PRECEDENT
	  	 	62	  
			
	Section 4.01.	    	 Conditions Precedent to Loans
	  	 	62	  
			
	 ARTICLE V
	  	 [RESERVED]
	  	 	66	  
			
	 ARTICLE VI
	  	 COVENANTS
	  	 	66	  
			
	Section 6.01.	    	 [Reserved]
	  	 	66	  
			
	Section 6.02.	    	 Reports and Other Information
	  	 	67	  
			
	Section 6.03.	    	 Limitation on Incurrence of Indebtedness and Issuance of Preferred Stock
	  	 	68	  
			
	Section 6.04.	    	 Limitation on Restricted Payments
	  	 	71	  
			
	Section 6.05.	    	 Dividend and Other Payment Restrictions Affecting Subsidiaries
	  	 	73	  
			
	Section 6.06.	    	 Merger, Consolidation; Sale of Assets
	  	 	74	  
			
	Section 6.07.	    	 Transactions with Affiliates
	  	 	78	  
			
	Section 6.08.	    	 Compliance Certificate
	  	 	80	  
			
	Section 6.09.	    	 Future Guarantors
	  	 	80	  
			
	Section 6.10.	    	 Liens
	  	 	80	  
			
	Section 6.11.	    	 Covenant Suspension Event
	  	 	81	  
			
	Section 6.12.	    	 Business Activities
	  	 	82	  

  
 -ii-

 TABLE OF CONTENTS 

(continued) 
  

									
	 	  	 	    	 	  	Page	 
			
	Section 6.13.	    	 Maintenance of Insurance
	  	 	82	  
			
	Section 6.14.	    	 Payment of Taxes, etc
	  	 	82	  
			
	Section 6.15.	    	 Compliance with Laws
	  	 	83	  
			
	Section 6.16.	    	 Operation of Vessels
	  	 	83	  
			
	Section 6.17.	    	 After-Acquired Property
	  	 	83	  
			
	Section 6.18.	    	 Further Instruments and Acts
	  	 	84	  
			
	Section 6.19.	    	 Plan
	  	 	86	  
			
	Section 6.20.	    	 Payments for Consent
	  	 	86	  
			
	ARTICLE VII	  	EVENTS OF DEFAULT	  	 	86	  
			
	Section 7.01.	    	 Events of Default
	  	 	86	  
			
	Section 7.02.	    	 Acceleration
	  	 	88	  
			
	Section 7.03.	    	 Other Remedies
	  	 	88	  
			
	Section 7.04.	    	 Waiver of Past Defaults
	  	 	88	  
			
	Section 7.05.	    	 Control by Majority
	  	 	89	  
			
	ARTICLE VIII	  	THE AGENTS	  	 	89	  
			
	Section 8.01.	    	 Appointment
	  	 	89	  
			
	Section 8.02.	    	 Delegation of Duties
	  	 	89	  
			
	Section 8.03.	    	 Exculpatory Provisions
	  	 	89	  
			
	Section 8.04.	    	 Reliance by Agents
	  	 	90	  
			
	Section 8.05.	    	 Notice of Default
	  	 	90	  
			
	Section 8.06.	    	 Non-Reliance on Administrative Agent, Collateral Agent and Other Lenders
	  	 	90	  
			
	Section 8.07.	    	 Indemnification
	  	 	91	  
			
	Section 8.08.	    	 Agents in Their Individual Capacity
	  	 	91	  
			
	Section 8.09.	    	 Successor Agents
	  	 	91	  
			
	Section 8.10.	    	 Payments Set Aside
	  	 	92	  
			
	Section 8.11.	    	 Administrative Agent May File Proofs of Claim
	  	 	92	  
			
	Section 8.12.	    	 Collateral Matters
	  	 	93	  
			
	Section 8.13.	    	 Intercreditor Agreements and Collateral Matters
	  	 	93	  
			
	Section 8.14.	    	 Withholding Tax
	  	 	93	  
			
	Section 8.15.	    	 Authorization of Actions to be Taken by the Pari Passu Collateral Agent Under the Collateral Agreements and the Agents Under
the Intercreditor Agreement
	  	 	93	  
			
	ARTICLE IX	  	GUARANTEE	  	 	94	  
			
	Section 9.01.	    	 Guarantee by the Guarantors, etc
	  	 	94	  
			
	Section 9.02.	    	 Guarantors’ Obligations Absolute
	  	 	95	  
			
	Section 9.03.	    	 Waivers
	  	 	96	  

  
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 TABLE OF CONTENTS 

(continued) 
  

									
	 	  	 	    	 	  	Page	 
			
	Section 9.04.	    	 Subrogation Rights
	  	 	96	  
			
	Section 9.05.	    	 Separate Actions
	  	 	96	  
			
	Section 9.06.	    	 Guarantors Familiar with Borrower’s Affairs
	  	 	97	  
			
	Section 9.07.	    	 Covenant Under Second Term Loan Agreement
	  	 	97	  
			
	Section 9.08.	    	 Solvency
	  	 	97	  
			
	Section 9.09.	    	 Continuing Guarantee; Remedies Cumulative, etc
	  	 	97	  
			
	Section 9.10.	    	 Application of Payments and Recoveries
	  	 	97	  
			
	Section 9.11.	    	 Reinstatement
	  	 	98	  
			
	Section 9.12.	    	 Contribution Among Guarantors
	  	 	98	  
			
	Section 9.13.	    	 Full Recourse Obligations; Effect of Fraudulent Transfer Laws, etc
	  	 	98	  
			
	Section 9.14.	    	 Termination
	  	 	98	  
			
	Section 9.15.	    	 Enforcement Only by Administrative Agent
	  	 	99	  
			
	Section 9.16.	    	 General Limitation on Claims by Guarantors
	  	 	99	  
			
	Section 9.17.	    	 Guarantors that are Internal Charterers
	  	 	99	  
			
	 ARTICLE X
	  	 MISCELLANEOUS
	  	 	99	  
			
	Section 10.01.	    	 Amendments and Waivers
	  	 	99	  
			
	Section 10.02.	    	 Notices
	  	 	102	  
			
	Section 10.03.	    	 No Waiver; Cumulative Remedies
	  	 	103	  
			
	Section 10.04.	    	 Survival of Representations and Warranties
	  	 	103	  
			
	Section 10.05.	    	 Payment of Expenses; Indemnification
	  	 	103	  
			
	Section 10.06.	    	 Successors and Assigns; Participations and Assignments
	  	 	104	  
			
	Section 10.07.	    	 Replacements of Lenders Under Certain Circumstances
	  	 	107	  
			
	Section 10.08.	    	 Counterparts
	  	 	107	  
			
	Section 10.09.	    	 Severability
	  	 	108	  
			
	Section 10.10.	    	 GOVERNING LAW
	  	 	108	  
			
	Section 10.11.	    	 Submission to Jurisdiction; Consent to Service; Waivers
	  	 	108	  
			
	Section 10.12.	    	 Acknowledgments
	  	 	109	  
			
	Section 10.13.	    	 WAIVERS OF JURY TRIAL
	  	 	109	  
			
	Section 10.14.	    	 Confidentiality
	  	 	109	  
			
	Section 10.15.	    	 No Advisory or Fiduciary Responsibility
	  	 	109	  
			
	Section 10.16.	    	 USA PATRIOT Act
	  	 	110	  
			
	Section 10.17.	    	 Conversion of Currencies
	  	 	110	  
			
	Section 10.18.	    	 Platform; Borrower Materials
	  	 	110	  
			
	Section 10.19.	    	 Intercreditor Agreement
	  	 	111	  
			
	Section 10.20.	    	 Integration
	  	 	111	  

  
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 TABLE OF CONTENTS 

(continued) 
  

									
	 	  	 	    	 	  	Page	 
			
	Section 10.21.	    	 Administrative Borrower
	  	 	111	  
			
	Section 10.22.	    	 Joint and Several Liability; Postponement of Subrogation
	  	 	111	  
			
	Section 10.23.	    	 Name Agents
	  	 	112	  
			
	Section 10.24.	    	 OID LEGEND
	  	 	112	  
			
	Section 10.25.	    	 Release of Liens
	  	 	112	  
			
	Section 10.26.	    	 Release of Guarantees
	  	 	113	  

  
 -v-

 Exhibits and Schedules 

 

			
	Exhibit A	  	Form of Assignment and Acceptance
	Exhibit B	  	Form of Note
	Exhibit C	  	Form of Interest Period Election Request
	Exhibit D-1 – D-4	  	Form of U.S. Tax Compliance Certificate
	Exhibit E	  	Form of Permitted Loan Purchase Assignment and Acceptance
	Exhibit F	  	Form of Notice of Borrowing
	Exhibit G	  	Form of Annual Compliance Certificate
	Exhibit H	  	Form of Joinder Agreement
	Exhibit I-1	  	Form of Assignment of Insurance – Owner
	Exhibit I-2	  	Form of Assignment of Insurance by Internal Charterers
	Exhibit J-1	  	Form of Assignment of Earnings – Owner
	Exhibit J-2	  	Form of Assignment of Earnings by Internal Charterers
	Exhibit K-1	  	Form of Ship Mortgage - Panama
	Exhibit K-2	  	Form of Ship Mortgage and Deed of Covenants – Bahamas
	Exhibit L	  	Form of Opinion of Bahamian Legal Counsel
		
	Schedule 2.01	  	Commitments and Lenders
	Schedule 3.01	  	Corporate Status
	Schedule 3.03	  	No Violation - No Conditions
	Schedule 3.04	  	Litigation
	Schedule 3.12(A)	  	Subsidiaries
	Schedule 3.12(B)	  	Capitalization - Liens on Equity Interests
	Schedule 3.12(C)	  	Capitalization - Authorized or Outstanding Interests
	Schedule 3.15	  	Environmental Laws
	Schedule 3.19	  	Permits
	Schedule 3.26	  	Restrictions on Payments of Dividends
	Schedule 6.06(h)	  	Additional Partial Vessel Sale Provisions
	Schedule 6.18(d)	  	Post-Closing Actions

 SECOND TERM LOAN AGREEMENT (this “Agreement”), dated as of
March 28, 2013, among VANTAGE DRILLING COMPANY, a Cayman Islands exempted company (the “Parent”), OFFSHORE GROUP INVESTMENT LIMITED, a Cayman Islands exempted company (the “Company”), VANTAGE DELAWARE HOLDINGS,
LLC, a Delaware limited liability company (“US Borrower” and, together with the Company, the “Borrowers”), the Guarantors (as hereinafter defined), the Lenders (as hereinafter defined) from time to time party hereto
and CITIBANK, N.A., as administrative agent for the Lenders, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as collateral agent for the Lenders. 
 WHEREAS, it is intended that the Company will issue up to $775,000,000 in aggregate principal amount of New Notes on the Closing Date (as hereinafter defined); 

WHEREAS, the Administrative Borrower has requested that on the Closing Date (as hereinafter defined), the Lenders provide Loans to the
Borrowers in an aggregate principal amount of $350,000,000; 
 WHEREAS, the net proceeds of the Loans, together with the net
proceeds of the New Notes, will be used on the Closing Date and thereafter (a) to finance the consummation of the Tender Offer and Consent Solicitation and retire all of the 2019 Notes, (b) to pay Transaction Fees and (c) for general
corporate purposes; 
 NOW, THEREFORE, the Lenders are willing to make such Loans to the Borrowers on the terms and subject to
the conditions set forth herein. Accordingly, the parties hereto agree as follows: 
 ARTICLE I 

Definitions 

SECTION 1.01. Defined Terms. As used in this Agreement, the following terms shall have the meanings specified below:

 “2015 Indenture” means the indenture, dated as of July 30, 2010, of the Company and the Parent (as the
same has been and may be further amended, restated, supplemented or otherwise modified from time to time), with the Guarantors (as defined therein), and the noteholder collateral agent named therein pursuant to which the 2015 Notes were issued.

 “2015 Notes” means the Company’s 11 1/2% Senior Secured First Lien Notes due 2015 issued under the 2015
Indenture. 
 “2019 Holders” means the Holders (as defined in the 2019 Indenture) of the 2019 Notes.

 “2019 Indenture” means the indenture, dated as of October 25, 2012, of the Company and the Parent (as
the same has been and may be further amended, restated, supplemented or otherwise modified from time to time), with the Guarantors (as defined therein), and the 2019 Noteholder Agent pursuant to which the 2019 Notes were issued. 

“2019 Indenture Documents” means the 2019 Indenture and any agreement, instrument or other document evidencing or
governing any 2019 Note Obligations. 
 “2019 Noteholder Agent” means Wells Fargo Bank, National Association,
and any and all successors thereto, as trustee and collateral agent (together with its successors and permitted assigns) under the 2019 Indenture. 
 “2019 Note Obligations” means the “Obligations” (as defined in the 2019 Indenture) of the Grantors under the 2019 Indenture, the 2019 Notes, the Collateral Agreements and any
other related document or instrument executed and delivered pursuant to any of the foregoing. 

 “2019 Notes” means the Company’s 7.5% Senior Secured First Lien Notes
due 2019 issued under the 2019 Indenture. 
 “2019 Notes Secured Parties” means, collectively, the 2019 Holders
(including the holders of any additional notes subsequently issued under and in compliance with the terms of the 2019 Indenture) and the 2019 Noteholder Agent. 
 “2019 Trustee” means Wells Fargo Bank, National Association, as trustee (together with its successors and permitted assigns) under the 2019 Indenture. 

“ABR” means, for any day, a fluctuating interest rate per annum in effect from time to time, which rate per annum shall
at all times be equal to the highest of (a) the rate of interest per annum determined by Citibank, N.A. as its prime rate in effect at its principal office in New York, New York, and notified to the Administrative Borrower, (b) 1/2 of
1% per annum above the Federal Funds Rate and (c) 1% per annum above the one-month Adjusted LIBOR. 

“ABR Borrowing” means a Borrowing comprised of ABR Loans. 

“ABR Loan” means a Loan bearing interest at a rate equal to the ABR plus the Applicable Margin. 

“Acquired Debt” means, with respect to any specified Person: 

(1) Indebtedness of any other Person existing at the time such other Person is merged with or into or became a Subsidiary of such
specified Person (regardless of the form of the applicable transaction by which such Person became a Subsidiary) or expressly assumed in connection with the acquisition of assets from any such Person, whether or not such Indebtedness is incurred in
connection with, or in contemplation of, such other Person merging with or into, or becoming a Restricted Subsidiary of, such specified Person or of such Indebtedness being incurred in connection with the acquisition of assets; and 

(2) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person. 

Acquired Debt will be deemed to be incurred on the date the acquired Person becomes a Subsidiary or the later of the date such
Indebtedness is incurred or the date of the related acquisition of assets from such Person. 
 “Additional
Vessel” means a drilling rig or drillship or other vessel that is used or useful in the Permitted Business; provided that upon the consummation of a Vessel Asset Sale where all of the interests in any such Additional Vessel are sold,
leased, conveyed or otherwise disposed of in a transaction that complies with the terms of this Agreement, including the provisions of Section 6.05 and Section 6.06, such Additional Vessel shall not thereafter constitute an
Additional Vessel hereunder. 
 “Adjusted LIBOR” means, with respect to any Interest Period, an interest rate
per annum equal to the product of (a) the LIBOR in effect for such Interest Period and (b) Statutory Reserves. 

“Administrative Agent” means Citibank, N.A., as the administrative agent for the Lenders under this Agreement and the
other Loan Documents, or any successor administrative agent appointed in accordance with the provisions of Section 8.09. 
 “Administrative Borrower” means the Company. 

“Administrative Questionnaire” shall have the meaning set forth in Section 10.06(b)(ii)(4). 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For purposes of this definition, 

  
 2 

 
“control,” as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person,
whether through the ownership of voting securities, by agreement or otherwise; provided that Beneficial Ownership of 10% or more of the Voting Stock of a Person will be deemed to constitute control. For purposes of this definition, the terms
“controlling,” “controlled by” and “under common control with” have correlative meanings. 
 “Affiliate Transaction” shall have the meaning set forth in Section 6.07(a). 
 “Agent” means each of the Administrative Agent and the Collateral Agent. 
 “Agreement” shall have the meaning set forth in the preamble hereto, as amended, restated, supplemented or otherwise modified from time to time in accordance with the terms hereof.

 “Agreement Currency” shall have the meaning set forth in Section 10.17(b). 

“Amendment to the Deed of Covenants” shall have the meaning set forth in Section 3.24(b). 

“Amendments” shall have the meaning set forth in Section 3.24(b). 

“Applicable Creditor” shall have the meaning set forth in Section 10.17(b). 

“Applicable Margin” means 4.50% in the case of a LIBOR Loan (or 3.50% in the case of an ABR Loan). 

“Approved Fund” shall have the meaning set forth in Section 10.06(b). 

“Asset Sale” means: 
 (1) the sale, lease, conveyance or other disposition of any assets or rights; provided that the sale, lease, conveyance or other disposition of all or substantially all of the assets of the Parent,
the Company, and the Restricted Subsidiaries, taken as a whole, or of the Company and the Restricted Subsidiaries taken as a whole will be governed by the provisions of Section 2.06(a) and/or Section 6.06 and not by the
provisions of Section 2.06(b) or (c). 
 (2) the issuance of Equity Interests in any of the Restricted
Subsidiaries or the sale of Equity Interests in any of the Company’s Subsidiaries other than statutory or directors qualifying shares; and 
 (3) an Involuntary Transfer. 
 Notwithstanding the preceding, none of the following items will be
deemed to be an Asset Sale: 
 (1) any single transaction or series of related transactions that involves assets
having a Fair Market Value or that results in generating Net Proceeds, in either case, of less than $10,000,000; 
 (2) a transfer of Equity Interests or other assets between or among the Company and any of the Restricted Subsidiaries; 

(3) an issuance of Equity Interests by a Restricted Subsidiary to the Company or to another Restricted Subsidiary;

 (4) the sale or lease or other disposition of products, services or accounts receivable in the ordinary
course of business and any sale or conveyance or other disposition of damaged, worn-out or obsolete assets in the ordinary course of business; 

  
 3 

 (5) the sale or other disposition of cash or Cash Equivalents; 

(6) a Restricted Payment that does not violate Section 6.04 or a Permitted Investment; 

(7) the pledge, asset sale or other disposition by the Parent or any Excluded Parent Subsidiary of the Equity Interests
of any Excluded Parent Subsidiary; and 
 (8) any transfer of property in connection with a sale and leaseback
transaction other than the sale and leaseback of a Vessel. 
 “Asset Sale Offer” shall have the meaning set
forth in Section 2.06(b)(ii). 
 “Asset Sale Offer Payment Date” shall have the meaning set forth
in Section 2.06(b)(v)(2). 
 “Assignee” shall have the meaning set forth in
Section 10.06(b). 
 “Assignment and Acceptance” means an assignment and acceptance entered into by
a Lender and an Assignee, and accepted by the Administrative Agent (if required by Section 10.06, substantially in the form of Exhibit A or such other form as shall be approved by the Administrative Agent). 

“Authorized Officer” means as to any Person, the Chairman of the Board, the President, the Chief Executive Officer, the
Chief Financial Officer, the Chief Operating Officer, any Executive Vice President, Senior Vice President or Vice President, the Treasurer, the Assistant or Vice Treasurer, the Vice President-Finance, the General Counsel, the Secretary, the
Assistant Secretary and any director, manager, managing member or general partner, in each case, of such Person, and any other senior officer designated as such in writing to the Administrative Agent by such Person. Any document delivered hereunder
that is signed by an Authorized Officer shall be conclusively presumed to have been authorized by all necessary corporate, limited liability company, partnership and/or other action on the part of the applicable Credit Party and such Authorized
Officer shall be conclusively presumed to have acted on behalf of such Person. 
 “Authorized Representative”
means (i) in the case of any Loan Obligations or the Secured Parties, the Administrative Agent, (ii) in the case of the 2019 Note Obligations, the 2019 Trustee, (iii) in the case of any Series of Other Pari Passu Obligations or Other
Pari Passu Secured Parties that become subject to the Intercreditor Agreement, including under the New Indenture and this Agreement, the Authorized Representative named for such Series, and (iv) in the case of the Credit Agreement Obligations,
the Credit Agreement Agent. 
 “Bank Secrecy Act” means the federal Bank Secrecy Act (31 U.S.C. §§
5311 et seq.), as amended by the USA Patriot Act or otherwise from time to time, and all regulations thereunder and any successor regulations. 
 “Bankruptcy Code” means Title 11 of the United States Code, as amended. 
 “Bankruptcy Law” means the Bankruptcy Code, or any similar Federal, state or foreign bankruptcy, insolvency, receivership or similar law, including laws for the relief of debtors.

 “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange
Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial ownership of all securities
that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only after the passage of time. The terms “Beneficially Owns,”
“Beneficial Ownership” and “Beneficially Owned” have a corresponding meaning. 
 “Bill of
Sale” means that certain bill of sale from DSME to the Company or a Restricted Subsidiary transferring title of the Tungsten Explorer to the Company or a Restricted Subsidiary free and clear of all Liens. 

  
 4 

 “Board” means the Board of Governors of the Federal Reserve System of the
United States of America. 
 “Board of Directors” means: 

(1) with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf of
such board; 
 (2) with respect to a partnership, the board of directors of the general partner of the partnership; 

(3) with respect to a limited liability company, the managing member or members or any controlling committee of managing members thereof
or the manager or any committee of managers; and 
 (4) with respect to any other Person, the board or committee of such Person
serving a similar function. 
 “Borrowers” shall have the meaning set forth in the preamble to this Agreement.

 “Borrower Materials” shall have the meaning set forth in Section 10.18. 

“Borrowing” means a group of Loans of a single Type and made on a single date and, in the case of LIBOR Loans, as to
which a single Interest Period is in effect. 
 “Builder’s Certificate” means the builder’s
certificate delivered by DSME in accordance with the terms of the Tungsten Explorer Construction Contract. 

“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are
authorized or required by law to remain closed; provided that (a) when used in connection with any Loan (other than an ABR Loan), the term “Business Day” shall also exclude any day on which banks are not open for
dealings in deposits in the applicable currency in the London interbank market. 
 “Calculation Date” means the
date on which the event occurred for which the calculation of Parent Consolidated Cash Flow or Company Consolidated Cash Flow is made. 
 “Capital Lease Obligation” means, at the time any determination is to be made, the amount of the liability in respect of a capital lease that would at that time be required to be
capitalized on a balance sheet prepared in accordance with GAAP, and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be prepaid by
the lessee without payment of a penalty. 
 “Capital Stock” means: 

(1) in the case of a corporation, corporate stock; 
 (2) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; 

(3) in the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership
interests; and 
 (4) any other interest or participation that confers on a Person the right to receive a share of the profits
and losses of, or distributions of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such debt securities include any right of participation with Capital Stock.

  
 5 

 “Cash Equivalents” means: 

(1) United States dollars; 
 (2) securities issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality of the United States government (provided that the full faith and
credit of the United States is pledged in support of those securities) having maturities of not more than six months from the date of acquisition; 
 (3) certificates of deposit and Eurodollar time deposits with maturities of six months or less from the date of acquisition, bankers’ acceptances with maturities not exceeding six months and
overnight bank deposits, in each case, with any domestic commercial bank having capital and surplus in excess of $500,000,000 and a Thomson Bank Watch Rating of “B” or better; 

(4) repurchase obligations with a term of not more than seven days for underlying securities of the types described in clauses
(2) and (3) above entered into with any financial institution meeting the qualifications specified in clause (3) above; 
 (5) commercial paper having one of the two highest ratings obtainable from Moody’s or S&P and, in each case, maturing within six months after the date of acquisition; 

(6) money market funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses (1) through
(5) of this definition; and 
 (7) investments in (a) Foreign Deposit Accounts and cash management facilities
maintained at one of the three largest banks in which any Restricted Subsidiary or any Other Guarantor maintains its registered or local office and (b) such investments as are comparable to the cash equivalents described in clauses
(1) through (6) above that are customary investments for entities in such jurisdictions and that are consistent with the goal of preservation of capital and that are prudent under the circumstances. 

“CFC” means a “controlled foreign corporation” within the meaning of Section 957 of the Code. 

“Change in Law” means (a) the adoption of any law, treaty, order, policy, rule or regulation after the Closing
Date, (b) any change in any law, treaty, order, policy, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the Closing Date or (c) compliance by any Lender with any guideline, request,
directive or order enacted or promulgated after the Closing Date by any central bank or other Governmental Authority or quasigovernmental authority (whether or not having the force of law); provided that notwithstanding anything herein to the
contrary, the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Basel Committee on Banking Regulations and Supervisory Practices (or any successor or similar authority) and all guidelines, requests, directives, orders, rules and
regulations adopted, enacted or promulgated in connection therewith shall be deemed to have gone into effect after the Closing Date regardless of the date adopted, enacted or promulgated and shall be included as a Change in Law only to the extent a
Lender is imposing applicable increased costs or costs in connection with capital adequacy requirements similar to those described in clauses (a)(ii) and (c) of Section 2.10 generally on other borrowers of loans under
United States credit facilities. 
 “Change of Control” means the occurrence of any of the following:

 (1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Parent, the Company and the Restricted Subsidiaries taken as a whole (other than assets of Excluded Parent Subsidiaries) or
the Company and the Restricted Subsidiaries taken as a whole, in either case, to any “person” (as that term is used in Section 13(d) of the Exchange Act); 
 (2) any “person” (as defined above) acquires, directly or indirectly, in one or a series of transactions Beneficial Ownership of more than 50% of the Voting Stock of the Parent (or any other
direct or 

  
 6 

 
indirect parent of the Company) or the Company and maintains such Beneficial Ownership of more than 50% of the Voting Stock of the Parent (or any other direct or indirect parent of the Company)
or the Company, measured by voting power rather than number of shares, for more than 15 consecutive Business Days; 
 (3) the
adoption of a plan relating to the liquidation or dissolution of the Parent, the Company or US Borrower; 
 (4) the consummation
of any transaction or any series of transactions (including, without limitation, any merger, consolidation or other business combination), the result of which is that any “person” (as defined above), becomes the Beneficial Owner, directly
or indirectly, of more than 50% of the Voting Stock of the Parent (or any other direct or indirect parent of the Company), measured by voting power rather than number of shares; 

(5) the Parent or the Company consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or
into, the Parent or the Company, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of the Parent or the Company or such other Person is converted into or exchanged for cash, securities or other property, other
than any such transaction where the Voting Stock of the Parent or the Company outstanding immediately prior to such transaction is converted into or exchanged for Voting Stock (other than Disqualified Stock) of the surviving or transferee Person
constituting a majority of the outstanding shares of such Voting Stock of such surviving or transferee Person (immediately after giving effect to such issuance); 
 (6) the first day on which the Parent ceases to own at least 90% of the outstanding Equity Interests of the Company or the Company ceases to own 100% of the outstanding Equity Interests of US Borrower; or

 (7) the first day on which a majority of the members of the Board of Directors of the Parent are not Continuing Directors.

 “Change of Control Offer” shall have the meaning set forth in Section 2.06(a)(ii). 

“Change of Control Payment Date” shall have the meaning set forth in Section 2.06(a)(ii)(3). 

“Closing Date” means the date on which all the conditions set forth in Section 4.01 shall have been
satisfied (or waived in accordance with Section 10.01). 
 “Code” means the Internal Revenue Code
of 1986, as amended. 
 “Collateral” means all assets and property, whether now owned, or hereafter acquired,
upon which a Lien or Mortgage securing the Loan Obligations is granted or purported to be granted under any Collateral Agreements. 
 “Collateral Agent” means Wells Fargo Bank, National Association, as collateral agent for the benefit of the Secured Parties (and, as applicable, as Pari Passu Collateral Agent for the
Secured Parties and the other holders of Pari Passu Obligations), or any successor collateral agent appointed in accordance with the provisions of Section 8.09 and the provisions of the Intercreditor Agreement. 

“Collateral Agreements” means, collectively, the Security Agreement, each Mortgage, each assignment, the Intercreditor
Agreement, Intercreditor Joinder Agreements, the Insurance and Earnings Supplement, the Intercreditor Designation Notice and each other instrument, including any security document or pledge agreement, creating Liens in favor of the Pari Passu
Collateral Agent as required by this Agreement or the Intercreditor Agreement, in each case, as the same may be in effect from time to time. 
 “Commitment” means, with respect to each Lender, the commitment of such Lender to make a Loan on the Closing Date pursuant to Section 2.01(a), expressed as the principal
amount of the Loan to be made by such Lender pursuant to such Section. The amount of each Lender’s Commitment is set forth on Schedule 2.01. The aggregate principal amount of the Commitments is $350,000,000. 

  
 7 

 “Common Collateral” means, at any time, Collateral in which the Pari Passu
Collateral Agent and/or holders of one or more Series of Pari Passu Obligations (or their respective Authorized Representatives) hold a valid and perfected security interest at such time. Notwithstanding the foregoing, neither Credit Agreement
Excluded Collateral nor Pari Passu Excluded Collateral will constitute Common Collateral. 
 “Company” shall
have the meaning set forth in the preamble to this Agreement. 
 “Company Consolidated Cash Flow” means, with
respect to any period, the Consolidated Net Income of the Company for such period plus, without duplication: 
 (1) an amount
equal to (a) any extraordinary loss plus (b) any net loss realized by the Company or any of the Restricted Subsidiaries in connection with an Asset Sale, to the extent such losses were deducted in computing such Consolidated Net Income;
plus  
 (2) provision for taxes based on income or profits of the Company and the Restricted Subsidiaries for such
period, to the extent that such provision for taxes was deducted in computing such Consolidated Net Income; plus  
 (3)
the Consolidated Interest Expense of the Company and the Restricted Subsidiaries to the extent that such Consolidated Interest Expenses were deducted in computing such Consolidated Net Income; plus  

(4) depreciation, amortization (including amortization of intangibles but excluding amortization of prepaid cash expenses that were paid
in a prior period) and other non-cash expenses (excluding any such non-cash expense to the extent that it represents an accrual of or reserve for cash expenses in any future period or amortization of a prepaid cash expense that was paid in a prior
period) of the Company and its Restricted Subsidiaries for such period to the extent that such depreciation, amortization and other non-cash expenses were deducted in computing such Consolidated Net Income; minus  

(5) non-cash items increasing such Consolidated Net Income for such period, other than the accrual of revenue in the ordinary course of
business, in each case, on a consolidated basis and determined in accordance with GAAP. 
 Company Consolidated Cash Flow shall be calculated to
give effect to the following: 
 (A) Pro forma effect shall be given to any acquisition of a company, business, asset or
Vessel that has been made by the Company or any of the Restricted Subsidiaries during the four-quarter reference period, or approved and expected to be consummated within 30 days of the Calculation Date, including, in each case, through a merger or
consolidation or an acquisition, and including any related financing transactions, in each case during the four-quarter reference period or subsequent to such reference period and on or prior to the Calculation Date, in each case, as if such
transaction had occurred on the first day of the applicable four-quarter reference period. 
 (B) Company Consolidated Cash Flow
attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses disposed of prior to the Calculation Date, shall be excluded. 
 (C) The provision for taxes based on the income or profits of, and the depreciation, amortization and other non-cash expenses of, a Restricted Subsidiary will be added to Consolidated Net Income to
compute Company Consolidated Cash Flow only to the extent that a corresponding amount would be permitted at the date of determination to be dividended to the Company by such Restricted Subsidiary without prior governmental approval (that has not
been obtained), and without direct or indirect restriction pursuant to the terms of its charter and all agreements, instruments, judgments, decrees, orders, statutes, rules and governmental regulations applicable to that Restricted Subsidiary or its
stockholders. 

  
 8 

 
For the avoidance of doubt, the calculation of the ratio test set forth in Section 6.03(a)(ii), shall give effect to any incurrence, assumption or guarantee of any Indebtedness
relating to the construction, delivery and/or acquisition of any Vessel in accordance with the foregoing clause (A). 

“Confidential Information” shall have the meaning set forth in Section 10.14. 

“Consent Solicitation” means the solicitation of consents from the holders of the 2015 Notes by the Company, upon the
terms and subject to the conditions set forth in the Offer to Purchase and Consent Solicitation Statement dated March 18, 2013, and in the accompanying Consent and Letter of Transmittal, as the same may be amended or supplemented from time to
time. 
 “Consolidated Cash Flow” means Parent Consolidated Cash Flow or Company Consolidated Cash Flow, as
applicable, on the applicable Calculation Date. 
 “Consolidated Interest Coverage Ratio” means, with respect
to any Person for any period, the ratio of the Consolidated Cash Flow of such Person for such period to the Consolidated Interest Expense of such Person for such period; provided, however, that the Consolidated Interest Coverage Ratio
shall be calculated giving pro forma effect to any transaction that may be given pro forma effect in accordance with Article 11 of Regulation S-X under the Securities Act as in effect from time to time; provided, further,
however, that (a) the Consolidated Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses disposed of prior to the Calculation Date, shall be excluded and (b) the Consolidated
Interest Expense attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses disposed of prior to the Calculation Date, shall be excluded, but only to the extent that the obligations giving rise to
such Consolidated Interest Expense will not be obligations of the referent Person or any of the Restricted Subsidiaries (in the case of the Company) or the referent Person and its Subsidiaries (in the case of the Parent) following the Calculation
Date. 
 “Consolidated Interest Expense” means, with respect to any Person for any period, the sum, without
duplication, of: 
 (1) the consolidated interest expense of such Person and its Restricted Subsidiaries (in the case of the
Company), or such Person and its Subsidiaries (in the case of the Parent) for such period, whether paid or accrued (including, without limitation, amortization of original issue discount, non-cash interest payments, the interest component of any
deferred payment obligations, the interest component of all payments associated with Capital Lease Obligations, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings, and net
payments (if any) pursuant to Hedging Obligations but excluding: 
 (a) amortization of debt issuance costs; and

 (b) any nonrecurring charges relating to any premium or penalty paid, write off of deferred finance costs or
original issue discount or other charges in connection with redeeming or otherwise retiring any Indebtedness prior to its Stated Maturity, to the extent that any of such nonrecurring charges constitute interest expense); and 

(2) the consolidated interest expense of such Person and any Restricted Subsidiaries (in the case of the Company) or such Person and its
Subsidiaries (in the case of the Parent) that was capitalized during such period. 
 “Consolidated Net Income”
means, with respect to any specified Person for any period, the aggregate of the Net Income of such Person and its Restricted Subsidiaries (in the case of the Company) or such Person and its Subsidiaries (in the case of the Parent) for such period,
on a consolidated basis, determined in accordance with GAAP; provided that: 
 (1) the Net Income (but not loss) of any
Person that is not a Restricted Subsidiary or that is accounted for by the equity method of accounting will be included only to the extent of the amount of dividends or similar distributions paid in cash to the specified Person or a Restricted
Subsidiary; 

  
 9 

 (2) the Net Income of any Restricted Subsidiary will be excluded to the extent that the
declaration or payment of dividends or similar distributions by that Restricted Subsidiary of that Net Income is not at the date of determination permitted without any prior governmental approval (that has not been obtained) or, directly or
indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders; 

(3) the cumulative effect of a change in accounting principles will be excluded; and 

(4) non-cash gains and losses due solely to fluctuations in currency values will be excluded. 

“Consolidated Tangible Assets” means, with respect to any Person as of any date, the amount which, in accordance with
GAAP, would be set forth under the caption “Total Assets” (or any like caption) on a consolidated balance sheet of such Person and its Restricted Subsidiaries, less all goodwill, patents, tradenames, trademarks, copyrights, franchises,
experimental expenses, organization expenses and any other amounts classified as intangible assets in accordance with GAAP. 

“Continuing Directors” means, as of any date of determination, any member of the Board of Directors of the Parent who:

 (1) was a member of such Board of Directors on the Closing Date; or 

(2) was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors who were
members of such Board of Directors at the time of such nomination or election; provided, however, that if a majority of the members of the Board of Directors of the Parent are at any time nominated for election by any single
“person” or any group of persons having any agreement, arrangement or understanding with respect to nomination of directors (as the term “person” is used in Section 13(d) of the Exchange Act) and elected to the Board of
Directors of the Parent, each member so nominated and elected shall not be a Continuing Director, regardless of whether such member is currently serving, or has previously served, as a member of the Board of Directors of the Parent. 

“Contract Unwind Trigger” means the termination of the underlying Drilling Contract and the collection of all revenue
and accounts receivable owing under such Drilling Contract to the applicable Subsidiary. 
 “Contract Winning
Trigger” means the entering into a Drilling Contract by any direct or indirect Subsidiary of the Parent or the Company that is not already a Guarantor or the US Borrower, under which the drilling services are to be performed by a Vessel or
any Additional Vessel of the Company or any Restricted Subsidiary. 
 “Covenant Suspension Event” shall have
the meaning set forth in Section 6.11(a). 
 “Credit Agreement” means that certain Amended and
Restated Credit Agreement dated on or about March 28, 2013, as amended, restated, modified, renewed, refunded, replaced or refinanced, among the Parent, the Company, the guarantors from time to time party thereto, the lenders from time to time
party thereto, the Credit Agreement Collateral Agent and the Credit Agreement Agent. 
 “Credit Agreement
Agent” means Royal Bank of Canada, together with its successors and permitted assigns in such capacity. 

“Credit Agreement Collateral Agent” means the collateral agent under the Credit Agreement, which shall initially be
Wells Fargo Bank, National Association. 
 “Credit Agreement Collateral Agreements” means the Collateral
Agreements and any agreement, document or instrument pursuant to which a Lien is granted by any Grantor to secure any Credit Agreement Obligations or under which rights or remedies with respect to any such Lien are governed, as the same may be
amended, restated, modified, renewed, refunded, replaced or Refinanced from time to time as permitted by the Pari Passu Documents. 

  
 10 

 “Credit Agreement Documents” means the Credit Agreement, the Credit
Agreement Collateral Agreements and any other agreement, instrument or other document evidencing or governing any Credit Agreement Obligations. 
 “Credit Agreement Excluded Collateral” shall have the meaning set forth in the Intercreditor Agreement. 
 “Credit Agreement Obligations” means Indebtedness incurred pursuant to the Credit Agreement and which is permitted pursuant to this Agreement, the Existing Term Loan Facility, the 2019
Indenture and Section 4.08 of the New Indenture to be secured by a first Lien that is pari passu on the Common Collateral, in an aggregate principal amount for all such Indebtedness not to exceed $200,000,000 plus interest (including interest
which but for the filing of a petition in bankruptcy with respect to either Borrower, the Parent or any other Guarantor (in each case, including in its capacity as a co-borrower thereunder), would have accrued on such obligations, whether or not a
claim for such interest or fees is allowed in such proceeding), fees, costs and expenses including legal fees and expenses to the extent authorized under the Credit Agreement Documents. 

“Credit Agreement Secured Parties” means, collectively, the lenders from time to time party to the Credit Agreement, the
Credit Agreement Collateral Agent and the Credit Agreement Agent. 
 “Credit Facility” means a credit
agreement, including the Credit Agreement, term loan (other than the Loans and the loans under the Existing Term Loan Facility), promissory note or notes with, or other evidence of Indebtedness to, banks or other institutional lenders, investors or
credit providers, including any related notes, guarantees, collateral documents, instruments and agreements executed in connection therewith, and, in each case, as amended, restated, modified, renewed, refunded, replaced (whether upon or after
termination or otherwise) or refinanced (including by means of sales of debt securities to institutional investors) in whole or in part from time to time. 
 “Credit Party” means each Borrower and each Guarantor. 

“Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law.

 “Debt Repayment Triggering Event” means any event or condition that gives, or with the giving of notice or
lapse of time would give, the holder of any note, debenture or other evidence of Indebtedness (or any Person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such Indebtedness
by the Parent, either Borrower or any of the Subsidiaries. 
 “Deepwater Vessel” means each of (i) the
Bahamian flag vessels the Platinum Explorer, the Titanium Explorer and, upon delivery to the applicable Guarantor, the Tungsten Explorer, and (ii) any other deepwater vessel hereafter acquired by the Company or any
Restricted Subsidiary. For the avoidance of doubt, as of the Closing Date, the Panamanian flag vessels the Emerald Driller, the Sapphire Driller, the Topaz Driller and the Aquamarine Driller are not Deepwater Vessels.

 “Default” means any event which is, or with passage of time or the giving of notice both would be, an Event
of Default. 
 “Designated Non-cash Consideration” means the Fair Market Value of non-cash consideration
received by the Parent, the Company or a Restricted Subsidiary in connection with an Asset Sale, less the amount of cash or Cash Equivalents received in connection with a subsequent sale or other disposition of such Designated Non-cash
Consideration. For the avoidance of doubt, the assets described in clauses (i), (ii) and (iii) of Section 6.06(e) shall not constitute Designated Non-cash Consideration. 

  
 11 

 “Disqualified Stock” means any Capital Stock that, by its terms (or by the
terms of any security into which it is convertible, or for which it is exchangeable, in each case, at the option of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking
fund obligation or otherwise, or redeemable at the option of the holder of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the Maturity Date. Notwithstanding the preceding sentence, the following will not
constitute Disqualified Stock: 
 (1) any Capital Stock that would constitute Disqualified Stock solely because the holders of
the Capital Stock have the right to require the Parent or the Company to repurchase such Capital Stock upon the occurrence of a change of control or an asset sale if the terms of such Capital Stock provide that the Parent or the Company may not
repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with Section 6.04; and (2) Capital Stock that is convertible or exchangeable into other Capital Stock. The amount
of Disqualified Stock deemed to be outstanding at any time for purposes of this Agreement will be the maximum amount that the Parent or the Company and the Restricted Subsidiaries may become obligated to pay upon the maturity of, or pursuant to any
mandatory redemption provisions of, such Disqualified Stock, exclusive of accrued dividends. 
 “Drilling
Contract” means any drilling contract in respect of any Vessel or other contract for use of any Vessel (except Internal Charters and Permitted Third Party Charters). 
 “DSME” means Daewoo Shipbuilding & Marine Engineering Co., Ltd., a corporation organized and existing under the laws of the Republic of South Korea. 

“Earnings Account” means, collectively, the interest bearing accounts maintained from time to time with JPMorgan Chase
Bank, N.A., the Pari Passu Collateral Agent or another financial institution reasonably acceptable and located in the United States subject to an account control agreement, except to the extent prohibited by applicable law. 

“Earnings Assignment” means, collectively, the first priority assignments of earnings in favor of the Pari Passu
Collateral Agent given by the Company, each applicable Guarantor, and each applicable Internal Charterer respecting all earnings derived from the Vessels and their respective operations, substantially in the form attached hereto as
Exhibits J-1 or J-2, as the same may be amended, supplemented or modified from time to time. 

“Environmental Claims” means any and all actions, suits, orders, decrees, demands, demand letters, claims, liens,
notices of noncompliance, violation or potential responsibility or investigation (other than internal reports prepared by or on behalf of the Parent or any of its Subsidiaries (a) in the ordinary course of such Person’s business or
(b) as required in connection with a financing transaction or an acquisition or disposition of real estate) or proceedings arising under or based upon any Environmental Law or any permit issued, or any approval given, under any such
Environmental Law (hereinafter, “Claims”), including, without limitation, (i) any and all Claims by governmental or regulatory authorities for enforcement, cleanup, removal, response, remedial or other actions or damages
pursuant to any applicable Environmental Law and (ii) any and all Claims by any third party seeking damages, contribution, indemnification, cost recovery, compensation or injunctive relief relating to the presence, release or threatened release
of Hazardous Materials or arising from alleged injury or threat of injury to health or safety (to the extent relating to human exposure to Hazardous Materials), or the environment including, without limitation, ambient air, surface water,
groundwater, land surface and subsurface strata and natural resources such as wetlands. 
 “Environmental Law”
means any applicable Federal, state, foreign or local statute, law, rule, regulation, ordinance, code and rule of common law now or hereafter in effect and in each case as amended, and any binding judicial or administrative interpretation thereof,
including any binding judicial or administrative order, consent decree or judgment, relating to the protection of the environment, including, without limitation, ambient air, surface water, groundwater, land surface and subsurface strata and natural
resources such as wetlands, or human health or safety, or Hazardous Materials. 
 “Equity Interests” means
Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 

  
 12 

 “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended from time to time. Section references to ERISA are to ERISA as in effect on the Closing Date and any subsequent provisions of ERISA amendatory thereof, supplemental thereto or substituted therefor. 

“ERISA Affiliate” means each person (as defined in Section 3(9) of ERISA) that together with the Parent or any
other Group Party would be deemed to be a “single employer” within the meaning of Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a
single employer under Section 414 of the Code. 
 “Event of Default” shall have the meaning set forth in
Section 7.01. 
 “Event of Loss” means any of the following events: 

(1) the actual or constructive total loss of a Vessel or the agreed or compromised total loss of a Vessel; 

(2) the destruction of a Vessel; 
 (3) damage to a Vessel to an extent, determined in good faith by the Parent within 90 days after the occurrence of such damage as shall make repair thereof uneconomical or shall render such Vessel
permanently unfit for normal use (other than obsolescence); or 
 (4) the condemnation, confiscation, requisition for title,
seizure, forfeiture or other taking of title to or use of a Vessel that shall not be revoked within six months. 
 An Event of
Loss shall be deemed to have occurred: 
 (A) in the event of the destruction or other actual total loss of a Vessel, on the
date of such loss, or if such date is unknown, on the date such Vessel was last reported; 
 (B) in the event of a constructive,
agreed or compromised total loss of a Vessel, on the date of determination of such total loss; 
 (C) in the case of any event
referred to in clause (3) above, upon such date of determination; or 
 (D) in the case of any event referred to in clause
(4) above, on the date that is six months after the occurrence of such event. 
 “Event of Loss Proceeds”
means all compensation, damages and other payments (including insurance proceeds) received by the Parent, the Company, or a Subsidiary of either of them, or either Agent, jointly or severally, from any Person, including any Governmental Authority,
with respect to or in connection with an Event of Loss. 
 “Excluded Collateral” shall have the meaning set
forth in the Security Agreement. 
 “Excess Proceeds” shall have the meaning set forth in
Section 2.06(b)(ii). 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and
the rules and regulations of the SEC promulgated thereunder. 
 “Excluded Parent Subsidiaries” means the
current and future Subsidiaries of the Parent that are not the Company, the Guarantors or the Restricted Subsidiaries. As of the Closing Date, the Excluded Parent Subsidiaries consisted of Vantage Luxembourg I SARL, Vantage Energy Services Inc.,
Vantage International Management Co. Pte. Ltd., Vantage International Payroll Company, Vantage Driller V Co., Vantage Driller VI Co., 

  
 13 

 
Vantage Holdings Caymans, Platinum Explorer Company, Titanium Explorer Company, Cobalt Explorer Company, Vantage Holdings Malaysia II Co, Vantage Deepwater Holdings Company, Cobalt Explorer
Holdings Company, Vantage Drilling de Mexico SRL CV, Vantage Luxembourg II SARL, Advantage ODC Limited, Vantage Drilling Netherlands II BV and Vantage Drilling do Brasil Servicios de Petroleo Ltda. 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld
or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by its overall net income or profits (however denominated), and franchise (and similar) Taxes and branch profits Taxes, in each case (i) imposed by a jurisdiction
(including any political subdivision thereof) as a result of such Recipient being organized under the laws of, or having its principal office in, or in the case of any Lender, having its applicable Lending Office in, such jurisdiction, or
(ii) that are Other Connection Taxes, (b) in the case of a Lender, any withholding Tax imposed on any payments to or for the account of such Lender with respect to an interest in a Loan or Commitment pursuant to a law in effect on the date
on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to a request by the Administrative Borrower under Section 10.07), or (ii) such Lender designates a new Lending Office, except in
each case to the extent that such Lender (or its assignor, if any) was entitled, immediately prior to the designation of a new Lending Office (or assignment), to receive additional amounts or indemnification payments from any Credit Party with
respect to such withholding Tax pursuant to Section 2.17, (c) any Taxes attributable to such Recipient’s failure to comply with Section 2.17(d) or Section 2.17(f) or (d) any U.S. federal withholding
Taxes imposed under FATCA. 
 “Existing Indebtedness” means Indebtedness of the Parent, the Company, any
Restricted Subsidiary or any Other Guarantor (other than Indebtedness under the New Notes and the guarantees thereof, the Loans, Indebtedness under the Credit Facility and the Existing Term Loan Facility) in existence on the Closing Date, until such
amounts are repaid. 
 “Existing Term Loan Agent” means the administrative agent under the Existing Term Loan
Facility, which shall initially be Citibank, N.A. 
 “Existing Term Loan Collateral Agent” means the collateral
agent under the Existing Term Loan Facility, which shall initially be Wells Fargo Bank, National Association. 

“Existing Term Loan Documents” means the Existing Term Loan Facility, the Collateral Agreements and any agreement,
instrument or other document evidencing or governing any Existing Term Loan Obligations. 
 “Existing Term Loan
Facility” means that certain Term Loan Agreement dated as of October 25, 2012, among the Borrowers, the Parent as a guarantor and other guarantors party thereto, the lenders from time to time party thereto, the Existing Term Loan
Agent, and the Existing Term Loan Collateral Agent, as collateral agent for such lenders. 
 “Existing Term Loan
Obligations” means the “Obligations” (as defined in the Existing Term Loan Facility) of the Credit Parties under the Existing Term Loan Facility, the Collateral Agreements and any other related document or instrument executed and
delivered pursuant to any of the foregoing. 
 “Existing Term Loan Secured Parties” means, collectively, the
lenders from time to time party to the Existing Term Loan Facility, the Existing Term Loan Collateral Agent and the Existing Term Loan Agent. 
 “Extended Loans” shall have the meaning set forth in Section 2.22(a). 
 “Extending Lender” shall have the meaning set forth in Section 2.22(a). 
 “Extension” shall have the meaning set forth in Section 2.22(a). 
 “Extension Amendment Agreement” means an Extension Amendment Agreement, in form and substance reasonably satisfactory to the Administrative Agent and the Administrative Borrower, among
the 

  
 14 

 
Administrative Borrower, the Administrative Agent and one or more Extending Lenders, effecting one or more Extensions and such other amendments hereto and to the other Loan Documents as are
contemplated by Section 2.22. 
 “Fair Market Value” means the value that would be paid by a
willing buyer to an unaffiliated willing seller in a transaction not involving distress or necessity of either party, determined in good faith by the Board of Directors of the Parent (unless otherwise provided in this Agreement). 

“FATCA” means Sections 1471 through 1474 of the Code, as of the Closing Date (or any amended or successor version that
is substantively comparable and not materially more onerous to comply with), any current or future Treasury regulations promulgated thereunder or official administrative interpretations thereof, and any agreements entered into pursuant to
Section 1471(b)(1) of the Code. 
 “Federal Funds Rate” means, for any period, a fluctuating interest rate
per annum equal for each day during such period to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published for such day (or, if such day is
not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for such day for such transactions received by
the Administrative Agent from three Federal funds brokers of recognized standing selected by it. 
 “Fee
Letters” means (a) the fee letter dated as of March 28, 2013, between the Company and the Administrative Agent with respect to the payment of administrative agent fees and (b) the engagement letter dated as of March 18,
2013, among the Company and the Joint Lead Arrangers and the other parties from time to time party thereto. 
 “Foreign
Deposit Account” has the meaning set forth in the Security Agreement. 
 “Foreign Plan” means any
employee benefit plan, program, policy, arrangement or agreement that is not subject to U.S. law, and that is maintained or contributed to by the Parent or any of its Subsidiaries with respect to employees, directors, consultants or independent
contractors employed or otherwise providing services outside the United States. 
 “GAAP” means generally
accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, as are in effect from time to time; provided that GAAP as in effect on the Closing Date
shall be applied in respect of determining whether leases should be recorded as operating leases under GAAP. 

“Governmental Authority” means any federal, state, local or foreign court or governmental agency, authority,
instrumentality, regulator or regulatory, administrative or legislative body. 
 “Group Party” means each
Credit Party and each Restricted Subsidiary. 
 “guarantee” means a guarantee (other than by endorsement of
negotiable instruments for collection in the ordinary course of business), direct or indirect, in any manner (including, without limitation, letters of credit and reimbursement agreements in respect thereof), of all or any part of any Indebtedness
or other obligations. 
 “Guarantee” means the Guarantee, made by each Guarantor in favor of the Administrative
Agent for the benefit of the Secured Parties pursuant to Article IX. 
 “Guarantors” means the
Parent, each Subsidiary of the Company (other than US Borrower) and each Other Guarantor that executes a Guarantee in accordance with the provisions of this Agreement, in each case, together with their respective successors and assigns until the
Guarantee of such Person has been released in accordance with the provisions of this Agreement and the other Loan Documents. 

  
 15 

 “Hazardous Materials” means (a) any petroleum or petroleum products,
radioactive materials, friable asbestos, urea formaldehyde foam insulation, transformers or other equipment that contain dielectric fluid containing regulated levels of polychlorinated biphenyls, and radon gas, (b) any chemicals, materials or
substances defined as or included in the definition of “hazardous substances”, “hazardous waste”, “hazardous materials”, “extremely hazardous waste”, “restricted hazardous waste”, “toxic
substances”, “toxic pollutants”, “contaminants”, or “pollutants”, or words of similar import, under any applicable Environmental Law and (c) any other chemical, material or substance, which is prohibited,
limited or regulated by any Environmental Law. 
 “Hedging Obligations” means, with respect to any specified
Person, the obligations of such Person under: 
 (1) interest rate swap agreements (whether from fixed to floating or from
floating to fixed), interest rate cap agreements and interest rate collar agreements; 
 (2) other agreements or arrangements
designed to manage interest rates or interest rate risk; and 
 (3) other agreements or arrangements designed to protect such
Person against fluctuations in currency exchange rates or commodity prices. 
 “Historical Financial
Statements” means the audited consolidated balance sheets of the Parent and its consolidated Subsidiaries as of December 31, 2010, 2011 and 2012, and the related audited statements of income and comprehensive income, statements of
changes in shareholders’ equity and statements of cash flows for each of the fiscal years in the three-year period ended December 31, 2012. 
 “incur” shall have the meaning set forth in Section 6.03(a). 
 “Indebtedness” means, with respect to any specified Person, any indebtedness of such Person (excluding accrued expenses and trade payables), whether or not contingent: 

(1) in respect of borrowed money; 
 (2) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof); 

(3) in respect of bankers’ acceptances; 
 (4) representing Capital Lease Obligations; 
 (5) representing the balance
deferred and unpaid of the purchase price of any property or services due more than six months after such property is acquired or such services are completed; or 
 (6) representing any Hedging Obligations, 
 if and to the extent any of the
preceding items (other than letters of credit and Hedging Obligations) would appear as a liability upon a balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all
Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed by the specified Person) and, to the extent not otherwise included, the guarantee by the specified Person of any Indebtedness
of any other Person. 
 “Indemnified Liabilities” shall have the meaning set forth in
Section 10.05(d). 

  
 16 

 “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes,
imposed on or with respect to or measured by any payment by or on account of any obligation of any Credit Party hereunder or under any other Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes. 

“Indentures” means the Existing Indenture and the New Indenture. 

“Ineligible Institution” means the Persons identified in writing to the Administrative Agent by the Administrative
Borrower on or prior to the Closing Date, and as may be identified in writing to the Administrative Agent by the Administrative Borrower from time to time thereafter, with the written consent of the Administrative Agent, by delivery of a notice
thereof to the Administrative Agent setting forth such Person or Persons (or the Person or Persons previously identified to Agent that are to be no longer considered “Ineligible Institutions”). 

“Information” shall have the meaning set forth in Section 3.08(a). 

“Insurance Advisor” means Willis Group or another independent insurance advisor to the Pari Passu Collateral Agent who
is reasonably satisfactory to the Company and who is not the Company’s independent marine insurance broker. 

“Insurance and Earnings Supplement” means the Insurance and Earnings Supplement to be entered into on the Closing Date
by the Pari Passu Collateral Agent, the Borrowers and the Guarantors. 
 “Insurance Assignment” means,
collectively, the first priority assignments of insurance in favor of the Pari Passu Collateral Agent given by the Company and the applicable Guarantor and applicable Internal Charterer, if any, respecting all insurance covering the Vessels or their
respective operations, substantially in the form attached hereto as Exhibits I-1 and I-2, as the same may be amended, supplemented or modified from time to time. 
 “Intercreditor Agreement” means (i) the Amended and Restated Intercreditor Agreement dated as of October 25, 2012, among the Pari Passu Collateral Agent, the 2019 Trustee, the
2019 Noteholder Agent, the Credit Agreement Agent, the Credit Agreement Collateral Agent, the Existing Term Loan Agent, the Existing Term Loan Collateral Agent, the trustee and collateral agent under the 2015 Indenture, the Grantors and the other
parties from time to time party thereto, including the New Trustee, the New Noteholder Collateral Agent, the Collateral Agent and the Administrative Agent, which have been joined as parties pursuant to the Intercreditor Joinder Agreements, as such
Amended and Restated Intercreditor Agreement may be further amended, restated, supplemented or otherwise modified from time to time in accordance with this Agreement or (ii) any replacement thereof that contains terms not materially less
favorable to the Secured Parties than the Amended and Restated Intercreditor Agreement referred to in clause (i). 

“Intercreditor Designation Notice” means the notice letter to be delivered by the Company on the Closing Date whereby
the Company designates the Note Obligations and the Loan Obligations as “Other Pari Passu Obligations” for purposes of the Intercreditor Agreement. 
 “Intercreditor Joinder Agreements” means (i) the Joinder Agreement to Intercreditor Agreement to be entered into on the Closing Date, by the New Noteholder Collateral Agent and New
Noteholder Trustee and acknowledged by the Pari Passu Collateral Agent and the Company and (ii) the Joinder Agreement to Intercreditor Agreement to be entered into on the Closing Date, by the Administrative Agent and the Collateral Agent, and
acknowledged by the Pari Passu Collateral Agent and the Company. 
 “Interest Payment Date” means,
(a) with respect to any ABR Loan, the last Business Day of each calendar quarter (being the last day of March, June, September and December of each year), and (b) otherwise, the last day of the Interest Period applicable to the Loan and,
in the case of a Loan with an Interest Period of more than three months’ duration each day that would have been an Interest Payment Date had successive Interest Periods of three months’ duration been applicable to such Loan and, in
addition, the date of any conversion of such Loan to an ABR Loan. 

  
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 “Interest Period” means as to any Loan (other than an ABR Loan), the
period commencing on the date of such Borrowing or on the last day of the immediately preceding Interest Period applicable to such Loan, as applicable, and ending on the numerically corresponding day (or, if there is no numerically corresponding
day, on the last day) in the calendar month that is 1, 2, 3 or 6 (or, if agreed to by all relevant Lenders, 9 or 12) months thereafter, as the Administrative Borrower may elect, or the date any Loan (other than an ABR Loan) is effectively converted
to an ABR Loan in accordance with Section 2.10 or repaid or prepaid in accordance with Section 2.05 or Section 2.14 or on the Maturity Date; provided that if any Interest Period would end on a day other
than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding
Business Day. Interest shall accrue from and including the first day of an Interest Period to but excluding the last day of such Interest Period. For purposes hereof, the date of a Borrowing of a Loan initially shall be the date on which such
Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 

“Interest Period Election Request” means a request by the Administrative Borrowers to elect an Interest Period in
accordance with Section 2.21. 
 “Internal Charter” means any charter or other contract respecting
the use or operations of any Vessel between any Guarantor that is a Vessel owner and any Internal Charterer. 

“Internal Charter Unwind Trigger” means the termination of the underlying Internal Charter and the collection of all
revenue and accounts receivable owing under such Internal Charter to the applicable Subsidiary. 
 “Internal
Charterer” means any Subsidiary of the Company or any Subsidiary of the Parent, in each case, that is not the owner of the relevant Vessel and that is a party to any Drilling Contract or any bareboat charter or other such charter in respect
of a Vessel. 
 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by
Moody’s and BBB- (or the equivalent) by S&P, or an equivalent rating by any other Rating Agency, in each case, with a stable or better outlook. 
 “Investments” means, with respect to any Person, all direct or indirect investments by such Person in other Persons (including Affiliates) in the forms of loans (including guarantees or
other obligations), advances or capital contributions (excluding commission, travel and similar advances to officers and employees made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity
Interests or other securities, together with all items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. If the Company or any Subsidiary of the Company sells or otherwise disposes of any Equity
Interests of any direct or indirect Subsidiary of the Company such that, after giving effect to any such sale or disposition, such Person is no longer a Subsidiary of the Company, the Company will be deemed to have made an Investment on the date of
any such sale or disposition equal to the Fair Market Value of the Company’s Investments in such Subsidiary that were not sold or disposed of in an amount determined as provided in Section 6.04(d). The acquisition by the Company or
any Subsidiary of the Company of a Person that holds an Investment in a third Person will be deemed to be an Investment by the Company or such Subsidiary in such third Person that is not a Subsidiary of such Person in an amount equal to the Fair
Market Value of the Investments held by the acquired Person in such third Person in an amount determined as provided in Section 6.04(d). Except as otherwise provided in this Agreement, the amount of an Investment will be determined at
the time the Investment is made and without giving effect to subsequent changes in value. 
 “Involuntary
Transfer” means, with respect to any property or asset (other than a Vessel, which shall be governed by Section 2.06(c)) of the Company or any Restricted Subsidiary, (a) any damage to such asset that results in an insurance
settlement with respect thereto on the basis of a total or a constructive or compromised total loss, (b) the confiscation, condemnation, requisition, appropriation or similar taking regarding such asset by any government or instrumentality or
agency thereof, including by deed in lieu of condemnation, or (c) foreclosure or other enforcement of a Lien or the exercise by a holder of a Lien of any rights with respect to it. 

“IRS” means the U.S. Internal Revenue Service. 

  
 18 

 “Joinder Agreement” means a joinder agreement substantially in the form of
Exhibit H or such other form as shall be approved by the Administrative Agent. 
 “Joint Lead Arrangers”
means Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Jefferies Finance LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Royal Bank of Canada (using its RBC Capital Markets brand name). 

“Judgment Currency” shall have the meaning set forth in Section 10.17(b). 

“Lender” means each financial institution listed on Schedule 2.01, and any Person that becomes a
“Lender” hereunder pursuant to Section 10.06, other than any such Person that has ceased to be a party hereto pursuant to an Assignment and Acceptance in accordance with Section 10.06. 

“Lending Office” means, as to any Lender, the applicable branch, office, Affiliate or account (if appropriate) of such
Lender designated by such Lender to make Loans to the Administrative Borrower. 
 “LIBOR” means for any
Interest Period, the higher of (a) the rate per annum determined by the Administrative Agent at approximately 11:00 a.m., London time, on the date that is two Business Days prior to the commencement of such Interest Period by reference to the
British Bankers’ Association Interest Settlement Rates for deposits in United States dollars (as set forth by any service selected by the Administrative Agent that has been nominated by the British Bankers’ Association as an authorized
information vendor for the purpose of displaying such rates) with a maturity comparable to such Interest Period; provided that, to the extent that an interest rate is not ascertainable pursuant to the foregoing provisions of this definition,
the “LIBOR” shall be the interest rate per annum determined by the Administrative Agent to be the average of the rates per annum at which deposits in United States dollars are offered for a maturity comparable to such relevant
Interest Period to major banks in the London interbank market in London, England, as selected by the Administrative Agent at approximately 11:00 a.m. (London time) on the date that is two Business Days prior to the beginning of such Interest Period
and (b) 1.25% per annum. 
 “LIBOR Borrowing” means a Borrowing comprised of LIBOR Loans. 

“LIBOR Loan” means a Loan bearing interest at a rate equal to the Adjusted LIBOR plus the Applicable Margin. 

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or similar encumbrance of
any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell
or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction). 
 “Loan Documents” means this Agreement, the Guarantees, the Collateral Agreements, the Fee Letters, any Note, and any intercreditor agreement with respect to this Agreement and the Loans
entered into on or after the Closing Date to which the Administrative Agent or Collateral Agent is a party on behalf of the Lenders (including the Intercreditor Agreement). 
 “Loan Obligations” means Obligations, including prepayment premiums, in respect of the Loans, this Agreement and the Collateral Agreements, including, for the avoidance of doubt, the
Guarantees. 
 “Loans” means the loans made by the Lenders to the Borrowers pursuant to
Section 2.01 on the Closing Date. 
 “Material Adverse Change” means a change, event, circumstance,
development, state of facts, or condition that has or would reasonably be expected to have a material adverse effect on the Company and its Subsidiaries and other Credit Parties, taken as a whole; provided, however, that Material
Adverse Change shall not include material adverse effects resulting from: (a) general changes in the industry in which the Company and its 

  
 19 

 
Subsidiaries and the other Credit Parties are engaged; (b) general changes in economic or political conditions, or financial markets; (c) failure alone to meet internal or analyst
projections or forecasts or estimates of revenues, earnings or other financial metrics for any period (provided, that the underlying reasons for such failure shall be taken into account in determining whether there has been a Material Adverse
Change); (d) acts of God, including hurricanes and storms, acts or failures to act of Governmental Authorities (where not caused by the willful or negligent acts of the Borrowers, any Subsidiary of the Borrowers or any of their respective
Affiliates); (e) civil unrest or similar disorder; terrorist acts; (f) changes in applicable laws or interpretations thereof by any Governmental Authority, including any changes in the deductibility of drilling completion or operating
costs or other taxes; or (g) effects or changes that are cured or no longer exist by Closing Date. 
 “Material
Adverse Effect” means the occurrence of any circumstance, event or condition that has had or would, individually or in the aggregate, have a material adverse effect on (a) the properties, business, prospects, operations, earnings,
assets, liabilities or condition (financial or otherwise) of the Group Parties, taken as a whole, (b) the ability of the Credit Parties to perform their respective obligations in all material respects under this Agreement or any of the other
Loan Documents, (c) the enforceability of the Collateral Agreements or the attachment, perfection or priority of any Liens intended to be created thereby, (d) the validity or enforceability of any of the Loan Documents, (e) the
consummation of any of the transactions contemplated under any of the Loan Documents, or (f) the rights and remedies of the Agents and the Lenders under this Agreement or under any of the other Loan Documents. 

“Material Information” means the occurrence of any material effect, or any event or condition that, individually or in
the aggregate, has resulted in, or would reasonably be expected to result in, the occurrence of a Material Adverse Effect. 

“Maturity Date” means March 28, 2019, or, if such date is not a Business Day, the first Business Day thereafter;
provided that with respect to Extended Loans established pursuant to Section 2.22, “Maturity Date” means the final maturity date specified therefor in the Extension Amendment Agreement with respect thereto.

 “MD&A” has the meaning found in Section 6.02(e). 

“MNPI” means any Material Information that is Non-Public Information. 

“Money Laundering Laws” has the meaning found in Section 3.23(e). 

“Moody’s” means Moody’s Investors Service, Inc. or any successor to the rating agency business thereof.

 “Mortgage” means each Ship Mortgage, each other mortgage, deed of trust, deed to secure debt and any other
document or instrument under which any Lien on property owned or leased by either Borrower or any Guarantor is granted to secure Loan Obligations or under which rights or remedies with respect to such Liens are governed, as the same may be amended,
supplemented or modified from time to time. 
 “Net Income” means, with respect to any specified Person, the
net income (loss) of such Person, determined in accordance with GAAP and before any reduction in respect of Preferred Stock dividends, excluding, however: 
 (1) any gain (but not loss), together with any related provision for taxes on such gain (but not loss), realized in connection with (a) any Asset Sale or (b) the disposition of any securities by
such Person or any of the Restricted Subsidiaries or the extinguishment of any Indebtedness of such Person or any of the Restricted Subsidiaries; and 
 (2) any extraordinary gain (but not loss), together with any related provision for taxes on such extraordinary gain (but not loss). 

  
 20 

 “Net Proceeds” means the aggregate cash proceeds received by the Company
or any Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Sale), net of (1) the direct costs relating to
such Asset Sale, including, without limitation, legal, accounting and investment banking fees, sales commissions, relocation expenses incurred as a result of the Asset Sale, and taxes paid or payable as a result of the Asset Sale after taking into
account any available tax credits or deductions and any tax sharing arrangements; and (2) any reserve for adjustment in respect of the sale price of such asset or assets established in accordance with GAAP. 

“New Indenture” means the indenture, dated as of March 28, 2013, of the Company and the Parent (as the same has
been and may be further amended, restated, supplemented or otherwise modified from time to time), with the Guarantors (as defined therein), the New Noteholder Trustee and the New Noteholder Collateral Agent. 

“New Indenture Documents” means any of the New Notes, the New Indenture, the guarantees of the foregoing and the
Collateral Agreements. 
 “New Noteholder Collateral Agent” means Wells Fargo Bank, National Association, in
its capacity as collateral agent for the benefit of the holders of the New Notes, together with its successors in such capacity. 
 “New Noteholder Trustee” means Wells Fargo Bank, National Association in its capacity as trustee under the New Indenture. 

“New Notes” means the Company’s 7.125% Senior Secured First Lien Notes due 2023 issued under the New Indenture.

 “New Notes Secured Parties” means, collectively, the holders of New Notes (including the holders of any
additional notes subsequently issued under and in compliance with the terms of the New Indenture), the New Noteholder Collateral Agent and the New Noteholder Trustee. 
 “Non-Consenting Lender” shall have the meaning set forth in Section 10.07(c). 
 “Non-Public Information” means information concerning the Parent or any of its Subsidiaries or any Affiliate of any of the foregoing, or any security of any of the foregoing, that is not
Public Information. 
 “Non-Recourse Debt” means Indebtedness: 

(1) as to which neither the Company nor any of the Restricted Subsidiaries (a) provides credit support of any kind (including any
undertaking, agreement or instrument that would constitute Indebtedness), (b) is directly or indirectly liable as a guarantor or otherwise, or (c) constitutes the lender; 

(2) no default with respect to which (including any rights that the holders of the Indebtedness may have to take enforcement action
against an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder of any other Indebtedness of the Company or any of the Restricted Subsidiaries to declare a default on such other Indebtedness or cause the payment of the
Indebtedness to be accelerated or payable prior to its Stated Maturity; and 
 (3) as to which the lenders have been notified in
writing that they will not have any recourse to the stock or assets of the Company or any of the Restricted Subsidiaries. 

“Non-U.S. Lender” means any Lender that is not a “United States person” as defined by Section 7701(a)(30)
of the Code. 
 “Note” means any promissory note issued to a Lender that evidences the Loans extended by such
Lender to the Borrowers. 

  
 21 

 “Note Obligations” has the meaning given to that term in the New
Indenture. 
 “Notice of Borrowing” shall have the meaning set forth in Section 2.03(a).

 “Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and
other liabilities payable under the documentation governing any Indebtedness. 
 “OFAC” shall have the meaning
set forth in Section 3.23(c). 
 “Offering Memorandum” means the offering memorandum, dated
March 21, 2013, in respect of the New Notes. 
 “Officers’ Certificate” means a certificate signed on
behalf of the Administrative Borrower by two Authorized Officers of the Administrative Borrower, one of whom must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the
Administrative Borrower, which meets the requirements set forth in this Agreement. 
 “Original Ship Mortgages”
shall have the meaning set forth in Section 3.24(b). 
 “Other Connection Taxes” means, with
respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than any such connection arising solely from such Recipient having executed, delivered, become
a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced this Agreement or any other Loan Documents, or sold or assigned an
interest in any Loan or Loan Document). 
 “Other Guarantor” means a Guarantor that is a direct or indirect
Subsidiary of the Parent but not a direct or indirect Subsidiary of the Company, and whose sole purpose is to be (a) a party to a Drilling Contract or an Internal Charter or (b) the Parent company of an Internal Charterer, in each case, to
the extent (i) such Subsidiary is not permitted to become a direct or indirect Subsidiary of the Company due to restrictions imposed by the terms of the applicable Drilling Contract, (ii) causing such Subsidiary to become a direct or
indirect Subsidiary of the Company would result in adverse tax treatment or a violation of applicable laws, in each case, as determined by the Administrative Agent, or (iii) the sole business and activity of such Subsidiary is to act as a
bidding entity for Drilling Contracts. As of the Closing Date, the Other Guarantors are Vantage Driller I Co., a Cayman Islands exempted company, Vantage Driller II Co., a Cayman Islands exempted company, Vantage Driller IV Co., a Cayman Islands
exempted company, Vantage Holding Hungary Kft, a Hungarian limited liability company, Vantage Drilling Netherlands BV, a private company with limited liability under the laws of the Netherlands, and PT Vantage Drilling Company Indonesia, a company
organized under the laws of Indonesia. 
 “Other Pari Passu Facility” means each indenture, credit agreement,
Credit Facility (other than the Credit Agreement) or other governing agreement with respect to any Other Pari Passu Obligations, as the same may be amended, restated, supplemented, or otherwise modified from time to time. 

“Other Pari Passu Obligations” means other Indebtedness of the Company or the Restricted Subsidiaries that is equally
and ratably secured with the Pari Passu Obligations as permitted by this Agreement and is designated by the Administrative Borrower as an Other Pari Passu Obligation. 
 “Other Pari Passu Secured Parties” means the holders of any Other Pari Passu Obligations and any Authorized Representative with respect thereto. 

“Other Taxes” means any and all present or future stamp, court, documentary, intangible, recording, filing or similar
Taxes arising from any payment made hereunder or made under any other Loan Document or from the execution or delivery of, registration or enforcement of, or performance of, or otherwise with respect to, this Agreement or any other Loan Document,
except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 10.07). 

  
 22 

 “Overnight Rate” means, for any day, with respect to any amount
denominated in U.S. Dollars, the greater of (i) the Federal Funds Rate and (ii) an overnight rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 

“Panamanian Mortgage Amendment” shall have the meaning set forth in Section 3.24(b). 

“Panamanian Flagged Vessels” shall have the meaning set forth in Section 3.24(b). 

“Parent” shall have the meaning set forth in the preamble to this Agreement. 

“Parent Consolidated Cash Flow” means, with respect to any period, the Consolidated Net Income of the Parent for such
period plus, without duplication: 
 (1) an amount equal to (a) any extraordinary loss plus (b) any net loss realized
by the Parent and its Subsidiaries in connection with an Asset Sale, to the extent such losses were deducted in computing such Consolidated Net Income; plus 
 (2) provision for taxes based on income or profits of the Parent and its Subsidiaries for such period, to the extent that such provision for taxes was deducted in computing such Consolidated Net Income;
plus 
 (3) the Consolidated Interest Expense of the Parent and its Subsidiaries to the extent that such Consolidated Interest
Expenses were deducted in computing such Consolidated Net Income; plus 
 (4) depreciation, amortization (including amortization
of intangibles but excluding amortization of prepaid cash expenses that were paid in a prior period) and other non-cash expenses (excluding any such non-cash expense to the extent that it represents an accrual of or reserve for cash expenses in any
future period or amortization of a prepaid cash expense that was paid in a prior period) of the Parent and its Subsidiaries for such period to the extent that such depreciation, amortization and other non-cash expenses were deducted in computing
such Consolidated Net Income; minus  
 (5) non-cash items increasing such Consolidated Net Income for such period, other
than the accrual of revenue in the ordinary course of business, in each case, on a consolidated basis and determined in accordance with GAAP. 
 Parent Consolidated Cash Flow shall be calculated to give effect to the following: 

(A) Pro forma effect shall be given to any acquisition of a company, business, asset or Additional Vessel that has been made by
the Parent or any of its Subsidiaries or to the commencement of operations of an Additional Vessel first delivered to the Parent or any of its Subsidiaries, in each case, during the four-quarter reference period, or approved and expected to be
consummated within 30 days of the Calculation Date, including, in each case, through a merger or consolidation or an acquisition, and including any related financing transactions, in each case during the four-quarter reference period or subsequent
to such reference period and on or prior to the Calculation Date, in each case, as if such transaction had occurred on the first day of the applicable four-quarter reference period. 

(B) With respect to the calculation of the Consolidated Interest Coverage Ratio for purposes of Section 6.03(a)(i), pro forma
effect shall be given to any delivery to, or acquisition by, the Parent or any of its consolidated Subsidiaries of any Additional Vessel or construction contract for such Additional Vessel usable in the normal course of business of the Parent that
is (or are) subject to a Qualified Services Contract; provided that: 
 (1) the amount of Parent Consolidated Cash Flow
attributable to such Additional Vessel shall be calculated in good faith by a responsible financial or accounting officer of such Person; 
 (2) in the case of earned revenues under a Qualified Services Contract, the Parent Consolidated Cash Flow shall be based on revenues actually earned pursuant to the Qualified Services Contract relating to
such Additional Vessel or Additional Vessels, taking into account, where applicable, only actual expenses incurred without duplication in any measurement period; 

  
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 (3) the amount of Parent Consolidated Cash Flow shall be the lesser of the Parent
Consolidated Cash Flow derived on a pro forma basis from revenues for (a) the first full year of the Qualified Services Contract and (b) the average of the Parent Consolidated Cash Flow of each year of such Qualified Services Contract for
the term of the Qualified Services Contract; 
 (4) in determining the estimated expenses attributable to such Additional
Vessel, the calculation shall give effect to the interest expense attributable to the incurrence, assumption or guarantee of any Indebtedness relating to the construction, delivery and/or acquisition of such Additional Vessel (including Indebtedness
that is to be incurred following the time of calculation in order to consummate the construction, acquisition and/or delivery of the Additional Vessel); 
 (5) with respect to any expenses attributable to an Additional Vessel, if the actual expenses differ from the estimate, the actual amount shall be used in such calculation; 

(6) if a Qualified Services Contract is terminated, or is amended, supplemented or modified, following the Calculation Date, and after
giving effect to the termination or the terms of such Qualified Services Contract as so amended, supplemented or modified, the Company would not have been able to but did incur additional Indebtedness pursuant to the ratio set forth in
Section 6.03(a)(i), the Parent will, at the time of any such event, be required to either: (a) repay all or any part of any such Indebtedness that would not have been permitted to be incurred had the Qualified Services Contract or
such amendments, supplements or modifications thereto not been in effect at the time such Indebtedness was originally incurred, or (b) enter into a replacement Qualified Services Contract, the terms of which would have permitted the incurrence
of such Indebtedness had such replacement contract been in effect at the time such Indebtedness was incurred; and 
 (7)
notwithstanding the foregoing, the pro forma inclusion of Parent Consolidated Cash Flow attributable to any such Qualified Services Contract for the four-quarter reference period shall be reduced by the actual Parent Consolidated Cash Flow from such
Additional Vessel previously earned and accounted for in the actual results for the four-quarter reference period, which actual Parent Consolidated Cash Flow may be included in the foregoing clause (A). 

(C) The Parent Consolidated Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, and operations or
businesses disposed of prior to the Calculation Date, shall be excluded. 
 (D) The provision for taxes based on the income or
profits of, and the depreciation, amortization and other non-cash expenses of, a Subsidiary (other than an Unrestricted Subsidiary) will be added to Consolidated Net Income to compute Parent Consolidated Cash Flow only to the extent that a
corresponding amount would be permitted at the date of determination to be dividended to the Parent by such Subsidiary without prior governmental approval (that has not been obtained), and without direct or indirect restriction pursuant to the terms
of its charter and all agreements, instruments, judgments, decrees, orders, statutes, rules and governmental regulations applicable to the Subsidiary or its stockholders. 
 For the avoidance of doubt, (1) the calculation of the ratio test set forth in Section 6.03(a)(i), shall give effect to any incurrence, assumption or guarantee of any Indebtedness
relating to the construction, delivery and/or acquisition of any Additional Vessel in accordance with the foregoing clauses (A) and (B); and (2) the acquisition of an Additional Vessel with actual earned Parent Consolidated Cash Flow and
future Parent Consolidated Cash Flow expected by virtue of the existence of a Qualified Services Contract, may be given pro forma effect due to the combined effect of the foregoing clauses (A) and (B). 

  
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 “Pari Passu Collateral Agent” means Wells Fargo Bank, National
Association, in its capacity as the pari passu collateral agent under the Intercreditor Agreement for all holders of Pari Passu Obligations. 
 “Pari Passu Documents” means the 2019 Indenture Documents, the Existing Term Loan Documents, the Credit Agreement Documents and any other document or instrument evidencing or governing
any Other Pari Passu Obligations, including the New Indenture Documents and the Loan Documents. 
 “Pari Passu Excluded
Collateral” means any cash, certificate of deposit, deposit account, money market account or other such liquid assets to the extent that such cash, certificate of deposit, deposit account, money market account or other such liquid assets
are on deposit or maintained with the Credit Agreement Agent or any other Credit Agreement Secured Party (other than the Pari Passu Collateral Agent) to secure the Credit Agreement Obligations. 

“Pari Passu Indebtedness” means (a) with respect to the Borrowers, the Loans and any other Pari Passu Obligations
which are equally and ratably secured with the Loans, and (b) with respect to any Guarantor, its Guarantee and any other Pari Passu Obligations which are equally and ratably secured with such Guarantor’s Guarantee. 

“Pari Passu Obligations” means (a) the Existing Term Loan Obligations, (b) the Credit Agreement Obligations,
(c) the 2019 Note Obligations, (d) all Other Pari Passu Obligations, including the Note Obligations and the Loan Obligations and (e) all other Obligations in respect of, or arising under, the Pari Passu Documents, including all fees
and expenses of the collateral agent payable with respect thereto and shall include all interest and fees, which but for the filing of a petition in bankruptcy with respect to the Borrowers, the Parent or any other Guarantor (in each case, including
in its capacity as a co-borrower thereunder), would have accrued on such obligations, whether or not a claim for such interest or fees is allowed in such proceeding. 
 “Pari Passu Secured Party” means (a) the Pari Passu Collateral Agent, (b) Existing Term Loan Secured Parties, (c) the 2019 Notes Secured Parties, (d) the Credit
Agreement Secured Parties and (e) the holders of Other Pari Passu Obligations, including the New Noteholder Trustee, the New Noteholder Collateral Agent and the holders of the New Notes and the Secured Parties. 

“Participant” shall have the meaning set forth in Section 10.06(c)(i). 

“Participant Register” shall have the meaning set forth in Section 10.06(c)(ii). 

“Perfection Certificate” shall have the meaning set forth Section 3.24(j). 

“Permits” shall have the meaning set forth in Section 3.19. 

“Permitted Business” means: 
 (1) with respect to the Company and the Restricted Subsidiaries, a business in which the Company and the Restricted Subsidiaries were engaged on the Closing Date, as described in the Offering Memorandum,
and any business reasonably related or complimentary thereto; and 
 (2) with respect to the Parent, the ownership of the Equity
Interests in the Company and the Parent’s other Subsidiaries and the business in which the Parent is engaged on the Closing Date and, as described in the Offering Memorandum and any business reasonably related or complimentary thereto.

 “Permitted Debt” shall have the meaning set forth in Section 6.03(b). 

“Permitted Investments” means: 
 (1) any Investment in the Company, in US Borrower or in a wholly owned Restricted Subsidiary that is a Guarantor; 

  
 25 

 (2) any Investment in Cash Equivalents; and 

(3) any Investment by the Company or any wholly owned Restricted Subsidiary in a Person, if as a result of such Investment: 

(a) such Person becomes a wholly owned Restricted Subsidiary and a Guarantor; or 

(b) such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is
liquidated into, the Company, US Borrower or a wholly owned Restricted Subsidiary that is a Guarantor; 
 (4) Investments in any
Person having an aggregate Fair Market Value (measured on the date each such Investment was made and without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (4) that are
at the time outstanding not to exceed the greater of (a) $100,000,000 and (b) 5% of the Company’s Consolidated Tangible Assets; 
 (5) any Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance with Sections 2.06(b) and 6.06; 

(6) any acquisition of assets or Capital Stock solely in exchange for the issuance of Equity Interests (other than Disqualified Stock) of
the Company; 
 (7) any Investments received in compromise or resolution of obligations of trade creditors or customers that
were incurred in the ordinary course of business of the Company or any of the Restricted Subsidiaries, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer and
any Investments obtained in exchange for any such Investments; 
 (8) Investments represented by Hedging Obligations; and

 (9) other Investments in any Person having an aggregate Fair Market Value (measured on the date each such Investment was made
and without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (9) that are at the time outstanding not to exceed $25,000,000. 

“Permitted Liens” means: 
 (1) Liens on assets of the Borrowers and the Guarantors securing Indebtedness and other Obligations under any Credit Facility that is permitted by Sections 6.03(b)(i); 

(2) Liens existing on the Closing Date, including Liens securing (a) the New Notes and related guarantees, (b) the exchange
notes and related note guarantees to be issued pursuant to the Registration Rights Agreement, (c) the Existing Term Loan Facility and the related guarantees, (d) the 2019 Notes and related note guarantees and the exchange notes and related
note guarantees to be issued pursuant to the registration rights agreement with respect thereto, (e) the Loan Obligations, in each case, that are permitted to be incurred pursuant to Section 6.03(b)(ii), (iii) or
(iv); 
 (3) Liens in respect of Indebtedness of the Parent permitted to be incurred by Section 6.03(a)(i)
covering only the assets constructed or acquired with or financed by such Indebtedness; provided that none of the assets of either Borrower or any Guarantor (other than the Parent) will be permitted to be subject to any Lien pursuant to this
clause (3); 
 (4) Liens in favor of the Company, US Borrower or the Guarantors; 

(5) Liens on property of a Person existing at the time such Person is merged with or into or consolidated with the Parent, the Company or
any Subsidiary of the Company; provided that such Liens were in existence prior to the contemplation of such merger or consolidation and do not extend to any assets other than those of the Person merged into or consolidated with the Company
or the Subsidiary; 

  
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 (6) Liens on property (including Capital Stock) existing at the time of acquisition of the
property by the Parent, the Company or any Subsidiary of the Company; provided that such Liens were in existence prior to, such acquisition, and not incurred in contemplation of, such acquisition; 

(7) Liens to secure the performance of statutory obligations, surety or appeal bonds, performance bonds or other obligations of a like
nature incurred in the ordinary course of business; 
 (8) Liens to secure Indebtedness (including Capital Lease Obligations)
permitted by Section 6.03(b)(v) covering only the assets constructed or acquired with or financed by such Indebtedness; 
 (9) Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith by appropriate proceedings promptly instituted and diligently
conducted; provided that any reserve or other appropriate provision as is required in conformity with GAAP has been made therefor; 
 (10) Liens imposed by law, such as necessaries suppliers, carriers’, warehousemen’s, landlord’s, mechanics’, crew’s wages, salvage and general average Liens, in each case,
incurred in the ordinary course of business not more than 30 days past due or which are being contested in good faith; 
 (11)
survey exceptions, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real property that
were not incurred in connection with Indebtedness and that do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person; 

(12) the pledge or encumbrance by the Parent or any Excluded Parent Subsidiary of the Equity Interests, property or assets of any
Excluded Parent Subsidiary; 
 (13) Liens created for the benefit of (or to secure) Loan Obligations; 

(14) Liens to secure any Permitted Refinancing Indebtedness permitted to be incurred under this Agreement; provided,
however, that: 
 (A) the new Lien is limited to all or part of the same property and assets that secured
or, under the written agreements pursuant to which the original Lien arose, could secure the original Indebtedness (plus improvements and accessions to such property, or proceeds or distributions thereof); and 

(B) the Indebtedness secured by the new Lien is not increased to any amount greater than the sum of (i) the
outstanding principal amount, or, if greater, committed amount, of the original Indebtedness and (ii) an amount necessary to pay any fees and expenses, including premiums, related to such renewal, refunding, refinancing, replacement, defeasance
or discharge; 
 (15) Liens for obligations owed to vendors or other third parties that are being contested in good faith by
appropriate proceedings promptly instituted and diligently conducted; provided that, any reserve or other appropriate provision as is required in conformity with GAAP has been made thereof; 

(16) Liens to secure Hedging Obligations of the Company or any Restricted Subsidiary; and 

(17) Liens incurred in the ordinary course of business of the Borrowers or any Guarantor with respect to obligations that do not exceed
$25,000,000 at any one time outstanding. 

  
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 “Permitted Loan Purchase” shall have the meaning set forth in
Section 10.06(c). 
 “Permitted Operating Expense and Tax Reimbursements” means, without
duplication as to amounts, actual amounts paid by the Parent for the benefit of the Company and the Restricted Subsidiaries in respect of bona fide goods, taxes, services and other operating expenses incurred from and after the Closing Date and
relating to the Permitted Business of the Company and the Restricted Subsidiaries; provided that any amounts so paid to the Parent are on terms no less favorable than those available in arm’s length transactions with unaffiliated third
parties; provided, further, that in no event shall any amounts that may be classified as Permitted Parent Payments be treated as Permitted Operating Expense and Tax Reimbursements. 

“Permitted Parent Payments” means, without duplication as to amounts, payments to the Parent by the Company or any
Restricted Subsidiary to permit the Parent to pay reasonable and bona fide franchise taxes and accounting, legal and administrative expenses of the Credit Parties when due, in an aggregate amount not to exceed $25,000,000 per annum, which amount
shall increase by 1.0% per annum on January 1 of each year, beginning on January 1, 2013. 
 “Permitted
Refinancing Indebtedness” means any Indebtedness of the Parent, the Company or any of the Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to renew, refund, refinance, replace, defease or discharge other
Indebtedness of the Parent, the Company or any of the Restricted Subsidiaries (other than intercompany Indebtedness); provided that: 
 (1) the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness renewed,
refunded, refinanced, replaced, defeased or discharged (plus all accrued interest on the Indebtedness and the amount of all fees and expenses, including premiums, incurred in connection therewith); 

(2) such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of, and has a Weighted Average
Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged; 
 (3) if the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged is (a) subordinated in right of payment to the Loan Obligations, then such Permitted Refinancing
Indebtedness is subordinated in right of payment to the Loan Obligations or (b) pari passu in right of payment to the Loan Obligations, then such Permitted Refinancing Indebtedness is subordinated or pari passu in right of payment
to the Loan Obligations, in the case of each of clauses (a) and (b), on terms at least as favorable to the Lenders as those contained in the documentation governing the Indebtedness being renewed, refunded, refinanced, replaced, defeased or
discharged; 
 (4) in the case of Indebtedness of the Company or any Restricted Subsidiary, such Indebtedness is incurred either
by the Company or by the Restricted Subsidiary or both the Company and the Restricted Subsidiary who is the obligor on the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged; 

(5) in the case of Indebtedness of the Parent, such Indebtedness is incurred either by the Parent or by an Excluded Parent Subsidiary or
both the Parent and an Excluded Parent Subsidiary who is the obligor on the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged; and 
 (6) in the case of guarantees by Other Guarantors of any Indebtedness being refinanced that is permitted by this Agreement to be refinanced, such new guarantee of the Other Guarantor is incurred by the
same Other Guarantor who is the obligor on the guarantee being renewed, refunded, refinanced, replaced, defeased or discharged. 

“Permitted Third Party Charter” means the charter of a Vessel to a third party in conjunction with the conduct of
drilling operations, where a Guarantor (other than the Parent) or US Borrower effectively retains operational control of the Vessel and local law requires a resident person of the nation in whose waters the Vessel is located to charter the Vessel as
a condition to the lawful conduct of drilling operations in such waters and where either Borrower or a Guarantor is the ultimate beneficiary of indemnities under the Drilling Contract. 

  
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 “Person” means any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization, limited liability company or government or other entity. 

“Plan” means, excluding any Foreign Plan, any (i) “defined benefit plan” as defined in Section 3(35)
of ERISA that is subject to Title IV of ERISA, (ii) pension plan subject to the funding standards of Section 302 of ERISA or Section 412 of the Code, (iii) “multiemployer plan” as defined in Section 3(37) of ERISA
or Section 414(f) of the Code or (iv) “multiple employer plan” within the meaning of Section 210(a) of ERISA or Section 413(c) of the Code that is subject to Title IV of ERISA. 

“Platform” shall have the meaning set forth in Section 10.18. 

“Pledge Agreement” means the Pledge Agreement, dated as of October 25, 2012, by the Parent in favor of the Pari
Passu Collateral Agent, as amended, amended and restated, or supplemented from time to time in accordance with its terms. 

“Polish Guarantor” shall have the meaning set forth in Section 9.13. 

“Polish Limitation Amount” shall have the meaning set forth in Section 9.13. 

“Preferred Stock” means any Equity Interest with preferential right of payment of dividends or upon liquidation,
dissolution, or winding up. 
 “Pro Rata Extension Offers” shall have the meaning set forth in
Section 2.22(a). 
 “Protocol of Delivery and Acceptance” means the protocol of delivery and
acceptance evidencing the delivery of the Tungsten Explorer by DSME to and acceptance of the Tungsten Explorer by the Company or a Restricted Subsidiary. 
 “Property” of any Person means any interest of such Person in any property or asset (whether real, personal, mixed, tangible or intangible). 

“Public Information” means any information that (a) has been disseminated in a manner making it available to
investors generally, within the meaning of Regulation FD under the Securities Act and the Exchange Act and, where applicable, any comparable doctrines under state and foreign securities laws, (b) does not constitute MNPI concerning the Parent
or any Subsidiary or other Affiliate of any of the foregoing, or any security of any of the foregoing, for purposes of the United States federal and state securities laws and, where applicable, foreign securities laws or (c) solely in the case
of information concerning the Parent or any Subsidiary of the foregoing (but only if such information does not constitute MNPI for the foregoing purposes of any other Affiliate thereof), so long as none of the Parent or any of its Subsidiaries shall
have any securities registered under the Exchange Act or issued pursuant to Rule 144A under the Securities Act, or shall otherwise be subject to the reporting obligations under the Exchange Act, is information of the type that would be publicly
disclosed in connection with an issuance of securities by the Parent or such Subsidiary pursuant to an offering of securities registered under the Securities Act or made in reliance on Rule 144A under the Securities Act. 

“Public Lender” shall have the meaning set forth in Section 10.18. 

“Qualified Services Contract” means, with respect to any Additional Vessel acquired by or committed to be delivered to,
the Parent or any of its Subsidiaries, a bona fide contract or series of contracts, together with any amendments, supplements or modifications thereto, that the Board of Directors of the Parent, acting in good faith, designates as a “Qualified
Services Contract” pursuant to a resolution of the Board of Directors of the Parent, which contract or contracts: 
 (1)
are between the Parent or one of its Subsidiaries, on the one hand, and (a) a Person with a rating (or a Person whose parent has such a rating) of either BBB- or higher from S&P or Baa3 or higher from Moody’s, or if such ratings are
not available, then a similar investment grade rating from another nationally recognized statistical rating agency or (b) any other Person provided such contract is supported by letters of credit, performance bonds or guarantees from a Person
or its parent that has an investment grade rating as described in the preceding subclause (a) of this clause (1), or such contract provides for a lockbox or similar arrangements or direct payment to the Parent or its Subsidiary, as the case may
be, by a Person with (or a Person whose parent has) such an investment grade rating, for the full amount of the contracted payments due over the four-quarter reference period considered in calculating Consolidated Cash Flow; 

  
 29 

 (2) provide for services to be performed by the Parent or one or more of its Subsidiaries
involving the use of such Additional Vessel by the Parent or one or more of its Subsidiaries, in either case for a minimum aggregate period of at least one year; 
 (3) provide for a fixed or minimum dayrate or fixed rate for such Additional Vessel covering all the period in (2) above; and 
 (4) for purposes of Section 6.03, provide that revenues from such Qualified Services Contract are to be received by the Parent or its Subsidiary within one year of (a) delivery of the
related Additional Vessel and (b) the incurrence of any Indebtedness pursuant to Section 6.03. 

“Rating Agency” means (1) each of Moody’s and S&P and (2) if Moody’s or S&P ceases to rate
the Loans for reasons outside of the Parent’s control, a “nationally recognized statistical rating organization within the meaning of Rule 15cs-1(c)(2)(vi)(F) under the Exchange Act selected by the Parent or any direct or indirect parent
of the Parent (as certified by a resolution of the Board of Directors of the Parent or such direct or indirect parent of the Parent, as applicable) as a replacement agency for Moody’s or S&P, as the case may be. 

“Recipient” means (a) the Administrative Agent, (b) the Collateral Agent, or (c) any Lender, as
applicable. 
 “Register” shall have the meaning set forth in Section 10.06(b)(iv). 

“Registration Rights Agreement” means the Registration Rights Agreement entered into as of the Closing Date among the
Representatives (as defined therein), the Borrowers and the Guarantors and any other Registration Rights Agreement entered into from time to time in connection with the issuance of additional New Notes under the New Indenture. 

“Regulation T” means Regulation T of the Board as from time to time in effect and any successor to all or any portion
thereof establishing margin requirements. 
 “Regulation U” means Regulation U of the Board as from time to
time in effect and any successor to all or any portion thereof establishing margin requirements. 
 “Regulation
X” means Regulation X of the Board as from time to time in effect and any successor to all or any portion thereof establishing margin requirements. 
 “Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the directors, officers, employees, agents and members of such Person or such
Person’s Affiliates and any Person that possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of such Person, whether through the ability to exercise voting power, by contract or otherwise.

 “Repayment Date” has the meaning set forth in Section 2.05(b). 

“Required Lenders” means, at any time, Lenders having outstanding Loans and unused Commitments that, taken together,
represent more than 50% of the sum of all outstanding Loans at such time. 

  
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 “Requirement of Law” means, as to any Person, any law, treaty, rule,
regulation, statute, order, ordinance, decree, judgment, consent decree, writ, injunction, settlement agreement or governmental requirement enacted, promulgated or imposed or entered into or agreed by any Governmental Authority, in each case
applicable to or binding upon such Person or any of its property or assets or to which such Person or any of its property or assets is subject. 
 “Restricted Investment” means an Investment other than a Permitted Investment. 
 “Restricted Payments” shall have the meaning set forth in Section 6.04(b). 
 “Restricted Subsidiary” means any Subsidiary of the Company that is not an Unrestricted Subsidiary of such Person. 

“Reversion Date” shall have the meaning set forth in Section 6.11(b). 

“S&P” means Standard & Poor’s Financial Services LLC or any successor to the rating agency business
thereof. 
 “Scheduled Repayment” shall have the meaning set forth in Section 2.05(b). 

“SEC” means the U.S. Securities and Exchange Commission. 

“Secured Parties” means, collectively, the Agents and the Lenders. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Security Agreement” means the Pledge and Security Agreement, dated as of October 25, 2012,
among the Borrowers and the Grantors (as defined therein) from time to time party thereto in favor of the Pari Passu Collateral Agent, as amended, amended and restated, or supplemented from time to time in accordance with its terms. 

“Series” means (a) with respect to the Pari Passu Secured Parties, each of (i) the Existing Term Loan Secured
Parties (in their capacities as such), (ii) the 2019 Notes Secured Parties (in their capacity as such), (iii) the Other Pari Passu Secured Parties that become subject to the Intercreditor Agreement after the date thereof that are
represented by a common Authorized Representative (in its capacity as such for such Other Pari Passu Secured Parties) and (iv) the Credit Agreement Secured Parties and (b) with respect to any Pari Passu Obligations, each of (i) the
Existing Term Loan Obligations, (ii) the 2019 Note Obligations, (iii) the Other Pari Passu Obligations incurred pursuant to any Other Pari Passu Agreement, which pursuant to any joinder agreement, are to be represented under the
Intercreditor Agreement by a common Authorized Representative (in its capacity as such for such Other Pari Passu Obligations) and (iv) the Credit Agreement Obligations. 
 “Ship Mortgage” means collectively the first naval mortgages and other instruments such as statutory mortgages and deeds over the Vessels (including, with respect to the Tungsten
Explorer, executed, delivered, and recorded as of the date, subject to adjustment across time zones, the Tungsten Explorer is delivered by DSME to the applicable Subsidiary), each duly registered in the Bahamian or Panamanian ship registry, as
applicable, in favor of the Pari Passu Collateral Agent, substantially in the form attached hereto as Exhibits K-1 and K-2, as the same may be amended, supplemented or modified from time to time. 

“Significant Subsidiary” means any Restricted Subsidiary that would be a “significant subsidiary” as defined
in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such regulation is in effect on the Closing Date. 
 “Specified Ship Mortgages” shall have the meaning set forth in Section 3.24(b). 

  
 31 

 “Specified Vessels” shall have the meaning set forth in
Section 3.24(b). 
 “Stated Maturity” means, with respect to any installment of interest or
principal on any item or series of Indebtedness, the date on which the payment of interest or principal is scheduled to be paid in the documentation governing such Indebtedness as of the Closing Date or, if such item or series is incurred after the
Closing Date, the date such item or series is incurred will not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof. 

“Statutory Reserves” means a fraction (expressed as a decimal), the numerator of which is the number one and the
denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board and any other banking authority,
domestic or foreign, to which the Administrative Agent or any Lender (including any branch, Affiliate, or other fronting office making or holding a Loan) is subject for Eurocurrency Liabilities (as defined in Regulation D of the Board). Such reserve
percentages shall include those imposed pursuant to such Regulation D. A Loan that is not an ABR Loan shall be deemed to constitute Eurocurrency Liabilities and to be subject to such reserve requirements without benefit of or credit for proration,
exemptions or offsets that may be available from time to time to any Lender under such Regulation D. Statutory Reserves shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

“Subagent” shall have the meaning set forth in Section 8.02. 

“Subsidiary” means, with respect to any specified Person: 

(1) any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock
entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees of the
corporation, association or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and 

(2) any partnership (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such
Person or (b) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof). 
 “Subsidiary Guarantor” means any Guarantor other than the Parent. 

“Suspended Covenants” shall have the meaning set forth in Section 6.11(a). 

“Suspension Period” shall have the meaning set forth in Section 6.11(b). 

“Taxes” means any and all present or future taxes, duties, levies, imposts, assessments, deductions, withholdings or
other similar charges imposed by any Governmental Authority whether computed on a separate, consolidated, unitary, combined or other basis and any interest, fines, penalties or additions to tax with respect to the foregoing. 

“Tender Offer” means the offer to purchase for cash any and all of the outstanding 2015 Notes by the Company, upon the
terms and subject to the conditions set forth in the Offer to Purchase and Consent Solicitation Statement dated March 18, 2013, and in the accompanying Consent and Letter of Transmittal, as the same may be amended or supplemented from time to
time. 
 “Transaction Fees” means the fees and expenses in connection with (a) the issuance and sale of
the New Notes, (b) the entry into the Loan Documents, (c) the entry into the Credit Agreement, (d) the consummation of the Tender Offer and Consent Solicitation, including (i) the tender offer consideration paid to holders of the
2015 Notes who tender their 2015 Notes in connection with and subject to the terms of the Tender Offer and (ii) the consent fee paid to holders of the 2015 Notes in connection with and subject to the terms of the Consent Solicitation and
(e) all other transactions relating to the foregoing. 

  
 32 

 “Transactions” means, collectively, (a) the issuance and sale of the
New Notes and the entry into the Registration Rights Agreement and related Collateral Agreements, including the Intercreditor Joinder Agreements, (b) the entry into the Loan Documents, (c) the entry into the Credit Agreement, (d) the
consummation of the Tender Offer and Consent Solicitation, (e) the payment of the Transaction Fees and (f) all other transactions relating to the foregoing. 
 “Treasury Rate” means, as of any prepayment date, the yield to maturity as of such prepayment date of United States Treasury securities with a constant maturity (as compiled and published
in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two business days prior to the prepayment date (or, if such Statistical Release is no longer published, any publicly available source
of similar market data)) most nearly equal to the period from the prepayment date to March 28, 2015; provided, however, that if the period from the prepayment date to March 28, 2015, is less than one year, the weekly average
yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. 

“Tungsten Explorer” means the Ultra Deepwater Drillship Hull No. 3615 currently under construction at DSME, with
delivery expected in the second quarter of 2013, to be owned by, and registered in the name of, the Company or a Restricted Subsidiary under Bahamian flag (subject to any Vessel Asset Sale following the Tungsten Explorer Delivery Date). 

“Tungsten Explorer Construction Assignment” means the first priority assignment of the Tungsten Explorer Construction
Contract and Tungsten Explorer Refund Guarantee in favor of the Pari Passu Collateral Agent given by Tungsten Explorer Company together with the consent thereto, if any, of each of DSME and Korea Eximbank, as issuer of the Tungsten Explorer Refund
Guarantee. 
 “Tungsten Explorer Construction Contract” means the Construction Contract between DSME and
Tungsten Explorer Company dated May 9, 2011, respecting the construction and delivery of the Tungsten Explorer, as amended, modified, or supplemented from time to time. 

“Tungsten Explorer Delivery Date” means the date on which the Tungsten Explorer is delivered by DSME to the applicable
Subsidiary, and accepted by, the Parent, the Company or a Subsidiary of the Parent or the Company. 
 “Tungsten Explorer
Delivery Date” shall have the meaning set forth in Section 6.18(e). 
 “Tungsten Explorer Refund
Guarantee” means the Letter of Credit issued by the Korea Eximbank, or similar instrument respecting the obligations of DSME under the Tungsten Explorer Construction Contract, as amended, modified or supplemented from time to time.

 “Type” means, when used in respect of any Loan, the Rate by reference to which interest on such Loan is
determined. For purposes hereof, “Rate” shall include the LIBOR and the ABR. 
 “US Borrower”
shall have the meaning set forth in the preamble hereto. 
 “U.S. Dollars” or “$” means lawful
money of the United States of America. 
 “U.S. Lender” means any Lender other than a Non-U.S. Lender.

 “U.S. Tax Compliance Certificate” shall have the meaning set forth in Section 2.17(d)(ii).

 “Uniform Commercial Code” or “UCC” means the Uniform Commercial Code as in effect in any
applicable jurisdiction from time to time. 

  
 33 

 “Unrestricted Subsidiary” means any Subsidiary of the Company (other than
the US Borrower) that is designated by the Board of Directors of the Parent as an Unrestricted Subsidiary pursuant to a resolution of such Board of Directors, but only to the extent that such Subsidiary: 

(1) has no Indebtedness other than Non-Recourse Debt; 
 (2) except as permitted by Section 6.07, is not party to any agreement, contract, arrangement or understanding with the Parent, the Company or any Restricted Subsidiary unless the terms of any
such agreement, contract, arrangement or understanding are no less favorable to the Parent, the Company or such Restricted Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of the Company; 

(3) is a Person with respect to which none of the Parent, the Company nor any of the Restricted Subsidiaries has any direct or indirect
obligation (a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating results; 

(4) has not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the Company or any of the
Restricted Subsidiaries; and 
 (5) is not the owner or Internal Charterer of a Vessel. 

(I) The Board of Directors of the Parent may designate any Restricted Subsidiary (other than US Borrower) to be an Unrestricted Subsidiary if:

 (1) the Company could make the Restricted Payment which is deemed to occur upon such designation by Section 6.04
equal to the appropriate Fair Market Value of all outstanding Investments owned by the Parent, the Company and the Restricted Subsidiaries in such Subsidiary at the time of such designation; 

(2) such Restricted Subsidiary meets the definition of an “Unrestricted Subsidiary”; 

(3) the designation would not constitute or cause (with or without the passage of time) a Default or Event of Default or no Default or
Event of Default would be in existence following such designation; and 
 (4) the Company delivers to the Administrative Agent a
certified copy of a resolution of the Board of Directors of the Parent giving effect to such designation and an officers’ certificate certifying that such designation complied with the preceding conditions and was permitted by
Section 6.04. 
 If a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all
outstanding Investments owned by the Parent, the Company and the Restricted Subsidiaries in the Subsidiary designated as an Unrestricted Subsidiary will be deemed to be an Investment made as of the time of the designation and will reduce the amount
available for Restricted Payments under Section 6.04 or under one or more clauses of the definition of Permitted Investments, as determined by the Company. 
 If, at any time, any Unrestricted Subsidiary designated as such would fail to meet the preceding requirements as an Unrestricted Subsidiary or any other Unrestricted Subsidiary would fail to meet the
definition of an “Unrestricted Subsidiary,” then such Subsidiary will thereafter cease to be an Unrestricted Subsidiary for purposes of this Agreement and any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted
Subsidiary as of such date and, if such Indebtedness is not permitted to be incurred as of such date under Section 6.03, the Company or the applicable Restricted Subsidiary will be in default of such covenant. 

In connection with the occurrence of a Contract Unwind Trigger, the Parent or the Company may cause an applicable Restricted Subsidiary (other than US
Borrower) to be designated an Unrestricted Subsidiary if it meets the conditions set forth in this clause (I). 

  
 34 

 (II) The Board of Directors of the Parent may at any time designate any Unrestricted Subsidiary or
Subsidiary of the Parent to be a Restricted Subsidiary if: 
 (1) the Company and the Restricted Subsidiaries could incur the
Indebtedness which is deemed to be incurred upon such designation under Section 6.03, equal to the total Indebtedness of such Subsidiary calculated on a pro forma basis as if such designation had occurred on the first day of the
four-quarter reference period; 
 (2) the designation would not constitute or cause a Default or Event of Default; and

 (3) the Company delivers to the Administrative Agent a certified copy of a resolution of the Board of Directors of the Parent
giving effect to such designation and an officers’ certificate certifying that such designation complied with the preceding conditions, including the incurrence of Indebtedness under Section 6.03. 

“USA Patriot Act” means the U.S.A. Patriot Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001).

 “Vessel” means each of (i) the Panamanian flag vessels, the Emerald Driller, the Sapphire Driller, the
Topaz Driller and the Aquamarine Driller, (ii) the Deepwater Vessels and (iii) any other Additional Vessel hereafter acquired by the Company or any Restricted Subsidiary in each case together with all related spares, equipment and any
additions or improvements; provided that for the purposes of any provision related to the acquisition or disposition of a Vessel, such acquisition or disposition may be conducted through the transfer of all of the Capital Stock of any special
purpose entity that owns such Vessel; provided, further, that upon the consummation of a Vessel Asset Sale where all of the interests in such Vessel are sold, leased, conveyed or otherwise disposed of in a transaction that complies with the
terms of this Agreement, including Sections 6.04 and 6.06, such Vessel shall not thereafter constitute a Vessel hereunder. 
 “Vessel Asset Sale” means a sale, lease (except under an Internal Charter, a Drilling Contract or a Permitted Third Party Charter), conveyance or other disposition of a Vessel, or any
minority interest in a Vessel, right to a Vessel or construction contract respecting the construction of any Vessel; provided that any Vessel Asset Sale with respect to a minority interest in a Vessel will be subject to the Mortgage relating
to such Vessel. 
 “Voting Stock” of any specified Person as of any date means the Capital Stock of such Person
that is at the time entitled to vote in the election of the Board of Directors of such Person. 
 “Weighted Average Life
to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing: 

(1) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity
or other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment;
by  
 (2) the then outstanding principal amount of such Indebtedness. 

“Withholding Agent” means any Credit Party and the Administrative Agent. 

SECTION 1.02. Terms Generally. The definitions set forth or referred to in Section 1.01 shall apply equally to
both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and
“including” shall be deemed to be followed by the phrase “without limitation.” All references herein to Articles, Sections, Exhibits and Schedules shall be deemed references to Articles and Sections of, and Exhibits and Schedules
to, this Agreement unless the context shall otherwise require. Except as otherwise expressly provided herein, any reference in this Agreement to any Loan Document means such document as amended, restated, supplemented or otherwise modified from time
to time. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP. 

  
 35 

 ARTICLE II 
 The Credits 
 SECTION 2.01. Term Loans. 

(a) Subject to and upon the terms and conditions herein set forth, each Lender having a Commitment severally agrees to make a Loan or
Loans on the Closing Date to the Borrowers in U.S. Dollars in an aggregate principal amount equal to such Lender’s Commitment resulting in aggregate proceeds to the Borrowers equal to 98.50% of the Commitment of such Lender. The aggregate
principal amount of the Loans shall be $350,000,000. The Commitments shall automatically terminate on the Closing Date. 
 (b)
Loans made on the Closing Date, (i) may be repaid or prepaid in accordance with the provisions hereof, but once repaid or prepaid, may not be reborrowed, (ii) shall not exceed for any such Lender the Commitment of such Lender and
(iii) shall not exceed in the aggregate the total of all Commitments. 
 (c) Each Lender may at its option make any Loan by
causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that (i) any exercise of such option shall not affect the joint and several obligation of the Borrowers to repay such Loan and (ii) in
exercising such option, such Lender shall use its reasonable efforts to minimize any increased costs to the Borrowers resulting therefrom (which obligation of the Lender shall not require it to take, or refrain from taking, actions that it
determines would result in increased costs for which it will not be compensated hereunder or that it determines would be otherwise disadvantageous to it and in the event of such request for costs for which compensation is provided under this
Agreement, the provisions of Section 2.10 shall apply). 
 SECTION 2.02. [Reserved]. 

SECTION 2.03. Notice of Borrowing. 
 (a) The Administrative Borrower shall give the Administrative Agent at the Administrative Agent’s Lending Office written notice (or telephonic notice promptly confirmed in writing) prior to
(a) in the case of a LIBOR Loan, 11:00 a.m. (New York City time) at least three Business Days prior to the Closing Date, and (b) in the case of an ABR Loan, 12:00 Noon (New York City time) at least one Business Day prior to the Closing
Date. Such notice (a “Notice of Borrowing”) shall be irrevocable. Such Notice of Borrowing shall specify (i) the aggregate principal amount of the Loans to be made, (ii) the proposed date of the Loans (which shall be a
Business Day), (iii) whether such Loans are to be ABR Loans or LIBOR Loans and, if LIBOR Loans, the initial Interest Period applicable thereto, and (iv) remittance instructions for disbursement of the proceeds of the Loans. The Notice of
Borrowing shall be in substantially the form of Exhibit F. The Administrative Agent shall promptly give each Lender written notice (or telephonic notice promptly confirmed in writing) of the proposed Borrowing, of such Lender’s
proportionate share thereof and of the other matters covered by the related Notice of Borrowing. 
 (b) Without in any way
limiting the obligation of the Administrative Borrower to confirm in writing any notice it may give hereunder by telephone, the Administrative Agent may act prior to receipt of written confirmation without liability upon the basis of such telephonic
notice believed by the Administrative Agent in good faith to be from an Authorized Officer of the Administrative Borrower. 

SECTION 2.04. Disbursement of Funds. 
 (a) Subject to Article IV, no later than 11:00 a.m. (New York City time) on the Closing Date, each Lender will make available its pro rata portion based on its Commitment of the Loans to be
made on such date in the manner provided below. 

  
 36 

 (b) Each Lender shall make available all amounts it is to fund to the Borrowers in
immediately available funds to the Administrative Agent at the Administrative Agent’s Lending Office, and the Administrative Agent will make available to the Borrowers, by depositing to the Borrowers’ account identified in the Notice of
Borrowing, the aggregate of the amounts so made available in U.S. Dollars. The Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on such date, and the Administrative Agent, in reliance upon
such assumption, may (in its sole discretion and without any obligation to do so) make available to the Borrowers a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent by such Lender and the
Administrative Agent has made available same to the Borrowers, then the applicable Lender and the Borrowers severally (and, in the case of the Borrowers, jointly among themselves) agree to pay immediately to the Administrative Agent forthwith on
demand (without duplication) such corresponding amount. The Administrative Agent shall also be entitled to recover from such Lender or the Borrowers interest on such corresponding amount in respect of each day from the date such corresponding amount
was made available by the Administrative Agent to the Borrowers to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to (i) if paid by such Lender, the greater of (A) the Federal Funds
Rate and (B) a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) if paid by the Borrowers, the then-applicable rate of interest, calculated in accordance with
Section 2.08, for the respective Loans. 
 (c) Nothing in this Section 2.04 shall be deemed to relieve
any Lender from its obligation to fulfill its commitments hereunder or to prejudice any rights that either Borrower may have against any Lender as a result of any default by such Lender hereunder (it being understood, however, that no Lender
shall be responsible for the failure of any other Lender to fulfill its commitments hereunder). 
 SECTION 2.05.
Repayment of Loans; Evidence of Debt. 
 (a) The Borrowers hereby jointly and severally unconditionally promise to pay to
the Administrative Agent for the account of each Lender the then unpaid principal amount of each Loan of such Lender to the Borrowers on the Maturity Date applicable thereto, in U.S. Dollars. 

(b) The Borrowers shall repay to the Administrative Agent, in U.S. Dollars, for the benefit of the Lenders, on each date set forth below
(each, a “Repayment Date”), the principal amount of the Loans set forth opposite such Repayment Date (each, a “Scheduled Repayment”): 
  

					
	 Repayment Date
	  	Scheduled Repayment	 
		
	 Last Business Day of June 2013
	  	$	875,000	  
		
	 Last Business Day of September 2013
	  	$	875,000	  
		
	 Last Business Day of December 2013
	  	$	875,000	  
		
	 Last Business Day of March 2014
	  	$	875,000	  
		
	 Last Business Day of June 2014
	  	$	875,000	  
		
	 Last Business Day of September 2014
	  	$	875,000	  
		
	 Last Business Day of December 2014
	  	$	875,000	  
		
	 Last Business Day of March 2015
	  	$	875,000	  
		
	 Last Business Day of June 2015
	  	$	875,000	  
		
	 Last Business Day of September 2015
	  	$	875,000	  
		
	 Last Business Day of December 2015
	  	$	 875,000	  
		
	 Last Business Day of March 2016
	  	$	875,000	  
		
	 Last Business Day of June 2016
	  	$	875,000	  
		
	 Last Business Day of September 2016
	  	$	875,000	  
		
	 Last Business Day of December 2016
	  	$	875,000	  
		
	 Last Business Day of March 2017
	  	$	875,000	  
		
	 Last Business Day of June 2017
	  	$	875,000	  
		
	 Last Business Day of September 2017
	  	$	875,000	  
		
	 Last Business Day of December 2017
	  	$	875,000	  
		
	 Last Business Day of March 2018
	  	$	875,000	  
		
	 Last Business Day of June 2018
	  	$	875,000	  
		
	 Last Business Day of September 2018
	  	$	875,000	  
		
	 Last Business Day of December 2018
	  	$	875,000	  
		
	 Maturity Date
	  	$	329,875,000	  

  
 37 

 (c) Each Lender shall maintain in accordance with its usual practice an account or accounts
evidencing the Indebtedness of the Borrowers to the appropriate Lending Office of such Lender resulting from the Loan made by such Lending Office of such Lender from time to time, including the amounts of principal and interest payable and paid to
such Lending Office of such Lender from time to time under this Agreement. 
 (d) The Administrative Agent, acting for this
purpose as a non-fiduciary agent of the Borrowers, shall maintain the Register pursuant to Section 10.06(b)(iv) and (v), and a subaccount for each Lender, in which the Register and subaccounts (taken together) shall be recorded
(i) the amount of the Loans made hereunder and the Interest Period(s) applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrowers to each Lender hereunder and
(iii) the amount of any sum received by the Administrative Agent hereunder from the Borrowers and each Lender’s share thereof. 
 (e) The entries made in the Register and accounts and subaccounts maintained pursuant to paragraphs (c) and (d) of this Section 2.05 shall, to the extent permitted by
applicable law, be prima facie evidence of the existence and amounts of the obligations of the Borrowers therein recorded; provided, however, that the failure of any Lender or the Administrative Agent to maintain such account, such
Register or such subaccount, as applicable, or any error therein, shall not in any manner affect the joint and several obligation of the Borrowers to repay (with applicable interest) the Loan made to the Borrowers by such Lender in accordance with
the terms of this Agreement. 
 (f) Any Lender may request that Loans made by it be evidenced by a Note. In such event, the
Administrative Borrower (on behalf of the Borrowers) shall prepare, execute and deliver to such Lender a Note payable to such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in the form attached hereto as
Exhibit B. 

  
 38 

 SECTION 2.06. Change of Control; Asset Sale; Mandatory Prepayments. 

(a) Change of Control. 
 (i) Upon the occurrence of a Change of Control, each Lender will have the right to require the Borrowers to repay all or any part of such Lender’s Loan in an amount equal to 101% of the principal
amount thereof, plus accrued and unpaid interest (if any) to the repayment date, except to the extent the Borrowers have previously or concurrently elected to prepay the Loans in accordance with Section 2.14. 

(ii) Within ten Business Days following any Change of Control, except to the extent that the Borrowers have exercised
their right to prepay the Loans in accordance with Section 2.14, the Administrative Borrower shall notify the Administrative Agent in writing, and the Administrative Agent shall promptly deliver notice to each Lender to the address of
such Lender appearing in the Register or otherwise in accordance with Section 10.02 of the following (such notification, a “Change of Control Offer”): 

(1) that a Change of Control has occurred and that such Lender has the right to require the Borrowers to repay such
Lender’s Loans in an amount equal to 101% of the principal amount thereof, plus accrued and unpaid interest to the repayment date; 
 (2) the circumstances and relevant facts and financial information regarding such Change of Control; 
 (3) the repayment date (which shall be no earlier than 30 days nor later than 60 days from the date on which the Administrative Agent is notified) (the “Change of Control Payment Date”);

 (4) that unless the Borrowers default in making the payment, all Loans accepted for payment pursuant to the
Change of Control Offer will cease to accrue interest on the Change of Control Payment Date; 
 (5) that Lenders
electing to have any Loans repaid pursuant to a Change of Control Offer will be required to notify the Administrative Agent prior to the close of business on the third Business Day preceding the Change of Control Payment Date; 

(6) that Lenders will be entitled to withdraw their election to require the Borrowers to repay such Loans;
provided that the Administrative Agent receives, not later than the close of business on the expiration date of the Change of Control Offer, a facsimile transmission, electronic mail or letter setting forth the name of such Lender, the
principal amount of Loans to be repaid, and a statement that such Lender is withdrawing its election to have such Loans repaid; and 
 (7) the other instructions determined by the Administrative Borrower or as reasonably requested by the Administrative Agent, consistent with this Section 2.06, that a Lender must follow in
order to have its Loans repaid. 
 The notice, if delivered in a manner herein provided, shall be conclusively presumed to have
been given, whether or not the Lender receives such notice. If (x) the notice is delivered in a manner herein provided and (y) any Lender fails to receive such notice or a Lender receives such notice but it is defective, such Lender’s
failure to receive such notice or such defect shall not affect the validity of the proceedings for the repayment of the Loans as to all other Lenders that properly received such notice without defect. 

  
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 (iii) On the repayment date, the Borrowers shall repay the Loans in an
amount equal to 101% of the principal amount thereof, plus accrued and unpaid interest (if any) to the repayment date to the Lenders electing such repayment. 
 (iv) A Change of Control Offer may be made in advance of a Change of Control, and conditioned upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of
making of the Change of Control Offer. 
 (v) The Borrowers will not be required to make a Change of Control
Offer upon a Change of Control if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Agreement and repays all Loans properly elected to be repaid and not
withdrawn under such Change of Control Offer and the Administrative Borrower shall instruct the Administrative Agent to accept repayments made by such third party. 
 (b) Asset Sale. 
 (i) Within 360 days after the receipt of
any Net Proceeds from an Asset Sale (including, without limitation, an Involuntary Transfer), the Parent, the Company or the applicable Restricted Subsidiary, as the case may be, may apply such Net Proceeds: 

(1) to repay Indebtedness of the Company or the Restricted Subsidiaries, including Loans and permanent reductions of
Obligations under any other Credit Facility (and, if the Indebtedness repaid is revolving credit Indebtedness, to correspondingly reduce commitments with respect thereto); 

(2) to acquire all or substantially all of the assets of, or any Capital Stock of, another Permitted Business of the
Borrowers, if, after giving effect to any such acquisition of Capital Stock, such Permitted Business is or becomes a Restricted Subsidiary; 
 (3) to make a capital expenditure for the Company or any of the Restricted Subsidiaries; or 
 (4) to acquire other assets that are not classified as current assets under GAAP and that are used or useful in the Borrowers’ Permitted Business; 

provided that clauses (2) through (4) above shall be deemed to be satisfied if a bona fide binding contract committing to
make the investment, acquisition or expenditure referred to herein is entered into by the Parent, the Company or any Restricted Subsidiary, as the case may be, with a Person within the time period specified in the preceding paragraph and such Net
Proceeds are subsequently applied in accordance with such contract within one year and six months following the date of such Asset Sale. In the event any such contract is later cancelled or terminated for any reason before the Net Proceeds are
applied in connection therewith, then such Net Proceeds must be applied as set forth herein and, if such termination or cancellation occurs later than the 360-day period, shall constitute Excess Proceeds as set forth below. 

(ii) Any Net Proceeds from any Asset Sale that are not applied as provided and within the time period set forth in
clause (i) of this Section 2.06(b) will constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $20,000,000, the Borrowers shall, within ten (10) Business Days thereof, make an
offer (the “Asset Sale Offer”) to all Lenders (and all holders of other Pari Passu Obligations containing provisions similar to this Section 2.06(b)) to repay the maximum principal amount of Loans (and such other Pari
Passu Obligations) that may be repaid out of the Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof, plus accrued and unpaid interest (or, in respect of such Pari Passu Obligations, such lesser
price, if any, as may be provided for by the terms of such Pari Passu Obligations), to the date fixed for the closing of such offer. 

  
 40 

 (iii) To the extent that the aggregate amount of Loans (and such Pari Passu
Obligations) accepted for repayment or tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Borrowers may use any remaining Excess Proceeds for any purpose that is not prohibited by the Loan Documents; provided that
pending any such application, the proceeds of the Asset Sale, whether assets, property or cash, are subject to a Lien under the Collateral Agreements. If the aggregate principal amount of Loans (and other Pari Passu Obligations) accepted for
repayment or surrendered by holders thereof pursuant to such Asset Sale Offer exceeds the amount of Excess Proceeds, the Administrative Agent shall apply the Excess Proceeds ratably to the repayment of the Loans and any other tendered Pari
Passu Obligations based on the accreted value or principal amount of the Loans or such Pari Passu Obligations accepted for repayment or tendered. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero.

 (iv) Pending the final application of any Net Proceeds under clause (i) or (iii), the Company may
temporarily reduce outstanding revolving credit Indebtedness of the Parent, the Borrowers, any Restricted Subsidiary or any Other Guarantor, or otherwise invest the Net Proceeds in cash and Cash Equivalents. 

(v) The Administrative Borrower shall deliver any Asset Sale Offer required under clause (ii) by written notice of
such occurrence to the Administrative Agent, and the Administrative Agent shall promptly deliver notice to each Lender to the address of such Lender appearing in the Register or otherwise in accordance with Section 10.02 with the
following information: 
 (1) that the Borrowers are making an Asset Sale Offer pursuant to this
Section 2.06(b) and that all Loans and other applicable Pari Passu Obligations properly accepted for repayment or tendered and not withdrawn pursuant to such Asset Sale Offer will be repaid by the Borrowers; 

(2) the repayment date, which will be no earlier than thirty days nor later than sixty days from the date on which such
notice is delivered (the “Asset Sale Offer Payment Date”); 
 (3) that any Loan not properly
accepted for repayment will remain outstanding and continue to accrue interest; 
 (4) that unless the Borrowers
default in making the payment, all Loans accepted for payment pursuant to the Asset Sale Offer will cease to accrue interest on the Asset Sale Offer Payment Date; 

(5) that Lenders electing to have any Loans repaid pursuant to an Asset Sale Offer will be required to notify the
Administrative Agent prior to the close of business on the third Business Day preceding the Asset Sale Offer Payment Date; 
 (6) that Lenders will be entitled to withdraw their election to require the Borrowers to repay such Loans; provided that the Administrative Agent receives, not later than the close of business on
the expiration date of the Asset Sale Offer, a facsimile transmission, electronic mail or letter setting forth the name of such Lender, the principal amount of Loans to be repaid, and a statement that such Lender is withdrawing its election to have
such Loans repaid; 
 (7) that, to the extent that the aggregate principal amount of Loans or the other Pari
Passu Obligations accepted for repayment or surrendered by holders thereof exceeds the amount of Excess Proceeds, the Administrative Agent will apply the Excess Proceeds as set forth under the second-to-last sentence of
Section 2.06(b)(iii); and 

  
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 (8) the other instructions, as determined by the Administrative Borrower or
as reasonably requested by the Administrative Agent, consistent with this Section 2.06(b), that a Lender must follow in order to have its Loans repaid. 
 The notice, if delivered in a manner herein provided, shall be conclusively presumed to have been given, whether or not the Lender receives such notice. If (x) the notice is delivered in a manner
herein provided and (y) any Lender fails to receive such notice or a Lender receives such notice but it is defective, such Lender’s failure to receive such notice or such defect shall not affect the validity of the proceedings for the
repayment of the Loans as to all other Lenders that properly received such notice without defect. 
 (c) Mandatory Repayment
Upon Total Loss of a Vessel. 
 (i) Upon the occurrence or happening of any Event of Loss, the Borrowers
shall be required to prepay Loans and other Pari Passu Obligations containing provisions similar to those set forth in this clause (c) with respect to a redemption or prepayment upon an Event of Loss, the maximum principal amount of Loans and
such other Pari Passu Obligations that may be prepaid out of the Event of Loss Proceeds received in respect of such loss (rounded to the nearest $1,000) upon not less than 30 nor more than 60 days’ notice to the Lenders, at a repayment price
equal to 100% of the principal amount thereof, plus accrued and unpaid interest on the Loans prepaid to the applicable date of repayment 
 (ii) If the aggregate principal amount of Loans and other Pari Passu Obligations exceeds the amount of Event of Loss Proceeds, the Collateral Agent shall select Loans and such other Pari Passu Obligations
to be repaid or redeemed on a pro rata basis. 
 (iii) Promptly upon receipt thereof, the Borrowers shall
deposit all Event of Loss Proceeds received in respect of an Event of Loss in a deposit account controlled by the Collateral Agent and held as Collateral subject to a Lien under the Collateral Agreements pending the application thereof to repayment
or redemption of Loans and such other Pari Passu Obligations and, from such deposit account, the Collateral Agent may withdraw funds to deploy the Event of Loss Proceeds in compliance with the foregoing. 

(iv) Within 30 days of any date on which any Credit Party receives Event of Loss Proceeds, the Administrative Borrower
shall deliver written notice of such occurrence to the Administrative Agent, and the Administrative Agent shall promptly deliver notice to each Lender to the address of such Lender appearing in the Register or otherwise in accordance with
Section 10.02 with the following information: 
 (1) that an Event of Loss has occurred and the
circumstances and relevant facts and financial information regarding such Event of Loss; 
 (2) that the
Borrowers are required to pursuant to this Section 2.06(c) to prepay or redeem Loans and other applicable Pari Passu Obligations in an aggregate principal amount equal to the Event of Loss Proceeds received in respect of such loss
(rounded to the nearest $1,000) and at a repayment price equal to 100% of the principal amount thereof, plus accrued and unpaid interest on the Loans prepaid to the applicable date of repayment; and 

(3) the repayment date, which shall be no earlier than thirty days nor later than sixty days from the date on which such
notice is delivered. 
 (d) Notices of repayment pursuant to Section 2.06(a) and (b)(v) or
Section 2.14 may, at the Borrowers’ option and discretion, be subject to one or more conditions precedent, including, but not limited to, completion of a sale of Equity Interests (other than Disqualified Stock) of the Company or a
Change of Control, as the case may be. If any such repayment or notice is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Borrowers’ discretion, the repayment date may be delayed until such time
as any or all such conditions shall be satisfied, or such repayment may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the repayment date, or by the repayment date so delayed.

  
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 (e) All repayments of Loans pursuant to Section 2.06(b) or
(c) shall be applied to reduce the then remaining Scheduled Repayments on a pro rata basis (based on the remaining principal amounts of the Scheduled Repayments after giving effect to all prior reductions thereto). 

SECTION 2.07. [Reserved]. 
 SECTION 2.08. Interest. 
 (a) (i) Interest on each Loan that is a
LIBOR Loan will accrue and be payable at a rate per annum equal to the Adjusted LIBOR plus the Applicable Margin and shall be payable in cash, and (ii) interest on each Loan that is an ABR Loan will accrue and be payable at a rate per annum
equal to the ABR plus the Applicable Margin and shall be payable in cash, each rate as determined by the Administrative Agent. Each determination shall, absent clearly demonstrable error, be final and conclusive and binding on all parties hereto.

 (b) Upon the occurrence and during the continuance of any Event of Default under Section 7.01(h) or (i),
any amount that shall not have been paid when due (whether at the stated maturity, by acceleration or otherwise) shall bear interest at a rate per annum that is (i) in the case of overdue principal, the rate that would otherwise be applicable
thereto plus 2.00% or (ii) in the case of any overdue interest (and premium, if any), to the extent permitted by applicable law, the then-effective rate plus 2.00% from and including the date of such non-payment to but excluding
the date on which such amount is paid in full (after as well as before judgment). 
 (c) Interest on each Loan shall accrue from
and including the date on which such Loan is made to but excluding the date of any repayment thereof and shall be payable (i) on each Interest Payment Date, and (ii) on any prepayment (on the amount prepaid), at maturity (whether by
acceleration or otherwise) and, after such maturity, on demand. 
 (d) All computations of interest hereunder shall be
calculated on the basis of a 360-day year for the actual days elapsed, except that interest computed by reference to the ABR at times when the ABR is based on the prime rate shall be computed on the basis of a year of 365 days (or 366 days in a leap
year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 
 (e) The Administrative Agent, upon determining the Adjusted LIBOR or ABR for any Interest Period, shall promptly notify the Administrative Borrower and the relevant Lenders thereof. Each such
determination shall, absent clearly demonstrable error, be final and conclusive and binding on all parties hereto. The Administrative Agent shall, upon the request of any Lender, provide the interest rate then in effect with respect to the
applicable Loans. 
 (f) On each Interest Payment Date, the Borrowers shall pay to the Lenders on or prior to 12:00 noon (New
York City time) on such Interest Payment Date an amount equal to the amount of interest due and payable on such Interest Payment Date. 
 SECTION 2.09. Interest Periods. Notwithstanding anything to the contrary contained above, if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest
Period shall expire on the next succeeding Business Day; provided that if any Interest Period would otherwise expire (i) on a day that is not a Business Day but is a day of the month after which no further Business Day occurs in such
month, such Interest Period shall expire on the next preceding Business Day and (ii) on a day that is after the Maturity Date, such Interest Period shall expire on the Maturity Date. 

  
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 SECTION 2.10. Increased Costs, Illegality, etc. 

(a) In the event that (x) in the case of clause (i) below, the Required Lenders or (y) in the case of clauses
(ii) and (iii) below, any Lender, shall have reasonably determined (which determination shall, absent clearly demonstrable error, be final and conclusive and binding upon all parties hereto): 

(i) on any date for determining the LIBOR for any Interest Period that (A) deposits in the principal amounts of the
Loans comprising such LIBOR Loan are not generally available in the relevant market or (B) by reason of any changes arising on or after the Closing Date affecting the interbank LIBOR market, adequate and fair means do not exist for ascertaining
the applicable interest rate on the basis provided for in the definition of LIBOR; or 
 (ii) that, due to a
Change in Law occurring at any time after the Closing Date, which Change in Law shall (A) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with
or for the account of, or credit extended by, any Lender, (B) subject any Lender to any Tax with respect to any Loan Document or any LIBOR Loan made by it (other than (i) Indemnified Taxes or Other Taxes, or (ii) Excluded Taxes), or
(C) impose on any Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or LIBOR Loans made by such Lender, which results in the cost to such Lender of making, converting into,
continuing or maintaining LIBOR Loans increasing by an amount or the amounts received or receivable by such Lender hereunder with respect to the foregoing shall be reduced; or 

(iii) at any time, that the making or continuance of any LIBOR Loan has become unlawful as a result of compliance by such
Lender in good faith with any Requirement of Law (or would conflict with any such Requirement of Law not having the force of law even though the failure to comply therewith would not be unlawful); 

then, and in any such event, such Lenders (or the Administrative Agent, in the case of clause (i) above) shall within a reasonable time
thereafter give notice (if by telephone, confirmed in writing) to the Administrative Borrower and to the Administrative Agent of such determination (which notice the Administrative Agent shall promptly transmit to each of the other Lenders).
Thereafter (x) in the case of clause (i) above, LIBOR Loans shall no longer be available until such time as the Administrative Agent notifies the Administrative Borrower and the Lenders that the circumstances giving rise to such
notice by the Administrative Agent no longer exist (which notice the Administrative Agent agrees to give at such time when such circumstances no longer exist), and any Notice of Borrowing given by the Administrative Borrower with respect to LIBOR
Loans that have not yet been incurred shall be deemed rescinded by the Administrative Borrower, (y) in the case of clause (ii) above, the Administrative Borrower shall pay to such Lender, promptly (but no later than ten days) after
receipt of written demand therefor such additional amounts as shall be required to compensate such Lender for such increased costs or reductions in amounts receivable hereunder (it being agreed that a written notice as to the additional amounts owed
to such Lender submitted to the Administrative Borrower by such Lender shall, absent clearly demonstrable error, be final and conclusive and binding upon all parties hereto) and (z) in the case of clause (iii) above, the
Administrative Borrower shall take one of the actions specified in Section 2.10(b) as promptly as possible and, in any event, within the time period required by applicable Requirements of Law. 

(b) At any time that any LIBOR Loan is affected by the circumstances described in Section 2.10(a)(ii) or (iii), the
Administrative Borrower may (and in the case of a LIBOR Loan affected pursuant to Section 2.10(a)(iii) shall) either (1) if the affected LIBOR Loan is then being made pursuant to a Borrowing, cancel such Borrowing by giving the
Administrative Agent telephonic notice (confirmed promptly in writing) thereof on the same date that the Administrative Borrower was notified by a Lender pursuant to Section 2.10(a)(ii) or (iii) or (2) if the affected
LIBOR Loan is then outstanding, upon at least three Business Days’ notice to the Administrative Agent, require the affected Lender to convert each such LIBOR Loan into an ABR Loan; provided that if more than one Lender is affected at any
time, then all affected Lenders must be treated in the same manner pursuant to this Section 2.10(b). 
 (c) If,
after the Closing Date, any Change in Law relating to capital adequacy of any Lender or compliance by any Lender or its parent with any Change in Law relating to capital adequacy occurring after the

  
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Closing Date, has or would have the effect of reducing the rate of return on such Lender’s or its parent’s capital or assets as a consequence of such Lender’s commitments or
obligations hereunder to a level below that which such Lender or its parent could have achieved but for such Change in Law (taking into consideration such Lender’s or its parent’s policies with respect to capital adequacy), then from time
to time, promptly (but in any event no later than ten days) after written demand by such Lender (with a copy to the Administrative Agent), the Administrative Borrower shall pay to such Lender such additional amount or amounts as will compensate such
Lender or its parent for such reduction, it being understood and agreed, however, that a Lender shall not be entitled to such compensation as a result of such Lender’s compliance with, or pursuant to any request or directive to comply
with, any applicable Requirement of Law as in effect on the Closing Date. Each Lender, upon determining in good faith that any additional amounts will be payable pursuant to this Section 2.10(c), will give prompt written notice thereof
to the Administrative Borrower, although the failure to give any such notice shall not, subject to Section 2.13, release or diminish the Borrowers’ joint and several obligations to pay additional amounts pursuant to this
Section 2.10(c) upon receipt of such notice. 
 SECTION 2.11. Compensation. If (a) any payment of
principal of any Loan is made by the Borrowers to or for the account of a Lender other than on the last day of the Interest Period for such Loan as a result of a payment pursuant to Section 2.14, as a result of acceleration of the
maturity of the Loans pursuant to Article VII or for any other reason, (b) there occurs any failure to borrow, convert, continue or prepay any LIBOR Loan on the date specified in any notice delivered pursuant hereto or
(c) there occurs any assignment of any LIBOR Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Administrative Borrower pursuant to Section 10.07, the Borrowers shall, after
receipt of a written request by such Lender, pay to the Administrative Agent for the account of such Lender any amounts required to compensate such Lender for any additional losses, costs or expenses that such Lender may reasonably incur as a result
of such payment, or failure to prepay, including any loss, cost or expense (excluding loss of anticipated profits) actually incurred by reason of the liquidation or reemployment of deposits or other funds acquired by any Lender to fund or maintain
such Loan. A certificate of any Lender setting forth any amount that such Lender is entitled to receive pursuant to this Section 2.11 shall be delivered to the Administrative Borrower and shall be conclusive absent manifest error. The
Borrowers shall pay such Lender the amount shown as due on such certificate within ten days after receipt thereof. 

SECTION 2.12. Change of Lending Office. Each Lender agrees that, upon the occurrence of any event giving rise to the
operation of Section 2.10(a)(ii), 2.10(a)(iii), 2.10(c) or 2.17 with respect to such Lender, it will, if requested by the Administrative Borrower use reasonable efforts (subject to overall policy considerations of
such Lender) to designate another lending office for any Loans affected by such event; provided that such designation does not cause such Lender or its lending office to suffer any economic, legal or regulatory disadvantage, with the object
of avoiding the consequence of the event giving rise to the operation of any such Section. Nothing in this Section 2.12 shall affect or postpone any of the obligations of the Borrowers or the right of any Lender provided in
Section 2.10 or 2.17. 
 SECTION 2.13. Notice of Certain Costs. Notwithstanding anything in this
Agreement to the contrary, to the extent any notice required by Section 2.10 or 2.11 is given by any Lender more than 180 days after such Lender has knowledge (or should have had knowledge) of the occurrence of the event giving
rise to the additional cost, reduction in amounts or loss described in such Sections, such Lender shall not be entitled to compensation under Section 2.10 or 2.11, as the case may be, for any such amounts incurred or accruing
prior to the 181st day prior to the giving of such notice to the Administrative Borrower; provided that if a Change in Law that gives rise to such additional costs is retroactive, then the 180-day period referred to above shall be extended to
include the period of retroactive effect thereof. 
 SECTION 2.14. Voluntary Prepayments. 

(a) Subject to Section 2.14(c), the Borrowers shall have the right at any time and from time to time to prepay any Loan in
whole or in part, without premium or penalty, in an aggregate principal amount that is an integral multiple of $500,000 and not less than $1,000,000 or, if less, the amount outstanding, upon prior notice to the Administrative Agent by telephone
(confirmed by telecopy), not less than three Business Days prior to the date of prepayment, which notice shall be irrevocable except to the extent conditioned on a refinancing of all or any portion of the Loans. Each such notice shall be signed by
an Authorized Officer of the Administrative Borrower and shall specify the date and amount of such prepayment and the Type(s) of Loans to be prepaid and, if LIBOR Loans 

  
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are to be prepaid, the Interest Period(s) of such Loans. The Administrative Agent will promptly notify each applicable Lender of its receipt of each such notice, and of the amount of such
Lender’s pro rata share of such prepayment. Each prepayment of Loans pursuant to this Section 2.14 shall be applied to reduce Scheduled Repayments in such order as the Administrative Borrower may specify in the applicable prepayment
notice (and in the absence of any such specification, in direct order of maturity). 
 (b) Notwithstanding anything to the
contrary contained in this Agreement, the Borrowers may rescind any notice of prepayment under Section 2.14(a) by the Administrative Borrower providing notice to the Administrative Agent a reasonable time prior to the specified effective
time of such prepayment if such prepayment would have resulted from a refinancing of all or any portion of the Loans, which refinancing shall not be consummated or shall otherwise be delayed. 

(c) In the event that, prior to March 28, 2015, there shall occur any prepayment of the Loans, in whole or in part, under
Section 2.14, each such prepayment shall be accompanied by a fee or prepayment premium, as applicable, equal to the present value at such prepayment date of all interest that would accrue on the prepaid Loans through March 28, 2015,
computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points, computed using Adjusted LIBOR for an Interest Period of three months plus the Applicable Margin for LIBOR Loans in effect on such date.

 (d) All prepayments under this Section 2.14 shall be accompanied by all accrued interest thereon, together with,
in the case of any such prepayment of a LIBOR Loan on a date other than the last day of an Interest Period therefor, any amounts owing in respect of such LIBOR Loan pursuant to Section 2.11. 

SECTION 2.15. Fees. The Borrowers shall pay to the Agents such other fees as shall have been separately agreed upon in
writing in the amounts and at the times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever (except as expressly agreed between the Administrative Borrower and the applicable Agent).

 SECTION 2.16. Method and Place of Payment. 

(a) Except as otherwise specifically provided herein, all payments under this Agreement shall be made by the Borrowers or the applicable
Credit Party, as the case may be, without set-off, counterclaim or deduction of any kind, to the Administrative Agent for the ratable account of the Lenders entitled thereto not later than 12:00 Noon (New York City time) on the date when due and
shall be made in immediately available funds at the Administrative Agent’s Lending Office or at such other office as the Administrative Agent shall specify for such purpose by notice to the Administrative Borrower, it being understood that
written or facsimile notice by the Administrative Borrower to the Administrative Agent to make a payment from the funds attributed to the Borrowers in an account of the Administrative Agent shall constitute the making of such payment to the extent
of such funds held in such account. All payments under each Loan Document (whether of principal, interest or otherwise) shall be made in U.S. Dollars. The Administrative Agent will thereafter cause to be promptly distributed like funds relating to
the payment of principal or interest or fees ratably to the Lenders entitled thereto. 
 (b) Any payments under this Agreement
that are made later than 2.00 p.m. (New York City time) shall be deemed to have been made on the next succeeding Business Day. 
 Except as
otherwise provided herein, whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day and, with respect to payments of
principal, interest shall be payable during such extension at the applicable rate in effect immediately prior to such extension. 
 SECTION 2.17. Net Payments. 
 (a) Any and all payments made by or on
behalf of any Credit Party under this Agreement or any other Loan Document shall be made free and clear of, and without deduction or withholding for or on account of, any Taxes; except as otherwise required by applicable Requirements of Law. If an
applicable Withholding 

  
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Agent shall be required by applicable Requirements of Law to deduct or withhold any Taxes from such payments, then (i) the applicable Withholding Agent shall make such deductions or
withholdings as are determined in good faith by the applicable Withholding Agent to be required by any applicable Requirement of Law, (ii) the applicable Withholding Agent shall timely pay the full amount deducted or withheld to the relevant
Governmental Authority within the time allowed and in accordance with applicable Requirements of Law, and (iii) to the extent withholding or deduction is required to be made on account of Indemnified Taxes or Other Taxes, the sum payable by the
applicable Credit Party shall be increased as necessary so that after all required deductions and withholdings have been made (including deductions or withholdings applicable to additional sums payable under this Section 2.17) the
applicable Recipient receives an amount equal to the sum it would have received had no such deductions or withholdings been made. As soon as practicable after any payment of Taxes by any Credit Party or the Administrative Agent to a Governmental
Authority as provided in this Section 2.17, the Administrative Borrower shall deliver to the Administrative Agent or the Administrative Agent shall deliver to the Administrative Borrower, as the case may be, a copy of a receipt issued by
such Governmental Authority evidencing such payment, a copy of any return required by laws to report such payment or other evidence of such payment reasonably satisfactory to the Administrative Borrower or the Administrative Agent, as the case may
be. 
 (b) The Credit Parties shall timely pay to the relevant Governmental Authority in accordance with applicable Requirements
of Law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes. 
 (c) The
Borrowers and the Guarantors shall, jointly and severally, indemnify and hold harmless each Recipient within 15 Business Days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes imposed on such Recipient, as
the case may be (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section 2.17), and any reasonable expenses arising therefrom or with respect thereto, whether or not such
Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate setting forth in reasonable detail the basis and calculation of the amount of such payment or liability delivered to
the Administrative Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent or the Collateral Agent (as applicable) on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.
Notwithstanding anything contained in this Section 2.17(c), no Recipient shall be entitled to receive any payment with respect to Indemnified Taxes or Other Taxes hereunder unless such Recipient makes written demand on the Credit Parties
no later than 180 days after the earlier of (i) the date on which the relevant Governmental Authority makes written demand upon such Recipient for such Indemnified Taxes or Other Taxes, and (ii) the date on which such Recipient has made
payment of such Indemnified Taxes or Other Taxes (except that, if such Indemnified Taxes or Other Taxes are retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof). 

(d) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under this Agreement
or any other Loan Document shall deliver to the Administrative Borrower and the Administrative Agent, at the time or times prescribed by applicable Requirements of Law or reasonably requested by the Administrative Borrower or the Administrative
Agent, such properly completed and executed documentation prescribed by applicable Requirements of Law or reasonably requested by the Administrative Borrower or the Administrative Agent, as will permit such payments to be made without withholding or
at a reduced rate of withholding. In addition, any Lender, if requested by the Administrative Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable Requirements of Law or reasonably requested by the
Administrative Borrower or the Administrative Agent as will enable the Administrative Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.
Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.17(d)(i) and (d)(ii)(1)-(4), and
Section 2.17(f) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the
legal or commercial position of such Lender. 
 Without limiting the generality of Section 2.17(d), in the event a
Borrower is a “United States person” within the meaning of Section 7701(a)(30) of the Code: 
 (i)
any U.S. Lender shall deliver to the Administrative Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such U.S. Lender becomes a Lender under this Agreement (and
from time to time thereafter at the time or times prescribed by applicable Requirements of Law or upon the reasonable request of the Administrative Borrower or the Administrative Agent), executed originals of IRS Form W-9 (or any successor form)
certifying that such Lender is exempt from U.S. federal backup withholding tax; and 

  
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 (ii) any Non-U.S. Lender shall, to the extent it is legally entitled to do
so, deliver to the Administrative Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Non-U.S. Lender becomes a Lender under this Agreement (and from time to
time thereafter at the time or times prescribed by applicable Requirements of Law or upon the reasonable request of the Administrative Borrower or the Administrative Agent), whichever of the following is applicable: 

(1) in the case of a Non-U.S. Lender claiming exemption from U.S. federal withholding tax under Section 871(h) or
881(c) of the Code with respect to payments of “portfolio interest”, IRS Form W-8BEN (or any successor form), together with a certificate substantially in the form of Exhibit D-1, D-2, D-3 or D-4, as
applicable (a “U.S. Tax Compliance Certificate”), representing that such Non-U.S. Lender is not a bank for purposes of Section 881(c) of the Code, is not a “10 percent shareholder” (within the meaning of
Section 871(h)(3)(B) of the Code) of either Borrower, is not a CFC related to either Borrower (within the meaning of Section 864(d)(4) of the Code) and the interest payments in question are not effectively connected with the conduct by
such Lender of a trade or business within the United States), 
 (2) in the case of a Non-U.S. Lender claiming
the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN (or any successor form) establishing an exemption from, or
reduction of, U.S. federal withholding tax, pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN (or any successor form) establishing an
exemption from, or reduction of, U.S. federal withholding tax pursuant to the “business profits” or “other income” article of such tax treaty, 

(3) IRS Form W-8ECI (or any successor form), 

(4) to the extent a Non-U.S. Lender is not the beneficial owner, executed originals of IRS Form W-8IMY (or any successor
form) accompanied by IRS Form W-8ECI (or any successor form), IRS Form W-8BEN (or any successor form), a U.S. Tax Compliance Certificate substantially in the form of Exhibit D-2 or Exhibit D-3, IRS Form W-9 (or any successor form)
and/or other certification documents from each beneficial owner, as applicable; provided that if the Non-U.S. Lender is a partnership and one or more direct or indirect partners of such Non-U.S. Lender are claiming the portfolio interest
exemption, such Non-U.S. Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit D-4 on behalf of each such direct and indirect partner, or 

(5) executed originals of any other form prescribed by applicable Requirements of Law as a basis for claiming exemption
from or reduction in U.S. federal withholding tax duly completed together with such supplementary documentation as may be prescribed by applicable Requirements of Law to permit the Administrative Borrower or the Administrative Agent to determine the
withholding or deduction required to be made. 
 Each Lender further agrees that it shall (i) promptly upon becoming aware
thereof notify the Administrative Borrower and the Administrative Agent of any change in circumstances which would modify or render invalid any claimed exemption or reduction in withholding, or (ii) in the event it becomes aware that any
previous form delivered by such Lender pursuant to this Section 2.17(d) expires or becomes obsolete or inaccurate, update any such form or certification or promptly deliver to the Administrative Borrower and the Administrative

  
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Agent any such other properly completed and executed form, certification or documentation as may be required in order to confirm or establish the entitlement of such Lender to an exemption from
or a reduction in withholding Taxes with respect to payments hereunder or under any other Loan Document if such Lender continues to be so entitled or promptly notify the Administrative Borrower and the Administrative Agent in writing of its legal
inability to do so. 
 Each Person that shall become a Participant pursuant to Section 10.06 or a Lender pursuant to
Section 10.06 shall, upon the effectiveness of the related transfer, be required to provide all the forms and statements required pursuant to this Section 2.17(d) and pursuant to Section 2.17(f) below;
provided that in the case of a Participant such Participant shall furnish all such required forms and statements to the Person from which the related participation shall have been purchased. 

(e) If any Recipient determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes for which it
has been indemnified pursuant to this Section 2.17 (including by the payment of additional amounts pursuant to this Section 2.17), such Recipient shall pay the applicable Credit Party an amount equal to such refund (net of
all reasonable out-of-pocket expenses (including Taxes) of such Recipient and without interest other than any interest received thereon from the relevant Governmental Authority with respect to such refund); provided that the Credit Parties,
upon the request of such Recipient, agree to repay the amount paid over pursuant to this Section 2.17(e) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to such Recipient in the event such
Recipient is required to repay such refund to such Governmental Authority. In such event, such Recipient shall, at the Administrative Borrower’s request, provide the Administrative Borrower with a copy of any notice of assessment or other
evidence of the requirement to repay such refund received from the relevant Governmental Authority (provided that such Lender, the Administrative Agent or the Collateral Agent may delete any information therein that it deems confidential).
Notwithstanding anything to the contrary in this Section 2.17(e), in no event will the Recipient be required to pay any amount to the Credit Parties pursuant to this Section 2.17(e) the payment of which would place such
Recipient in a less favorable net after-Tax position than such Recipient would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. Except as otherwise specifically provided in this
Section 2.17(e), no Recipient shall be obliged to make available its tax returns (or any other information relating to its taxes that it deems confidential) to any Credit Party in connection with this Section 2.17(e).

 (f) If a payment made to any Lender or any Agent under this Agreement or any other Loan Document would be subject to U.S.
federal withholding tax imposed by FATCA if such Lender or such Agent were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender
or such Agent shall deliver to the Administrative Borrower and the Administrative Agent at the time or times prescribed by Requirements of Law and at such time or times reasonably requested by the Administrative Borrower or the Administrative Agent
such documentation prescribed by applicable Requirements of Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Administrative Borrower or the Administrative Agent
as may be necessary for the Borrowers and the Administrative Agent to comply with their obligations under FATCA, to determine whether such Lender has or has not complied with such Lender’s obligations under FATCA or to determine the amount, if
any, to deduct and withhold from such payment. Solely for purposes of this Section 2.17(f), “FATCA” shall include any amendments made to FATCA after the Closing Date. 

(g) The agreements in this Section 2.17 shall survive the resignation or replacement of the Administrative Agent or any
assignment of rights by, or the replacement of, a Lender, the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 
 SECTION 2.18. Limit on Rate of Interest. 
 (a) No Payment Shall
Exceed Lawful Rate. Notwithstanding any other term of this Agreement, no Borrower shall be obligated to pay any interest or other amounts under or in connection with this Agreement in excess of the amount or rate permitted under or consistent
with any applicable law, rule or regulation. 

  
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 (b) Payment at Highest Lawful Rate. If either Borrower is not obliged to make a
payment which it would otherwise be required to make, as a result of Section 2.18(a), such Borrower shall make such payment to the maximum extent permitted by or consistent with applicable laws, rules and regulations. 

(c) Adjustment if Any Payment Exceeds Lawful Rate. If any provision of this Agreement or any of the other Loan Documents would
obligate either Borrower to make any payment of interest or other amount payable to any Lender in an amount or calculated at a rate which would be prohibited by any applicable law, rule or regulation, then notwithstanding such provision, such amount
or rate (as it applies to such Borrower) shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by law, such adjustment to be effected, to the extent
necessary, by reducing the amount or rate of interest required to be paid by such Borrower to the affected Lender under Section 2.08. 
 (d) Nothing in this Section 2.18 shall relieve any other Borrower or any Guarantor from its obligations with respect to any amount that either Borrower would be required to pay but for the
operation of this Section, and no adjustment under this Section would be effective with respect to the Loan Obligations of such other Borrower and each Guarantor, except, in the case of such other Borrower, to the extent that this
Section would also apply to such other Borrower. 
 Notwithstanding the foregoing, and after giving effect to all
adjustments contemplated thereby, if any Lender shall have received from either Borrower an amount in excess of the maximum permitted by any applicable law, rule or regulation, then such Borrower shall be entitled, by notice in writing to the
Administrative Agent to obtain reimbursement from that Lender in an amount equal to such excess, and pending such reimbursement, such amount shall be deemed to be an amount payable by that Lender to such Borrower. 

SECTION 2.19. Pro Rata Sharing. Except as set forth in Section 2.06(b)(i), whenever any payment received by the
Administrative Agent under this Agreement is insufficient to pay in full all amounts then due and payable to the Administrative Agent and the Lenders under this Agreement, such payment shall be distributed by the Administrative Agent and applied by
the Administrative Agent and the Lenders in the following order: first, to the payment of fees and expenses due and payable to the Administrative Agent and the Collateral Agent and its Affiliates under and in connection with this Agreement,
except any amounts payable to any such Person in its role as Lender, as provided in clause “second” of this Section 2.19; second, to the payment of all expenses due and payable under Section 10.05,
ratably among the Lenders in accordance with the aggregate amount of such payments owed to each Lender; third, to the payment of interest and amounts under Sections 2.10 and 2.17, if any, then due and payable on the Loans ratably among
the Lenders in accordance with the aggregate amount of interest owed to each Lender; and fourth, to the payment of the principal amount of the Loans that is then due and payable, ratably among the Lenders in accordance with the aggregate principal
amount owed to each such Lender. 
 SECTION 2.20. Adjustments; Set-off. 

(a) If any Lender or any of its Affiliates shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in
respect of any principal of or interest on any of its Loans resulting in such Lender or such Affiliate receiving payment of a greater proportion of the aggregate amount of such Lender’s Loans and accrued interest thereon than the proportion
received by any other Lender entitled to such payment, then the Lender receiving (or whose Affiliate received) such greater proportion shall purchase for cash at face value participations in the Loans of other Lenders to the extent necessary so that
the benefit of all such payments shall be shared by the Lenders entitled thereto ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans; provided that (i) if any such participations
are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this
paragraph (a) shall not be construed to apply to any payment made by the Borrowers pursuant to and in accordance with the terms of this Agreement, or any payment obtained by a Lender or its Affiliate as consideration for the assignment
of or sale of a participation in any of its Loans to any assignee or participant. Each Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to
the foregoing arrangements may exercise against either Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Borrower in the amount of such participation. 

  
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 (b) After the occurrence and during the continuance of an Event of Default, in addition to
any rights and remedies of the Lenders and their Affiliates provided by law, each Lender and its Affiliates shall have the right, without prior notice to the Administrative Borrower, any such notice being expressly waived by the Administrative
Borrower to the extent permitted by applicable law, upon any amount becoming due and payable by the Borrowers hereunder (whether at the stated maturity, by acceleration or otherwise) to set-off and appropriate and apply against such amount any and
all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any
time held or owing by such Lender or any Affiliate, branch or agency thereof to or for the credit or the account of the Parent, either Borrower or any Subsidiary. Each Lender agrees promptly to notify the Administrative Borrower and the
Administrative Agent after any such set-off and application made by such Lender or such Affiliate, provided that the failure to give such notice shall not affect the validity of such set-off and application. 

SECTION 2.21. Interest Elections. The Loans shall have an initial Interest Period as specified in the applicable Notice of
Borrowing. Thereafter, the Administrative Borrower may elect Interest Periods therefor, all as provided in this Section 2.21. The Administrative Borrower may elect different options with respect to different portions of the affected
Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. 

(a) To make an election pursuant to this Section 2.21, the Administrative Borrower shall notify the Administrative Agent of
such election (as provided in Section 10.02) by telephone not later than 11:00 a.m., New York City time, three Business Days prior to the end of the then applicable Interest Period. Each such telephonic Interest Period Election Request
shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Period Election Request in the form set forth in Exhibit C and signed by the Administrative Borrower.

 (b) Each telephonic and written Interest Period Election Request shall specify the following information: 

(i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect
to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting
Borrowing); 
 (ii) the effective date of the election made pursuant to such Interest Period Election Request,
which shall be a Business Day; 
 (iii) whether the resulting Borrowing is to be an ABR Borrowing or a LIBOR
Borrowing; and 
 (iv) if the resulting Borrowing is a LIBOR Borrowing, the Interest Period to be applicable
thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. 
 If any such Interest Period Election Request requests a LIBOR Borrowing but does not specify an Interest Period, then the Administrative Borrower shall be deemed to have selected an Interest Period of one
month’s duration. 
 (c) Promptly following receipt of an Interest Period Election Request, the Administrative Agent shall
advise each Lender to which such Interest Period Election Request relates of the details thereof and of such Lender’s portion of each resulting Loan. 
 (d) If the Administrative Borrower fails to deliver a timely Interest Period Election Request with respect to a LIBOR Borrowing prior to the end of the Interest Period applicable thereto, then, unless
such 

  
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Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be continued as a LIBOR Borrowing with a one (1) month Interest Period. Notwithstanding any
contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the written request (including a request through electronic means) of the Required Lenders, so notifies the Administrative Borrower,
then, so long as an Event of Default is continuing, (i) no outstanding Borrowing may be converted to or continued as a LIBOR Borrowing and (ii) unless repaid, each LIBOR Borrowing shall be converted to an ABR Borrowing at the end of the
Interest Period applicable thereto. 
 (e) After giving effect to all Borrowings, all conversions of Loans from one Type to the
other and all continuations of Loans as the same type, there shall be not more than five Interest Periods in effect with respect to the Loans. 
 SECTION 2.22. Extension Offers. 
 (a) Notwithstanding anything to the
contrary in this Agreement, pursuant to one or more offers made from time to time by the Administrative Borrower to all Lenders on a pro rata basis (based on the aggregate outstanding Loans at such time) (“Pro Rata Extension
Offers”), the Borrowers are hereby permitted, subject to the terms of this Section, to consummate transactions with individual Lenders from time to time to extend the maturity date of such Lender’s Loans and, in connection therewith,
to otherwise modify the terms of such Lender’s Loans pursuant to the terms of the relevant Pro Rata Extension Offer (including, without limitation, increasing the interest rate or fees payable in respect of such Lender’s Loans and/or
modifying the amortization schedule in respect of such Lender’s Loans). Any such extension (an “Extension”) agreed to between the Administrative Borrower and any such Lender (an “Extending Lender”) shall become
effective only with respect to such Lender’s Loans to which such Lender’s acceptance has been made (such extended Loans, the “Extended Loans”). 
 (b) Each Extension shall be effected pursuant to an Extension Amendment Agreement executed and delivered by the Administrative Borrower, each applicable Extending Lender and the Administrative Agent;
provided that (i) no Extension shall become effective unless no Default or Event of Default shall have occurred and be continuing on the applicable effective date therefor and (ii) the Administrative Borrower shall have delivered to
the Administrative Agent such legal opinions, board resolutions, secretary’s certificates, officer’s certificates and other customary documents as shall reasonably be requested by the Administrative Agent in connection therewith. Each Pro
Rata Extension Offer and the applicable Extension Amendment Agreement shall specify the terms of the applicable Extended Loans; provided that (A) except as to interest rates, fees, other pricing terms, amortization, final maturity date
and participation in prepayments (which shall, subject to clauses (B) through (D) of this proviso, be determined by the Administrative Borrower and set forth in the Pro Rata Extension Offer), the Extended Loans shall have the
same terms as the Loans to which the applicable Pro Rata Extension Offer relates, (B) the final maturity date of any Extended Loans shall be no earlier than the final maturity date applicable to the Loans to which the applicable Pro Rata
Extension Offer relates, (C) the Weighted Average Life to Maturity of any Extended Loans shall be no shorter than the remaining Weighted Average Life to Maturity of the Loans to which the applicable Pro Rata Extension Offer relates, and
(D) any Extended Loans may participate on a pro rata basis or a less than pro rata basis (but not greater than a pro rata basis) in any voluntary or mandatory repayments or prepayments hereunder. Each Extension Amendment Agreement may, without
the consent of any Lender other than the applicable Extending Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to give effect to the
provisions of this Section 2.22. 
 (c) Notwithstanding anything to the contrary set forth in this Agreement or any
other Loan Document, (i) no Extended Loan is required to be in any minimum amount or any minimum increment, (ii) any Extending Lender may extend all or any portion of its Loans pursuant to one or more Pro Rata Extension Offers (subject to
applicable proration in the case of over participation) (including the extension of any Extended Loan), and (iii) all Extended Loans and all obligations in respect thereof shall be Loan Obligations that are secured by the Collateral on a pari
passu basis with all other Loan Obligations. 
 (d) Each Extension shall be consummated pursuant to procedures reasonably
acceptable to the Administrative Agent and the Administrative Borrower and set forth in the associated Pro Rata Extension Offer; 

  
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provided that the Borrowers shall cooperate with the Administrative Agent in connection with making any Pro Rata Extension Offer to establish reasonable procedures with respect to
mechanical provisions relating to such Extension, including, without limitation, timing, rounding and other adjustments. 

ARTICLE III 
 Representations and Warranties 
 In order to induce the Lenders to enter into this
Agreement and to make the Loans, each of the Parent, each Borrower and each other Credit Party, jointly and severally, makes, on the Closing Date, the following representations and warranties to the Lenders, all of which shall survive the execution
and delivery of this Agreement and the making of the Loans. 
 SECTION 3.01. Corporate Status. Each Group Party
(a) is a duly incorporated or organized, as the case may be, and validly existing corporation or other entity in good standing (or, if applicable in a foreign jurisdiction, enjoys the equivalent status under the laws of such jurisdiction of
organization outside the United States) under the laws of the jurisdiction of its organization and has the requisite corporate or other organizational power and authority to own, lease and operate its property and assets and to transact its business
as now conducted and (b) has duly qualified and is authorized to do business and is in good standing (if applicable) in all jurisdictions where it is required to be so qualified, except where the failure to be so qualified or in good standing
would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, and all such jurisdictions as of the Closing Date are set forth on Schedule 3.01. 

SECTION 3.02. Corporate Power and Authority; Enforceability; Security Interests. Each Credit Party has the requisite
corporate or other organizational power and authority to execute, deliver and carry out the terms and provisions of the Loan Documents to which it is a party and has taken all necessary corporate or other organizational action to authorize the
execution, delivery and performance of the Loan Documents to which it is a party. Each Credit Party and each Internal Charterer, if any, has duly executed and delivered each Loan Document to which it is a party and each such Loan Document
constitutes the legal, valid and binding obligation of such Credit Party and such Internal Charterer, if any, enforceable in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, fraudulent transfer,
reorganization, receivership, moratorium and other similar laws relating to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity or law) and public policy and the discretion of
the court before which any proceeding therefor may be brought. 
 SECTION 3.03. No Violation. 

(a) None of the execution, delivery or performance by any Credit Party of the Loan Documents to which it is a party or the compliance
with the terms and provisions thereof will (i) contravene any Requirement of Law except to the extent such contravention would not reasonably be expected to result in a Material Adverse Effect, (ii) result in any breach or violation of any
of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien upon any of the property or assets of any Group Party (other than Liens
created under the Loan Documents and Liens permitted hereunder), or result in an acceleration of Indebtedness, or result in a Debt Repayment Triggering Event under or pursuant to the terms of any indenture, loan agreement, lease agreement, mortgage,
deed of trust, agreement or other instrument to which any Group Party is a party or by which it or any of its property or assets is bound, except to the extent such breach, default, Lien, acceleration of Indebtedness or Debt Repayment Triggering
Event would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect or (iii) violate any provision of the certificate of incorporation, by-laws or other organizational documents of any Group Party.
Immediately after consummation of the Transactions, no Default, Event of Default or Debt Repayment Triggering Event will exist. 

(b) None of the Group Parties is in violation of its certificate of incorporation, by-laws or other organizational documents. None of the
Group Parties is (i) in violation of any Requirement of Law, or (ii) in breach of or default under any indenture, loan agreement, lease agreement, mortgage, deed of trust, agreement or other instrument, except for such violations, breaches
or defaults that would not, individually or in the aggregate, 

  
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reasonably be expected to have a Material Adverse Effect. There exists no condition that, with the passage of time or otherwise, would constitute (A) a violation of such certificate of
incorporation, by-laws or other organizational documents, (B) a violation of any Requirement of Law, (C) a breach of or default under any agreement referred to in the foregoing clause (ii) or (D) result in the imposition of any
penalty or the acceleration of any Indebtedness, except in the cases of subclauses (B), (C) and (D) above as is (1) set forth on Schedule 3.03 and (2) as would not, individually or in the aggregate, be reasonably expected
to have a Material Adverse Effect. 
 SECTION 3.04. Litigation. Except as set forth on Schedule 3.04, there
are no actions, suits or proceedings (including Environmental Claims) pending or, to the knowledge of the Credit Parties, threatened (i) against or affecting any Group Party or any of its properties (including any Vessel (including the
Tungsten Explorer)), (ii) which has as the subject thereof any officer or director (in such Person’s capacity as an officer or director) of, or property or assets owned or leased by, the any Group Party, (iii) relating to
environmental or discrimination matters, where in any such case any such action, suit or proceeding would reasonably be expected to result in a Material Adverse Effect, (iv) that seeks to restrain, enjoin, prevent the consummation of, or
otherwise challenge any of the Loan Documents or any of the transactions contemplated therein, or (v) would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. No Credit Party is subject to any judgment,
order, decree, rule or regulation of any Governmental Authority that would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 SECTION 3.05. Margin Regulations. Neither the making of any Loan hereunder nor the use of the proceeds thereof will violate the provisions of Regulation T, Regulation U or Regulation X of the
Board. 
 SECTION 3.06. Governmental Approvals. The execution, delivery and performance of each Loan Document and
the consummation of the other Transactions do not require any consent or approval of, registration or filing with, or other action by, any Governmental Authority, except for (a) such as have been obtained or made prior to the Closing Date and
are in full force and effect, (b) filings and recordings in respect of the Liens created pursuant to the Collateral Agreements, and (c) such consents, approvals, registrations, filings or actions the failure of which to obtain or make
would not reasonably be expected to have a Material Adverse Effect. 
 SECTION 3.07. Investment Company Act. No
Group Party is an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 

SECTION 3.08. True and Complete Disclosure. 
 (a) All written information (other than estimates and information of a general economic nature or general industry nature) (the “Information”) concerning the Group Parties, the
Transactions and any other transactions contemplated hereby, included in the Offering Memorandum or otherwise prepared by or on behalf of the foregoing or their representatives and made available to any Lenders or the Administrative Agent in
connection with the Transactions or the other transactions contemplated hereby, when taken as a whole, was true and correct in all material respects as of the date such Information was furnished to the Lenders and as of the Closing Date and did not,
taken as a whole, contain any untrue statement of a material fact as of any such date or omit to state a material fact necessary in order to make the statements contained therein, taken as a whole, not materially misleading in light of the
circumstances under which such statements were made. 
 (b) The pro forma financial information and the related notes thereto
included in the Offering Memorandum present fairly in all material respects the information contained therein as of the Closing Date and have been properly presented on the basis described therein, and the assumptions used in the preparation thereof
are reasonable and the adjustments used therein are appropriate to give effect to the transactions and circumstances referred to therein. The pro forma adjustments comply as to form with the applicable accounting requirements of Rule 11-02 of
Regulation S-X under the Securities Act and the pro forma adjustments have been properly applied to the historical amounts in the compilation of those statements. The projections and other forward-looking information prepared by or on behalf of the
Parent, the Company or any of their representatives and that have been made available to any Lenders or the Administrative Agent in connection with the Transactions or the other transactions contemplated hereby (i) have been prepared in good
faith based upon assumptions believed by the Parent and the Company to be reasonable as of the date thereof, as of the date such projections or other forward-looking information was furnished to the Lenders and as of the Closing Date, and
(ii) as of the Closing Date, have not been modified in any material respect by the Parent or the Company. 

  
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 SECTION 3.09. Financial Condition; Financial Statements. The Historical
Financial Statements present fairly in all material respects the consolidated financial position, results of operations and cash flows of the entities to which they relate at the dates of such information and for the periods covered thereby and have
been prepared in accordance with GAAP consistently applied except to the extent provided in the notes thereto, if any. 

SECTION 3.10. Tax Matters. 
 (a) Each Group Party has filed all U.S. federal income Tax returns and all other material Tax returns, U.S. and foreign, required to be filed by it (including in its capacity as a withholding agent) and
all such returns are true, correct and complete in all material respects, and has paid all Taxes payable by it that have become due, other than those (i) not yet delinquent or (ii) being contested in good faith by appropriate proceedings
and as to which adequate reserves have been provided to the extent required by and in accordance with GAAP. The Group Parties have provided adequate reserves in accordance with GAAP for all Taxes of the Group Parties not yet delinquent. 

(b) To the knowledge of the Parent and each Borrower, after reasonable inquiry, there are no actual or proposed assessments for unpaid
Taxes against any Group Party that would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The accruals on the books and records of the Group Parties in respect of any material Tax liability for any period
not finally determined are adequate to meet any assessments for any material unpaid Taxes for any such period. 

SECTION 3.11. Compliance with ERISA. 
 (a) In the past six years, none of the Group Parties, or ERISA Affiliates has ever maintained, participated in, sponsored or contributed to (or has or has ever had any obligation to contribute to), or has
ever had any liability with respect to, any Plan. In the past six years, none of the Group Parties, or ERISA Affiliates has ever incurred, nor could any of them incur, any liability with respect to any Plan (including, without limitation, under
Title IV of ERISA or under Section 4069 of ERISA). 
 (b) Except in each case as would not, individually or in the
aggregate, be reasonably expected to have a Material Adverse Effect, (i) all employee benefit plans, programs, agreements and arrangements (except for any Foreign Plans) with respect to which the Borrowers could have any liability are in
compliance with, have been established, administered and operated in accordance with, the terms of such plans, programs, agreements or arrangements and applicable law, including all applicable provisions of ERISA and the Code and the regulations
thereunder and (ii) all material contributions or other payments which are due with respect to each employee benefit plan, program, agreement and arrangement (except for any Foreign Plans) with respect to which the Borrowers could have any
liability have been made in full and there are no funding deficiencies thereunder. 
 (c) All Foreign Plans are in material
compliance with, and have been established, administered and operated in accordance with, the terms of such Foreign Plans and applicable law. All material contributions or other material payments which are due with respect to each Foreign Plan have
been made in full and there are no material funding deficiencies thereunder. 
 SECTION 3.12. Subsidiaries;
Capitalization. 
 (a) Schedule 3.12(A) lists each Subsidiary of the Parent (and the direct and indirect ownership
interest of the Parent therein) on the Closing Date. Each Guarantor and Unrestricted Subsidiary as of the Closing Date has been so designated on Schedule 3.12(A). 
 (b) The authorized, issued and outstanding share capital of the Parent as of December 31, 2012, are as set forth in the December 31, 2012, balance sheet of the Parent incorporated by reference
in the Offering Memorandum (including the footnotes thereto). All of the issued and outstanding shares of the Company, 

  
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the US Borrower and each of the Subsidiaries have been duly authorized and validly issued, are fully paid and non-assessable, and were not issued in violation of, and are not subject to, any
preemptive or similar rights. Except as set forth on Schedule 3.12(B), as of the Closing Date all of the outstanding shares or other Equity Interests of each of the Subsidiaries are owned, directly or indirectly, by the Parent, free and clear
of all Liens, other than those (i) pursuant to the Credit Agreement Documents, (ii) pursuant to the 2019 Indenture Documents, (iii) pursuant to the Loan Documents, (iv) pursuant to the Existing Term Loan Documents,
(v) pursuant to the New Indenture Documents, (vi) pursuant to the 2015 Indenture, which Liens are to be released on the Closing Date, (vii) pursuant to the Collateral Agreements and (viii) those imposed by the Securities Act and
the securities or “Blue Sky” laws of certain domestic or foreign jurisdictions. Except as set forth on Schedule 3.12(C), there are no authorized or outstanding (A) options, warrants or other rights to purchase from the Company
or any of the Subsidiaries, (B) agreements, contracts, arrangements or other obligations of the Company or any of the Subsidiaries to issue or (C) other rights to convert any obligation into or exchange any securities for, in the case of
each of clauses (A) through (C), shares of or other ownership or Equity Interests in the Company or any of the Subsidiaries. 
 SECTION 3.13. Accounting System. Each Group Party makes and keeps accurate books and records and maintains a system of internal accounting controls sufficient to provide reasonable assurance
that (i) material transactions are executed in accordance with management’s general or specific authorization, (ii) material transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP,
and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or specific authorization, (iv) the recorded accountability for assets is compared with the existing assets at
reasonable intervals and appropriate action is taken with respect to any material differences and (v) the interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Offering Memorandum fairly
presents the information called for in all material respects and has been prepared in accordance with the SEC’s rules and guidelines applicable thereto. There has not been and is no material weakness in the Parent’s internal control
over financial reporting (whether or not remediated) and since December 31, 2012, there has been no change in the Parent’s internal control over financial reporting that has materially affected, or could reasonably be expected to
materially affect, the Parent’s internal control over financial reporting. 
 SECTION 3.14. Intellectual
Property. Each Group Party owns, possesses, is licensed under or can acquire on reasonable terms, and has the right to use, adequate trademarks, trade names and other rights to inventions, know-how, patents, copyrights, confidential information
and other intellectual property that are necessary for the operation of their respective businesses as currently conducted and as proposed to be conducted, and have not received any notice of infringement of or conflict with asserted rights of
others with respect to any intellectual property rights that would reasonably be expected to individually or in the aggregate have a Material Adverse Effect. As of the Closing Date, all intellectual property of the Group Parties will be free and
clear of all Liens, other than Permitted Liens. To the knowledge of the Credit Parties, the use of intellectual property by the Group Parties will not infringe on the intellectual property rights of any other Person. 

SECTION 3.15. Environmental Laws. 
 (a) The Group Parties are in compliance in all material respects with all Environmental Laws. 
 (b) Except for any matters that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect, (i) no Group Party has received written notice of any
Environmental Claim or any other liability under any Environmental Law; (ii) no Credit Party has any actual knowledge of any facts or conditions that would form the basis of any Environmental Claim; and (iii) the Credit Parties have not
received written notice of any material violation or alleged violation of any Environmental Law which would affect the ability of any Group Party to operate any Vessel. 
 (c) There are no facts, circumstances, conditions or occurrences on any Vessel owned or operated by the Group Parties that is reasonably likely (i) to form the basis of an Environmental Claim against
the Group Parties, or any Vessel owned by any Group Party, or (ii) to cause such Vessel to be subject to any restrictions on its ownership, registration, use or transferability under any Environmental Law, in each case that, individually or in
the aggregate, could reasonably be expected to have a Material Adverse Effect. 

  
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 (d) The Group Parties have not at any time (i) generated, used, treated or stored
Hazardous Materials on, or transported Hazardous Materials to or from, any Vessel or other property or operating equipment at any time owned or operated by the Group Parties, except in material compliance with any applicable law, ordinance, rule,
regulation, order, judgment, decree or permit or otherwise, or (ii) released Hazardous Materials on or from any such Vessel or other property or operating equipment where such occurrence or event, either individually or in the aggregate, is
reasonably likely to have a Material Adverse Effect. 
 (e) None of the Group Parties is conducting, or is subject to any order,
decree or agreement requiring, or otherwise obligated or required to perform, any response or corrective action under any Environmental Law. 
 (f) Except as set forth on Schedule 3.15, (i) no Group Party has been named as a “potentially responsible party” under the Comprehensive Environmental Response, Compensation, and
Liability Act of 1980, as amended, or the Oil Pollution Act, 1990, as amended, and (ii) there has been no material spill, discharge, leak, emission, injection, escape, dumping or release of any kind onto or from any property now or previously
owned, leased or operated by any Group Party or into the environment surrounding such property of any Hazardous Materials by the any Group Party (or, to the knowledge of the Company, any of its predecessors in interest or respecting any Vessel),
except for any such spill, discharge, leak, emission, injection, escape, dumping or release that would not, singularly or in the aggregate with all such spills, discharges, leaks, emissions, injections, escapes, dumpings and releases, have a
Material Adverse Effect. 
 SECTION 3.16. Labor Matters. (i) No Credit Party is party to or bound by any
collective bargaining agreement with any labor organization; (ii) there is no union representation question existing with respect to the employees of the Credit Parties, and, to the knowledge of the Credit Parties, after due inquiry, no union
organizing activities are taking place that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; (iii) to the knowledge of the Credit Parties, no union organizing or decertification efforts are
underway or threatened against the Borrowers or the Guarantors; (iv) no labor strike, work stoppage, slowdown, or other material labor dispute is pending against the Credit Parties, or, to the knowledge of the Credit Parties, after reasonable
inquiry, threatened against the Credit Parties; (v) there is no worker’s compensation liability, experience or matter that could be reasonably expected to have a Material Adverse Effect; (vi) to the knowledge of the Credit Parties,
after reasonable inquiry, there is no threatened or pending liability against the Credit Parties pursuant to the Worker Adjustment Retraining and Notification Act of 1988, as amended (“WARN”); (vii) there is no employment-related
charge, complaint, grievance, investigation, unfair labor practice claim, or inquiry of any kind, pending against the Credit Parties that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect;
(viii) to the knowledge of the Credit Parties, after reasonable inquiry, no employee or agent of the Credit Parties has committed any act or omission giving rise to liability for any violation identified in subsection (vi) and
(vii) above, other than such acts or omissions that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and (ix) no term or condition of employment exists through arbitration awards,
settlement agreements, or side agreement that is contrary to the express terms of any applicable collective bargaining agreement. 
 SECTION 3.17. Properties; Vessel Registration. 
 (a) Each Group Party
has good and indefeasible title in all its Property necessary or used in the ordinary conduct of its business (including all Vessels), except for such minor defects in title that do not interfere with its ability to conduct its business as conducted
on the Closing Date or to use such property and assets for their intended purposes, and such Property (including all Vessels) are in good working condition and are maintained in accordance with prudent business standards, and all of the foregoing
Property will be free and clear of all Liens (other than Permitted Liens). 
 (b) Each of the Vessels is duly permanently
registered under the law and flag of such Vessel (other than the Tungsten Explorer), in each case in the name of the Guarantor that owns it free and clear of all Liens and encumbrances of record, and except, in each case, Permitted Liens and
a Ship Mortgage in favor of the Pari Passu Collateral Agent. 

  
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 SECTION 3.18. Insurance. Each Group Party and the Vessels (other than the
Tungsten Explorer) is, and simultaneously with the delivery of the Tungsten Explorer to the applicable Guarantor, the Tungsten Explorer will be, insured by insurers of recognized financial responsibility against such losses and risks and in such
amounts as are prudent and customary in the businesses in which they are engaged. All policies of insurance insuring Group Parties or their respective businesses, assets, employees, officers and directors are, or, with respect to the Tungsten
Explorer will be on its delivery date to the applicable Guarantor, in full force and effect. The Group Parties and the Vessels (other than the Tungsten Explorer) are, or, with respect to the Tungsten Explorer will be on its delivery date to the
applicable Guarantor, in compliance with the terms of such policies and instruments in all material respects, and there are no claims by any Group Party under any such policy or instrument as to which any insurance company is denying liability or
defending under a reservation of rights clause. No Group Party has been refused any insurance coverage sought or applied for, and no Group Party has any reason to believe that it will not be able to renew its existing insurance (or obtain
appropriate insurance) coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect. 
 SECTION 3.19. Permits. Each Group Party possesses all licenses, permits,
certificates, consents, orders, approvals and other authorizations from, and has made all declarations and filings with, all Governmental Authorities, presently required or necessary to own or lease, as the case may be, and to operate their
respective properties and to carry on their respective businesses as now or proposed to be conducted (“Permits”), except where the failure to obtain such Permits would not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect; each Group Party has fulfilled and performed all of its obligations with respect to such Permits except where the failure to fulfill or perform such obligations would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect and no event has occurred that allows, or after notice or lapse of time would allow, revocation or termination thereof or results, or after notice or lapse of time would result in any other material
impairment of the rights of the holder of any such Permit; and no Group Party has received or has any reason to believe that it has received or will receive any notice of any proceeding relating to revocation or modification of any such Permit,
except as set forth on Schedule 3.19 or except where such revocation or modification would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

SECTION 3.20. Solvency. 
 (a) On the Closing Date, immediately after giving effect to the Transactions that occur on the Closing Date, (i) the fair value of the assets of the Credit Parties on a consolidated basis, at a fair
valuation, will exceed the debts and liabilities, direct, subordinated, contingent or otherwise, of the Credit Parties on a consolidated basis; (ii) the present fair saleable value (or fair market value) of the property of the Credit Parties on
a consolidated basis will be greater than the amount that will be required to pay the probable liability of the Credit Parties on a consolidated basis on their debts and other liabilities, direct, subordinated, contingent or otherwise, as such debts
and other liabilities become absolute and matured; (iii) the Credit Parties on a consolidated basis will be able to pay their debts and liabilities, direct, subordinated, contingent or otherwise, as such debts and liabilities become absolute
and matured; (iv) the Credit Parties on a consolidated basis will not have unreasonably small capital with which to conduct the businesses in which they are engaged as such businesses are now conducted and are proposed to be conducted following
the Closing Date; (v) assuming incurrence of the Loans and consummation of the transactions contemplated by this Agreement, the Credit Parties, taken as a whole, are not incurring debts and liabilities beyond their ability to pay as such debts
and liabilities mature; and (vii) the Credit Parties, taken as a whole, are not otherwise insolvent under the standards set forth in applicable Cayman Islands law. 
 (b) On the Closing Date, the Parent does not intend to, and the Parent does not believe that it or any of its Subsidiaries will, incur debts beyond their ability to pay such debts as they mature, taking
into account the timing and amounts of cash to be received by them or any such Subsidiary and the timing and amounts of cash to be payable on or in respect of their Indebtedness or the Indebtedness of any such Subsidiary. 

SECTION 3.21. No Receiver. No receiver (including an administrative receiver), liquidator, trustee, administrator, custodian
or similar official has been appointed, to either the Parent’s or the Borrowers’ knowledge (having made due and careful inquiries), in any jurisdiction in respect of the whole or any part of the business or assets of either the Parent or
the Borrowers, and, so far as each of the Parent and the Borrowers is aware (having made due and careful inquiries), no step has been taken with a view to the appointment of such a Person. 

  
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 SECTION 3.22. No Material Adverse Effect. There has been no event or
circumstance that has had or would reasonably be expected to have a Material Adverse Change since December 31, 2012. 

SECTION 3.23. USA Patriot Act; Bank Secrecy Act; OFAC; FCPA; Money Laundering Laws. 

(a) Each Group Party in compliance in all material respects with the material provisions of the USA Patriot Act, and the Borrowers have
provided to the Administrative Agent all information related to the Credit Parties (including but not limited to names, addresses and tax identification numbers (if applicable)) reasonably requested in writing by the Administrative Agent that is
required by the USA Patriot Act to be obtained by the Administrative Agent or any Lender. 
 (b) Each Group Party is in material
compliance with the material provisions of the Bank Secrecy Act. 
 (c) No Group Party nor, to the knowledge of either Borrower,
any of their directors, officers, agents, employees or Affiliates (i) is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”) or equivalent
European Union measure or (ii) located, organized or resident in a country or territory that is the subject of U.S. sanctions (including, without limitation, Burma/Myanmar, Cuba, Iran, North Korea, Sudan and Syria); and the Borrowers will not
directly or indirectly use the proceeds of the Loans or lend, contribute or otherwise make available such proceeds to any Person, for the purpose of financing the activities of any Person currently subject to any U.S. sanctions administered by OFAC
or equivalent European Union measure; and the Group Parties have not knowingly engaged in, and are not now engaged in, and will not knowingly engage in, any dealings or transactions with any Person, or in any country or territory that at the time of
the dealing or transaction is or was the subject of any U.S. sanctions administered by OFAC. 
 (d) No Group Party nor, to the
knowledge of either Borrower, any of their directors, officers, agents, employees, Affiliates or other Person acting on their behalf has (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense
relating to political activity, (ii) made any direct or indirect unlawful payment to any government official or employee from corporate funds, (iii) violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of
1977 or the Bribery Act 2010 of the United Kingdom or similar law of the European Union or any European Union Member State or similar law of a jurisdiction in which the Group Parties conduct their business and to which they are lawfully subject or
(iv) made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment. The Group Parties and, to the best knowledge of the Borrowers and the Parent, after due inquiry, the Group Parties’ directors, officers,
agents, employees, Affiliates or other Persons acting on behalf of the Borrowers and the Parent have conducted their respective businesses in compliance with the U.S. Foreign Corrupt Practices Act of 1977 and have instituted and maintain policies
and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith. 

(e) The operations of the Group Parties and their Subsidiaries are, and have been conducted at all times, in compliance with applicable
financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all applicable jurisdictions, the rules and regulations thereunder and any related or
similar applicable rules, regulations or guidelines, issued, administered or enforced by any Governmental Authority (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or Governmental
Authority or any arbitrator involving the Group Parties or any of their Subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Borrowers and the Parent, threatened. None of the Group Parties or any of their
Subsidiaries or, to the knowledge of the Borrowers, any of their officers or directors has violated the Money Laundering Laws or any successor laws. 
 SECTION 3.24. Security Interests; Collateral. 
 (a) The Collateral
Agreements are effective to create in favor of the Pari Passu Collateral Agent, for the ratable benefit of the Secured Parties, a legal, valid and enforceable security interest in the Collateral and, in each case subject to the terms of the
Intercreditor Agreement, (i) when financing statements in appropriate 

  
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form are filed in the appropriate filing office (as required by law to perfect the Liens contemplated herein), the Pari Passu Collateral Agent will obtain a valid and perfected Lien on, and
security interest in, all right, title and interest of the grantors thereunder in such portion of the Collateral in which a security interest may be perfected by the filing of a financing statement under the applicable Uniform Commercial Code, in
each case prior and superior in right to any other Person (except that it shall rank as Pari Passu Indebtedness with respect to each other holder of other Pari Passu Obligations), other than Permitted Liens having priority under Legal Requirements,
and (ii) when such Collateral (to the extent it constitutes a certificated security or an instrument under the applicable Uniform Commercial Code) is delivered to such Collateral Agent, such Security Agreement shall create a fully perfected
first priority Lien on, and security interest in, all right, title and interest of the pledgors thereunder in such Collateral, in each case prior and superior in right to any other Person (except that it shall rank as Pari Passu Indebtedness with
respect to each other holder of other Pari Passu Obligations), other than Permitted Liens having priority under Legal Requirements. 
 (b) The original Ship Mortgages dated as of October 25, 2012 (the “Original Ship Mortgages”), as amended in connection with the Transactions pursuant to, in the case of each
Panamanian Flagged Vessel, an amendment No. 1 to First Naval Mortgage (each, a “Panamanian Mortgage Amendment”) and, in the case of each Bahamian Flagged Vessel (other than the Tungsten Explorer), an amendment No. 1
to the Deed of Covenants associated with the Original Ship Mortgage (each, an “Amendment to Deed of Covenants”, and together with the Panamanian Mortgage Amendments, collectively, the “Amendments”; the Original Ship
Mortgages, as amended by the Amendments, and the ship mortgage to be executed when the Tungsten Explorer is delivered, are collectively called the “Specified Ship Mortgages”), are effective to grant a legal and valid mortgage
Lien in favor of the Pari Passu Collateral Agent on all of the Company’s and/or the applicable Guarantor’s right, title and interest in (A) the Topaz Driller, the Emerald Driller, the Sapphire Driller and the
Aquamarine Driller (collectively, the “Panamanian Flagged Vessels”) and (B) the Platinum Explorer, the Titanium Explorer and, upon its recording on its delivery date, the Tungsten Explorer
(collectively, the “Bahamian Flagged Vessels” and the Bahamian Flagged Vessels together with the Panamanian Flagged Vessels, the “Specified Vessels”) under and pursuant to the laws of the Republic of Panama and the
Commonwealth of the Bahamas, as applicable, and a foreign preferred mortgage thereon under 46 USC Chapter 313. When the Panamanian Mortgage Amendments are duly provisionally recorded in the proper public registry in the case of the Panamanian
Flagged Vessels and the Amendments to Deed of Covenants are executed and delivered in the case of the Bahamian Flagged Vessels (and in the case of the Tungsten Explorer when the Ship Mortgage covering it is duly recorded), the recording fees
and taxes in respect thereof are paid, and compliance is otherwise had with the formal requirements of local law applicable thereto, each Ship Mortgage shall constitute a valid, perfected and enforceable first preferred mortgage on the Specified
Vessels in favor of the Pari Passu Collateral Agent for the ratable benefit of the Secured Parties (as defined in the Specified Ship Mortgages), securing the “Secured Obligations” as defined in the Specified Ship Mortgages, except that
enforceability thereof may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability from time to time in effect relating to or affecting creditors’ rights and general
principles of equity (regardless of whether such enforcement is considered in a proceeding at law or in equity). 
 (c) Each of
the Tungsten Explorer Construction Contract and the Tungsten Explorer Construction Assignment delivered to the Administrative Agent by the Company is a true, correct and complete copy thereof with all amendments, modifications and supplements and
attachments, schedules and exhibits through the Closing Date. The Tungsten Explorer Construction Contract is in full force and effect, and to the knowledge of the Company and the Parent, there are no currently existing and unwaived and/or uncured
defaults or events which with time or notice would become events of default under the Tungsten Explorer Construction Contract. The Company reasonably expects the Tungsten Explorer to be delivered to the Company or a Guarantor in accordance with the
Tungsten Explorer Construction Contract on or prior to June 30, 2013. The Tungsten Explorer Construction Assignment is in full force and effect and creates in favor of the Pari Passu Collateral Agent for the benefit of the holders of all Pari
Passu Obligations, including, as of the Closing Date, the Collateral Agent and the other Secured Parties, a perfected security interest in the Tungsten Explorer Construction Contract. The assignment by Tungsten Explorer Company of the Assigned
Rights (as defined in the Tungsten Explorer Construction Assignment) to the Pari Passu Collateral Agent pursuant to the Tungsten Explorer Construction Assignment is duly perfected and enforceable against DSME, except that enforceability thereof may
be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability from time to time in effect relating to or affecting creditors’ rights and general principles of equity (regardless
of whether such 

  
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enforcement is considered in a proceeding at law or in equity). The assignment of proceeds under the Tungsten Explorer Refund Guarantee is duly perfected and enforceable against the refund
guarantor, Korea Finance Corporation, except that enforceability thereof may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability from time to time in effect relating to or
affecting creditors’ rights and general principles of equity (regardless of whether such enforcement is considered in a proceeding at law or in equity) and a true, correct and complete copy thereof with all amendments, modifications and
supplements through the Closing Date has been delivered to the Administrative Agent. 
 (d) Each of the Drilling Contracts
described in the Perfection Certificate dated as of the Closing Date is in full force and effect, and there are currently no existing and unwaived and/or uncured defaults or events which with time or notice would become events of default under any
Drilling Contract. 
 (e) The Collateral Agent has control over, and a duly perfected security interest in, the Earnings
Account. 
 (f) Upon delivery to the Pari Passu Collateral Agent of the Intercreditor Designation Notice, the Intercreditor
Joinder Agreement and the Insurance and Earnings Supplement in the case of all Vessels other than the Tungsten Explorer and, in the case of the Tungsten Explorer, upon delivery of an Earnings Assignment of each relevant Guarantor and
an Insurance Assignment of each relevant Guarantor, assignments of Internal Charter and other internal contracts respecting the use or operation of the Tungsten Explorer, together with the consent of the relevant Internal Charterer under each such
Internal Charter or other internal contract described in the Perfection Certificate dated as of the Closing Date, the security interest granted under each such assignment is or will be duly perfected, and each such assignment is or will be
enforceable against the relevant Internal Charterer. Each of the Internal Charters and other internal contracts described in the Perfection Certificate dated as of the Closing Date is in full force and effect, and there are currently no existing and
unwaived and/or uncured defaults or events which with time or notice would become events of default under any such Internal Charter or other such internal contract. 
 (g) All of the obligations and liabilities of the Borrowers and the Guarantors under the Collateral Agreements are in full force and effect as of the date hereof. 

(h) After giving effect to the Intercreditor Designation Notice, the Intercreditor Joinder Agreement and the Insurance and Earnings
Supplement, the obligations secured pursuant to the Collateral Agreements shall include the obligations of the Borrowers and the Guarantors under the Notes and Indenture. 
 (i) Neither the execution nor delivery of any Loan Document nor the advancing of the Loans will, in any way, abrogate, release, or terminate any of the Collateral Agreements or the liabilities and
obligations of the Company or the Guarantors thereunder. 
 (j) All information certified by the Chief Financial Officer of the
Parent in the perfection certificate dated as of the Closing Date and delivered by such officer on behalf of the Borrowers and the Guarantors (the “Perfection Certificate”) is true and correct as of the Closing Date. 

SECTION 3.25. No Liens or Financing Statements. Except with respect to the Liens permitted under (i) the Credit
Agreement, (ii) the 2015 Indenture and 2015 Notes, which Liens are to be released on the Closing Date, (iii) the 2019 Indenture and the 2019 Notes, (iv) the Existing Term Loan Facility, (v) this Agreement and the Collateral
Agreements and (vi) the New Indenture and the New Notes, as of the Closing Date, there will be no Liens or currently effective financing statement, security agreement, chattel mortgage, real estate mortgage or other document filed or recorded
with any filing records, registry, or other public office, that purports to cover, affect or give notice of any present or possible future Lien on any assets or property of the Group Parties, or any rights thereunder. 

SECTION 3.26. No Restrictions on Payments of Dividends. Except as provided in this Agreement or the other Loan Documents, the
Credit Agreement Documents, the Existing Indenture Documents or the New Indenture Documents or as otherwise set forth on Schedule 3.26, as of the Closing Date, there are no encumbrances or restrictions on the ability of any Group Party (other
than the Parent) (i) to pay dividends or make other distributions 

  
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on such Group Party’s share capital or Capital Stock or to pay any Indebtedness to any other Group Party, (ii) to make loans or advances or pay any Indebtedness to, or Investments in,
any Group Party or (iii) to transfer any of its property or assets to any Group Party. 
 SECTION 3.27.
Brokers. The Borrowers and the Parent have not engaged any broker, finder, commission agent or other Person in connection with the transactions contemplated in the Loan Documents, and neither the Borrowers nor the Parent is under any
obligation to pay any broker’s fee or commission in connection with such transactions. 
 ARTICLE IV 

Conditions Precedent 
 SECTION 4.01. Conditions Precedent to Loans. The obligation of each Lender to make a Loan hereunder on the Closing Date is subject to the satisfaction of the following conditions, except as
otherwise agreed or waived pursuant to Section 10.01: 
 (a) Payment of Fees. On the Closing Date, the
Borrowers shall have paid the fees required to be paid to the Agents and the Lenders on the Closing Date, including, without limitation, all other costs and expenses payable pursuant to Section 10.05. 

(b) Loan Documentation. The Administrative Agent (or the Pari Passu Collateral Agent pursuant to the Intercreditor Agreement)
shall have received the following, each dated as of the Closing Date unless otherwise indicated below, duly executed (as appropriate) by all the parties thereto, each in form and substance reasonably satisfactory to the Administrative Agent:

 (i) this Agreement; 
 (ii) the Notice of Borrowing, in accordance with Section 2.03; 
 (iii) any Note requested by a Lender pursuant to Section 2.05(f) payable to the order of such requesting Lender in the amount of its Commitment; 

(iv) the Security Agreement and the Pledge Agreement, together with UCC-1 financing statements, stock certificates, stock
powers executed in blank, and any other documents, agreements or instruments necessary to create a security interest in the Collateral described therein; 
 (v) copies of all Uniform Commercial Code, judgment and tax lien searches with respect to personal property Collateral, together with copies of the financing statements (or similar documents) disclosed by
such searches, and accompanied by evidence that any Liens indicated in any such financing statement that are not Permitted Liens have been or contemporaneously will be released or terminated (or otherwise provided for in a manner reasonably
satisfactory to the Administrative Agent); 
 (vi) [RESERVED]; 

(vii) certified copies of Uniform Commercial Code Requests for Information or Copies (Form UCC 11), or a similar search
report certified by a party acceptable to the Collateral Agent, dated a date reasonably near to the Closing Date, listing all effective financing statements which name either Borrower or any Guarantor (under its present name and any previous names)
as the debtor, together with copies of such financing statements (none of which shall cover any Collateral described in any Collateral Agreement, other than such financing statements that evidence the Liens permitted under this Agreement and the
other Loan Documents), which search reports shall evidence that appropriately completed Uniform Commercial Code lien financing statements naming each Borrower and each Guarantor as a debtor and the Collateral Agent as the secured party, or other
similar instruments or documents have been filed under the Uniform Commercial Code of all jurisdictions or Companies Registry filings as may be necessary or, in the reasonable opinion of the Collateral Agent and its counsel, desirable to perfect the
security interests of the Collateral Agent pursuant to the Collateral Agreements; 

  
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 (viii) the Intercreditor Joinder Agreements, the Intercreditor Designation
Notice and the Insurance and Earnings Supplement; 
 (ix) each Earnings Assignment (as the same has been
supplemented by the Insurance and Earnings Supplement) and an account control agreement in respect thereof for the benefit of the Pari Passu Collateral Agent, 
 (x) each Insurance Assignment; 
 (xi) pledge agreements for each
relevant jurisdiction with respect to the Equity Interests of each Credit Party other than the Parent; 
 (xii)
with respect to each Vessel, copies of each of the following: 
 (1) certificates of ownership, abstracts of
title or transcripts of registry from appropriate authorities showing (or confirmation updating previously reviewed certificates and indicating) the registered ownership of such Vessel by the relevant Credit Party and (ii) valid and current
ISM/ISPS Code documentation required with respect to the Deepwater Vessels pursuant to applicable Legal Requirements and (iii) the results of maritime registry searches with respect to such Vessel, indicating no record Liens other than other
than Permitted Liens; 
 (2) copies of Panamanian Permanent Patentes respecting the Panamanian Flagged Vessels
to be received on the Closing Date; 
 (3) evidence that such Vessel has received the highest classification
from the classification society issuing such class for such vessels and the conditions and recommendations of such classification society with respect to such Vessel shall be satisfactory to the Administrative Agent in its reasonable discretion;

 (4) a Ship Mortgage (including the Amendments and, in the case of the Platinum Explorer and the
Titanium Explorer, the associated Amendment to Deed of Covenants) duly authorized, executed and delivered by the applicable Credit Party granting a Lien to the Collateral Agent in such Vessel to secure the Obligations, together with any other
documents, agreements or instruments necessary to create a security interest in such Vessel and requested by the Collateral Agent, duly filed with the Panamanian or Bahamian authorities, as applicable, and otherwise in appropriate form for recording
in the appropriate vessel registry and, with respect to each Panamanian Mortgage Amendment, duly provisionally filed with the Panamanian authorities; 
 (5) duly executed Internal Charters, if any, together with any Earnings Assignment (as the same has been supplemented by the Insurance and Earnings Supplement) relating thereto, respecting the Vessels and
a certificate of the Administrative Borrower describing all existing Internal Charters respecting the Vessels, and stating that the copies delivered are true, correct and complete; 

(6) duly executed Drilling Contracts respecting the Vessels (except with respect to the Tungsten Explorer) and a
certificate of the Administrative Borrower dated as of the Closing Date and certifying that such are the only Drilling Contracts currently in effect and that the copies delivered are true, correct and complete; 

(7) all filings, deliveries of instruments and other actions necessary or desirable in the reasonable opinion of the
Administrative Agent to perfect and preserve such security interests shall have been duly effected and the Administrative Agent shall have received evidence thereof in form and substance reasonably satisfactory to the Administrative Agent;

  
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 (8) (i) evidence of insurance respecting the Vessels that complies with the
insurance requirements set forth in this Agreement and the Collateral Agreements, including copies of cover notes (with loss payable clause and notice of assignment attached), letter from protection and indemnity club, (ii) a broker’s
report and undertaking letter issued by the independent marine insurance broker of the Company and (iii) a report by the Collateral Agent’s independent insurance advisors describing all marine insurances in detail, and confirming that such
insurances conform to the requirements of this Agreement and the Collateral Agreements, together with the Insurance and Earnings Supplement supplementing the existing Insurance Assignments; 

(9) (i) copies of the Tungsten Explorer Construction Contract, the Tungsten Explorer refund guarantee and the written
consent of DSME and the issuer of the Tungsten Explorer refund guarantee and (ii) a certificate of the Company dated as of the Closing Date and certifying that the copies delivered pursuant to clause (i) of this paragraph are true, correct
and complete; 
 (10) copies of the perfected assignment of the Tungsten Explorer Construction Contract and the
Tungsten Explorer refund guarantee; 
 (11) copies of a duly executed Insurance and Earnings Supplement;
and 
 (12) such other documents, certificates and opinions as the Administrative Agent shall have reasonably
requested; 
 (c) The Administrative Agent shall have received, on behalf of itself, the Collateral Agent and the Lenders, a
written opinion of each of the following legal counsel to the applicable Credit Parties dated the Closing Date addressed to the Collateral Agent, the Administrative Agent and the Lenders, in form and substance reasonably satisfactory to the
Administrative Agent: 
 (i) an opinion of Fulbright & Jaworski L.L.P., New York and Texas counsel to
the Credit Parties; 
 (ii) an opinion of Maples and Calder, Cayman Islands counsel to the Credit Parties;

 (iii) [RESERVED]; 
 (iv) an opinion of Réti, Antall & Partners Law Firm, Hungarian counsel to the Credit Parties; 
 (v) an opinion of Huessen, Netherlands counsel to the Credit Parties; 
 (vi) an opinion of Lenox Paton, Bahamian counsel to the Credit Parties; 
 (vii) an opinion of Azmi & Associates, Malaysian counsel to the Credit Parties; 
 (viii) an opinion of PricewaterhouseCoopers Legal Poland, Polish counsel to the Credit Parties; 
 (ix) an opinion of Ioannides Demetriou LLC, Cyprus counsel to the Credit Parties; 
 (x) an opinion of Hadromi & Partners, Indonesian counsel to the Credit Parties; 

  
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 (d) The Administrative Agent shall have received: 

(i) copies of the certificate or articles of incorporation or other equivalent organizational documents, including all
amendments thereto, of each Credit Party, certified as of a recent date by the Secretary of State or other functional equivalent of the jurisdiction of its organization, if available; 

(ii) a certificate of the Secretary or Assistant Secretary (or similar certificate) of each Credit Party dated as of the
Closing Date and certifying (A) that attached thereto is a true and complete copy of the by-laws or other functional equivalent of such Credit Party as in effect on the Closing Date, (B) that attached thereto is a true and complete copy of
resolutions duly adopted by the Board of Directors or other functional equivalent of such Credit Party (which resolutions shall authorize the execution, delivery and performance of the Loan Documents to which such Credit Party is a party and, in the
case of each Borrower, the Borrowings hereunder) and that such resolutions have not been modified, rescinded or amended and are in full force and effect, (C) that the certificate or articles of incorporation or other organizational documents of
such Credit Party have not been amended since the date of the last amendment thereto shown on the certificate furnished pursuant to the immediately preceding clause (i) above, and (D) as to the incumbency and specimen signature of each
officer executing any Loan Document, Notices of Borrowing or any other document delivered in connection herewith on behalf of such Credit Party; and 
 (iii) a certificate of a director or an officer as to the incumbency and specimen signature of the Secretary or Assistant Secretary executing the certificate pursuant to clause (ii) above.

 (e) The Administrative Agent shall have received a certificate on behalf of the Parent and the Company by an Authorized
Officer certifying that (i) no default or event which with notice or lapse of time or both would become an event of default under the Tungsten Explorer Construction Contract has occurred and is continuing, (ii) the Tungsten Explorer is
being constructed in all material respects in accordance with the terms of the Tungsten Explorer Construction Contract, and (iii) upon completion of final sea trials, the applicable Guarantor will take delivery of the Tungsten Explorer, and the
Company has no reason to believe such sea trials will not be concluded successfully by June 30, 2013. 
 (f) The
Administrative Agent shall have received (i) copies of the good standing certificates with respect to the US Borrower, issued by the secretary of state or equivalent office in its jurisdiction of formation; and (ii) a certificate
evidencing qualification by such entity as a foreign corporation in good standing issued by the Secretaries of State (or comparable office) of each of the jurisdictions in which each Borrower (other than the US Borrower) operates, in each case of
clauses (i) and (ii), as of a date reasonably acceptable to the Administrative Agent. 
 (g) The Administrative Agent shall
have received a certificate of solvency, dated the Closing Date, executed by the principal financial or accounting officer of the Parent in form and substance satisfactory to the Administrative Agent. 

(h) The Administrative Agent shall have received not less than three (3) Business Days prior to the Closing Date all documentation
and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation, the USA Patriot Act. 

(i) The Administrative Agent shall have received true and correct copies of the Historical Financial Statements and such other financial
information as the Administrative Agent may reasonably request. 
 (j) Since December 31, 2012, no change, event,
circumstance, development, state of facts, or condition has occurred (or existed, as applicable) that would, individually or in the aggregate, be reasonably expected to have a Material Adverse Change. 

  
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 (k) No Default or Event of Default has occurred and is continuing. 

(l) The representations and warranties in Article III of this Agreement and in any other Loan Document that are qualified by materiality
or the possibility of a Material Adverse Effect shall be true and correct, and all representations and warranties in Article III of this Agreement and in any other Loan Document that are not qualified by materiality or Material Adverse Effect shall
be true and correct in all material respects as of such date (except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties shall be true and correct in all material
respects as of such earlier date)). 
 (m) The Administrative Agent shall have received a certificate, dated the Closing Date,
signed on behalf of each Borrower by an Authorized Officer, in which the Administrative Borrower, to the best of its knowledge after reasonable investigation, shall (a) state that the representations and warranties in Article III of this
Agreement and in any other Loan Document that are qualified by materiality or Material Adverse Effect are true and correct, and the representations and warranties in Article III of this Agreement and in any other Loan Document that are not qualified
by materiality or Material Adverse Effect are true and correct in all material respects as of such date (except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties
shall be true and correct in all material respects as of such earlier date)), (b) state that no Default or Event of Default has occurred and is continuing and (c) certify such other matters as the Administrative Agent reasonably requests.

 (n) No injunction, restraining order or order of any nature by a Governmental Authority shall have been issued or threatened
as of the Closing Date that would prevent or materially interfere with the consummation of the transactions under the Loan Documents. 
 (o) No action shall have been taken and no Requirement of Law shall have been enacted, adopted or issued that would, as of the Closing Date, prevent the consummation of the transactions under the Loan
Documents. No proceeding shall be pending or, to the knowledge of the Company after reasonable inquiry, threatened other than proceedings that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 (p) The Administrative Agent shall have received evidence reasonably satisfactory to it of (i) the cancellation of all
2015 Notes tendered in the Tender Offer and accepted for payment and, (ii) the satisfaction and discharge of the 2015 Indenture governing the 2015 Notes and (iii) execution of and entry into the New Indenture and each other New Indenture
Documents in form and substance reasonably satisfactory to the Administrative Agent, and the issuance pursuant to the New Indenture of $775,000,000 aggregate principal amount of New Notes. 

(q) The Credit Agreement shall either permit the issuance of the New Notes and the incurrence of Loan Obligations or a waiver and consent
shall be delivered that permits the issuance of the New Notes and the incurrence of Loan Obligations. 
 ARTICLE V

 [Reserved]. 
 ARTICLE VI 
 Covenants 

SECTION 6.01. [Reserved]. 

  
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 SECTION 6.02. Reports and Other Information. 

(a) Whether or not required by the rules and regulations of the SEC, so long as any Loans are outstanding, the Parent or the Company will
furnish to the Administrative Agent and each Lender, within the time period specified in the SEC’s rules and regulations: 
 (i) all quarterly reports on Form 10-Q and annual reports on Form 10-K that would be required to be filed with the SEC on such forms if the Parent or the Company were required to file such reports under
the Exchange Act; 
 (ii) all current reports on Form 8-K that would be required to be filed with the SEC on such
form if the Parent or the Company were required to file such reports under the Exchange Act; and 
 (iii) in a
footnote to the Parent’s financial statements included in quarterly or annual reports to be filed or furnished pursuant to clauses (i) and (ii) of this paragraph, the financial information required to comply with Rule 3-10 of
Regulation S-X under the Securities Act. 
 (b) All such reports will be prepared in all material respects in accordance with
all of the rules and regulations applicable to such reports. Each annual report on Form 10-K will include a report on the Company’s consolidated financial statements by the Parent’s certified independent accountants. In addition, the
Parent will post the reports on its website within the time periods specified in the rules and regulations applicable to such reports and the Parent will file a copy of each of the reports referred to in clauses (a)(i) and (ii) above with the
SEC for public availability within those time periods (unless the SEC will not accept such a filing). The Parent and the Company will be deemed to have delivered such reports referred to above to the Administrative Agent and the Lenders if the
Parent has filed such reports with the SEC via the EDGAR filing system (or any successor system) and such reports are publicly available. 
 (c) If at any time the Parent or the Company is no longer subject to the periodic reporting requirements of the Exchange Act for any reason, the Parent or the Company will nevertheless continue filing the
reports specified in the preceding paragraphs of this covenant with the SEC within the time periods specified by the SEC for registrants that are non-accelerated filers unless the SEC will not accept such a filing. Neither the Parent nor the Company
will take any action for the purpose of causing the SEC not to accept any such filings. If, notwithstanding the foregoing, the SEC will not accept the Parent’s or the Company’s filings for any reason, the Parent or the Company will post
the reports referred to in the preceding paragraphs on its website within the time periods that would apply to non-accelerated filers if the Parent or the Company were required to file those reports with the SEC. 

(d) The Parent agrees that, for so long as any Loan Obligations remain outstanding under this Agreement, it will use commercially
reasonable efforts to hold and participate in quarterly conference calls with the Administrative Agent and the Lenders relating to the financial condition and results of operations of the Parent, the Company and the Restricted Subsidiaries.

 (e) The quarterly and annual reports and financial information required by the preceding paragraphs will include a
Management’s Discussion and Analysis of Financial Condition and Results of Operations (the “MD&A”) of the Parent, which shall include a discussion and analysis of the Company and the Restricted Subsidiaries. If the Board of
Directors of the Parent has designated any of the Restricted Subsidiaries as Unrestricted Subsidiaries, then the quarterly and annual financial information required by the preceding paragraphs will include a reasonably detailed presentation, either
on the face of the financial statements or in the footnotes thereto, and also in the MD&A of the financial condition and results of operations of the Company and the Restricted Subsidiaries separate from the financial condition and results of
operations of the Unrestricted Subsidiaries. 
 (f) In addition, the Borrowers and the Guarantors agree that, for so long as any
Loan Obligations remain outstanding, if at any time they are not required to file with the SEC the reports required by the preceding paragraphs, they will furnish to the Administrative Agent and the Lenders the information that would be required to
be delivered pursuant to Rule 144A(d)(4) under the Securities Act if the Loans were securities. 

  
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 SECTION 6.03. Limitation on Incurrence of Indebtedness and Issuance of Preferred
Stock. 
 (a) Neither the Parent nor either Borrower will, and none of them will permit any of the Restricted Subsidiaries
or any Other Guarantor to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness
(including Acquired Debt), none of the Parent, the Company, any of the Restricted Subsidiaries or any Other Guarantor will issue any Disqualified Stock and neither Borrower will, and neither the Parent nor either Borrower will permit, any of the
Restricted Subsidiaries or any Other Guarantor to issue any shares of Preferred Stock; provided, however, that: 
 (i) the Parent or any Other Guarantor may incur Indebtedness (including Acquired Debt) or issue Disqualified Stock and any Other Guarantor may issue shares of Preferred Stock, if the Consolidated Interest
Coverage Ratio of the Parent and its Subsidiaries on a consolidated basis, for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional
Indebtedness is incurred or such Disqualified Stock is issued, as the case may be, would have been at least 2.0 to 1.0; or 
 (ii) the Company or any Restricted Subsidiary may incur Indebtedness (including Acquired Debt) or issue Disqualified Stock or other shares of Preferred Stock, if the Consolidated Interest Coverage Ratio
of the Company and the Restricted Subsidiaries on a consolidated basis, for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness
is incurred or such Disqualified Stock or other shares of Preferred Stock is issued, as the case may be, would have been at least 2.0 to 1.0, 

in each case determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had
been incurred or the Disqualified Stock or other shares of Preferred Stock had been issued, as the case may be, on the first day of such four-quarter period. 
 (b) Section 6.03(a) will not prohibit the incurrence of any of the following items of Indebtedness (collectively, “Permitted Debt”): 

(i) the incurrence by the Credit Parties of additional Indebtedness and letters of credit under a Credit Facility (with
letters of credit being deemed to have a principal amount equal to the maximum potential liability of the Credit Parties thereunder), in a maximum aggregate principal amount at any one time outstanding under this clause (1) not to exceed
$200,000,000; 
 (ii) the incurrence by any Credit Party of Indebtedness (a) constituting the Loan
Obligations or any guarantee thereof or (b) represented by the Existing Term Loan Facility and any guarantees thereof in an aggregate principal amount at any one time outstanding under this clause (b) not to exceed $500,000,000;

 (iii) the incurrence by either Borrower and any Guarantor of Indebtedness represented by the New Notes and the
guarantees thereof to be issued on the Closing Date and the exchange notes and related guarantees thereof to be issued pursuant to the Registration Rights Agreement, in an aggregate principal amount at any one time outstanding under this clause
(iii) not to exceed $775,000,000; 
 (iv) the incurrence by the Parent, either Borrower, any Other Guarantor
or any Restricted Subsidiary of Existing Indebtedness (other than Indebtedness described in Section 6.03(b)(i), (ii) and (iii)); 
 (v) the incurrence by the Parent, the Company, the Restricted Subsidiaries or any Other Guarantor of Indebtedness represented by Capital Lease Obligations, mortgage financings or purchase money
obligations, in each case, incurred for the purpose of financing all or any part of the purchase price or cost of design, construction, installation or improvement of property, plant or equipment used in the business of the Company, the Restricted
Subsidiaries or such Other Guarantor; provided that the Parent would be able to incur at least $1.00 of additional Indebtedness pursuant to the ratio set forth in Section 6.03(a)(i) after giving effect to the incurrence of any
such Indebtedness pursuant to this clause (v); 

  
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 (vi) Indebtedness of (a) the Parent or any Other Guarantor or
(b) the Company and the Restricted Subsidiaries incurred and outstanding on or prior to the date on which a new Subsidiary was acquired by the Parent, any Other Guarantor, the Company or such Restricted Subsidiary (other than Indebtedness
incurred in contemplation of, or in connection with, the transaction or series of related transactions pursuant to which such Subsidiary became a Subsidiary of or was otherwise acquired by the Parent, an Other Guarantor, the Company or such
Restricted Subsidiary); provided, however, that (1) on the date that such Subsidiary is acquired by, or is merged into the Company, such Restricted Subsidiary or such Other Guarantor, the Parent or the Company, as applicable,
would have been able to incur at least $1.00 of additional Indebtedness pursuant to the ratio set forth in Section 6.03(a)(i) or (a)(ii), as the case may be, after giving effect to the incurrence of such Indebtedness pursuant to
this Section 6.03(b)(vi); and (2) the new Subsidiary becomes a Restricted Subsidiary and a Guarantor or any Other Guarantor; 
 (vii) the incurrence by the Parent, the Company, any Restricted Subsidiary or any Other Guarantor of Permitted Refinancing Indebtedness in exchange for, or the net proceeds of which are used to renew,
refund, refinance, replace, defease or discharge any Indebtedness (other than intercompany Indebtedness) that was permitted by this Agreement to be incurred under Section 6.03(a) or Section 6.03(b) (ii), (iii),
(iv), (vi) or this subsection (vii); 
 (viii) the incurrence by (a) the Company
or any Restricted Subsidiary of intercompany Indebtedness between or among the Company and the Restricted Subsidiaries or (b) the Parent or any Other Guarantor of intercompany Indebtedness between or among the Parent and the Other Guarantors;
provided, however, that: 
 (1) if (A) the Company or any Restricted Subsidiary is the
obligor on such Indebtedness and the payee is not the Company or a Restricted Subsidiary or (B) the Parent or any Other Guarantor is the obligor on such Indebtedness and the payee is not the Parent or an Other Guarantor, as applicable, such
Indebtedness must be expressly subordinated to the prior payment in full in cash of all Loan Obligations then due; and 
 (2) any (A) subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person other than the Parent, the Company, a Restricted Subsidiary or an Other
Guarantor, or (B) sale or other transfer of any such Indebtedness to a Person that is not the Parent, the Company, a Restricted Subsidiary or Other Guarantor, will be deemed, in each case, to constitute an incurrence of such Indebtedness by the
Parent, the Company, such Restricted Subsidiary or such Guarantor, as the case may be, that was not permitted by this clause (viii); 
 (ix) the incurrence by the Parent, the Company, any Restricted Subsidiary or an Other Guarantor of Hedging Obligations in the ordinary course of business; 

(x) the guarantee by the Parent, the Company, any Restricted Subsidiary or any Other Guarantor of Indebtedness of the
Parent, the Company, any Restricted Subsidiary, or any Other Guarantor that was otherwise permitted to be incurred under this Section 6.03; provided that if the Indebtedness being guaranteed is subordinated to or pari passu with
the Loan Obligations, then the guarantee shall be subordinated or pari passu, as applicable, to the same extent as the Indebtedness guaranteed; 
 (xi) the incurrence by the Company or any Restricted Subsidiary of Indebtedness in respect of workers’ compensation claims, self-insurance obligations, bankers’ acceptances, and performance and
surety bonds in the ordinary course of business; 

  
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 (xii) the incurrence by the Parent, the Company, any Restricted Subsidiary
or any Other Guarantor of Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently drawn against insufficient funds, so long as such Indebtedness is covered within five
Business Days; 
 (xiii) the incurrence by the Parent, the Company, any Restricted Subsidiary or any Other
Guarantor of Indebtedness arising from agreements providing for indemnification, adjustment of purchase price or similar obligations, or guarantees or letters of credit, surety bonds or performance bonds securing any obligations of the Parent, the
Company, any Restricted Subsidiary or any Other Guarantor pursuant to such agreements, in any case incurred in connection with the disposition of any business, assets or Restricted Subsidiary (other than guarantees of Indebtedness incurred by any
Person acquiring all or any portion of such business, assets or Restricted Subsidiary for the purpose of financing such acquisition), so long as the amount does not exceed the gross proceeds actually received by the Parent, the Company, any
Restricted Subsidiary or any Other Guarantor in connection with such disposition; and 
 (xiv) the incurrence by
the Parent, the Company, any Restricted Subsidiary or any Other Guarantor of additional Indebtedness in an aggregate principal amount (or accreted value, as applicable) at any time outstanding, including all Permitted Refinancing Indebtedness
incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this Section 6.03(b)(xiv), not to exceed $125,000,000. 
 (c) None of the Parent, the Company, any of the Restricted Subsidiaries or any Other Guarantor will incur any Indebtedness (including Permitted Debt) that is contractually subordinated in right of payment
to any other Indebtedness of the Parent, the Company or such Restricted Subsidiary or Other Guarantor unless such Indebtedness is also contractually subordinated in right of payment to the Loan Obligations on substantially identical terms;
provided, however, that no Indebtedness will be deemed to be contractually subordinated in right of payment to any other Indebtedness solely by virtue of being unsecured or by virtue of being secured on a junior Lien basis. 

(d) For purposes of determining compliance with this Section 6.03, in the event that an item of proposed Indebtedness,
Disqualified Stock or Preferred Stock meets the criteria of more than one of the categories of Permitted Debt described in Section 6.03(b)(i) through Section 6.03(b)(xiv) above, or is entitled to be incurred pursuant to
Section 6.03(a), the Parent, the Company or the applicable Restricted Subsidiary will be permitted to divide and classify such item of Indebtedness, Disqualified Stock or Preferred Stock on the date of its incurrence, or later re-divide
or re-classify all or a portion of such item of Indebtedness, in any manner that complies with this covenant. The accrual of interest or Preferred Stock dividends, the accretion or amortization of original issue discount, the payment of interest on
any Indebtedness in the form of additional Indebtedness with the same terms, the reclassification of Preferred Stock as Indebtedness due to a change in accounting principles, and the payment of dividends on Preferred Stock, in the form of shares of
the same class of Preferred Stock, Disqualified Stock in the form of additional shares of the same class of Disqualified Stock or Preferred Stock will be deemed to be an incurrence of Indebtedness or an issuance of Disqualified Stock for purposes of
this Section 6.03; provided, in each such case, that the amount of any such accrual, accretion or payment is included in Consolidated Interest Expense of the Company as accrued. Notwithstanding any other provision of this
covenant, the maximum amount of Indebtedness that the Parent, the Company or the applicable Restricted Subsidiary may incur pursuant to this covenant shall not be deemed to be exceeded solely as a result of fluctuations in exchange rates or currency
values. 
 (e) The amount of any Indebtedness outstanding as of any date will be: 

(i) the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount;

 (ii) the principal amount of the Indebtedness, in the case of any other Indebtedness; and 

(iii) in respect of Indebtedness of another Person secured by a Lien on the assets of the specified Person, the lesser of:

 (1) the Fair Market Value of such assets at the date of determination; and 

(2) the amount of the Indebtedness of the other Person. 

  
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 SECTION 6.04. Limitation on Restricted Payments. 

(a) The Borrowers will not, and neither the Parent nor either Borrower will permit any of the Restricted Subsidiaries to, directly or
indirectly: 
 (i) declare or pay any dividend or make any other payment or distribution on account of Equity
Interests of the Company, any Restricted Subsidiary or any direct or indirect parent of the Company (including, without limitation, any payment in connection with any merger or consolidation involving the Company or any of the Restricted
Subsidiaries) or to the direct or indirect holders of the Company’s, any of the Restricted Subsidiaries’ or any direct or indirect parent of the Company’s Equity Interests in their capacity as such (other than dividends or
distributions payable in Equity Interests (other than Disqualified Stock) of the Company and other than dividends or distributions payable to the Company or any Restricted Subsidiary); 

(ii) purchase, redeem or otherwise acquire or retire for value (including, without limitation, in connection with any
merger or consolidation involving the Company) any Equity Interests of the Company or any direct or indirect parent of the Company; 
 (iii) make any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value any Indebtedness of the Parent, the Borrowers or any Restricted Subsidiary that is a
Guarantor that is contractually subordinated to the Loan Obligations (excluding any intercompany Indebtedness between or among the Parent, the Borrowers and any of such Restricted Subsidiaries that are Guarantors), except a payment of regularly
scheduled interest or principal at the Stated Maturity thereof; or 
 (iv) make any Restricted Investment

 (b) All such payments and other actions set forth in Section 6.04(a)(i) through (iv) above are
collectively referred to as “Restricted Payments”, unless, at the time of and after giving effect to such Restricted Payment: 
 (i) no Default or Event of Default has occurred and is continuing or would occur as a consequence of such Restricted Payment; 

(ii) the Company would, at the time of such Restricted Payment and after giving pro forma effect thereto as if such
Restricted Payment had been made on the first day of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional Indebtedness pursuant to the Consolidated Interest Coverage Ratio test set forth in
Section 6.03(a)(ii); and 
 (iii) such Restricted Payment, together with the aggregate amount of all
other Restricted Payments made by the Company and the Restricted Subsidiaries since the Closing Date (excluding Restricted Payments permitted by Section 6.04(c)(ii), (iii), (iv), (ix) and (x)), is less
than the sum, without duplication, of: 
 (1) 50% of the Consolidated Net Income of the Company and the
Restricted Subsidiaries on a combined or consolidated basis, as the case may be, for the period (taken as one accounting period) from the first day of the first fiscal quarter commencing after the Closing Date to the end of the Company’s most
recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment (or, if such Consolidated Net Income for such period is a deficit, less 100% of such deficit); plus 

  
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 (2) 100% of the aggregate net cash proceeds received by the Company since
the Closing Date as a contribution to its common equity capital or from the issue or sale of Equity Interests of the Company (other than Disqualified Stock) or from the issue or sale of convertible or exchangeable Disqualified Stock or convertible
or exchangeable debt securities of the Company that have been converted into or exchanged for such Equity Interests (other than Equity Interests (or Disqualified Stock or debt securities) sold to a Subsidiary of the Company); plus 

(3) to the extent that any Restricted Investment that was made after the Closing Date is sold for cash or otherwise
liquidated or repaid for cash, the lesser of (i) the cash return of capital with respect to such Restricted Investment (less the cost of disposition, if any) and (ii) the initial amount of such Restricted Investment; plus 

(4) to the extent that any Unrestricted Subsidiary designated as such after the Closing Date is redesignated as a
Restricted Subsidiary after the Closing Date, the lesser of (i) the Fair Market Value of the Parent’s or the Company’s Investment in such Subsidiary, as the case may be, as of the date of such redesignation or (ii) such Fair
Market Value as of the date on which such Subsidiary was originally designated as an Unrestricted Subsidiary after the Closing Date; plus  
 (5) 50% of any dividends received by the Company or any Restricted Subsidiary after the Closing Date from an Unrestricted Subsidiary, to the extent that such dividends were not otherwise included in the
Consolidated Net Income of the Company for such period; plus 
 (6) $25,000,000. 

(c) So long as no Default has occurred and is continuing or would be caused thereby, the preceding provisions will not prohibit:

 (i) the payment of any dividend or distribution or the consummation of any irrevocable redemption within 60
days after the date of declaration of the dividend or distribution or giving of the redemption notice, as the case may be, if at the date of declaration or notice, the dividend, distribution or redemption payment would have complied with the terms
of this Agreement; 
 (ii) the making of any Restricted Payment in exchange for, or out of the net cash proceeds
of the sale (other than to a Subsidiary of the Company) of, Equity Interests of the Company (other than Disqualified Stock) or from the contribution of common equity capital to the Company, in each case, within 180 days of such exchange, sale or
contribution; provided that the amount of any such net cash proceeds that are utilized for any such Restricted Payment will be excluded from Section 6.04(b)(iii)(2); 

(iii) the repurchase, redemption, defeasance or other acquisition or retirement for value of Indebtedness of the Company
or any Restricted Subsidiary that is contractually subordinated to the Loan Obligations with the net cash proceeds from a substantially concurrent incurrence of Permitted Refinancing Indebtedness; 

(iv) the payment of any dividend (or, in the case of any partnership or limited liability company, any similar
distribution) by a Restricted Subsidiary to the holders of its Equity Interests on a pro rata basis; 

(v) the declaration and payment of regularly scheduled or accrued dividends to holders of any class or series of
Disqualified Stock of the Company or any Restricted Subsidiary issued after the Closing Date in accordance with the Consolidated Interest Coverage Ratio test set forth in Section 6.03(a)(ii); 

  
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 (vi) repurchases of Equity Interests deemed to occur upon exercise of stock
options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants; 
 (vii) Restricted Payments by the Company or any Restricted Subsidiary to allow the payment of cash in lieu of the issuance of fractional shares upon the exercise of options or warrants or upon the
conversion or exchange of Capital Stock of any such Person; 
 (viii) the repurchase, redemption or other
acquisition or retirement for value of any Equity Interests of the Company or any Restricted Subsidiary held by any current or former officer, director or employee of the Company or any of its Restricted Subsidiaries pursuant to any equity
subscription agreement, severance agreement, stock option agreement, shareholders’ agreement or similar agreement; provided that the aggregate price paid for all such repurchased, redeemed, acquired or retired Equity Interests may not
exceed $2,000,000 in any twelve-month period (with any portion of such $2,000,000 that is unused in any twelve month period to be carried forward to successive twelve-month periods and added to such amount; 

(ix) Permitted Parent Payments; and 

(x) Permitted Operating Expense and Tax Reimbursements. 

(d) The amount of all Restricted Payments (other than cash) will be the Fair Market Value on the date of the Restricted Payment of the
asset(s) or securities proposed to be transferred or issued by the Company or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. The Fair Market Value of any assets or securities that are required to be valued by
this covenant will be determined by the Board of Directors of the Parent whose resolution with respect thereto will be delivered to the Administrative Agent. Such Board of Directors’ determination must be based upon an opinion or appraisal
issued by an accounting, appraisal or investment banking firm of national standing if the Fair Market Value exceeds 3.5% of the Parent’s Consolidated Tangible Assets. 
 SECTION 6.05. Dividend and Other Payment Restrictions Affecting Subsidiaries. 
 (a) Neither the Parent nor either Borrower will, and none of them will permit any of the Restricted Subsidiaries or any Other Guarantor to, directly or indirectly, create or permit to exist or become
effective any consensual encumbrance or restriction on the ability of any of the Restricted Subsidiaries or Other Guarantors to: 
 (i) pay dividends or make any other distributions on its Capital Stock to the Company or any of the Restricted Subsidiaries, or with respect to any other interest or participation in, or measured by, its
profits, or pay any Indebtedness owed to the Company or any of the Restricted Subsidiaries; 
 (ii) make loans or
advances to the Company or any of the Restricted Subsidiaries; or 
 (iii) sell, lease or transfer any of its
properties or assets to the Company or any of the Restricted Subsidiaries. 
 (b) The restrictions of
Section 6.05(a) will not apply to encumbrances or restrictions existing under or by reason of: 
 (i)
any Credit Facility, provided that the encumbrances and restrictions contained therein, including any related collateral documents, and any amendments, restatements, modifications, renewals, supplements, refundings, replacements or
refinancings thereof are not materially more restrictive, taken as a whole, with respect to such dividend and other payment restrictions than those contained in this Agreement; 

  
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 (ii) agreements governing Existing Indebtedness, the New Indenture, the New
Notes and the guarantees thereof and the Existing Term Loan Facility and any guarantees thereof, in each case, as in effect on the Closing Date and any amendments, restatements, modifications, renewals, supplements, refundings, replacements or
refinancings of those agreements; provided that the amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings are not materially more restrictive, taken as a whole, with respect to such dividend
and other payment restrictions than those contained in those agreements on the Closing Date; 
 (iii) this
Agreement; 
 (iv) applicable law, rule, regulation or order; 

(v) any instrument governing Indebtedness or Equity Interests of a Person acquired by the Parent, the Company, any of the
Restricted Subsidiaries or any Other Guarantor as in effect at the time of such acquisition (except to the extent such Indebtedness or Equity Interests were incurred in connection with or in contemplation of such acquisition), which encumbrance or
restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired; provided that, in the case of Indebtedness, such Indebtedness is permitted by
this Agreement; 
 (vi) customary non-assignment provisions in contracts and licenses entered into in the
ordinary course of business; 
 (vii) purchase money obligations for property acquired in the ordinary course of
business, mortgage financings and Capital Lease Obligations that impose restrictions on the property purchased or mortgaged or leased of the nature described in Section 6.05(a)(iii); 

(viii) any agreement for the sale or other disposition of any Restricted Subsidiary or Other Guarantor that restricts
distributions by that Restricted Subsidiary or Other Guarantor pending the sale or other disposition; 
 (ix)
Permitted Refinancing Indebtedness; provided that the restrictions contained in the agreements governing such Permitted Refinancing Indebtedness are not materially more restrictive, taken as a whole, than those contained in the agreements
governing the Indebtedness being refinanced; 
 (x) Liens permitted to be incurred under Section 6.10
that limit the right of the debtor to dispose of the assets subject to such Liens; 
 (xi) provisions limiting
the disposition or distribution of assets or property in joint venture agreements, asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements, which limitation is applicable only to the assets that are the
subject of such agreements; 
 (xii) restrictions on cash or other deposits or net worth imposed by customers
under contracts entered into in the ordinary course of business; 
 (xiii) restrictions contained in, or in
request of, Hedging Obligations permitted to be incurred by this Agreement; and 
 (xiv) any customary
encumbrances or restrictions imposed pursuant to an agreement of the type described in the definition of “Permitted Investments.” 
 SECTION 6.06. Merger, Consolidation; Sale of Assets. 
 (a) None of the
Parent, either Borrower or any other Guarantor will, directly or indirectly: (1) consolidate or merge with or into another Person (whether or not the Parent, such Borrower or such other Guarantor,

  
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as applicable, is the surviving Person); or (2) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of, with respect to the Parent,
the Borrowers, the Restricted Subsidiaries and the Other Guarantors taken as a whole, or, with respect to the Company and the Restricted Subsidiaries taken as a whole, in each case, in one or more related transactions, to another Person,
unless: 
 (i) either (a) the Parent, such Borrower, or such other Guarantor, as applicable, is the
surviving Person; or (b) the Person formed by or surviving any such consolidation or merger (if other than the Parent, such Borrower or such other Guarantor, as the case may be) or to which such sale, assignment, transfer, conveyance or other
disposition has been made is a Person organized or existing under the laws of the Cayman Islands, the United States, any state of the United States or the District of Columbia or, in the case of the Parent, any other similar jurisdiction so long as
neither the laws of any such jurisdiction nor any such transaction would adversely affect the Secured Parties; provided that any Person surviving a consolidation or merger with US Borrower must be organized and existing under the laws of the
same jurisdiction of formation as US Borrower; 
 (ii) the Person formed by or surviving any such consolidation
or merger (if other than the Parent, such Borrower or such other Guarantor, as applicable) or the Person to which such sale, assignment, transfer, conveyance or other disposition has been made assumes all the Loan Obligations of the Parent, such
Borrower or such other Guarantor, as applicable, pursuant to a joinder agreement or amendment to the Loan Documents, as applicable, in each case reasonably satisfactory to each of the Agents (it being agreed that if either Borrower merges with or
into the Parent, the Parent must assume all such obligations of such Borrower), provided that, if such Person is a limited liability company or a limited partnership, then the Parent, such Borrower, such Guarantor or such Person shall have
the Loan Obligations assumed or issued, on a joint and several basis, with a corporation in which it owns 100% of the Equity Interests; 
 (iii) immediately after such transaction, no Default or Event of Default exists; and 
 (iv) except with respect to a transaction solely between or among the Parent, either Borrower, any of the Restricted Subsidiaries or any Other Guarantor, the Parent, the Borrowers or the Person formed by
or surviving any such consolidation or merger (if other than the Parent or either Borrower), or to which such sale, assignment, transfer, conveyance or other disposition has been made, would, on the date of such transaction after giving pro forma
effect thereto and any related financing transactions as if the same had occurred on the first day of the applicable four-quarter period, be permitted to incur at least $1.00 of additional Indebtedness pursuant to Section 6.03(a)(i) or
(ii), as applicable. 
 This Section 6.06 shall not apply to any consolidation or merger (except that the proviso to clause
(a)(i) shall apply to any consolidation or merger to which US Borrower is a party), or any sale, or any sale, assignment, transfer, conveyance, lease or other disposition of assets between or among the Company and any Restricted Subsidiary. Clauses
(a)(iii) and (a)(iv) of this Section 6.06 will not apply to a merger of the Company with an Affiliate solely for the purpose of reincorporating the Company in another jurisdiction. Clause (a)(iv) of this Section 6.06 will not
apply to any Guarantor, other than the Parent. 
 (b) Neither the Parent nor the Company will, directly or indirectly, lease all
or substantially all of the properties and assets of any of them and the Restricted Subsidiaries or Other Guarantors taken as a whole, in one or more related transactions to any other Person. 

(c) Without limiting anything in this Section 6.06, no Guarantor shall sell or otherwise dispose of all or substantially all
of its assets to, consolidate with or merge with or into (whether or not such Subsidiary Guarantor is the surviving Person) another Person, other than the Company or another Restricted Subsidiary, unless: 

(i) immediately after giving effect to that transaction, no Default or Event of Default exists; and 

  
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 (ii) either: 

(1) the Person acquiring the property in any such sale or disposition or the Person formed by or surviving any such
consolidation or merger assumes all the obligations of that Guarantor under this Agreement and its Guarantee pursuant to a Joinder Agreement; or 
 (2) the Net Proceeds of such sale or other disposition are applied in accordance with the applicable provisions of this Agreement, the Intercreditor Agreement and the Collateral Agreements. 

(d) Neither Borrower will, and neither the Parent nor either Borrower will permit any of the Restricted Subsidiaries to, directly or
indirectly, consummate any Asset Sale unless (other than with respect to an Asset Sale pursuant to an Involuntary Transfer): 
 (i) the Parent, the Company or the Restricted Subsidiary, as the case may be, receives consideration at the time of the Asset Sale at least equal to the Fair Market Value of the assets or Equity Interests
issued or sold or otherwise disposed of; 
 (ii) at least 75% of the consideration received in the Asset Sale by
the Parent, the Company or such Restricted Subsidiary is in the form of cash; provided, however, (1) to the extent that any disposition in such Asset Sale was of Collateral, the non-cash consideration received is pledged as
Collateral under the Collateral Agreements contemporaneously with such sale, in accordance with the requirements set forth in this Agreement and (2) any Vessel Asset Sale in respect of a Deepwater Vessel shall not be permitted until the
Tungsten Explorer Delivery Date has occurred; and 
 (iii) in the case of a Vessel Asset Sale of a Deepwater
Vessel, the Parent would, immediately after giving pro forma effect thereto, including the application of the Net Proceeds therefrom, as if the same had occurred on the first day of the applicable four-quarter period, (A) be permitted to incur
at least $1.00 of additional Indebtedness pursuant to the Consolidated Interest Coverage Ratio test set forth in Section 6.03(a)(i), or (B) have a Consolidated Interest Coverage Ratio that is no worse than the Consolidated Interest
Coverage Ratio immediately prior to such Vessel Asset Sale. 
 (e) For purposes of Section 6.06(d) only, each of the
following will be deemed to be cash: 
 (i) any liabilities, as shown on the Company’s most recent
consolidated balance sheet, of the Company or any Restricted Subsidiary (other than contingent liabilities and liabilities that are by their terms subordinated to the Loan Obligations) that are assumed by the transferee of any such assets so long as
the Company or such Restricted Subsidiary are released from further liability; 
 (ii) any securities, notes or
other obligations received by the Company or any such Restricted Subsidiary from such transferee that are converted by the Company or such Restricted Subsidiary into cash within 180 days of the receipt thereof, to the extent of the cash received in
that conversion; 
 (iii) any stock or assets of the kind referred to in clauses (2) or (4) of
Section 2.06(b)(i); and 
 (iv) any Designated Non-cash Consideration when taken together with all
other Designated Non-cash Consideration received pursuant to this clause (d) that is at that time outstanding, not to exceed 5% of the Company’s Consolidated Tangible Assets at the time of the receipt of such Designated Non-cash
Consideration (with the Fair Market Value of each item of Designated Non-cash Consideration being measured at the time received and without giving effect to subsequent changes in value). 

  
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 (f) Neither Borrower will, and neither the Parent nor either Borrower will any Restricted
Subsidiary to, enter into or suffer to exist any agreement that would place any restriction of any kind (other than pursuant to law or regulation) on the ability of the Company to make an Asset Sale Offer. 

(g) (Vessel Transfers) Neither Borrower will, and neither the Parent nor either Borrower will permit any Guarantor to, transfer
all of the legal title to a Vessel from one existing Guarantor to another existing Guarantor (or to an entity that simultaneously with such transfer becomes a Guarantor) unless (x) all of the existing security covering such Vessel remains in
place and (y) each of the following is satisfied: 
 (i) the Administrative Borrower shall have given the
Pari Passu Collateral Agent written notice of any such proposed transfer not fewer than 30 days prior to the anticipated date of such transfer; 
 (ii) the bill of sale or other instrument of transfer shall explicitly state that the transfer is subject to the assumption or continuance of the existing Ship Mortgage in full force and effect;

 (iii) the relevant Vessel shall be duly re-registered in the name of the transferee Guarantor under the laws
and flag of the relevant jurisdiction simultaneously with such transfer and evidence thereof delivered to the Pari Passu Collateral Agent on such date; 
 (iv) if appropriate in the opinion of the legal counsel described in subclause (vii) below, an instrument of assumption of mortgage shall be executed by the transferee Guarantor and the Pari Passu
Collateral Agent and registered promptly with such transfer with the appropriate authorities of the Vessel’s jurisdiction of registry, or any such other instrument required to perfect a Ship Mortgage in favor of the Pari Passu Collateral Agent
as required by the Vessel’s jurisdiction of registry; 
 (v) simultaneously with such transfer, the
transferee Guarantor shall acknowledge in writing to the Pari Passu Collateral Agent that the Ship Mortgage and all other Collateral relating to the Vessel remains in full force and effect and is ratified and confirmed by the transferee Guarantor;

 (vi) on the same date of such transfer, the Administrative Borrower and the transferee Guarantor shall deliver
to the Pari Passu Collateral Agent a certificate of ownership and encumbrance or similar certificate issued by the jurisdiction of registration of the Vessel evidencing re-registration in the name of the transferee Guarantor and the continuance of
the Ship Mortgage in favor of the Pari Passu Collateral Agent; and 
 (vii) the Administrative Borrower shall
cause to be delivered to the Pari Passu Collateral Agent on the same date of such transfer a legal opinion from outside counsel reasonably satisfactory to the Pari Passu Collateral Agent to the following effect (A) the Vessel is duly registered
(preliminarily registered if the jurisdiction is Panama) in the name of the transferee Guarantor with the appropriate authorities of the Vessel’s jurisdiction of registry; (B) the Ship Mortgage constitutes the legal, valid and binding
obligation of the transferee Guarantor and remains duly registered as a first priority Lien or ship mortgage in favor of the Pari Passu Collateral Agent with priority dating back to the date on which such Ship Mortgage was initially registered in
favor of the Pari Passu Collateral Agent; (C) an assumption of the Ship Mortgage by the transferee Guarantor has been duly registered (preliminarily registered if the jurisdiction is Panama) (or an opinion that such an assumption is not
required to maintain the status of the mortgage or the assumption by the transferee Guarantor of all obligations of the mortgagor thereunder); (D) all Collateral relating to the Vessel constitutes legal, valid and binding obligations of the
transferee Guarantor; (E) all filings and consents in the relevant jurisdictions have been obtained or made; and (F) such transfer is in compliance with the terms of this Agreement. Such legal opinion shall also contain such other opinions
as are requested by the Pari Passu Collateral Agent and otherwise be in form and substance reasonably satisfactory to the Pari Passu Collateral Agent. The counsel issuing such opinion may rely on local counsel admitted to practice in the
jurisdiction of registration of the Vessel with respect to matters governed by the laws of such jurisdiction. If the Vessel transferred is registered under the laws and flag of Panama, the Administrative Borrower shall also deliver to the Pari Passu
Collateral Agent an opinion of 

  
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Panamanian counsel reasonably satisfactory to the Pari Passu Collateral Agent not later than five (5) months after the date of transfer confirming that such Vessel has been permanently
registered in the name of the transferee Guarantor and that any assumption of Ship Mortgage or other instrument required to be filed has been permanently recorded. 
 (h) (Partial Vessel Transfers) Neither Borrower will, and neither the Parent nor either Borrower will permit any Guarantor to, transfer a partial interest in a Vessel unless (x) such
transaction complies with the terms of this Agreement, including Sections 2.06, 6.04 and 6.06, and the terms set forth on Schedule 6.06(h) and (y) each of the following is satisfied with respect to any such
transfer of all of the legal title: 
 (i) the Administrative Borrower shall have given the Pari Passu Collateral
Agent written notice of any such proposed transfer not fewer than 30 days prior to the anticipated date of such transfer; 
 (ii) any bill of sale or other instrument of partial transfer shall state on its face that the interest transferred is subject to the lien of the relevant Ship Mortgage; 

(iii) the relevant Vessel shall be duly re-registered in the joint names of the transferor Guarantor and the transferee
showing the individual percentage interest held by each under the laws and flag of the relevant jurisdiction simultaneously with such transfer and evidence thereof delivered to the Pari Passu Collateral Agent on such date; 

(iv) simultaneously with such transfer the transferee shall acknowledge in writing to the Pari Passu Collateral Agent that
it takes its interest subject to the Ship Mortgage; 
 (v) on the same date of such transfer, the Administrative
Borrower shall deliver to the Pari Passu Collateral Agent a certificate of ownership and encumbrance or similar certificate issued by the jurisdiction of registration of the Vessel evidencing (x) re-registration in the joint names of the
transferor Guarantor and the transferee and (y) the continuance of the Ship Mortgage in favor of the Pari Passu Collateral Agent; and 
 (vi) the Administrative Borrower shall cause to be delivered to the Pari Passu Collateral Agent on the same date of such transfer a legal opinion from outside counsel reasonably satisfactory to the Pari
Passu Collateral Agent to the following effect (A) the Vessel is duly registered (preliminarily registered if the jurisdiction is Panama) in the joint names of the transferor Guarantor and the transferee with the appropriate authorities of the
Vessel’s jurisdiction of registry; (B) the Ship Mortgage continues to constitute the legal, valid and binding obligation of the transferor Guarantor and remains duly registered as a first priority Lien or ship mortgage in favor of the Pari
Passu Collateral Agent with priority dating back to the date on which such Ship Mortgage was initially registered in favor of the Pari Passu Collateral Agent; (C) all Collateral relating to the Vessel continues to constitute legal, valid and
binding obligations of the transferor Guarantor; (D) all filings and consents in the relevant jurisdictions have been obtained or made; and (E) such transfer is in compliance with the terms of the Indenture. Such legal opinion shall also
contain such other opinions as are requested by the Pari Passu Collateral Agent and otherwise be in form and substance reasonably satisfactory the Pari Passu Collateral Agent. The counsel issuing such opinion may rely on local counsel admitted to
practice in the jurisdiction of registration of the Vessel with respect to matters governed by the laws of such jurisdiction. If the Vessel transferred is registered under the laws and flag of Panama, the Administrative Borrower shall also deliver
to the Pari Passu Collateral Agent an opinion of Panamanian counsel reasonably satisfactory to the Pari Passu Collateral Agent not later than five (5) months after the date of transfer confirming that such Vessel has been permanently registered
in the joint names of the transferor Guarantor and the transferee. 
 SECTION 6.07. Transactions with Affiliates.

 (a) Neither the Parent nor either Borrower will, and none of them will permit any of the Restricted Subsidiaries or any Other
Guarantor to, directly or indirectly, make any payment to, or sell, lease, transfer 

  
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or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan,
advance or guarantee with, or for the benefit of, any Affiliate of the Parent, the Company, any Restricted Subsidiary or any Other Guarantor (each, an “Affiliate Transaction”) unless: 

(i) the Affiliate Transaction is on terms that are no less favorable to the Parent, the Company, any applicable Restricted
Subsidiary or any applicable Other Guarantor than those that would have been obtained in a comparable transaction by the Parent, the Company, any applicable Restricted Subsidiary or any applicable Other Guarantor with an unrelated Person or, if
there is no such comparable transaction, on terms that are fair and reasonable to the Parent, the Company, any applicable Restricted Subsidiary and any applicable Other Guarantor and reflect an arm’s length negotiation; and 

(ii) the Parent delivers to the Administrative Agent: 

(1) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate
consideration in excess of $10,000,000, a resolution of the Board of Directors of the Parent set forth in an officers’ certificate certifying that such Affiliate Transaction complies with this covenant and that such Affiliate Transaction has
been approved by a majority of the disinterested members of the Board of Directors of the Parent; and 
 (2)
with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $100,000,000, an opinion as to the fairness to the Parent, the Company, any applicable Restricted Subsidiary or any
applicable Other Guarantor of such Affiliate Transaction from a financial point of view issued by an accounting, appraisal or investment banking firm of national standing. 
 (b) The following items will not be deemed to be Affiliate Transactions and, therefore, will not be subject to the restrictions of Section 6.07(a): 

(i) any employment agreement, employee benefit plan, officer or director indemnification agreement or any similar
arrangement entered into by the Parent or any of its Subsidiaries in the ordinary course of business and payments pursuant thereto; 
 (ii) payment of reasonable directors’ fees to Persons who are not otherwise Affiliates of the Parent; 
 (iii) transactions between or among the Parent, the Company, any of the Restricted Subsidiaries or any Other Guarantor; 

(iv) transactions between or among the Parent and/or any of its Subsidiaries (excluding transactions involving the
Company, any of the Restricted Subsidiaries or any Other Guarantor); 
 (v) loans or advances to employees of the
Parent or the Company in the ordinary course of business not to exceed $5,000,000 in the aggregate at any one time outstanding; 
 (vi) transactions with a Person (other than an Unrestricted Subsidiary) that is an Affiliate of the Company solely because the Company owns, directly or through a Restricted Subsidiary, an Equity Interest
in, or controls, such Person; 
 (vii) Restricted Payments that do not violate Section 6.04;

 (viii) any agreement as in effect on the Closing Date or any amendments, renewals or extensions of any such
agreement (so long as such amendments, renewals or extensions are not less favorable to the Lenders); and 

  
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 (ix) transactions between or among any Excluded Parent Subsidiary, on the
one hand and the Parent and any of its other Subsidiaries (excluding transactions involving the Company, any of the Restricted Subsidiaries or any Other Guarantor), on the other hand, provided that such transaction is entered into in the
ordinary course of business and on an arm’s length basis and that any such transaction has been approved by a majority of the disinterested members of the Board of Directors of the Parent pursuant to a resolution of the Board of Directors of
the Parent set forth in an officers’ certificate. 
 SECTION 6.08. Compliance Certificate. The Administrative
Borrower shall deliver to the Administrative Agent within 120 days after the end of each fiscal year of the Company, beginning with the fiscal year ending on December 31, 2012, an Officers’ Certificate, in substantially the form of
Exhibit G, stating that in the course of the performance by the signers of their duties as Authorized Officers of the Company they would normally have knowledge of any Default and whether or not the signers know of any Default that occurred
during such period. If they do, the certificate shall describe the Default, its status and what action the Company is taking or proposes to take with respect thereto. In addition, the Administrative Borrower shall deliver to the Administrative
Agent, within 30 days after the occurrence thereof, written notice of any Default or Event of Default, their status and what action the Company is taking or proposes to take in respect thereof. 

SECTION 6.09. Future Guarantors. 
 (a) If (i) the Company or any of the Restricted Subsidiaries acquire or create another Subsidiary, (ii) the Parent acquires or creates another Subsidiary to directly or indirectly own the Equity
Interests of the Company, any of the Restricted Subsidiaries or any Other Guarantor, (iii) any Subsidiary of the Company that is not already a Guarantor or US Borrower guarantees any Credit Facility, the 2019 Notes, the Existing Term Loan
Facility, the New Notes or any other Pari Passu Obligations or owns any Vessel, (iv) any Subsidiary of the Parent or the Company that is not already a Guarantor or US Borrower is the subject of a Contract Winning Trigger or (v) any
Subsidiary of the Parent or the Company that is not already a Guarantor or US Borrower becomes an Internal Charterer after the Closing Date, then the Parent or the Company, as applicable, will (1) cause that Subsidiary to (A) execute a
Joinder Agreement pursuant to which it will become a Guarantor and (B) execute amendments or otherwise accede to or join the Collateral Agreements and cause the same to be perfected pursuant to which it becomes subject to the Obligations of a
Guarantor thereunder and pledge its assets, including the Equity Interests it owns in any of its Subsidiaries, pursuant to the Collateral Agreements and (2) deliver an opinion of counsel satisfactory to the Administrative Agent, in each case
within 20 Business Days of the date on which the Subsidiary was acquired or created or otherwise becomes subject to this Section 6.09; provided that any applicable Subsidiary may be released as a Guarantor and from any related
pledge following the occurrence of a Contract Unwind Trigger provided the conditions to that release are satisfied, including that no assets or property have been transferred or sold, directly or indirectly, by either Borrower or a Guarantor to such
applicable Subsidiary that are subject to Section 6.06. In addition, to the extent any such Subsidiary (x) is not already a direct or indirect Subsidiary of the Company and (y) does not constitute an Other Guarantor, the Parent
shall cause the Equity Interests of such Subsidiary to be transferred to the Company or a Restricted Subsidiary within 20 Business Days of such Subsidiary executing any such Joinder Agreement or as soon as practicable where applicable local law
requires additional time for compliance with applicable legal requirements. 
 (b) With respect to each Subsidiary that is
required to become a Guarantor pursuant to Section 6.09(a), the Parent or the Company shall designate each such Subsidiary to become a Restricted Subsidiary, and shall comply with the conditions set forth in clause (II) of the definition
of “Unrestricted Subsidiary” in connection therewith within 20 Business Days of the date on which such Subsidiary was acquired or created, or as soon as practicable where applicable local law requires additional time for compliance with
applicable legal requirements. For the avoidance of doubt, no direct or indirect Subsidiary of the Parent may become a Restricted Subsidiary for purposes of this Agreement if such Subsidiary is a Subsidiary of the Parent but not of the Company.

 SECTION 6.10. Liens. Neither the Parent nor either Borrower will, and none of them will permit any of the
Restricted Subsidiaries or any Other Guarantor to, directly or indirectly, create, incur, assume or suffer to exist any Lien of any kind on any asset or property now owned or hereafter acquired that secures any Obligations under any Indebtedness,
except Permitted Liens. 

  
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 SECTION 6.11. Covenant Suspension Event. 

(a) If on any date following the Closing Date, (i) the Loans have Investment Grade Ratings from both Rating Agencies, and
(ii) no Default has occurred and is continuing then, beginning on that day (the occurrence of the events described in the foregoing clauses (i) and (ii) being referred to as a “Covenant Suspension
Event”), the following provisions of this Agreement will be suspended (collectively, the “Suspended Covenants”): 
 (i) Section 2.06(b) and (c) (Asset Sales); 

(ii) Section 6.03 (Limitation on Incurrence of Indebtedness and Issuance of Preferred Stock); 

(iii) Section 6.04 (Limitation on Restricted Payments); 

(iv) Section 6.05 (Dividend and Other Payment Restrictions Affecting Subsidiaries); 

(v) Section 6.06(a)(iv), (d) and (e) (Merger, Consolidation; Sale of Assets);

 (vi) Section 6.07 (Transactions with Affiliates); and 

(vii) Section 6.09 (Future Guarantors). 

(b) In the event that the Parent, the Company, the Restricted Subsidiaries and the Other Guarantors are not subject to the Suspended
Covenants under this Agreement for any period of time as a result of the foregoing, and on any subsequent date (the “Reversion Date”) one or both of the Rating Agencies withdraw their Investment Grade Rating or downgrade the rating
assigned to the Loans below an Investment Grade Rating, then the Parent, the Company, the Restricted Subsidiaries and the Other Guarantors will thereafter again be subject to the Suspended Covenants under this Agreement with respect to events from
any such Reversion Date until the Maturity Date unless there is a subsequent Suspension Period. The period of time between any Covenant Suspension Event and any Reversion Date is referred to as the “Suspension Period.” 

(c) On each Reversion Date, all Indebtedness incurred, or Disqualified Stock or Preferred Stock issued, during the Suspension Period will
be classified as having been incurred or issued pursuant to Section 6.03(a) or (b) (to the extent such Indebtedness, Disqualified Stock or Preferred Stock would be permitted to be incurred or issued thereunder as of the
Reversion Date and after giving effect to Indebtedness incurred or issued prior to the Suspension Period and outstanding on the Reversion Date). To the extent such Indebtedness, Disqualified Stock or Preferred Stock would not be so permitted to be
incurred or issued pursuant to Section 6.03(a) or (b), such Indebtedness, Disqualified Stock or Preferred Stock will be deemed to have been outstanding on the Closing Date, so that it is classified as permitted under clause
(iii) of Section 6.03(b). Calculations made after the Reversion Date of the amount available to be made as Restricted Payments under Section 6.04 will be made as though Section 6.04 had been in effect
since the Closing Date and prior to, but not during, the Suspension Period. Accordingly, Restricted Payments made during the Suspension Period will not reduce the amount available to be made as Restricted Payments under Section 6.04(a).
No Default or Event of Default will be deemed to have occurred on the Reversion Date as a result of any actions taken by the Parent, the Company, its Restricted Subsidiaries or the Other Guarantors during the Suspension Period. Within 30 days of
such Reversion Date, the Borrowers must comply with the terms of Section 6.09. 
 (d) Notwithstanding that the
Suspended Covenants may be reinstated, the failure to comply with the Suspended Covenants during the Suspension Period (including any action taken or omitted to be taken with respect thereto) or after the Suspension Period based solely on events
that occurred during the Suspension Period will not give rise to a Default or Event of Default under this Agreement. In addition, the Parent, the Company, the Restricted Subsidiaries and the Other Guarantors shall be entitled to honor any
contractual commitments during a Suspension Period following a Reversion Date and so doing shall not constitute a Default or Event of Default under any of the provisions that were Suspended Covenants prior to such reinstatement; provided that
such contractual commitments were entered into during the Suspension Period and not in contemplation of a reversion of the Suspended Covenants. 

  
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 (e) For purposes of Section 2.06(b) on the Reversion Date, any unutilized
Excess Proceeds amount will be reset to zero. 
 SECTION 6.12. Business Activities. Neither the Parent nor either
Borrower will, and none of them will permit any of the Restricted Subsidiaries or any Other Guarantor to, engage in any business other than Permitted Businesses, except to such extent as would not be material to the Company and the Restricted
Subsidiaries taken as a whole. No Other Guarantor shall engage in any other business or activities or incur or guarantee any Indebtedness (other than Loan Obligations and other Pari Passu Obligations), and any earnings of such Other Guarantor
attributable to any Drilling Contract or Internal Charter in respect of a Vessel shall be subject to the Earnings Assignment. 

SECTION 6.13. Maintenance of Insurance. 
 (a) The Credit Parties shall maintain, with financially sound and reputable insurance companies, insurance (subject to customary deductibles and retentions) in such amounts and against such risks as are
customarily maintained by similarly situated companies (including without limitation, marine hull and machinery (including excess value) insurance, marine protection and indemnity insurance, drilling, towage, repossession, loss of hire, war and
terrorist risks, protection and indemnity insurance, liability arising out of pollution and the spillage or leakage of cargo and cargo liability insurance) engaged in the same or similar businesses operating in the same or similar locations and
cause the Credit Parties to be listed as insured and the Collateral Agent to be listed as co-loss payee on property and property casualty policies and as an additional insured on liability policies. Notwithstanding the foregoing, the Credit Parties
may self-insure with respect to such risks with respect to which companies of established reputation in the same general line of business in the same general area usually self-insure. 

(b) The Credit Parties shall ensure (at the expense of the Credit Parties) that Mortgagee’s interest insurance, with financially
sound and reputable insurance companies, insured in the name of the Pari Passu Collateral Agent (in its capacity as such), shall be maintained in respect of each Vessel. 
 (c) In connection with the covenants set forth in this Section 6.13, it is understood and agreed that: 
 (i) none of the Administrative Agent, the Lenders and their respective agents or employees shall be liable for any loss or damage insured by the insurance policies required to be maintained under this
Section 6.13, it being understood that (A) the Credit Parties shall look solely to their insurance companies or any other parties other than the aforesaid parties for the recovery of such loss or damage and (B) such insurance
companies shall have no rights of subrogation against the Administrative Agent, the Lenders or their agents or employees. If, however, the insurance policies, as a matter of the internal policy of such insurer, do not provide waiver of subrogation
rights against such parties, as required above, then the Company, on behalf of itself and on behalf of each of the Restricted Subsidiaries, hereby agrees, to the extent permitted by law, to waive, and further agrees to cause each of the Restricted
Subsidiaries to waive, its right of recovery, if any, against the Administrative Agent, the Lenders and their agents and employees; and 
 (ii) the designation of any form, type or amount of insurance coverage by the Administrative Agent under this Section 6.13 shall in no event be deemed a representation, warranty or advice by
the Administrative Agent or the Lenders that such insurance is adequate for the purposes of the business of the Company and its Restricted Subsidiaries or the protection of their properties. 

SECTION 6.14. Payment of Taxes, etc. The Borrowers shall, and shall cause each Restricted Subsidiary to, pay its obligations
in respect of all material Tax liabilities, assessments and governmental charges, before the same shall become delinquent or in default, except where the amount or validity thereof is being contested in good faith by appropriate proceedings or where
the failure to effect such payment is not adverse in any material respect to the Lenders. 

  
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 SECTION 6.15. Compliance with Laws. The Borrowers shall, and shall cause each
Restricted Subsidiary to, comply with all laws, rules, regulations and judgments, writs, injunctions, decrees and orders of any Governmental Authority, whether now in effect or hereafter enacted, applicable to it or its property (including without
limitation the USA Patriot Act), except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 6.16. Operation of Vessels. The applicable Borrower and each other Credit Party which owns or operates, or will own or operate, one or more Vessels will, at all times while owning or
operating such Vessels, operate or cause such Vessel to be operated in a manner consistent with the standards set forth in the Collateral Agreements. 
 SECTION 6.17. After-Acquired Property. 
 (a) If property of a type
constituting Collateral is acquired by either Borrower or any Guarantor (other than the Parent) that is not automatically subject to a Lien or perfected security interest under the Collateral Agreements or there is a new Guarantor, then such
Borrower or such Guarantor will, as soon as practicable after such property’s acquisition or such Subsidiary becoming a Guarantor and in any event within 20 Business Days (or such longer period permitted by the Administrative Agent in its sole
discretion) or as soon as practicable where applicable local law requires additional time for compliance with applicable legal formalities so long as all of the required filings and other related actions in such jurisdiction have been taken within
such 20 Business Day period, (i) execute and deliver such mortgages, deeds of trust, security instruments, financing statements and other Collateral Agreements as shall be reasonably necessary to vest in the Collateral Agent a perfected
first-priority security interest, subject only to Permitted Liens and Liens permitted under Section 6.10, in such property (or, in the case of a new Guarantor, all of its assets constituting the type that is Collateral) in favor of the
Pari Passu Collateral Agent (but subject to the limitations described in Article X, the Collateral Agreements, the Intercreditor Agreement and limitations under applicable local law), and thereupon all provisions of this Agreement
relating to the Collateral shall be deemed to relate to such property to the same extent and with the same force and effect and (ii) deliver such certificates (including in the case of real property, title insurance) in respect thereof as
required by the Collateral Agreements and take all necessary steps to perfect the security interest represented by such Liens. 

(b) To the extent that any instrument, Mortgage or other document is required to be delivered to give effect to and perfect the Liens
(including with respect to the Tungsten Explorer when title thereto becomes legally vested in the applicable Guarantor), the Borrowers and the Guarantors will be required to use their commercially reasonable efforts to deliver such
instruments, Mortgages and/or other documents as soon as possible but in no event later than 20 Business Days following the Closing Date (or such later date permitted by the Administrative Agent in its sole discretion) or, if an asset is acquired or
delivered after the Closing Date, not later than 20 Business Days after such acquisition or delivery date (or such later date permitted by the Administrative Agent in its sole discretion); provided, however, that with respect to the
Mortgage amendments in respect of the Panamanian Flag Vessels the Emerald Driller, the Sapphire Driller, the Topaz Driller and the Aquamarine Driller, the Borrowers and the Guarantors will be required to file such
instruments, Mortgages and/or other documents no later than the second Business Day following the Closing Date. 
 (c) Neither
Borrower nor any Guarantor shall enter into (a) any agreement that requires the proceeds received from any sale of Collateral to be applied to repay, redeem, defease or otherwise acquire or retire any Indebtedness of any Person, other than as
permitted or required by this Agreement and the Collateral Agreements or (b) any amendment to, or other agreement in respect of, the Tungsten Explorer Construction Contract to the extent that any such amendment or agreement would be materially
adverse to the Borrowers or any of the Restricted Subsidiaries or the Secured Parties. 
 (d) The Parent and each Borrower
shall, and they shall cause any Guarantor to, at their sole cost and expense: 
 (i) execute and deliver all such
agreements and instruments and take all further action as the Pari Passu Collateral Agent or the Administrative Agent shall reasonably request to more fully or accurately describe the property intended to be Collateral or the obligations intended to
be secured by the Collateral Agreements; 

  
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 (ii) file any such notice filings or other agreements or instruments as may
be reasonably necessary or desirable under applicable law to perfect the Liens created by the Collateral Agreements; 
 (iii) with respect to each Drilling Contract entered into by a Guarantor, enter into and maintain an Earnings Assignment and an account control agreement in respect thereof for the benefit of the Pari
Passu Collateral Agent; 
 (iv) with respect to each Permitted Third Party Charter to which any Credit Party is a
party, (x) ensure that such Credit Party will effectively retain operational control of the relevant Vessel, (y) the Borrowers and the Guarantors will use commercially reasonable efforts to cause such local resident to consent to the
assignment of such Permitted Third Party Charter and (z) if such consent is received, the relevant Credit Parties will execute and deliver to the Pari Passu Collateral Agent an assignment of such Permitted Third Party Charter; 

(v) not assign or grant a security interest or pledge in or of the Tungsten Explorer Construction Contract or Tungsten
Explorer Refund Guarantee to any Person other than the Pari Passu Collateral Agent; and 
 (vi) deliver to the
Pari Passu Collateral Agent not more than five (5) months after the Closing Date an opinion of Panamanian counsel reasonably acceptable to the Pari Passu Collateral Agent to the effect that the Ship Mortgages covering the Panamanian flag
vessels have been duly permanently registered in the Public Registry as appropriate in Panama. 
 Notwithstanding anything to the contrary, no
Credit Party shall be required to grant a security interest, pledge or other Lien in any “Excluded Collateral” (as defined in the Security Agreement), and no such “Excluded Collateral” shall be included in the Collateral.

 SECTION 6.18. Further Instruments and Acts. 

(a) Promptly after request of the Administrative Agent, the Borrowers shall, and shall cause the Restricted Subsidiaries and the Other
Guarantors to, execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Agreement. 

(b) No Credit Party shall take any action, or omit to take any action, which action or omission might or would have the result of
materially impairing the security interest with respect to the Collateral for the benefit of the Pari Passu Collateral Agent and the Secured Parties, except as expressly set forth in this Agreement or the Collateral Agreements. 

(c) No Credit Party shall take any action or otherwise attempt to enforce any claim or maritime lien against any Vessel that has priority
over any claim or Lien of the Pari Passu Collateral Agent and the Secured Parties in respect of any Collateral, including any such claims or Liens arising under Ship Mortgages. 

(d) Each of the Credit Parties agrees that it will, or will cause its relevant Subsidiaries to, complete each of the actions described on
Schedule 6.18(d) as soon as commercially reasonable and in any event by no later than the date set forth in Schedule 6.18(d) with respect to such action or such later date as the Administrative Agent may agree in its sole discretion.

  
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 (e) On the date (the “Tungsten Explorer Delivery Date”) on which the
Tungsten Explorer is delivered by DSME to, and accepted by, the Parent, the Company or one of their Subsidiaries, the Company covenants and agrees to execute and deliver, or to cause to be executed and delivered, and to do, or cause to be
done, the documents or actions set out below: 
 (i) Delivery to the Pari Passu Collateral Agent, in form
reasonably satisfactory to the Pari Passu Collateral Agent, of: 
 (1) a copy of the Protocol of Delivery and
Acceptance respecting the Tungsten Explorer executed by (i) DSME and (ii) the Company or a Subsidiary of the Company, or any branch or office thereof; 

(2) a copy of the full warranty Bill of Sale and Builder’s Certificate respecting the Tungsten Explorer;

 (3) a copy of the class certificates respecting the Vessels (other than the Tungsten Explorer) to be
received on the Closing Date; 
 (4) a copy of the Bahamian Certificate of Registry respecting the Tungsten
Explorer; 
 (5) a copy of the Bahamian Certificate of Ownership and Encumbrance issued by the appropriate
Bahamian authorities evidencing registration of the Tungsten Explorer under Bahamian flag in the name of the Parent, the Company or one of their Subsidiaries and recording of the Ship Mortgage; 

(6) a copy of the duly executed Ship Mortgage (including deed of covenants) covering the Tungsten Explorer (and in
respect of the deed of covenants only, also the Pari Passu Collateral Agent) and duly filed with the Bahamian authorities; 
 (7) (a) evidence of insurance respecting the Tungsten Explorer that complies with the insurance requirements set forth in the Collateral Agreements, including copies of cover notes (with loss
payable clause and notice of assignment attached), letter from protection and indemnity club, and letter detailing the insurances from the Company’s independent marine insurance broker and (b) a favorable report from the Insurance Advisor
addressed to the Pari Passu Collateral Agent stating that the insurances covering the Tungsten Explorer (x) comply with the requirements of the Ship Mortgage and (y) are sufficient in form and substance to protect the interests of
the Pari Passu Collateral Agent and the other Secured Parties. 
 (8) a copy of a duly executed Internal
Charter, if any, respecting the Tungsten Explorer to cover any and all bareboat charters respecting the Tungsten Explorer or an Officers’ Certificate stating that the Company has not entered into any Internal Charter; 

(9) a copy of the duly executed Drilling Contract respecting the Tungsten Explorer (if any); 

(10) an opinion of the Company’s Bahamian legal counsel, in the form attached hereto as Exhibit L;

 (11) an opinion of counsel of the Company or Restricted Subsidiary that will be the owner of the Tungsten
Explorer in form and substance reasonably satisfactory to the Pari Passu Collateral Agent; and 
 (12) a
duly executed Assignment of Insurance, Assignment of Earnings, Internal Charterer’s Assignment of Insurance (if any), Internal Charterer’s Assignment of Earnings (if any) or Accession Agreement (if any) substantially in the form of
Exhibits I-1, I-2, J-1 and J-2, as applicable, or such other form as shall be approved by the Administrative Agent. 
 (ii) Performance of any additional Uniform Commercial Code, Companies’ Registry or other similar filings or notices or recordings requested by the Pari Passu Collateral Agent to perfect the security

  
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interests or Liens granted, or intended to be granted, by any Collateral Agreement and delivery of evidence of the foregoing to the Pari Passu Collateral Agent in form and substance reasonably
satisfactory to the Pari Passu Collateral Agent. 
 SECTION 6.19. Plan. Neither Borrower nor any ERISA Affiliates
shall establish, maintain, contribute to or become subject to any actual or contingent liability in respect of any Plan. 

SECTION 6.20. Payments for Consent. Neither the Parent nor either Borrower will, and none of them will permit any of the
Restricted Subsidiaries, any Other Guarantor or any of their respective Affiliates to, directly or indirectly, pay or cause to be paid any consideration to or for the benefit of any Lender for or as an inducement to any consent, waiver or amendment
of any of the terms or provisions of any Loan Document unless such consideration is offered to be paid and is paid to all Lenders that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such
consent, waiver or agreement. 
 ARTICLE VII 
 Events of Default 
 SECTION 7.01. Events of Default. 

An “Event of Default” with respect to the Loans occurs if: 

(a) the Borrowers default in any payment of interest on the Loans when due and payable and such default continues for a period of 5
Business Days, 
 (b) the Borrowers default in the payment of principal or premium, if any, of the Loans when due at their
Stated Maturity, upon optional prepayment, upon required prepayment, upon declaration or otherwise, 
 (c) any Credit Party or
any Restricted Subsidiary fails to comply with any of their obligations, covenants or agreements under Section 6.03, Section 6.04 or Section 6.06, 

(d) failure by the Parent to comply with the obligations set forth in clause (B)(6) of the second paragraph of the definition of Parent
Consolidated Cash Flow within 90 days from the date of occurrence of the event giving rise to the obligations thereunder; 
 (e)
any Credit Party or any Restricted Subsidiary fails to comply for 60 days after receipt of notice given by the Administrative Agent or Lenders holding at least 25% in principal amount of the outstanding Loans with its other obligations, covenants or
agreements contained in this Agreement (other than those referred to in (a), (b), (c), or (d) above or (f) below), 

(f) any Credit Party or any Restricted Subsidiary fails to comply for 120 days with any of its obligations, covenants or agreements under
Section 6.02, 
 (g) default under any mortgage, indenture or instrument under which there may be issued or by which
there may be secured or evidenced any Indebtedness for money borrowed by the Parent, the Company, any of the Restricted Subsidiaries or any Other Guarantor (or the payment of which is guaranteed by the Parent, the Company, any of the Restricted
Subsidiaries or any Other Guarantor), whether such Indebtedness now exists, or is created after the Closing Date, if that default: 
 (i) is caused by a failure to pay principal of, or interest or premium, if any, on, such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default
(a “Payment Default”); or 
 (ii) results in the acceleration of such Indebtedness prior to its
express maturity, 

  
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 and, in each case, the principal amount of any such Indebtedness, together with the
principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $25,000,000 or more; 
 (h) either Borrower or any Restricted Subsidiary that is a Significant Subsidiary (or any group of Restricted Subsidiaries that together would constitute a Significant Subsidiary) pursuant to or within
the meaning of any Bankruptcy Law: 
 (i) commences a voluntary case; 

(ii) consents to the entry of an order for relief against it in an involuntary case; 

(iii) consents to the appointment of a Custodian of it or for all or substantially all of its property; or 

(iv) makes a general assignment for the benefit of its creditors or takes any comparable action under any foreign laws
relating to insolvency, 
 (i) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 (i) is for relief against either Borrower or any Restricted Subsidiary that is a Significant Subsidiary (or
any group of Restricted Subsidiaries that together would constitute a Significant Subsidiary) in an involuntary case; 
 (ii) appoints a Custodian of either Borrower or any Restricted Subsidiary that is a Significant Subsidiary (or any group of Restricted Subsidiaries that together would constitute a Significant Subsidiary)
or for all or any substantially all of its property; 
 (iii) orders the winding up or liquidation of either
Borrower or any Restricted Subsidiary that is a Significant Subsidiary (or any group of Restricted Subsidiaries that together would constitute a Significant Subsidiary); 

(iv) any similar relief is granted under any foreign laws; or 

(v) in each case, the order or decree remains unstayed and in effect for 60 days, 

(j) any Credit Party or any of the Restricted Subsidiaries fails to pay final judgments aggregating in excess of $25,000,000 or its
foreign currency equivalent (net of any amounts which are covered by enforceable insurance policies issued by solvent carriers), which judgments are not discharged, waived or stayed for a period of 60 days following the entry thereof, 

(k) except as permitted by this Agreement, any Guarantee with respect to the Loans is held in any judicial proceeding to be unenforceable
or invalid or ceases to be in full force and effect (except as contemplated by the terms thereof) or any Guarantor, or any Person acting on behalf of any Guarantor, denies or disaffirms its obligations under this Agreement, including under any
Guarantee, with respect to the Loans, 
 (l) unless such Liens have been released in accordance with the provisions of
Section 10.25, the Collateral Agreements and the Intercreditor Agreements, the Liens in favor of the Lenders with respect to all or substantially all of the Collateral cease to be valid or enforceable and such Default continues for 30
days, or either Borrower or any Guarantor shall assert, in any pleading in any court of competent jurisdiction, that any such security interest is invalid or unenforceable and, in the case of any Guarantor, the Borrowers fail to cause such Guarantor
to rescind such assertions within 30 days after either Borrower has actual knowledge of such assertions; 

  
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 (m) breach by either Borrower or any Guarantor of any material representation or warranty
or agreement in the Collateral Agreements or the Guarantee and after expiration of all applicable cure periods provided therein, the repudiation by either Borrower or any Guarantor of any of its obligations under the Collateral Agreements or the
Guarantee or the unenforceability of the Collateral Agreements or the Guarantee against either Borrower (other than with respect to the Guarantee) or any Guarantor for any reason; or 

(n) any of the Borrowers or any ERISA Affiliate establishes, maintains, contributes to or becomes subject to any actual or contingent
liability in respect of any Plan. 
 The foregoing shall constitute Events of Default whatever the reason for any such Event of
Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body. 

SECTION 7.02. Acceleration. (a) If an Event of Default (other than an Event of Default specified in
Section 7.01(h) or (i) with respect to either Borrower) occurs and is continuing, the Administrative Agent or the Required Lenders by notice to the Administrative Borrower, may declare the principal of, premium, if any, and
accrued but unpaid interest on all the Loans to be due and payable. Upon the Administrative Agent’s notification to the Administrative Borrower of such a declaration, such principal and interest shall be due and payable immediately. If an Event
of Default specified in Section 7.01(h) or (i) with respect to the Borrowers occurs, the principal of, premium, if any, and interest on the entire principal amount of the outstanding Loans shall ipso facto become and be
immediately due and payable without any declaration or other act on the part of the Administrative Agent or any Lender. The Required Lenders by notice to the Administrative Agent may rescind an acceleration and its consequences if the rescission
would not conflict with any judgment or decree and if all existing Events of Default have been cured or waived except nonpayment of principal or interest that has become due solely because of acceleration. No such rescission shall affect any
subsequent Default or impair any right consequent thereto. 
 (b) In the event of any Event of Default specified in
Section 7.01(g), such Event of Default and all consequences thereof (excluding, however, any resulting payment default) shall be annulled, waived and rescinded, automatically and without any action by the Administrative Agent or the
Lenders, if within 20 days after such Event of Default arose the Administrative Borrower delivers an Officers’ Certificate to the Administrative Agent stating that (x) the Indebtedness or guarantee that is the basis for such Event of
Default has been discharged, (y) the holders thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event of Default or (z) the default that is the basis for such Event of Default has
been cured, it being understood that in no event shall an acceleration of the principal amount of the Loans as described above be annulled, waived or rescinded upon the happening of any such events. 

SECTION 7.03. Other Remedies. (a) If an Event of Default occurs and is continuing, the Administrative Agent may pursue
any available remedy at law or in equity to collect the payment of principal of or interest on the Loans or to enforce the performance of any provision of this Agreement or the other Loan Documents. 

(b) The Administrative Agent may maintain a proceeding even if it does not possess any notes evidencing the Loans or does not produce any
of them in the proceeding. A delay or omission by the Administrative Agent or any Lender in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event
of Default. No remedy is exclusive of any other remedy. To the extent required by law, all available remedies are cumulative. 

SECTION 7.04. Waiver of Past Defaults. Provided the Loans are not then due and payable by reason of a declaration of
acceleration, the Required Lenders by written notice to the Administrative Agent may waive an existing Default and its consequences except (a) a Default in the payment of the principal of or interest on any Loan, (b) a Default arising from
the failure to prepay any Loan when required pursuant to the terms of this Agreement or (c) a Default in respect of a provision that under Section 10.01 cannot be amended without the consent of each Lender affected. When a Default
is waived, it is deemed cured and the Credit Parties, the Administrative Agent and the Lenders will be restored to their former positions and rights under this Agreement, but no such waiver shall extend to any subsequent or other Default or impair
any consequent right. 

  
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 SECTION 7.05. Control by Majority. The Required Lenders may direct the time,
method and place of conducting any proceeding for any remedy available to the Administrative Agent or of exercising any trust or power conferred on the Administrative Agent. However, the Administrative Agent may refuse to follow any direction that
conflicts with law or this Agreement or, subject to Article VIII, that the Administrative Agent determines is unduly prejudicial to the rights of any other Lender or that would involve the Administrative Agent in personal liability or
expenses for which it is not adequately indemnified; provided, however, that the Administrative Agent may take any other action deemed proper by the Administrative Agent that is not inconsistent with such direction. 

ARTICLE VIII 
 The Agents 
 SECTION 8.01. Appointment. 

(a) Each Lender hereby irrevocably designates and appoints the Administrative Agent as the agent of such Lender under this Agreement and
the other Loan Documents and irrevocably authorizes the Administrative Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Loan Documents and to exercise such powers and perform such duties
as are expressly delegated to the Administrative Agent by the terms of this Agreement and the other Loan Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this
Agreement, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein and in the other Loan Documents, or any fiduciary relationship with any Lender, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against the Administrative Agent. 
 (b) The Administrative Agent and each Lender hereby irrevocably designate and appoint the Collateral Agent as the agent with respect to the Collateral, and each of the Administrative Agent and each Lender
irrevocably authorizes the Collateral Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Loan Documents and to exercise such powers and perform such duties as are expressly delegated to
the Collateral Agent by the terms of this Agreement and the other Loan Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, the Collateral Agent
shall not have any duties or responsibilities except those expressly set forth herein and in the other Loan Documents, or any fiduciary relationship with any of the Administrative Agent or the Lenders, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against the Collateral Agent. 
 SECTION 8.02. Delegation of Duties. The Administrative Agent and the Collateral Agent may each execute any of its duties under this Agreement and the other Loan Documents by or through agents,
sub-agents, employees or attorneys-in-fact (each, a “Subagent”) and shall be entitled to advice of counsel concerning all matters pertaining to such duties; provided, however, that no such Subagent shall be authorized
to take any action with respect to any Collateral unless and except to the extent expressly authorized in writing by the Administrative Agent. If any Subagent, or successor thereto, shall die, become incapable of acting, resign or be removed, all
rights, powers, privileges and duties of such Subagent, to the extent permitted by law, shall automatically vest in and be exercised by the Administrative Agent until the appointment of a new Subagent. Neither the Administrative Agent nor the
Collateral Agent shall be responsible for the negligence or misconduct of any Subagents selected by it with reasonable care. 

SECTION 8.03. Exculpatory Provisions. No Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or
Affiliates shall be (a) liable for any action lawfully taken or omitted to be taken by any of them under or in connection with this Agreement or any other Loan Document (except for its or such Person’s own gross negligence or willful
misconduct, as determined in the final judgment of a court of competent jurisdiction, in connection with its duties expressly set forth herein) or (b) responsible in any manner to any of the Lenders or any Participant for any recitals,
statements, representations or warranties made by any of the Borrowers, any other Credit Party or any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report, statement or other document referred to or
provided for in, or received by such Agent under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or 

  
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sufficiency of this Agreement or any other Loan Document, or for any failure of the Borrowers or any other Credit Party to perform its Obligations hereunder or thereunder. No Agent shall be under
any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of any
Credit Party or any Affiliate thereof. The Collateral Agent shall not be under any obligation to the Administrative Agent or any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or
conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of any Credit Party. 

SECTION 8.04. Reliance by Agents. The Administrative Agent and the Collateral Agent shall be entitled to rely, and shall be
fully protected in relying, upon any writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or teletype message, statement, order or other document or instruction believed by it to be genuine and correct and to have
been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to the Borrowers), independent accountants and other experts selected by the Administrative Agent or the Collateral Agent.
The Administrative Agent and the Collateral Agent may deem and treat the Lender specified in the Register with respect to any amount owing hereunder as the owner thereof for all purposes unless a written notice of assignment, negotiation or transfer
thereof shall have been filed with the Administrative Agent. The Administrative Agent and the Collateral Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless it shall first
receive such advice or concurrence of the Required Lenders as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense that may be incurred by it by reason of taking or
continuing to take any such action. The Administrative Agent and the Collateral Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the other Loan Documents in accordance with a request of
the Required Lenders, and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans; provided that the Administrative Agent and Collateral Agent shall not be
required to take any action that, in its opinion or in the opinion of its counsel, may expose it to liability or that is contrary to any Loan Document or applicable Requirements of Law. 

SECTION 8.05. Notice of Default. Neither the Administrative Agent nor the Collateral Agent shall be deemed to have knowledge
or notice of the occurrence of any Default or Event of Default hereunder unless the Administrative Agent or Collateral Agent, as applicable, has received notice from a Lender or the Administrative Borrower referring to this Agreement, describing
such Default or Event of Default and stating that such notice is a “notice of default”. In the event that the Administrative Agent receives such a notice, it shall give notice thereof to the Lenders and the Collateral Agent. The
Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders; provided that unless and until the Administrative Agent shall have received such directions,
the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders except to the extent
that this Agreement requires that such action be taken only with the approval of the Required Lenders or each individual Lender, as applicable. 
 SECTION 8.06. Non-Reliance on Administrative Agent, Collateral Agent and Other Lenders. Each Lender expressly acknowledges that neither the Administrative Agent nor the Collateral Agent nor
any of their respective officers, directors, employees, agents, attorneys-in-fact or Affiliates has made any representations or warranties to it and that no act by the Administrative Agent or Collateral Agent hereafter taken, including any review of
the affairs of either Borrower or any other Credit Party, shall be deemed to constitute any representation or warranty by the Administrative Agent or Collateral Agent to any Lender. Each Lender represents to the Administrative Agent and the
Collateral Agent that it has, independently and without reliance upon the Administrative Agent, Collateral Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and
investigation into the business, operations, property, financial and other condition and creditworthiness of each Borrower and each other Credit Party and made its own decision to make its Loans hereunder and enter into this Agreement. Each Lender
also represents that it will, independently and without reliance upon the Administrative Agent, Collateral Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own
credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and
other condition and creditworthiness of either Borrower and any other Credit Party. Except for notices, reports and 

  
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other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, neither the Administrative Agent nor the Collateral Agent shall have any duty or
responsibility to provide any Lender with any credit or other information concerning the business, assets, operations, properties, financial condition, prospects or creditworthiness of either Borrower or any other Credit Party that may come into the
possession of the Administrative Agent or Collateral Agent or any of their respective officers, directors, employees, agents, attorneys-in-fact or Affiliates. 
 SECTION 8.07. Indemnification. The Lenders agree to indemnify the Administrative Agent and the Collateral Agent, each in its capacity as such (to the extent not reimbursed by the Credit
Parties and without limiting the obligation of the Credit Parties to do so), ratably according to their respective portions of the Loans outstanding in effect on the date on which indemnification is sought (or, if indemnification is sought after the
date upon which the Loans shall have been paid in full, ratably in accordance with their respective portions of the Loans in effect immediately prior to such date), from and against any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time (including at any time following the payment of the Loans) occur, be imposed on, incurred by or asserted against the Administrative Agent or the
Collateral Agent in any way relating to or arising out of the Loans, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action
taken or omitted by the Administrative Agent or the Collateral Agent under or in connection with any of the foregoing; provided that no Lender shall be liable to the Administrative Agent or the Collateral Agent for the payment of any portion
of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Agent’s, as applicable, gross negligence, bad faith or willful misconduct as determined by a final
judgment of a court of competent jurisdiction; provided, further, that no action taken in accordance with the directions of the Required Lenders (or such other number or percentage of the Lenders as shall be required by the Loan
Documents) shall be deemed to constitute gross negligence, bad faith or willful misconduct for purposes of this Section 8.07. In the case of any investigation, litigation or proceeding giving rise to any liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time occur (including at any time following the payment of the Loans), this Section 8.07 applies whether any such
investigation, litigation or proceeding is brought by any Lender or any other Person. Without limitation of the foregoing, each Lender shall reimburse the Administrative Agent and the Collateral Agent upon demand for its ratable share of any costs
or out-of-pocket expenses (including attorneys’ fees) incurred by such Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or
otherwise) of, or legal advice rendered in respect of rights or responsibilities under, this Agreement, any other Loan Document, or any document contemplated by or referred to herein, to the extent that such Agent is not reimbursed for such expenses
by or on behalf of the Borrowers; provided that such reimbursement by the Lenders shall not affect the Borrowers’ continuing joint and several reimbursement obligations with respect thereto. If any indemnity furnished to any Agent for
any purpose shall, in the opinion of such Agent, be insufficient or become impaired, such Agent may call for additional indemnity and cease, or not commence, to do the acts indemnified against until such additional indemnity is furnished;
provided, in no event shall this sentence require any Lender to indemnify any Agent against any liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement in excess of such Lender’s pro rata
portion thereof; and provided further, this sentence shall not be deemed to require any Lender to indemnify any Agent against any liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement resulting
from such Agent’s gross negligence, bad faith or willful misconduct, as determined in the final judgment of a court of competent jurisdiction. The agreements in this Section 8.07 shall survive the payment of the Loans and all other
amounts payable hereunder. 
 SECTION 8.08. Agents in Their Individual Capacity. Each Agent and its Affiliates may
make loans to, accept deposits from and generally engage in any kind of business with either Borrower and any other Credit Party as though such Agent were not an Agent hereunder and under the other Loan Documents. With respect to the Loans made by
it, each Agent shall have the same rights and powers under this Agreement and the other Loan Documents as any Lender and may exercise the same as though it were not an Agent, and the terms “Lender” and “Lenders”
shall include each Agent in its individual capacity. 
 SECTION 8.09. Successor Agents. Each of the Administrative
Agent and Collateral Agent may at any time give notice of its resignation to the Lenders and the Administrative Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, subject to the consent of the
Administrative Borrower (not 

  
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to be unreasonably withheld or delayed) so long as no Default or Event of Default is continuing, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate
of any such bank with an office in the United States. If, in the case of a resignation of a retiring Agent, no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the
retiring Agent gives notice of its resignation, then the retiring Agent may on behalf of the Lenders, appoint a successor Agent meeting the qualifications set forth above; provided that if the retiring Agent shall notify the Administrative
Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (1) the retiring Agent shall be discharged from its duties and
obligations hereunder and under the other Loan Documents (except in the case of the Collateral Agent holding collateral security on behalf of any Secured Parties, the retiring Collateral Agent shall continue to hold such collateral security as
nominee until such time as a successor Collateral Agent is appointed) and (2) all payments, communications and determinations provided to be made by, to or through such Agent shall instead be made by or to each Lender directly, until such time
as the Required Lenders appoint a successor Agent as provided for above in this Section 8.09. Upon the acceptance of a successor’s appointment as the Administrative Agent or Collateral Agent, as the case may be, hereunder, and upon
the execution and filing or recording of such financing statements, or amendments thereto, and such other instruments or notices, as may be necessary or desirable, or as the Required Lenders may request, in order to continue the perfection of the
Liens granted or purported to be granted by the Collateral Agreements, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Agent, and the retiring Agent shall be
discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section). The fees payable by the Borrowers (following the effectiveness of such
appointment) to such Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Administrative Borrower and such successor. After the retiring Agent’s resignation hereunder and under the other Loan
Documents, the provisions of this Article VIII (including Section 8.07) and Section 10.05 shall continue in effect for the benefit of such retiring Agent, its Subagents and their respective Related Parties in
respect of any actions taken or omitted to be taken by any of them while the retiring Agent was acting as an Agent. 

SECTION 8.10. Payments Set Aside. To the extent that any payment by or on behalf of the Borrowers is made to the
Administrative Agent, the Collateral Agent or any Lender, or the Administrative Agent, the Collateral Agent or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated,
declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent, the Collateral Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any other
party, in connection with any proceeding under any Bankruptcy Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect
as if such payment had not been made or such setoff had not occurred and (b) each Lender severally agrees to pay to the Administrative Agent or the Collateral Agent, as applicable, upon demand its applicable share (without duplication) of any
amount so recovered from or repaid by the Administrative Agent or the Collateral Agent, as applicable, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the applicable Overnight Rate
from time to time in effect, in the applicable currency of such recovery or payment. The obligations of the Lenders under clause (b) of the preceding sentence shall survive the payment in full of the Loan Obligations and the termination
of this Agreement. 
 SECTION 8.11. Administrative Agent May File Proofs of Claim. In case of the pendency of any
proceeding under any Bankruptcy Law or any other judicial proceeding relative to any Credit Party, the Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or
otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Administrative Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise, (i) to file and prove a claim for the
whole amount of the principal and interest owing and unpaid in respect of the Loans and all other Loan Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders
and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the
Administrative Agent under Section 10.05) allowed in such judicial proceeding and (ii) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; and any custodian,
receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby 

  
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authorized by each Lender to make such payments to the Administrative Agent and, if the Administrative Agent shall consent to the making of such payments directly to the Lenders, to pay to the
Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due to the Administrative Agent under Section 10.05.
Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Loan Obligations or
the rights of any Lender to authorize the Administrative Agent to vote in respect of the claim of any Lender or in any such proceeding. 
 SECTION 8.12. Collateral Matters. The Lenders irrevocably authorize the Collateral Agent, at its option and in its discretion, to release any Lien on any property granted to or held by the
Collateral Agent under any Loan Document (i) upon payment in full of all Loan Obligations (other than contingent indemnification obligations and expense reimbursement claims to the extent no claim therefor has been made), (ii) if approved,
authorized or ratified in writing in accordance with Section 10.01, (iii) pursuant to the Intercreditor Agreement or the Collateral Agreements or (iv) pursuant to Section 10.19. Upon request by the Collateral Agent
at any time, the Required Lenders will confirm in writing the Collateral Agent’s authority to release its interest in particular types or items of property in accordance with this Section. 

SECTION 8.13. Intercreditor Agreements and Collateral Matters. The Lenders hereby agree to the terms of the Intercreditor
Agreement and acknowledge that Wells Fargo Bank, National Association (and any successor Collateral Agent under the Collateral Agreements and the Intercreditor Agreement) will be serving as Collateral Agent for both the Secured Parties and the
holders of other Pari Passu Obligations under the Collateral Agreements and the Intercreditor Agreement. Each Lender hereby consents to Wells Fargo Bank, National Association and any successor serving in such capacity and agrees not to assert any
claim (including as a result of any conflict of interest) against Wells Fargo Bank, National Association, or any such successor, arising from the role of the Collateral Agent under the Collateral Agreements or the Intercreditor Agreement so long as
the Collateral Agent is either acting in accordance with the express terms of such documents or otherwise has not engaged in gross negligence or willful misconduct. The Borrowers and each Lender hereby agree that the resignation provisions set forth
in the Intercreditor Agreement with respect to the Collateral Agent shall supersede any provision of this Agreement to the contrary. In addition, the Administrative Agent and the Collateral Agent shall be authorized, without the consent of any
Lender, to enter into or execute the Collateral Agreements, the Intercreditor Agreement on or prior to the Closing Date, and, from time to time, to execute or to enter into amendments of, and amendments and restatements of, the Collateral Agreements
and the Intercreditor Agreement and any additional and replacement intercreditor agreements, in each case in order to effect the subordination of and to provide for certain additional rights, obligations and limitations in respect of, any Liens
required by the terms of this Agreement to be Liens junior to or pari passu with the Loan Obligations, that are, in each case, incurred in accordance with Article VI of this Agreement, and to establish certain relative rights as between
the holders of the Loan Obligations and the holders of the Indebtedness secured by such Liens junior to the Loan Obligations. 

SECTION 8.14. Withholding Tax. To the extent required by any applicable Requirement of Law, the Administrative Agent may
withhold from any payment to any Lender an amount equivalent to any applicable withholding tax. If the Internal Revenue Service or any authority of the United States or any other jurisdiction asserts a claim that the Administrative Agent did not
properly withhold tax from amounts paid to or for the account of any Lender for any reason (including because the appropriate form was not delivered, was not properly executed, or because such Lender failed to notify the Administrative Agent of a
change in circumstances that rendered the exemption from, or reduction of, withholding tax ineffective), such Lender shall indemnify the Administrative Agent (to the extent that the Administrative Agent has not already been reimbursed by any
applicable Credit Party and without limiting the obligation of any applicable Credit Party to do so) fully for all amounts paid, directly or indirectly, by the Administrative Agent as Tax or otherwise, including penalties, additions to Tax and
interest, together with all expenses incurred, including legal expenses, allocated staff costs and any out of pocket expenses. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such
Lender under this Agreement or any other Loan Document against any amount due to the Administrative Agent under this Section 8.14. 
 SECTION 8.15. Authorization of Actions to be Taken by the Pari Passu Collateral Agent Under the Collateral Agreements and the Agents Under the Intercreditor Agreement. Subject to the
provisions of the 

  
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applicable Collateral Agreements and the Intercreditor Agreement, each Secured Party, by becoming party hereto, agrees that (a) the Pari Passu Collateral Agent shall execute and deliver the
Intercreditor Agreement, the Collateral Agreements, and all agreements, documents and instruments incidental thereto, including without limitation any amendment to any of the foregoing that is necessary to give effect to the provisions set forth on
Schedule 6.06(h), and act in accordance with the terms thereof and in accordance with the provisions set forth on Schedule 6.06(h) and the written directions of the “Controlling Party” (as defined in the Intercreditor
Agreement), (b) the Pari Passu Collateral Agent may, in its sole discretion and without the consent of any Secured Party, take (and, at the written direction of the Controlling Party, shall take) all actions it or the Controlling Party, as the
case may be, deems necessary or appropriate in order to (i) enforce any of the terms of the Collateral Agreements, the Intercreditor Agreement and the provisions set forth on Schedule 6.06(h) and (ii) collect and receive any and all
amounts payable in accordance with the provisions set forth on Schedule 6.06(h) and/or in respect of the Obligations and other Pari Passu Obligations of the Borrowers and the Guarantors hereunder and under the Intercreditor Agreement, the
Collateral Agreements, the other Loan Documents and the other Pari Passu Documents, (c) the Pari Passu Collateral Agent shall have power to institute and to maintain such suits and proceedings as it may deem expedient (or as the Controlling
Party may instruct it in writing to take) to prevent any impairment of the Collateral by any act that may be unlawful or in violation of the Collateral Agreements or this Agreement, and suits and proceedings as the Pari Passu Collateral Agent or the
Controlling Party may deem expedient to preserve or protect its interests and the interests of the Secured Parties or any other Pari Passu Secured Party in the Collateral (including the power to institute and maintain suits or proceedings to
restrain the enforcement of or compliance with any legislative or other governmental enactment, rule or order that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the
security interest thereunder or be prejudicial to the interests of the Pari Passu Collateral Agent, any other Secured Party or any other Pari Passu Secured Party) and (d) at any time the Administrative Agent is the Controlling Party, it shall
be entitled to direct the Pari Passu Collateral Agent in writing to take any of the foregoing actions. Notwithstanding the foregoing, at any time the Administrative Agent is the Controlling Party, it may, at the expense of the Company, request the
direction of the Lenders with respect to any such actions and upon receipt of the written consent of the Required Lenders, shall take, or instruct the Pari Passu Collateral Agent in writing to take, such actions; provided that all actions so
taken shall, at all times, be in conformity with the requirements of the Intercreditor Agreement and the provisions set forth on Schedule 6.06(h). The Pari Passu Collateral Agent shall be entitled to the rights contained in and shall be
protected by the provisions contained in Article IV of the Intercreditor Agreement and each Agent shall be entitled to the rights contained in and shall be protected by the provisions contained in Article IV of the Intercreditor Agreement mutatis
mutandis. 
 ARTICLE IX 
 Guarantee 
 SECTION 9.01. Guarantee by the Guarantors, etc.

 (a) Each Guarantor, jointly and severally, irrevocably and unconditionally (i) guarantees to each Agent and the Lenders
the full and prompt payment when due (whether at the Stated Maturity, by acceleration or otherwise) of all of the Loan Obligations and (ii) promises to pay such Loan Obligations to the Administrative Agent, for the benefit of the Secured
Parties, on demand, in such currency and otherwise in such manner as is provided in the Loan Documents governing such Loan Obligations. Such guarantee is an absolute, unconditional, present and continuing guarantee of payment and not of
collectability and is in no way conditioned or contingent upon any attempt to collect from either Borrower or any other Subsidiary or Affiliate of either Borrower, or any other action, occurrence or circumstance whatsoever. If an Event of Default
shall occur and be continuing under this Agreement, each Guarantor will, immediately upon (and in any event no later than one Business Day following) its receipt of written notice from the Administrative Agent demanding payment hereunder, pay to the
Administrative Agent, for the benefit of the Secured Parties, in immediately available funds, in accordance with Section 2.16, such amount of the Loan Obligations as the Administrative Agent shall specify in such notice. 

(b) As a separate, additional and continuing obligation, each Guarantor unconditionally and irrevocably undertakes and agrees, for the
benefit of the Secured Parties, that, should any amounts constituting Loan Obligations not be recoverable from the Borrowers or any other Credit Party for any reason whatsoever (including, without limitation, by reason of any provision of any Loan
Document or any other agreement or instrument executed 

  
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in connection therewith being or becoming, at any time, voidable, void, unenforceable, or otherwise invalid under any applicable law), then notwithstanding any notice or knowledge thereof by the
Administrative Agent, the Collateral Agent, any other Secured Party, any of their respective Affiliates, or any other Person, each Guarantor, jointly and severally, as sole, original and independent obligor, upon demand by the Administrative Agent,
will make payment to the Administrative Agent, for the account of the Secured Parties, of all such obligations not so recoverable by way of full indemnity. 
 (c) All payments by each Guarantor under this Guarantee shall be made to the Administrative Agent, for the benefit of the Secured Parties, in such currency and otherwise in such manner as is provided in
the Loan Documents to which such payments relate. 
 SECTION 9.02. Guarantors’ Obligations Absolute. The
obligations of each Guarantor under this Guarantee shall be absolute and unconditional, shall not be subject to any counterclaim, setoff, deduction or defense based on any claim such Guarantor may have against either Borrower or any other Person,
including, without limitation, the Administrative Agent, any other Secured Party, any of their respective Affiliates, or any other Guarantor, and shall remain in full force and effect without regard to, and shall not be released, suspended, abated,
deferred, reduced, limited, discharged, terminated or otherwise impaired or adversely affected by any circumstance or occurrence whatsoever, other than indefeasible payment in full of, and complete performance of, all of the Loan Obligations,
including, without limitation: 
 (a) any increase in the amount of the Loan Obligations outstanding from time to time,
including, without limitation, any increase in the aggregate outstanding amount of the Loans above any specific maximum amount referred to herein or in this Agreement as in effect on the Closing Date, and any increase in any interest rate, fee or
other amount applicable to any portion of the Loan Obligations or otherwise payable under any Loan Document; 
 (b) any
direction as to the application of any payment by either Borrower or by any other Person; 
 (c) any incurrence of additional
Loan Obligations at any time or under any circumstances, including, without limitation, (i) during the continuance of a Default or Event of Default, (ii) at any time when all conditions to such incurrence have not been satisfied, or
(iii) in excess of any borrowing base, sublimit or other limitations contained in this Agreement or any of the other Loan Documents; 
 (d) any renewal or extension of the time for payment or maturity of any of the Loan Obligations, or any amendment or modification of, or addition or supplement to, or deletion from, this Agreement, any
other Loan Document, or any other instrument or agreement applicable to either Borrower or any other Person, or any part thereof, or any assignment, transfer or other disposition of any thereof; 

(e) any failure of this Agreement, any other Loan Document, or any other instrument or agreement applicable to either Borrower or any
other Person, to constitute the legal, valid and binding agreement or obligation of any party thereto, enforceable in accordance with its terms, or any irregularity in the form of any Loan Document; 

(f) any waiver, consent, extension, indulgence or other action or inaction (including, without limitation, any lack of diligence, any
failure to mitigate damages or marshal assets, or any election of remedies) under or in respect of (i) this Agreement, any other Loan Document, or any such other instrument or agreement, or (ii) any obligation or liability of either
Borrower or any other Person; 
 (g) any payment made to the Administrative Agent or any other Secured Party on the Loan
Obligations that the Administrative Agent or any other Secured Party repays, returns or otherwise restores to either Borrower or any other applicable obligor pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other
debtor relief proceeding; 

  
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 (h) any sale, exchange, release, surrender or foreclosure of, or any realization upon, or
other dealing with, in any manner and in any order, any property, rights or interests by whomsoever at any time granted, assigned, pledged or mortgaged to secure, or howsoever securing, the Loan Obligations, or any other liabilities or obligations
(including any of those hereunder), or any portion of any thereof; 
 (i) any release of any security or any guarantee by or at
the direction of the Administrative Agent or any other Secured Party or otherwise in accordance with the Intercreditor Agreement, or any release or discharge of, or limitation of recourse against, any Person furnishing any security or guarantee,
including, without limitation, any release or discharge of any Guarantor from this Guarantee; 
 (j) any event of the type set
forth in Section 7.01(h) or (i) in respect of either Borrower or to any of its properties or assets; 

(k) any assignment, transfer or other disposition, in whole or in part, by either Borrower or any other Person of its interest in any of
the property, rights or interests constituting security for all or any portion of the Loan Obligations or any other Indebtedness, liabilities or obligations; 
 (l) any lack of notice to, or knowledge by, any Guarantor of any of the matters referred to above; 
 (m) the failure to perfect any Lien in any Collateral; 
 (n) any Requirement of
Law of any jurisdiction or any other event affecting any term of the Loan Obligations; or 
 (o) to the fullest extent permitted
under applicable law now or hereafter in effect, any other circumstance or occurrence, whether similar or dissimilar to any of the foregoing, that could or might constitute a defense available to, or a discharge of the obligations of, a guarantor or
other surety. 
 SECTION 9.03. Waivers. Each Guarantor unconditionally waives, to the maximum extent permitted under
any applicable law now or hereafter in effect, insofar as its obligations under this Guarantee are concerned, (a) notice of any of the matters referred to in Section 9.02, (b) all notices required by statute, rule of law or
otherwise to preserve any rights against such Guarantor hereunder, including, without limitation, any demand, presentment, proof or notice of dishonor or non-payment of any Loan Obligation, notice of acceptance of this Guarantee, notice of the
incurrence of any Loan Obligation, notice of any failure on the part of either Borrower, any of the Restricted Subsidiaries or Affiliates, or any other Person, to perform or comply with any term or provision of this Agreement, any other Loan
Document or any other agreement or instrument to which either Borrower or any other Person is a party, or notice of the commencement of any proceeding against any other Person or its any of its property or assets, (c) any right to the
enforcement, assertion or exercise against either Borrower or against any other Person or any collateral of any right, power or remedy under or in respect of this Agreement, the other Loan Documents or any other agreement or instrument, and
(d) any requirement that such Guarantor be joined as a party to any proceedings against either Borrower or any other Person for the enforcement of any term or provision of this Agreement, the other Loan Documents, this Guarantee or any other
agreement or instrument. 
 SECTION 9.04. Subrogation Rights. Until such time as the Loan Obligations have been paid
in full in cash and otherwise fully performed and all of the Commitments under this Agreement have been terminated, each Guarantor hereby agrees not to exercise any rights of subrogation that it may at any time otherwise have as a result of this
Guarantee (whether contractual, under Section 509 of the Bankruptcy Code, or otherwise) to the claims of the Administrative Agent and/or the other Secured Parties against either Borrower, any other Guarantor or any other guarantor of or surety
for the Loan Obligations and all contractual, statutory or common law rights of reimbursement, contribution or indemnity from either Borrower or any other Guarantor that it may at any time otherwise have as a result of this Guarantee. 

SECTION 9.05. Separate Actions. A separate action or actions may be brought and prosecuted against any Guarantor whether or
not action is brought against any other Guarantor, any other guarantor or either Borrower, and whether or not any other Guarantor, any other guarantor or either Borrower be joined in any such action or actions. 

  
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 SECTION 9.06. Guarantors Familiar with Borrower’s Affairs. Each Guarantor
confirms that an executed (or conformed) copy of each of the Loan Documents has been made available to its principal executive officers, that such officers are familiar with the contents thereof and of this Guarantee, and that it has executed and
delivered this Guarantee after reviewing the terms and conditions of this Agreement, the other Loan Documents and this Guarantee and such other information as it has deemed appropriate in order to make its own credit analysis and decision to execute
and deliver this Guarantee. Each Guarantor confirms that it has made its own independent investigation with respect to the creditworthiness of each Borrower and its other Subsidiaries and Affiliates and is not executing and delivering this Guarantee
in reliance on any representation or warranty by the Administrative Agent or any other Secured Party or any other Person acting on behalf of the Administrative Agent or any other Secured Party as to such creditworthiness. Each Guarantor expressly
assumes all responsibilities to remain informed of the financial condition of each Borrower and its other Subsidiaries and Affiliates and any circumstances affecting (a) such Borrower’s or any other Subsidiary’s or Affiliate’s
ability to perform its obligations under this Agreement and the other Loan Documents to which it is a party, or (b) any collateral securing, or any other guarantee for, all or any part of such Borrower’s or such other Subsidiary’s or
Affiliate’s payment and performance obligations thereunder; and each Guarantor further agrees that the Administrative Agent and the other Secured Parties shall have no duty to advise any Guarantor of information known to them regarding such
circumstances or the risks such Guarantor undertakes in this Guarantee. 
 SECTION 9.07. Covenant Under Second Term Loan
Agreement. Each Guarantor covenants and agrees that on and after the Closing Date and until this Guarantee is terminated in accordance with the terms of this Agreement and the Intercreditor Agreement, such Guarantor shall take, or will refrain
from taking, as the case may be, all actions that are necessary to be taken or not taken so that no Default or Event of Default is caused by the actions or inactions of such Guarantor or any of its Subsidiaries. 

SECTION 9.08. Solvency. Each Guarantor represents and warrants to the Administrative Agent and each of the other Secured
Parties that as of the date such Guarantor has become a party to this Guarantee, (i) such Guarantor has received consideration that is the reasonable equivalent value of the obligations and liabilities that such Guarantor has incurred to the
Administrative Agent and the other Secured Parties under this Guarantee and the other Loan Documents to which such Guarantor is a party; (ii) such Guarantor has capital sufficient to carry on its business and transactions and all business and
transactions in which it is about to engage and is solvent and able to pay its debts as they mature; (iii) such Guarantor owns property having a value, both at fair valuation and at present fair salable value, greater than the amount required
to pay its debts; and (iv) such Guarantor is not entering into the Loan Documents to which it is a party with the intent to hinder, delay or defraud its creditors. 
 SECTION 9.09. Continuing Guarantee; Remedies Cumulative, etc. This Guarantee is a continuing guarantee, all liabilities to which it applies or may apply under the terms hereof shall be
conclusively presumed to have been created in reliance hereon, and this Guarantee shall remain in full force and effect until terminated in accordance with the terms of this Agreement and the Intercreditor Agreement. No failure or delay on the part
of the Administrative Agent or any other Secured Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or
further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein expressly specified are cumulative and not exclusive of any rights or remedies that the Administrative Agent or any other Secured Party
would otherwise have. No notice to or demand on any Guarantor in any case shall entitle such Guarantor to any other further notice or demand in similar or other circumstances or constitute a waiver of the rights of the Administrative Agent or any
other Secured Party to any other or further action in any circumstances without notice or demand. It is not necessary for, and neither the Administrative Agent nor any other Secured Party, undertakes any obligation or duty to, inquire into the
capacity or powers of either Borrower or any of its Subsidiaries or the officers, directors, partners or agents acting or purporting to act on its behalf, and any indebtedness made or created in reliance upon the professed exercise of such powers
shall be guaranteed hereunder. 
 SECTION 9.10. Application of Payments and Recoveries. All amounts received by the
Administrative Agent pursuant to, or in connection with the enforcement of, this Guarantee, together with all amounts and other rights and benefits realized by any Secured Party (or to which any Secured Party may be entitled) by virtue of this
Guarantee, shall be applied as provided in Section 2.19. 

  
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 SECTION 9.11. Reinstatement. If a claim is ever made upon the Administrative
Agent or any other Secured Party for rescission, repayment, recovery or restoration of any amount or amounts received by the Administrative Agent or any other Secured Party in payment or on account of any of the Loan Obligations and any of the
aforesaid payees repays all or part of said amount by reason of (a) any judgment, decree or order of any court or administrative body having jurisdiction over such payee or any of its property, or (b) any settlement or compromise of any
such claim effected by such payee with any such claimant (including either Borrower), then and in such event (i) any such judgment, decree, order, settlement or compromise shall be binding upon each Guarantor, notwithstanding any revocation
hereof or other instrument evidencing any liability of each Borrower, (ii) each Guarantor shall be and remain liable to the aforesaid payees hereunder for the amount so repaid or otherwise recovered or restored to the same extent as if such
amount had never originally been received by any such payee, and (iii) this Guarantee shall continue to be effective or be reinstated, as the case may be, all as if such repayment or other recovery had not occurred. 

SECTION 9.12. Contribution Among Guarantors. Each Guarantor, in addition to the subrogation rights it shall have against each
Borrower under applicable law as a result of any payment it makes hereunder, shall also have a right of contribution against all other Guarantors in respect of any such payment pro rata among the same based on their respective net fair value as
enterprises, provided any such right of contribution shall be subject and subordinate to the prior payment in full of the Loan Obligations (and such Guarantor’s obligations in respect thereof). 

SECTION 9.13. Full Recourse Obligations; Effect of Fraudulent Transfer Laws, etc. It is the desire and intent of each
Guarantor, the Administrative Agent and the other Secured Parties that this Guarantee shall be enforced as a full recourse obligation of each Guarantor to the fullest extent permissible under the laws and public policies applied in each jurisdiction
in which enforcement is sought. If and to the extent that the obligations of any Guarantor under this Guarantee would, in the absence of this sentence, be adjudicated to be invalid or unenforceable because of any applicable state, federal or foreign
law relating to fraudulent conveyances or transfers, bankruptcy or insolvency then the amount of such Guarantor’s liability hereunder in respect of the Loan Obligations shall be deemed to be reduced ab initio to that maximum amount that
would be permitted without causing such Guarantor’s obligations hereunder to be so invalidated. The liability of each Guarantor incorporated or established in Poland (a “Polish Guarantor”) under this Guarantee shall, in
all circumstances, be limited to an amount equal to the Polish Limitation Amount (as defined below), calculated pursuant to the following formula: 
  

			
	G = A - L, where:
		
	“G”	 	means the “Polish Limitation Amount”;
		
	“A”	 	means all assets (aktywa) of the relevant Polish Guarantor in the value recorded in (i) its latest annual unconsolidated financial statements made available to the
Administrative Agent or, if they are more up-to-date, in (ii) its latest interim unconsolidated financial statements made available to the Administrative Agent within 15 Business Days following its request or without such request (i.e. at the Polish
Guarantor’s own motion); and
		
	“L”	 	means all liabilities (zobowiązania) of the relevant Polish Guarantor existing on the date hereof and, henceforth, undertaken in accordance with the provisions of the
Pari Passu Documents recorded in the pertinent financial statements referred to in the definition of “A” above and used for the purpose of determination of the value of assets (aktywa) of that Polish Guarantor. The term
“liabilities” for the purpose of determining “L” in the immediately preceding sentence shall at all times exclude the Polish Guarantor’s liabilities under this Guarantee and all other guarantees of Pari Passu
Obligations but shall include any other obligations (secured and unsecured) of the Polish Guarantor, including any other off-balance sheet obligations of the Polish Guarantor.

 SECTION 9.14. Termination. Subject to Section 10.26, after all Loans and
other Loan Obligations (other than unasserted indemnity obligations) have been paid in full, this Guarantee will terminate and the Administrative Agent, at the request and expense of the Credit Parties, will execute and deliver to the Guarantors an
instrument or instruments acknowledging the satisfaction and termination of this Guarantee. 

  
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 SECTION 9.15. Enforcement Only by Administrative Agent. The Secured Parties
agree that this Guarantee may be enforced only by the action of the Administrative Agent, acting upon the instructions of the Required Lenders, and that no Secured Party shall have any right individually to seek to enforce or to enforce this
Guarantee, it being understood and agreed that such rights and remedies may be exercised by the Administrative Agent, for the benefit of the Secured Parties, upon the terms of this Guarantee. 

SECTION 9.16. General Limitation on Claims by Guarantors. NO CLAIM MAY BE MADE BY ANY GUARANTOR AGAINST THE ADMINISTRATIVE
AGENT OR ANY OTHER SECURED PARTY, OR THE AFFILIATES, DIRECTORS, OFFICERS, EMPLOYEES, ATTORNEYS OR AGENTS OF ANY OF THEM, FOR ANY DAMAGES OTHER THAN ACTUAL COMPENSATORY DAMAGES IN RESPECT OF ANY CLAIM FOR BREACH OF CONTRACT OR ANY OTHER THEORY OF
LIABILITY ARISING OUT OF OR RELATED TO THE TRANSACTIONS CONTEMPLATED BY THIS GUARANTEE OR ANY OF THE OTHER LOAN DOCUMENTS, OR ANY ACT, OMISSION OR EVENT OCCURRING IN CONNECTION THEREWITH; AND EACH GUARANTOR HEREBY, TO THE FULLEST EXTENT PERMITTED
UNDER APPLICABLE LAW, WAIVES, RELEASES AND AGREES NOT TO SUE OR COUNTERCLAIM UPON ANY SUCH CLAIM FOR ANY SPECIAL, CONSEQUENTIAL OR PUNITIVE DAMAGES, WHETHER OR NOT ACCRUED AND WHETHER OR NOT KNOWN OR SUSPECTED TO EXIST IN ITS FAVOR. 

SECTION 9.17. Guarantors that are Internal Charterers. Each Guarantor that is or becomes an Internal Charterer by signing a
execute a Joinder Agreement pursuant to which it will become a Guarantor hereunder agrees to the representations, covenants and assignments set forth in the Assignment of Insurances by Internal Charterers and Assignment of Earnings by Internal
Charterers set forth in Exhibits I-2 and J-2, respectively. Notwithstanding the foregoing, each Guarantor that is or becomes an Internal Charterer agrees to execute and deliver such Assignments. 

ARTICLE X 

Miscellaneous 

SECTION 10.01. Amendments and Waivers. 
 (a) Without Consent of the Lenders. 
 The Administrative Borrower and the
Administrative Agent may amend this Agreement and the other Loan Documents without notice to or consent of any Lender: 
 (i) to cure any ambiguity, defect or inconsistency; 
 (ii) to add a
Guarantor with respect to the Loans or Collateral to secure the Loans; 
 (iii) to make any change that would
provide any additional rights or benefits to the Lenders or that does not adversely affect the rights of any Lender 
 (iv) to release Collateral or a Guarantee as permitted by this Agreement, the Collateral Agreements or the Intercreditor Agreement; 

(v) to evidence and provide for the acceptance of the appointment under this Agreement, the Intercreditor Agreement and
the Collateral Agreements of a successor Administrative Agent, Collateral Agent or Pari Passu Collateral Agent; 

(vi) to add to the covenants of the Parent or any of its Subsidiaries for the benefit of the Lenders or to surrender any
right or power herein conferred upon the Parent or any of its Subsidiaries; 

  
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 (vii) to the extent necessary to integrate any Extended Loans as
contemplated pursuant to Section 2.22; 
 (viii) to enter into, and to perfect security interests and
Liens granted therein, the Collateral Agreements and transactions contemplated thereby respecting Bahamian registration of the Tungsten Explorer and its mortgaging after the Closing Date; and 

(ix) to accept and consent to, and to take all steps to perfect a security interest under, Collateral Agreements to be
granted subsequent to the Closing Date, including with respect to Drilling Contracts and Internal Charters. 
 The Intercreditor
Agreement may be amended without the consent of any Lender or Agent in connection with the permitted entry into the Intercreditor Agreement of any class of additional secured creditors holding other Pari Passu Obligations to effectuate such entry
into the Intercreditor Agreement. 
 Each Lender hereunder (x) consents to the amendment of any Loan Document in the manner
and for the purposes set forth in this Section 10.01(a), (y) agrees that it will be bound by and will take no actions contrary to the provisions of any amendment to any Loan Document pursuant to this Section 10.01(a) and
(z) authorizes and instructs the Administrative Agent to enter into any amendment to any Loan Document pursuant to this Section 10.01(a) on behalf of such Lender. After an amendment under this Section 10.01(a) becomes
effective, the Administrative Borrower shall mail to the Administrative Agent, who shall promptly notify the Lenders, a notice briefly describing such amendment. The failure to give such notice to the Administrative Agent, or any defect therein,
shall not impair or affect the validity of an amendment under this Section 10.01(a). 
 (b) With Consent of the
Lenders. The Administrative Borrower and the Administrative Agent may amend this Agreement and the other Loan Documents with the written consent of the Required Lenders, and any past default or noncompliance with any provisions may be waived
with the consent of the Required Lenders. Notwithstanding the foregoing, without the consent of each Lender of an affected Loan, no amendment may: 
 (i) reduce the principal amount of such Loans, 
 (ii) reduce the
rate of or extend the time for payment of interest on any Loan, 
 (iii) change the Stated Maturity of any Loan,

 (iv) reduce the premium payable (if any) upon prepayment of any Loan or change the time at which any such
premium must be paid, 
 (v) waive a Default or Event of Default in the payment of principal of, or interest or
premium on, the Loans (except a rescission of acceleration of the Loans by the Required Lenders and a waiver of the payment default that resulted from such acceleration); 

(vi) make any Loan payable in money other than that stated in this Agreement, 

(vii) expressly subordinate the Loans or any related Guarantee to any other Indebtedness of either Borrower or any
Guarantor, 
 (viii) impair the right of any Lender to receive payment of principal of or premium, if any, and
interest on such Lender’s Loans on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Lender’s Loans; 

(ix) waive a mandatory prepayment under Section 2.06, except for a withdrawal of a Lender’s election for
payment in accordance with Section 2.06. 

  
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 (x) release any Guarantor from any of its obligations under its Guarantee or
the Loan Documents, except in accordance with the terms of this Agreement; 
 (xi) make any change in
Section 7.04 or to the second sentence of this Section 10.01(b) or the definition of the term “Required Lenders,” or any other provision hereof specifying the number or percentage of Lenders required to
waive, amend or modify any rights hereunder or under any other Loan Document or make any determination or grant any consent hereunder or under any other Loan Document, without the prior written consent of each Lender adversely affected thereby, or

 (xii) make any change in the provisions dealing with the application of proceeds of Collateral in the
Intercreditor Agreements or this Agreement that would adversely affect the Lenders. 
 Without the consent of Lenders holding at
least 66.67% of the sum of all outstanding Loans, no amendment or waiver may release all or substantially all of the Collateral from the Lien of the Collateral Agreements with respect to the Loans. 

  
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 SECTION 10.02. Notices. Except as otherwise set forth herein, all notices,
requests and demands to or upon the respective parties hereto to be effective shall be in writing (including by facsimile or electronic mail), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when
delivered, or three days after being deposited in the mail, postage prepaid, or, in the case of telecopy or electronic mail notice, when received, addressed as follows in the case of the Administrative Borrower and the Administrative Agent, and as
set forth on Schedule 2.01 in the case of the other parties hereto, or to such other address as may be hereafter notified by the respective parties hereto: 
  

			
	The Administrative Borrower:	  	Offshore Investment Group Limited
		  	c/o Maples Corporate Services Limited
		  	P.O. Box 309
		  	Ugland House, Grand Cayman
		  	KY1-1104, Cayman Islands
		
		  	with a copy to:
		
		  	Vantage Drilling Company
		  	777 Post Oak Boulevard, Suite 800
		  	Houston, TX 77056
		  	Attention: Doug Smith
		  	Fax:        (281) 404 4700
		
	Any other Credit Party:	  	Offshore Investment Group Limited
		  	c/o Maples Corporate Services Limited
		  	P.O. Box 309
		  	Ugland House, Grand Cayman
		  	KY1-1104, Cayman Islands
		
		  	with a copy to:
		
		  	Vantage Drilling Company
		  	777 Post Oak Boulevard, Suite 800
		  	Houston, TX 77056
		  	Attention: Doug Smith
		  	Fax:        (281) 404 4700
		
	The Administrative Agent:	  	Citibank, N.A.
		  	1615 Brett Road OPS III
		  	New Castle, Delaware 19720
		  	Attention: Citibank NA Agency Department
		  	Fax: (212) 994-0961
		  	Email: GLAgentOfficeOps@citi.com
		
	Any other Lender:	  	At the address, telecopier number, electronic mail address or telephone number specified in its Administrative Questionnaire

 provided that any notice, request or demand to or upon the Administrative Agent or the Lenders pursuant to
Section 2.03 shall not be effective until received. 
 Notices and other communications to the Lenders hereunder may
be delivered or furnished by electronic communication (including email and Internet or intranet websites) pursuant to procedures approved in writing by the Administrative Agent; provided that the foregoing shall not apply to notices to any
Lender pursuant to Article II if such Lender has notified the Administrative Agent in writing that it is incapable of receiving notices under such Article by electronic communication. Each of the Administrative Agent and each Credit
Party may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices
or communications. 
 Documents required to be delivered pursuant to Section 6.02 (to the extent any such documents
are included in materials otherwise filed with the SEC) may be delivered electronically (including as set forth in 

  
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Section 10.18) and if so delivered, shall be deemed to have been delivered on the date (i) on which the Administrative Borrower posts such documents, or provides a link thereto
on the Parent’s website on the Internet, or (ii) on which such documents are posted on the Administrative Borrower’s behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access
(whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that (A) the Administrative Borrower shall deliver paper copies of such documents to the Administrative Agent or any Lender that
requests the Administrative Borrower to deliver such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender, and (B) the Administrative Borrower shall notify the Administrative
Agent and each Lender (by telecopier or electronic mail) of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. 

SECTION 10.03. No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the
Administrative Agent, the Collateral Agent or any Lender, any right, remedy, power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or
privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies,
powers and privileges provided by law. 
 SECTION 10.04. Survival of Representations and Warranties. All
representations and warranties made hereunder, in the other Loan Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the making of
the Loans hereunder. 
 SECTION 10.05. Payment of Expenses; Indemnification. The Credit Parties jointly and
severally agree to pay or reimburse the Agents for all their reasonable and documented out-of-pocket costs and expenses incurred in connection with the preparation and execution and delivery of, and any amendment, waiver, supplement or modification
to, this Agreement and the other Loan Documents and any other documents prepared in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and thereby, including (a) the reasonable
fees, disbursements and other charges of Jones Day and Holland & Knight LLP, each in their capacity as counsel to the Agents, and a single counsel in each appropriate local jurisdiction, (b) to pay or reimburse each Agent for all its
documented out-of-pocket costs and expenses incurred in connection with the enforcement or preservation of any rights under this Agreement, the other Loan Documents and any such other documents, including the reasonable fees, disbursements and other
charges of a single counsel to each of the Administrative Agent and the Collateral Agent, (c) to pay, indemnify, and hold harmless each Agent from, any and all recording and filing fees and (d) to pay, indemnify, and hold harmless each
Lender and Agent and their respective Related Parties from and against any and all other liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses or disbursements of any kind or nature
whatsoever, whether or not such proceedings are brought by the Company, any of its Related Parties or any other third Person, including reasonable and documented fees, disbursements and other charges of one primary counsel for all such Persons,
taken as a whole, and, if necessary, by a single firm of local counsel in each appropriate jurisdiction for all such Persons, taken as a whole (unless there is an actual or perceived conflict of interest in which case each such Person may, with the
consent of the Administrative Borrower (not to be unreasonably withheld or delayed), retain its own counsel), with respect to the execution, delivery, enforcement, performance and administration of this Agreement and the other Loan Documents (all
the foregoing in this clause (d), collectively, the “Indemnified Liabilities”); provided that the Credit Parties shall have no obligation hereunder to any Agent or any Lender or any of their respective Related Parties
with respect to Indemnified Liabilities to the extent (1) found by a court of competent jurisdiction in a final non-appealable judgment to have resulted from (i) the gross negligence, bad faith or willful misconduct of the party to be
indemnified or (ii) any material breach of any Loan Document by the party to be indemnified or (2) arising from disputes, claims, demands, actions, judgments or suits not arising from any act or omission by any Credit Party or its
Affiliates, brought by an indemnified Person against any other indemnified Person (other than disputes, claims, demands, actions, judgments or suits involving claims against any Agent in its capacity as such). No Person entitled to indemnification
under clause (d) of this Section 10.05 shall be liable for any damages arising from the use by others of any information or other materials obtained through internet, electronic, telecommunications or other information
transmission systems (including IntraLinks or SyndTrak Online) in connection with this Agreement or any other Loan Document, except to the extent that such damages have resulted from the gross negligence, bad faith or willful misconduct of the party
to be indemnified or any of its Related Parties 

  
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(as determined by a court of competent jurisdiction in a final and non-appealable decision), nor shall any such Person have any liability for any special, punitive, indirect or consequential
damages (including, without limitation, any loss of profits, business or anticipated savings) relating to this Agreement or any other Loan Document or arising out of its activities in connection herewith or therewith (whether before or after the
Closing Date). The agreements in this Section 10.05 shall survive repayment of the Loans and all other amounts payable hereunder. This Section 10.05 shall not apply with respect to any Taxes (other than Taxes that represent
liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever resulting from a non-Tax claim), which shall be governed exclusively by
Section 2.17 and, to the extent set forth therein, Section 2.10. 
 SECTION 10.06. Successors
and Assigns; Participations and Assignments. 
 (a) The provisions of this Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns permitted hereby, except that (i) no Credit Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each
Lender (and any attempted assignment or transfer by any Credit Party without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this
Section 10.06. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants (to the extent provided
in paragraph (c) of this Section 10.06), and, to the extent expressly contemplated hereby, the Related Parties of each of the Agents and the Lenders) any legal or equitable right, remedy or claim under or by reason of this
Agreement or the other Loan Documents. 
 (b) (i) Subject to the conditions set forth in paragraph (ii) below, any Lender
may assign to one or more assignees (each, an “Assignee”) all or a portion of its rights and obligations under this Agreement (including all or a portion of the Loans at the time owing to it) by obtaining the consent of the
Administrative Agent (which consent shall not be unreasonably withheld or delayed) and, at any time that no Event of Default has occurred and is continuing, the Administrative Borrower (which consent shall not be unreasonably withheld or
delayed); provided that no consent of the Administrative Agent or the Administrative Borrower shall be required for an assignment of any Loan to a Lender, an Affiliate of a Lender or an Approved Fund (as defined below); provided,
further, that the Administrative Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five Business Days after having received notice thereof.

 (ii) Assignments shall be subject to the following additional conditions: 

(1) except in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or an assignment of the
entire remaining amount of the assigning Lender’s Loans under any Facility, the amount of Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is
delivered to the Administrative Agent) shall not be less than $1,000,000 (and shall be in an amount of an integral multiple thereof)), unless the Administrative Agent otherwise consents (which consent shall not be unreasonably withheld or delayed);
provided that contemporaneous assignments to a single assignee made by Affiliates of Lenders and related Approved Funds shall be aggregated for purposes of meeting the minimum assignment amount requirements stated above; 

(2) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations under this Agreement; 
 (3) the parties to each assignment shall execute and deliver to
the Administrative Agent an Assignment and Acceptance via an electronic settlement system acceptable to the Administrative Agent (or, if previously agreed with the Administrative Agent, manually), and shall pay to the Administrative Agent a
processing and recordation fee of $3,500 (which fee may be waived or reduced in the sole discretion of the Administrative Agent); and 
 (4) the Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an administrative questionnaire in a form approved by the Administrative Agent (the “Administrative
Questionnaire”) and applicable tax forms (including those described in Sections 2.17(d) and (f), as applicable). 

  
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 For the purposes of this Section 10.06(b), the term “Approved
Fund” means any Person (other than a natural Person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course and that is administered, advised or managed by
(a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers, advises or manages a Lender. 
 (iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(v) of this Section 10.06, from and after the effective date specified in each Assignment and Acceptance, the
Assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of
the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning Lender’s rights and obligations under this Agreement,
such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.10, 2.11, 2.17 and 10.05). Any assignment or transfer by a Lender of rights or obligations under this Agreement
that does not comply with this Section 10.06 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of this
Section 10.06. 
 (iv) The Administrative Agent, acting for this purpose as a non-fiduciary agent of
the Borrowers, shall maintain at the Administrative Agent’s Lending Office a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and
principal and interest amounts of the Loans (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrowers, the Administrative Agent and the Lenders shall treat each Person whose name is
recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Administrative Borrower, at any reasonable
time and from time to time upon reasonable prior notice. 
 (v) Upon its receipt of a duly completed Assignment
and Acceptance executed by an assigning Lender and an Assignee, the Assignee’s completed Administrative Questionnaire (unless the Assignee shall already be a Lender hereunder), all applicable tax forms, the processing and recordation fee
referred to in Section 10.06(b)(ii)(3) and any written consent to such assignment required by Section 10.06(b)(i), the Administrative Agent shall promptly accept such Assignment and Acceptance and record the information
contained therein in the Register. No assignment, whether or not evidenced by a promissory note, shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 

(c) (i) Any Lender may, without the consent of, or notice to, the Administrative Agent or either Borrower and subject to any Requirement
of Law, sell participations to one or more banks or other entities (each, a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitments and the
Loans owing to it), provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations
and (C) the Borrowers, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and the other Loan Documents.
Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan Documents and to approve any amendment, modification or waiver
of any provision of this Agreement and the other Loan Documents, provided that (x) such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver
described in clause (ii) or (iii) of the second sentence of Section 10.01(b) that directly affects such Participant and (y) no other agreement with respect to amendment, modification or waiver may exist
between such Lender and such Participant. Subject to paragraph (c)(ii) of this Section 10.06, the Borrowers agree that each Participant shall be entitled to the benefits of Sections 2.10,

  
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2.11 and 2.17 (subject to the limitations and requirements of those Sections, including Section 2.17(d) and (f), and Sections 2.13 and 10.07) to the
same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 10.06(b). 
 (ii) Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each Participant
and the principal amounts of (and interest on) each Participant’s interest in the Loans held by it (the “Participant Register”). The entries in the Participant Register shall be conclusive absent manifest error, and each party
hereto shall treat each Person whose name is recorded in the Participant Register as the owner of the participation in question for all purposes of this Agreement and the other Loan Documents, notwithstanding notice to the contrary. No Lender shall
have any obligation to disclose all or any portion of a Participant Register to any Person (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans or other Obligations under
any Loan Document) except to the extent that such disclosure is necessary in connection with a Tax audit or other Tax proceeding to establish that such Commitment, Loan or other Obligation is in registered form for U.S. federal income tax purposes.
For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 

(iii) A Participant shall not be entitled to receive any greater payment under Section 2.10 or 2.17
than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Administrative Borrower’s prior written consent
(which consent shall not be unreasonably withheld or delayed). 
 (d) Any Lender may at any time pledge or assign a security
interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section 10.06 shall not apply to any
such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or Assignee for such Lender as a
party hereto. In order to facilitate such pledge or assignment, the Borrowers hereby agree that, upon request of any Lender at any time and from time to time, the Administrative Borrower shall provide to such Lender, at the Borrowers’ own
expense, a Note, substantially in the form of Exhibit B. 
 (e) (i) Notwithstanding anything to the contrary in this
Agreement, the Borrowers may purchase by way of assignment from any Lender and become an assignee with respect to, and each Lender shall have the right to assign and transfer to the Borrowers, at any time and from time to time, all or a portion of
such Lender’s Loans (“Permitted Loan Purchases”); provided that (A) at the time of the effectiveness thereof, no Default or Event of Default has occurred and is continuing or would result from such Permitted Loan
Purchase and (B) the Administrative Borrower and such assignor Lender shall execute and deliver to the Administrative Agent a Permitted Loan Purchase Assignment and Acceptance in the form attached hereto as Exhibit E (and, for the
avoidance of doubt, shall not be required to execute and deliver an Assignment and Acceptance pursuant to Section 10.06(b)(ii)(3)). 
 (ii) With respect to each Permitted Loan Purchase, the Borrowers shall represent and warrant to the assigning Lender that, as of the date of effectiveness of each such Permitted Loan Purchase that the
Borrowers do not have any MNPI that has not been disclosed to such Lender (other than because such assigning Lender does not wish to receive Non-Public Information) on or prior to such date. 

(iii) Upon the effectiveness of any Permitted Loan Purchase, the Loans subject thereto shall, without further action by
any Person, be deemed cancelled and no longer outstanding for all purposes of this Agreement and the other Loan Documents, including with respect to (1) the making of, or the application of, any payments to the Lenders under this Agreement or
any other Loan Document, (2) the making of any request, demand, authorization, direction, notice, consent or waiver under this Agreement or any other Loan Document or (3) the determination of Required Lenders, or for any similar or related
purpose, under this Agreement or any other Loan Document. The Administrative Agent is authorized to make appropriate entries in the Register to reflect any cancellation of the Loans. Permitted Loan Purchases

  
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pursuant to this Section 10.06(e) shall not constitute voluntary prepayments for purposes of Section 2.14. In connection with any Permitted Loan Purchase, the assignor
Lender shall, to the extent that its Loans shall have been repurchased and assigned to the Borrowers pursuant to such Permitted Loan Purchase, be released from its obligations under this Agreement (and, in the case of a Permitted Loan Purchase
covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Section 10.05 (subject to the limitations and
requirements of such Section)), but the Borrowers shall not obtain any of the rights or obligations of a Lender under this Agreement and the provisions set forth in Section 10.06(b)(ii) shall not apply thereto. 

(f) Notwithstanding anything to the contrary herein, no assignment may be made or, to the extent the list of Ineligible Institutions has
been provided to all Lenders, participation sold to an Ineligible Institution. 
 SECTION 10.07. Replacements of Lenders
Under Certain Circumstances. 
 (a) [Reserved.] 

(b) If any Lender (i) requests reimbursement for amounts owing pursuant to Section 2.10, 2.11 or 2.17
(other than Section 2.17(b)) or (ii) is affected in the manner described in Section 2.10(a)(iii) and as a result thereof of the action described in Section 2.10(b) is required to be taken, then provided no
Event of Default then exists, the Administrative Borrower shall, upon five (5) days’ notice to the Administrative Agent and the relevant Lender, have the right to replace such Lender by deeming such Lender to have assigned its Loans and
its Commitments hereunder to one or more assignees reasonably acceptable to the Administrative Agent; provided that (1) such replacement does not conflict with any Requirement of Law, (2) all Loan Obligations (other than any
disputed amounts pursuant to Section 2.10, 2.11, 2.13 or 2.17, as the case may be) owing to such Lender being replaced shall be paid in full to such Lender concurrently with such assignment and the Borrowers shall
pay any premium that would have been due if the Loans were prepaid, and (3) the replacement Lender shall purchase the foregoing by paying to such Lender a price equal to the principal amount thereof plus accrued and unpaid interest thereon. No
action by or consent of the replaced Lender shall be necessary in connection with such assignment, which shall be immediately and automatically effective upon payment of such purchase price. In connection with any such assignment, the Borrowers, the
Administrative Agent, such replaced Lender and the replacement Lender shall otherwise comply with Section 10.06 (provided that the Borrowers shall be obligated to pay the registration and processing fee referred to therein). Any
such replacement shall not be deemed to be a waiver of any rights that the Borrowers, the Administrative Agent or any other Lender shall have against the replaced Lender. 
 (c) If any Lender (such Lender, a “Non-Consenting Lender”) has failed to consent to a proposed amendment, waiver, discharge or termination which pursuant to the terms of
Section 10.01(b) requires the consent of all of the Lenders affected and with respect to which the Required Lenders shall have granted their consent, then provided no Event of Default (other than an Event of Default relating to the
proposed amendment, waiver, discharge or termination) then exists, the Administrative Borrower shall, upon five (5) days’ notice to the Administrative Agent and the relevant Lender, have the right (unless such Non-Consenting Lender grants
such consent) to replace such Non-Consenting Lender by deeming such Non-Consenting Lender to have assigned its Loans and its Commitments hereunder to one or more assignees, reasonably acceptable to the Administrative Agent; provided that:
(1) such replacement does not conflict with any Requirement of Law, (2) all Loan Obligations of the Borrowers owing to such Non-Consenting Lender being replaced shall be paid in full to such Non-Consenting Lender concurrently with such
assignment and the Borrowers shall pay any premium that would have been due if the Loans were prepaid, and (3) the replacement Lender shall purchase the foregoing by paying to such Non-Consenting Lender a price equal to the principal amount
thereof plus accrued and unpaid interest thereon. No action by or consent of the Non-Consenting Lender shall be necessary in connection with such assignment, which shall be immediately and automatically effective upon payment of such purchase price.
In connection with any such assignment, the Borrowers, the Administrative Agent, such Non-Consenting Lender and the replacement Lender shall otherwise comply with Section 10.06 (provided that the Borrowers shall be obligated to
pay the registration and processing fee referred to therein). 
 SECTION 10.08. Counterparts. This Agreement may be
executed by one or more of the parties to this Agreement on any number of separate counterparts (including by facsimile or other electronic transmission), and all 

  
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of said counterparts taken together shall be deemed to constitute one and the same instrument. A set of the copies of this Agreement signed by all the parties shall be lodged with the
Administrative Borrower and the Administrative Agent. 
 SECTION 10.09. Severability. Any provision of this
Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

SECTION 10.10. GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY,
AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 SECTION 10.11. Submission to
Jurisdiction; Consent to Service; Waivers. 
 (a) Each Credit Party hereby irrevocably and unconditionally: 

(i) submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Loan
Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the general jurisdiction of the courts of the County and State of New York, the courts of the United States of America for the Southern
District of New York and appellate courts from any thereof; 
 (ii) consents that any such action or proceeding
may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead
or claim the same; 
 (iii) agrees that service of process in any such action or proceeding may be effected by
mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to the Administrative Borrower at the address in Houston, Texas, to which all notices to it should be copied, as set forth in
Section 10.02 or at such other address in the United States of America of which the Administrative Agent shall have been notified pursuant thereto (and each Credit Party that is not organized in the United States of America, any State
thereof or the District of Columbia hereby irrevocably designates, appoints and empowers the Administrative Borrower as its process agent to receive in the foregoing manner for and on its behalf service of process in any action or proceeding arising
out of or relating to the Loan Documents).; 
 (iv) agrees that nothing herein shall affect the right to effect
service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and 
 (v) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section 10.11 any special, exemplary,
punitive or consequential damages. 
 (b) Each Credit Party, to the extent that it has or hereafter may acquire any immunity
(sovereign or otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or from setoff or any legal process (whether service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of
judgment or otherwise) with respect to itself or any of its property or assets, hereby, to the extent permitted by applicable law, waives and agrees not to plead or claim such immunity in respect of its obligations under this Agreement and the other
Loan Documents (it being understood that the waivers contained in this paragraph (b) shall have the fullest extent permitted under the Foreign Sovereign Immunities Act of 1976, as amended, and are intended to be irrevocable and not
subject to withdrawal for the purposes of such Act). 

  
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 SECTION 10.12. Acknowledgments. Each Credit Party hereby acknowledges that:

 (a) it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents;

 (b) none of the Administrative Agent, the Collateral Agent nor any Lender has any fiduciary relationship with or duty to the
Credit Parties arising out of or in connection with this Agreement or any of the other Loan Documents, and the relationship between Administrative Agent, the Collateral Agent and Lenders, on one hand, and the Credit Parties, on the other hand, in
connection herewith or therewith is solely that of debtor and creditor; and 
 (c) no joint venture is created hereby or by the
other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the Lenders or among the Credit Parties and the Lenders. 
 SECTION 10.13. WAIVERS OF JURY TRIAL. THE CREDIT PARTIES, THE AGENTS AND THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO
THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 
 SECTION 10.14. Confidentiality. The
Administrative Agent and each Lender shall hold all information relating to the Parent or any Subsidiary furnished by or on behalf of the Credit Parties in connection with such Lender’s evaluation of whether to become a Lender hereunder or
obtained by such Lender or the Administrative Agent pursuant to the requirements of this Agreement (other than information that (x) has become available to the public other than as a result of a disclosure by such party in breach of this
Section 10.14, (y) has been independently developed by such Lender or such Agent without violating this Section 10.14 or (z) was or becomes available to such Lender or such Agent from a third party which, to such
Person’s knowledge, had not breached an obligation of confidentiality to either Borrower or any other Credit Party) (“Confidential Information”), confidential in accordance with its customary procedure for handling confidential
information of this nature and in any event may make disclosure (a) as required or requested by any Governmental Agency or representative thereof or any securities exchange on which securities of the disclosing party or any Affiliate of the
disclosing party are listed or traded or pursuant to legal process or to such Lender’s or the Administrative Agent’s attorneys, professional advisors or independent auditors or Affiliates, (b) as part of normal reporting or review
procedures to, or examinations by, Governmental Authorities or self-regulatory authorities, including the National Association of Insurance Commissioners or the National Association of Securities Dealers, Inc., (c) in order to enforce its
rights under any Loan Document in a legal proceeding, (d) to any pledgee under Section 10.06 or any other prospective assignee of, or prospective Participant in, any of its rights under this Agreement (so long as such Person shall
agree to keep the same confidential in accordance with this Section 10.14 or terms substantially similar to this Section 10.14) and (e) to any direct or indirect contractual counterparty in swap agreements or such
contractual counterparty’s professional advisor (so long as such contractual counterparty or professional advisor to such contractual counterparty agrees to be bound by the provisions of this Section 10.14 or terms substantially
similar to this Section 10.14); provided that in no event shall any Lender or the Administrative Agent be obligated or required to return any materials furnished by the Parent or any Subsidiary of the Parent. 

SECTION 10.15. No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated
hereby, each Credit Party acknowledges and agrees, and acknowledge its Affiliates’ understanding, that: (i) the credit facility provided for hereunder and any related arranging or other services in connection therewith (including in
connection with any amendment, waiver or other modification hereof or of any other Loan Document) are an arm’s-length commercial transaction between each Credit Party and its Affiliates, on the one hand, and the Administrative Agent and the
other Agents, on the other hand, and such Credit Party is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents (including any
amendment, waiver or other modification hereof or thereof); (ii) in connection with the process leading to such transaction, the Administrative Agent and each other Agent each is and has been acting solely as a principal and is not the
financial advisor, agent or fiduciary, for such Credit Party, or any of its Affiliates, stockholders, creditors or employees or any other Person; (iii) neither the Administrative Agent nor any other Agent has assumed or will assume an advisory,
agency or fiduciary responsibility in favor of any Credit Party with respect to any of the transactions contemplated hereby or 

  
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the process leading thereto, including with respect to any amendment, waiver or other modification hereof or of any other Loan Document (irrespective of whether the Administrative Agent or any
other Agent has advised or is currently advising any Credit Party or any of its Affiliates on other matters) and neither the Administrative Agent nor any other Agent has any obligation to any Credit Party or any of its Affiliates with respect to the
transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; (iv) the Administrative Agent and the other Agents and their respective Affiliates may be engaged in a broad range of
transactions that involve interests that differ from those of the Credit Parties and their Affiliates, and neither the Administrative Agent nor any other Agent has any obligation to disclose any of such interests by virtue of any advisory, agency or
fiduciary relationship; and (v) the Administrative Agent and the other Agents have not provided and will not provide any legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby (including any
amendment, waiver or other modification hereof or of any other Loan Document) and such Credit Party has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate. Each Credit Party hereby waives and
releases, to the fullest extent permitted by law, any claims that it may have against the Administrative Agent and the other Agents with respect to any breach or alleged breach of agency or fiduciary duty. 

SECTION 10.16. USA PATRIOT Act. Each Lender hereby notifies each Credit Party that pursuant to the requirements of the USA
Patriot Act, it is required to obtain, verify and record information that identifies the Credit Parties, which information includes the name and address of the Credit Parties and other information that will allow such Lender to identify the Credit
Parties in accordance with the USA Patriot Act. 
 SECTION 10.17. Conversion of Currencies. 

(a) If, for the purpose of obtaining judgment in any court, it is necessary to convert a sum owing hereunder in one currency into another
currency, each party hereto agrees, to the fullest extent that it may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures in the relevant jurisdiction the first currency could be
purchased with such other currency on the Business Day immediately preceding the day on which final judgment is given. 
 (b)
The obligations of the Credit Parties in respect of any sum due to any party hereto or any holder of the obligations owing hereunder (the “Applicable Creditor”) shall, notwithstanding any judgment in a currency (the
“Judgment Currency”) other than the currency in which such sum is stated to be due hereunder (the “Agreement Currency”), be discharged only to the extent that, on the Business Day following receipt by the Applicable
Creditor of any sum adjudged to be so due in the Judgment Currency, the Applicable Creditor may in accordance with normal banking procedures in the relevant jurisdiction purchase the Agreement Currency with the Judgment Currency; if the amount of
the Agreement Currency so purchased is less than the sum originally due to the Applicable Creditor in the Agreement Currency, the Credit Parties jointly and severally agree, as a separate obligation and notwithstanding any such judgment, to
indemnify the Applicable Creditor against such loss. The obligations of the Credit Parties contained in this Section 10.17 shall survive the termination of this Agreement and the payment of all other amounts owing hereunder. 

SECTION 10.18. Platform; Borrower Materials. Each Credit Party hereby acknowledges that (a) the Administrative Agent
and/or the Joint Lead Arrangers will make available to the Lenders materials and/or information provided by or on behalf of any Credit Party hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on
IntraLinks or another similar electronic system (the “Platform”), and (b) certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive MNPI with respect to any Credit Party or its
securities) (each, a “Public Lender”). Each Borrower hereby agrees that it will use commercially reasonable efforts to identify that portion of the Borrower Material that may be distributed to the Public Lenders and that
(i) all such Borrower Materials shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, means that the word “PUBLIC” shall appear prominently on the first page thereof, (ii) by marking Borrower Materials
“PUBLIC,” each Borrower shall be deemed to have authorized the Administrative Agent, the Joint Lead Arrangers and the Lenders to treat such Borrower Materials as either publicly available information or not material information (although
it may be sensitive and proprietary) with respect to any Credit Party or its securities for purposes of United States Federal and state securities laws, (iii) all Borrower Materials marked “PUBLIC” are permitted to be made available
through a portion of the Platform designated “Public Investor” and (iv) the Administrative Agent and the Joint Lead Arrangers shall be entitled to treat the Borrower Materials that are not marked “PUBLIC” as being suitable
only for posting on a portion of the Platform not designated “Public Investor.” 

  
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 SECTION 10.19. Intercreditor Agreement. Each of the Credit Parties, the
Administrative Agent, the Collateral Agent and the Lenders (i) consents to and ratifies the execution by the Collateral Agent of the Intercreditor Agreement and any amendments, joinders or supplements expressly contemplated thereby,
(ii) hereby agrees that it will be bound by and will take no actions contrary to the provisions of the Intercreditor Agreement and (iii) acknowledges that it has received a copy of the Intercreditor Agreement and that the exercise of
certain of the Collateral Agent’s rights and remedies hereunder may be subject to, and restricted by, the provisions of the Intercreditor Agreement. NOTWITHSTANDING ANY OTHER PROVISION CONTAINED IN THIS AGREEMENT, IN THE EVENT OF ANY CONFLICT
OR INCONSISTENCY BETWEEN THE PROVISIONS OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND THE INTERCREDITOR AGREEMENT, THE INTERCREDITOR AGREEMENT SHALL CONTROL. 
 SECTION 10.20. Integration. This Agreement and the other Loan Documents represent the agreement of the Borrowers, the Guarantors, the Collateral Agent, the Administrative Agent and the Lenders
with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by any Credit Party, the Administrative Agent, the Collateral Agent or any Lender relative to subject matter hereof not expressly set
forth or referred to herein or in the other Loan Documents. 
 SECTION 10.21. Administrative Borrower. For purposes
of this Agreement, including, Article II of this Agreement, each of the Credit Parties hereby: (i) authorizes the Administrative Borrower to make such requests, give such notices or furnish such certificates to the Agents or the
Lenders as may be required or permitted by this Agreement for the benefit of such Credit Party and to give any consents on behalf of such Credit Party required by Section 10.06 of this Agreement and (ii) authorizes the Agents to
treat such requests, notices, certificates or consents made, given or furnished by the Administrative Borrower as having been made, given or furnished by such Credit Party for purposes of this Agreement. Unless otherwise agreed to by the
Administrative Agent, the Administrative Borrower shall be the only Person entitled to make, give or furnish such requests, notices, certificates or requests directly to the Agents or the Lenders for purposes of this Agreement. Each Credit Party
agrees to be bound by all such requests, notices, certificates and consents and other such actions by the Administrative Borrower and agrees that all notices to and demands upon the Administrative Borrower in respect of any Credit Party shall
constitute effective notice to and demand upon such Credit Party for all purposes hereof. In each case, the Agents and the Lenders shall be entitled to rely upon all such requests, notices, certificates and consents made, given or furnished by the
Administrative Borrower pursuant to the provisions of this Agreement or any other Loan Document as being made or furnished on behalf of, and with the effect of irrevocably binding, such Credit Party. 

SECTION 10.22. Joint and Several Liability; Postponement of Subrogation. (a) The obligations of the Borrowers hereunder
and under the other Loan Documents to which they are a party shall be joint and several and, as such, each Borrower shall be liable for all of the Loan Obligations of each other Borrower under this Agreement and the other Loan Documents. The
liability of each Borrower for the Loan Obligations of each other Borrower under this Agreement and the other Loan Documents shall be absolute, unconditional and irrevocable, without regard to (i) the validity or enforceability of this
Agreement or any other Loan Document, any of the Loan Obligations or any other collateral security therefor or guarantee or right of offset with respect thereto at any time or from time to time held by any Secured Party, (ii) any defense, set
off or counterclaim (other than a defense of payment or performance hereunder) which may at any time be available to or be asserted by either Borrower or other Person against any Secured Party or (iii) any other circumstance whatsoever (with or
without notice to or knowledge of any other Credit Party or any other Person or such Borrower) that constitutes, or might be construed to constitute, an equitable or legal discharge or defense of such other Borrower for the Loan Obligations, or of
such Borrower under this Section 10.21, in bankruptcy or in any other instance. 
 (b) Each Borrower agrees that it
will not exercise any rights that it may acquire by way of rights of subrogation under this Agreement, by any payments made hereunder or otherwise, until the payment in full of the Loan Obligations. Any amount paid to either Borrower on account of
any such subrogation rights prior to the payment in full of the Loan Obligations having occurred shall be held in trust for the benefit of the Secured Parties and shall immediately be paid to the Administrative Agent for the benefit of the Secured
Parties and applied in accordance with this Agreement. 

  
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 SECTION 10.23. Name Agents. The parties hereto acknowledge that the
Co-Documentation Agents and the Co-Syndication Agents hold such titles in name only, and that such titles confer no additional rights or obligations relative to those conferred on any Lender hereunder. 

SECTION 10.24. OID LEGEND. THE LOANS HAVE BEEN ISSUED WITH OID FOR UNITED STATES FEDERAL INCOME TAX PURPOSES. THE ISSUE
PRICE, AMOUNT OF OID, ISSUE DATE AND YIELD TO MATURITY OF THE LOANS MAY BE OBTAINED BY WRITING TO THE ADMINISTRATIVE AGENT AT THE ADDRESS SET FORTH IN SECTION 10.02. 
 SECTION 10.25. Release of Liens. 
 (a) The Borrowers and the
Guarantors will be entitled to releases of assets included in the Collateral from the Liens securing the Loan Obligations under any one or more of the following circumstances: 

(i) upon the full and final payment and performance of all Loan Obligations of the Borrowers and the Guarantors;

 (ii) with respect to any asset constituting Collateral (other than the Capital Stock of the Company), if such
Collateral is sold or otherwise disposed of in accordance with this Agreement and the Collateral Agreements and the Company has delivered to the Pari Passu Collateral Agent an Officers’ Certificate certifying to such effect; provided
that (a) any cash received from a disposition of Collateral will be required to be deposited in a deposit account controlled by the Company and held as Collateral subject to the Liens pending its application or use in compliance with
Section 2.06(b) and, from such deposit account, the Parent, the Company or any Restricted Subsidiary may withdraw funds to deploy the proceeds of an Asset Sale in compliance with Section 2.06(b); and (b) to the extent
that any disposition in such Asset Sale was of Collateral, the non-cash consideration received is pledged as Collateral under the Collateral Agreements substantially simultaneously with such sale, in accordance with the requirements set forth in
this Agreement and the Collateral Agreements; 
 (iii) with respect to an applicable Subsidiary, upon the
occurrence of a Contract Unwind Trigger; 
 (iv) with respect to any assignment of rights under the respective
terminated Internal Charter only, upon the occurrence of an Internal Charter Unwind Trigger; or 
 (v) if any
Guarantor is released from its Guarantee in accordance with the terms of this Agreement (including by virtue of such Guarantor ceasing to be a Restricted Subsidiary), that Guarantor’s assets will also be released from the Liens securing its
Guarantee and the other Loan Obligations. 
 (b) In connection with any termination or release pursuant to this
Section 10.25 or a release of a Subsidiary Guarantee pursuant to Section 10.26, the Collateral Agent shall execute and deliver to any Credit Party, at such Credit Party’s expense, all documents that such Credit Party
shall reasonably request to evidence such termination or release (including, without limitation, UCC termination statements), and will duly assign and transfer to such Credit Party, such of the Pledged Collateral (as defined in the Security
Agreement) that may be in the possession of the Collateral Agent and has not theretofore been sold or otherwise applied or released pursuant to this Agreement or the Collateral Agreements. Any execution and delivery of documents pursuant to this
Section 10.25 shall be without recourse to or warranty by the Collateral Agent. In connection with any release pursuant to this Section 10.25 or 10.26, the Credit Party shall be permitted to take any action in
connection therewith consistent with such release including, without limitation, the filing of UCC termination statements. Upon the receipt of any necessary or proper instruments of termination, satisfaction or release prepared by any Credit Party,
the Collateral Agent shall execute, deliver or acknowledge such instruments or releases to evidence the release of any Collateral permitted to be released pursuant to this Agreement or the Collateral Agreements. 

  
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 The security interests in all Collateral securing the Loans also will be released upon
payment in full of the principal of, together with accrued and unpaid interest on, the Loans and all other Loan Obligations that are due and payable at or prior to the time such principal, together with accrued and unpaid interest, are paid.

 (c) Notwithstanding the foregoing, at any time that any Pari Passu Obligations shall remain outstanding, the provisions of
the Intercreditor Agreement (and not Section 10.25(a) or (b)) shall apply with respect to any release of assets included in the Collateral from the Liens securing the Loan Obligations. 

(d) No release of Collateral in accordance with the provisions of this Agreement and the Collateral Agreements will be deemed to impair
the security under this Agreement. Any appraiser or other expert may rely on this Section 10.25(d) in delivering a certificate requesting release so long as all other provisions of this Agreement with respect to such release have been
complied with. 
 SECTION 10.26. Release of Guarantees. The Guarantee of a Guarantor (other than the Parent, except
with respect to clause (d) below) shall be automatically released: 
 (a) in connection with any sale or other disposition
of all or substantially all of the assets of that Subsidiary Guarantor (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) the Company, a Guarantor or a Restricted
Subsidiary, if the sale or other disposition does not violate Section 6.06 and complies with the Collateral Agreements; 
 (b) in connection with any sale or other disposition of all of the Capital Stock of that Subsidiary Guarantor to a Person that is not (either before or after giving effect to such transaction) the Parent,
a Guarantor or a Restricted Subsidiary, if the sale or other disposition does not violate Section 6.06 and complies with the Collateral Agreements; 
 (c) the designation of any Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary in accordance with Section 6.04 and the definition of “Unrestricted
Subsidiary”; or 
 (d) upon discharge of the Loan Obligations in accordance with the terms hereof. 

A Restricted Subsidiary’s Subsidiary Guarantee shall also be automatically released upon the applicable Subsidiary ceasing to be a
Subsidiary as a result of any foreclosure of any pledge or security interest securing Bank Indebtedness or other exercise of remedies in respect thereof. 
 [SIGNATURE PAGES FOLLOW] 

  
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 IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be duly executed
and delivered as of the date first above written. 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Collateral Agent
		
	By:	 	 /s/ John C. Stohlmann

	Name:	 	John C. Stohlmann
	Title:	 	Vice President

 [Second Term Loan Agreement Signature Page] 

 
			
	CITIBANK. N.A., as Administrative Agent
		
	By:	 	 /s/ David Tuder

	Name:	 	David Tuder
	Title:	 	Vice President

  
 2 

 
			
	CITICORP NORTH AMERICA, INC., as a Lender
		
	By:	 	 /s/ David Tuder

	Name:	 	David Tuder
	Title:	 	Vice President

  
 3 

 
			
	OFFSHORE GROUP INVESTMENT LIMITED, as Borrower
		
	By:	 	 /s/ Douglas G. Smith

	Name:	 	Douglas G. Smith
	Title:	 	Chief Financial Officer and Treasurer

  

			
	In the presence of:
		
	Witness:	 	 /s/ Susan Mallek

	Name:	 	Susan Mallek
	Occupation:	 	Paralegal

  

			
	VANTAGE DELAWARE HOLDINGS, LLC, as Borrower
		
	By:	 	 /s/ Douglas G. Smith

	Name:	 	Douglas G. Smith
	Title:	 	Chief Financial Officer and Treasurer

  

			
	DRAGONQUEST HOLDINGS COMPANY, as Guarantor
		
	By:	 	 /s/ Douglas G. Smith

	Name:	 	Douglas G. Smith
	Title:	 	Chief Financial Officer and Treasurer

  

			
	In the presence of:
		
	Witness:	 	 /s/ Susan Mallek

	Name:	 	Susan Mallek
	Occupation:	 	Paralegal

  

			
	EMERALD DRILLER COMPANY, as Guarantor
		
	By:	 	 /s/ Douglas G. Smith

	Name:	 	Douglas G. Smith
	Title:	 	Chief Financial Officer and Treasurer

  
 4 

 
			
	In the presence of:
		
	Witness:	 	 /s/ Susan Mallek

	Name:	 	Susan Mallek
	Occupation:	 	Paralegal

  
 5 

 
			
	SAPPHIRE DRILLER COMPANY, as Guarantor
		
	By:	 	 /s/ Douglas G. Smith

	Name:	 	Douglas G. Smith
	Title:	 	Chief Financial Officer and Treasurer

  

			
	In the presence of:
		
	Witness:	 	 /s/ Susan Mallek

	Name:	 	Susan Mallek
	Occupation:	 	Paralegal

  

			
	P2020 RIG CO., as Guarantor
		
	By:	 	 /s/ Douglas G. Smith

	Name:	 	Douglas G. Smith
	Title:	 	Chief Financial Officer and Treasurer

  

			
	In the presence of:
		
	Witness:	 	 /s/ Susan Mallek

	Name:	 	Susan Mallek
	Occupation:	 	Paralegal

  

			
	P2021 RIG CO., as Guarantor
		
	By:	 	 /s/ Douglas G. Smith

	Name:	 	Douglas G. Smith
	Title:	 	Chief Financial Officer and Treasurer

  

			
	In the presence of:
		
	Witness:	 	 /s/ Susan Mallek

	Name:	 	Susan Mallek
	Occupation:	 	Paralegal

  
 6 

 
			
	VANTAGE INTERNATIONAL MANAGEMENT CO., as Guarantor
		
	By:	 	 /s/ Douglas G. Smith

	Name:	 	Douglas G. Smith
	Title:	 	Chief Financial Officer and Treasurer

  

			
	In the presence of:
		
	Witness:	 	 /s/ Susan Mallek

	Name:	 	Susan Mallek
	Occupation:	 	Paralegal

  

			
	VANTAGE DRILLER I CO., as Guarantor
		
	By:	 	 /s/ Douglas G. Smith

	Name:	 	Douglas G. Smith
	Title:	 	Chief Financial Officer and Treasurer

  

			
	In the presence of:
		
	Witness:	 	 /s/ Susan Mallek

	Name:	 	Susan Mallek
	Occupation:	 	Paralegal

  

			
	VANTAGE DRILLER II CO., as Guarantor
		
	By:	 	 /s/ Douglas G. Smith

	Name:	 	Douglas G. Smith
	Title:	 	Chief Financial Officer and Treasurer

  

			
	In the presence of:
		
	Witness:	 	 /s/ Susan Mallek

	Name:	 	Susan Mallek
	Occupation:	 	Paralegal

  
 7 

 
			
	VANTAGE DRILLER III CO., as Guarantor
		
	By:	 	 /s/ Douglas G. Smith

	Name:	 	Douglas G. Smith
	Title:	 	Chief Financial Officer and Treasurer

  

			
	In the presence of:
		
	Witness:	 	 /s/ Susan Mallek

	Name:	 	Susan Mallek
	Occupation:	 	Paralegal

  

			
	VANTAGE DRILLER IV CO., as Guarantor
		
	By:	 	 /s/ Douglas G. Smith

	Name:	 	Douglas G. Smith
	Title:	 	Chief Financial Officer and Treasurer

  

			
	In the presence of:
		
	Witness:	 	 /s/ Susan Mallek

	Name:	 	Susan Mallek
	Occupation:	 	Paralegal

  

			
	VANTAGE HOLDINGS MALAYSIA I CO., as Guarantor
		
	By:	 	 /s/ Douglas G. Smith

	Name:	 	Douglas G. Smith
	Title:	 	Chief Financial Officer and Treasurer

  

			
	In the presence of:
		
	Witness:	 	 /s/ Susan Mallek

	Name:	 	Susan Mallek
	Occupation:	 	Paralegal

  
 8 

 
			
	VANTAGE DRILLING POLAND - LUXEMBOURG BRANCH, a Luxembourg branch of a Polish company, as Guarantor
		
	By:	 	 /s/ Ian Foulis

	Name:	 	Ian Foulis
	Title:	 	Branch Manager
	
	VANTAGE DEEPWATER DRILLING, INC., as Guarantor
		
	By:	 	 /s/ Douglas G. Smith

	Name:	 	Douglas G. Smith
	Title:	 	Chief Financial Officer and Treasurer
	
	VANTAGE DRILLING NETHERLANDS B.V., as Guarantor
		
	By:	 	 /s/ Linda J. Ibrahim

	Name:	 	Linda Jovana Ibrahim
	Title:	 	Managing Director
		
	By:	 	 /s/ TMF Management B.V.

	Name:	 	TMF Management B.V
	Title:	 	Managing Director B
		
	By:	 	 /s/ TMF Management B.V.

	Name:	 	TMF Management B.V.
	Title:	 	Managing Director B
	
	TUNGSTEN EXPLORER COMPANY, as Guarantor
		
	By:	 	 /s/ Douglas G. Smith

	Name:	 	Douglas G. Smith
	Title:	 	Chief Financial Officer and Treasurer

  
 9 

 
			
	In the presence of:
		
	Witness:	 	 /s/ Susan Mallek

	Name:	 	Susan Mallek
	Occupation:	 	Paralegal

  
 10 

 
			
	VANTAGE HOLDING HUNGARY KFT., as Guarantor
		
	By:	 	 /s/ Mark Howell

	Name:	 	Mark Howell
	Title:	 	Managing Director
		
	By:	 	 /s/ Julia Varga

	Name:	 	Julia Varga
	Title:	 	Director
	
	VANTAGE DRILLING (MALAYSIA) I SDN. BHD., as Guarantor
		
	By:	 	 /s/ Ronald Nelson

	Name:	 	Ronald Nelson
	Title:	 	Director
	
	VANTAGE DRILLING LABUAN I LTD., as Guarantor
		
	By:	 	 /s/ Ronald Nelson

	Name:	 	Ronald Nelson
	Title:	 	Director
	
	VANTAGE HOLDINGS CYPRUS ODC LIMITED, as Guarantor
		
	By:	 	 /s/ Mark Howell

	Name:	 	Mark Howell
	Title:	 	Director

  
 11 

 
			
	VANTAGE DEEPWATER COMPANY., as Guarantor
		
	By:	 	 /s/ Douglas G. Smith

	Name:	 	Douglas G. Smith
	Title:	 	Chief Financial Officer and Treasurer

  

			
	In the presence of:
		
	Witness:	 	 /s/ Susan Mallek

	Name:	 	Susan Mallek
	Occupation:	 	Paralegal

  

			
	VANTAGE DRILLING COMPANY., as Guarantor
		
	By:	 	 /s/ Douglas G. Smith

	Name:	 	Douglas G. Smith
	Title:	 	Chief Financial Officer and Treasurer

  

			
	In the presence of:
		
	Witness:	 	 /s/ Susan Mallek

	Name:	 	Susan Mallek
	Occupation:	 	Paralegal

  

			
	PT. VANTAGE DRILLING COMPANY INDONESIA, as Guarantor
		
	By:	 	 /s/ David Tait

	Name:	 	David Tait
	Title:	 	Director

  

	
	In the presence of:
	
	Witness:                     
	Name:
	Occupation:

  
 12 

 EXHIBIT A TO 
 SECOND TERM LOAN AGREEMENT 
 [FORM OF] 

ASSIGNMENT AND ACCEPTANCE1 
 This Assignment and Acceptance (this “Assignment and Acceptance”) is dated as of the Effective Date set forth below and is entered into by and between [Insert name of Assignor] (the
“Assignor”) and [Insert name of Assignee] (the “Assignee”). It is understood that the rights and obligations of the Assignor and the Assignee hereunder are several and not joint. Capitalized terms used but
not defined herein shall have the meanings given to them in the Term Loan Agreement identified below (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Term Loan Agreement”), receipt of a
copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Acceptance as if set forth
herein in full. The benefit of each Security Document shall be maintained in favor of the Assignee (without prejudice to Section 8.06 of the Term Loan Agreement). 
 For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance
with the Standard Terms and Conditions and the Term Loan Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below, (i) all of the Assignor’s rights and obligations in its capacity as a Lender under the
Term Loan Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the respective
facilities identified below and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender under the Term Loan Agreement) against any
person, whether known or unknown, arising under or in connection with the Term Loan Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the
foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations
sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in
this Assignment and Acceptance, without representation or warranty by the Assignor. 
  

	1.	Assignor: 

  

	2.	Assignee: 

  

	3.	Is Assignee a Lender/an Affiliate of a Lender/an Approved Fund? Yes:  ̈ No:
 ̈ Specify if “Yes”: 

  

	4.	Is Assignee an Ineligible Institution? Yes:  ̈ No:  ̈

	  	If “Yes,” no assignment may be made without the prior written consent of the Borrowers. 

 

	5.	Borrowers: Offshore Group Investment Limited, a Cayman Islands exempted company and Vantage Delaware Holdings, LLC, a Delaware limited liability company (collectively,
the “Borrowers”). 

  

	6.	Administrative Agent: Citibank, N.A., as the Administrative Agent under the Term Loan Agreement. 

 

	7.	Term Loan Agreement: Second Term Loan Agreement, dated as of March 28, 2013, among the Borrowers, the Lenders party thereto from time to time, Citibank, N.A., as
Administrative Agent, and Wells Fargo Bank, National Association, as Collateral Agent. 

  

	1 	To be used in the case of any sale, assignment or transfer by or to a Lender that is not a Borrower. 

  
 A-1

	8.	Assigned Interest: 

  

															
	 Loans
	  	Aggregate	 	  	Amount of Loans
of all
Lenders	 	 	Amount of 
Loans
Assigned	 	 	Percentage
Assigned of 
Loans
of all Lenders2
	 Loans
	  	$	 	  	  	$	 	  	 	 	  	% 	 	
					
	
[            ]3 $
	  	$	 	  	  	 	  	% 	 				 	

 Effective Date:
                    , 20     [TO BE INSERTED BY THE ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF
TRANSFER IN THE REGISTER THEREFOR]. 
  

	10.	Notice and Wire Instructions: 

  

							
	[NAME OF ASSIGNOR]	  	[NAME OF ASSIGNEE]
		
	Notices:	  	Notices:
		 	  
	  		  	  

		 	  
	  		  	  

		 	  
	  		  	  

		 	Attention:	  		  	Attention:
		 	Facsimile:	  		  	Facsimile:
		
	with a copy to:	  	with a copy to:
		 	  
	  		  	  

		 	  
	  		  	  

		 	  
	  		  	  

		 	Attention:	  		  	Attention:
		 	Facsimile:	  		  	Facsimile:
		
	Wire Instructions:	  	 Wire Instructions:

  

	2 	Set forth, to at least 9 decimals, as a percentage of the Loans of all Lenders thereunder. 

	3 	In the event any Extended Loans are established under Section 2.22 of the Term Loan Agreement, specify whether the Loans are Extended Loans.

  
 A-2

 The terms set forth in this Assignment and Acceptance are hereby agreed to: 

 

			
	ASSIGNOR
	
	[NAME OF ASSIGNOR]
		
	By:	 	  

		 	Name:
		 	Title:
	
	ASSIGNEE
	
	[NAME OF ASSIGNEE]
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Accepted [and Consented to]:1
	
	CITIBANK, N.A., as Administrative Agent
		
	By:	 	  

		 	Name:
		 	Title:
	
	[Consented to]:2
	
	 OFFSHORE GROUP INVESTMENT LIMITED,
 as Administrative Borrower

		
	By:	 	  

		 	Name:
		 	Title:

  
  

	1 	To be added only if the consent of the Administrative Agent is required by the terms of the Term Loan Agreement. See Section 10.06(b) of the Term Loan Agreement.

	2 	 To be added only if the consent of the Administrative Borrower is required by the terms of the Term Loan Agreement. See Section 10.06(b) of the
Term Loan Agreement. 

 ANNEX 1 TO EXHIBIT A TO 

SECOND TERM LOAN AGREEMENT 
 STANDARD TERMS AND CONDITIONS FOR 
 ASSIGNMENT AND ACCEPTANCE

 1. Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of
the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and
Acceptance and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Term Loan Agreement or any other Loan
Document, other than as to the matters set forth in this Section 1, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial
condition of either Borrower, any of its Subsidiaries or other Affiliates or any other person obligated in respect of any Loan Document or (iv) the performance or observance by either Borrower, any of its Subsidiaries or other Affiliates or any
other person of any of their respective obligations under any Loan Document. 
 2. Assignee. The Assignee
(a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Acceptance and to consummate the transactions contemplated hereby and to become a Lender
under the Term Loan Agreement, (ii) it is not an Ineligible Institution and otherwise satisfies all other requirements, if any, specified in the Term Loan Agreement that are required to be satisfied by it in order to acquire the Assigned
Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the Term Loan Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender
thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the person exercising discretion in making its decision to acquire the Assigned Interest, is
experienced in acquiring assets of such type, (v) it has received a copy of the Term Loan Agreement, together with copies of the most recent financial statements delivered pursuant to Section 6.02 thereof, as applicable, and such other
documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance and to purchase the Assigned Interest on the basis of which it has made such analysis and decision
independently and without reliance on the Administrative Agent or any other Lender, (vi) attached hereto is any documentation required to be delivered by it pursuant to the terms of the Term Loan Agreement (including pursuant to
Section 2.17(d) and (f)), duly completed and executed by the Assignee and (vii) if it is a Non-U.S. Lender, attached to this Assignment and Acceptance is any documentation required to be delivered by it pursuant to the terms of the Term
Loan Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other Lender and, based on such documents and information as
it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the
Loan Documents are required to be performed by it as a Lender. 
 3. Payments. From and after the Effective Date, the
Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the
Assignee for amounts which have accrued from and after the Effective Date. 
 4. General Provisions. This Assignment and
Acceptance shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Acceptance may be executed in any number of counterparts, which together shall constitute one
instrument. Delivery of an executed counterpart of a signature page of this Assignment and Acceptance by fax or other electronic delivery shall be effective as delivery of a manually executed counterpart of this Assignment and Acceptance. This
Assignment and Acceptance shall be governed by, and construed in accordance with, the law of the State of New York. 
 [Remainder
of page intentionally left blank] 

 EXHIBIT B TO 
 SECOND TERM LOAN AGREEMENT 
 [FORM OF] NOTE 

 

			
	$	  	, 20

 FOR VALUE RECEIVED, the undersigned (the “Administrative Borrower”) hereby promises, on
behalf of itself and Vantage Delaware Holdings, LLC, a Delaware limited liability company (the “US Borrower”, and, together with the Administrative Borrower, the “Borrowers”), to pay
to             or its registered assigns (the “Lender”), in accordance with the provisions of the Term Loan Agreement (as hereinafter defined), the principal amount of each
Loan, in an aggregate amount not to exceed             DOLLARS ($             ), from time to time made by the Lender to the
Borrowers under that certain Second Term Loan Agreement, dated as of March 28, 2013 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Term Loan Agreement”), among the
Borrowers, the Lenders from time to time party thereto, Citibank, N.A., as Administrative Agent, and Wells Fargo Bank, National Association, as Collateral Agent. Capitalized terms used herein but not defined shall have the meanings ascribed to them
in the Term Loan Agreement. 
 Each Borrower promises to pay interest on the unpaid principal amount of each Loan from the date
of such Loan until such principal amount is paid in full, at such interest rates and at such times as provided in the Term Loan Agreement. All payments of principal and interest on the Loans shall be made to the Administrative Agent for the account
of the Lender in U.S. Dollars in immediately available funds at the Administrative Agent’s Lending Office. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date
thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Term Loan Agreement. 
 This Note is one of the Notes referred to in the Term Loan Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided therein. This
Note is also entitled to the benefits of the Guarantee and is secured by the Collateral. Upon the occurrence and continuation of one or more of the Events of Default specified in the Term Loan Agreement, all amounts then remaining unpaid on this
Note shall become, or may be declared to be, immediately due and payable all as provided in the Term Loan Agreement. Loans made by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course
of business. 
 Each Borrower, for itself, its successors and assigns, hereby waives diligence, presentment, protest and demand
and notice of protest, demand, dishonor and non-payment of this Note. 
 The Lender and any subsequent owner and holder of this
Note shall, and is hereby authorized to, make a notation on Schedule A attached hereto of the date and the amount of each Loan and the date and the amount of the payment of principal thereon, which notation shall be conclusive in the absence
of manifest error, and, prior to any transfer of this Note, the Lender shall endorse the outstanding principal amount of this Note on Schedule A attached hereto; provided, however, that failure to make such notation or any error
in such notation shall not adversely affect the Lender’s rights with respect to the Loans. 
 [Signature page follows.]

  
 B-1

 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK AND IS EXECUTED AS OF THE DATE FIRST WRITTEN ABOVE. 
  

			
	OFFSHORE GROUP INVESTMENT LIMITED
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page – Note] 

  
 B-2

 Schedule A 
 LOANS AND PRINCIPAL PAYMENTS 
  

															
	  
	 Amount of Loan Made
	 	 Amount of Principal Repaid
	  	Unpaid Principal Balance
	 Date
	 	 Amount
	 	 Interest Paid
	  	Date	  	Amount	  	Date	  	Total	  	Notation
made by:

  
 B-3

 EXHIBIT C TO 
 SECOND TERM LOAN AGREEMENT 
 [FORM OF] 

INTEREST PERIOD ELECTION REQUEST 
 Citibank, N.A. 
 [ADDRESS] 
 Attention: [            ] 
 [Date]

 Ladies and Gentlemen: 
 Reference is made to the Second Term Loan Agreement dated as of March 28, 2013, among Offshore Group Investment Limited, a Cayman Islands exempted company (the “Administrative
Borrower”), Vantage Delaware Holdings, LLC, a Delaware limited liability company (the “US Borrower” and, together with the Administrative Borrower, the “Borrowers”), the Lenders from time to time party
thereto, Citibank, N.A., as administrative agent, and Wells Fargo, National Association, as collateral agent (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Term Loan Agreement”).
Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Term Loan Agreement. 
 The Administrative Borrower hereby irrevocably notifies the Administrative Agent of its election (the “Election”) pursuant to Section 2.21 of the Term Loan Agreement to convert or
continue a Borrowing, and in connection with the foregoing hereby provides the following information with respect thereto: 
  

	(i)	Borrowing to which Election applies: 

 Principal Amount: 
 Class of Borrowing: 1 

Type of Borrowing: 2 
 Interest Period: 3 
 (if LIBOR Borrowing) 

 

	(ii)	Effective Date of Election (which is a Business Day): 

  

	(iii)	Resulting Borrowings(s) 

 Resulting Borrowing 1 
 Principal Amount (or % of Borrowing in (i)): 

Type of Borrowing: 4 
 Interest Period: 5 
 (if LIBOR Borrowing) 

 
  

	1 	Specify a Borrowing of Loans made pursuant to Section 2.01(a) of the Term Loan Agreement on the Funding Date or Extended Loans established pursuant to
Section 2.22 of the Term Loan Agreement. 

	2 	Specify a LIBOR Borrowing or an ABR Borrowing. 

	3 	The initial Interest Period applicable to a LIBOR Borrowing shall be subject to the definition of “Interest Period” in the Term Loan Agreement.

	4 	Specify a LIBOR Borrowing or an ABR Borrowing. 

	5 	The Interest Period applicable to a LIBOR Borrowing shall be subject to the definition of “Interest Period” in the Term Loan Agreement.

  
 C-1

 Resulting Borrowing 6 
 Principal Amount (or % of Borrowing in (i)): 
 Type of Borrowing: 7 

Interest Period: 8 
 (if LIBOR Borrowing) 
  

			
	OFFSHORE GROUP INVESTMENT LIMITED
		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
  

	6 	Add as many resulting Borrowings as applicable. 

	7 	Specify a LIBOR Borrowing or an ABR Borrowing. 

	8 	The Interest Period applicable to a LIBOR Borrowing shall be subject to the definition of “Interest Period” in the Term Loan Agreement.

  
 C-2

 EXHIBIT D-1 TO 
 SECOND TERM LOAN AGREEMENT 
 FORM OF U.S. TAX COMPLIANCE CERTIFICATE

 (For Foreign Lenders That Are Not Treated As Partnerships For 

U.S. Federal Income Tax Purposes) 
 Reference is made to the Second Term Loan Agreement dated as of March 28, 2013 (as amended, supplemented or otherwise modified from time to time) (the “Term Loan Agreement”), among
Offshore Group Investment Limited, a Cayman Islands exempted company (the “Administrative Borrower”), Vantage Delaware Holdings, LLC, a Delaware limited liability company (the “US Borrower” and, together with the
Administrative Borrower, the “Borrowers”), each lender from time to time party thereto (collectively, the “Lenders”), Citibank, N.A., as Administrative Agent, and Wells Fargo Bank, National Association, as
Collateral Agent. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Term Loan Agreement. 
 Pursuant to the provisions of Section 2.17(d) of the Term Loan Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any
Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of
either Borrower within the meaning of Section 871(h)(3)(B) of the Code, (iv) it is not a “controlled foreign corporation” related to either Borrower as described in Section 881(c)(3)(C) of the Code, and (v) no
payments in connection with any Loan Document are effectively connected with the undersigned’s conduct of a U.S. trade or business. 
 The undersigned has furnished the Administrative Agent with a certificate of its non-U.S. person status on IRS Form W-8BEN. By executing this certificate, the undersigned agrees that (1) if the
information provided on this certificate changes, the undersigned shall promptly so inform the Administrative Borrower and the Administrative Agent in writing and (2) the undersigned shall furnish the Administrative Borrower and the
Administrative Agent a properly completed and currently effective certificate in either the calendar year in which payment is to be made by the Administrative Borrower or the Administrative Agent to the undersigned, or in either of the two calendar
years preceding each such payment. 
 [Signature Page Follows] 

  
 D-1-1

 
			
	[Foreign Lender]
		
	By:	 	  

		 	Name:
		 	Title:
	
	[Address]

 Dated:            , 20[    ]

  
 D-1-2

 EXHIBIT D-2 TO 
 SECOND TERM LOAN AGREEMENT 
 FORM OF U.S. TAX COMPLIANCE CERTIFICATE

 (For Foreign Participants That Are Not Treated As Partnerships For 

U.S. Federal Income Tax Purposes) 
 Reference is made to the Second Term Loan Agreement dated as of March 28, 2013 (as amended, supplemented or otherwise modified from time to time) (the “Term Loan Agreement”), among
Offshore Group Investment Limited, a Cayman Islands exempted company (the “Administrative Borrower”), Vantage Delaware Holdings, LLC, a Delaware limited liability company (the “US Borrower” and, together with the
Administrative Borrower, the “Borrowers”), each lender from time to time party thereto (collectively, the “Lenders”), Citibank, N.A., as Administrative Agent, and Wells Fargo Bank, National Association, as
Collateral Agent. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Term Loan Agreement. 
 Pursuant to the provisions of Section 2.17(d) and Section 10.06(c) of the Term Loan Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the
participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of either Borrower within the meaning of
Section 871(h)(3)(B) of the Code, (iv) it is not a “controlled foreign corporation” related to either Borrower as described in Section 881(c)(3)(C) of the Code, and (v) no payments in connection with any Loan Document
are effectively connected with the undersigned’s conduct of a U.S. trade or business. 
 The undersigned has furnished its
participating Lender with a certificate of its non-U.S. person status on IRS Form W-8BEN. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so
inform such Lender in writing and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the
undersigned, or in either of the two calendar years preceding each such payment. 
 [Signature Page Follows] 

  
 D-2-1

 
			
	[Foreign Participant]
		
	By:	 	 
		 	Name:
		 	Title:
	
	[Address]

 Dated:                 ,
20[     ] 
  

  
 D-2-2

 EXHIBIT D-3 TO 
 SECOND TERM LOAN AGREEMENT 
 FORM OF U.S. TAX COMPLIANCE CERTIFICATE

 (For Foreign Participants That Are Treated As Partnerships For 

U.S. Federal Income Tax Purposes) 
 Reference is made to the Second Term Loan Agreement dated as of March 28, 2013 (as amended, supplemented or otherwise modified from time to time) (the “Term Loan Agreement”), among
Offshore Group Investment Limited, a Cayman Islands exempted company (the “Administrative Borrower”), Vantage Delaware Holdings, LLC, a Delaware limited liability company (the “US Borrower” and, together with the
Administrative Borrower, the “Borrowers”), each lender from time to time party thereto (collectively, the “Lenders”), Citibank, N.A., as Administrative Agent, and Wells Fargo Bank, National Association, as
Collateral Agent. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Term Loan Agreement. 
 Pursuant to the provisions of Section 2.17(d) and Section 10.06(c) of the Term Loan Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in
respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners (within the meaning of Treasury Regulations Section 1.1441-1(c)(6)) of such participation, (iii) neither
the undersigned nor any of its direct or indirect partners/members is a bank within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of either Borrower
within the meaning of Section 871(h)(3)(B) of the Code, (v) none of its direct or indirect partners/members is a “controlled foreign corporation” related to either Borrower as described in Section 881(c)(3)(C) of the
Code, and (vi) no payments in connection with any Loan Document are effectively connected with the undersigned’s or its direct or indirect partners/members’ conduct of a U.S. trade or business. 

The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its
partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such partner’s/member’s beneficial owners that is claiming the
portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing and (2) the undersigned
shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding each
such payment. 
 [Signature Page Follows] 

  
 D-3-1

 
			
	[Foreign Participant]
		
	By:	 	 
		 	Name:
		 	Title:
	
	[Address]

 Dated:             , 20[     ]

  
 D-3-2

 EXHIBIT D-4 TO 
 SECOND TERM LOAN AGREEMENT 
 FORM OF U.S. TAX COMPLIANCE CERTIFICATE

 (For Foreign Lenders That Are Treated As Partnerships For 

U.S. Federal Income Tax Purposes) 
 Reference is made to the Second Term Loan Agreement dated as of March 28, 2013 (as amended, supplemented or otherwise modified from time to time) (the “Term Loan Agreement”), among
Offshore Group Investment Limited, a Cayman Islands exempted company (the “Administrative Borrower”), Vantage Delaware Holdings, LLC, a Delaware limited liability company (the “US Borrower” and, together with the
Administrative Borrower, the “Borrowers”), each lender from time to time party thereto (collectively, the “Lenders”), Citibank, N.A., as Administrative Agent, and Wells Fargo Bank, National Association, as
Collateral Agent. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Term Loan Agreement. 
 Pursuant to the provisions of Section 2.17(d) of the Term Loan Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing
such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners (within the meaning of Treasury Regulations Section 1.1441-1(c)(6)) of payments on such Loan(s)
(as well as any Note(s) evidencing such Loan(s)), (iii) neither the undersigned nor any of its direct or indirect partners/members is a bank within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect
partners/members is a ten percent shareholder of either Borrower within the meaning of Section 871(h)(3)(B) of the Code, (v) none of its direct or indirect partners/members is a “controlled foreign corporation” related to either
Borrower as described in Section 881(c)(3)(C) of the Code, and (vi) no payments in connection with any Loan Document are effectively connected with the undersigned’s or its direct or indirect partners/members’ conduct of a U.S.
trade or business. 
 The undersigned has furnished the Administrative Agent and the Administrative Borrower with IRS Form
W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such
partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall
promptly so inform the Administrative Borrower and the Administrative Agent in writing and (2) the undersigned shall have at all times furnished the Administrative Borrower and the Administrative Agent with a properly completed and currently
effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding each such payment. 
 [Signature Page Follows] 

  
 D-4-1

 
			
	[Foreign Lender]
		
	By:	 	 
		 	Name:
		 	Title:
	
	[Address]

 Dated:             ,
20[     ] 
  

  
 D-4-2

 EXHIBIT E TO 
 SECOND TERM LOAN AGREEMENT 
 [FORM OF] 

PERMITTED LOAN PURCHASE ASSIGNMENT AND ACCEPTANCE 
 This Permitted Loan Purchase Assignment and Acceptance (this “Permitted Loan Purchase Assignment and Acceptance”) is dated as of the Effective Date set forth below and is entered into by
and between [Insert name of Assignor] (the “Assignor”) and Offshore Group Investment Limited, a Cayman Islands exempted company (the “Administrative Borrower”). It is understood that the rights and obligations of
the Assignor and the Administrative Borrower hereunder are several and not joint. Capitalized terms used but not defined herein shall have the meanings given to them in the Term Loan Agreement identified below (as amended, amended and restated,
supplemented or otherwise modified from time to time, the “Term Loan Agreement”). The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of
this Permitted Loan Purchase Assignment and Acceptance as if set forth herein in full. 
 For an agreed consideration, the
Assignor hereby irrevocably sells and assigns to the Administrative Borrower, and the Administrative Borrower hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the terms of the Standard Terms and
Conditions and the Term Loan Agreement (including Section 10.06(e) thereof), as of the Effective Date inserted by the Administrative Agent as contemplated below, all of the Assignor’s rights and obligations in its capacity as a Lender
under the Term Loan Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the
respective facilities identified below (the rights and obligations sold and assigned pursuant to the above being referred to herein collectively as the “Assigned Interest”). Such sale and assignment is without recourse to the
Assignor and, except as expressly provided in this Permitted Loan Purchase Assignment and Acceptance, without representation or warranty by the Assignor. 
  

	1.	Assignor: 

  

	2.	Assignee: Offshore Group Investment Limited, a Cayman Islands exempted company 

 

	3.	Borrowers: Offshore Group Investment Limited, a Cayman Islands exempted company and Vantage Delaware Holdings, LLC, a Delaware limited liability company

  

	4.	Administrative Agent: Citibank, N.A., as the Administrative Agent under the Term Loan Agreement 

 

	5.	Term Loan Agreement: Second Term Loan Agreement, dated as of March 28, 2013, among the Borrowers, the Lenders from time to time party thereto, Citibank, N.A., as
Administrative Agent, and Wells Fargo Bank, National Association, as Collateral Agent. 

  

	6.	Assigned Interest: 

  

													
	 Loans
	  	Aggregate
Amount of
Loans of all
Lenders	 	  	Amount of
Loans Assigned	 	  	Percentage
Assigned of
Loans of all
Lenders1	 
	 Loans
	  	$	 	  	  	$	 	  	  	 	%	  
	
[            ]2
	  	$	 	  	  	$	 	  	  	 	%	  

  
  

	1 	Set forth, to at least 9 decimals, as a percentage of the Loans of all Lenders thereunder. 

	2 	In the event any Extended Loans are established under Section 2.22 of the Term Loan Agreement, specify whether the Loans are Extended Loans.

  
 E-1

 Effective Date:
                    , 20     [TO BE INSERTED BY THE ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF
TRANSFER IN THE REGISTER THEREFOR]. 
  

	7.	Notice and Wire Instructions: 

  

			
	[NAME OF ASSIGNOR]	  	OFFSHORE GROUP INVESTMENT LIMITED
		
	 Notices:
	  	Notices
		
	 Attention:

Facsimile:
	  	         Attention:
         Facsimile:

		
	 with a copy to:
	  	with a copy to:
		
	 Attention:

Facsimile:
	  	         Attention:
         Facsimile:

		
	 Wire Instructions:
	  	

 The terms set forth in this Permitted Loan Purchase Assignment and Acceptance are hereby agreed to: 

 

			
	ASSIGNOR
	
	[NAME OF ASSIGNOR]
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	ADMINISTRATIVE BORROWER
	
	OFFSHORE GROUP INVESTMENT LIMITED
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	Accepted:
	
	CITIBANK, N.A., as Administrative Agent
		
	        By:	 	 
		 	Name:
		 	Title:

  
 E-2

 ANNEX 1 OF EXHIBIT E TO 

SECOND TERM LOAN AGREEMENT 
 STANDARD TERMS AND CONDITIONS FOR 
 PERMITTED LOAN PURCHASE ASSIGNMENT AND
ACCEPTANCE 
 1. Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner
of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Permitted
Loan Purchase Assignment and Acceptance and to consummate the transactions contemplated and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Term Loan
Agreement or any other Loan Document, other than as to the matters set forth in this Section 1, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder,
(iii) the financial condition of either Borrower, any of its Subsidiaries or Affiliates or any other person obligated in respect of any Loan Document or (iv) the performance or observance by either Borrower, any of its Subsidiaries or
Affiliates or any other person of any of their respective obligations under any Loan Document. 
 2. Assignee. Each Borrower
represents and warrants that (a) it has full power and authority, and has taken all action necessary, to execute and deliver this Permitted Loan Purchase Assignment and Acceptance and to consummate the transactions contemplated hereby,
(b) as of the Effective Date, no Default or Event of Default has occurred and is continuing or would result from the Permitted Loan Purchase pursuant hereto and (c) on the date hereof, it does not have any MNPI that has not been disclosed
to the Assignor (other than because the Assignor does not wish to receive Non-Public Information) on or prior to the date hereof. 
 3. Cancellation. Upon the Effective Date, the Assigned Interest shall, without further action by any Person, be deemed cancelled and no longer outstanding for all purposes of the Term Loan Agreement and
the other Loan Documents, including with respect to (i) the making of, or the application of, any payments to the Lenders under the Term Loan Agreement or any other Loan Document, (ii) the making of any request, demand, authorization,
direction, notice, consent or waiver under the Term Loan Agreement or any other Loan Document or (iii) the determination of Required Lenders, or for any similarly related purpose, under the Term Loan Agreement or any other Loan Document.

 4. General Provisions. This Permitted Loan Purchase Assignment and Acceptance shall be binding upon, and inure to the benefit
of, the parties hereto and their respective successors and assigns. This Permitted Loan Purchase Assignment and Acceptance may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed
counterpart of a signature page of this Permitted Loan Purchase Assignment and Acceptance by fax or other electronic delivery shall be effective as delivery of a manually executed counterpart of this Permitted Loan Purchase Assignment and
Acceptance. This Permitted Loan Purchase Assignment and Acceptance shall be governed by, and construed in accordance with, the law of the State of New York. 

  
 E-3

 EXHIBIT F TO 
 SECOND TERM LOAN AGREEMENT 
 [FORM OF] 

NOTICE OF BORROWING 

Citibank, N.A. 
 1615 Brett Road OPS III

 New Castle, Delaware 19720 

Attention: Citibank NA Agency Department 

March 26, 2013 
 Ladies and Gentlemen:

 Reference is made to the Second Term Loan Agreement, dated as of March 28, 2013, among Offshore Group Investment Limited,
a Cayman Islands exempted company (the “Administrative Borrower”), Vantage Delaware Holdings, LLC, a Delaware limited liability company (the “US Borrower” and, together with the Administrative Borrower, the
“Borrowers”), the Lenders from time to time party thereto, Citibank, N.A., as Administrative Agent, and Wells Fargo Bank, National Association, as Collateral Agent (as amended, amended and restated, supplemented or otherwise
modified from time to time, the “Term Loan Agreement”). Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Term Loan Agreement. 

The Administrative Borrower hereby gives you notice pursuant to Section 2.03 of the Term Loan Agreement that it requests a Borrowing
under the Term Loan Agreement, and in that connection sets forth below the terms on which such Borrowing is requested to be made: 
  

	 	(A)	The Aggregate Principal Amount of Borrowing: $350,000,000 

  

	 	(B)	Date of Borrowing: March 28, 2013 

  

	 	(C)	Type of Borrowing: LIBOR 

  

	 	(D)	 Interest Period (if LIBOR Borrowing)1: 

  

	 	(E)	The Location and Number of the Administrative Borrower’s Account to which Funds are to be Disbursed: 

 

	1 	The Interest Period applicable to a LIBOR Borrowing shall be subject to the definition of “Interest Period” in the Term Loan Agreement.

  
 F-1

 
			
	OFFSHORE GROUP INVESTMENT LIMITED
		
	By:	 	 
		 	Name:
		 	Title:

  
 F-2

 EXHIBIT G TO 
 SECOND TERM LOAN AGREEMENT 
 [FORM OF 

COMPLIANCE CERTIFICATE] 
 OFFSHORE GROUP INVESTMENT LIMITED 
 OFFICER’S CERTIFICATE

 The undersigned hereby certify on behalf of Offshore Group Investment Limited, a Cayman Islands exempted company (the
“Administrative Borrower”), each in his capacity as an Authorized Officer of the Administrative Borrower (and not in his personal capacity), that: 

(1) We are, respectively, the duly elected
[            ]1 and [            ] of the Administrative Borrower; 
 (2) Each of us has reviewed the terms of that certain Second Term Loan Agreement, dated as of March 28, 2013, among the Administrative Borrower, Vantage Delaware Holdings, LLC, a Delaware limited
liability company (the “US Borrower” and, together with the Administrative Borrower, the “Borrowers”), the Lenders party thereto, Citibank, N.A., as administrative agent, and Wells Fargo Bank, National Association,
as collateral agent (the “Term Loan Agreement”; capitalized terms used herein but not otherwise defined shall have the meanings ascribed thereto in the Term Loan Agreement), and in the course of the performance of our duties as
Authorized Officers of the Administrative Borrower, we would normally have knowledge of any Default; and 
 (3) Based upon the
review and examination described in paragraph (2) above, [we do not know of any Default that occurred during the fiscal year of the Borrowers ended [            ]][the following
Default(s) occurred during the fiscal year of the Borrowers ended [            ]]: 

[If any Default has occurred, describe the Default, its status and what action the applicable Borrower is taking or proposes to take with respect
thereto.] 
 [Signature Page follows] 

 

	1 	Must be the principal executive officer, principal financial officer, treasurer or principal accounting officer. 

  
 G-1

 IN WITNESS WHEREOF, the undersigned has executed this Certificate on the date first
written above. 
  

			
	OFFSHORE GROUP INVESTMENT LIMITED
		
	By:	 	 
		 	Name:
		 	Title:
		 	
		
	By:	 	 
		 	Name:
		 	Title:

 [Signature Page to Officer’s Certificate] 

  
 G-2

 EXHIBIT H TO 
 SECOND TERM LOAN AGREEMENT 
 [FORM OF] 

JOINDER AGREEMENT 
 THIS JOINDER AGREEMENT (this “Agreement”), dated as of                     ,
            , 201    , is entered into between
                                         
       , a                         (the “New Subsidiary”) and CITIBANK, N.A.
as administrative agent (the “Administrative Agent”) under that certain Second Term Loan Agreement, dated as of March 28, 2013 (as the same may be amended, modified, extended or restated from time to time, the “Term
Loan Agreement”) among Offshore Group Investment Limited, a Cayman Islands exempted company (the “Administrative Borrower”), Vantage Delaware Holdings, LLC, a Delaware limited liability company (the “US
Borrower” and, together with the Administrative Borrower, the “Borrowers”), the Lenders from time to time party thereto, the Administrative Agent and Wells Fargo, National Association, as collateral agent (the
“Collateral Agent” and, together with the Administrative Agent, the “Agents”). All capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Term Loan Agreement. 

The New Subsidiary and the Administrative Agent hereby agree as follows: 

1. The New Subsidiary hereby acknowledges, agrees and confirms that, by its execution of this Agreement, the New Subsidiary will be deemed
to be a Credit Party under the Term Loan Agreement and a Guarantor for all purposes of the Term Loan Agreement and shall have all of the obligations of a Credit Party and a Guarantor thereunder as if it had executed the Term Loan Agreement. The New
Subsidiary hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the Term Loan Agreement, including without limitation (a) all of the representations and warranties of the
Credit Parties set forth in Article III of the Term Loan Agreement, (b) all of the covenants set forth in Article VI of the Term Loan Agreement and (c) all of the guarantee obligations set forth in Article IX of the Term Loan Agreement.
Without limiting the generality of the foregoing terms of this paragraph 1, the New Subsidiary hereby guarantees, jointly and severally with the other Guarantors, to each Agent and the Lenders, as provided in Article IX of the Term Loan Agreement,
the prompt payment of the Loan Obligations in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration or otherwise) strictly in accordance with the terms thereof and agrees that if any of the Loan Obligations are not
paid in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration or otherwise), the New Subsidiary will, jointly and severally together with the other Guarantors, promptly pay the same and that in the case of any
extension of time of payment or renewal of any of the Loan Obligations, the same will be promptly paid in full when due (whether at extended maturity, as a mandatory prepayment, by acceleration or otherwise) in accordance with the terms of such
extension or renewal. 
 2. If required, the New Subsidiary is, simultaneously with the execution of this Agreement, executing
and delivering such Security Documents (and such other documents and instruments) as requested by the Administrative Agent or the Collateral Agent in accordance with the Term Loan Agreement. 

3. The address of the New Subsidiary for purposes of Section 10.02 of the Term Loan Agreement is as follows: 

 

			
	 	 	  
	 	 	  
	 	 	  
	 	 	  

 4. The New Subsidiary hereby waives acceptance by any Secured Party of the guarantee by the New
Subsidiary upon the execution of this Agreement by the New Subsidiary. 
 5. This Agreement may be executed in any number of
counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument. 

  
 H-1

 6. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED
BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 IN WITNESS WHEREOF, the New Subsidiary
has caused this Agreement to be duly executed by its authorized officer and the Administrative Agent has caused the same to be accepted by its authorized officer, as of the day and year first above written. 

 

			
	[NEW SUBSIDIARY]
		
	By:	 	 

 
			
	Name:	 	 

 
			
	Title:	 	 

 Acknowledged and accepted: 
 CITIBANK, N.A. 

			
		
	By:	 	 

			
	Name:	 	 

			
	Title:	 	 

  
 H-2

 EXHIBIT I-1 TO 
 SECOND TERM LOAN AGREEMENT 
 FORM OF ASSIGNMENT OF INSURANCE – OWNER

  
 I-1-1

 EXHIBIT I-1 
 FORM OF INSURANCE AND EARNINGS SUPPLEMENT 
 THIS INSURANCE AND EARNINGS
SUPPLEMENT, dated as of the [            ] day of [            ], 20[    ] (as amended, restated,
supplemented or otherwise modified from time to time, this “Agreement”), is made by (i) OFFSHORE GROUP INVESTMENT LIMITED, a Cayman Islands exempted company (together with its successors and permitted assigns, the
“Company”), (ii) each owner of a Vessel and each Internal Charterer listed on the signature pages hereof (together with their respective successors and permitted assigns and the Parent, the
“Guarantors”), and (iii) WELLS FARGO BANK, NATIONAL ASSOCIATION, as Pari Passu Collateral Agent for the Pari Passu Secured Parties referred to in the Intercreditor Agreement (as defined below) (the “Pari Passu
Collateral Agent”). 
 PRELIMINARY STATEMENTS 

1. Capitalized terms used herein and not defined herein have the respective meanings given to them in the Amended and Restated
Intercreditor Agreement, dated as of October 25, 2012, among the Pari Passu Collateral Agent, Wells Fargo Bank, National Association, as New Trustee, New Noteholder Collateral Agent, Credit Agreement Collateral Agent, Term Loan Collateral
Agent, Existing Trustee and Existing Noteholder Collateral Agent (as each such term is defined therein), Citibank, N.A., as Term Loan Agent (as defined therein) and Royal Bank of Canada, as Credit Agreement Agent (as defined therein), and as
acknowledged and agreed by the Company, the Parent and the other Guarantors (as amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”). 

2. The Company [intends to][has] (i) enter[ed] into (a) that certain Indenture, dated as of the date hereof (as the same may be
amended, restated, supplemented or otherwise modified from time to time, the “2013 Indenture”), with the Guarantors (as defined therein, including the Parent), Wells Fargo Bank, National Association, as trustee (in such
capacity, the “2013 Indenture Trustee”) and collateral agent (in such capacity, the “2013 Indenture Collateral Agent”), pursuant to which the Company [shall][has] issue[d] new 7.125% senior secured
notes due 2023 (the “2013 Notes”), (b) that certain Second Term Loan Agreement, dated as of the date hereof (as the same may be amended, restated, supplemented or otherwise modified from time to time, the
“Second Term Loan Agreement”), with the Guarantors (as defined therein, including the Parent), Citibank, N.A., as administrative agent (in such capacity, the “Second Term Loan Agent”), Wells Fargo
Bank, National Association, as collateral agent (in such capacity, the “Second Term Loan Collateral Agent”), and the financial institutions and other entities party thereto as lenders (the “Second Term Loan
Lenders”), pursuant to which the Second Term Loan Lenders [will contemporaneously herewith make][have made] term loans in an aggregate original principal amount of $350,000,000 to the Company (the “Second Term
Loans”), and (c) that certain Amended and Restated Credit Agreement, dated as of the date hereof (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “A&R Credit
Agreement”), with the Guarantors (as defined therein, including the Parent), Royal Bank of Canada, as administrative agent (in such capacity, the “A&R Credit Agreement Agent”), and the financial institutions
and other entities party thereto as lenders (the “A&R Credit Agreement Lenders”), which A&R Credit Agreement [shall] (1) amend[s] and restate[s] the Credit Agreement, dated as of June 21, 2012, among the
Company, the Guarantors and the Credit Agreement Agent (the “Existing Credit Agreement”) and (2) permit[s] the Company to obtain revolving loans and letters of credit in an aggregate principal amount not to exceed
$200,000,000, and (ii) deliver[ed] a notice to the Pari Passu Collateral Agent designating the 2013 Note Obligations (as defined below) and the Second Term Loan Obligations (as defined below) as “Other Pari Passu Obligations” for
purposes of the Intercreditor Agreement and the Collateral Agreements (the “Designation Notice”). 

 3. Each Guarantor that is the owner of a Vessel has entered into an assignment of earnings
dated [            ] (each a “Shipowner Assignment of Earnings” and, collectively, the “Shipowner Assignments of Earnings”) and an assignment
of insurances dated [            ] (each, a “Shipowner Assignment of Insurances” and, collectively, the “Shipowner Assignments of
Insurances”). The Guarantors that are Internal Charterers have together either entered into or joined an assignment of earnings dated [            ] (the “Internal
Charterer Assignment of Earnings” and, collectively with the Shipowner Assignments of Earnings, the “Assignments of Earnings”) and an assignment of insurances dated
[            ] (the “Internal Charterer Assignment of Insurances” and, collectively with the Shipowner Assignments of Insurances, the “Assignments of
Insurances”), with respect to the insurances and earnings, respectively, to which each Internal Charterer has rights in respect of the relevant Vessel. 
 4. In connection with the Tungsten Explorer, Tungsten Explorer Company (the “TE Owner”) has entered into that certain (i) deed of assignment, dated February 1, 2013 (the
“Deed of Assignment”) with the Pari Passu Collateral Agent (as defined therein) relating to the Construction Contract (as defined therein) and (ii) notice of assignment to Korea Finance Corporation, dated
February 1, 2013 ( the “Refund Guarantee Assignment”, together with the Deed of Assignment, the “Tungsten Explorer Assignments”) respecting the Irrevocable Stand-by Letter of Credit No.
SLGQA770010006 in favor of TE Owner for account of Daewoo Shipbuilding and Marine Engineering Co., Ltd, dated May 27, 2011 (the “Refund Guarantee”) issued by Korea Finance Corporation. 

5. In connection with the issuance of the 2013 Notes, the making of the Second Term Loans, the amendment and restatement of the Existing
Credit Agreement and the designation contemplated by the Designation Notice, the parties hereto desire to enter into this Agreement. 
 ARTICLE I 
 CONFIRMATIONS AND GRANTS 

Section 1.1 Security Interest. 
 (a) Each Guarantor that is the owner of a Vessel or that is an Internal Charterer hereby confirms and agrees that the Secured Obligations (as defined in the Ship Mortgage covering each Vessel) shall
include the 2013 Note Obligations, the Second Term Loan Obligations and the A&R Credit Agreement Obligations as each such term is defined below. For purposes of this Agreement, the term “2013 Note Obligations” has the
meaning given to such term in the Designation Notice, (ii) the term “Second Term Loan Obligations” has the meaning given to such term in the Designation Notice and (iii) the term “A&R Credit Agreement
Obligations” means the “Obligations” (as defined in the A&R Credit Agreement), the Collateral Agreements and any other related document or instrument executed and delivered pursuant to such Obligations or Collateral
Agreements. 
 (b) The TE Owner hereby confirms and agrees that the Secured Liabilities (as defined in the Deed of Assignment)
shall include the 2013 Note Obligations, the Second Term Loan Obligations and the A&R Credit Agreement Obligations. 

  
 2 

 (c) Any Guarantor that owns a Vessel or that is an Internal Charterer hereby confirms and
agrees that the Refund Guarantee Assignment shall secure the Secured Obligations (as defined in the Ship Mortgage covering each Vessel, and expanded upon in Section 1.1(a) of this Agreement) including the 2013 Note Obligations, the Second Term
Loan Obligations and the A&R Credit Agreement Obligations. 
 Section 1.2 Collateral Grant.

 (a) For the avoidance of doubt, each Guarantor that is the owner of a Vessel or that is an Internal Charterer, hereby pledges,
assigns and transfers to the Pari Passu Collateral Agent, and hereby grants to the Pari Passu Collateral Agent (as defined herein), for the ratable benefit of the Secured Parties (as defined in the Security Agreement), including, without limitation,
the holders of the 2013 Notes, the 2013 Indenture Trustee, the 2013 Indenture Collateral Agent, the Second Term Loan Agent, the Second Term Loan Collateral Agent, the Second Term Loan Lenders, the A&R Credit Agreement Agent and the A&R
Credit Agreement Lenders, a security interest in all of the (i) Insurances (as defined in the Assignments of Insurances) and other amounts described in the Assignments of Insurances, and (ii) freights, hires and other moneys earned by the
Vessels and other amounts more fully described in the Assignments of Earnings, in each case now owned or at any time hereafter acquired by such Guarantor or in which such Guarantor now has or at any time in the future may acquire any right, title or
interest, and any proceeds thereof. 
 (b) The TE Owner, hereby pledges, assigns and transfers to the Pari Passu Collateral
Agent, and hereby grants to the Pari Passu Collateral Agent, for the ratable benefit of the Secured Parties (as defined in the Security Agreement), including, without limitation, the holders of the 2013 Notes, the 2013 Indenture Trustee, the 2013
Indenture Collateral Agent, the Second Term Loan Agent, the Second Term Loan Collateral Agent, the Second Term Loan Lenders, the A&R Credit Agreement Agent and the A&R Credit Agreement Lenders, a security interest in all of (i) the
Assigned Rights (as defined in the Deed of Assignment), and (ii) the proceeds of all drawings payable to the TE Owner under the Refund Guarantee, in each case now owned or at any time hereafter acquired by the TE Owner or in which the TE Owner
now has or at any time in the future may acquire any right, title or interest, and any proceeds thereof. 
 (c) This Agreement
secures, and the interests assigned by Guarantors that are internal charterers of Vessels, and the TE Owner, respectively, as applicable, in their respective Assignments of Insurances or Assignments of Earnings or Tungsten Explorer Assignments, as
applicable, are collateral security for, the prompt payment or performance in full when due, whether at stated maturity, by required prepay, declaration, acceleration, demand or otherwise (including the payment of amounts that would become due but
for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code (as defined in the Security Agreement)), of (i) all Secured Obligations (as defined in the Ship Mortgage covering each Vessel, and expanded upon in
Section 1.1(a) of this Agreement) or (ii) all Secured Liabilities (as defined in the Deed of Assignment covering the Tungsten Explorer) including, without limitation, the 2013 Note Obligations, the Second Term Loan Obligations and the
A&R Credit Agreement Obligations. 
 ARTICLE II 

MISCELLANEOUS 
 Section 2.1 Governing Law. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS AGREEMENT. 

  
 3 

 Section 2.2 Counterparts. This Agreement may be executed in
several counterparts, each of which shall be deemed an original but all of which shall constitute one agreement, and shall constitute a binding agreement when executed by each of the parties hereto. Delivery of an executed signature page to this
Agreement by facsimile or PDF via electronic transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. Signatures of the parties hereto transmitted by facsimile or PDF via electronic transmission shall be
deemed to be their original signatures for all purposes. 
 Section 2.3 Severability. Any
provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction. 

Section 2.4 Headings. The descriptive headings of the several sections of this Agreement are inserted for
convenience only and do not constitute a part of this Agreement. 
 Section 2.5 Submission to Jurisdiction;
Waiver of Jury Trial. EACH OF THE PARTIES HERETO IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK CITY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT. NONE OF THE PARTIES HERETO SHALL SEEK A JURY TRIAL IN ANY
LAWSUIT, PROCEEDING, COUNTERCLAIM OR OTHER LITIGATION PROCEDURE BASED UPON OR ARISING OUT OF OR OTHERWISE RELATED TO THIS AGREEMENT AND EACH OF THE PARTIES HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY AND ALL RIGHT TO ANY SUCH
JURY TRIAL, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE, TO THE EXTENT ANY SUCH PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION. 

Section 2.6 Entire Agreement. This Agreement embodies the entire agreement and understanding among the parties
hereto and supersedes all prior agreements and understandings related to the subject matter hereof. 
 [Signatures On Next
Page] 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their proper and duly authorized officers as of the date and year first written above. 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Pari Passu Collateral Agent
		
	 By:
	 	  

		 	 Name:

		 	 Title:

 
			
	OFFSHORE GROUP INVESTMENT LIMITED, a Cayman Islands exempted company
		
	 By:
	 	  

		 	Name: Douglas G. Smith
		 	Title: CFO and Treasurer
	
	 [GUARANTOR], a

	
[                        
                                    ]

		
	 By:
	 	  

		 	Name:
		 	Title:

 FORM OF 
 ASSIGNMENT OF INSURANCE 
 (this “Assignment”)

 [Shipowner name ] 
 Dated: [                    ] 
 [                    ] with an address at:
[                    ] (the “Assignor”), the owner of the vessel listed on Schedule I attached hereto (the
“Vessel”), in consideration of One Dollar ($1.00) lawful money of the United States of America and other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, has sold, assigned, transferred
and set over, and by this instrument does sell, assign, transfer and set over unto Wells Fargo Bank, National Association as (i) Noteholder Collateral Agent pursuant to the terms of the Existing Indenture (defined below) (in such capacity, the
“Existing Noteholder Collateral Agent”), as (ii) Noteholder Collateral Agent pursuant to the terms of the 2012 Indenture (defined below) (in such capacity, the “New Noteholder Collateral Agent”), as
(iii) Collateral Agent under the Term Loan Agreement (defined below) (in such capacity, the “Lender Collateral Agent”), and (iv) as Collateral Agent pursuant to the terms of the Credit Agreement (in such capacity, the
“Collateral Agent”, together with the Existing Noteholder Collateral Agent, the New Noteholder Collateral Agent, and the Lender Collateral Agent, the “Pari Passu Collateral Agent”, as assignee (together with its
successors and permitted assigns, in such capacity, the “Assignee”) to its own proper use and benefit, and, as security for all of the Secured Obligations of the Assignor under, and in accordance with the terms of the Mortgage (as
defined below), and to secure the performance and observance of all agreements, covenants and provisions contained in this Assignment, the Existing Indenture, the 2012 Indenture, the Term Loan Agreement, the Credit Agreement and the other Pari Passu
Documents, all right, title and interest of the Assignor under, in and to (i) all insurances in respect of the Vessel, whether heretofore, now or hereafter effected, and all renewals of or replacements for the same (the
“Insurances”), (ii) all claims, returns of premium and other moneys and claims for moneys due and to become due under or in respect of the Insurances, (iii) all other rights of the Assignor under or in respect of the
Insurances, and (iv) any proceeds of any of the foregoing and all interest and earnings from the investment of any of the foregoing and the proceeds thereof. 
 The rights and obligations of the Assignor and the Assignee hereunder are governed by the terms of the Intercreditor Agreement (defined below). 

Section 1. Certain Definitions. Capitalized terms used herein and not otherwise defined are used herein as defined in, or by
reference in, the Mortgage (as defined below). The following terms shall have the following meanings: 
 “Credit
Agreement” means that certain Credit Agreement dated as of June 21, 2012, among the Issuer, as borrower, the Parent, the guarantors from time to time party thereto (including the Assignor), the lenders from time to time party thereto,
and Royal Bank of Canada, as collateral agent, and any and all successors thereto in such capacity, as the same has been and may hereafter be further amended, restated, supplemented, refinanced, replaced or otherwise modified from time to time.

  
 ASSIGNMENT OF
INSURANCE – [            ] 

 “Existing Indenture” means that certain Indenture dated as of July 30,
2010, among the Issuer, the guarantors from time to time party thereto, and Wells Fargo Bank, National Association, as trustee and noteholder collateral agent, and any and all successors thereto in either such capacity, as the same has been and may
be further amended, restated, supplemented. 
 “Intercreditor Agreement” means that certain Intercreditor
Agreement dated October 25, 2012, among Wells Fargo Bank, National Association, as collateral agent under the Existing Indenture, the 2012 Indenture, and the Term Loan Agreement, Royal Bank of Canada, as collateral agent under the Credit
Agreement, Citibank, N.A., as administrative agent under the Term Loan Agreement, and acknowledged by the Issuer, Parent, and each of the other guarantors party thereto, as the same has been and may be further amended, restated, supplemented or
otherwise modified from time to time. 
 “Mortgage” means that certain First Priority Ship Mortgage, dated
[                    ] by the Assignor, as Shipowner, in favor of the Assignee, as Pari Passu Collateral Agent, as Mortgagee. 

“Term Loan Agreement” means that certain Term Loan Agreement dated as of October 25, 2012, among the Issuer, as
co-borrower, the US Borrower (as defined therein), the guarantors from time to time party thereto, the lenders from time to time party thereto, Citibank, N.A., as administrative agent, and Wells Fargo Bank, National Association, as collateral agent,
as the same has been and may hereafter be further amended, restated, supplemented, refinanced, replaced or otherwise modified from time to time. 
 “2012 Indenture” means that certain Indenture dated as of October 25, 2012, among the Issuer, the guarantors from time to time party thereto, and Wells Fargo Bank, National
Association, as trustee and noteholder collateral agent, and any and all successors thereto in either such capacity, as the same has been and may be further amended, restated, supplemented, refinanced, replaced or otherwise modified from time to
time. 
 Section 2. Representations, Warranties and Covenants. 

(a) The Assignor hereby warrants and represents that each of the Insurances is in full force and effect and is enforceable in accordance
with its terms, and that the Assignor is not in default thereunder. The Assignor hereby further warrants and represents that neither it nor any other Guarantor or other Subsidiary of the Parent has assigned, pledged or in any way created or suffered
to be created any security interest in the whole or any part of the right, title and interest hereby assigned, except for this assignment to the Assignee. The Assignor hereby covenants that, without the prior written consent thereto of the Assignee,
so long as this Assignment shall remain in effect, it will not, and it will not permit any other Guarantor or Subsidiary of the Parent 

  

					
		  		  	ASSIGNMENT OF INSURANCE – [            ]
			
		  	-2-	  	

 
to, assign or pledge the whole or any part of the right, title and interest hereby assigned to anyone other than the Assignee or its successors or assigns, and it will not take or omit to take,
or permit any other Guarantor or Subsidiary of the Parent to take or omit to take, any action, the taking or omission of which might result in an alteration or impairment of the Insurances in any material respect, or of this Assignment or of any of
the rights created by the Insurances or this Assignment. 
 (b) The Assignor hereby further covenants and agrees that
(i) notice of this Assignment shall be duly given to all underwriters and that where the consent of any underwriter is required pursuant to any of the Insurances assigned hereby it shall be obtained and evidence thereof shall be given to the
Assignee, or, in the alternative, that in the case of protection and indemnity coverage the Assignor shall obtain a letter of undertaking by the underwriters or clubs, and (ii) there shall be duly endorsed upon all slips, cover notes, policies,
certificates of entry or other instruments issued or to be issued in connection with the Insurances assigned hereby the insurance loss payable clause in the form attached hereto. In all cases (except in the case of protection and indemnity
coverage), unless otherwise agreed in writing by the Assignee, such slips, cover notes, notices, certificates of entry or other instruments shall show the Assignee as named assured and shall provide that there will be no recourse against the
Assignee for payment of premiums, calls or assessments. 
 (c) The Assignor agrees that at any time and from time to time the
Assignor will promptly and duly execute and deliver any and all such further instruments and documents as the Assignee may reasonably request in order to obtain the full benefits of this Assignment and of the rights and powers herein granted.

 (d) Any payments made pursuant to the terms hereof shall be made to such account as may, from time to time, be designated by
the Assignee. 
 Upon entering into an Internal Charter, the Assignor will cause any Internal Charterer to execute and
deliver to the Assignee an Assignment of Insurance substantially in the form hereof together with notice thereof, to deliver such notice to underwriters and insurers and to take all actions necessary to perfect and maintain the perfection of the
security interest of the Assignee in the insurances assigned thereunder. The obligations of such Internal Charterer to execute and deliver an Assignment of Insurance under the preceding sentence shall be deemed satisfied by the execution and
delivery of the Pari Passu Documents. However, the Assignor will deliver, or cause to be delivered, a notice of such Assignment of Insurances by an Internal Charterer to the underwriters. 

Section 3. Freedom of Assignee from Obligations. It is hereby expressly agreed that anything herein contained to the contrary
notwithstanding, the Assignor shall remain liable under the Insurances to perform all of the obligations assumed by it thereunder and the Assignee shall have no obligation or liability (including, without limitation, any obligation or liability with
respect to the payment of premiums, calls or assessments) under the Insurances by reason of or arising out of this Assignment, nor shall the Assignee be required or obligated in any manner to perform or fulfill any obligations of the Assignor under
or pursuant to the Insurances or to make any payment or to make any inquiry as to the nature or sufficiency of any payment received by the Assignee or to present or file any claim, or to take any other action to collect or enforce the payment of any
amounts which may have been assigned to it or to which it may be entitled hereunder at any time or times. 

  

					
		  		  	ASSIGNMENT OF INSURANCE – [            ]
			
		  	-3-	  	

 Section 4. Power of Attorney; Financing Statements. The Assignee, its successors
and permitted assigns, are hereby constituted lawful attorneys, irrevocably, with full power (in the name of the Assignor or otherwise) to ask, require, demand, receive, compound and give acquittance for any and all moneys and claims for moneys due
and to become due under or arising out of the Insurances, to endorse any check or other instruments or orders in connection therewith and to file any claims or take any action or institute any proceedings which the Assignee may deem to be necessary
or advisable in the premises. Any action or proceeding brought by the Assignee pursuant to any of the provisions hereof or of the Insurances or otherwise, and any claim made by the Assignee hereunder or under the Insurances, may be compromised,
withdrawn or otherwise dealt with by the Assignee without any notice to, or approval, of the Assignor. The Assignor hereby irrevocably authorizes the Assignee, at the Assignor’s expense, to file, at any time and from time to time, such
financing and continuation statements or perfection papers of similar purpose or effect relating to this Assignment, without the Assignor’s signature, as the Assignee at its option may deem appropriate and appoints the Assignee as the
Assignor’s attorney-in-fact to execute any such statements in the Assignor’s name and to perform all other acts which the Assignee may deem appropriate to perfect and continue the security interests conferred hereby. Notwithstanding the
foregoing authorization and appointment, Assignor shall at its own expense file all financing and continuation statements or perfection papers of similar purpose or effect and give such notices relating to this Assignment, and perform all other
acts, necessary or appropriate to perfect and continue the security interest conferred hereby. 
 Section 5. Irrevocable
Assignment. The powers and authority granted to the Assignee herein have been given for a valuable consideration and are hereby declared to be irrevocable and may not be amended or waived except by an instrument in writing signed by the party
against whom enforcement is sought. 
 Section 6. Conditions of Assignment. Unless and until an Event of Default
shall have occurred and be continuing under the Mortgage, covering the Vessel given by the Assignor to the Assignee, as collateral agent and mortgagee, the Assignor shall be entitled to exercise all its rights under the Insurances (subject to the
provisions of this Assignment) in all respects as if this Assignment had not been made. 
 Section 7. Governing Law.

 (a) This Assignment shall be construed in accordance with and governed by the laws of the State of New York, United States of
America, without regard to its conflict of laws rules (other than Section 5-1401 of the New York General Obligations Law). The Assignor hereby irrevocably submits itself to the non-exclusive jurisdiction of any New York State or Federal court
sitting in New York County and any appellate court from any thereof, for the purposes of (and solely for the purposes of) any suit, action or other proceeding arising out of, or relating to, this Assignment or any of the transactions contemplated
hereby, hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard in such New York State or Federal court and hereby irrevocably waives, and agrees not to assert, by way of motion,

  

					
		  		  	ASSIGNMENT OF INSURANCE – [            ]
			
		  	-4-	  	

 
as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of the above-named courts for any reason whatsoever, that such
suit, action or proceeding is brought in an inconvenient forum, or that the venue of such suit, action or proceeding is improper, or that this Assignment or the subject matter hereof may not be enforced in or by such courts. The Assignor irrevocably
consents to the service of any and all process in any such suit, action or proceeding by the mailing of copies of such process to the Assignor at its address specified in Section 8 hereof. The Assignor agrees that a final judgment in any such
action, suit or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this paragraph shall affect the right of the Assignee to serve legal process in any
other manner permitted by law or affect the right of the Assignee to bring any action or proceeding against the Assignor or its property in the courts of any other jurisdiction. 

(b) BY ITS SIGNATURE BELOW WRITTEN THE ASSIGNOR HEREBY IRREVOCABLY WAIVES UNDER APPLICABLE LAW ALL RIGHT TO A TRIAL BY JURY IN ANY
ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS ASSIGNMENT, OR ANY OTHER PARI PASSU DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

Section 8. Notices. All notices or other communications required or permitted to be made or given hereunder shall be made in
writing, in English, and personally delivered to an officer or other responsible employee of the addressee, or sent, by registered air mail, return receipt requested, postage prepaid, facsimile transmission, or other direct written electronic means
to the applicable address set forth under such party’s name below, or to such other address as any party hereto may from time to time designate to the others in such manner: 

If to the Assignee: 
 Wells Fargo Bank, N.A. 
 Corporate, Municipal & Escrow Services

 750 N. St. Paul Place, Suite 1750 
 MAC T9263-170 
 Dallas, TX 75201 

 

	 	Telephone:	(214) 756-7430 

	 	FAX:	(214) 756-7401 

 Electronic
Mail: Patrick.giordano@wellsfargo.com 
 with a copy to: 
 Haynes and Boone, LLP 
 201 Main St., Suite 2200 

Fort Worth, TX 76102 
 Attention: William D. Greenhill 
 Telephone: (817) 347-6602 

Telecopier: (817) 348-2321 
 Electronic Mail: william.greenhill@haynesboone.com 

  

					
		  		  	ASSIGNMENT OF INSURANCE – [            ]
			
		  	-5-	  	

 If to the Assignor: 
 [                    ] 
 [                    ] 
 [                    ] 
 Attention: [                    ] 

Telephone: [                    ]

 Telecopier:
[                    ] 

with a copy to: 

Fulbright & Jaworski L.L.P. 
 Fulbright Tower 
 1301 McKinney, Suite 5100 

Houston, Texas 77010 
 Attention: Joshua P. Agrons, Esq. 
 Telephone: 1 713 651 5151 

Telecopier: 1 713 651 5246 
 Electronic Mail: jagrons@fulbright.com 
 Any communication personally delivered
shall be deemed to have been validly and effectively given or delivered on the date of such delivery. Any communication transmitted by facsimile, or other direct written electronic means, or by registered air mail, shall be deemed to have been
validly and effectively given or delivered on the day when received. 
 Section 9. Headings. The division of this
Assignment into sections and the insertion of headings are for convenience of reference only and shall not affect the interpretation or construction of this Assignment. 
 Section 10. Termination. This Assignment shall create a continuing security interest and shall (a) remain in full force and effect until the payment in full in cash of the Secured
Obligations of the Assignor under, and in accordance with the terms of, the Mortgage, at which time this Assignment shall automatically terminate without any further action by any party; (b) be binding upon the Assignor and its successors,
transferees and assigns; and (c) inure, together with the rights and remedies of the Assignee hereunder, to the benefit of and be binding upon, the Assignee and its respective successors, transferees, and assigns. Without limiting the
generality of the foregoing clause, when the Assignee assigns or otherwise transfers any interest held by it under the Pari Passu Documents to any other Person pursuant to the terms of the Pari Passu Documents, that other Person shall thereupon
become vested with all the benefits held by such Assignee under this Assignment. 
 Section 11. Incorporation of
Protections in Pari Passu Documents. This Assignment shall constitute one of the Pari Passu Documents. Any rights or protections, including, without limitation, all indemnities and rights to reimbursement that may be granted to the Assignee in
its capacity as the Pari Passu Collateral Agent under any of the Pari Passu Documents shall be 

  

					
		  		  	ASSIGNMENT OF INSURANCE – [            ]
			
		  	-6-	  	

 
deemed incorporated herein. Any proceeds received by the Assignee upon the exercise of rights hereunder shall be applied by the Assignee in accordance with the terms of the Pari Passu Documents.

 Section 12. NOTWITHSTANDING ANY OTHER PROVISION CONTAINED HEREIN TO THE CONTRARY, IN THE EVENT OF ANY CONFLICT OR
INCONSISTENCY BETWEEN THE PROVISIONS OF (A) THIS ASSIGNMENT AND (B) ANY OF THE EXISTING INDENTURE, THE 2012 INDENTURE, THE TERM LOAN AGREEMENT, OR THE CREDIT AGREEMENT, THE PROVISIONS OF THE EXISTING INDENTURE, THE 2012 INDENTURE, THE TERM
LOAN AGREEMENT, OR THE CREDIT AGREEMENT, AS APPLICABLE, SHALL CONTROL WITH RESPECT THERETO (BUT SHALL NOT CONTROL AS SUCH PROVISION MAY APPLY TO ANY OTHER SUCH INDENTURE OR AGREEMENT), UNLESS THE PROVISIONS OF SUCH INCONSISTENT INDENTURE OR
AGREEMENT ARE INCONSISTENT WITH THE INTERCREDITOR AGREEMENT, IN WHICH CASE, THE INTERCREDITOR AGREEMENT SHALL CONTROL. 

Section 13. Counterparts. This Assignment and the Acceptance hereof may be executed in one or more counterparts and all such
counterparts shall constitute one and the same instrument. 
 [Remainder of page intentionally left blank] 

  

					
		  		  	ASSIGNMENT OF INSURANCE – [            ]
			
		  	-7-	  	

 IN WITNESS WHEREOF, the Assignor has caused this Assignment to be duly executed, by the
Assignor by way of deed, on the date first written above. 
  

			
	EXECUTED AS A DEED by
	
	[                    ], as Assignor
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	In the presence of:
		
	Witness:	 	  

	Name:	 	  

	Occupation:	 	  

  

			
	The terms and conditions of this Assignment are hereby
	
	ACCEPTED BY:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Pari Passu Collateral Agent, as Assignee
		
	By:	 	  

	Name:	 	
	Title:	 	

  

ASSIGNMENT OF INSURANCE – [            ] 

 SCHEDULE I 
 Description of Vessel 
  

							
	OWNER	 	VESSEL	 	OFF. NO	 	FLAG OF DOCUMENTATION
	[                    ]	 	[                    ]	 	[        ]	 	[                    ]

  

ASSIGNMENT OF INSURANCE – [            ] 

 NOTICE OF ASSIGNMENT 
 To Whom It May Concern: 

[                    ] (the
“Owner”), owner of the vessel listed on Schedule I attached hereto (the “Vessel”), HEREBY GIVES NOTICE that by an Assignment, dated
[                    ], and made by the Owner to Wells Fargo Bank, National Association (the “Assignee”), as Pari Passu Collateral
Agent, (as defined in the Intercreditor Agreement defined below) the Owner assigned to the Assignee all of the Owner’s right, title and interest in and to all insurances and the benefit of all insurances heretofore, now or hereafter taken out
in respect of the Vessel and all proceeds thereof. This Notice and the attached Loss Payable Clauses are to be endorsed on all policies and certificates of entry evidencing such insurances. 

“Intercreditor Agreement means that certain Amended and Restated Intercreditor Agreement, dated October 25, 2012, among
Wells Fargo Bank, National Association, as collateral agent under the Existing Indenture, the 2012 Indenture, and the Term Loan Agreement, Royal Bank of Canada, as collateral agent under the Credit Agreement, Citibank, N.A., as administrative agent
under the Term Loan Agreement, and acknowledged by the Offshore Group Investment Limited, Vantage Drilling Company, and each of the other guarantors party thereto, as the same has been and may be further amended, restated, supplemented or otherwise
modified from time to time. 
 [Signature Page Follows] 

  
 NOTICE OF
ASSIGNMENT OF INSURANCE – [            ] 

 
			
	[                    ]
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 NOTICE OF
ASSIGNMENT OF INSURANCE – [            ] 

 LOSS PAYABLE CLAUSE 
 Loss, if any, payable to Wells Fargo Bank, National Association, as Pari Passu Collateral Agent and mortgagee (the “Mortgagee”), respecting any of the vessels AQUAMARINE DRILLER, TOPAZ
DRILLER, EMERALD DRILLER, SAPPHIRE DRILLER, PLATINUM EXPLORER and TITANIUM EXPLORER (the “Vessels”), under each respective Ship Mortgage (as defined below) for distribution by the Mortgagee first to itself and then to the owner of
such Vessel (the “Owner”) or others as their interests may appear, or order, except that, unless the underwriters have been otherwise instructed by notice in writing from the Mortgagee, in the case of any loss involving any damage
to a Vessel or liability of a Vessel, the underwriters may pay directly for the repair, salvage, liability or other charges involved or, if the Owner shall have first fully repaired the damage and paid the cost thereof, or discharged the liability
or paid all of the salvage or other charges, then the underwriters may pay the Owner as reimbursement therefor, provided, however, that if such damage involves a loss in excess of U.S. $15,000,000 or its equivalent, the underwriters shall not make
such payment without first obtaining the written consent thereto of the Mortgagee. 
 In the event of an actual or constructive
total loss or a compromised or arranged total loss or requisition of title, in each case respecting a Vessel, or if the Mortgagee shall have given notice to underwriters that an Event of Default has occurred and is continuing under the relevant Ship
Mortgage on such Vessel, all insurance payments shall be paid to the Mortgagee, for distribution by it to itself and then to the relevant Owner or others as their interests may appear in accordance with the terms of the Ship Mortgage. 

“Intercreditor Agreement means that certain Amended and Restated Intercreditor Agreement, dated October 25, 2012, among
Wells Fargo Bank, National Association, as collateral agent under the Existing Indenture, the 2012 Indenture, and the Term Loan Agreement, Royal Bank of Canada, as collateral agent under the Credit Agreement, Citibank, N.A., as administrative agent
under the Term Loan Agreement, and acknowledged by the Offshore Group Investment Limited, Vantage Drilling Company, and each of the other guarantors party thereto, as the same has been and may be further amended, restated, supplemented or otherwise
modified from time to time. 
 “Ship Mortgage” shall have the meaning set forth for such term in the
Intercreditor Agreement. 

  
 NOTICE OF
ASSIGNMENT OF INSURANCE – [            ] 

 SCHEDULE I 
 Description of Vessel 
  

							
	OWNER	 	VESSEL	 	OFF. NO	 	FLAG OF DOCUMENTATION
	[                    ]	 	[                    ]	 	[        ]	 	[                    ]

 #11756894_v1 

  
 NOTICE OF
ASSIGNMENT OF INSURANCE – [            ] 

 EXHIBIT I-2 TO 
 SECOND TERM LOAN AGREEMENT 
 FORM OF ASSIGNMENT OF INSURANCE BY INTERNAL
CHARTERERS 

  
 I-2-1

 EXHIBIT I-2 
 FORM OF INSURANCE AND EARNINGS SUPPLEMENT 
 THIS INSURANCE AND EARNINGS
SUPPLEMENT, dated as of the [        ] day of [        ], 20[        ] (as amended, restated, supplemented or otherwise
modified from time to time, this “Agreement”), is made by (i) OFFSHORE GROUP INVESTMENT LIMITED, a Cayman Islands exempted company (together with its successors and permitted assigns, the
“Company”), (ii) each owner of a Vessel and each Internal Charterer listed on the signature pages hereof (together with their respective successors and permitted assigns and the Parent, the
“Guarantors”), and (iii) WELLS FARGO BANK, NATIONAL ASSOCIATION, as Pari Passu Collateral Agent for the Pari Passu Secured Parties referred to in the Intercreditor Agreement (as defined below) (the “Pari Passu
Collateral Agent”). 
 PRELIMINARY STATEMENTS 

1. Capitalized terms used herein and not defined herein have the respective meanings given to them in the Amended and Restated
Intercreditor Agreement, dated as of October 25, 2012, among the Pari Passu Collateral Agent, Wells Fargo Bank, National Association, as New Trustee, New Noteholder Collateral Agent, Credit Agreement Collateral Agent, Term Loan Collateral
Agent, Existing Trustee and Existing Noteholder Collateral Agent (as each such term is defined therein), Citibank, N.A., as Term Loan Agent (as defined therein) and Royal Bank of Canada, as Credit Agreement Agent (as defined therein), and as
acknowledged and agreed by the Company, the Parent and the other Guarantors (as amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”). 

2. The Company [intends to][has] (i) enter[ed] into (a) that certain Indenture, dated as of the date hereof (as the same may be
amended, restated, supplemented or otherwise modified from time to time, the “2013 Indenture”), with the Guarantors (as defined therein, including the Parent), Wells Fargo Bank, National Association, as trustee (in such
capacity, the “2013 Indenture Trustee”) and collateral agent (in such capacity, the “2013 Indenture Collateral Agent”), pursuant to which the Company [shall][has] issue[d] new 7.125% senior secured
notes due 2023 (the “2013 Notes”), (b) that certain Second Term Loan Agreement, dated as of the date hereof (as the same may be amended, restated, supplemented or otherwise modified from time to time, the
“Second Term Loan Agreement”), with the Guarantors (as defined therein, including the Parent), Citibank, N.A., as administrative agent (in such capacity, the “Second Term Loan Agent”), Wells Fargo
Bank, National Association, as collateral agent (in such capacity, the “Second Term Loan Collateral Agent”), and the financial institutions and other entities party thereto as lenders (the “Second Term Loan
Lenders”), pursuant to which the Second Term Loan Lenders [will contemporaneously herewith make][have made] term loans in an aggregate original principal amount of $350,000,000 to the Company (the “Second Term
Loans”), and (c) that certain Amended and Restated Credit Agreement, dated as of the date hereof (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “A&R Credit
Agreement”), with the Guarantors (as defined therein, including the Parent), Royal Bank of Canada, as administrative agent (in such capacity, the “A&R Credit Agreement Agent”), and the financial institutions
and other entities party thereto as lenders (the “A&R Credit Agreement Lenders”), which A&R Credit Agreement [shall] (1) amend[s] and restate[s] the Credit Agreement, dated as of June 21, 2012, among the
Company, the Guarantors and the Credit Agreement Agent (the “Existing Credit Agreement”) and (2) permit[s] the Company to obtain revolving loans and letters of credit in an aggregate principal amount not to exceed
$200,000,000, and (ii) deliver[ed] a notice to the Pari Passu Collateral Agent designating the 2013 Note Obligations (as defined below) and the Second Term Loan Obligations (as defined below) as “Other Pari Passu Obligations” for
purposes of the Intercreditor Agreement and the Collateral Agreements (the “Designation Notice”). 

 3. Each Guarantor that is the owner of a Vessel has entered into an assignment of earnings
dated [            ] (each a “Shipowner Assignment of Earnings” and, collectively, the “Shipowner Assignments of Earnings”) and an assignment
of insurances dated [            ] (each, a “Shipowner Assignment of Insurances” and, collectively, the “Shipowner Assignments of
Insurances”). The Guarantors that are Internal Charterers have together either entered into or joined an assignment of earnings dated [            ] (the “Internal
Charterer Assignment of Earnings” and, collectively with the Shipowner Assignments of Earnings, the “Assignments of Earnings”) and an assignment of insurances dated
[            ] (the “Internal Charterer Assignment of Insurances” and, collectively with the Shipowner Assignments of Insurances, the “Assignments of
Insurances”), with respect to the insurances and earnings, respectively, to which each Internal Charterer has rights in respect of the relevant Vessel. 
 4. In connection with the Tungsten Explorer, Tungsten Explorer Company (the “TE Owner”) has entered into that certain (i) deed of assignment, dated February 1, 2013 (the
“Deed of Assignment”) with the Pari Passu Collateral Agent (as defined therein) relating to the Construction Contract (as defined therein) and (ii) notice of assignment to Korea Finance Corporation, dated
February 1, 2013 ( the “Refund Guarantee Assignment”, together with the Deed of Assignment, the “Tungsten Explorer Assignments”) respecting the Irrevocable Stand-by Letter of Credit No.
SLGQA770010006 in favor of TE Owner for account of Daewoo Shipbuilding and Marine Engineering Co., Ltd, dated May 27, 2011 (the “Refund Guarantee”) issued by Korea Finance Corporation. 

5. In connection with the issuance of the 2013 Notes, the making of the Second Term Loans, the amendment and restatement of the Existing
Credit Agreement and the designation contemplated by the Designation Notice, the parties hereto desire to enter into this Agreement. 
 ARTICLE I 
 CONFIRMATIONS AND GRANTS 

Section 1.1 Security Interest. 
 (a) Each Guarantor that is the owner of a Vessel or that is an Internal Charterer hereby confirms and agrees that the Secured Obligations (as defined in the Ship Mortgage covering each Vessel) shall
include the 2013 Note Obligations, the Second Term Loan Obligations and the A&R Credit Agreement Obligations as each such term is defined below. For purposes of this Agreement, the term “2013 Note Obligations” has the
meaning given to such term in the Designation Notice, (ii) the term “Second Term Loan Obligations” has the meaning given to such term in the Designation Notice and (iii) the term “A&R Credit Agreement
Obligations” means the “Obligations” (as defined in the A&R Credit Agreement), the Collateral Agreements and any other related document or instrument executed and delivered pursuant to such Obligations or Collateral
Agreements. 
 (b) The TE Owner hereby confirms and agrees that the Secured Liabilities (as defined in the Deed of Assignment)
shall include the 2013 Note Obligations, the Second Term Loan Obligations and the A&R Credit Agreement Obligations. 

  
 2 

 (c) Any Guarantor that owns a Vessel or that is an Internal Charterer hereby confirms and
agrees that the Refund Guarantee Assignment shall secure the Secured Obligations (as defined in the Ship Mortgage covering each Vessel, and expanded upon in Section 1.1(a) of this Agreement) including the 2013 Note Obligations, the Second Term
Loan Obligations and the A&R Credit Agreement Obligations. 
 Section 1.2 Collateral Grant.

 (a) For the avoidance of doubt, each Guarantor that is the owner of a Vessel or that is an Internal Charterer, hereby pledges,
assigns and transfers to the Pari Passu Collateral Agent, and hereby grants to the Pari Passu Collateral Agent (as defined herein), for the ratable benefit of the Secured Parties (as defined in the Security Agreement), including, without limitation,
the holders of the 2013 Notes, the 2013 Indenture Trustee, the 2013 Indenture Collateral Agent, the Second Term Loan Agent, the Second Term Loan Collateral Agent, the Second Term Loan Lenders, the A&R Credit Agreement Agent and the A&R
Credit Agreement Lenders, a security interest in all of the (i) Insurances (as defined in the Assignments of Insurances) and other amounts described in the Assignments of Insurances, and (ii) freights, hires and other moneys earned by the
Vessels and other amounts more fully described in the Assignments of Earnings, in each case now owned or at any time hereafter acquired by such Guarantor or in which such Guarantor now has or at any time in the future may acquire any right, title or
interest, and any proceeds thereof. 
 (b) The TE Owner, hereby pledges, assigns and transfers to the Pari Passu Collateral
Agent, and hereby grants to the Pari Passu Collateral Agent, for the ratable benefit of the Secured Parties (as defined in the Security Agreement), including, without limitation, the holders of the 2013 Notes, the 2013 Indenture Trustee, the 2013
Indenture Collateral Agent, the Second Term Loan Agent, the Second Term Loan Collateral Agent, the Second Term Loan Lenders, the A&R Credit Agreement Agent and the A&R Credit Agreement Lenders, a security interest in all of (i) the
Assigned Rights (as defined in the Deed of Assignment), and (ii) the proceeds of all drawings payable to the TE Owner under the Refund Guarantee, in each case now owned or at any time hereafter acquired by the TE Owner or in which the TE Owner
now has or at any time in the future may acquire any right, title or interest, and any proceeds thereof. 
 (c) This Agreement
secures, and the interests assigned by Guarantors that are internal charterers of Vessels, and the TE Owner, respectively, as applicable, in their respective Assignments of Insurances or Assignments of Earnings or Tungsten Explorer Assignments, as
applicable, are collateral security for, the prompt payment or performance in full when due, whether at stated maturity, by required prepay, declaration, acceleration, demand or otherwise (including the payment of amounts that would become due but
for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code (as defined in the Security Agreement)), of (i) all Secured Obligations (as defined in the Ship Mortgage covering each Vessel, and expanded upon in
Section 1.1(a) of this Agreement) or (ii) all Secured Liabilities (as defined in the Deed of Assignment covering the Tungsten Explorer) including, without limitation, the 2013 Note Obligations, the Second Term Loan Obligations and the
A&R Credit Agreement Obligations. 
 ARTICLE II 

MISCELLANEOUS 
 Section 2.1 Governing Law. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS AGREEMENT. 

  
 3 

 Section 2.2 Counterparts. This Agreement may be executed in
several counterparts, each of which shall be deemed an original but all of which shall constitute one agreement, and shall constitute a binding agreement when executed by each of the parties hereto. Delivery of an executed signature page to this
Agreement by facsimile or PDF via electronic transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. Signatures of the parties hereto transmitted by facsimile or PDF via electronic transmission shall be
deemed to be their original signatures for all purposes. 
 Section 2.3 Severability. Any
provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction. 

Section 2.4 Headings. The descriptive headings of the several sections of this Agreement are inserted for
convenience only and do not constitute a part of this Agreement. 
 Section 2.5 Submission to Jurisdiction;
Waiver of Jury Trial. EACH OF THE PARTIES HERETO IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK CITY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT. NONE OF THE PARTIES HERETO SHALL SEEK A JURY TRIAL IN ANY
LAWSUIT, PROCEEDING, COUNTERCLAIM OR OTHER LITIGATION PROCEDURE BASED UPON OR ARISING OUT OF OR OTHERWISE RELATED TO THIS AGREEMENT AND EACH OF THE PARTIES HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY AND ALL RIGHT TO ANY SUCH
JURY TRIAL, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE, TO THE EXTENT ANY SUCH PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION. 

Section 2.6 Entire Agreement. This Agreement embodies the entire agreement and understanding among the parties
hereto and supersedes all prior agreements and understandings related to the subject matter hereof. 
 [Signatures On Next
Page] 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their proper and duly authorized officers as of the date and year first written above. 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Pari Passu Collateral Agent
		
	 By:
	 	 
		 	Name:
		 	Title:

 
			
	OFFSHORE GROUP INVESTMENT LIMITED, a Cayman Islands exempted company
		
	 By:
	 	 
		 	Name: Douglas G. Smith
		 	Title: CFO and Treasurer
	
	 [GUARANTOR], a

	
[                        
    ]

		
	 By:
	 	 
		 	Name:
		 	Title:

 FORM OF 
 ASSIGNMENT OF INSURANCE BY INTERNAL CHARTERERS 
 (this
“Assignment”) 

[                    ] 

Each of the entities listed on Schedule I hereto and each entity who in the future becomes an Internal Charterer (as defined in the
Mortgage defined below)(such existing Schedule I entities or future entities, each individually is called herein an “Assignor” and collectively, the “Assignors”), in consideration of One Dollar ($1.00) lawful money
of the United States of America and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, has sold, assigned, transferred and set over, and by this instrument does sell, assign, transfer and set over
unto Wells Fargo Bank, National Association, as (i) Noteholder Collateral Agent pursuant to the terms of the Existing Indenture (defined below) (in such capacity, the “Existing Noteholder Collateral Agent”), as
(ii) Noteholder Collateral Agent pursuant to the terms of the 2012 Indenture (defined below) (in such capacity, the “New Noteholder Collateral Agent”), as (iii) Collateral Agent under the Term Loan Agreement (defined
below) (in such capacity, the “Lender Collateral Agent”), and (iv) as Collateral Agent pursuant to the terms of the Credit Agreement (in such capacity, the “Collateral Agent”, together with the Existing
Noteholder Collateral Agent, the New Noteholder Collateral Agent, and the Lender Collateral Agent, the “Pari Passu Collateral Agent”, as assignee (together with its successors and permitted assigns, in such capacity, the
“Assignee), to its own proper use and benefit, and, as security for all of the Secured Obligations of such Assignor under, and in accordance with the terms of the Mortgage (as defined below), and to secure the performance and observance
of all agreements, covenants and provisions contained in this Assignment, the Existing Indenture, the 2012 Indenture, the Term Loan Agreement, the Credit Agreement and the other Pari Passu Documents, all right, title and interest of such Assignors
under, in and to (i) all insurances in respect of any of the Vessels listed on Schedule I hereto (individually a “Vessel” and collectively, the “Vessels”), whether heretofore, now or hereafter effected, and all
renewals of or replacements for the same (the “Insurances”), (ii) all claims, returns of premium and other moneys and claims for moneys due and to become due under or in respect of the Insurances, (iii) all other rights of
each such Assignor under or in respect of the Insurances, and (iv) any proceeds of any of the foregoing and all interest and earnings from the investment of any of the foregoing and the proceeds thereof. 

The rights and obligations of the Assignors and the Assignee hereunder are governed by the terms of the Intercreditor Agreement (defined
below). 
 Section 1. Certain Definitions. Capitalized terms used herein and not otherwise defined shall be used
herein as defined in, or by reference in, the Mortgage (defined below). The following terms shall have the following meanings: 

“Credit Agreement” means that certain Credit Agreement dated as of June 21, 2012, among the Issuer, as borrower,
the Parent, the guarantors from time to time party thereto 

 
(including the Assignor), the lenders from time to time party thereto, and Royal Bank of Canada, as collateral agent, and any and all successors thereto in such capacity, as the same has been and
may hereafter be further amended, restated, supplemented, refinanced, replaced or otherwise modified from time to time. 

“Existing Indenture” means that certain Indenture dated as of July 30, 2010, among the Issuer, the guarantors from
time to time party thereto, and Wells Fargo Bank, National Association, as trustee and noteholder collateral agent, and any and all successors thereto in either such capacity, as the same has been and may be further amended, restated, supplemented.

 “Intercreditor Agreement” means that certain Intercreditor Agreement dated October 25, 2012, among
Wells Fargo Bank, National Association, as collateral agent under the Existing Indenture, the 2012 Indenture, and the Term Loan Agreement, Royal Bank of Canada, as collateral agent under the Credit Agreement, Citibank, N.A., as administrative agent
under the Term Loan Agreement, and acknowledged by the Issuer, Parent, and each of the other guarantors party thereto, as the same has been and may be further amended, restated, supplemented or otherwise modified from time to time. 

“Mortgage” means that certain First Naval Mortgage, dated October 25, 2012 by the Assignor, as Shipowner in favor
of the Assignee, as Pari Passu Collateral Agent, as Mortgagee. 
 “Term Loan Agreement” means that certain Term
Loan Agreement dated as of October 25, 2012, among the Issuer, as co-borrower, the US Borrower (as defined therein), the guarantors from time to time party thereto, the lenders from time to time party thereto, Citibank, N.A., as administrative
agent, and Wells Fargo Bank, National Association, as collateral agent, as the same has been and may hereafter be further amended, restated, supplemented, refinanced, replaced or otherwise modified from time to time. 

“2012 Indenture” means that certain Indenture dated as of October 25, 2012, among the Issuer, the guarantors from
time to time party thereto, and Wells Fargo Bank, National Association, as trustee and noteholder collateral agent, and any and all successors thereto in either such capacity, as the same has been and may be further amended, restated, supplemented,
refinanced, replaced or otherwise modified from time to time. 
 Section 1. Joint and Several Obligation. The
obligations of each Assignor hereunder are joint and several and may be enforced separately whether or not enforcement action is or may be taken against any other Assignor. 
 Section 2. Representations, Warranties and Covenants. Each of the Assignors, jointly and severally, hereby warrants and represents that each of the Insurances is in full force and effect and
is enforceable in accordance with its terms, and that such Assignor is not in default thereunder. Each such Assignor hereby further warrants and represents that neither it nor any other Guarantor or other Subsidiary of the Parent has assigned,
pledged or in any way created or suffered to be created any security interest in the whole or any part of the right, title and interest hereby assigned, except for this assignment to the Assignee. Each such Assignor hereby covenants that, without
the prior written consent thereto of the Assignee, so long as this Assignment shall remain in effect, it will not, and it will not permit any other Guarantor or 

  
 -2-

 
Subsidiary of the Parent to, assign or pledge the whole or any part of the right, title and interest hereby assigned to anyone other than the Assignee or its successors or assigns, and it will
not take or omit to take, or permit any other Guarantor or Subsidiary of the Parent to take or omit to take, any action, the taking or omission of which might result in an alteration or impairment of the Insurances in any material respect, or of
this Assignment or of any of the rights created by the Insurances or this Assignment. 
 Each Assignor represents and warrants
that all Internal Charterers of the Vessels as of the date hereof are listed on Schedule I hereto. 
 Each of the Assignors,
jointly and severally, hereby further covenants and agrees that (i) notice of this Assignment shall be duly given to all underwriters and that where the consent of any underwriter is required pursuant to any of the Insurances assigned hereby it
shall be obtained and evidence thereof shall be given to the Assignee, or, in the alternative, that in the case of protection and indemnity coverage each such Assignor shall obtain a letter of undertaking by the underwriters or clubs, and
(ii) there shall be duly endorsed upon all slips, cover notes, policies, certificates of entry or other instruments issued or to be issued in connection with the Insurances assigned hereby the insurance loss payable clause in the form attached
hereto. In all cases (except in the case of protection and indemnity coverage), unless otherwise agreed in writing by the Assignee, such slips, cover notes, notices, certificates of entry or other instruments shall show the Assignee as named assured
and shall provide that there will be no recourse against the Assignee for payment of premiums, calls or assessments. 
 Each
such Assignor agrees that at any time and from time to time each Assignor will promptly and duly execute and deliver any and all such further instruments and documents as the Assignee may reasonably request in order to obtain the full benefits of
this Assignment and of the rights and powers herein granted. 
 Any payments made pursuant to the terms hereof shall be made to
such account as may, from time to time, be designated by the Assignee. 
 Upon entering into an Internal Charter respecting any
Vessel, each such Assignor will cause any Internal Charterer to execute and deliver to the Assignee an Assignment of Insurance substantially in the form hereof together with notice thereof, or to accede to and join this Assignment by executing an
Accession Agreement in the form of Exhibit A hereto, to deliver such notice to underwriters and insurers and to take all actions necessary to perfect and maintain the perfection of the security interest of the Assignee in the insurances assigned
thereunder. The obligations of any Internal Charterer to execute and deliver an Assignment of Insurance only under the preceding sentence shall be deemed satisfied by the execution and delivery of the Pari Passu Documents. However, the Assignor will
deliver, or cause to be delivered, notice of such Assignment of Insurance by an Internal Charterer to the underwriters. 

Section 3. Freedom of Assignee from Obligations. It is hereby expressly agreed that anything herein contained to the contrary
notwithstanding, each such Assignor shall remain liable under the Insurances to perform all of the obligations assumed by it thereunder and the Assignee shall have no obligation or liability (including, without limitation, any obligation or
liability with respect to the payment of premiums, calls or assessments) under the Insurances by 

  
 -3-

 
reason of or arising out of this Assignment, nor shall the Assignee be required or obligated in any manner to perform or fulfill any obligations of such Assignor under or pursuant to the
Insurances or to make any payment or to make any inquiry as to the nature or sufficiency of any payment received by the Assignee or to present or file any claim, or to take any other action to collect or enforce the payment of any amounts which may
have been assigned to it or to which it may be entitled hereunder at any time or times. 
 Section 4. Power of Attorney;
Financing Statements. The Assignee, its successors and permitted assigns, are hereby constituted lawful attorneys, irrevocably, with full power (in the name of such Assignor or otherwise) to ask, require, demand, receive, compound and give
acquittance for any and all moneys and claims for moneys due and to become due under or arising out of the Insurances, to endorse any check or other instruments or orders in connection therewith and to file any claims or take any action or institute
any proceedings which the Assignee may deem to be necessary or advisable in the premises. Any action or proceeding brought by the Assignee pursuant to any of the provisions hereof or of the Insurances or otherwise, and any claim made by the Assignee
hereunder or under the Insurances, may be compromised, withdrawn or otherwise dealt with by the Assignee without any notice to, or approval, of such Assignor. Each such Assignor hereby irrevocably authorizes the Assignee, at such Assignor’s
expense, to file, at any time and from time to time, such financing and continuation statements or perfection papers of similar purpose or effect relating to this Assignment, without such Assignor’s signature, as the Assignee at its option may
deem appropriate and appoints the Assignee as the Assignor’s attorney-in-fact to execute any such statements in the Assignor’s name and to perform all other acts which the Assignee may deem appropriate to perfect and continue the security
interests conferred hereby. Notwithstanding the foregoing authorization and appointment, each such Assignor shall at their own expense file all financing and continuation statements or perfection papers of similar purpose or effect and give such
notices relating to this Assignment, and perform all other acts, necessary or appropriate to perfect and continue the security interest conferred hereby. 
 Section 5. Irrevocable Assignment. The powers and authority granted to the Assignee herein have been given for a valuable consideration and are hereby declared to be irrevocable and may not be
amended or waived except by an instrument in writing signed by the party against whom enforcement is sought. 
 Section 6.
Conditions of Assignment. Unless and until an Event of Default shall have occurred and be continuing under a Mortgage covering such Vessel given by such Assignor to the Assignee, as collateral agent and mortgagee, such Assignor shall be
entitled to exercise all its rights under the Insurances (subject to the provisions of this Assignment) in all respects as if this Assignment had not been made. 
 Section 7. Governing Law. 
 (a) This Assignment shall be construed in
accordance with and governed by the laws of the State of New York, United States of America, without regard to its conflict of laws rules (other than Section 5-1401 of the New York General Obligations Law). Each Assignor hereby irrevocably
submits itself to the non-exclusive jurisdiction of any New York State or Federal court sitting in New York County and any appellate court from any thereof, for 

  
 -4-

 
the purposes of (and solely for the purposes of) any suit, action or other proceeding arising out of, or relating to, this Assignment or any of the transactions contemplated hereby, hereby
irrevocably agrees that all claims in respect of such action or proceeding may be heard in such New York State or Federal court and hereby irrevocably waives, and agrees not to assert, by way of motion, as a defense, or otherwise, in any such suit,
action or proceeding, any claim that it is not personally subject to the jurisdiction of the above-named courts for any reason whatsoever, that such suit, action or proceeding is brought in an inconvenient forum, or that the venue of such suit,
action or proceeding is improper, or that this Assignment or the subject matter hereof may not be enforced in or by such courts. Each Assignor irrevocably consents to the service of any and all process in any suit, action or proceeding arising out
of or relating to this Assignment or any other Pari Passu Document to which such Assignor is a party by the mailing of copies of such process to such Assignor at its address specified in Section 9 hereof. Each Assignor agrees that a final
judgment in any such action, suit or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this paragraph shall affect the right of the Assignee to serve
legal process in any other manner permitted by law or affect the right of the Assignee to bring any action or proceeding against any Assignor or its property in the courts of any other jurisdiction. 

(b) BY ITS SIGNATURE BELOW WRITTEN EACH ASSIGNOR HEREBY IRREVOCABLY WAIVES UNDER APPLICABLE LAW ALL RIGHT TO A TRIAL BY JURY IN ANY
ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS ASSIGNMENT, OR ANY OTHER PARI PASSU DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

Section 8. Notices. All notices or other communications required or permitted to be made or given hereunder shall be made in
writing, in English, and personally delivered to an officer or other responsible employee of the addressee, or sent, by registered air mail, return receipt requested, postage prepaid, facsimile transmission, or other direct written electronic means
to the applicable address set forth under such party’s name below, or to such other address as any party hereto may from time to time designate to the others in such manner: 

If to the Assignee: 
 Wells Fargo Bank, N.A. 
 Corporate, Municipal & Escrow Services

 750 N. St. Paul Place, Suite 1750 
 MAC T9263-170 
 Dallas, TX 75201 

Telephone: (214) 756-7430 
 Telecopier  (214) 756-7401 
 Electronic Mail:
patrick.giordano@wellsfargo.com 
 with copy to: 
 Haynes and Boone, LLP 
 201 Main St., Suite 2200 

Fort Worth, TX 76102 
 Attention: William D. Greenhill 
 Telephone: (817) 347-6602 

Telecopier: (817) 348-2321 
 Electronic Mail: william.greenhill@haynesboone.com 

  
 -5-

 If to the Assignor: 
 Vantage Drilling Company 
 777 Post Oak Blvd., Suite 800 

Houston, Texas 77056 
 Attention: Douglas Smith, Chief Financial Officer 
 Telephone: (281) 404-4700

 Telecopier: (281) 404-4749 
 Electronic mail: dsmith@vantagedrilling.com 
 with a copy to: 

Fulbright & Jaworski L.L.P. 
 Fulbright Tower 
 1301 McKinney, Suite 5100 

Houston, Texas 77010 
 Attention: Joshua P. Agrons, Esq. 
 Telephone:  1 713 651 5151 

Telecopier:  1 713 651 5246 
 Electronic Mail: jagrons@fulbright.com 
 Any communication personally delivered
shall be deemed to have been validly and effectively given or delivered on the date of such delivery. Any communication transmitted by facsimile, or other direct written electronic means, or by registered air mail, shall be deemed to have been
validly and effectively given or delivered on the day when received. 
 Section 9. Headings. The division of this
Assignment into sections and the insertion of headings are for convenience of reference only and shall not affect the interpretation or construction of this Assignment. 
 Section 10. Termination. This Assignment shall create a continuing security interest and shall (a) remain in full force and effect until the payment in full in cash of the Secured
Obligations of each Assignor under, and in accordance with the terms of, the Pari Passu Documents, at which time this Assignment shall automatically terminate without any further action by any party; (b) be binding upon each Assignor and its
successors, transferees and assigns; and (c) inure, together with the rights and remedies of the Assignee hereunder, to the benefit of and be binding upon, the Assignee and its respective successors, transferees, and assigns. Without limiting
the generality of the foregoing clause, when the Assignee assigns or otherwise transfers any interest held by it under the Pari Passu Documents to any other Person pursuant to the terms of the Pari Passu Documents, that other Person shall thereupon
become vested with all the benefits held by such Assignee under this Assignment. 

  
 -6-

 Section 11. Incorporation of Protections in Other Pari Passu Documents. This
Assignment shall constitute one of the Pari Passu Documents. Any rights or protections, including, without limitation, all indemnities and rights to reimbursement that may be granted to the Assignee in its capacity as the Noteholder Collateral Agent
under any of the Pari Passu Documents shall be deemed incorporated herein. Any proceeds received by the Assignee upon the exercise of rights hereunder shall be applied by the Assignee in accordance with the terms of the Intercreditor Agreement.

 Section 12. NOTWITHSTANDING ANY OTHER PROVISION CONTAINED HEREIN TO THE CONTRARY, IN THE EVENT OF ANY CONFLICT OR
INCONSISTENCY BETWEEN THE PROVISIONS OF (A) THIS ASSIGNMENT AND (B) ANY OF THE EXISTING INDENTURE, THE 2012 INDENTURE, THE TERM LOAN AGREEMENT, OR THE CREDIT AGREEMENT, THE PROVISIONS OF THE EXISTING INDENTURE, THE 2012 INDENTURE, THE TERM
LOAN AGREEMENT, OR THE CREDIT AGREEMENT, AS APPLICABLE, SHALL CONTROL WITH RESPECT THERETO (BUT SHALL NOT CONTROL AS SUCH PROVISION MAY APPLY TO ANY OTHER SUCH INDENTURE OR AGREEMENT), UNLESS THE PROVISIONS OF SUCH INCONSISTENT INDENTURE OR
AGREEMENT ARE INCONSISTENT WITH THE INTERCREDITOR AGREEMENT, IN WHICH CASE, THE INTERCREDITOR AGREEMENT SHALL CONTROL. 

Section 13. Counterparts. This Assignment and the Acceptance hereof may be executed in one or more counterparts and all such
counterparts shall constitute one and the same instrument. 
 [Remainder of page intentionally left blank] 

  
 -7-

 IN WITNESS WHEREOF, the Assignors have caused this Assignment to be duly executed, by the
Assignors by way of deed, on the date first written above. 
  

			
	EXECUTED AS A DEED by:
	
	OFFSHORE GROUP INVESTMENT LIMITED
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	In the presence of:	 	  

 

			
	Witness:	 	  

	Name:	 	  

	Occupation:	 	  

 

			
	VANTAGE DRILLER I CO.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	In the presence of:	 	  

 

			
	Witness:	 	  

	Name:	 	  

	Occupation:	 	  

 

			
	VANTAGE DRILLER IV CO.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	In the presence of:	 	  

 

			
	Witness:	 	  

	Name:	 	  

	Occupation:	 	  

  
 ASSIGNMENT OF
INSURANCE BY INTERNAL CHARTERERS 

 
			
	VANTAGE DRILLING NETHERLANDS BV
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	In the presence of:	 	  

 

			
	Witness:	 	  

	Name:	 	  

	Occupation:	 	  

 

			
	VANTAGE DRILLING (MALAYSIA) I SDN.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	In the presence of:	 	  

 

			
	Witness:	 	  

	Name:	 	  

	Occupation:	 	  

 

			
	VANTAGE DRILLING LABUAN I LTD. SDN.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	In the presence of:	 	  

 

			
	Witness:	 	  

	Name:	 	  

	Occupation:	 	  

  
 ASSIGNMENT OF
INSURANCE BY INTERNAL CHARTERERS 

 
			
	VANTAGE DEEPWATER DRILLING, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	In the presence of:	 	  

 

			
	Witness:	 	  

	Name:	 	  

	Occupation:	 	  

 

			
	The terms and conditions of this Assignment are hereby
	
	ACCEPTED BY:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Pari Passu Collateral Agent, as Assignee
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 ASSIGNMENT OF
INSURANCE BY INTERNAL CHARTERERS 

 SCHEDULE I 
 Internal Charterer 
 Offshore Group Investment Limited 

Vantage Driller I Co. 
 Vantage Driller IV Co. 
 Vantage Drilling Netherlands BV 

Vantage Drilling (Malaysia) I SDN 
 Vantage Drilling Labuan I Ltd 
 Vantage Deepwater Drilling, Inc. 

Vessels: 
 Aquamarine
Driller 
 Emerald Driller 
 Sapphire Driller 
 Topaz Driller 

Platinum Explorer 

Titanium Explorer 

  
 Schedule I

 ASSIGNMENT OF INSURANCES BY INTERNAL CHARTERERS 

 NOTICE OF ASSIGNMENT 
 To Whom It May Concern: 
 Offshore Group Investment Limited, an exempted company
incorporated with limited liability under the laws of the Cayman Islands (the “Assignor”), HEREBY GIVES NOTICE that by an Assignment, dated October 25, 2012, and made by the Assignor to Wells Fargo Bank, National Association
(the “Assignee”), as Pari Passu Collateral Agent (as defined under the Intercreditor Agreement defined below), the Assignor assigned to the Assignee all of the Assignor’s right, title and interest in and to all insurances and
the benefit of all insurances heretofore, now or hereafter taken out in respect its interest, if any, in the Panamanian flag vessels AQUAMARINE DRILLER, SAPPHIRE DRILLER, EMERALD DRILLER and TOPAZ DRILLER and the Bahamian flag vessels TITANIUM
EXPLORER and PLATINUM EXPLORER and all proceeds thereof. This Notice and the attached Loss Payable Clauses are to be endorsed on all policies and certificates of entry evidencing such insurances. 

“Intercreditor Agreement means that certain Amended and Restated Intercreditor Agreement, dated October 25, 2012, among
Wells Fargo Bank, National Association, as collateral agent under the Existing Indenture, the 2012 Indenture, and the Term Loan Agreement, Royal Bank of Canada, as collateral agent under the Credit Agreement, Citibank, N.A., as administrative agent
under the Term Loan Agreement, and acknowledged by the Offshore Group Investment Limited, Vantage Drilling Company, and each of the other guarantors party thereto, as the same has been and may be further amended, restated, supplemented or otherwise
modified from time to time. 
 [Signature Page Follows] 

  
 Notice of
Assignment 
 ASSIGNMENT OF INSURANCE BY INTERNAL CHARTERERS 
 [Offshore Group Investment Limited] 

 
			
	Offshore Group Investment Limited
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Notice of
Assignment 
 ASSIGNMENT OF INSURANCE BY INTERNAL CHARTERERS 
 [Offshore Group Investment Limited] 

 LOSS PAYABLE CLAUSE 
 Loss, if any, payable to Wells Fargo Bank, National Association, as Pari Passu Collateral Agent and mortgagee (the “Mortgagee”), respecting any of the vessels AQUAMARINE DRILLER, TOPAZ
DRILLER, EMERALD DRILLER, SAPPHIRE DRILLER, PLATINUM EXPLORER and TITANIUM EXPLORER (the “Vessels”), under each respective Ship Mortgage (as defined below) for distribution by the Mortgagee first to itself and then to the owner of
such Vessel (the “Owner”) or others as their interests may appear, or order, except that, unless the underwriters have been otherwise instructed by notice in writing from the Mortgagee, in the case of any loss involving any damage
to a Vessel or liability of a Vessel, the underwriters may pay directly for the repair, salvage, liability or other charges involved or, if the Owner shall have first fully repaired the damage and paid the cost thereof, or discharged the liability
or paid all of the salvage or other charges, then the underwriters may pay the Owner as reimbursement therefor, provided, however, that if such damage involves a loss in excess of U.S. $15,000,000 or its equivalent, the underwriters shall not make
such payment without first obtaining the written consent thereto of the Mortgagee. 
 In the event of an actual or constructive
total loss or a compromised or arranged total loss or requisition of title, in each case respecting a Vessel, or if the Mortgagee shall have given notice to underwriters that an Event of Default has occurred and is continuing under the relevant Ship
Mortgage on such Vessel, all insurance payments shall be paid to the Mortgagee, for distribution by it to itself and then to the relevant Owner or others as their interests may appear in accordance with the terms of the Ship Mortgage. 

“Intercreditor Agreement means that certain Amended and Restated Intercreditor Agreement, dated October 25, 2012, among
Wells Fargo Bank, National Association, as collateral agent under the Existing Indenture, the 2012 Indenture, and the Term Loan Agreement, Royal Bank of Canada, as collateral agent under the Credit Agreement, Citibank, N.A., as administrative agent
under the Term Loan Agreement, and acknowledged by the Offshore Group Investment Limited, Vantage Drilling Company, and each of the other guarantors party thereto, as the same has been and may be further amended, restated, supplemented or otherwise
modified from time to time. 
 “Ship Mortgage” shall have the meaning set forth for such term in the
Intercreditor Agreement. 

  
 Loss
Payable Clauses 
 ASSIGNMENT OF INSURANCE BY INTERNAL CHARTERERS 

Offshore Group Investment Limited 

 NOTICE OF ASSIGNMENT 
 To Whom It May Concern: 
 Vantage Driller I Co., an exempted company incorporated
with limited liability under the laws of the Cayman Islands (the “Assignor”), HEREBY GIVES NOTICE that by an Assignment, dated October 25, 2012, and made by the Assignor to Wells Fargo Bank, National Association (the
“Assignee”), as Pari Passu Collateral Agent (as defined under the Intercreditor Agreement defined below), the Assignor assigned to the Assignee all of the Assignor’s right, title and interest in and to all insurances and the
benefit of all insurances heretofore, now or hereafter taken out in respect of the Panamanian flag vessel EMERALD DRILLER and all proceeds thereof. This Notice and the attached Loss Payable Clauses are to be endorsed on all policies and certificates
of entry evidencing such insurances. 
 “Intercreditor Agreement means that certain Amended and Restated
Intercreditor Agreement, dated October 25, 2012, among Wells Fargo Bank, National Association, as collateral agent under the Existing Indenture, the 2012 Indenture, and the Term Loan Agreement, Royal Bank of Canada, as collateral agent under
the Credit Agreement, Citibank, N.A., as administrative agent under the Term Loan Agreement, and acknowledged by the Offshore Group Investment Limited, Vantage Drilling Company, and each of the other guarantors party thereto, as the same has been
and may be further amended, restated, supplemented or otherwise modified from time to time. 
 [Signature Page Follows]

  
 Notice of
Assignment 
 ASSIGNMENT OF INSURANCE BY INTERNAL CHARTERERS 
 Vantage Driller I Co. 

 
			
	Vantage Driller I Co.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Notice of
Assignment 
 ASSIGNMENT OF INSURANCE BY INTERNAL CHARTERERS 
 Vantage Driller I Co. 

 LOSS PAYABLE CLAUSE 
 Loss, if any, payable to Wells Fargo Bank, National Association, as Pari Passu Collateral Agent and mortgagee (the “Mortgagee”), respecting any of the vessels AQUAMARINE DRILLER, TOPAZ
DRILLER, EMERALD DRILLER, SAPPHIRE DRILLER, PLATINUM EXPLORER and TITANIUM EXPLORER (the “Vessels”), under each respective Ship Mortgage (as defined below) for distribution by the Mortgagee first to itself and then to the owner of
such Vessel (the “Owner”) or others as their interests may appear, or order, except that, unless the underwriters have been otherwise instructed by notice in writing from the Mortgagee, in the case of any loss involving any damage
to a Vessel or liability of a Vessel, the underwriters may pay directly for the repair, salvage, liability or other charges involved or, if the Owner shall have first fully repaired the damage and paid the cost thereof, or discharged the liability
or paid all of the salvage or other charges, then the underwriters may pay the Owner as reimbursement therefor, provided, however, that if such damage involves a loss in excess of U.S. $15,000,000 or its equivalent, the underwriters shall not make
such payment without first obtaining the written consent thereto of the Mortgagee. 
 In the event of an actual or constructive
total loss or a compromised or arranged total loss or requisition of title, in each case respecting a Vessel, or if the Mortgagee shall have given notice to underwriters that an Event of Default has occurred and is continuing under the relevant Ship
Mortgage on such Vessel, all insurance payments shall be paid to the Mortgagee, for distribution by it to itself and then to the relevant Owner or others as their interests may appear in accordance with the terms of the Ship Mortgage. 

“Intercreditor Agreement means that certain Amended and Restated Intercreditor Agreement, dated October 25, 2012, among
Wells Fargo Bank, National Association, as collateral agent under the Existing Indenture, the 2012 Indenture, and the Term Loan Agreement, Royal Bank of Canada, as collateral agent under the Credit Agreement, Citibank, N.A., as administrative agent
under the Term Loan Agreement, and acknowledged by the Offshore Group Investment Limited, Vantage Drilling Company, and each of the other guarantors party thereto, as the same has been and may be further amended, restated, supplemented or otherwise
modified from time to time. 
 “Ship Mortgage” shall have the meaning set forth for such term in the
Intercreditor Agreement. 

  
 Notice of
Assignment 
 ASSIGNMENT OF INSURANCE BY INTERNAL CHARTERERS 
 Vantage Driller I Co. 

 NOTICE OF ASSIGNMENT 
 To Whom It May Concern: 
 Vantage Driller IV Co., an exempted company incorporated
with limited liability under the laws of the Cayman Islands (the “Assignor”), HEREBY GIVES NOTICE that by an Assignment, dated October 25, 2012, and made by the Assignor to Wells Fargo Bank, National Association (the
“Assignee”), as Pari Passu Collateral Agent (as defined under the Intercreditor Agreement defined below), the Assignor assigned to the Assignee all of the Assignor’s right, title and interest in and to all insurances and the
benefit of all insurances heretofore, now or hereafter taken out in respect of the Panamanian flag vessel TOPAZ DRILLER and all proceeds thereof. This Notice and the attached Loss Payable Clauses are to be endorsed on all policies and certificates
of entry evidencing such insurances. 
 “Intercreditor Agreement means that certain Amended and Restated
Intercreditor Agreement, dated October 25, 2012, among Wells Fargo Bank, National Association, as collateral agent under the Existing Indenture, the 2012 Indenture, and the Term Loan Agreement, Royal Bank of Canada, as collateral agent under
the Credit Agreement, Citibank, N.A., as administrative agent under the Term Loan Agreement, and acknowledged by the Offshore Group Investment Limited, Vantage Drilling Company, and each of the other guarantors party thereto, as the same has been
and may be further amended, restated, supplemented or otherwise modified from time to time. 
 [Signature Page Follows]

  
 Notice of
Assignment 
 ASSIGNMENT OF INSURANCE BY INTERNAL CHARTERERS 
 Vantage Driller IV Co. 

 
			
	Vantage Driller IV Co.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Notice of
Assignment 
 ASSIGNMENT OF INSURANCE BY INTERNAL CHARTERERS 
 Vantage Driller IV Co. 

 LOSS PAYABLE CLAUSE 
 Loss, if any, payable to Wells Fargo Bank, National Association, as Pari Passu Collateral Agent and mortgagee (the “Mortgagee”), respecting any of the vessels AQUAMARINE DRILLER, TOPAZ
DRILLER, EMERALD DRILLER, SAPPHIRE DRILLER, PLATINUM EXPLORER and TITANIUM EXPLORER (the “Vessels”), under each respective Ship Mortgage (as defined below) for distribution by the Mortgagee first to itself and then to the owner of
such Vessel (the “Owner”) or others as their interests may appear, or order, except that, unless the underwriters have been otherwise instructed by notice in writing from the Mortgagee, in the case of any loss involving any damage
to a Vessel or liability of a Vessel, the underwriters may pay directly for the repair, salvage, liability or other charges involved or, if the Owner shall have first fully repaired the damage and paid the cost thereof, or discharged the liability
or paid all of the salvage or other charges, then the underwriters may pay the Owner as reimbursement therefor, provided, however, that if such damage involves a loss in excess of U.S. $15,000,000 or its equivalent, the underwriters shall not make
such payment without first obtaining the written consent thereto of the Mortgagee. 
 In the event of an actual or constructive
total loss or a compromised or arranged total loss or requisition of title, in each case respecting a Vessel, or if the Mortgagee shall have given notice to underwriters that an Event of Default has occurred and is continuing under the relevant Ship
Mortgage on such Vessel, all insurance payments shall be paid to the Mortgagee, for distribution by it to itself and then to the relevant Owner or others as their interests may appear in accordance with the terms of the Ship Mortgage. 

“Intercreditor Agreement means that certain Amended and Restated Intercreditor Agreement, dated October 25, 2012, among
Wells Fargo Bank, National Association, as collateral agent under the Existing Indenture, the 2012 Indenture, and the Term Loan Agreement, Royal Bank of Canada, as collateral agent under the Credit Agreement, Citibank, N.A., as administrative agent
under the Term Loan Agreement, and acknowledged by the Offshore Group Investment Limited, Vantage Drilling Company, and each of the other guarantors party thereto, as the same has been and may be further amended, restated, supplemented or otherwise
modified from time to time. 
 “Ship Mortgage” shall have the meaning set forth for such term in the
Intercreditor Agreement. 

  
 Notice of
Assignment 
 ASSIGNMENT OF INSURANCE BY INTERNAL CHARTERERS 
 Vantage Driller IV Co. 

 NOTICE OF ASSIGNMENT 
 To Whom It May Concern: 
 Vantage Drilling Netherlands BV, an exempted company
incorporated with limited liability under the laws of the Netherlands (the “Assignor”), HEREBY GIVES NOTICE that by an Assignment, dated October 25, 2012, and made by the Assignor to Wells Fargo Bank, National Association (the
“Assignee”), as Pari Passu Collateral Agent (as defined under the Intercreditor Agreement defined below), the Assignor assigned to the Assignee all of the Assignor’s right, title and interest in and to all insurances and the
benefit of all insurances heretofore, now or hereafter taken out in respect of the Panamanian flag vessel EMERALD DRILLER and all proceeds thereof. This Notice and the attached Loss Payable Clauses are to be endorsed on all policies and certificates
of entry evidencing such insurances. 
 “Intercreditor Agreement means that certain Amended and Restated
Intercreditor Agreement, dated October 25, 2012, among Wells Fargo Bank, National Association, as collateral agent under the Existing Indenture, the 2012 Indenture, and the Term Loan Agreement, Royal Bank of Canada, as collateral agent under
the Credit Agreement, Citibank, N.A., as administrative agent under the Term Loan Agreement, and acknowledged by the Offshore Group Investment Limited, Vantage Drilling Company, and each of the other guarantors party thereto, as the same has been
and may be further amended, restated, supplemented or otherwise modified from time to time. 
 [Signature Page Follows]

  
 Notice of
Assignment 
 ASSIGNMENT OF INSURANCE BY INTERNAL CHARTERERS 
 Vantage Drilling Netherlands BV 

 
			
	Vantage Drilling Netherlands BV
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Notice of
Assignment 
 ASSIGNMENT OF INSURANCE BY INTERNAL CHARTERERS 
 Vantage Drilling Netherlands BV 

 LOSS PAYABLE CLAUSE 
 Loss, if any, payable to Wells Fargo Bank, National Association, as Pari Passu Collateral Agent and mortgagee (the “Mortgagee”), respecting any of the vessels AQUAMARINE DRILLER, TOPAZ
DRILLER, EMERALD DRILLER, SAPPHIRE DRILLER, PLATINUM EXPLORER and TITANIUM EXPLORER (the “Vessels”), under each respective Ship Mortgage (as defined below) for distribution by the Mortgagee first to itself and then to the owner of
such Vessel (the “Owner”) or others as their interests may appear, or order, except that, unless the underwriters have been otherwise instructed by notice in writing from the Mortgagee, in the case of any loss involving any damage
to a Vessel or liability of a Vessel, the underwriters may pay directly for the repair, salvage, liability or other charges involved or, if the Owner shall have first fully repaired the damage and paid the cost thereof, or discharged the liability
or paid all of the salvage or other charges, then the underwriters may pay the Owner as reimbursement therefor, provided, however, that if such damage involves a loss in excess of U.S. $15,000,000 or its equivalent, the underwriters shall not make
such payment without first obtaining the written consent thereto of the Mortgagee. 
 In the event of an actual or constructive
total loss or a compromised or arranged total loss or requisition of title, in each case respecting a Vessel, or if the Mortgagee shall have given notice to underwriters that an Event of Default has occurred and is continuing under the relevant Ship
Mortgage on such Vessel, all insurance payments shall be paid to the Mortgagee, for distribution by it to itself and then to the relevant Owner or others as their interests may appear in accordance with the terms of the Ship Mortgage. 

“Intercreditor Agreement means that certain Amended and Restated Intercreditor Agreement, dated October 25, 2012, among
Wells Fargo Bank, National Association, as collateral agent under the Existing Indenture, the 2012 Indenture, and the Term Loan Agreement, Royal Bank of Canada, as collateral agent under the Credit Agreement, Citibank, N.A., as administrative agent
under the Term Loan Agreement, and acknowledged by the Offshore Group Investment Limited, Vantage Drilling Company, and each of the other guarantors party thereto, as the same has been and may be further amended, restated, supplemented or otherwise
modified from time to time. 
 “Ship Mortgage” shall have the meaning set forth for such term in the
Intercreditor Agreement. 

  
 Notice of
Assignment 
 ASSIGNMENT OF INSURANCE BY INTERNAL CHARTERERS 
 Vantage Drilling Netherlands BV 

 NOTICE OF ASSIGNMENT 
 To Whom It May Concern: 
 Vantage Drilling (Malaysia) I SDN, a private company
limited by shares duly incorporated with limited liability under the laws of Malaysia (the “Assignor”), HEREBY GIVES NOTICE that by an Assignment, dated October 25, 2012, and made by the Assignor to Wells Fargo Bank, National
Association (the “Assignee”), as Pari Passu Collateral Agent (as defined under the Intercreditor Agreement defined below), the Assignor assigned to the Assignee all of the Assignor’s right, title and interest in and to all
insurances and the benefit of all insurances heretofore, now or hereafter taken out in respect of the Panamanian flag vessels AQUAMARINE DRILLER and TOPAZ DRILLER and all proceeds thereof. This Notice and the attached Loss Payable Clauses are to be
endorsed on all policies and certificates of entry evidencing such insurances. 
 “Intercreditor Agreement means
that certain Amended and Restated Intercreditor Agreement, dated October 25, 2012, among Wells Fargo Bank, National Association, as collateral agent under the Existing Indenture, the 2012 Indenture, and the Term Loan Agreement, Royal Bank of
Canada, as collateral agent under the Credit Agreement, Citibank, N.A., as administrative agent under the Term Loan Agreement, and acknowledged by the Offshore Group Investment Limited, Vantage Drilling Company, and each of the other guarantors
party thereto, as the same has been and may be further amended, restated, supplemented or otherwise modified from time to time. 

[Signature Page Follows] 

  
 Notice of
Assignment 
 ASSIGNMENT OF INSURANCE BY INTERNAL CHARTERERS 
 Vantage Drilling (Malaysia) I SDN 

 
			
	Vantage Drilling (Malaysia) I SDN
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Notice of
Assignment 
 ASSIGNMENT OF INSURANCE BY INTERNAL CHARTERERS 
 Vantage Drilling (Malaysia) I SDN 

 LOSS PAYABLE CLAUSE 
 Loss, if any, payable to Wells Fargo Bank, National Association, as Pari Passu Collateral Agent and mortgagee (the “Mortgagee”), respecting any of the vessels AQUAMARINE DRILLER, TOPAZ
DRILLER, EMERALD DRILLER, SAPPHIRE DRILLER, PLATINUM EXPLORER and TITANIUM EXPLORER (the “Vessels”), under each respective Ship Mortgage (as defined below) for distribution by the Mortgagee first to itself and then to the owner of
such Vessel (the “Owner”) or others as their interests may appear, or order, except that, unless the underwriters have been otherwise instructed by notice in writing from the Mortgagee, in the case of any loss involving any damage
to a Vessel or liability of a Vessel, the underwriters may pay directly for the repair, salvage, liability or other charges involved or, if the Owner shall have first fully repaired the damage and paid the cost thereof, or discharged the liability
or paid all of the salvage or other charges, then the underwriters may pay the Owner as reimbursement therefor, provided, however, that if such damage involves a loss in excess of U.S. $15,000,000 or its equivalent, the underwriters shall not make
such payment without first obtaining the written consent thereto of the Mortgagee. 
 In the event of an actual or constructive
total loss or a compromised or arranged total loss or requisition of title, in each case respecting a Vessel, or if the Mortgagee shall have given notice to underwriters that an Event of Default has occurred and is continuing under the relevant Ship
Mortgage on such Vessel, all insurance payments shall be paid to the Mortgagee, for distribution by it to itself and then to the relevant Owner or others as their interests may appear in accordance with the terms of the Ship Mortgage. 

“Intercreditor Agreement means that certain Amended and Restated Intercreditor Agreement, dated October 25, 2012, among
Wells Fargo Bank, National Association, as collateral agent under the Existing Indenture, the 2012 Indenture, and the Term Loan Agreement, Royal Bank of Canada, as collateral agent under the Credit Agreement, Citibank, N.A., as administrative agent
under the Term Loan Agreement, and acknowledged by the Offshore Group Investment Limited, Vantage Drilling Company, and each of the other guarantors party thereto, as the same has been and may be further amended, restated, supplemented or otherwise
modified from time to time. 
 “Ship Mortgage” shall have the meaning set forth for such term in the
Intercreditor Agreement. 

  
 Notice of
Assignment 
 ASSIGNMENT OF INSURANCE BY INTERNAL CHARTERERS 
 Vantage Drilling (Malaysia) I SDN 

 NOTICE OF ASSIGNMENT 
 To Whom It May Concern: 
 Vantage Drilling Labuan I Ltd, a Labuan company limited
by shares duly incorporated under the laws of Malaysia (the “Assignor”), HEREBY GIVES NOTICE that by an Assignment, dated October 25, 2012, and made by the Assignor to Wells Fargo Bank, National Association (the
“Assignee”), as Pari Passu Collateral Agent (as defined under the Intercreditor Agreement defined below), the Assignor assigned to the Assignee all of the Assignor’s right, title and interest in and to all insurances and the
benefit of all insurances heretofore, now or hereafter taken out in respect of the Panamanian flag vessels AQUAMARINE DRILLER and TOPAZ DRILLER and all proceeds thereof. This Notice and the attached Loss Payable Clauses are to be endorsed on all
policies and certificates of entry evidencing such insurances. 
 “Intercreditor Agreement means that certain
Amended and Restated Intercreditor Agreement, dated October 25, 2012, among Wells Fargo Bank, National Association, as collateral agent under the Existing Indenture, the 2012 Indenture, and the Term Loan Agreement, Royal Bank of Canada, as
collateral agent under the Credit Agreement, Citibank, N.A., as administrative agent under the Term Loan Agreement, and acknowledged by the Offshore Group Investment Limited, Vantage Drilling Company, and each of the other guarantors party thereto,
as the same has been and may be further amended, restated, supplemented or otherwise modified from time to time. 
 [Signature
Page Follows] 

  
 Notice of
Assignment 
 ASSIGNMENT OF INSURANCE BY INTERNAL CHARTERERS 
 Vantage Drilling Labuan I Ltd 

 
			
	 Vantage Drilling Labuan I Ltd

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  
 Notice of
Assignment 
 ASSIGNMENT OF INSURANCE BY INTERNAL CHARTERERS 
 Vantage Drilling Labuan I Ltd 

 LOSS PAYABLE CLAUSE 
 Loss, if any, payable to Wells Fargo Bank, National Association, as Pari Passu Collateral Agent and mortgagee (the “Mortgagee”), respecting any of the vessels AQUAMARINE DRILLER, TOPAZ
DRILLER, EMERALD DRILLER, SAPPHIRE DRILLER, PLATINUM EXPLORER and TITANIUM EXPLORER (the “Vessels”), under each respective Ship Mortgage (as defined below) for distribution by the Mortgagee first to itself and then to the owner of
such Vessel (the “Owner”) or others as their interests may appear, or order, except that, unless the underwriters have been otherwise instructed by notice in writing from the Mortgagee, in the case of any loss involving any damage
to a Vessel or liability of a Vessel, the underwriters may pay directly for the repair, salvage, liability or other charges involved or, if the Owner shall have first fully repaired the damage and paid the cost thereof, or discharged the liability
or paid all of the salvage or other charges, then the underwriters may pay the Owner as reimbursement therefor, provided, however, that if such damage involves a loss in excess of U.S. $15,000,000 or its equivalent, the underwriters shall not make
such payment without first obtaining the written consent thereto of the Mortgagee. 
 In the event of an actual or constructive
total loss or a compromised or arranged total loss or requisition of title, in each case respecting a Vessel, or if the Mortgagee shall have given notice to underwriters that an Event of Default has occurred and is continuing under the relevant Ship
Mortgage on such Vessel, all insurance payments shall be paid to the Mortgagee, for distribution by it to itself and then to the relevant Owner or others as their interests may appear in accordance with the terms of the Ship Mortgage. 

“Intercreditor Agreement means that certain Amended and Restated Intercreditor Agreement, dated October 25, 2012, among
Wells Fargo Bank, National Association, as collateral agent under the Existing Indenture, the 2012 Indenture, and the Term Loan Agreement, Royal Bank of Canada, as collateral agent under the Credit Agreement, Citibank, N.A., as administrative agent
under the Term Loan Agreement, and acknowledged by the Offshore Group Investment Limited, Vantage Drilling Company, and each of the other guarantors party thereto, as the same has been and may be further amended, restated, supplemented or otherwise
modified from time to time. 
 “Ship Mortgage” shall have the meaning set forth for such term in the
Intercreditor Agreement. 

  
 Notice of
Assignment 
 ASSIGNMENT OF INSURANCE BY INTERNAL CHARTERERS 
 Vantage Drilling Labuan I Ltd 

 NOTICE OF ASSIGNMENT 
 To Whom It May Concern: 
 Vantage Deepwater Drilling Inc., a Delaware corporation
(the “Assignor”), HEREBY GIVES NOTICE that by an Assignment, dated October 25, 2012, and made by the Assignor to Wells Fargo Bank, National Association (the “Assignee”), as Pari Passu Collateral Agent (as
defined under the Intercreditor Agreement defined below), the Assignor assigned to the Assignee all of the Assignor’s right, title and interest in and to all insurances and the benefit of all insurances heretofore, now or hereafter taken out in
respect of the Bahamian flag vessel TITANIUM EXPLORER and all proceeds thereof. This Notice and the attached Loss Payable Clauses are to be endorsed on all policies and certificates of entry evidencing such insurances. 

“Intercreditor Agreement means that certain Amended and Restated Intercreditor Agreement, dated October 25, 2012, among
Wells Fargo Bank, National Association, as collateral agent under the Existing Indenture, the 2012 Indenture, and the Term Loan Agreement, Royal Bank of Canada, as collateral agent under the Credit Agreement, Citibank, N.A., as administrative agent
under the Term Loan Agreement, and acknowledged by the Offshore Group Investment Limited, Vantage Drilling Company, and each of the other guarantors party thereto, as the same has been and may be further amended, restated, supplemented or otherwise
modified from time to time. 
 [Signature Page Follows] 

  
 Notice of
Assignment 
 ASSIGNMENT OF INSURANCE BY INTERNAL CHARTERERS 
 Vantage Deepwater Drilling Inc. 

 
			
	Vantage Deepwater Drilling, Inc.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Notice of
Assignment 
 ASSIGNMENT OF INSURANCE BY INTERNAL CHARTERERS 
 Vantage Deepwater Drilling Inc. 

 LOSS PAYABLE CLAUSE 
 Loss, if any, payable to Wells Fargo Bank, National Association, as Pari Passu Collateral Agent and mortgagee (the “Mortgagee”), respecting any of the vessels AQUAMARINE DRILLER, TOPAZ
DRILLER, EMERALD DRILLER, SAPPHIRE DRILLER, PLATINUM EXPLORER and TITANIUM EXPLORER (the “Vessels”), under each respective Ship Mortgage (as defined below) for distribution by the Mortgagee first to itself and then to the owner of
such Vessel (the “Owner”) or others as their interests may appear, or order, except that, unless the underwriters have been otherwise instructed by notice in writing from the Mortgagee, in the case of any loss involving any damage
to a Vessel or liability of a Vessel, the underwriters may pay directly for the repair, salvage, liability or other charges involved or, if the Owner shall have first fully repaired the damage and paid the cost thereof, or discharged the liability
or paid all of the salvage or other charges, then the underwriters may pay the Owner as reimbursement therefor, provided, however, that if such damage involves a loss in excess of U.S. $15,000,000 or its equivalent, the underwriters shall not make
such payment without first obtaining the written consent thereto of the Mortgagee. 
 In the event of an actual or constructive
total loss or a compromised or arranged total loss or requisition of title, in each case respecting a Vessel, or if the Mortgagee shall have given notice to underwriters that an Event of Default has occurred and is continuing under the relevant Ship
Mortgage on such Vessel, all insurance payments shall be paid to the Mortgagee, for distribution by it to itself and then to the relevant Owner or others as their interests may appear in accordance with the terms of the Ship Mortgage. 

“Intercreditor Agreement means that certain Amended and Restated Intercreditor Agreement, dated October 25, 2012, among
Wells Fargo Bank, National Association, as collateral agent under the Existing Indenture, the 2012 Indenture, and the Term Loan Agreement, Royal Bank of Canada, as collateral agent under the Credit Agreement, Citibank, N.A., as administrative agent
under the Term Loan Agreement, and acknowledged by the Offshore Group Investment Limited, Vantage Drilling Company, and each of the other guarantors party thereto, as the same has been and may be further amended, restated, supplemented or otherwise
modified from time to time. 
 “Ship Mortgage” shall have the meaning set forth for such term in the
Intercreditor Agreement. 

  
 Notice of
Assignment 
 ASSIGNMENT OF INSURANCE BY INTERNAL CHARTERERS 
 Vantage Deepwater Drilling Inc. 

 EXHIBIT A 
 ACCESSION AGREEMENT FOR 
 ASSIGNMENT OF INSURANCES BY INTERNAL CHARTERERS

 ACCESSION AGREEMENT FOR ASSIGNMENT OF INSURANCES BY INTERNAL CHARTERERS, dated effective as of
[            ]    , 2012 (this “Accession Agreement”), by [relevant assignor] (the “New Assignor”), and Wells Fargo Bank, National
Association, as Pari Passu Collateral Agent (together with its successors and permitted assigns, in such capacity, the “Assignee”). 
 WHEREAS: 
 A. The Assignors listed on Schedule A to this Accession Agreement and
the Assignee are parties to the Assignment of Insurances by Internal Charterers dated October 25, 2012 (the “Original Assignment”). 
 B. The New Assignor wishes to accede to and subject itself to the Original Assignment, be bound by the terms of the Original Assignment and to include (i) the [Panamanian / Bahamian] flag vessel,
“[vessel name]”, in the list of “Vessels” described on Schedule I to the Original Assignment, and (ii) [relevant assignor], as an additional assignor on Schedule I to the Original Assignment. 

C. Defined Terms. Capitalized terms used but not defined herein shall have the respective meanings ascribed to such terms in the
Original Assignment. 
 NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the New Assignor and the Assignee hereby agree as follows: 
 1. The New Assignor hereby becomes
an Assignor of any and all obligations under the Original Assignment, as may be subsequently amended, modified or supplemented from time to time. 
 2. The New Assignor hereby acknowledges, agrees and confirms that, by its execution of this Accession Agreement, the New Assignor (i) will be deemed to be a party to the Original Assignment as an
Assignor, (ii) agrees to be listed as an Internal Charterer on Schedule 1 to the Original Assignment, (iii) agrees to have the [vessel name] listed as a Vessel on Schedule 1 to the Original Assignment, (iv) grants, as an Assignor and
with respect to the [vessel name], the security interest created by the Original Assignment and, from and after the date hereof, and (v) shall have all of the obligations, rights, remedies and benefits of an Assignor under the Original
Assignment as if it had executed the Original Assignment. The New Assignor hereby ratifies, as of the date hereof, confirms and agrees to be bound by, all of the terms, provisions and conditions applicable to an Assignee contained in the Original
Assignment. 

  
 ACCESSION
AGREEMENT FOR ASSIGNMENT OF INSURANCES BY INTERNAL CHARTERERS (                    ) 

 3. The New Assignor hereby agrees to comply with the terms and conditions of the Original Assignment.

 4. The New Assignor shall deliver the Notice of Assignment and related Loss Payable Clause in the form attached hereto. 

5. This Accession Agreement may be executed in two or more counterparts, each of which shall constitute an original but all of which when taken together
shall constitute one contract. 
 6. This Accession Agreement shall be governed by, and construed in accordance with, the laws of the State of
New York. 
 [Remainder of page intentionally left blank.] 

  
 ACCESSION
AGREEMENT FOR ASSIGNMENT OF INSURANCES BY INTERNAL CHARTERERS (                    ) 

 IN WITNESS WHEREOF, the New Assignor has caused this Accession Agreement to be duly
executed, by it by way of deed, on the date first written above. 
  

			
	EXECUTED AS A DEED by:
	
	[RELEVANT ASSIGNOR]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 

			
		
	In the presence of:	 	  

			
		
	Witness:	 	  

	Name:	 	  

	Occupation:	 	  

 

			
		
	 The terms and conditions of

this Accession Agreement are hereby
	  	
		
	ACCEPTED BY:	  	
		
	 Wells Fargo Bank, National Association,
 as Pari Passu Collateral Agent, as Assignee
	  	

  

			
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  
 SIGNATURE PAGE
TO ACCESSION AGREEMENT FOR ASSIGNMENT OF INSURANCES BY INTERNAL CHARTERERS (                    ) 

 Schedule A –Assignors 

 

					
		 	 Offshore Group Investment Limited
 Vantage Driller I Co.
 Vantage Driller IV Co.

Vantage Drilling Netherlands BV
 Vantage Drilling
Labuan I Ltd
 Vantage Drilling (Malaysia) I SDN
 Vantage Deepwater Drilling, Inc.
	 	

 SCHEDULE A TO ACCESSION AGREEMENT FOR ASSIGNMENT OF INSURANCES BY INTERNAL CHARTERERS
(            ) 

 NOTICE OF ASSIGNMENT 
 To Whom It May Concern: 

[            ]., an exempted company incorporated with limited liability
under the laws of the Cayman Islands (the “Assignor”), HEREBY GIVES NOTICE that by an Assignment, dated [            ], and made by the Assignor to Wells Fargo Bank,
National Association (the “Assignee”), as Pari Passu Collateral Agent (as defined under the Intercreditor Agreement defined below), the Assignor assigned to the Assignee all of the Assignor’s right, title and interest in and to
all insurances and the benefit of all insurances heretofore, now or hereafter taken out in respect of the [Panamanian/Bahamian flag vessel
[                    ] and all proceeds thereof. This Notice and the attached Loss Payable Clauses are to be endorsed on all policies and
certificates of entry evidencing such insurances. 
 “Intercreditor Agreement means that certain Amended and
Restated Intercreditor Agreement, dated October 25, 2012, among Wells Fargo Bank, National Association, as collateral agent under the Existing Indenture, the 2012 Indenture, and the Term Loan Agreement, Royal Bank of Canada, as collateral agent
under the Credit Agreement, Citibank, N.A., as administrative agent under the Term Loan Agreement, and acknowledged by the Offshore Group Investment Limited, Vantage Drilling Company, and each of the other guarantors party thereto, as the same has
been and may be further amended, restated, supplemented or otherwise modified from time to time. 
 [Signature Page Follows]

 Notice of Assignment 
 ASSIGNMENT OF INSURANCE BY INTERNAL CHARTERERS 
 Vantage Driller I Co. 

 
			
	[                            
            ]
		
	By:	 	  

	Name:	 	
	Title:	 	

 Notice of Assignment 
 ASSIGNMENT OF INSURANCE BY INTERNAL CHARTERERS 
 Vantage Driller I Co. 

 LOSS PAYABLE CLAUSE 
 Loss, if any, payable to Wells Fargo Bank, National Association, as Pari Passu Collateral Agent and mortgagee (the “Mortgagee”), respecting any of the vessels
[                    ], AQUAMARINE DRILLER, TOPAZ DRILLER, EMERALD DRILLER, SAPPHIRE DRILLER, PLATINUM EXPLORER and TITANIUM EXPLORER (the
“Vessels”), under each respective Ship Mortgage (as defined below) for distribution by the Mortgagee first to itself and then to the owner of such Vessel (the “Owner”) or others as their interests may appear, or
order, except that, unless the underwriters have been otherwise instructed by notice in writing from the Mortgagee, in the case of any loss involving any damage to a Vessel or liability of a Vessel, the underwriters may pay directly for the repair,
salvage, liability or other charges involved or, if the Owner shall have first fully repaired the damage and paid the cost thereof, or discharged the liability or paid all of the salvage or other charges, then the underwriters may pay the Owner as
reimbursement therefor, provided, however, that if such damage involves a loss in excess of U.S. $15,000,000 or its equivalent, the underwriters shall not make such payment without first obtaining the written consent thereto of the Mortgagee.

 In the event of an actual or constructive total loss or a compromised or arranged total loss or requisition of title, in each
case respecting a Vessel, or if the Mortgagee shall have given notice to underwriters that an Event of Default has occurred and is continuing under the relevant Ship Mortgage on such Vessel, all insurance payments shall be paid to the Mortgagee, for
distribution by it to itself and then to the relevant Owner or others as their interests may appear in accordance with the terms of the Ship Mortgage. 
 “Intercreditor Agreement means that certain Amended and Restated Intercreditor Agreement, dated October 25, 2012, among Wells Fargo Bank, National Association, as collateral agent under
the Existing Indenture, the 2012 Indenture, and the Term Loan Agreement, Royal Bank of Canada, as collateral agent under the Credit Agreement, Citibank, N.A., as administrative agent under the Term Loan Agreement, and acknowledged by the Offshore
Group Investment Limited, Vantage Drilling Company, and each of the other guarantors party thereto, as the same has been and may be further amended, restated, supplemented or otherwise modified from time to time. 

“Ship Mortgage” shall have the meaning set forth for such term in the Intercreditor Agreement. 

#11757168_v2 
 ACCESSION
AGREEMENT FOR ASSIGNMENT OF INSURANCES BY INTERNAL CHARTERERS 

 EXHIBIT J-1 TO 
 SECOND TERM LOAN AGREEMENT 
 FORM OF ASSIGNMENT OF EARNINGS – OWNER

  
 J-1-1

 EXHIBIT J-1 
 FORM OF INSURANCE AND EARNINGS SUPPLEMENT 
 THIS INSURANCE AND EARNINGS
SUPPLEMENT, dated as of the [        ] day of [        ], 20[        ] (as amended, restated, supplemented or otherwise
modified from time to time, this “Agreement”), is made by (i) OFFSHORE GROUP INVESTMENT LIMITED, a Cayman Islands exempted company (together with its successors and permitted assigns, the
“Company”), (ii) each owner of a Vessel and each Internal Charterer listed on the signature pages hereof (together with their respective successors and permitted assigns and the Parent, the
“Guarantors”), and (iii) WELLS FARGO BANK, NATIONAL ASSOCIATION, as Pari Passu Collateral Agent for the Pari Passu Secured Parties referred to in the Intercreditor Agreement (as defined below) (the “Pari Passu
Collateral Agent”). 
 PRELIMINARY STATEMENTS 

1. Capitalized terms used herein and not defined herein have the respective meanings given to them in the Amended and Restated
Intercreditor Agreement, dated as of October 25, 2012, among the Pari Passu Collateral Agent, Wells Fargo Bank, National Association, as New Trustee, New Noteholder Collateral Agent, Credit Agreement Collateral Agent, Term Loan Collateral
Agent, Existing Trustee and Existing Noteholder Collateral Agent (as each such term is defined therein), Citibank, N.A., as Term Loan Agent (as defined therein) and Royal Bank of Canada, as Credit Agreement Agent (as defined therein), and as
acknowledged and agreed by the Company, the Parent and the other Guarantors (as amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”). 

2. The Company [intends to][has] (i) enter[ed] into (a) that certain Indenture, dated as of the date hereof (as the same may be
amended, restated, supplemented or otherwise modified from time to time, the “2013 Indenture”), with the Guarantors (as defined therein, including the Parent), Wells Fargo Bank, National Association, as trustee (in such
capacity, the “2013 Indenture Trustee”) and collateral agent (in such capacity, the “2013 Indenture Collateral Agent”), pursuant to which the Company [shall][has] issue[d] new 7.125% senior secured
notes due 2023 (the “2013 Notes”), (b) that certain Second Term Loan Agreement, dated as of the date hereof (as the same may be amended, restated, supplemented or otherwise modified from time to time, the
“Second Term Loan Agreement”), with the Guarantors (as defined therein, including the Parent), Citibank, N.A., as administrative agent (in such capacity, the “Second Term Loan Agent”), Wells Fargo
Bank, National Association, as collateral agent (in such capacity, the “Second Term Loan Collateral Agent”), and the financial institutions and other entities party thereto as lenders (the “Second Term Loan
Lenders”), pursuant to which the Second Term Loan Lenders [will contemporaneously herewith make][have made] term loans in an aggregate original principal amount of $350,000,000 to the Company (the “Second Term
Loans”), and (c) that certain Amended and Restated Credit Agreement, dated as of the date hereof (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “A&R Credit
Agreement”), with the Guarantors (as defined therein, including the Parent), Royal Bank of Canada, as administrative agent (in such capacity, the “A&R Credit Agreement Agent”), and the financial institutions
and other entities party thereto as lenders (the “A&R Credit Agreement Lenders”), which A&R Credit Agreement [shall] (1) amend[s] and restate[s] the Credit Agreement, dated as of June 21, 2012, among the
Company, the Guarantors and the Credit Agreement Agent (the “Existing Credit Agreement”) and (2) permit[s] the Company to obtain revolving loans and letters of credit in an aggregate principal amount not to exceed
$200,000,000, and (ii) deliver[ed] a notice to the Pari Passu Collateral Agent designating the 2013 Note Obligations (as defined below) and the Second Term Loan Obligations (as defined below) as “Other Pari Passu Obligations” for
purposes of the Intercreditor Agreement and the Collateral Agreements (the “Designation Notice”). 

 3. Each Guarantor that is the owner of a Vessel has entered into an assignment of earnings
dated [            ] (each a “Shipowner Assignment of Earnings” and, collectively, the “Shipowner Assignments of Earnings”) and an assignment
of insurances dated [            ] (each, a “Shipowner Assignment of Insurances” and, collectively, the “Shipowner Assignments of
Insurances”). The Guarantors that are Internal Charterers have together either entered into or joined an assignment of earnings dated [            ] (the “Internal
Charterer Assignment of Earnings” and, collectively with the Shipowner Assignments of Earnings, the “Assignments of Earnings”) and an assignment of insurances dated
[            ] (the “Internal Charterer Assignment of Insurances” and, collectively with the Shipowner Assignments of Insurances, the “Assignments of
Insurances”), with respect to the insurances and earnings, respectively, to which each Internal Charterer has rights in respect of the relevant Vessel. 
 4. In connection with the Tungsten Explorer, Tungsten Explorer Company (the “TE Owner”) has entered into that certain (i) deed of assignment, dated February 1, 2013 (the
“Deed of Assignment”) with the Pari Passu Collateral Agent (as defined therein) relating to the Construction Contract (as defined therein) and (ii) notice of assignment to Korea Finance Corporation, dated
February 1, 2013 ( the “Refund Guarantee Assignment”, together with the Deed of Assignment, the “Tungsten Explorer Assignments”) respecting the Irrevocable Stand-by Letter of Credit No.
SLGQA770010006 in favor of TE Owner for account of Daewoo Shipbuilding and Marine Engineering Co., Ltd, dated May 27, 2011 (the “Refund Guarantee”) issued by Korea Finance Corporation. 

5. In connection with the issuance of the 2013 Notes, the making of the Second Term Loans, the amendment and restatement of the Existing
Credit Agreement and the designation contemplated by the Designation Notice, the parties hereto desire to enter into this Agreement. 
 ARTICLE I 
 CONFIRMATIONS AND GRANTS 

Section 1.1 Security Interest. 
 (a) Each Guarantor that is the owner of a Vessel or that is an Internal Charterer hereby confirms and agrees that the Secured Obligations (as defined in the Ship Mortgage covering each Vessel) shall
include the 2013 Note Obligations, the Second Term Loan Obligations and the A&R Credit Agreement Obligations as each such term is defined below. For purposes of this Agreement, the term “2013 Note Obligations” has the
meaning given to such term in the Designation Notice, (ii) the term “Second Term Loan Obligations” has the meaning given to such term in the Designation Notice and (iii) the term “A&R Credit Agreement
Obligations” means the “Obligations” (as defined in the A&R Credit Agreement), the Collateral Agreements and any other related document or instrument executed and delivered pursuant to such Obligations or Collateral
Agreements. 
 (b) The TE Owner hereby confirms and agrees that the Secured Liabilities (as defined in the Deed of Assignment)
shall include the 2013 Note Obligations, the Second Term Loan Obligations and the A&R Credit Agreement Obligations. 

  
 2 

 (c) Any Guarantor that owns a Vessel or that is an Internal Charterer hereby confirms and
agrees that the Refund Guarantee Assignment shall secure the Secured Obligations (as defined in the Ship Mortgage covering each Vessel, and expanded upon in Section 1.1(a) of this Agreement) including the 2013 Note Obligations, the Second Term
Loan Obligations and the A&R Credit Agreement Obligations. 
 Section 1.2 Collateral Grant.

 (a) For the avoidance of doubt, each Guarantor that is the owner of a Vessel or that is an Internal Charterer, hereby
pledges, assigns and transfers to the Pari Passu Collateral Agent, and hereby grants to the Pari Passu Collateral Agent (as defined herein), for the ratable benefit of the Secured Parties (as defined in the Security Agreement), including, without
limitation, the holders of the 2013 Notes, the 2013 Indenture Trustee, the 2013 Indenture Collateral Agent, the Second Term Loan Agent, the Second Term Loan Collateral Agent, the Second Term Loan Lenders, the A&R Credit Agreement Agent and the
A&R Credit Agreement Lenders, a security interest in all of the (i) Insurances (as defined in the Assignments of Insurances) and other amounts described in the Assignments of Insurances, and (ii) freights, hires and other moneys earned
by the Vessels and other amounts more fully described in the Assignments of Earnings, in each case now owned or at any time hereafter acquired by such Guarantor or in which such Guarantor now has or at any time in the future may acquire any right,
title or interest, and any proceeds thereof. 
 (b) The TE Owner, hereby pledges, assigns and transfers to the Pari Passu
Collateral Agent, and hereby grants to the Pari Passu Collateral Agent, for the ratable benefit of the Secured Parties (as defined in the Security Agreement), including, without limitation, the holders of the 2013 Notes, the 2013 Indenture Trustee,
the 2013 Indenture Collateral Agent, the Second Term Loan Agent, the Second Term Loan Collateral Agent, the Second Term Loan Lenders, the A&R Credit Agreement Agent and the A&R Credit Agreement Lenders, a security interest in all of
(i) the Assigned Rights (as defined in the Deed of Assignment), and (ii) the proceeds of all drawings payable to the TE Owner under the Refund Guarantee, in each case now owned or at any time hereafter acquired by the TE Owner or in which
the TE Owner now has or at any time in the future may acquire any right, title or interest, and any proceeds thereof. 
 (c)
This Agreement secures, and the interests assigned by Guarantors that are internal charterers of Vessels, and the TE Owner, respectively, as applicable, in their respective Assignments of Insurances or Assignments of Earnings or Tungsten Explorer
Assignments, as applicable, are collateral security for, the prompt payment or performance in full when due, whether at stated maturity, by required prepay, declaration, acceleration, demand or otherwise (including the payment of amounts that would
become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code (as defined in the Security Agreement)), of (i) all Secured Obligations (as defined in the Ship Mortgage covering each Vessel, and expanded
upon in Section 1.1(a) of this Agreement) or (ii) all Secured Liabilities (as defined in the Deed of Assignment covering the Tungsten Explorer) including, without limitation, the 2013 Note Obligations, the Second Term Loan Obligations and
the A&R Credit Agreement Obligations. 
 ARTICLE II 

MISCELLANEOUS 
 Section 2.1 Governing Law. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS AGREEMENT. 

  
 3 

 Section 2.2 Counterparts. This Agreement may be executed in
several counterparts, each of which shall be deemed an original but all of which shall constitute one agreement, and shall constitute a binding agreement when executed by each of the parties hereto. Delivery of an executed signature page to this
Agreement by facsimile or PDF via electronic transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. Signatures of the parties hereto transmitted by facsimile or PDF via electronic transmission shall be
deemed to be their original signatures for all purposes. 
 Section 2.3 Severability. Any
provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction. 

Section 2.4 Headings. The descriptive headings of the several sections of this Agreement are inserted for
convenience only and do not constitute a part of this Agreement. 
 Section 2.5 Submission to Jurisdiction;
Waiver of Jury Trial. EACH OF THE PARTIES HERETO IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK CITY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT. NONE OF THE PARTIES HERETO SHALL SEEK A JURY TRIAL IN ANY
LAWSUIT, PROCEEDING, COUNTERCLAIM OR OTHER LITIGATION PROCEDURE BASED UPON OR ARISING OUT OF OR OTHERWISE RELATED TO THIS AGREEMENT AND EACH OF THE PARTIES HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY AND ALL RIGHT TO ANY SUCH
JURY TRIAL, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE, TO THE EXTENT ANY SUCH PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION. 

Section 2.6 Entire Agreement. This Agreement embodies the entire agreement and understanding among the parties
hereto and supersedes all prior agreements and understandings related to the subject matter hereof. 
 [Signatures On Next
Page] 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their proper and duly authorized officers as of the date and year first written above. 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Pari Passu Collateral Agent
		
	 By:
	 	  

		 	Name:
		 	Title:

 
			
	OFFSHORE GROUP INVESTMENT LIMITED, a Cayman Islands exempted company
		
	 By:
	 	  

		 	Name: Douglas G. Smith
		 	Title: CFO and Treasurer
	
	 [GUARANTOR], a

	
[                        
                                        
]

		
	 By:
	 	  

		 	Name:
		 	Title:

 FORM OF 
 ASSIGNMENT OF EARNINGS 
 (this “Assignment”) 

[Name of Shipowner] 
 [                    ] 
 [Name of Shipowner] with an address at: [                    ](the “Assignor”), the
owner of the vessel listed on Schedule I attached hereto (the “Vessel”), in consideration of One Dollar ($1.00) lawful money of the United States of America and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, has sold, assigned, transferred and set over, and by this instrument does sell, assign, transfer and set over unto Wells Fargo Bank, National Association, as (i) Noteholder Collateral Agent pursuant
to the terms of the Existing Indenture (defined below) (in such capacity, the “Existing Noteholder Collateral Agent”), as (ii) Noteholder Collateral Agent pursuant to the terms of the 2012 Indenture (defined below) (in such
capacity, the “New Noteholder Collateral Agent”), as (iii) Collateral Agent under the Term Loan Agreement (defined below) (in such capacity, the “Lender Collateral Agent”), and (iv) as Collateral Agent
pursuant to the terms of the Credit Agreement (in such capacity, the “Collateral Agent”, together with the Existing Noteholder Collateral Agent, the New Noteholder Collateral Agent, and the Lender Collateral Agent, the “Pari
Passu Collateral Agent”, as assignee (together with its successors and permitted assigns, in such capacity, the “Assignee”), to its own proper use and benefit and does hereby grant to the Assignee a security interest in all
the right, title, interest, claim and demand of the Assignor in and to (i) all freights, hire and other moneys earned and to be earned, due or to become due, or paid or payable to, or for the account of, the Assignor, of whatsoever nature,
arising out of or as a result of the use, operation, pooling or chartering (whether by Internal Charter, Permitted Third Party Charter or otherwise) by the Assignor or its agents of the Vessel, including, without limitation, all rights arising out
of the owner’s lien on cargoes and subfreights thereunder, (ii) all moneys and claims for moneys due and to become due to the Assignor, and all claims for damages, arising out of the breach of any and all present and future drilling
contracts, Internal Charters, Permitted Third Party Charters, other charter parties, pooling arrangements, bills of lading, contracts and other engagements of affreightment or for the carriage or transportation of cargo, and operations of every kind
whatsoever of the Vessel and in and to any and all claims and causes of action for money, loss or damages that may accrue or belong to the Assignor, its successors or assigns, arising out of or in any way connected with the present or future use,
operation, pooling or chartering of the Vessel or arising out of or in any way connected with any and all present and future requisitions, drilling contracts, Internal Charters, Permitted Third Party Charters, charter parties, pooling arrangements,
bills of lading, contracts and other engagements of affreightment or for the carriage or transportation of cargo, and other operations of the Vessel, (iii) all moneys and claims due and to become due to the Assignor, and all claims for damages
and all insurances and other proceeds, in respect of the actual or constructive total loss of or requisition of use of or title to the Vessel, and (iv) any proceeds of any of the foregoing and all interest and earnings from the investment of
any of the foregoing and the proceeds thereof. 
 ASSIGNMENT OF EARNINGS -
[            ] 

 The rights and obligations of the Assignee and the Assignor hereunder are governed by the
terms of the Intercreditor Agreement (defined below). 
 Capitalized terms used herein and not otherwise defined shall be used
herein as defined in, or by reference in, the Mortgage (as defined below). The following terms shall have the following meanings: 
 “Credit Agreement” means that certain Credit Agreement dated as of June 21, 2012, among the Issuer, as borrower, the Parent, the guarantors from time to time party thereto (including
the Assignor), the lenders from time to time party thereto, and Royal Bank of Canada, as collateral agent, and any and all successors thereto in such capacity, as the same has been and may hereafter be further amended, restated, supplemented,
refinanced, replaced or otherwise modified from time to time. 
 “Existing Indenture” means that certain
Indenture dated as of July 30, 2010, among the Issuer, the guarantors from time to time party thereto, and Wells Fargo Bank, National Association, as trustee and noteholder collateral agent, and any and all successors thereto in either such
capacity, as the same has been and may be further amended, restated, supplemented. 
 “Intercreditor Agreement”
means that certain Intercreditor Agreement dated October 25, 2012, among Wells Fargo Bank, National Association, as collateral agent under the Existing Indenture, the 2012 Indenture, and the Term Loan Agreement, Royal Bank of Canada, as
collateral agent under the Credit Agreement, Citibank, N.A., as administrative agent under the Term Loan Agreement, and acknowledged by the Issuer, Parent, and each of the other guarantors party thereto, as the same has been and may be further
amended, restated, supplemented or otherwise modified from time to time. 
 “Mortgage” means that certain
priority ship mortgage, dated [                    ]by the Assignor, as Shipowner, in favor of the Assignee, as Pari Passu Collateral Agent, as
Mortgagee. 
 “Term Loan Agreement” means that certain Term Loan Agreement dated as of October 25, 2012,
among the Issuer, as co-borrower, the US Borrower (as defined therein), the guarantors from time to time party thereto, the lenders from time to time party thereto, Citibank, N.A., as administrative agent, and Wells Fargo Bank, National Association,
as collateral agent, as the same has been and may hereafter be further amended, restated, supplemented, refinanced, replaced or otherwise modified from time to time. 
 “2012 Indenture” means that certain Indenture dated as of October 25, 2012, among the Issuer, the guarantors from time to time party thereto, and Wells Fargo Bank, National
Association, as trustee and noteholder collateral agent, and any and all successors thereto in either such capacity, as the same has been and may be further amended, restated, supplemented, refinanced, replaced or otherwise modified from time to
time. 
 Recital. This Assignment is given as security for all of the Secured Obligations (as defined in the Mortgage) of the
Assignor under and in accordance with the terms of the Pari Passu Documents (as defined in the Mortgage), and to secure as well the performance and observance of all agreements, covenants and provisions contained in this Assignment, the Mortgage and
the other Pari Passu Documents. 

  

					
		  		  	ASSIGNMENT OF EARNINGS - [            ]
			
		  	-2-	  	

 Section 1. Representations and Warranties. The Assignor hereby represents and
warrants to the Assignee, as an inducement to the Assignee to accept this Assignment, that neither the whole nor any part of the right, title and interest hereby assigned is the subject of any present assignment, security interest or pledge other
than any assignments for the benefit of the Assignee. 
 Section 2. Covenants. The Assignor hereby covenants to the
Assignee that: 
 (a) Without derogation of the rights of the Assignee under Section 5 hereof, the Assignor will
issue instructions to any operator or charterer and other obligors directly, and specifically authorize and direct any operator or charterer or other obligor to, make payment of all of the freights, hire and other moneys hereby assigned directly to
an Earnings Account in accordance with the Pari Passu Documents, or as otherwise directed from time to time by the Assignee; provided that, if the terms of a drilling contract, Permitted Third Party Charter, or local law covering the Vessel require
that such moneys hereby assigned be paid to a non-United States bank account by the counterparty to such drilling contract or Permitted Third Party Charter, this covenant shall not be deemed violated if to the extent required by and in accordance
with the terms of the Pari Passu Documents, funds standing to the credit of such account are transferred after deposit thereof in the jurisdiction in which the account is located to an account that qualifies as an Earnings Account. 

(b) The Assignor shall notify the Assignee promptly in writing of any and all Internal Charters, Permitted Third Party Charter, and other
bareboat charter parties, time charter parties or series of successive voyage charter parties, drilling contracts, contracts of affreightment or pooling arrangements entered into by the Assignor or by a charterer under a Permitted Third Party
Charter respecting the Vessel. The Assignor shall also provide the Assignee with a true and complete copy of such agreements specified in this paragraph (b) upon the Assignee’s request. 

(c) The Assignor shall cause (x) any Internal Charterer of the Vessel to execute and deliver to the Assignee an assignment of all
freights, hires, earnings (and proceeds thereof) payable to such Internal Charterer under a Drilling Contract or another Internal Charter respecting the Vessel and (y) such assignment in favor of the Assignee to be perfected. The obligations of
the Assignor under this Section 3(c) shall be deemed satisfied by the execution and delivery of the Guarantees (as such term is defined in the Mortgage) and the other documents and instruments contemplated to be entered into by a Guarantor.

 (d) So long as this Assignment is in effect, the Assignor shall not assign, grant a security interest in or pledge the whole
or any part of the right, title and interest hereby assigned to anyone other than the Assignee, its successors, endorsees and/or permitted assigns, without the prior written consent of the Assignee, and the Assignor shall not take or omit to take
any action, the taking or omission of which might result in any material alteration or impairment of this Assignment or any of the rights created by this Assignment. 

  

					
		  		  	ASSIGNMENT OF EARNINGS - [            ]
			
		  	-3-	  	

 (e) The Assignor covenants and agrees with the Assignee that the Assignor will (i) use
commercially reasonable efforts to duly perform and observe all of the terms and provisions of any drilling contract, Internal Charter, Permitted Third Party Charter, other charter, contract of affreightment or pooling arrangement on the part of
such Assignor to be performed or observed, and (ii) clearly record on the books and records of the Assignor notations of this Assignment. 
 (f) At any time and from time to time, upon the written request of the Assignee, the Assignor shall promptly and duly execute and deliver any and all such further instruments and documents as the Assignee
may reasonably request in order to obtain the full benefits of this Assignment and the rights and powers herein granted. 
 (g)
Whenever requested by the Assignee at the direction of the Controlling Party (as defined in the Intercreditor Agreement) or after an Event of Default (as defined in the Mortgage), the Assignor shall promptly deliver letters to each of its agents and
representatives into whose hands or control may come any earnings, moneys and property hereby assigned, informing each such addressee of this Assignment, and if any Event of Default has occurred and is continuing, instructing such addressee to remit
or deliver promptly to the Assignee all earnings, moneys and property hereby assigned which may come into the addressee’s hands or control and to continue to make such remittances or delivery until such time as the addressee may receive written
notice or instructions to the contrary direct from the Assignee. Each such addressee shall acknowledge in writing directly to the Assignee receipt of the Assignor’s letter of notification and instructions. 

Section 3. Freedom of Assignee from Obligations. It is hereby expressly agreed that, anything herein contained to the
contrary notwithstanding, the Assignee shall have no obligation or liability under any drilling contract, Internal Charter, Permitted Third Party Charter, other charter, contract of affreightment or pooling arrangement by reason of or arising out of
this Assignment, nor shall the Assignee be required or obligated in any manner to perform or to fulfill any obligations of the Assignor under or pursuant to any drilling contract, Internal Charter, Permitted Third Party Charter ,other charter,
contract of affreightment or pooling arrangement nor to make any payment, nor to make any inquiry as to the nature or sufficiency of any payment received by the Assignee or to present or file any claim, or to take any other action to collect or
enforce the payment of any amounts which may have been assigned to it or which it may be entitled to hereunder at any time or times. 
 Section 4. Payment Directions; Power of Attorney; Financing Statements. 
 (a) Prior to the occurrence of an Event of Default, the Assignor shall cause all moneys assigned hereunder to be paid directly by the obligor thereof in accordance with the terms of Section 3(a)
hereof. 
 (b) Upon the occurrence and during the continuance of an Event of Default, the Assignee shall be entitled to direct
any operators and charterers and other obligors to pay all moneys assigned hereunder to such bank account in New York City or elsewhere as the Assignee may from time to time designate. Thereafter, upon request of the Assignor in writing, the
Assignee shall furnish the Assignor with information from time to time as to the accounts (other 

  

					
		  		  	ASSIGNMENT OF EARNINGS - [            ]
			
		  	-4-	  	

 
than the Earnings Account) into which moneys assigned hereunder are paid, the amounts and sources of such payments and the amounts and application of moneys withdrawn therefrom. The Assignee, its
successors and permitted assigns, are hereby constituted lawful attorneys of the Assignor, irrevocably, with full power (in the name of the Assignor or otherwise), to ask, require, demand, receive, compound and give acquittance for any and all
moneys, claims, property and rights hereby assigned, to endorse any checks or other instruments or orders in connection therewith and to file any claims or take any action or institute any proceedings which the Assignee may deem to be necessary or
advisable in the premises. Any action or proceeding brought by the Assignee pursuant to any of the provisions hereof or of any drilling contract, Internal Charter, Permitted Third Party Charter, other charter, contract of affreightment, pooling
arrangement or otherwise, and any claim made by the Assignee hereunder or under any drilling contract, Internal Charter, Permitted Third Party Charter, other charter, contract of affreightment or pooling arrangement, may be compromised, withdrawn or
otherwise dealt with by the Assignee without any notice to, or approval of, the Assignor. 
 (c) The Assignor hereby irrevocably
(x) authorizes the Assignee to file, at any time and from time to time, both before and after the occurrence and during the continuance of an Event of Default, at the Assignor’s expense, such financing and continuation statements or
perfection papers of similar purpose or effect relating to this Assignment, without the Assignor’s signature, as the Assignee at its option may deem appropriate and (y) appoints the Assignee as the Assignor’s attorney-in-fact to
execute any such statements in the Assignor’s name and to perform all other acts which the Assignee may deem appropriate to perfect and continue the security interest conferred hereby. Notwithstanding the foregoing authorization, Assignor shall
at its own expense file all financing and continuation statements or perfection papers of similar purpose or effect and give such notices relating to this Assignment, and perform all other acts, necessary or appropriate to perfect and continue the
security interest conferred hereby. 
 Section 5. Irrevocable Assignment. The powers and authority granted to the
Assignee herein have been given for a valuable consideration and are hereby declared to be irrevocable and may not be amended or waived except by an instrument in writing signed by the party against whom enforcement is sought. 

Section 6. Governing Law; Waiver of Jury Trial. 
 (a) This Assignment shall be construed in accordance with and governed by the laws of the State of New York, United States of America without regard to its conflict of laws rules (other than
Section 5-1401 of the New York General Obligations Law). The Assignor hereby irrevocably submits itself to the non-exclusive jurisdiction of any New York State or Federal court sitting in New York County and any appellate court from any
thereof, for the purposes of (and solely for the purposes of) any suit, action or other proceeding arising out of, or relating to, this Assignment or any of the transactions contemplated hereby, hereby irrevocably agrees that all claims in respect
of such action or proceeding may be heard in such New York State or Federal court and hereby irrevocably waives, and agrees not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not
personally subject to the jurisdiction of the above-named courts for any reason whatsoever, that such suit, action or proceeding is brought in an inconvenient forum, or that the venue of such suit, action or proceeding is improper, or that this
Assignment or the subject matter hereof may 

  

					
		  		  	ASSIGNMENT OF EARNINGS - [            ]
			
		  	-5-	  	

 
not be enforced in or by such courts. The Assignor irrevocably consents to the service of any and all process in any suit, action or proceeding arising out of or relating to this Assignment or
any other Pari Passu Document to which the Assignor is a party by the mailing of copies of such process to the Assignor at its address specified in Section 8 hereof. The Assignor agrees that a final judgment in any such action, suit or
proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this paragraph shall affect the right of the Assignee to serve legal process in any other manner
permitted by law or affect the right of the Assignee to bring any action or proceeding against the Assignor or any of its property in the courts of any other jurisdiction. 
 (b) BY ITS SIGNATURE BELOW WRITTEN THE ASSIGNOR HEREBY IRREVOCABLY WAIVES UNDER APPLICABLE LAW ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS
ASSIGNMENT, OR ANY OTHER PARI PASSU DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 
 Section 7.
Notices. All notices or other communications required or permitted to be made or given hereunder shall be made in writing, in English, and personally delivered to an officer or other responsible employee of the addressee, or sent, by
registered air mail, return receipt requested, postage prepaid, facsimile transmission, or other direct written electronic means to the applicable address set forth under such party’s name below, or to such other address as any party hereto may
from time to time designate to the others in such manner: 
 If to the Assignee: 

Wells Fargo Bank, N.A. 
 Corporate, Municipal & Escrow Services 
 750 N. St. Paul Place, Suite 1750

 MAC T9263-170 
 Dallas, TX 75201 
 Telephone: (214) 756-7430 

Telecopier (214) 756-7401 
 Electronic Mail: patrick.giordano@wellsfargo.com 
 with a copy to: 

Haynes and Boone, LLP 
 201 Main St., Suite 2200 
 Fort Worth, TX 76102 

Attention: William D. Greenhill 
 Telephone: (817) 347-6602 
 Telecopier: (817) 348-2321 

Electronic Mail: william.greenhill@haynesboone.com 
 If to the Assignor: 

[            ] 

  

					
		  		  	ASSIGNMENT OF EARNINGS - [            ]
			
		  	-6-	  	

 c/o Vantage Drilling Company 

777 Post Oak Blvd., Suite 800 
 Houston, Texas 77056 
 Attention: Douglas Smith, Chief Financial Officer

 Telephone: (281) 404-4700 
 Telecopier: (281) 404-4749 
 Electronic mail: dsmith@vantagedrilling.com

 with a copy to: 
 Fulbright & Jaworski L.L.P. 
 Fulbright Tower 

1301 McKinney, Suite 5100 
 Houston, Texas 77010 
 Attention: Joshua P. Agrons, Esq. 

Telephone: 1 713 651 5151 
 Telecopier: 1 713 651 5246 
 Electronic Mail: jagrons@fulbright.com 

Any communication personally delivered shall be deemed to have been validly and effectively given or delivered on the date of such
delivery. Any communication transmitted by facsimile, or other direct written electronic means, or by registered air mail, shall be deemed to have been validly and effectively given or delivered on the day when received. 

Section 8. Headings. The division of this Assignment into sections and the insertion of headings are for convenience of
reference only and shall not affect the interpretation or construction of this Assignment. 
 Section 9.
Termination. This Assignment shall create a continuing security interest and shall (a) remain in full force and effect until the payment in full in cash of the Secured Obligations of the Assignor under and in accordance with the terms of
the Pari Passu Documents, at which time this Assignment shall automatically terminate without any further action by any party; (b) be binding upon the Assignor and its successors, transferees and assigns; and (c) inure, together with the
rights and remedies of the Assignee hereunder, to the benefit of and be binding upon, the Assignee and its respective successors, transferees, and assigns. Without limiting the generality of the foregoing clause, when any Assignee assigns or
otherwise transfers any interest held by it under the Pari Passu Documents to any other Person pursuant to the terms of the Pari Passu Documents, that other Person shall thereupon become vested with all the benefits held by such Assignee under this
Assignment. 
 Section 10. Incorporation of Protections in Other Pari Passu Documents. This Assignment shall
constitute one of the Pari Passu Documents. Any rights or protections, including, without limitation, all indemnities and rights to reimbursement that may be granted to the Assignee in its capacity as the Pari Passu Collateral Agent under any of the
Pari Passu Documents shall be deemed incorporated herein. Any proceeds received by the Assignee upon the exercise of rights hereunder shall be applied by the Assignee in accordance with the terms of the Intercreditor Agreement. 

  

					
		  		  	ASSIGNMENT OF EARNINGS - [            ]
			
		  	-7-	  	

 Section 11. NOTWITHSTANDING ANY OTHER PROVISION CONTAINED HEREIN TO THE CONTRARY, IN
THE EVENT OF ANY CONFLICT OR INCONSISTENCY BETWEEN THE PROVISIONS OF (A) THIS ASSIGNMENT AND (B) ANY OF THE EXISTING INDENTURE, THE 2012 INDENTURE, THE TERM LOAN AGREEMENT, OR THE CREDIT AGREEMENT, THE PROVISIONS OF THE EXISTING INDENTURE,
THE 2012 INDENTURE, THE TERM LOAN AGREEMENT, OR THE CREDIT AGREEMENT, AS APPLICABLE, SHALL CONTROL WITH RESPECT THERETO (BUT SHALL NOT CONTROL AS SUCH PROVISION MAY APPLY TO ANY OTHER SUCH INDENTURE OR AGREEMENT), UNLESS THE PROVISIONS OF SUCH
INCONSISTENT INDENTURE OR AGREEMENT ARE INCONSISTENT WITH THE INTERCREDITOR AGREEMENT, IN WHICH CASE, THE INTERCREDITOR AGREEMENT SHALL CONTROL. 
 Section 12. Counterparts. This Assignment and the Acceptance hereof may be executed in one or more counterparts and all such counterparts shall constitute one and the same instrument.

 [Remainder of page intentionally left blank] 

  

					
		  		  	ASSIGNMENT OF EARNINGS - [            ]
			
		  	-8-	  	

 IN WITNESS WHEREOF, the Assignor has caused this Assignment to be duly executed, by the
Assignor by way of deed, on the date first written above. 
  

			
	EXECUTED AS A DEED by:
	
	[                    ], as Assignor
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	In the presence of:
		
	Witness:	 	  

	Name:	 	  

	Occupation:	 	  

  

			
	The terms and conditions of
	this Assignment are hereby
	
	ACCEPTED BY:
	
	Wells Fargo Bank, National Association, as Pari Passu Collateral Agent, as Assignee
		
	By:	 	  

	Name:	 	
	Title:	 	

  

					
		  		  	ASSIGNMENT OF EARNINGS - [            ]
			
		  		  	

 SCHEDULE I 
 Description of Vessel 
  

							
	 OWNER
	  	VESSEL	 	OFF. NO	 	 FLAG OF DOCUMENTATION

	 [            ]
	  	[            ]	 	[            ]	 	[            ]

 #11757170_v1 

  

					
		  		  	ASSIGNMENT OF EARNINGS - [            ]
			
		  		  	

 EXHIBIT J-2 TO 
 SECOND TERM LOAN AGREEMENT 
 FORM OF ASSIGNMENT OF EARNINGS BY INTERNAL
CHARTERERS 

  
 J-2-1

 EXHIBIT J-2 
 FORM OF INSURANCE AND EARNINGS SUPPLEMENT 
 THIS INSURANCE AND EARNINGS
SUPPLEMENT, dated as of the [            ] day of [            ], 20[    ] (as amended, restated,
supplemented or otherwise modified from time to time, this “Agreement”), is made by (i) OFFSHORE GROUP INVESTMENT LIMITED, a Cayman Islands exempted company (together with its successors and permitted assigns, the
“Company”), (ii) each owner of a Vessel and each Internal Charterer listed on the signature pages hereof (together with their respective successors and permitted assigns and the Parent, the
“Guarantors”), and (iii) WELLS FARGO BANK, NATIONAL ASSOCIATION, as Pari Passu Collateral Agent for the Pari Passu Secured Parties referred to in the Intercreditor Agreement (as defined below) (the “Pari Passu
Collateral Agent”). 
 PRELIMINARY STATEMENTS 

1. Capitalized terms used herein and not defined herein have the respective meanings given to them in the Amended and Restated
Intercreditor Agreement, dated as of October 25, 2012, among the Pari Passu Collateral Agent, Wells Fargo Bank, National Association, as New Trustee, New Noteholder Collateral Agent, Credit Agreement Collateral Agent, Term Loan Collateral
Agent, Existing Trustee and Existing Noteholder Collateral Agent (as each such term is defined therein), Citibank, N.A., as Term Loan Agent (as defined therein) and Royal Bank of Canada, as Credit Agreement Agent (as defined therein), and as
acknowledged and agreed by the Company, the Parent and the other Guarantors (as amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”). 

2. The Company [intends to][has] (i) enter[ed] into (a) that certain Indenture, dated as of the date hereof (as the same may be
amended, restated, supplemented or otherwise modified from time to time, the “2013 Indenture”), with the Guarantors (as defined therein, including the Parent), Wells Fargo Bank, National Association, as trustee (in such
capacity, the “2013 Indenture Trustee”) and collateral agent (in such capacity, the “2013 Indenture Collateral Agent”), pursuant to which the Company [shall][has] issue[d] new 7.125% senior secured
notes due 2023 (the “2013 Notes”), (b) that certain Second Term Loan Agreement, dated as of the date hereof (as the same may be amended, restated, supplemented or otherwise modified from time to time, the
“Second Term Loan Agreement”), with the Guarantors (as defined therein, including the Parent), Citibank, N.A., as administrative agent (in such capacity, the “Second Term Loan Agent”), Wells Fargo
Bank, National Association, as collateral agent (in such capacity, the “Second Term Loan Collateral Agent”), and the financial institutions and other entities party thereto as lenders (the “Second Term Loan
Lenders”), pursuant to which the Second Term Loan Lenders [will contemporaneously herewith make][have made] term loans in an aggregate original principal amount of $350,000,000 to the Company (the “Second Term
Loans”), and (c) that certain Amended and Restated Credit Agreement, dated as of the date hereof (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “A&R Credit
Agreement”), with the Guarantors (as defined therein, including the Parent), Royal Bank of Canada, as administrative agent (in such capacity, the “A&R Credit Agreement Agent”), and the financial institutions
and other entities party thereto as lenders (the “A&R Credit Agreement Lenders”), which A&R Credit Agreement [shall] (1) amend[s] and restate[s] the Credit Agreement, dated as of June 21, 2012, among the
Company, the Guarantors and the Credit Agreement Agent (the “Existing Credit Agreement”) and (2) permit[s] the Company to obtain revolving loans and letters of credit in an aggregate principal amount not to exceed
$200,000,000, and (ii) deliver[ed] a notice to the Pari Passu Collateral Agent designating the 2013 Note Obligations (as defined below) and the Second Term Loan Obligations (as defined below) as “Other Pari Passu Obligations” for
purposes of the Intercreditor Agreement and the Collateral Agreements (the “Designation Notice”). 

 3. Each Guarantor that is the owner of a Vessel has entered into an assignment of earnings
dated [            ] (each a “Shipowner Assignment of Earnings” and, collectively, the “Shipowner Assignments of Earnings”) and an assignment
of insurances dated [            ] (each, a “Shipowner Assignment of Insurances” and, collectively, the “Shipowner Assignments of
Insurances”). The Guarantors that are Internal Charterers have together either entered into or joined an assignment of earnings dated [            ] (the “Internal
Charterer Assignment of Earnings” and, collectively with the Shipowner Assignments of Earnings, the “Assignments of Earnings”) and an assignment of insurances dated
[            ] (the “Internal Charterer Assignment of Insurances” and, collectively with the Shipowner Assignments of Insurances, the “Assignments of
Insurances”), with respect to the insurances and earnings, respectively, to which each Internal Charterer has rights in respect of the relevant Vessel. 
 4. In connection with the Tungsten Explorer, Tungsten Explorer Company (the “TE Owner”) has entered into that certain (i) deed of assignment, dated February 1, 2013 (the
“Deed of Assignment”) with the Pari Passu Collateral Agent (as defined therein) relating to the Construction Contract (as defined therein) and (ii) notice of assignment to Korea Finance Corporation, dated
February 1, 2013 ( the “Refund Guarantee Assignment”, together with the Deed of Assignment, the “Tungsten Explorer Assignments”) respecting the Irrevocable Stand-by Letter of Credit No.
SLGQA770010006 in favor of TE Owner for account of Daewoo Shipbuilding and Marine Engineering Co., Ltd, dated May 27, 2011 (the “Refund Guarantee”) issued by Korea Finance Corporation. 

5. In connection with the issuance of the 2013 Notes, the making of the Second Term Loans, the amendment and restatement of the Existing
Credit Agreement and the designation contemplated by the Designation Notice, the parties hereto desire to enter into this Agreement. 
 ARTICLE I 
 CONFIRMATIONS AND GRANTS 

Section 1.1 Security Interest. 
 (a) Each Guarantor that is the owner of a Vessel or that is an Internal Charterer hereby confirms and agrees that the Secured Obligations (as defined in the Ship Mortgage covering each Vessel) shall
include the 2013 Note Obligations, the Second Term Loan Obligations and the A&R Credit Agreement Obligations as each such term is defined below. For purposes of this Agreement, the term “2013 Note Obligations” has the
meaning given to such term in the Designation Notice, (ii) the term “Second Term Loan Obligations” has the meaning given to such term in the Designation Notice and (iii) the term “A&R Credit Agreement
Obligations” means the “Obligations” (as defined in the A&R Credit Agreement), the Collateral Agreements and any other related document or instrument executed and delivered pursuant to such Obligations or Collateral
Agreements. 
 (b) The TE Owner hereby confirms and agrees that the Secured Liabilities (as defined in the Deed of Assignment)
shall include the 2013 Note Obligations, the Second Term Loan Obligations and the A&R Credit Agreement Obligations. 

  
 2 

 (c) Any Guarantor that owns a Vessel or that is an Internal Charterer hereby confirms and
agrees that the Refund Guarantee Assignment shall secure the Secured Obligations (as defined in the Ship Mortgage covering each Vessel, and expanded upon in Section 1.1(a) of this Agreement) including the 2013 Note Obligations, the Second Term
Loan Obligations and the A&R Credit Agreement Obligations. 
 Section 1.2 Collateral Grant.

 (a) For the avoidance of doubt, each Guarantor that is the owner of a Vessel or that is an Internal Charterer, hereby pledges,
assigns and transfers to the Pari Passu Collateral Agent, and hereby grants to the Pari Passu Collateral Agent (as defined herein), for the ratable benefit of the Secured Parties (as defined in the Security Agreement), including, without limitation,
the holders of the 2013 Notes, the 2013 Indenture Trustee, the 2013 Indenture Collateral Agent, the Second Term Loan Agent, the Second Term Loan Collateral Agent, the Second Term Loan Lenders, the A&R Credit Agreement Agent and the A&R
Credit Agreement Lenders, a security interest in all of the (i) Insurances (as defined in the Assignments of Insurances) and other amounts described in the Assignments of Insurances, and (ii) freights, hires and other moneys earned by the
Vessels and other amounts more fully described in the Assignments of Earnings, in each case now owned or at any time hereafter acquired by such Guarantor or in which such Guarantor now has or at any time in the future may acquire any right, title or
interest, and any proceeds thereof. 
 (b) The TE Owner, hereby pledges, assigns and transfers to the Pari Passu Collateral
Agent, and hereby grants to the Pari Passu Collateral Agent, for the ratable benefit of the Secured Parties (as defined in the Security Agreement), including, without limitation, the holders of the 2013 Notes, the 2013 Indenture Trustee, the 2013
Indenture Collateral Agent, the Second Term Loan Agent, the Second Term Loan Collateral Agent, the Second Term Loan Lenders, the A&R Credit Agreement Agent and the A&R Credit Agreement Lenders, a security interest in all of (i) the
Assigned Rights (as defined in the Deed of Assignment), and (ii) the proceeds of all drawings payable to the TE Owner under the Refund Guarantee, in each case now owned or at any time hereafter acquired by the TE Owner or in which the TE Owner
now has or at any time in the future may acquire any right, title or interest, and any proceeds thereof. 
 (c) This Agreement
secures, and the interests assigned by Guarantors that are internal charterers of Vessels, and the TE Owner, respectively, as applicable, in their respective Assignments of Insurances or Assignments of Earnings or Tungsten Explorer Assignments, as
applicable, are collateral security for, the prompt payment or performance in full when due, whether at stated maturity, by required prepay, declaration, acceleration, demand or otherwise (including the payment of amounts that would become due but
for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code (as defined in the Security Agreement)), of (i) all Secured Obligations (as defined in the Ship Mortgage covering each Vessel, and expanded upon in
Section 1.1(a) of this Agreement) or (ii) all Secured Liabilities (as defined in the Deed of Assignment covering the Tungsten Explorer) including, without limitation, the 2013 Note Obligations, the Second Term Loan Obligations and the
A&R Credit Agreement Obligations. 
 ARTICLE II 

MISCELLANEOUS 
 Section 2.1 Governing Law. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS AGREEMENT. 

  
 3 

 Section 2.2 Counterparts. This Agreement may be executed in
several counterparts, each of which shall be deemed an original but all of which shall constitute one agreement, and shall constitute a binding agreement when executed by each of the parties hereto. Delivery of an executed signature page to this
Agreement by facsimile or PDF via electronic transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. Signatures of the parties hereto transmitted by facsimile or PDF via electronic transmission shall be
deemed to be their original signatures for all purposes. 
 Section 2.3 Severability. Any
provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction. 

Section 2.4 Headings. The descriptive headings of the several sections of this Agreement are inserted for
convenience only and do not constitute a part of this Agreement. 
 Section 2.5 Submission to Jurisdiction;
Waiver of Jury Trial. EACH OF THE PARTIES HERETO IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK CITY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT. NONE OF THE PARTIES HERETO SHALL SEEK A JURY TRIAL IN ANY
LAWSUIT, PROCEEDING, COUNTERCLAIM OR OTHER LITIGATION PROCEDURE BASED UPON OR ARISING OUT OF OR OTHERWISE RELATED TO THIS AGREEMENT AND EACH OF THE PARTIES HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY AND ALL RIGHT TO ANY SUCH
JURY TRIAL, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE, TO THE EXTENT ANY SUCH PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION. 

Section 2.6 Entire Agreement. This Agreement embodies the entire agreement and understanding among the parties
hereto and supersedes all prior agreements and understandings related to the subject matter hereof. 
 [Signatures On Next
Page] 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their proper and duly authorized officers as of the date and year first written above. 
  

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 as Pari Passu Collateral Agent

		
	By:	 	 
		 	Name:
		 	Title:

 
			
	 OFFSHORE GROUP INVESTMENT LIMITED, a
 Cayman Islands exempted company

		
	By:	 	 
		 	Name: Douglas G. Smith
		 	Title: CFO and Treasurer
	
	[GUARANTOR], a
	[___________________]
		
	By:	 	 
		 	Name:
		 	Title:

 FORM OF 
 ASSIGNMENT OF EARNINGS BY INTERNAL CHARTERERS 
 (this
“Assignment”) 
 Each of the entities listed on Schedule I hereto and each entity who in the future becomes an
Internal Charterer (as defined in the Mortgage defined below)(such existing Schedule I entities or future entities, each individually is called herein an “Assignor” and collectively, the “Assignors”), in
consideration of One Dollar ($1.00) lawful money of the United States of America and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, has sold, assigned, transferred and set over, and by this
instrument does sell, assign, transfer and set over unto Wells Fargo Bank, National Association, as (i) Noteholder Collateral Agent pursuant to the terms of the Existing Indenture (defined below) (in such capacity, the “Existing
Noteholder Collateral Agent”), as (ii) Noteholder Collateral Agent pursuant to the terms of the 2012 Indenture (defined below) (in such capacity, the “New Noteholder Collateral Agent”), as (iii) Collateral Agent
under the Term Loan Agreement (defined below) (in such capacity, the “Lender Collateral Agent”), and (iv) as Collateral Agent pursuant to the terms of the Credit Agreement (in such capacity, the “Collateral
Agent”, together with the Existing Noteholder Collateral Agent, the New Noteholder Collateral Agent, and the Lender Collateral Agent, the “Pari Passu Collateral Agent”, as assignee (together with its successors and
permitted assigns, in such capacity, the “Assignee”), to its own proper use and benefit and does hereby grant to the Assignee a security interest in all the right, title, interest, claim and demand of each Assignor in and to
(i) all freights, hire and other moneys earned and to be earned, due or to become due, or paid or payable to, or for the account of, each Assignor, of whatsoever nature, arising out of or as a result of the use, operation, pooling or chartering
(whether by Internal Charter, Permitted Third Party Charter, or otherwise) by any such Assignor or its agents of any of the Vessels listed on Schedule I hereto (individually a “Vessel” and collectively, the “Vessels”, including,
without limitation, all rights arising out of the owner’s lien on cargoes and subfreights thereunder, (ii) all moneys and claims for moneys due and to become due to each Assignor, and all claims for damages, arising out of the breach of
any and all present and future drilling contracts, Internal Charters, Permitted Third Party Charters, other charter parties, pooling arrangements, bills of lading, contracts and other engagements of affreightment or for the carriage or
transportation of cargo, and operations of every kind whatsoever of any Vessel and in and to any and all claims and causes of action for money, loss or damages that may accrue or belong to each such Assignor, its successors or assigns, arising out
of or in any way connected with the present or future use, operation, pooling or chartering of any Vessel or arising out of or in any way connected with any and all present and future requisitions, drilling contracts, Internal Charters, Permitted
Third Party Charters, charter parties, pooling arrangements, bills of lading, contracts and other engagements of affreightment or for the carriage or transportation of cargo, and other operations of each such Vessel, (iii) all moneys and claims
due and to become due to the Assignors, and all claims for damages and all insurances and other proceeds, in respect of the actual or constructive total loss of or requisition of use of or title to any Vessel, and (iv) any proceeds of any of
the foregoing and all interest and earnings from the investment of any of the foregoing and the proceeds thereof. 

 The rights and obligations of the Assignors and the Assignee hereunder are governed by the
terms of the Intercreditor Agreement (defined below). 
 Capitalized terms used herein and not otherwise defined shall be used
herein as defined in, or by reference in, the Mortgage (defined below). The following terms shall have the following meanings: 

“Credit Agreement” means that certain Credit Agreement dated as of June 21, 2012, among the Issuer, as borrower,
the Parent, the guarantors from time to time party thereto (including the Assignor), the lenders from time to time party thereto, and Royal Bank of Canada, as collateral agent, and any and all successors thereto in such capacity, as the same has
been and may hereafter be further amended, restated, supplemented, refinanced, replaced or otherwise modified from time to time. 
 “Existing Indenture” means that certain Indenture dated as of July 30, 2010, among the Issuer, the guarantors from time to time party thereto, and Wells Fargo Bank, National
Association, as trustee and noteholder collateral agent, and any and all successors thereto in either such capacity, as the same has been and may be further amended, restated, supplemented. 

“Intercreditor Agreement” means that certain Intercreditor Agreement dated October 25, 2012, among Wells Fargo
Bank, National Association, as collateral agent under the Existing Indenture, the 2012 Indenture, and the Term Loan Agreement, Royal Bank of Canada, as collateral agent under the Credit Agreement, Citibank, N.A., as administrative agent under the
Term Loan Agreement, and acknowledged by the Issuer, Parent, and each of the other guarantors party thereto, as the same has been and may be further amended, restated, supplemented or otherwise modified from time to time. 

“Mortgage” means that certain First Naval Mortgage, dated October 25, 2012 by the Assignor, as Shipowner in favor
of the Assignee, as Pari Passu Collateral Agent, as Mortgagee. 
 “Term Loan Agreement” means that certain Term
Loan Agreement dated as of October 25, 2012, among the Issuer, as co-borrower, the US Borrower (as defined therein), the guarantors from time to time party thereto, the lenders from time to time party thereto, Citibank, N.A., as administrative
agent, and Wells Fargo Bank, National Association, as collateral agent, as the same has been and may hereafter be further amended, restated, supplemented, refinanced, replaced or otherwise modified from time to time. 

“2012 Indenture” means that certain Indenture dated as of October 25, 2012, among the Issuer, the guarantors from
time to time party thereto, and Wells Fargo Bank, National Association, as trustee and noteholder collateral agent, and any and all successors thereto in either such capacity, as the same has been and may be further amended, restated, supplemented,
refinanced, replaced or otherwise modified from time to time. 

  
 -2-

 Section 1. Recital; Joint and Several Obligation. (a) This Assignment is given
as security for all of the Secured Obligations (as defined in the Mortgage) of each Assignor under, and in accordance with the terms of the Pari Passu Documents (as defined in the Mortgage) to which each Assignor, respectively, is a party, and to
secure as well the performance and observance of all agreements, covenants and provisions contained in this Assignment, the Mortgage and the other Pari Passu Documents. 
 (b) The obligations of each Assignor hereunder are joint and several and may be enforced separately whether or not enforcement action is or may be taken against any other Assignor. 

Section 2. Representations and Warranties. Each Assignor, jointly and severally, hereby represents and warrants to the
Assignee, as an inducement to the Assignee to accept this Assignment, that: 
 (a) neither the whole nor any part of the right,
title and interest hereby assigned is the subject of any present assignment, security interest or pledge other than any assignments for the benefit of the Assignee; and 
 (b) all Internal Charterers of the Vessels as of the date hereof are listed on Schedule I hereto. 
 Section 3. Covenants. Each Assignor, jointly and severally, hereby covenants to the Assignee that: 
 (a) Without derogation of the rights of the Assignee under Section 5 hereof, each Assignor will issue instructions to any operator or charterer and other obligors directly, and specifically
authorize and direct any operator or charterer or other obligor to, make payment of all of the freights, hire and other moneys hereby assigned directly to an Earnings Account in accordance with the Pari Passu Documents, or as otherwise directed from
time to time by the Assignee; provided that, if the terms of a Drilling Contract, Permitted Third Party Charter or local law covering a Vessel requires that such moneys hereby assigned be paid to a non-United States bank account by the counterparty
to such Drilling Contract, or Permitted Third Party Charter this covenant shall not be deemed violated if to the extent required by and in accordance with the terms of the Pari Passu Documents funds standing to the credit of such account are
transferred after deposit thereof in the jurisdiction in which the account is located to an account that qualifies as an Earnings Account. 
 (b) Each Assignor shall notify the Assignee promptly in writing of any and all bareboat charter parties, Internal Charters, Permitted Third Party Charters, time charter parties or series of successive
voyage charter parties, drilling contracts, contracts of affreightment or pooling arrangements entered into by such Assignor or by a charterer under a Permitted Third Party Charter respecting a Vessel. The Assignors shall also provide the Assignee
with a true and complete copy of any such agreements specified in this paragraph (b) upon the Assignee’s request. 

(c) Each Assignor shall cause (x) any Internal Charterer of a Vessel to execute and deliver to the Assignee an assignment of all
freights, hires, earnings (and proceeds thereof) 

  
 -3-

 
payable to such Internal Charterer under a Drilling Contract or under a Permitted Third Party Charter respecting such Vessel, and (y) such assignment in favor of the Assignee to be
perfected. The obligations of each Assignor under this Section 3(c) shall be deemed satisfied by the execution and delivery of the Guarantees (as such term is defined in the Mortgage) and the other documents and instruments contemplated to be
entered into by a Guarantor. 
 (d) So long as this Assignment is in effect, each Assignor agrees that it (x) shall not
assign, grant a security interest in or pledge the whole or any part of the right, title and interest hereby assigned to anyone other than the Assignee, its successors, endorsees and/or permitted assigns, without the prior written consent of the
Assignee, and (y) shall not take or omit to take any action, the taking or omission of which might result in any material alteration or impairment of this Assignment or any of the rights created by this Assignment. 

(e) Each Assignor covenants and agrees with the Assignee that it will (i) use commercially reasonable efforts to duly perform and
observe all of the terms and provisions of any drilling contract, Internal Charter, Permitted Third Party Charter, other charter, contract of affreightment or pooling arrangement on the part of such Assignor to be performed or observed, and
(ii) clearly record on the books and records of the Assignor notations of this Assignment. 
 (f) At any time and from time
to time, upon the written request of the Assignee, each Assignor shall promptly and duly execute and deliver any and all such further instruments and documents as the Assignee may reasonably request in order to obtain the full benefits of this
Assignment and the rights and powers herein granted. 
 (g) Whenever requested by the Assignee at the direction of the
Controlling Party (as defined in the Intercreditor Agreement) or after an Event of Default (as defined in the Mortgage), each Assignor shall promptly deliver letters to each of its agents and representatives into whose hands or control may come any
earnings, moneys and property hereby assigned, informing each such addressee of this Assignment, and if any Event of Default has occurred and is continuing, instructing such addressee to remit or deliver promptly to the Assignee all earnings, moneys
and property hereby assigned which may come into the addressee’s hands or control and to continue to make such remittances or delivery until such time as the addressee may receive written notice or instructions to the contrary direct from the
Assignee. Each such addressee shall acknowledge in writing directly to the Assignee receipt of such Assignor’s letter of notification and instructions. 
 (h) Upon entering into an Internal Charter respecting any Vessel, each such Assignor will cause any Internal Charterer to execute and deliver to the Assignee an Assignment of Earnings substantially in the
form hereof together with notice thereof, or to accede to and join this Assignment by executing an Accession Agreement in the form of Exhibit A hereto, and to take all actions necessary to perfect and maintain the perfection of the security interest
of the Assignee in the earnings assigned thereunder. 
 Section 4. Consent. Each Assignor that is an Internal
Charterer and that in such capacity is the account debtor of any amount assigned hereunder or under any other Earnings Assignment, to the Assignee, hereby consents to such assignment and agrees to make, or cause to be made, all payments of such
amounts assigned to an Earnings Account. 

  
 -4-

 Section 5. Freedom of Assignee from Obligations. It is hereby expressly agreed
that, anything herein contained to the contrary notwithstanding, the Assignee shall have no obligation or liability under any drilling contract, Internal Charter, Permitted Third Party Charter, other charter, contract of affreightment or pooling
arrangement by reason of or arising out of this Assignment, nor shall the Assignee be required or obligated in any manner to perform or to fulfill any obligations of any Assignor under or pursuant to any drilling contract, Internal Charter,
Permitted Third Party Charter, other charter, contract of affreightment or pooling arrangement nor to make any payment, nor to make any inquiry as to the nature or sufficiency of any payment received by the Assignee or to present or file any claim,
or to take any other action to collect or enforce the payment of any amounts which may have been assigned to it or which it may be entitled to hereunder at any time or times. 
 Section 6. Payment Directions; Power of Attorney; Financing Statements. 
 (a) Prior to the occurrence of an Event of Default, each Assignor shall cause all moneys assigned hereunder to be paid directly by the obligor thereof in accordance with the terms of Section 3(a)
hereof. 
 (b) Upon the occurrence and during the continuance of an Event of Default, the Assignee shall be entitled to direct
any operators and charterers and other obligors to pay all moneys assigned hereunder to such bank account in New York City or elsewhere as the Assignee may from time to time designate. Thereafter, upon request of the Issuer in writing, the Assignee
agrees to furnish the Issuer with information from time to time as to the accounts (other than the Earnings Account) into which moneys assigned hereunder are paid, the amounts and sources of such payments and the amounts and application of moneys
withdrawn therefrom. The Assignee, its successors and permitted assigns, are hereby constituted lawful attorneys of each Assignor, irrevocably, with full power (in the name of such Assignor or otherwise), to ask, require, demand, receive, compound
and give acquittance for any and all moneys, claims, property and rights hereby assigned, to endorse any checks or other instruments or orders in connection therewith and to file any claims or take any action or institute any proceedings which the
Assignee may deem to be necessary or advisable in the premises. Any action or proceeding brought by the Assignee pursuant to any of the provisions hereof or of any drilling contract, Internal Charter, Permitted Third Party Charter, other charter,
contract of affreightment, pooling arrangement or otherwise, and any claim made by the Assignee hereunder or under any drilling contract, Internal Charter, Permitted Third Party Charter, other charter, contract of affreightment or pooling
arrangement, may be compromised, withdrawn or otherwise dealt with by the Assignee without any notice to, or approval of, any Assignor. 
 (c) Each Assignor hereby irrevocably (x) authorizes the Assignee to file, at any time and from time to time, both before and after the occurrence and during the continuance of an Event of Default, at
such Assignor’s expense, such financing and continuation statements or perfection papers of similar purpose or effect relating to this Assignment, without such Assignor’s signature, as the Assignee at its option may deem appropriate and
(y) appoints the Assignee as such Assignor’s attorney-in-fact to execute any such statements in the Assignor’s name and to perform all other acts which the Assignee may deem appropriate to perfect and continue the security interest
conferred hereby. Notwithstanding the foregoing authorization, each Assignor shall at its own expense file all financing and continuation statements or 

  
 -5-

 
perfection papers of similar purpose or effect and give such notices relating to this Assignment, and perform all other acts, necessary or appropriate to perfect and continue the security
interest conferred hereby. 
 Section 7. Irrevocable Assignment. The powers and authority granted to the Assignee
herein have been given for a valuable consideration and are hereby declared to be irrevocable and may not be amended or waived except by an instrument in writing signed by the party against whom enforcement is sought. 

Section 8. Governing Law; Waiver of Jury Trial. 
 (a) This Assignment shall be construed in accordance with and governed by the laws of the State of New York, United States of America without regard to its conflict of laws rules (other than
Section 5-1401 of the New York General Obligations Law). Each Assignor hereby irrevocably submits itself to the non-exclusive jurisdiction of any New York State or Federal court sitting in New York County and any appellate court from any
thereof, for the purposes of (and solely for the purposes of) any suit, action or other proceeding arising out of, or relating to, this Assignment or any of the transactions contemplated hereby, hereby irrevocably agrees that all claims in respect
of such action or proceeding may be heard in such New York State or Federal court and hereby irrevocably waives, and agrees not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not
personally subject to the jurisdiction of the above-named courts for any reason whatsoever, that such suit, action or proceeding is brought in an inconvenient forum, or that the venue of such suit, action or proceeding is improper, or that this
Assignment or the subject matter hereof may not be enforced in or by such courts. Each Assignor irrevocably consents to the service of any and all process in any suit, action or proceeding arising out of or relating to this Assignment or any other
Pari Passu Document to which such Assignor is a party by the mailing of copies of such process to such Assignor at its address specified in Section 9 hereof. Each Assignor agrees that a final judgment in any such action, suit or
proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this paragraph shall affect the right of the Assignee to serve legal process in any other manner
permitted by law or affect the right of the Assignee to bring any action or proceeding against any Assignor or any of its property in the courts of any other jurisdiction. 
 (b) BY ITS SIGNATURE BELOW WRITTEN EACH ASSIGNOR HEREBY IRREVOCABLY WAIVES UNDER APPLICABLE LAW ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR
OTHERWISE) ARISING OUT OF OR RELATING TO THIS ASSIGNMENT, THE PARI PASSU DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

  
 -6-

 Section 9. Notices. All notices or other communications required or permitted to
be made or given hereunder shall be made in writing, in English, and personally delivered to an officer or other responsible employee of the addressee, or sent, by registered air mail, return receipt requested, postage prepaid, facsimile
transmission, or other direct written electronic means to the applicable address set forth under such party’s name below, or to such other address as any party hereto may from time to time designate to the others in such manner: 

If to the Assignee: 
 Wells Fargo Bank, N.A. 
 Corporate, Municipal & Escrow Services

 750 N. St. Paul Place, Suite 1750 
 MAC T9263-170 
 Dallas, TX 75201 

Telephone: (214) 756-7430 
 Telecopier (214) 756-7401 
 Electronic Mail: patrick.giordano@wellsfargo.com

 with copy to: 
 Haynes and Boone, LLP 
 201 Main St., Suite 2200 

Fort Worth, TX 76102 
 Attention: William D. Greenhill 
 Telephone: (817) 347-6602 

Telecopier: (817) 348-2321 
 Electronic Mail: william.greenhill@haynesboone.com 
 If to the Assignor:

 Vantage Drilling Company 
 777 Post Oak Blvd., Suite 800 
 Houston, Texas 77056 

Attention: Douglas Smith, Chief Financial Officer 
 Telephone: (281) 404-4700 
 Telecopier: (281) 404-4749 

Electronic mail: dsmith@vantagedrilling.com 
 with a copy to: 
 Fulbright & Jaworski L.L.P. 

Fulbright Tower 

1301 McKinney, Suite 5100 
 Houston, Texas 77010 
 Attention: Joshua P. Agrons, Esq. 

Telephone: 1 713 651 5151 
 Telecopier: 1 713 651 5246 
 Electronic Mail: jagrons@fulbright.com 

Any communication personally delivered shall be deemed to have been validly and effectively given or delivered on the date of such
delivery. Any communication transmitted by facsimile, or other direct written electronic means, or by registered air mail, shall be deemed to have been validly and effectively given or delivered on the day when received. 

  
 -7-

 Section 10. Headings. The division of this Assignment into sections and the
insertion of headings are for convenience of reference only and shall not affect the interpretation or construction of this Assignment. 
 Section 11. Termination. This Assignment shall create a continuing security interest and shall (a) remain in full force and effect until the payment in full in cash of the Secured
Obligations of each Assignor, respectively, under and in accordance with the terms of the Pari Passu Documents, at which time this Assignment shall automatically terminate without any further action by any party; (b) be binding upon each
Assignor and its successors, transferees and assigns; and (c) inure, together with the rights and remedies of the Assignee hereunder, to the benefit of and be binding upon, the Assignee and its respective successors, transferees, and assigns.
Without limiting the generality of the foregoing clause, when the Assignee assigns or otherwise transfers any interest held by it under the Pari Passu Documents to any other Person pursuant to the terms of the Pari Passu Documents, that other Person
shall thereupon become vested with all the benefits held by such Assignee under this Assignment. 
 Section 12.
Incorporation of Protections in Other Pari Passu Documents. This Assignment shall constitute one of the Pari Passu Documents. Any rights or protections, including, without limitation, all indemnities and rights to reimbursement that may be
granted to the Assignee in its capacity as the Noteholder Collateral Agent under any of the Pari Passu Documents shall be deemed incorporated herein. Any proceeds received by the Assignee upon the exercise of rights hereunder shall be applied by the
Assignee in accordance with the terms of the Intercreditor Agreement. 
 Section 13. NOTWITHSTANDING ANY OTHER PROVISION
CONTAINED HEREIN TO THE CONTRARY, IN THE EVENT OF ANY CONFLICT OR INCONSISTENCY BETWEEN THE PROVISIONS OF (A) THIS ASSIGNMENT AND (B) ANY OF THE EXISTING INDENTURE, THE 2012 INDENTURE, THE TERM LOAN AGREEMENT, OR THE CREDIT AGREEMENT, THE
PROVISIONS OF THE EXISTING INDENTURE, THE 2012 INDENTURE, THE TERM LOAN AGREEMENT, OR THE CREDIT AGREEMENT, AS APPLICABLE, SHALL CONTROL WITH RESPECT THERETO (BUT SHALL NOT CONTROL AS SUCH PROVISION MAY APPLY TO ANY OTHER SUCH INDENTURE OR
AGREEMENT), UNLESS THE PROVISIONS OF SUCH INCONSISTENT INDENTURE OR AGREEMENT ARE INCONSISTENT WITH THE INTERCREDITOR AGREEMENT, IN WHICH CASE, THE INTERCREDITOR AGREEMENT SHALL CONTROL. 

Section 14. Counterparts. This Assignment and the Acceptance hereof may be executed in one or more counterparts and all such
counterparts shall constitute one and the same instrument. 
 [Remainder of page left intentionally blank] 

  
 -8-

 IN WITNESS WHEREOF, each Assignor has caused this Assignment to be duly executed, by it by
way of deed, on the date first written above. 
  

			
	EXECUTED AS A DEED by:
	
	OFFSHORE GROUP INVESTMENT LIMITED
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	In the presence of:	 	  

 

			
	Witness:	 	  

	Name:	 	  

	Occupation:	 	  

	
	VANTAGE DRILLER I CO.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	In the presence of:	 	  

 

			
	Witness:	 	  

	Name:	 	  

	Occupation:	 	  

	
	VANTAGE DRILLER IV CO.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	In the presence of:	 	  

 

			
	Witness:	 	  

	Name:	 	  

	Occupation:	 	  

 ASSIGNMENT OF EARNINGS BY INTERNAL CHARTERERS 

 
			
	VANTAGE DRILLING NETHERLANDS BV
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
		
	In the presence of:	 	  

 
			
		
	Witness:	 	  

	Name:	 	  

	Occupation:	 	  

	
	VANTAGE DRILLING (MALAYSIA) I SDN.
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
		
	In the presence of:	 	  

 

			
		
	Witness:	 	  

	Name:	 	  

	Occupation:	 	  

	
	VANTAGE DRILLING LABUAN I LTD. SDN.
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
		
	In the presence of:	 	  

 
			
		
	Witness:	 	  

	Name:	 	  

	Occupation:	 	  

 AGREEMENT OF EARNINGS BY INTERNAL CHARTERERS 

 
			
	VANTAGE DEEPWATER DRILLING, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
		
	In the presence of:	 	  

 
			
		
	Witness:	 	  

	Name:	 	  

	Occupation:	 	  

  

			
	The terms and conditions of this Assignment are hereby
	
	ACCEPTED BY:
	
	 Wells Fargo Bank, National Association,
 as Pari Passu Collateral Agent, as Assignee

		
	By:	 	  

	Name:	 	
	Title:	 	

 AGREEMENT OF EARNINGS BY INTERNAL CHARTERERS 

 Schedule I 
 Internal Charterer 
 Offshore Group Investment Limited

 Vantage Driller I Co. 

Vantage Driller IV Co. 
 Vantage Drilling Netherlands BV 
 Vantage Drilling (Malaysia) I
SDN 
 Vantage Drilling Labuan I Ltd 

Vantage Deepwater Drilling, Inc. 
 Vessels: 
 Aquamarine Driller 

Emerald Driller 
 Sapphire Driller 
 Topaz Driller 

Platinum Explorer 
 Titanium Explorer 
 SCHEDULE I TO ASSIGNMENT OF EARNINGS BY INTERNAL CHARTERERS
(                    ) 

 EXHIBIT A 
 ACCESSION AGREEMENT FOR ASSIGNMENT OF EARNINGS BY INTERNAL CHARTERERS 

ACCESSION AGREEMENT FOR ASSIGNMENT OF EARNINGS BY INTERNAL CHARTERERS, dated effective as of
                     (this “Accession Agreement”), by [relevant assignor] (the “New Assignor”), and Wells Fargo
Bank, National Association, as Pari Passu Collateral Agent (together with its successors and permitted assigns, in such capacity, the “Assignee”). 
 WHEREAS: 
 A. The Assignors listed on Schedule A to this Accession Agreement and
the Assignee are parties to the Assignment of Earnings by Internal Charterers dated October 25, 2012 ( the “Original Assignment”). 
 B. The New Assignor wishes to accede to and subject itself to the Original Assignment, be bound by the terms of the Original Assignment and to include (i) the [Panamanian / Bahamian] flag vessel,
“[vessel name]”, in the list of “Vessels” described on Schedule I to the Original Assignment, and (ii) [relevant assignor], as an additional assignor on Schedule I to the Original Assignment. 

C. Defined Terms. Capitalized terms used but not defined herein shall have the respective meanings ascribed to such terms in the
Original Assignment. 
 NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the New Assignor and the Assignee hereby agree as follows: 
 1. The New Assignor hereby becomes
an Assignor of any and all obligations under the Original Assignment, as may be subsequently amended, modified or supplemented from time to time. 
 2. The New Assignor hereby acknowledges, agrees and confirms that, by its execution of this Accession Agreement, the New Assignor (i) will be deemed to be a party to the Original Assignment as an
Assignor, (ii) agrees to be listed as an Internal Charterer on Schedule 1 to the Original Assignment, (iii) agrees to have the “[vessel name]” listed as a Vessel on Schedule 1 to the Original Assignment, (iv) grants, as an
Assignor and with respect to the [vessel name], the security interest created by the Original Assignment and, from and after the date hereof, and (v) shall have all of the obligations, rights, remedies and benefits of an Assignor under the
Original Assignment as if it had executed the Original Assignment. The New Assignor hereby ratifies, as of the date hereof, confirms and agrees to be bound by, all of the terms, provisions and conditions applicable to an Assignee contained in the
Original Assignment. 

  
 ACCESSION
AGREEMENT FOR ASSIGNMENT OF EARNINGS BY INTERNAL CHARTERERS (                    ) 

 3. The New Assignor hereby agrees to comply with the terms and conditions of the Original Assignment.

 4. This Accession Agreement may be executed in two or more counterparts, each of which shall constitute an original but all of which when
taken together shall constitute one contract. 
 5. This Accession Agreement shall be governed by, and construed in accordance with, the laws of
the State of New York. 
 [Remainder of page intentionally left blank.] 

  
 ACCESSION
AGREEMENT FOR ASSIGNMENT OF EARNINGS BY INTERNAL CHARTERERS (                    ) 

 IN WITNESS WHEREOF, the New Assignor has caused this Accession Agreement to be duly
executed, by it by way of deed, on the date first written above. 
  

			
	EXECUTED AS A DEED by:
	
	[RELEVANT ASSIGNOR]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 
			
		
	In the presence of:	 	  

 
			
		
	Witness:	 	  

	Name:	 	  

	Occupation:	 	  

  

			
	The terms and conditions of this Accession Agreement are hereby
	
	ACCEPTED BY:
	
	 Wells Fargo Bank, National Association,
 as Pari Passu Collateral Agent, as Assignee

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 SIGNATURE PAGE
TO ACCESSION AGREEMENT FOR ASSIGNMENT OF EARNINGS BY INTERNAL CHARTERERS (            ) 

 Schedule A - Assignors 

Offshore Group Investment Limited 

Vantage Driller I Co. 
 Vantage Driller IV Co. 
 Vantage Drilling Netherlands BV

 Vantage Drilling Labuan I Ltd 

Vantage Drilling (Malaysia) I SDN 

Vantage Deepwater Drilling Inc. 
 #11757323_v2 
 ASSIGNMENT OF EARNINGS BY INTERNAL CHARTERERS 

 EXHIBIT K-1 TO 
 SECOND TERM LOAN AGREEMENT 
 FORM OF SHIP MORTGAGE – PANAMA

 [Attached] 

  
 K-1-1

 EXHIBIT 
 AMENDMENT NO. 1 TO FIRST NAVAL MORTGAGE 
 By 

[Shipowner] 
 as

 Shipowner 
 and 
 WELLS FARGO BANK, NATIONAL ASSOCIATION 

as 
 Pari Passu
Collateral Agent and Mortgagee 
 Dated [            ] 

Panamanian Vessel 

[Vessel] 

 This AMENDMENT NO. 1, dated the
[            ] (this “Amendment”), to FIRST NAVAL MORTGAGE, dated October 25, 2012 (the “Original Mortgage”), by [Shipowner, description of Shipowner]
(the “Shipowner”) with an address at: 777 Post Oak Boulevard, Suite 610, Houston, Texas 77056, and WELLS FARGO BANK, NATIONAL ASSOCIATION, with an address at: 750 N. St. Paul Place, Suite 1750, MAC T9263-170, Dallas, Texas, 75201,
as (i) Noteholder Collateral Agent pursuant to the terms of the 2013 Indenture (defined below) (in such capacity, the “2013 Indenture Collateral Agent”), (ii) the Noteholder Collateral Agent pursuant to the terms of the
2012 Indenture (in such capacity, the “2012 Noteholder Collateral Agent”), (iii) Collateral Agent under the Term Loan Agreement (in such capacity, the “Lender Collateral Agent”), (iv) Collateral Agent
under the Second Term Loan Agreement (defined below) (in such capacity, the “Second Term Loan Collateral Agent”) and (v) as Collateral Agent pursuant to the terms of the Credit Agreement (defined below) (in such capacity, the
“Credit Agreement Collateral Agent”, and together with the 2013 Indenture Collateral Agent, the 2012 Noteholder Collateral Agent, the Lender Collateral Agent, and the Second Term Loan Collateral Agent, the “Pari Passu
Collateral Agent”, and together with its successors and assigns as such collateral agent under each of the 2013 Indenture, the 2012 Indenture, the Term Loan Agreement, the Second Term Loan Agreement and the Credit Agreement, the
“Mortgagee”). 
 The Original Mortgage as amended by this Amendment is called the “Mortgage.”

 RECITALS: 
 A. The Shipowner is the sole owner of the whole of the Panamanian flag vessel (the “Vessel”) “[Vessel]” with Permanent Patent Number 34899-09, which is duly documented in the
name of the Shipowner under the laws and flag of the Republic of Panama, which vessel is further described on Schedule I attached hereto and made a part hereof. 
 B. The Original Mortgage was created on the Vessel in favor of the Mortgagee (as defined in the Original Mortgage) by the Shipowner and preliminarily recorded in the Microfilm (Mercantile) Section of the
Public Registry Office of the Republic of Panama, at Card No. [            ], Document No. [            ], on
[            ] and permanently recorded on [            ] at Card
No. [            ], Document No. [            ]. 
 C. The Original Mortgage secures, inter alia, the Shipowner’s obligations under, and the Shipowner’s guarantees of the Issuer’s obligations under, the following documents (in each
case, as defined in the Original Mortgage): 
  

	 	(i)	the 2012 Indenture; 

  

	 	(ii)	the Term Loan Agreement; 

  

	 	(iii)	the Credit Agreement; and 

  

	 	(iv)	the Existing Indenture. 

 D. The
Original Mortgage is being amended to secure the 2013 Note Obligations, the Second Term Loan Obligations and the increase in the amount of the Credit Agreement Obligations described in whereas clause 6 below, and to no longer secure the Existing
Note Obligations (as each such term is defined in the Mortgage, as amended hereby). 

 E. The Shipowner is party to, and has executed and delivered a guarantee (the “2013
Note Guarantee”) of the obligations of the Issuer under the 2013 Indenture, pursuant to which the Issuer has issued to the Initial Purchasers (as defined in the 2013 Indenture) notes in US$775,000,000 aggregate principal amount bearing
interest at the rate of 7.125% and due 2023. The form of the 2013 Indenture is annexed hereto as Exhibit A and made a part hereof, and the form of the 2013 Note Guarantee is annexed to the 2013 Indenture as Exhibit E thereto. 

F. The Shipowner is party to, and has executed and delivered a guarantee (the “Second Term Loan Guarantee”) respecting
the obligations of the Issuer and Vantage Delaware Holdings, LLC (“VDH”) under, the Second Term Loan Agreement pursuant to which the lenders thereunder have advanced to the Issuer and VDH a term loan in the aggregate principal
amount of Three Hundred Fifty Million United States Dollars (US$350,000,000). The form of the Second Term Loan Agreement (which includes the Second Term Loan Guarantee) is annexed hereto as Exhibit B and made a part hereof. 

G. The Shipowner is a party to, and has executed and delivered a guarantee (the “Original Credit Agreement Guarantee”)
respecting the obligations of the Issuer and the Parent under, a Credit Agreement dated as of June 21, 2012 (the “Original Credit Agreement”) among the Issuer and the Parent, as borrowers, the guarantors from time to time party
thereto, the lenders from time to time party thereto, and Royal Bank of Canada, as collateral agent, pursuant to which the lenders from time to time party thereto made a commitment to provide advances to the borrowers thereunder in an aggregate
original principal amount of up to Twenty-Five Million United States Dollars (US$25,000,000). The form of the Original Credit Agreement was annexed to the Original Mortgage as Exhibit D thereto. The Original Credit Agreement has been amended and
restated as of the date hereof in accordance with the terms of the Credit Agreement (as defined below), inter alia, to increase the amount of the commitments available to the borrowers up to the aggregate principal amount of Two Hundred Million
United States Dollars (US$200,000,000). The Shipowner has executed and delivered a guarantee (the “Credit Agreement Guarantee”) respecting the obligations of the borrowers under the Credit Agreement. The form of the Credit Agreement
(which includes the Credit Agreement Guarantee) is annexed hereto as Exhibit C and made a part hereof. 
 H. The Issuer has
designated the 2013 Note Obligations and the Second Term Loan Obligations as “Other Pari Passu Obligations” for purposes of the Intercreditor Agreement and certain other documents, including the Original Mortgage. 

I. Consequently, the Original Mortgage as amended by this Amendment secures the Shipowner’s guarantees under the 2013 Note
Guarantee, the Second Term Loan Guarantee, the Credit Agreement Guarantee, the 2012 Note Guarantee (as defined in the Original Mortgage) and the Loan Guarantee (as defined in the Original Mortgage). 

J. The Shipowner will receive substantial direct and indirect benefits through the extension of the loans and the issuance of notes, as
applicable, under the 2013 Indenture, the Second Term Loan Agreement and the Credit Agreement, and in consideration of such benefits 

  
 2 

 
and other good and valuable consideration and to secure its obligations under the 2013 Note Guarantee, the 2013 Loan Guarantee, the Credit Agreement Guarantee, the 2012 Note Guarantee (as defined
in the Original Mortgage), and the Loan Guarantee (as defined in the Original Mortgage), the receipt and sufficiency of which are hereby acknowledged, the Shipowner has executed this Amendment. 

K. In accordance with the terms of the Intercreditor Agreement, the parties thereto have, inter alia, agreed to certain matters
relating to the Original Mortgage (as amended by this Amendment), the 2012 Indenture, the Term Loan Agreement, the 2013 Indenture, the Second Term Loan Agreement and the Credit Agreement. The form of the Intercreditor Agreement is annexed to the
Original Mortgage as Exhibit F thereto and made a part thereof. 
 L. The Original Mortgage as amended by this Amendment secures
the Secured Obligations, as such term is amended by virtue of the amended definition of “Pari Passu Obligations” as set forth in Section 2 of this Amendment. 
 M. The 2013 Notes bear interest at the rate of 7.125% per annum; the 2012 Notes bear interest at the rate of 7.50% per annum; the amounts due under the Term Loan Agreement bear interest at the
rate set forth in Section 2.08 of the Term Loan Agreement; the amounts due under the Second Term Loan Agreement bear interest at the rate set forth in Section 2.08 of the Second Term Loan Agreement; and the amounts due under the
Credit Agreement bear interest at the rate set forth in Section 2.05 of the Credit Agreement. 
 N. The parties to
this Amendment agree that the total amount of the Original Mortgage, as amended by this Amendment, is the aggregate of (i) the 2012 Notes in the original outstanding principal amount of One Billion One Hundred Fifty Million United States
Dollars (US$1,150,000,000); (ii) the amount due under the Term Loan Agreement in the original outstanding principal amount of Five Hundred Million United States Dollars ($500,000,000); (iii) amounts due under the Credit Agreement in the
aggregate maximum principal amount of up to Two Hundred Million United States Dollars (US$200,000,000); (iv) the 2013 Notes in the original outstanding principal amount of Seven Hundred Seventy Five Million United States Dollars
(US$775,000,000); and (v) the amount due under the Second Term Loan Agreement in the original outstanding principal amount of Three Hundred Fifty Million United States Dollars (US$350,000,000). The aggregate of the amounts in items
(i)—(v) is Two Billion Nine Hundred Seventy Five Million United States Dollars (US$2,975,000,000) and such aggregate amount is the amended total principal amount of the Mortgage. 

NOW, THEREFORE, to secure the prompt payment of the Secured Obligations and the performance and observance of all agreements, covenants
and provisions of the Shipowner contained in the 2013 Note Guarantee, the 2012 Note Guarantee, the Loan Guarantee, the Second Loan Guarantee and the Credit Agreement Guarantee, the other Pari Passu Documents (as such term is amended by this
Amendment), and this Mortgage, the Shipowner has mortgaged and by these presents does hereby execute and constitute an Amendment No. 1 to First Naval Mortgage in accordance with the provisions of Chapters V and VI, Title IV of Law No. 55
of August 6, 2008 of the Republic of Panama and the pertinent provisions of the Civil Code and other laws of the Republic of Panama upon the whole of the Vessel to the Mortgagee, together with all of the boilers, engines, generators, drilling
machinery and equipment, pumps and 

  
 3 

 
pumping equipment, machinery, masts, spars, sails, boats, anchors, cables, chains, rigging, tackle, outfit, apparel, furniture, fittings, equipment, spares, fuel, stores and all other
appurtenances thereunto appertaining or belonging, and also any and all additions, improvements and replacements hereafter made in or to such Vessel, or any part thereof, or in or to her equipment and appurtenances aforesaid; 

TO HAVE AND TO HOLD all and singular the Vessel unto the Mortgagee and its successors and permitted assigns, to its and its
successors’ and permitted assigns’ own use, benefit and behoof forever, subject to the rights of the Shipowner therein as provided in the Mortgage; 
 IT IS HEREBY COVENANTED, DECLARED AND AGREED that the Vessel is to be held subject to the further covenants, conditions, provisions, terms and uses set forth in the Mortgage. 

1. All capitalized terms used herein but not otherwise defined shall have the meaning specified in the Original Mortgage (as amended by
this Amendment) or, if such capitalized term is not defined in the Original Mortgage (as amended by this Amendment), then as such term is defined in, or by reference in, the Intercreditor Agreement. 

2. The Original Mortgage is hereby amended as follows: 
 (a) Section 1.2 shall be amended by deleting the following definitions in their entirety, and all such defined terms as used throughout the Mortgage shall be deemed to be deleted: 

 

	 	(i)	“Existing Indenture” 

  

	 	(ii)	“Existing Indenture Collateral Agreements” 

  

	 	(iii)	“Existing Indenture Documents” 

  

	 	(iv)	“Existing Indenture Indemnified Parties” 

  

	 	(v)	“Existing Indenture Secured Parties” 

  

	 	(vi)	“Existing Note Obligations”. 

 (b) Section 1.2 shall be amended by adding the following definitions: 
 (i) “2013 Indenture” means that certain Indenture dated as of March 28, 2013, among the Issuer, the guarantors from time to time party thereto, and Wells Fargo Bank, National
Association, as trustee and noteholder collateral agent, and any and all successors thereto in either such capacity, as the same has been and may be further amended, restated, supplemented, refinanced, replaced or otherwise modified from time to
time. 
 (ii) “2013 Indenture Collateral Agreements” means the 2013 Note Guarantee and any
agreement, document or instrument pursuant to which a Lien is granted to secure any 2013 Note Obligations or under which rights or remedies with respect to any such Lien are governed, as the same may be amended, restated, modified, renewed,
refunded, replaced, or refinanced from time to time as permitted by the Pari Passu Documents. 

  
 4 

 (iii) “2013 Indenture Documents” means the 2013 Indenture,
the 2013 Notes, the applicable Purchase Agreements, the 2013 Indenture Collateral Agreements, and any agreement, instrument or other document evidencing or governing any 2013 Note Obligations. 

(iv) “2013 Indenture Indemnified Parties” shall mean the Initial Purchasers (as defined in the 2013
Indenture), the 2013 Noteholder Collateral Agent, and each Noteholder (as defined in the 2013 Indenture). 
 (v)
“2013 Indenture Secured Parties” means the 2013 Noteholder Collateral Agent and the Noteholders (as defined in the 2013 Indenture). 
 (vi) “2013 Note Obligations” means all obligations under the 2013 Indenture of the Issuer, the Parent and the other Guarantors (as defined in the 2013 Indenture) under the 2013 Indenture
Documents and the other “obligations” under, and as defined in, the 2013 Indenture, including, but not limited to, all indebtedness evidenced by any and all Notes (as defined in the 2013 Indenture) now or hereafter issued thereunder,
including any series of Notes that may hereafter from time to time be issued as permitted under the 2013 Indenture. 
 (vii) “2013 Notes” means the senior secured first lien notes due 2023 in the original aggregate principal amount of Seven Hundred Seventy Five Million United States Dollars
(US$775,000,000) to the Initial Purchasers (as defined in the 2013 Indenture). 
 (viii) “Second Term
Loan Agreement” means that certain Second Term Loan Agreement dated as of on or about the date hereof, among the Issuer, as co-borrower, the US Borrower (as defined therein), the guarantors from time to time party thereto, the lenders from
time to time party thereto, Citibank, N.A., as administrative agent, and Wells Fargo Bank, National Association, as collateral agent, as the same has been and may hereafter be further amended, restated, supplemented, refinanced, replaced or
otherwise modified from time to time as permitted by the Pari Passu Documents. 
 (ix) “Second Term Loan
Collateral Agreements” means any agreement, document or instrument pursuant to which a guarantee is given or a Lien is granted to secure any Second Term Loan Obligations or under which rights or remedies with respect to any such Lien are
governed, as the same may be amended, restated, modified, renewed, refunded, replaced or refinanced from time to time as permitted by the Pari Passu Documents. 
 (x) “Second Term Loan Documents” means the Second Term Loan Agreement, the Second Term Loan Collateral Agreements and any agreement, instrument or other document evidencing or governing
any Second Term Loan Obligations. 

  
 5 

 (xi) “Second Term Loan Indemnified Parties” shall mean each
of the Lenders (as defined in the Second Term Loan Agreement) and the Second Term Loan Collateral Agent. 
 (xii)
“Second Term Loan Obligations” means the “Obligations” (as defined in the Second Term Loan Agreement) of the Issuer, the US Borrower (as defined in the Second Term Loan Agreement) and the guarantors from time to time party
to the Second Term Loan Agreement and any other related document or instrument executed and delivered pursuant thereto, in each case incurred pursuant to the Second Term Loan Agreement and any other related document or instrument executed and
delivered pursuant thereto. 
 (xiii) “Second Term Loan Secured Parties” means the lenders under
the Second Term Loan Agreement, the Mortgagee, as collateral agent under the Second Term Loan Agreement, and Citibank, N.A., as administrative agent under the Second Term Loan Agreement. 

(c) The definition of “Credit Agreement” in the Original Mortgage is hereby deleted in its entirety and replaced by the
following: 
 “Credit Agreement” means that certain Amended and Restated Credit Agreement dated as of
March 28, 2013, among the Issuer and Vantage Drilling Company, as borrowers, the guarantors from time to time party thereto (including the Shipowner), the lenders from time to time party thereto, Royal Bank of Canada, as administrative agent,
which amends and restates in its entirety that certain Credit Agreement dated as of June 21, 2012 among the Issuer and Vantage Drilling Company, as borrowers, the guarantors from time to time party thereto (including the Shipowner), the lenders
from time to time party thereto, and Royal Bank of Canada, as collateral agent, and as the same has been and may hereafter be further amended, restated, supplemented, refinanced, replaced or otherwise modified from time to time. 

(d) The definition of “Credit Facilities” in the Original Mortgage is hereby deleted in its entirety and replaced by the
following: 
 “Credit Facilities” means the 2013 Indenture, the 2012 Indenture, the Term Loan Agreement, the
Second Term Loan Agreement and the Credit Agreement. 
 (e) The definition of “Indemnified Parties” is hereby deleted
in its entirety and replaced by the following: 
 “Indemnified Parties” means the 2012 Indenture Indemnified
Parties, the Term Loan Indemnified Parties, the Credit Agreement Indemnified Parties, and the holders of the Other Pari Passu Obligations, including, but not limited to, the 2013 Indenture Indemnified Parties and the Second Term Loan Indemnified
Parties. 

  
 6 

 (f) The definition of “Intercreditor Agreement” is hereby deleted in its entirety
and replaced by the following: 
 “Intercreditor Agreement” means that certain amended and restated
intercreditor agreement, dated October 25, 2012, among (a) Wells Fargo Bank, National Association, as the pari passu collateral agent, the noteholder collateral agent and the trustee under the 2012 Indenture, and the collateral agent under
the Credit Agreement, (b) Royal Bank of Canada, as administrative agent under the Credit Agreement, (c) Citibank, N.A., as administrative agent under the Term Loan Agreement, and (d) acknowledged by the Issuer, Parent, and each of the
other guarantors party thereto and to which Wells Fargo Bank, National Association, as noteholder collateral agent and trustee under the 2013 Indenture, and collateral agent under the Second Term Loan Agreement, and Citibank, N.A., as administrative
agent under the Second Term Loan Agreement, were joined as parties by joinder agreements, dated March 28, 2013, as the same has been and may be further amended, restated, supplemented or otherwise modified from time to time. 

(g) The definition of “Pari Passu Documents” is hereby deleted in its entirety and replaced by the following: 

“Pari Passu Documents” means the Intercreditor Agreement, the 2012 Indenture Documents, the Term Loan Documents, the
Credit Agreement Documents and any other document or instrument evidencing or governing any Other Pari Passu Obligations, including, but not limited to, the 2013 Indenture Documents and the Second Term Loan Documents. 

(h) The definition of “Pari Passu Obligations” is hereby deleted in its entirety and replaced by the following: 

“Pari Passu Obligations” means (a) the 2012 Note Obligations, (b) the Term Loan Obligations, (c) the
Credit Agreement Obligations, (d) all Other Pari Passu Obligations, including, but not limited to, the 2013 Note Obligations and the Second Term Loan Obligations, and (e) all other obligations in respect of, or arising under, the Pari
Passu Documents, including all fees and expenses of the collateral agent payable with respect thereto and shall include all interest and fees, which but for the filing of a petition in bankruptcy with respect to the Issuer, the Parent or any other
guarantor thereunder (in each case, including in its capacity as a co-borrower thereunder), would have accrued on such obligations, whether or not a claim for such interest or fees is allowed in such proceeding. 

(i) The definition of “Permitted Liens” is hereby deleted in its entirety and replaced by the following: 

“Permitted Liens” means Liens permitted from time to time under the 2013 Indenture, the 2012 Indenture, the Term Loan
Agreement, the Second Term Loan Agreement or the Credit Agreement. 

  
 7 

 (j) The definition of “Purchase Agreements” is hereby amended by adding the
following as a new subclause (a) at the beginning thereof (and renumbering the subsequent subclauses appropriately): 

“(a) that certain Purchase Agreement dated as of March 21, 2013, among the Issuer and the initial guarantors party thereto, and
agreed to and accepted by Jefferies LLC and Citigroup Global Markets Inc., as representatives of the Initial Purchasers (as defined therein), executed in connection with the 2013 Indenture.” 

(k) The definition of “Secured Parties” is hereby deleted in its entirety and replaced by the following: 

“Secured Parties” means (a) the Pari Passu Collateral Agent, (b) the 2012 Indenture Secured Parties,
(c) the Term Loan Secured Parties, (d) the Credit Agreement Secured Parties, and (e) the holders of Other Pari Passu Obligations, including, but not limited to, the 2013 Indenture Secured Parties and the Second Term Loan Secured
Parties. 
 (l) All references to the term “New Noteholder Collateral Agent” where used throughout the Original
Mortgage (as amended by this Amendment) shall be replaced by the term “2012 Noteholder Collateral Agent”. All references to the “Guarantees” or a “Guarantee” shall mean, collectively, the Second Term Loan Guarantee and
the 2013 Note Guarantee (each as defined in Amendment No. 1 to this Mortgage), the 2012 Note Guarantee, the Loan Guarantee and the Credit Agreement Guarantee. 
 (m) Section 2.1 of the Original Mortgage is hereby deleted in its entirety and replaced by the following: 
 SECTION 2.1 The Shipowner acknowledges it is justly indebted in accordance with the terms of the Credit Facilities, the 2013 Notes, the 2012 Notes, the Pari Passu Documents and its Guarantees. The
Shipowner will pay when due all Secured Obligations from time to time payable by the Shipowner under the Credit Facilities, the 2013 Notes, the 2012 Notes, the Pari Passu Documents and its Guarantees and will observe, perform and comply with the
covenants, terms and conditions herein and, as applicable, in the Credit Facilities, the 2013 Notes, the 2012 Notes, the Pari Passu Documents and its Guarantees, on its part to be observed, performed or complied with. The formula for the calculation
of interest on the amounts due under the Credit Facilities, the 2013 Notes, and the 2012 Notes, and the terms of their payment together with the terms of the repayment of the principal of the Credit Facilities, the 2013 Notes, and the 2012 Notes
secured by this Mortgage are provided in the 2013 Indenture, the 2012 Indenture, the Term Loan Agreement, the Second Term Loan Agreement and the Credit Agreement, as applicable. 

(n) Section 2.19(b) of the Original Mortgage is hereby amended by replacing the reference to “Existing Indenture” in the
first line thereof with “2013 Indenture.” 

  
 8 

 (o) The first paragraph of Section 3.1 of the Original Mortgage is hereby deleted in
its entirety and replaced by the following: 
 As used herein, the term “Event of Default” means (a) with respect
to the 2013 Indenture, an “Event of Default” under, and as defined therein, (b) with respect to the 2012 Indenture, an “Event of Default” under, and as defined therein, (c) with respect to the Term Loan Agreement, an
“Event of Default” under, and as defined therein, (d) with respect to the Second Term Loan Agreement, an “Event of Default” under, and as defined therein or (e) with respect to the Credit Agreement, an “Event of
Default” under, and as defined therein. If an Event of Default shall have occurred and be continuing, then, in each and every such case the 2013 Indenture Collateral Agent, the 2012 Noteholder Collateral Agent, the Lender Collateral Agent, the
Second Term Loan Collateral Agent or the Credit Agreement Collateral Agent, as relevant, shall have the right to make such demands and take such actions as are permitted to each of them, respectively, by the 2013 Indenture Documents, the 2012
Indenture Documents, the Term Loan Documents, the Second Term Loan Documents or the Credit Agreement Documents, as the case may be. If an Event of Default shall have occurred and be continuing under any of the 2013 Indenture Documents, the 2012
Indenture Documents, the Term Loan Documents, the Second Term Loan Documents and the Credit Agreement Documents, the Mortgagee shall have the right, subject to and in accordance with the terms of the Intercreditor Agreement and Section 4.13
hereof, to: 
 (p) Section 3.9 of the Original Mortgage is hereby deleted in its entirety and replaced by the following:

 SECTION 3.9 Subject always to and in accordance with the terms of the Intercreditor Agreement, if at any time
prior to any sale of or consummation of foreclosure proceedings on the Vessel by the Mortgagee after the occurrence and during the continuance of an Event of Default in accordance herewith, the Shipowner offers to cure such Event of Default and to
pay all expenses, advances, fees and damages to the Mortgagee arising from such Events of Default to the extent provided for in the 2013 Indenture, the 2012 Indenture, the Term Loan Agreement, the Second Term Loan Agreement or the Credit Agreement,
respectively, or the other Pari Passu Documents, including all costs and expenses incurred by the Mortgagee upon the exercise by the Mortgagee of its rights hereunder as a result of such Event of Default, then the Mortgagee may, but shall be under
no obligation to, accept such offer, cure and payment and restore the Shipowner to its former position, but such action shall not affect any rights which the Mortgagee may have hereunder after the occurrence and during the continuance of any
subsequent Event of Default or impair any rights consequent thereon. 
 (q) Section 4.1 of the Original Mortgage is hereby
deleted in its entirety and replaced by the following: 
 SECTION 4.1 The maximum principal amount secured by
this Mortgage at any time is Two Billion Nine Hundred Seventy Five Million United States Dollars (US$2,975,000,000), and for purposes of recording this Mortgage, the total amount of 

  
 9 

 
this Mortgage is Two Billion Nine Hundred Seventy Five Million United States Dollars (US$2,975,000,000). In addition to principal, this Mortgage also secures the other Secured Obligations,
including interest, costs and expenses of collection and other sums which are deemed to be secured by the relevant laws of the Republic of Panama, as provided in this Mortgage, the 2013 Indenture, the 2012 Indenture, the Term Loan Agreement, the
Second Term Loan Agreement, the Credit Agreement and the other Pari Passu Documents. The maturity date of this Mortgage is April 1, 2023. 
 (r) Section 4.8(a) of the Original Mortgage is hereby deleted and replaced by the following: 
 (a) Costs and Expenses. Shipowner shall pay all out-of-pocket expenses incurred by the Mortgagee or any Secured Parties (including the fees, charges and disbursements of any counsel for the Mortgagee),
and shall pay all fees and time charges for attorneys who may be employees of the Mortgagee or any of the Secured Parties, in connection with the enforcement or protection of its rights in connection with the 2013 Indenture, the 2012 Indenture, the
Term Loan Agreement, the Second Term Loan Agreement, the Credit Agreement, this Mortgage, and the other Pari Passu Documents, including its rights under this Section, including all such out-of-pocket expenses incurred during any workout,
restructuring or negotiations in respect of the Credit Facilities, the 2013 Notes, and the 2012 Notes and any other Pari Passu Documents. 
 (s) Section 4.12 of the Original Mortgage is hereby deleted and replaced by the following: 
 SECTION 4.12 NOTWITHSTANDING ANY OTHER PROVISION CONTAINED HEREIN TO THE CONTRARY, IN THE EVENT OF ANY CONFLICT OR INCONSISTENCY BETWEEN THE PROVISIONS OF (A) THIS MORTGAGE AND (B) ANY OF THE
2013 INDENTURE, THE 2012 INDENTURE, THE TERM LOAN AGREEMENT, THE SECOND TERM LOAN AGREEMENT OR THE CREDIT AGREEMENT, THE PROVISIONS OF THE 2013 INDENTURE, THE 2012 INDENTURE, THE TERM LOAN AGREEMENT, THE SECOND TERM LOAN AGREEMENT OR THE CREDIT
AGREEMENT, AS APPLICABLE, SHALL CONTROL WITH RESPECT THERETO (BUT SHALL NOT CONTROL AS SUCH PROVISION MAY APPLY TO ANY OTHER SUCH INDENTURE OR AGREEMENT), UNLESS THE PROVISIONS OF SUCH INCONSISTENT INDENTURE OR AGREEMENT ARE INCONSISTENT WITH THE
INTERCREDITOR AGREEMENT, IN WHICH CASE, THE INTERCREDITOR AGREEMENT SHALL CONTROL. 
 (t) Section 4.13 of the Original
Mortgage is hereby deleted and replaced by the following: 
 SECTION 4.13 Notwithstanding anything herein to the
contrary, (i) the occurrence of an Event of Default with respect to any one Debt Agreement (as hereinafter defined) shall not be deemed to constitute an Event of Default under any other Debt Agreement except to the extent so expressly stated in
such other Debt Agreement and 

  
 10 

 
(ii) upon the occurrence of an Event of Default under any one Debt Agreement, the rights and remedies granted hereunder shall be subject to the Intercreditor Agreement. For purposes of this
paragraph, “Debt Agreement” means the 2013 Indenture, the 2012 Indenture, the Term Loan Agreement, the Second Term Loan Agreement or the Credit Agreement. 
 (u) Section 4.15 of the Original Mortgages is hereby amended by replacing the reference to “Existing Indenture” therein with “2013 Indenture”. 

3. The Shipowner has caused this Amendment to be duly filed and recorded, and will cause this Amendment to be permanently registered in
the Republic of Panama within six (6) months of the day and year first above written, and will further comply with and satisfy all of the provisions and requirements of Panamanian Ship Mortgage Law in connection with this Amendment and the
Original Mortgage (as amended by this Amendment). 
 4. This Amendment amends the Original Mortgage and, from and after the date
hereof, wherever the term “Mortgage” is used in the Original Mortgage, or in any of the Pari Passu Documents, it shall be deemed to mean and refer to the Original Mortgage as amended by this Amendment. 

5. Except as expressly modified by this Amendment, all of the terms and conditions of the Original Mortgage remain in full force and
effect and are hereby ratified and confirmed by the parties and are incorporated by reference in this Amendment to the same extent as if set forth in this Amendment in their entirety. 

6. This Amendment may be executed in any number of counterparts, each of which shall be an original and all of which when taken together
shall constitute one instrument. 
 7. In case of any discrepancy between an English counterpart and the Spanish and the
Notarial version thereof in Spanish, as between the parties hereto, the English counterpart shall control. 
 8. The Recitals in
this Amendment constitute part of this Amendment. 
 9. Notices shall be delivered in accordance with the applicable provisions
of the Pari Passu Documents and shall be effective as provided, respectively, therein. Each of the Shipowner and Mortgagee may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the other
party hereto. 
 10. The appearing parties hereby confer a special power of attorney with the right of substitution upon any
member of the law firm of MORGAN & MORGAN, lawyers of the City of Panama, Republic of Panama, empowering each of them to take all necessary steps to record this instrument of Amendment No. 1 to First Naval Mortgage in the appropriate
registries of the Republic of Panama. 
 [The rest of this page has been left intentionally blank.] 

  
 11 

 IN WITNESS WHEREOF, the Shipowner has caused this Amendment No. 1 to First Naval
Mortgage to be duly executed, by the Shipowner by way of deed, and the Mortgagee has accepted this Amendment on the day and year first above written. 

 

			
	EXECUTED AS A DEED by
	
	[SHIPOWNER]
		
	By:	 	 
	Name:	 	[                             
            ]
	Title:	 	[                             
            ]
	
	In the presence of:
		
	Witness:	 	 
	Name:	 	[                             
            ]
	Occupation:	 	[                             
            ]
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Pari Passu
Collateral Agent and
 as Mortgagee

		
	By:	 	 
	Name:	 	John C. Stohlmann
	Title:	 	Attorney-in-fact

 Signature Page to Amendment No. 1 to First Naval Mortgage - [Vessel] 

 ACKNOWLEDGMENT 

 

									
	STATE OF TEXAS	  	)	  		  		  	
		  	)	  	ss.:	  		  	
	COUNTY OF HARRIS	  	)	  		  		  	

 On this             day of March, 2013,
before me personally appeared [name] who, being by me duly sworn, did depose and say that she is residing at [address], she is an attorney-in-fact of [Shipowner], the entity described in and which executed the foregoing instrument; and that s/he
signed her/his name thereto in accordance with the terms of a power of attorney of such entity, and she further acknowledged to me that the foregoing instrument is the free act and deed of such entity. 

	
	
	  
	Notary Public in and for the State of Texas

 [THE SIGNATURE OF THE NOTARY PUBLIC MUST BE DULY AUTHENTICATED BY PANAMANIAN CONSUL OR
APOSTILLE.] 

  
 Acknowledgment
to Amendment No. 1 to First Naval Mortgage - [Vessel] 

 ACKNOWLEDGMENT 

 

									
	STATE OF TEXAS	  	)	  		  		  	
		  	)	  	ss.:	  		  	
	COUNTY OF DALLAS	  	)	  		  		  	

 On this             day of March, 2013, before me personally
appeared John C. Stohlmann who, being by me duly sworn, did depose and say that he is residing at 750 N. St. Paul Place, Suite 1750 Dallas, Texas 75201, he is an attorney-in-fact of Wells Fargo Bank, National Association, the entity described
in and which executed the foregoing instrument, and that he signed his name thereto in accordance with the bylaws of such entity, and he further acknowledged to me that the foregoing instrument is the free act and deed of such entity.

	
	
	  
	Notary Public in and for the State of Texas

 [THE SIGNATURE OF THE NOTARY PUBLIC MUST BE DULY AUTHENTICATED BY PANAMANIAN CONSUL OR
APOSTILLE.] 

  
 Acknowledgment
to Amendment No. 1 to First Naval Mortgage - [Vessel] 

 SCHEDULE I 
 TO 
 AMENDMENT NO. 1 TO FIRST NAVAL MORTGAGE 

DESCRIPTION OF THE VESSEL 
 AQUAMARINE DRILLER 
  

													
	 Official
 Number
	  	Radio
Call
Letters	 	Length	 	Width	 	Depth	 	Gross
Tonnage	 	Net
Tonnage
	 [                    
]
	  	[                     ]	 	[         ]
 Meters
	 	[         ]
 meters
	 	[         ]
 meters
	 	[         ]	 	[         ]

  
 Schedule 1 to
Amendment No. 1 to First Naval Mortgage - [Vessel] 

 EXHIBIT A 
 TO 
 AMENDMENT NO. 1 TO FIRST NAVAL MORTGAGE 

Form of the 2013 Indenture, together with Exhibit A thereto (Form of Note) and Exhibit E thereto (Form of Note Guarantee), but without
other annexes, schedules or exhibits, together with the forms of any supplements thereto. 
 See attached. 

 

  
 Exhibit A to
Amendment No. 1 to First Naval Mortgage - [Vessel] 

 EXHIBIT B 
 TO 
 AMENDMENT NO. 1 TO FIRST NAVAL MORTGAGE 

[Form of the Second Term Loan Agreement, 
 together with form of Note but without other annexes, schedules or exhibits] 
 See
attached. 

  
 Exhibit B to
Amendment No. 1 to First Naval Mortgage - [Vessel] 

 EXHIBIT C 
 TO 
 AMENDMENT NO. 1 TO FIRST NAVAL MORTGAGE 

[Form of Credit Agreement, without annexes, schedules or exhibits] 

See attached. 

  
 Exhibit C to
Amendment No. 1 to First Naval Mortgage - [Vessel] 

 FORM OF 
 FIRST NAVAL MORTGAGE 
 By 

[Shipowner] 
 To

 WELLS FARGO BANK, NATIONAL ASSOCIATION 
 as 
 Pari Passu Collateral Agent and Mortgagee 

Dated [                    ]

 Panamanian Vessel 
 [Vessel] 

 This FIRST NAVAL MORTGAGE (this “Mortgage”) is made this the
    th day of [            ], by [            ](the “Shipowner”) with an address at: 777
Post Oak Boulevard, Suite 800, Houston, Texas 77056, to WELLS FARGO BANK, NATIONAL ASSOCIATION, as (i) Noteholder Collateral Agent pursuant to the terms of the Existing Indenture (defined below) (in such capacity, the “Existing
Noteholder Collateral Agent”), as (ii) Noteholder Collateral Agent pursuant to the terms of the 2012 Indenture (defined below) (in such capacity, the “New Noteholder Collateral Agent”), as (iii) Collateral Agent
under the Term Loan Agreement (defined below) (in such capacity, the “Lender Collateral Agent”), and (iv) as Collateral Agent pursuant to the terms of the Credit Agreement (defined below) (in such capacity, the “Credit
Agreement Collateral Agent”, and together with the Existing Noteholder Collateral Agent, the New Noteholder Collateral Agent, and the Lender Collateral Agent, the “Pari Passu Collateral Agent”, together with its successors
and assigns as such collateral agent under each of the Existing Indenture, the 2012 Indenture, the Term Loan Agreement and the Credit Agreement, the “Mortgagee”) with an address at: 750 N. St. Paul Place, Suite 1750, MAC T9263-170,
Dallas, Texas 75201. 
 WHEREAS: 
 1. The Shipowner is the sole owner of the whole of the Panamanian flag vessel, “[            ]” with Permanent Patent Number
[            ], which is duly documented in the name of the Shipowner under the laws and flag of the Republic of Panama, which vessel is further described on Schedule I attached hereto and
made a part hereof. 
 2. The Shipowner is party to the Existing Indenture pursuant to which the Issuer issued senior secured
first lien notes due 2015 (the “Existing Notes”) in the original aggregate principal amount of Two Billion Twenty Five Million United States Dollars (US$2,025,000,000) to the Initial Purchasers (as defined in the Existing
Indenture). The form of the Existing Indenture is annexed hereto as Exhibit A and made a part hereof. 
 3. The Shipowner is
party to the 2012 Indenture pursuant to which the Issuer has issued US$1,150,000,000 aggregate principal amount of 7.50% senior secured first lien notes due 2019 (the “2012 Notes”) to the Initial Purchasers (as defined in the 2012
Indenture). The form of the 2012 Indenture is annexed hereto as Exhibit B and made a part hereof. 
 4. The Shipowner is party
to the Term Loan Agreement pursuant to which the lenders from time to time party thereto have advanced to the borrowers thereunder a term loan in the aggregate amount of Five Hundred Million United States Dollars (US$500,000,000). The form of the
Term Loan Agreement is annexed hereto as Exhibit C and made a part hereof. 
 5. The Shipowner is party to the Credit Agreement
pursuant to which the lenders from time to time party thereto have made a commitment to provide advances from time to time to the borrowers thereunder in an aggregate amount of up to Twenty Five Million United States Dollars (US$25,000,000). The
form of the Credit Agreement is annexed hereto as Exhibit D and made a part hereof. 
 6. The Shipowner has executed its
(w) Note Guarantee (as defined in the Existing Indenture) (the “Existing Note Guarantee”), (x) Note Guarantee (as defined in the 2012 

 
Indenture) (the “2012 Note Guarantee”), (y) guarantee contained in the Term Loan Agreement (the “Loan Guarantee”) and (z) guarantee contained in the
Credit Agreement (the “Credit Agreement Guarantee”; and, together with the Existing Note Guarantee, the 2012 Note Guarantee and the Loan Guarantee, the “Guarantees”) whereby it has guaranteed the obligations of the
Issuer under the Existing Indenture and the 2012 Indenture respectively, the Credit Parties (including the Issuer) as defined in and party to the Term Loan Agreement, and the Loan Parties (including the Issuer) as defined in and party to the Credit
Agreement. The Shipowner will receive substantial, direct and indirect, benefits through the extension of the loans under the terms of the Credit Facilities and related documents; and in consideration of such benefit and other good and valuable
consideration and to secure its obligations under the Guarantees, the receipt and sufficiency of which are hereby acknowledged, the Shipowner has executed this Mortgage. The form of the Existing Note Guarantee is part of Exhibit A and made a part
hereof. The form of the 2012 Note Guarantee is part of Exhibit B and made a part hereof. The Loan Guarantee is contained within Exhibit C and made a part hereof. The Credit Agreement Guarantee is contained within Exhibit D and made a part hereof.

 7. In accordance with the terms of the Intercreditor Agreement, the parties thereto have, inter alia, agreed to certain
matters relating to this Mortgage, the Existing Indenture, the 2012 Indenture, the Term Loan Agreement, and the Credit Agreement. The form of the Intercreditor Agreement is annexed hereto as Exhibit E and made a part hereof. 

8. This Mortgage secures the Secured Obligations (including, without limitation, the costs, expenses and other amounts payable by
Shipowner hereunder pursuant to Section 4.8 in connection with Mortgagee’s enforcing its rights and remedies pursuant to this Mortgage) and the Shipowner has duly authorized the execution and delivery of this Mortgage. 

9. The parties to this Mortgage agree that the total amount of this Mortgage is the aggregate of (i) the Existing Notes in the
current outstanding principal amount of Nine Hundred Ninety Nine Million Nine Hundred Ninety Nine Thousand United States Dollars (US$999,999,000), (ii) the 2012 Indenture Notes in the original outstanding principal amount of One Billion One
Hundred Fifty Million United States Dollars (US$1,150,000,000), (iii) amounts due under the Term Loan Agreement in the original outstanding principal amount of Five Hundred Million United States Dollars (US$500,000,000), and (iv) amounts
due under the Credit Agreement in the aggregate maximum principal amount of up to Twenty Five Million United States Dollars (US$25,000,000). The aggregate of the amounts in items (i)-(iv) is Two Billion Six Hundred Seventy Four Million Nine
Hundred Ninety Nine Thousand United States Dollars (US$2,674,999,000) and that is the total principal amount of this Mortgage. 
 10. The Existing Notes bear interest at the rate of 11 1/2% per annum, the 2012 Notes bear interest at the rate of 7.50% per annum; the amounts due under the Term Loan
Agreement bear interest at the rate set forth in Section 2.08 of the Term Loan Agreement; and the amounts due under the Credit Agreement bear interest at the rate set forth in Section 2.05 of the Credit Agreement. 

NOW, THEREFORE, to secure the prompt payment of the Secured Obligations and the performance and observance of all agreements, covenants
and provisions of the Shipowner contained in its Guarantees, the Credit Facilities, this Mortgage and the other Pari Passu 

  
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Documents, the Shipowner has mortgaged and by these presents does hereby execute and constitute a First Naval Mortgage in accordance with the provisions of Chapters V and VI, Title IV of Law
No. 55 of August 6, 2008 of the Republic of Panama and the pertinent provisions of the Civil Code and other laws of the Republic of Panama upon the whole of the vessel (as more specifically described on Schedule I) to the Mortgagee,
together with all of the boilers, engines, generators, drilling machinery and equipment, pumps and pumping equipment, machinery, masts, spars, sails, boats, anchors, cables, chains, rigging, tackle, outfit, apparel, furniture, fittings, equipment,
spares, fuel, stores and all other appurtenances thereunto appertaining or belonging, and also any and all additions, improvements and replacements hereafter made in or to such vessel, or any part thereof, or in or to her equipment and appurtenances
aforesaid (collectively, the “Vessel”); 
 TO HAVE AND TO HOLD all and singular the Vessel unto the Mortgagee
and its successors and permitted assigns, to its and its successors’ and permitted assigns’ own use, benefit and behoof forever, subject to the rights of the Shipowner therein as herein provided; 

IT IS HEREBY COVENANTED, DECLARED AND AGREED that the Vessel is to be held subject to the further covenants, conditions, provisions,
terms and uses hereinafter set forth. 
 ARTICLE I 

DEFINITIONS 
 SECTION 1.1 For purposes of this Mortgage, the following terms shall have the respective meanings given to them below. Capitalized terms used herein and not otherwise defined herein are used herein
as defined in, or by reference in, the Intercreditor Agreement. 
 SECTION 1.2 The following terms shall have the following
meanings: 
 “Credit Agreement” means that certain Credit Agreement dated as of June 21, 2012, among the
Issuer, as borrower, the Parent, the guarantors from time to time party thereto (including the Shipowner), the lenders from time to time party thereto, and Royal Bank of Canada, as collateral agent, and any and all successors thereto in such
capacity, as the same has been and may hereafter be further amended, restated, supplemented, refinanced, replaced or otherwise modified from time to time. 
 “Credit Agreement Collateral Agreements” means any agreement, document or instrument pursuant to which a Lien is granted to secure any Credit Agreement Obligation or under which rights or
remedies with respect to any such Lien are governed, as the same may be amended, restated, modified, renewed, refunded, replaced or refinanced from time to time as permitted by the Pari Passu Documents. 

“Credit Agreement Documents” means the Credit Agreement, the Credit Agreement Collateral Agreements, and any agreement,
instrument or other document evidencing or governing any Credit Agreement Obligations. 

  
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 “Credit Agreement Indemnified Parties” means each of the Lenders,
the Administrative Agent, and the Collateral Agent (as each such term is defined in the Credit Agreement). 

“Credit Agreement Obligations” means all obligations of the Issuer, the Parent and the Guarantors (as defined in
the Credit Agreement) under the Credit Agreement; any other Credit Agreement Documents and any other related document or instrument executed and delivered pursuant to any of the foregoing. 

“Credit Agreement Secured Parties” has the meaning set forth in the Intercreditor Agreement. 

“Credit Facilities” means the Existing Indenture, the 2012 Indenture, the Term Loan Agreement and the Credit Agreement.

 “Environmental Law” means all former, current and future federal, state, local and foreign laws (including
common law), treaties, regulations, rules, ordinances, codes, decrees, judgments, directives, orders (including consent orders), and agreements in each case, relating to protection of the environment, natural resources, human health and safety or
the presence, Release of, or exposure to, Hazardous Materials, or the generation, manufacture, processing, distribution, use, treatment, storage, transport, recycling or handling of, or the arrangement for such activities with respect to, Hazardous
Materials. 
 “Existing Indenture” means that certain Indenture dated as of July 30, 2010, among the
Issuer, the guarantors from time to time party thereto, and Wells Fargo Bank, National Association, as trustee and noteholder collateral agent, and any and all successors thereto in either such capacity, as the same has been and may be further
amended, restated, supplemented, refinanced, replaced or otherwise modified from time to time. 
 “Existing Indenture
Collateral Agreements” means the Existing Note Guarantee and any agreement, document or instrument pursuant to which a Lien is granted to secure any Existing Note Obligations or under which rights or remedies with respect to any such Lien
are governed, as the same may be amended, restated, supplemented, refinanced, replaced or otherwise modified from time to time as permitted by the Existing Indenture. 
 “Existing Indenture Documents” means the Existing Indenture, the applicable Purchase Agreement(s), the Existing Indenture Collateral Agreements and any agreement, instrument or other
document evidencing or governing any Existing Note Obligations. 
 “Existing Indenture Indemnified
Parties” shall mean the Initial Purchasers (as defined in the Existing Indenture), the Mortgagee, as trustee and noteholder collateral agent and each Noteholder (as defined in the Existing Indenture).  

“Existing Indenture Secured Parties” means the Existing Noteholder Collateral Agent and the Noteholders (as defined in
the Existing Indenture). 
 “Existing Note Obligations” means all obligations of the Issuer, the Parent and the
other Guarantors (as defined in the Existing Indenture) under the Existing Indenture, the Existing Notes, the Existing Indenture Collateral Agreements and any other related document or instrument executed and delivered pursuant to any of the
foregoing. 

  
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 “Governmental Authority” means the government of the United States of
America or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing,
regulatory or administrative powers or functions of or pertaining to government (including any supranational bodies such as the European Union or the European Central Bank). 
 “Hazardous Material” means (a) any petroleum products or byproducts and all other hydrocarbons, coal ash, radon gas, asbestos, urea formaldehyde foam insulation, polychlorinated
biphenyls and chlorofluorocarbons and (b) any chemical, material, substance or waste that is prohibited, limited or regulated by or pursuant to any Environmental Law. 
 “Indemnified Parties” means the Existing Indenture Indemnified Parties, the 2012 Indenture Indemnified Parties, the Term Loan Indemnified Parties the Credit Agreement Indemnified Parties,
and the holders of the Other Pari Passu Obligations. 
 “Intercreditor Agreement” means that certain amended
and restated intercreditor agreement, dated October 25, 2012 among (a) Wells Fargo Bank, National Association, as (x) the pari passu collateral agent, the noteholder collateral agent and the trustee under the 2012 Indenture, (y) the
term loan collateral agent, the collateral agent and trustee under the Existing Indenture and (z) the collateral agent under the Credit Agreement, (b) Royal Bank of Canada, as agent under the Credit Agreement, (c) Citibank, N.A., as
administrative agent under the Term Loan Agreement, and (d) acknowledged by the Issuer, Parent, and each of the other guarantors party thereto, as the same has been and may be further amended, restated, supplemented or otherwise modified from
time to time. 
 “Issuer” means Offshore Group Investment Limited, an exempted company incorporated with
limited liability under the laws of the Cayman Islands. 
 “Legal Requirement” means, as to any Person, any
law, statute, ordinance, decree, award, requirement, order, writ, judgment, injunction, rule, regulation (or official interpretation of any of the foregoing) of, and the terms of any license or permit issued by, any Governmental Authority which is
binding on such Person. 
 “Other Pari Passu Obligations” means other Indebtedness (as defined in the
Intercreditor Agreement) of the Issuer or the Restricted Subsidiaries (as defined in the 2012 Indenture) that is equally and ratably secured with the Pari Passu Obligations as permitted by the 2012 Indenture and is designated by the Issuer as an
Other Pari Passu Obligation. 
 “Parent” means Vantage Drilling Company, an exempted company incorporated with
limited liability under the laws of the Cayman Islands. 

  
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 “Pari Passu Documents” means the Intercreditor Agreement, Existing
Indenture Documents, the 2012 Indenture Documents, the Term Loan Documents, the Credit Agreement Documents and any other document or instrument evidencing or governing any Other Pari Passu Obligations. 

“Pari Passu Obligations” means (a) the Existing Note Obligations, (b) the 2012 Note Obligations,
(c) the Term Loan Obligations, (d) the Credit Agreement Obligations, (e) all Other Pari Passu Obligations and (f) all other obligations in respect of, or arising under, the Pari Passu Documents, including all fees and expenses of
the collateral agent payable with respect thereto and shall include all interest and fees, which but for the filing of a petition in bankruptcy with respect to the Issuer, the Parent or any other guarantor thereunder (in each case, including in its
capacity as a co-borrower thereunder), would have accrued on such obligations, whether or not a claim for such interest or fees is allowed in such proceeding. 
 “Permitted Liens” means Liens permitted from time to time under the Existing Indenture, the 2012 Indenture, the Term Loan Agreement or the Credit Agreement. 

“Post-Closing Agreement” means that certain post-closing agreement, dated as of October 25, 2012, between Citigroup
Global Markets Inc., as representative of the Initial Purchasers, and the Pari Passu Collateral Agent, and agreed to and accepted by, inter alia, the Shipowner and the Parent. 
 “Purchase Agreements” means (a) that certain Purchase Agreement dated as of July 26, 2010, among the Issuer and the initial guarantors party thereto, and agreed to and accepted
by Jefferies & Company, Inc. and Deutsche Bank Securities Inc., as representatives of the Initial Purchasers (as defined therein), executed in connection with the Existing Indenture, (b) that certain Purchase Agreement dated as of
May 20, 2011, among the Issuer and the initial guarantors party thereto, and agreed to and accepted by Jefferies & Company, Inc., as representative of the Initial Purchasers (as defined therein), executed in connection with the
Existing Indenture, (c) that certain Purchase Agreement dated as of April 2, 2012, among the Issuer and the initial guarantors party thereto, and agreed to and accepted by Jefferies & Company, Inc., as representative of the
Initial Purchasers (as defined therein), executed in connection with the Existing Indenture, (d) that certain Purchase Agreement dated as of October 16, 2012, among the Issuer and the initial guarantors party thereto, and agreed to and
accepted by Citigroup Global Markets, Inc., as representative of the Initial Purchasers (as defined therein), executed in connection with the 2012 Indenture, and (e) each other purchase agreement from time to time entered into by the Issuer and
the guarantors from time to time party to the 2012 Indenture in connection with an issuance of additional Notes (as defined in the 2012 Indenture) under the 2012 Indenture. 
 “Release” means any release, spill, emission, leaking, dumping, injection, pouring, deposit, disposal, discharge, dispersal, leaching or migration into or through the environment or
within or upon any building, structure, facility or fixture. 

  
 6 

 “Secured Obligations” means collectively (a) the Pari Passu Obligations,
(b) the Other Pari Passu Obligations, and (c) the obligations under the Purchase Agreements of the Issuer and the guarantors party thereto. 
 “Secured Parties” means (a) the Pari Passu Collateral Agent, (b) the Existing Indenture Secured Parties, (c) the 2012 Indenture Secured Parties, (d) the Term Loan
Secured Parties, (e) the Credit Agreement Secured Parties, and (f) the holders of Other Pari Passu Obligations. 

“Term Loan Agreement” means that certain Term Loan Agreement dated as of on or about the date hereof, among the Issuer,
as co-borrower, the US Borrower (as defined therein), the guarantors from time to time party thereto, the lenders from time to time party thereto, Citibank, N.A., as administrative agent, and Wells Fargo Bank, National Association, as collateral
agent, as the same has been and may hereafter be further amended, restated, supplemented, refinanced, replaced or otherwise modified from time to time as permitted by the Pari Passu Documents. 

“Term Loan Collateral Agreements” means any agreement, document or instrument pursuant to which a guarantee is given or
a Lien is granted to secure any Term Loan Obligations or under which rights or remedies with respect to any such Lien are governed, as the same may be amended, restated, modified, renewed, refunded, replaced or refinanced from time to time as
permitted by the Pari Passu Documents. 
 “Term Loan Documents” means the Term Loan Agreement, the Term Loan
Collateral Agreements and any agreement, instrument or other document evidencing or governing any Term Loan Obligations. 

“Term Loan Indemnified Parties” shall mean each of the Lenders (as defined in the Term Loan Agreement) and the Mortgagee
as collateral agent. 
 “Term Loan Obligations” means the “Obligations” (as defined in the Term Loan
Agreement) of the Issuer, the US Borrower (as defined in the Term Loan Agreement) and the guarantors from time to time party to the Term Loan Agreement and any other related document or instrument executed and delivered pursuant thereto, in each
case incurred pursuant to the Term Loan Agreement and any other related document or instrument executed and delivered pursuant thereto. 
 “Term Loan Secured Parties” has the meaning set forth in the Intercreditor Agreement. 
 “2012 Indenture” means that certain Indenture dated as of the date hereof, among the Issuer, the guarantors from time to time party thereto, and Wells Fargo Bank, National Association, as
trustee and noteholder collateral agent, and any and all successors thereto in either such capacity, as the same has been and may be further amended, restated, supplemented, refinanced, replaced or otherwise modified from time to time. 

“2012 Indenture Collateral Agreements” means the 2012 Note Guarantee and any agreement, document or instrument pursuant
to which a Lien is granted to secure any 2012 Note 

  
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Obligations or under which rights or remedies with respect to any such Lien are governed, as the same may be amended, restated, modified, renewed, refunded, replaced, or refinanced from time to
time as permitted by the Pari Passu Documents. 
 “2012 Indenture Documents” means the 2012 Indenture, the 2012
Notes, the applicable Purchase Agreements, the 2012 Indenture Collateral Agreements the Post-Closing Agreement, and any agreement, instrument or other document evidencing or governing any 2012 Note Obligations. 

“2012 Indenture Indemnified Parties” shall mean the Initial Purchasers (as defined in the 2012 Indenture), the New
Noteholder Collateral Agent, and each Noteholder (as defined in the 2012 Indenture). 
 “2012 Indenture Secured
Parties” means the New Noteholder Collateral Agent and the Noteholders (as defined in the 2012 Indenture). 

“2012 Note Obligations” means all obligations under the 2012 Indenture of the Issuer, the Parent and the other
Guarantors (as defined in the 2012 Indenture) under the 2012 Indenture Documents and the other “obligations” under, and as defined in, the 2012 Indenture, including, but not limited to, all indebtedness evidenced by any and all Notes (as
defined in the 2012 Indenture) now or hereafter issued thereunder, including any series of Notes that may hereafter from time to time be issued as permitted under the 2012 Indenture. 

ARTICLE II 

COVENANTS OF THE SHIPOWNER 
 The Shipowner covenants and agrees with the Mortgagee as follows: 

SECTION 2.1 The Shipowner acknowledges it is justly indebted in accordance with the terms of the Credit Facilities, the Existing
Notes, the 2012 Notes, the Pari Passu Documents and its Guarantees. The Shipowner will pay when due all Secured Obligations from time to time payable by the Shipowner under its Credit Facilities, the Existing Notes, the 2012 Notes, the Pari Passu
Documents and its Guarantees and will observe, perform and comply with the covenants, terms and conditions herein and, as applicable, in its Credit Facilities, the Existing Notes, the 2012 Notes, the Pari Passu Documents and its Guarantees, on its
part to be observed, performed or complied with. The formula for the calculation of interest on the amounts due under the Credit Facilities, the Existing Notes, and the 2012 Notes, and the terms of their payment together with the terms of the
repayment of the principal of the Credit Facilities, the Existing Notes, and the 2012 Notes secured by this Mortgage are provided in the Existing Indenture, the 2012 Indenture, the Term Loan Agreement and the Credit Agreement, as applicable.

 SECTION 2.2 The Shipowner is and shall remain duly qualified to own, document and operate the Vessel under the
applicable laws and regulations of the Republic of Panama. The Vessel is duly documented in the name of the Shipowner as owner under the laws of the Republic of Panama with the Permanent Patent Number set forth in Whereas Clause 3 hereof.

  
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 SECTION 2.3 The Shipowner lawfully owns and is lawfully possessed of the Vessel free
from any Lien, charge or encumbrance whatsoever (except for this Mortgage and Permitted Liens), and will warrant and defend the title and possession thereto and to every part thereof for the benefit of the Mortgagee against the claims and demands of
all persons whomsoever. 
 SECTION 2.4 The Shipowner has caused this Mortgage to be duly filed and recorded and will comply
with and satisfy all of the provisions and requirements of the Republic of Panama relating to the mortgaging of Panamanian flag vessels (including, but not limited to, the provisions and requirements of Chapters V and VI, Title IV of Law No. 55
of August 6, 2008 of the Republic of Panama and the pertinent provisions of the Civil Code and other laws of the Republic of Panama) (the “Panamanian Ship Mortgage Law”) and the regulations in effect thereunder from time to
time, as amended, in order to establish, perfect and maintain this Mortgage as a valid, enforceable and duly perfected first naval mortgage lien thereunder upon the Vessel and upon all renewals, replacements and improvements made in or to the same
for the amount of the Secured Obligations. The Shipowner will cause this Mortgage to be permanently registered in the Republic of Panama within six (6) months of the day and year first above written. As of the date hereof, this Mortgage
constitutes a valid, enforceable and duly perfected first naval mortgage on the Vessel in accordance with Panamanian Ship Mortgage Law. 
 SECTION 2.5 (a) The Shipowner will not (i) cause or permit the Vessel to be operated in any manner contrary to law, (ii) engage in any unlawful trade or violate any law, (iii) carry
any cargo that will expose the Vessel to penalty, confiscation, forfeiture, capture or condemnation, or (iv) do, or suffer or permit to be done, anything which can or may injuriously affect the registration or enrollment of the Vessel under the
laws and regulations of the Republic of Panama. The Shipowner will at all times keep the Vessel duly documented as a Panamanian flag vessel under all of the provisions and requirements of the Republic of Panama, eligible for the trade of the
Republic of Panama in which it is engaged from time to time. 
 (b) All technical and commercial management of the Vessel shall
be performed by the Shipowner or by a Guarantor that is a party to any drilling contract or any bareboat charter or other such charters respecting the Vessel (each such Guarantor being referred to herein as an “Internal Charterer”).

 SECTION 2.6 Neither the Shipowner, any charterer, the master of the Vessel nor any other person has or shall have any
right, power or authority to create, incur or permit to be placed or imposed or continued upon the Vessel any Lien whatsoever other than this Mortgage, and other Permitted Liens. 

SECTION 2.7 The Shipowner will place, and at all times and places will retain, a properly certified copy of this Mortgage on board
the Vessel with her papers and will cause such certified copy and such Vessel’s marine document to be exhibited to any and all persons having business therewith which might give rise to any Lien thereon other than Permitted Liens, and to any
representative of the Mortgagee; and the Shipowner will place and keep prominently 

  
 9 

 
displayed in the chart room and in the master’s cabin of the Vessel, or in the case of a rig, in a prominent place aboard the rig, or in such location as the rig’s papers are kept, a
framed printed notice in plain type reading as follows: 
 “NOTICE OF MORTGAGE 

This Vessel is covered by a First Naval Mortgage to Wells Fargo Bank, National Association, as the Mortgagee. Under the terms of said
Mortgage, neither the Shipowner, any charterer, the master of this Vessel nor any other person has any right, power or authority to create, incur or permit to be imposed upon this Vessel any Lien whatsoever other than this Mortgage, and Permitted
Liens (as defined in the Mortgage).” 
 SECTION 2.8 Except for this Mortgage, and the other Permitted Liens, the
Shipowner will not suffer to be continued any Lien, encumbrance or charge on the Vessel. 
 SECTION 2.9 (a) If a libel or
complaint be filed against the Vessel or the Vessel be otherwise attached, arrested, levied upon or taken into custody by any Governmental Authority or any person that purports to be acting on behalf of a Governmental Authority for any cause
whatsoever, the Shipowner will promptly notify the Mortgagee and within 15 days will cause such Vessel to be released and all Liens thereon other than this Mortgage and other Permitted Liens to be discharged (except to the extent that the claim
giving rise to such lien shall concurrently be contested by the Shipowner in good faith by appropriate proceedings that shall not affect the release of such Vessel) and will promptly notify the Mortgagee thereof in the manner aforesaid. 

(b) If the Shipowner shall fail or neglect to furnish proper security or otherwise to release such Vessel from libel, arrest, levy,
seizure or attachment within the time period required by Section 2.9(a) above, the Mortgagee or any person acting on behalf of the Mortgagee may furnish security to release such Vessel and by so doing shall not be deemed to cure the
default of the Shipowner unless and until the Shipowner shall have reimbursed the Mortgagee from all costs and expenses (including reasonable attorney’s fees) incurred by the Mortgagee or such third party acting at the direction of the
Mortgagee in procuring such release, including for any security so furnished. 
 SECTION 2.10 (a) Except while such Vessel
is undergoing repairs, maintenance or is in lay up, the Shipowner will at all times and without cost or expense to the Mortgagee maintain and preserve, or cause to be maintained and preserved, the Vessel (i) in good running order and repair so
that the Vessel shall be tight, staunch, strong and well and sufficiently tackled, apparelled, furnished, equipped and in every respect seaworthy and (ii) in at least as good a working order and condition as when this Mortgage was executed,
ordinary wear and tear excepted; and will keep the Vessel, or cause her to be kept, in such condition as will entitle her to such classification rating with the American Bureau of Shipping or other classification society that is a member of the
International Association of Classification Societies (each, a “Classification Society”) that companies engaged in the operation of vessels of the same type, size, age and flag as the Vessel maintain respecting their vessels with
such Classification Society. Notwithstanding the foregoing, if the Vessel is affected by any loss or damage or any condemnation or taking of such Vessel or a portion or component thereof, the Shipowner shall

  
 10 

 
make all necessary repairs and replacements to the Vessel, except where the failure to do so could not reasonably be expected to materially change the value or usefulness of the Vessel. The
Shipowner will furnish the Mortgagee on the date hereof and annually thereafter a certificate issued by such Classification Society evidencing that such classification is maintained. The Shipowner will not change the Classification Society.

 (b) The Mortgagee shall have the right at any time, on reasonable notice, to inspect or survey the Vessel to ascertain its
condition and to satisfy itself that the Vessel is being properly repaired and maintained, and the Shipowner shall cause to be made all such repairs, without expense to the Mortgagee, as such inspection or survey may show to be required to maintain
the classification of the Vessel required under this Section 2.10. The Shipowner shall also permit the Mortgagee to inspect the Vessel’s logs, whenever requested, on reasonable notice, and shall promptly furnish the Mortgagee with full
information regarding any casualties or other accidents or damage to the Vessel involving an amount in excess of $1,000,000. 

SECTION 2.11 (a) The Vessel shall, and the Shipowner covenants that it will, at all times comply with all applicable laws, rules and
regulations, and the Vessel shall have on board as and when required thereby certificates showing compliance therewith. 
 (b)
The Shipowner will not make, or permit to be made, any change in the structure or type of the Vessel or change in the rig of the Vessel, if any such change could reasonably be expected to materially and adversely affect the value of the Vessel.

 (c) The Shipowner may, in the ordinary course of maintenance, repair or overhaul of the Vessel, remove any item of property
constituting a part of such Vessel, provided such item of property is replaced to the extent necessary to maintain such Vessel in the condition required herein. Any such replacement item of property shall, without necessity of further act hereunder,
become part of such Vessel and subject to this Mortgage. 
 (d) The Shipowner agrees to give the Mortgagee at least ten
(10) days prior written notice (or notice of such shorter period as the Mortgagee may agree) of the actual date and place of any scheduled drydocking or survey and three (3) days notice (or notice of such shorter period as the Mortgagee
may agree) of the actual date and place of any unscheduled drydocking or survey in order that the Mortgagee may have representatives present if desired. The Shipowner agrees that it will provide evidence to the Mortgagee that the expense of such
drydocking or survey or work to be done thereat is within the Shipowner’s financial ability and will not result in a claim or Lien (other than Permitted Liens) against the Vessel in violation of the provisions of this Mortgage. 

SECTION 2.12 The Shipowner will at all reasonable times afford the Mortgagee or its authorized representatives full and complete
access to the Vessel for the purpose of inspecting the Vessel and its cargo and papers and, at the request of the Mortgagee, the Shipowner will deliver for inspection copies of all material contracts and documents relating to the Vessel, whether on
board or not. 
 SECTION 2.13 The Shipowner will remain the registered owner of the Vessel. Without giving at least 60
days’ prior written notice thereof to the Mortgagee, the Shipowner will not change the name, official or patent number, the home port or class of the Vessel. The Shipowner will not change the flag of the Vessel. 

  
 11 

 SECTION 2.14 The Shipowner will not sell, mortgage or transfer the Vessel except in
accordance with the applicable provisions of the Pari Passu Documents. The Shipowner will not charter the Vessel on a demise or bareboat basis to any Person who is not an Internal Charterer (except pursuant to a Permitted Third Party Charter (as
defined in the 2012 Indenture and the Term Loan Agreement)); provided, that to the extent the Shipowner so demises or bareboat charters the Vessel to an Internal Charterer pursuant to an Internal Charter, it will: (a) cause such Internal
Charterer to become a Guarantor and to execute the Pari Passu Documents required to be executed by Guarantors in accordance with the terms of the Credit Facilities, and (b) cause the Internal Charterer to execute and deliver an Assignment of
Earnings in favor of the Mortgagee respecting any earnings of the Vessel payable to the Internal Charterer. The Shipowner will cause all freights, hires or other earnings of the Vessel payable to it or to any Internal Charterer to be paid to an
Earnings Account in accordance with the terms of the Assignment of Earnings respecting the Vessel given by the Shipowner. Any Assignment of Earnings shall be in the form attached hereto as Exhibit F. 

SECTION 2.15 The Shipowner agrees that, if the Shipowner fails to perform covenants or obligations under this Mortgage, including,
without limitation, its obligations with respect to insurance, the discharging of Liens, taxes, dues, assessments, governmental charges, fines, penalties lawfully imposed, repairs, reasonable attorneys’ fees, and other obligations that are not
Permitted Liens, during the existence of an Event of Default, the Mortgagee may, but shall not be obligated to, perform the Shipowner’s obligations under this Mortgage, and any reasonable expenses incurred by the Mortgagee in performing the
Shipowner’s obligations shall be paid by the Shipowner within 10 Business Days of demand. Any such performance by the Mortgagee may be made by the Mortgagee in reasonable reliance on any statement, invoice or claim, without inquiry into the
validity or accuracy thereof. The amount and nature of any expense of the Mortgagee hereunder shall be conclusively established by a certificate of any officer of the Mortgagee absent manifest error, and such amount shall be included in the Secured
Obligations, secured by this Mortgage. 
 SECTION 2.16 The Shipowner will fully perform, and cause any Internal Charterer
or charterer under a Permitted Third Party Charter, respectively, to fully perform, (a) any Internal Charter of the Vessel between the Shipowner and the Internal Charterer, (b) any Permitted Third Party Charter, and (c) all drilling
or other contracts which may be entered into with respect to the Vessel. 
 SECTION 2.17 In the event that at any time and
from time to time this Mortgage or any provisions hereof shall be deemed invalidated in whole or in part by reason of any present or future law or any decision of any Governmental Authority, then the Shipowner, forthwith will execute such other and
further assurances and documents as are reasonably necessary to accomplish the purposes of this Mortgage. 
 SECTION 2.18
In the event of the requisition of the Vessel by any Governmental Authority or by anyone else, in each case provided such action does not constitute a Total Loss (as hereinafter defined), the Shipowner will give prompt written notice thereof to the
Mortgagee, 

  
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and any payments in respect thereof shall be paid to the Shipowner, and the Shipowner shall cause any such payment to be applied to the Secured Obligations to the extent required, and in
accordance with, the terms of the Intercreditor Agreement. 
 SECTION 2.19 (a) The Shipowner will at all times and at its
own cost and expense (and the Shipowner represents and warrants that all insurance carried and maintained in respect of the Vessel meets, and as long as the Mortgage is effective will continue to meet, the standards set forth in
Section 2.19(a)(i) below): 
 (i) cause to be carried and maintained in respect of the Vessel insurance
payable in United States Dollars in amounts (and with co-insurance and deductibles), against all risks (including, without limitation, marine hull and machinery (including excess value) insurance, protection and indemnity insurance, drilling,
towage, confiscation, expropriation, loss of hire, war and terrorist risks, liability arising out of pollution and the spillage or leakage of cargo and cargo liability insurance (with named windstorm coverage exclusions in the Gulf of Mexico unless
the Insurance Advisor advises that such named windstorm coverage is available in the Gulf of Mexico on a commercially reasonable basis and is customary with respect to the operation in the drilling industry of any vessel similar to the Vessel in the
Gulf of Mexico) and in forms which are substantially equivalent to the coverage reflecting the customary and prudent practice of other responsible and experienced Persons of similar size and established reputation engaged in the same or similar
operation of vessels similar to the Vessel and placed through brokers and with financially sound and reputable insurance companies, underwriters, funds, mutual insurance associations, war risks and protection and indemnity risk associations or clubs
of recognized standing; 
 (ii) renew all such insurances as they expire and so as to ensure that there is no gap
in coverage, keep the Mortgagee advised of the progress of such renewals, and provide evidence of such renewal in writing to the Mortgagee within seven days of renewal; 

(iii) punctually pay all premiums, calls, contributions or other sums payable in respect of the insurances and produce all
relevant receipts when so required by the Mortgagee, and all insurances shall provide that there shall be no recourse against the Mortgagee for unpaid premiums, club calls, assessments or advances; 

(iv) cause each insurance company, underwriter, club or fund (or an authorized agent thereof) to agree in writing to mark
their records and to advise the Mortgagee at least seven (7) days prior to the lapse of each policy or contract issued by such insurance company, underwriter, club or fund by expiration, termination, failure to renew or otherwise for any reason
whatsoever and of any default in payment of any premium in respect of any insurances with respect to the Vessel. The Mortgagee shall not be deemed to have knowledge of any such lapse of insurance in the absence of receipt of notice from such
brokers. If such insurances are not maintained in full force and effect, then the Mortgagee, at its option, may procure such insurance at the Shipowner’s expense; 

  
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 (v) deliver to the Mortgagee copies of all cover notes, binders, policies
and certificates of entry in protection and indemnity associations, and all endorsements and riders amendatory thereof, in respect of the insurances maintained in connection with the Vessel; 

(vi) cause the insurances to provide for a deductible amount not in excess of $5,000,000 per occurrence; 

(vii) provide to the Mortgagee promptly after receiving them copies of any communications relating to (A) non-payment
of premiums and cancellation of the insurances; and (B) the imposition of any exclusion or qualification or other material modification of the insurances; and 

(viii) do all things necessary and provide all documents, evidence and information within its power which may be necessary
to enable the Mortgagee to collect or recover any moneys which may at any time become due in respect of the insurances. 
 (b)
As long as either the Existing Indenture or the 2012 Indenture remains in effect and has not been terminated, the Mortgagee shall retain Willis Limited (or other independent insurance advisor of reputable standing nominated by the Issuer and
acceptable to the Mortgagee) as Insurance Advisor (the “Insurance Advisor”) who will from to time at the request of the Mortgagee advise whether the Shipowner’s insurances meet the requirements of this Mortgage or what
additional or other insurances may be advisable from time to time to protect the interests of the Mortgagee in the Vessel, and the Mortgagee shall be entitled to rely without further inquiry or determination and shall be fully protected in so
relying on such Insurance Advisor’s advice. All fees and expenses of the Insurance Advisor shall be paid by the Shipowner. The Shipowner covenants and agrees that neither it nor any affiliate of it will place any insurances required to be
maintained by it under this Mortgage through the Insurance Advisor. 
 (c) The insurances shall include the following terms and
conditions: 
 (i) while being operated, the Vessel shall always be covered against marine perils and all risks
of loss or damage, including loss, damage, fire and such other perils as are customary in the industry, in accordance with English, American or Norwegian hull clauses with reasonable deductibles as determined by the Shipowner but in no event in
excess of $5,000,000. When and while the Vessel is laid up, in lieu of the aforesaid hull insurance, port risk insurance may be taken out thereon by the Shipowner under forms of policies recommended by the Insurance Advisor in its reasonable
discretion for the Vessel; 
 (ii) for the purposes of insurance against Total Loss (as defined herein), the
Vessel and its equipment and appurtenances shall be insured for and valued (for the avoidance of doubt being an agreed/assessed value as between the assured and the insurers) in forms which are substantially equivalent to the coverage reflecting the
customary and prudent practice of other responsible and experienced Persons of similar size and established reputation engaged in the same or similar operation of vessels similar to the Vessel; 

  
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 (iii) the Vessel shall be covered against war and terrorist risks (including
risks, whether or not regarded as war risks, excluded by the “Free of Capture and Seizure” clauses in the standard form of marine policy) in accordance with English, American or Norwegian clauses and incorporating protection and indemnity
clause and with crew war risk insurance being effected separately, and the Vessel shall be covered for “strikes, riots and civil commotion” risk. Such risks may, at the option of the Shipowner, be insured by entering the Vessel in a
reputable war risk association or club against all risks covered under the rules of such association or club and with reasonable deductibles provided therein; 
 (iv) the Vessel shall also be insured against protection and indemnity risks and liabilities, including, without limitation, the Vessel’s full tonnage and insurance against liability for pollution or
the spillage or leakage of oil or other cargo by the Vessel, unless such risk is fully covered by the entry of the Vessel into an international group protection and indemnity association, in an aggregate amount equal to at least $500,000,000 and by
the entry of the Vessel in a protection and indemnity association or club belonging to the International Group of Protection and Indemnity Clubs (the “International Group”), but in any event shall be in an amount recommended by the
Insurance Advisor in its reasonable discretion; 
 (v) if any of the insurances referred to in this
Section 2.19 form part of a fleet cover, the Shipowner shall procure that the brokers shall undertake to the Mortgagee that such brokers shall neither set off against any claims in respect of the Vessel any premiums due in respect of
other vessels under such fleet cover or any premiums due for other insurances, nor cancel the insurance for reason of non-payment of premiums for other vessels under such fleet cover or of premiums for such other insurances, and shall undertake to
issue a separate policy or policies in respect of the Vessel if and when so requested by the Mortgagee; and 

(vi) if the Mortgagee determines solely based upon the advice of the Insurance Advisor that the insurances do not
reasonably protect the interests of the Mortgagee to the Vessel, it will consult with the Shipowner and the Insurance Advisor in order to agree to any changes to the insurances that may be appropriate to protect the interest of the Mortgagee in
relation to the Vessel, provided that if the Mortgagee and the Shipowner are unable to agree upon which changes may be appropriate, the Shipowner will comply with any further requirements relating to insurance recommended by the Insurance Advisor.

 (vii) The amount, types of coverage, the insurance provider(s) and all other issues related to the insurance
required by this Section 2.19 shall be those reasonably determined by the Insurance Advisor and recommended to the Mortgagee in writing. The Mortgagee shall have no duty or obligation to investigate or otherwise inquire into the recommendations
made by the Insurance Advisor in connection with obtaining such insurance. 

  
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 (d) At the Shipowner’s expense, the Mortgagee will obtain, for and on behalf of the
Mortgagee and the Secured Parties, mortgagee’s interest insurance, mortgagee’s additional perils (pollution) insurance, and, when applicable, mortgagee’s rights insurance or similar coverage, and providing coverage which shall be in
the maximum amounts obtainable under the hull policies or, if less, 110% of outstanding principal amount of the Credit Facilities set forth in Section 2.19(c)(ii). 
 (e) In the case of all marine and war risk hull and machinery policies and all protection and indemnity insurances (including insurance against liability for pollution or the spillage or leakage of
cargo), the Shipowner will cause the Mortgagee to be named an additional insured without liability for premiums or calls payable under the insurances. 
 (f) The Shipowner will cause all policies and certificates of entry with respect to insurance required hereby for the Vessel to contain a loss payable clause which shall be on substantially the terms set
forth in Schedule I attached to the Assignment of Insurances (or, if such terms are not obtainable, then such terms as shall, in the opinion of the Insurance Advisor be the best otherwise attainable), in the case of all marine and war risk hull and
machinery (including excess values) policies and all protection and indemnity and liability and oil pollution liability insurance, and which shall: (A) in the case of protection and indemnity insurance, provide for payment to the Shipowner or
its order unless the payment is to indemnify the Mortgagee from or reimburse the Mortgagee for any loss, damage or expense incurred by it or unless and until the insurers or associations receive notice from the Mortgagee that an Event of Default
shall have occurred and be continuing under this Mortgage, in which event all payments shall be made to the Mortgagee, provided, that the insurer may in all events make payments directly to third parties to whom liability has been established in
discharge of guaranties issued by the insurer or claims against the Shipowner or insurer, and (B) in the case of all other insurance, provide for payment in accordance with the terms of Subsection (h) of this Section 2.19.

 (g) In addition, the Shipowner will, at its cost and expense, (a) assign to the Mortgagee, and will cause all Internal
Charterers to assign to the Mortgagee, by an Assignment of Insurances, all of the Shipowner’s, and as applicable, Internal Charrterer’s right, title and interest in and to each policy and contract of insurance (including all entries in
protection and indemnity or war risk associations) with respect to the insurance required hereby and furnish, or cause its brokers to furnish, written notice of such assignment to all insurers, underwriters, clubs and associations with respect to
such insurance, and (b) cause the insurance brokers and club managers to hold to the order of the Mortgagee the originals of all policies, contracts, binders, insurance slips, cover notes and certificates of entry relating to the Vessel and to
deliver certified copies thereof to the Mortgagee and to execute and deliver to the Mortgagee a letter of undertaking in connection with the above mentioned insurances and entries. 

  
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 (h) The proceeds of any insurances or entries referred to in this Section 2.19
shall be applied as follows: 
 (i) Until the occurrence and continuance of an Event of Default: 

(A) any claim under any such insurance (other than in respect of a Total Loss), whether such claim is under the terms of
the relevant loss payable clause payable directly to the Shipowner or not, shall be applied by the Shipowner in making good the loss or damage in respect of which it has been paid or paid to the Shipowner in reimbursement of moneys expended by it
for such purpose, except that any loss in excess of $15,000,000 shall be paid to the Mortgagee and held by the Mortgagee, provided that the Mortgagee shall pay out of such insurance proceeds costs and expenses in connection with the Shipowner’s
repair of the Vessel so that the Vessel is restored to the condition required by this Mortgage. Such proceeds shall be paid by the Mortgagee in the amounts and to the persons certified from time to time by the Shipowner in one or more Officer’s
Certificates delivered to the Mortgagee as properly payable in connection with the repair of the Vessel; and 

(B) any claim in respect of protection and indemnity insurance shall be paid directly to the person, firm or company to
which the liability covered by such insurance was incurred or to the Shipowner in reimbursement of moneys expended by it in satisfaction of such liability. 
 (ii) Upon the occurrence and continuance of an Event of Default, any claim under any such insurance and entry (other than in respect of a Total Loss) shall be paid to the Mortgagee. The Mortgagee agrees
to apply any such amount received in accordance with the terms of the Intercreditor Agreement. 
 (iii) Whether
or not an Event of Default shall have occurred, any claim under any such insurance and entry in respect of a Total Loss shall be paid to the Mortgagee. The Mortgagee agrees to deliver such proceeds to the Pari Passu Collateral Agent for application
of such proceeds to the Secured Obligations in accordance with the Intercreditor Agreement. Upon the occurrence and continuance of an Event of Default, the Mortgagee shall have the right, but not the obligation, to negotiate any claim in respect of
a Total Loss. 
 (iv) For purposes of this Mortgage, “Total Loss” means any of the following
events respecting the Vessel: (a) the actual, constructive, arranged, agreed, or compromised total loss of the Vessel; (b) the loss, theft or destruction of the Vessel or damage thereto to such extent as shall make repair thereof
uneconomical or shall render the Vessel permanently unfit for normal use for any reason whatsoever; (c) the requisition for title or other compulsory acquisition or forfeiture of the Vessel otherwise than by requisition for hire; or
(d) the capture, condemnation, seizure, arrest, detention or confiscation of the Vessel by any Governmental Authority or by Persons acting or purporting to act on behalf of any Governmental Authority unless such Vessel be released from such
capture, seizure, arrest, detention or confiscation within one (1) month after the occurrence thereof. 
 Any loss covered by this
paragraph (h) which is paid to the Mortgagee but which might have been paid, in accordance with the provisions of this Subsection, directly to the Shipowner or others, shall be paid by the Mortgagee to or as directed by the Shipowner. The
Mortgagee agrees that all payments to the Mortgagee of losses covered by this Subsection shall be applied by the Mortgagee in accordance with the terms of the Intercreditor Agreement, as applicable. 

  
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 (i) In the event that any claim or Lien is asserted against the Vessel for loss, damage or
expense which is covered by insurance required hereunder (other than in the event of a Total Loss of the Vessel), and it is necessary for the Shipowner to obtain a bond or supply other security to prevent arrest of the Vessel or to release the
Vessel from arrest on account of such claim or Lien, the Mortgagee, on request of the Shipowner or its agent, shall, so long as no Event of Default shall have occurred and be continuing, assign to any person, firm or corporation executing a surety
or guaranty bond or other agreement to save or release the Vessel from such arrest, all right, title and interest of the Mortgagee in and to said insurance (excluding any protection and indemnity insurance under which the Mortgagee is a named
insured) covering said loss, damage or expense, as collateral security to indemnify against liability under said bond or other agreement, which assignment shall be made in such form as the Shipowner shall instruct the Mortgagee. 

(j) The Shipowner will cause each insurance company, underwriter, club or fund (or an authorized agent thereof) with respect to all
insurance required hereby to agree in writing for the benefit of the Mortgagee that each policy or contract issued by such insurance company, underwriter, club or fund shall not lapse, expire, terminate or be cancelled for any reason whatsoever
without at least seven (7) days’ prior facsimile notice to the Mortgagee addressed as provided in Section 4.10. 

(k) The Shipowner agrees that it will not do or permit or willingly allow to be done any act by which any insurance or entry required by
this Section 2.19 may be suspended, impaired or cancelled, and that it will not permit or allow the Vessel to undertake any voyage, or perform any drilling contract, or run any risk or transport any cargo which may not be permitted by
the policies in force, without having previously insured the Vessel by additional coverage to extend to such voyages, risks or cargoes. The Shipowner agrees to give the Mortgagee prompt notice of the proposed location of the Vessel in the Gulf of
Mexico, and confirm to the Mortgagee that the insurance coverage meets the requirements of this Mortgage. While the Vessel is located in the Gulf of Mexico, the insurances may contain named windstorm coverage exclusions in the Gulf of Mexico unless
the Insurance Advisor advises that such named windstorm coverage is available in the Gulf of Mexico on a commercially reasonable basis and is customary with respect to the operation in the drilling industry of any vessel similar to the Vessel in the
Gulf of Mexico. 
 (l) The Shipowner will not cause or permit the Vessel to operate in or undertake a voyage to or to sail in
any area which has been declared a war area by the relevant underwriters and insurance companies and has been included in the list of exclusions from time to time in effect attached to the war risks insurance policies in the form of the war risks
trading warranties, without first notifying thereof the Mortgagee and the war risks underwriters of the Vessel and paying any additional insurance premiums required. The Shipowner agrees that it will promptly furnish to the Mortgagee evidence of
payment of such additional premiums. 
 (m) The Shipowner will comply with and satisfy in all material respects all of the
provisions of any applicable law, convention, regulation, proclamation or order concerning 

  
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financial responsibility for liabilities imposed on the Shipowner or the Vessel with respect to pollution by any state or nation or political subdivision thereof and will maintain all
certificates or other evidence of financial responsibility as may be required by any such law, convention, regulation, proclamation or order with respect to the trade which the Vessel is from time to time engaged in and the cargo carried by it.

 (n) Any insurance placed through a “captive” insurer, or an unrated local insurer through which all or a part of
the insurance is required to be placed under the local laws of the jurisdiction in which the Vessel may be located from time to time, or cover reinsured will be in form and substance recommended by the Insurance Advisor in its reasonable discretion
and in any event such insurance will: 
 (i) be on the same terms as the original insurances and will include the
provisions of this Section 2.19 (including but not limited to an assignment of such insurances or reinsurances to the Mortgagee as set forth in Section 2.19(g) of this Mortgage); 

(ii) provide that notwithstanding any bankruptcy, insolvency, liquidation, dissolution or similar proceedings of or
affecting the reinsured that the reinsurers’ liability will be to make such payments as would have fallen due under the relevant policy of reinsurance if the reinsured had (immediately before such bankruptcy, insolvency, liquidation,
dissolution or similar proceedings) discharged its obligations in full under the original insurance policies in respect of which the then relevant policy of reinsurance has been effected; and 

(iii) contain a “cut-through” clause in the following form (or a form otherwise recommended by the Insurance
Advisor in its reasonable discretion): 
 “It is hereby declared and agreed that if [—], a [—] (“[—]”), as Insurer (or any
successor to [—] as insurer) under the insurance policy (the “Policy”) between [—], as Insurer,
and [—] and Wells Fargo Bank, National Association, as Mortgagee, as Assured, fails for any reason to pay in full all or any portion of any losses payable in respect of the
insured vessel (the “Vessel”) under the Policy, or in any event upon written notice by the said Assureds of an Event of Default under the Mortgage, then all such losses (or such portion thereof) shall be paid directly by the reinsurers
(collectively, the “Reinsurers”) identified from time to time under any and all reinsurance agreements (the “Reinsurance Agreements”) providing for reinsurance under the Policy with respect to the Vessel to such Assureds, as the
respective interests of the Assureds may appear under the Policy, but only for the proportions subscribed by the Reinsurers and provided that the Reinsurers have not already made payment in full for their proportion in accordance with the terms of
the Reinsurance Agreements and the Policy.” 

  
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 (o) At all times during which the Vessel is operating within the jurisdiction of the United
States of America, the Shipowner shall maintain with respect to the Vessel: 
 (i) insurance or post bonds or
maintain approved evidence of financial responsibility (including, without limitation, qualification as a “qualified self-insurer” by the United States Coast Guard) with respect to the Vessel to cover the actual cost of removal of
discharged oil for which the Shipowner or the Mortgagee may be held strictly liable (or held liable due to negligence of the Shipowner or any other Person) under the Clean Water Act of 1977, as amended, the Oil Pollution Act 1990 (33 U.S.C. §
2701 et seq.), as amended, or the Outer Continental Shelf Lands Act, as amended, or under any other Legal Requirement, including, without limitation, any Environmental Law, of any Governmental Authority that, now or in the future, may apply to the
Shipowner or the Mortgagee, the Vessel or its operations; and 
 (ii) such worker’s compensation or
longshoremen’s and harbor workers’ insurance as shall be required by applicable law, including endorsements for foreign and outer continental shelf operations, borrowed servant, voluntary compensation and in rem claims. 

SECTION 2.20 The Shipowner hereby irrevocably and unconditionally grants to the Mortgagee a power of attorney permitting the
Mortgagee and representatives thereof to examine the class records of the Vessel at any time, and, without cost or expense to the Mortgagee, the Shipowner will irrevocably and unconditionally instruct and authorize the Classification Society of the
Vessel as follows, and use its commercially reasonable efforts to obtain from the Classification Society a written undertaking to the Mortgagee: 
 (a) to send to the Mortgagee, following receipt of a written request from the Mortgagee at the direction of Controlling Party (as defined in the Intercreditor Agreement), certified true copies of all
original class records held by the Classification Society relating to the Vessel; 
 (b) to allow the Mortgagee (or its agents),
at any time and from time to time if an Event of Default (in the sole opinion of the Mortgagee) has occurred and is continuing, to inspect the original class and related records of the Shipowner and the Vessel at the offices of the Classification
Society and to take copies of them; and 
 (c) following receipt of a written request from the Mortgagee sent at the direction of
the Controlling Party (as defined in the Intercreditor Agreement): 
 (i) to advise of any facts or matters which
may result in or have resulted in a change, suspension, discontinuance, withdrawal or expiry of the Vessel’s class under the rules or terms and conditions of the Classification Society; 

(ii) to confirm that the Shipowner is not in default of any of its contractual obligations or liabilities to the
Classification Society and, without limiting the foregoing, that it has paid in full all fees or other charges due and payable to the Classification Society; 

  
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 (iii) if the Shipowner is in default of any of its contractual obligations
or liabilities to the Classification Society, to specify to the Mortgagee in reasonable detail the facts and circumstances of such default, the consequences thereof, and any remedy period agreed or allowed by the Classification Society; and

 (iv) to notify the Mortgagee immediately in writing if the Classification Society receives notification from
the Shipowner or any other person that the Vessel’s Classification Society is to be changed. 
 Notwithstanding the above
instructions and undertaking given for the benefit of the Mortgagee, the Shipowner shall continue to be responsible to the Classification Society for the performance and discharge of all its obligations and liabilities relating to or arising out of
or in connection with the contract it has with the Classification Society, and nothing herein or therein shall be construed as imposing any obligation or liability of the Mortgagee to the Classification Society in respect thereof. 

The Shipowner shall further notify the Classification Society that all the foregoing instructions and authorizations shall remain in full
force and effect until revoked or modified by written notice to the Classification Society received from the Mortgagee, and that the Shipowner shall reimburse the Classification Society for all its costs and expenses incurred in complying with the
foregoing instructions. 
 SECTION 2.21 The Shipowner covenants that it will at all times comply in all material respects
with the International Management Code for the Safe Operation of Ships and for Pollution Prevention adopted by the International Maritime Organization. The Shipowner shall take, or cause to be taken, all reasonable precautions to prevent illegal
drugs or drug paraphernalia from being used or kept on board the Vessel and, if applicable, otherwise comply with the Zero Tolerance anti-drug policy of the United States Government. 

ARTICLE III 
 EVENTS OF DEFAULT AND REMEDIES 
 SECTION 3.1 As used herein, the term
“Event of Default” means (a) with respect to the Existing Indenture, an “Event of Default” under, and as defined therein, (b) with respect to the 2012 Indenture, an “Event of Default” under, and as defined
therein, (c) with respect to the Term Loan Agreement, an “Event of Default” under, and as defined therein, or (d) with respect to the Credit Loan Agreement, an “Event of Default” under, and as defined therein. If an
Event of Default shall have occurred and be continuing, then, in each and every such case the Existing Noteholder Collateral Agent, the New Noteholder Collateral Agent, the Lender Collateral Agent or the Credit Agreement Collateral Agent, as
relevant, shall have the right to make such demands and take such actions as are permitted to each of them, respectively, by the Existing Indenture Documents, the 2012 Indenture Documents, the Term Loan Documents or the Credit Agreement Documents,
as the case may be. If an Event of Default shall have occurred and be continuing under all of the Existing Indenture, the 2012 Indenture Documents, the Term Loan Agreement and the Credit Agreement, the Mortgagee shall have the right, subject to and
in accordance with the terms of the Intercreditor Agreement and Section 4.13 hereof, to: 
 (a) declare immediately due and
payable all of the Secured Obligations (in which case all of the same shall be immediately due)(provided, no such declaration shall be required if an Event of Default shall have occurred under a particular Pari Passu Document that triggers an
automatic enforcement of rights under such Pari Passu Document) and bring suit at law, in equity or in admiralty, as it may be advised, to recover judgment for the Secured Obligations and satisfy the same out of the Vessel; 

  
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 (b) exercise all of the rights and remedies in foreclosure with respect to the Vessel and
otherwise given to mortgagees by the provisions of applicable law, including but not limited to, the provisions of Panamanian Ship Mortgage Law and the regulations in effect thereunder from time to time, as amended; 

(c) take and enter into possession of the Vessel, at any time, wherever the same may be, without court decision or other legal process
and without being responsible for loss or damage, and the Shipowner or other person in possession forthwith upon demand of the Mortgagee shall surrender to the Mortgagee possession of the Vessel and the Mortgagee may, without being responsible for
loss or damage (except to the extent caused by the Mortgagee’s gross negligence or willful misconduct), hold, lay up, lease, charter, operate or otherwise use such Vessel for such time and upon such terms as it may deem to be for its best
advantage, and demand, collect and retain all hire, freights, earnings, issues, revenues, income, profits, return premiums, salvage awards or recoveries, recoveries in general average, and all other sums due or to become due in respect of such
Vessel or in respect of any insurance thereon from any person whomsoever, accounting only for the net profits, if any, arising from such use of the Vessel and charging upon all receipts from the use of the Vessel or from the sale thereof by court
proceedings or pursuant to Section 3.1(e) below, all costs, expenses, charges, damages or losses by reason of such use (including attorney’s fees); provided, that the Mortgagee shall be obligated to provide the Shipowner only with a
final accounting; and if at any time the Mortgagee shall avail itself of the right herein given it to take possession of the Vessel, the Mortgagee shall have the right to dock the Vessel for a reasonable time at any dock, pier or other premises of
the Shipowner without charge, or to dock them at any other place at the cost and expense of the Shipowner, and the Mortgagee shall have the right to require the Shipowner to deliver, and the Shipowner shall on demand, at its own cost and expense,
deliver to the Mortgagee the Vessel as demanded; and the Shipowner hereby irrevocably instructs the master of the Vessel so long as this Mortgage is outstanding to deliver the Vessel to the Mortgagee as demanded; 

(d) inspect and make copies of all original class records held by the Classification Society relating to such Vessel; and/or 

(e) without being responsible for loss or damage, other than loss or damage due to its own gross negligence or willful misconduct, sell
such Vessel, at any place and at such time as the Mortgagee may specify and in such manner and such place (whether by public or private sale) as the Mortgagee may deem advisable (without necessity of bringing the Vessel to the place designated for
such sale), free from any claim by the Shipowner in admiralty, in equity, at law or by statute, after first giving notice of the time and place of any public sale with a general description of the property in the following manner: 

(i) by publishing such notice for twenty (20) consecutive days in a daily newspaper of general circulation published
in New York City; 

  
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 (ii) if the place of sale should not be New York City, then also by
publication of a similar notice in a daily newspaper, if any, published at the place of sale; and 
 (iii) by
mailing a similar notice to the Shipowner at its last known address on the day of first publication; 
 and notice of the time and place of any
private sale by mailing such notice to the Shipowner at its last known address. 
 SECTION 3.2 Any sale of the Vessel or
any interest therein made by the Mortgagee after the occurrence and during the continuance of an Event of Default in pursuance of this Mortgage, whether under the power of sale hereby granted or any judicial proceedings, shall operate to divest all
right, title and interest of any nature whatsoever of the Shipowner in and to the Vessel or such interest therein sold, as the case may be, and shall bar any claim from the Shipowner, its successors and assigns, and all persons claiming by, through
or under them. No purchaser shall be bound to inquire whether notice has been given, or whether any default has occurred, or as to the propriety of the sale, or as to the application of the proceeds thereof. In the case of any such sale, the
Mortgagee shall deliver the proceeds to the Pari Passu Collateral Agent for application of such proceeds to the Secured Obligations in accordance with the terms of the Intercreditor Agreement. At any such sale, the Mortgagee may bid for and purchase
such property and upon compliance with the terms of sale may hold, retain and dispose of such property without further accountability therefor. 
 SECTION 3.3 Subject always to and in accordance with the terms of the Intercreditor Agreement, the Mortgagee is hereby appointed attorney-in-fact of the Shipowner to execute and deliver to any
purchaser referred to in Section 3.2, and is hereby vested with full power and authority to make, after the occurrence and during the continuation of an Event of Default, in the name and on behalf of the Shipowner, a good conveyance of
the title to the Vessel so sold. In the event of any sale of the Vessel under any power herein contained, the Shipowner will, if and when required by the Mortgagee, execute such form of conveyance of such Vessel and other related documents as the
Mortgagee may specify. The powers and authority granted to the Mortgagee herein have been given for a valuable consideration and are hereby declared to be irrevocable. 
 SECTION 3.4 Subject always to and in accordance with the terms of the Intercreditor Agreement, the Mortgagee is hereby appointed attorney-in-fact of the Shipowner in the name of the Shipowner to,
after the occurrence and during the continuation of an Event of Default, demand, collect, receive, compromise and sue for, so far as may be permitted by law, all freights, hire, earnings, issues, revenues, income and profits of the Vessel and all
amounts due from underwriters under any insurance thereon as payments of losses or as return premiums or otherwise, salvage awards and recoveries of the Vessel, recoveries in general average or otherwise in respect of the Vessel, and all other sums
in respect of the Vessel, due or to become due at the time of the occurrence and during the continuation of any Event of Default, or in respect of any insurance thereon, from any person whomsoever, and to make, give and execute in

  
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the name of the Shipowner acquittances, receipts, releases or other discharges for the same, whether under seal or otherwise, and to endorse and accept in the name of the Shipowner all checks,
notes, drafts, warrants, agreements and other instruments in writing with respect to the foregoing. The powers and authority granted to the Mortgagee herein have been given for a valuable consideration and are hereby declared to be irrevocable.

 SECTION 3.5 Whenever any right to enter and take possession of the Vessel accrues to the Mortgagee, it may require the
Shipowner to deliver, and the Shipowner shall on demand, at its own cost and expense, deliver to the Mortgagee such Vessel as demanded, subject always to and in accordance with the terms of the Intercreditor Agreement. If any legal proceedings shall
be taken to enforce any right of Mortgagee under this Mortgage, the Mortgagee shall be entitled as a matter of right to the appointment of a receiver of such Vessel and of the freights, hire, earnings, issues, revenues, income and profits due or to
become due and arising from the operation thereof, subject always to and in accordance with the terms of the Intercreditor Agreement. 
 SECTION 3.6 Subject always to and in accordance with the terms of the Intercreditor Agreement, the Shipowner authorizes and empowers the Mortgagee or its appointees or any of them to, after the
occurrence and during the continuation of an Event of Default, appear in the name of the Shipowner, its successors and assigns, in any court of any country or nation of the world where a suit is pending against the Vessel because of or on account of
an alleged lien against such Vessel from which such Vessel has not been released and to take such proceedings as to them or any of them may deem necessary towards the defense of such suit and the purchase or discharge of such lien, and all
expenditures made or incurred by them or any of them for the purpose of such defense or purchase or discharge shall be a debt due from the Shipowner, its successors and assigns, to the Mortgagee, and shall be secured by the lien of this Mortgage in
like manner and extent as if the amount and description thereof were written herein. 
 SECTION 3.7 The Shipowner covenants
that at any time that any Secured Obligations shall be due and payable (whether by acceleration or otherwise), the same shall be paid in accordance with the Intercreditor Agreement; and in case the Shipowner fails to pay or causes to be paid the
same when due in accordance with the Pari Passu Documents, and that failure constitutes an Event of Default, the Mortgagee shall be entitled to recover judgment for the whole amount so due and unpaid, together with such further amounts as shall be
provided by the Pari Passu Documents and applicable law. All moneys collected by the Mortgagee under this Section 3.7 shall be delivered to the Pari Passu Collateral Agent and applied by the Pari Passu Collateral Agent in accordance with
the terms of the Intercreditor Agreement. 
 SECTION 3.8 Each and every power and remedy herein given to the Mortgagee
shall be cumulative and shall be in addition to every other power and remedy herein given or now or hereafter existing at law, in equity, in admiralty, by statute or under any Pari Passu Document or other agreement, and each and every power and
remedy whether herein given or otherwise existing may be exercised from time to time and as often and in such order as may be deemed expedient by the Mortgagee, and the exercise or the beginning of the exercise of any power or remedy by the
Mortgagee shall not be construed to be a waiver of the right to exercise at the same time or thereafter any other power or remedy. No delay or omission by the 

  
 24 

 
Mortgagee in the exercise of any right or power or in the pursuance of any remedy accruing upon the occurrence and during the continuance of any Event of Default shall impair any such right,
power or remedy or be construed to be a waiver of any such right, power or remedy; nor shall the acceptance by the Mortgagee of any security or of any payment of or on account of the Secured Obligations be construed to be a waiver of any right that
the Mortgagee may have hereunder after the occurrence and during the continuance of such Event of Default or any other Event of Default, including any subsequent Event of Default of the same or a different nature. 

SECTION 3.9 Subject always to and in accordance with the terms of the Intercreditor Agreement, if at any time prior to any sale of
or consummation of foreclosure proceedings on the Vessel by the Mortgagee after the occurrence and during the continuance of an Event of Default in accordance herewith, the Shipowner offers to cure such Event of Default and to pay all expenses,
advances, fees and damages to the Mortgagee arising from such Events of Default to the extent provided for in the Existing Indenture, the 2012 Indenture, the Credit Agreement or the Term Loan Agreement, respectively, or the other Pari Passu
Documents, including all costs and expenses incurred by the Mortgagee upon the exercise by the Mortgagee of its rights hereunder as a result of such Event of Default, then the Mortgagee may, but shall be under no obligation to, accept such offer,
cure and payment and restore the Shipowner to its former position, but such action shall not affect any rights which the Mortgagee may have hereunder after the occurrence and during the continuance of any subsequent Event of Default or impair any
rights consequent thereon. 
 SECTION 3.10 In case the Mortgagee shall have proceeded to enforce any right, power or remedy
under this Mortgage by foreclosure, entry or otherwise, and such proceedings shall have been discontinued or abandoned for any reason or shall have been determined adversely to the Mortgagee, then and in every such case the Shipowner and the
Mortgagee shall be restored to their former positions and rights hereunder with respect to the property subject or intended to be subject to this Mortgage, and all rights, remedies and powers of the Mortgagee shall continue as if no such proceedings
had been taken. 
 SECTION 3.11 Unless otherwise specified herein or in the other Pari Passu Documents, any cash proceeds
received by the Mortgagee from the sale of, collection of, or other realization upon any part of the Vessel or related collateral or any other amounts received by the Mortgagee hereunder, including the net earnings of any charter operation or other
use of the Vessel by the Mortgagee under any of the powers specified in Article I and/or Article II, may be, at the reasonable discretion of the Mortgagee, subject always to and in accordance with the terms of the Intercreditor
Agreement (a) held by the Mortgagee in one or more cash collateral accounts as cash collateral for the Secured Obligations under the terms of the Pari Passu Documents or (b) delivered to the Pari Passu Collateral Agent for application to
the Secured Obligations. Amounts applied to the Secured Obligations shall be applied to the payment of the Secured Obligations in the order set forth in and in accordance with the terms of the Intercreditor Agreement. Any surplus cash collateral or
cash proceeds held by the Mortgagee after payment in full of the Secured Obligations shall be paid over to the Shipowner or to whomever may be lawfully entitled to receive such surplus. 

SECTION 3.12 Unless and until one or more Events of Default shall occur and be continuing, the Shipowner (a) shall be suffered
and permitted to retain actual possession and use 

  
 25 

 
of the Vessel and (b) shall have the right, from time to time, in its discretion, and without application to the Mortgagee, and without obtaining a release thereof by the Mortgagee, to
dispose of, free from the lien hereof, any boilers, engines, generators, drilling machinery and equipment, pumps and pumping equipment, machinery, masts, spars, sails, rigging, boats, anchors, cables, chains, tackle, outfit, apparel, furniture,
fittings, equipment, spares, fuel, stores or any other appurtenances of the Vessel, provided such item of property is replaced and such Vessel is maintained in the condition required herein and in the Pari Passu Documents, and such replacement item,
if any, shall forthwith become subject to the lien of this Mortgage as a first naval mortgage thereon. 
 SECTION 3.13
Notwithstanding anything to the contrary in this Mortgage, the amount of any Secured Obligations that are secured by the Shipowner’s rights in the Vessel or any related collateral or subject to a Lien in favor of the Mortgagee hereunder or
under any other Pari Passu Document shall be limited to the extent, if any, required so that the Liens granted under this Mortgage shall not be subject to avoidance under Section 548 of the Bankruptcy Code of the United States or any comparable
provision of any other applicable Law or to being set aside or annulled under any applicable Law relating to fraud on creditors. In determining the limitations, if any, on the amount of any Secured Obligations that are subject to the Lien on the
Vessel and related collateral hereunder pursuant to the preceding sentence, it is the intention of the parties hereto that any rights of subrogation or contribution which such Shipowner may have under the Pari Passu Documents, any other agreement or
applicable Law shall be taken into account. 
 ARTICLE IV 

SUNDRY PROVISIONS 
 SECTION 4.1 The maximum principal amount secured by this Mortgage at any time is Two Billion Six Hundred Seventy Four Million Nine Hundred Ninety Nine Thousand United States Dollars
(US$2,674,999,000), and for purposes of recording this Mortgage, the total amount of this Mortgage is Two Billion Six Hundred Seventy Four Million Nine Hundred Ninety Nine Thousand United States Dollars (US$2,674,999,000). In addition to principal,
this Mortgage also secures the other Secured Obligations, including interest, costs and expenses of collection and other sums which are deemed to be secured by the relevant laws of the Republic of Panama, as provided in this Mortgage, the Existing
Indenture, the 2012 Indenture, the Term Loan Agreement, the Credit Agreement and the other Pari Passu Documents. The maturity date of this Mortgage is November 1, 2019. 
 SECTION 4.2 All of the covenants, promises, stipulations and agreements of the Shipowner in this Mortgage contained shall bind the Shipowner and its successors and permitted assigns and shall be
binding on and inure to the benefit of the Mortgagee and its successors and permitted assigns. In the event of any assignment of this Mortgage by the Mortgagee in accordance with the applicable provisions of any Pari Passu Collateral Document, the
term “Mortgagee” as used in this Mortgage shall be deemed to mean any such successor or permitted assignee. 

SECTION 4.3 Wherever and whenever herein any right, power or authority is granted or given to the Mortgagee, such right, power or
authority may be exercised in all cases by the Mortgagee or such agent or agents as it may appoint, and the act or acts of such agent or agents when taken shall constitute the act of the Mortgagee hereunder. 

  
 26 

 SECTION 4.4 (a) In the event that any provision of this Mortgage shall be deemed
invalid or unenforceable by reason of any present or future law or any decision of any court of competent jurisdiction, the validity and enforceability of any other provision hereof shall not be affected thereby. Any such invalidity or
unenforceability of any provision of this Mortgage in any jurisdiction or nation shall not render such provision invalid or unenforceable under the laws of any other jurisdiction or nation. 

(b) In the event that this Mortgage or any of the documents or instruments which may from time to time be delivered hereunder or any
provision hereof shall be deemed invalidated by present or future law of any nation or by decision of any court of competent jurisdiction, this shall not affect the validity and/or enforceability of all or any other parts of this Mortgage, or such
documents or instruments and, in any such case, the Shipowner covenants and agrees that, on demand, it will execute and deliver such other and further agreements and/or documents and/or instruments and do such things as the Mortgagee in its sole
reasonable discretion may deem to be necessary to carry out the true intent of this Mortgage. 
 (c) Anything herein to the
contrary notwithstanding, it is intended that nothing herein shall waive the preferred status of this Mortgage and that, if any provision of this Mortgage or portion thereof shall be construed to waive the preferred status of this Mortgage, then
such provision to such extent shall be void and of no effect and shall cease to be a part of this Mortgage, without affecting the remaining provisions, which shall remain in full force and effect. 

SECTION 4.5 THE SHIPOWNER AND THE MORTGAGEE HEREBY EXPRESSLY AND IRREVOCABLY (I) SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF
THE FEDERAL AND STATE COURTS SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN ANY SUIT OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED THEREBY; AND (II) WAIVES (A) ITS RIGHT TO A TRIAL
BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF THE INITIAL PURCHASERS AND FOR ANY
COUNTERCLAIM RELATED TO ANY OF THE FOREGOING AND (B) ANY OBLIGATION WHICH IT MAY HAVE OR HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS
BEEN BROUGHT IN AN INCONVENIENT FORUM. 
 SECTION 4.6 In case of any discrepancy between an English counterpart and the
Spanish and the Notarial version thereof in Spanish, as between the parties hereto, the English counterpart shall control. 

SECTION 4.7 The term “Dollars” or the symbol “$” as used herein shall mean Dollars in any coin or
currency of the United States of America which at the time of payment shall be legal tender for public and private debts. 

  
 27 

 SECTION 4.8 Enforcement Expenses; Indemnification. 

(a) Costs and Expenses. Shipowner shall pay all out-of-pocket expenses incurred by the Mortgagee or any Secured Parties (including the
fees, charges and disbursements of any counsel for the Mortgagee), and shall pay all fees and time charges for attorneys who may be employees of the Mortgagee or any of the Secured Parties, in connection with the enforcement or protection of its
rights in connection with the Existing Indenture, the 2012 Indenture, the Term Loan Agreement, the Credit Agreement, this Mortgage, and the other Pari Passu Documents, including its rights under this Section, including all such out-of-pocket
expenses incurred during any workout, restructuring or negotiations in respect of the Credit Facilities, the Existing Notes, and the 2019 Notes and any other Pari Passu Documents. 

(b) INDEMNIFICATION BY SHIPOWNER. SHIPOWNER SHALL INDEMNIFY THE MORTGAGEE (AND ANY SUB-AGENT THEREOF), EACH INDEMNIFIED PARTY AND EACH
RELATED PARTY OF ANY OF THE FOREGOING PERSONS (EACH SUCH PERSON BEING CALLED AN “INDEMNITEE”) AGAINST, AND DEFEND AND HOLD EACH INDEMNITEE HARMLESS FROM, ANY AND ALL LIABILITIES, OBLIGATIONS, LOSSES, DAMAGES, PENALTIES, CLAIMS,
DEMANDS, ACTIONS, JUDGMENTS, SUITS, COSTS, EXPENSES, OR DISBURSEMENTS (INCLUDING ALL FEES, EXPENSES AND DISBURSEMENTS OF ANY LAW FIRM OR OTHER EXTERNAL COUNSEL AND, WITHOUT DUPLICATION, THE ALLOCATED COST OF INTERNAL LEGAL SERVICES AND ALL EXPENSES
AND DISBURSEMENTS OF INTERNAL COUNSEL) OF ANY KIND OR NATURE WHATSOEVER WHICH MAY BE IMPOSED ON, INCURRED BY, OR ASSERTED AGAINST ANY INDEMNITEE IN ANY WAY RELATING TO OR ARISING OUT OF OR IN CONNECTION WITH (A) THE EXECUTION, DELIVERY,
ENFORCEMENT, PERFORMANCE, OR ADMINISTRATION OF THIS MORTGAGE OR ANY OTHER AGREEMENT, LETTER OR INSTRUMENT DELIVERED IN CONNECTION WITH THE TRANSACTIONS CONTEMPLATED HEREBY OR THE CONSUMMATION OF THE TRANSACTIONS CONTEMPLATED HEREBY, (B) ANY
ACTION TAKEN OR OMITTED BY THE MORTGAGEE UNDER THIS MORTGAGE OR ANY OTHER PARI PASSU DOCUMENT (INCLUDING SUCH MORTGAGEE’S OWN NEGLIGENCE), OR (C) ANY ACTUAL OR PROSPECTIVE CLAIM, LITIGATION, INVESTIGATION OR PROCEEDING RELATING TO ANY OF
THE FOREGOING, WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY (INCLUDING ANY INVESTIGATION OF, PREPARATION FOR, OR DEFENSE OF ANY PENDING OR THREATENED CLAIM, INVESTIGATION, LITIGATION OR PROCEEDING) AND REGARDLESS OF WHETHER ANY INDEMNITEE IS
A PARTY THERETO (ALL THE FOREGOING, COLLECTIVELY, THE “INDEMNIFIED LIABILITIES”); PROVIDED THAT SUCH INDEMNITY SHALL NOT, AS TO ANY INDEMNITEE, BE AVAILABLE TO THE EXTENT THAT SUCH LIABILITIES, OBLIGATIONS, LOSSES, DAMAGES,
PENALTIES, CLAIMS, DEMANDS, ACTIONS, JUDGMENTS, SUITS, COSTS, EXPENSES OR DISBURSEMENTS ARE DETERMINED BY A COURT OF COMPETENT JURISDICTION BY FINAL AND NONAPPEALABLE JUDGMENT TO HAVE RESULTED FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH
INDEMNITEE. 
 TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE SHIPOWNER SHALL NOT ASSERT, AND HEREBY WAIVES, ANY
CLAIM 

  
 28 

 
AGAINST ANY INDEMNITEE, ON ANY THEORY OF LIABILITY, FOR SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES (AS OPPOSED TO DIRECT OR ACTUAL DAMAGES) ARISING OUT OF, IN CONNECTION WITH, OR AS A
RESULT OF, THIS MORTGAGE, ANY PARI PASSU DOCUMENT OR ANY AGREEMENT OR INSTRUMENT CONTEMPLATED HEREBY. NO INDEMNITEE SHALL BE LIABLE FOR ANY DAMAGES ARISING FROM THE USE BY UNINTENDED RECIPIENTS OF ANY INFORMATION OR OTHER MATERIALS DISTRIBUTED BY IT
THROUGH TELECOMMUNICATIONS, ELECTRONIC OR OTHER INFORMATION TRANSMISSION SYSTEMS IN CONNECTION WITH THIS MORTGAGE, THE OTHER PARI PASSU DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

(c) All amounts due under this Section 4.8 shall be Secured Obligations and shall be payable within 10 Business Days after
demand therefor. The agreements in this Section shall survive the resignation of the Mortgagee and the repayment, satisfaction or discharge of all the other Secured Obligations. 

SECTION 4.9 Notices shall be delivered in accordance with the applicable provisions of the Pari Passu Documents, and shall be
effective as provided therein. Each of the Shipowner and Mortgagee may change its address, telecopier or telephone number for notices and other communications hereunder by notice to the other party hereto. 

SECTION 4.10 None of the terms or provisions of this Mortgage may be waived, amended, supplemented or otherwise modified except in
accordance with the applicable provisions of the Pari Passu Documents. 
 SECTION 4.11 In the event of a direct conflict
between this Mortgage and the Intercreditor Agreement, the Intercreditor Agreement shall control; provided, however, the parties understand and agree that this Mortgage sets forth additional covenants, obligations and rights and the parties will use
all reasonable efforts to construe the provisions and covenants in this Mortgage as not being in direct conflict with the Intercreditor Agreement. 
 SECTION 4.12 NOTWITHSTANDING ANY OTHER PROVISION CONTAINED HEREIN TO THE CONTRARY, IN THE EVENT OF ANY CONFLICT OR INCONSISTENCY BETWEEN THE PROVISIONS OF (A) THIS MORTGAGE AND (B) ANY OF THE
EXISTING INDENTURE, THE 2012 INDENTURE, THE TERM LOAN AGREEMENT, OR CREDIT LOAN AGREEMENT, THE PROVISIONS OF THE EXISTING INDENTURE, THE 2012 INDENTURE, THE TERM LOAN AGREEMENT, OR THE CREDIT AGREEMENT, AS APPLICABLE, SHALL CONTROL WITH RESPECT
THERETO (BUT SHALL NOT CONTROL AS SUCH PROVISION MAY APPLY TO ANY OTHER SUCH INDENTURE OR AGREEMENT), UNLESS THE PROVISIONS OF SUCH INCONSISTENT INDENTURE OR AGREEMENT ARE INCONSISTENT WITH THE INTERCREDITOR AGREEMENT, IN WHICH CASE, THE
INTERCREDITOR AGREEMENT SHALL CONTROL. 
 SECTION 4.13 Notwithstanding anything herein to the contrary, (i) the occurrence
of an Event of Default with respect to any one Debt Agreement (as hereinafter defined) shall not 

  
 29 

 
be deemed to constitute an Event of Default under any other Debt Agreement except to the extent so expressly stated in such other Debt Agreement and (ii) upon the occurrence of an Event of
Default under any one Debt Agreement, the rights and remedies granted hereunder shall be subject to the Intercreditor Agreement. For purposes of this paragraph, “Debt Agreement” means the Existing Indenture, the 2012 Indenture, the Term
Loan Agreement or the Credit Agreement. 
 SECTION 4.14. The appearing parties hereby confer a special power of attorney with
the right of substitution upon any member of the law firm of MORGAN & MORGAN, lawyers of the City of Panama, Republic of Panama, empowering each of them to take all necessary steps to record this instrument of Mortgage in the appropriate
registries of the Republic of Panama. 
 SECTION 4.15 The Mortgagee shall be entitled to the rights and protections afforded to
the trustee and note collateral agent pursuant to the terms of the Existing Indenture and 2012 Indenture. 
 [The rest of this
page has been left intentionally blank.] 

  
 30 

 IN WITNESS WHEREOF, the Shipowner has caused this Mortgage to be duly executed, by the
Shipowner by way of deed, and the Mortgagee has accepted this Mortgage on the day and year first above written. 
  

			
	EXECUTED AS A DEED by
	
	[Name of Shipowner]
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	In the presence of:
		
	Witness:	 	  

	Name:	 	
	Occupation:	 	
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 as Pari Passu Collateral Agent
 as Mortgagee

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Signature Page
to First Naval Mortgage - [    ] 

 ACKNOWLEDGMENT 

 

					
	STATE OF TEXAS	  	)	 	
		  	)	 	ss.:
	COUNTY OF HARRIS        	  	)	 	

 On this [    ]th day of
[                    ], before me personally appeared
[                    ] who being by me duly sworn, did depose and say that she is residing at 777 Post Oak Boulevard, Suite 800, Houston, Texas
77056, she is an attorney-in-fact of [            ], the entity described in and which executed the foregoing instrument; and that she signed her name thereto in accordance with the terms
of a power of attorney of such entity, and she further acknowledged to me that the foregoing instrument is the free act and deed of such entity. 
  

	
	  

	Notary Public in and for the State of Texas

  
 Acknowledgment
to First Naval Mortgage - [    ] 

 ACKNOWLEDGMENT 

 

					
	STATE OF TEXAS	  	)	  	
		  	)	  	ss.:
	COUNTY OF HARRIS        	  	)	  	

 On this
[                    ] day of
[                    ], before me personally appeared [            ], who being by me
duly sworn, did depose and say that he is residing at 750 N. St. Paul Place, Suite 1750, Dallas, Texas 75201, he is an attorney-in-fact of Wells Fargo Bank, National Association, the entity described in and which executed the foregoing instrument;
and that he signed his name thereto in accordance with the terms of a power of attorney of such entity, and he further acknowledged to me that the foregoing instrument is the free act and deed of such entity. 

 

	
	  

	Notary Public

  
 Acknowledgment
to First Naval Mortgage - [    ] 

 EXHIBIT A 
 TO 
 FIRST NAVAL MORTGAGE 

Form of the Existing Indenture, together with Exhibit A thereto (Form of Note) and Exhibit E thereto (Form of Note Guarantee), but without other annexes,
schedules or exhibits, together with the forms of any supplements thereto. 
 See attached. 

  
 Exhibit A to
First Naval Mortgage - [    ] 

 EXHIBIT B 
 TO 
 FIRST NAVAL MORTGAGE 

Form of the 2012 Indenture, together with Exhibit A thereto (Form of Note) and Exhibit E thereto (Form of Note Guarantee), but without
other annexes, schedules or exhibits 
 See attached 

  
 Exhibit B to
First Naval Mortgage - [    ] 

 EXHIBIT C 
 TO 
 FIRST NAVAL MORTGAGE 

[Form of the Term Loan Agreement, together with form of Note but without other annexes, schedules or exhibits] 

See attached. 

  
 Exhibit C to
First Naval Mortgage - [    ] 

 EXHIBIT D 
 TO 
 FIRST NAVAL MORTGAGE 

[Form of Credit Agreement, without annexes, schedules or exhibits] 
 See attached. 

  
 Exhibit D to
First Naval Mortgage - [    ] 

 EXHIBIT E 
 TO 
 FIRST NAVAL MORTGAGE 

Form of Intercreditor Agreement. 
 See
attached. 

  
 Exhibit E to
First Naval Mortgage - [    ] 

 EXHIBIT F 
 TO 
 FIRST NAVAL MORTGAGE 

Form of Assignment of Earnings. 
 See attached.

  
 Exhibit F to
First Naval Mortgage - [    ] 

 SCHEDULE I 
 TO 
 FIRST NAVAL MORTGAGE 

DESCRIPTION OF THE VESSEL 
 [Name of Ship] 
  

													
	 Official
Number
	  	Radio
Call
Letters	 	Length	 	Width	 	Depth	 	Gross
Tonnage	 	Net
Tonnage
	[    ]	  	[    ]	 	[    ]

meters
	 	[    ]

meters
	 	[    ]

meters
	 	[    ]	 	[    ]

 #11755178_v2 

  
 Schedule I to
First Naval Mortgage - [    ] 

 EXHIBIT G-4 
 AMENDMENT NO. 1 TO DEED OF COVENANTS 
 By 

[Shipowner] 
 as

 Shipowner 
 and 
 WELLS FARGO BANK, NATIONAL ASSOCIATION 

as 
 Pari Passu
Collateral Agent and Mortgagee 
 Dated [            ] 

Bahamian Vessel 

[Vessel] 

 This AMENDMENT NO. 1, dated the
[            ], 2013 (this “Amendment”), to DEED OF COVENANTS, dated October 25, 2012 (the “Original Deed of Covenants”) by [Shipowner] , [description
of Shipowner] (the “Shipowner”) with an address at: [Shipowner Address] (the “Shipowner”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, with an address at: 750 N. St. Paul Place, Suite 1750, MAC T9263-170, Dallas,
Texas, 75201, as (i) Noteholder Collateral Agent pursuant to the terms of the 2013 Indenture (defined below) (in such capacity, the “2013 Indenture Collateral Agent”), (ii) the Noteholder Collateral Agent pursuant to the
terms of the 2012 Indenture (in such capacity, the “2012 Noteholder Collateral Agent”), (iii) Collateral Agent under the Term Loan Agreement (in such capacity, the “Lender Collateral Agent”),
(iv) Collateral Agent under the Second Term Loan Agreement (defined below) (in such capacity, the “Second Term Loan Collateral Agent”) and (v) as Collateral Agent pursuant to the terms of the Credit Agreement (defined
below) (in such capacity, the “Credit Agreement Collateral Agent”, and together with the 2013 Indenture Collateral Agent, the 2012 Noteholder Collateral Agent, the Lender Collateral Agent, and the Second Term Loan Collateral Agent,
the “Pari Passu Collateral Agent”, and together with its successors and assigns as such collateral agent under each of the 2013 Indenture, the 2012 Indenture, the Term Loan Agreement, the Second Term Loan Agreement and the Credit
Agreement, the “Mortgagee”). 
 The Original Deed of Covenants as amended by this Amendment is called the
“Deed of Covenants”. 
 RECITALS: 
 A. The Shipowner is the sole, absolute and unencumbered, legal and beneficial owner of sixty-four sixty-fourth shares in the Bahamian flag vessel,
“[            ]” with Official Number [            ], which is duly documented in the name of the Shipowner under the
laws and flag of The Commonwealth of the Bahamas, which vessel is further defined below and described on Schedule I attached hereto and made a part hereof. 
 B. The Mortgage (as defined in the Original Deed of Covenants) was created on the Vessel in favor of the Mortgagee by the Shipowner and duly registered and recorded in the Registry of Bahamian Ships on
October 25, 2012 in favor of the Mortgagee. 
 C. The Mortgage and the Original Deed of Covenants, secures, inter
alia, the Shipowner’s obligations under, and the Shipowner’s guarantees of the Issuer’s obligations under, the following documents (in each case, as defined in the Original Deed of Covenants): 

(i) the 2012 Indenture; 
 (ii) the Term Loan Agreement; 
 (iii) the Credit Agreement; and 

(iv) the Existing Indenture. 
 D. The Original Deed of Covenants is being amended to secure the 2013 Note Obligations, the Second Term Loan Obligations and the increase in the amount of the Credit Agreement Obligations described in
whereas clause G below, and to no longer secure the Existing Note Obligations (as each such term is defined in the Original Deed of Covenants, as amended hereby). 

 E. The Shipowner is party to, and has executed and delivered a guarantee (the “2013
Note Guarantee”) of the obligations of the Issuer under the 2013 Indenture, pursuant to which the Issuer has issued to the Initial Purchasers (as defined in the 2013 Indenture) notes in US$775,000,000 aggregate principal amount bearing
interest at the rate of 7.125% and due 2023. The form of the 2013 Indenture is annexed hereto as Exhibit A and made a part hereof, and the form of the 2013 Note Guarantee is annexed to the 2013 Indenture as Exhibit E thereto. 

F. The Shipowner is party to, and has executed and delivered a guarantee (the “Second Term Loan Guarantee”) respecting
the obligations of the Issuer and Vantage Delaware Holdings, LLC (“VDH”) under, the Second Term Loan Agreement pursuant to which the lenders thereunder have advanced to the Issuer and VDH a term loan in the aggregate principal
amount of Three Hundred Fifty Million United States Dollars (US$350,000,000). The form of the Second Term Loan Agreement (which includes the Second Term Loan Guarantee) is annexed hereto as Exhibit B and made a part hereof. 

G. The Shipowner is a party to, and has executed and delivered a guarantee (the “Original Credit Agreement Guarantee”)
respecting the obligations of the Issuer and the Parent under, a Credit Agreement dated as of June 21, 2012 (the “Original Credit Agreement”) among the Issuer and the Parent, as borrowers, the guarantors from time to time party
thereto, the lenders from time to time party thereto, and Royal Bank of Canada, as collateral agent, pursuant to which the lenders from time to time party thereto made a commitment to provide advances to the borrowers thereunder in an aggregate
original principal amount of up to Twenty-Five Million United States Dollars (US$25,000,000). The form of the Original Credit Agreement was annexed to the Original Deed of Covenants as Exhibit D thereto. The Original Credit Agreement has been
amended and restated as of the date hereof in accordance with the terms of the Credit Agreement (as defined below), inter alia, to increase the amount of the commitments available to the borrowers up to the aggregate principal amount of Two Hundred
Million United States Dollars (US$200,000,000). The Shipowner has executed and delivered a guarantee (the “Credit Agreement Guarantee”) respecting the obligations of the borrowers under the Credit Agreement. The form of the Credit
Agreement (which includes the Credit Agreement Guarantee) is annexed hereto as Exhibit C and made a part hereof. 
 H. The
Issuer has designated the 2013 Note Obligations and the Second Term Loan Obligations as “Other Pari Passu Obligations” for purposes of the Intercreditor Agreement and certain other documents, including the Original Deed of Covenants and
the Mortgage. 
 I. Consequently, the Mortgage and the Original Deed of Covenants as amended by this Amendment secures the
Shipowner’s guarantees under the 2013 Note Guarantee, the Second Term Loan Guarantee, the Credit Agreement Guarantee, the 2012 Note Guarantee (as defined in the Original Deed of Covenants) and the Loan Guarantee (as defined in the Original Deed
of Covenants). 

  
 2 

 J. The Shipowner will receive substantial direct and indirect benefits through the extension
of the loans and the issuance of notes, as applicable, under the 2013 Indenture, the Second Term Loan Agreement and the Credit Agreement, and in consideration of such benefits and other good and valuable consideration and to secure its obligations
under the 2013 Note Guarantee, the Second Term Loan Guarantee, the Credit Agreement Guarantee, the 2012 Note Guarantee (as defined in the Original Deed of Covenants), and the Loan Guarantee (as defined in the Original Deed of Covenants), the receipt
and sufficiency of which are hereby acknowledged, the Shipowner has executed this Amendment. 
 K. In accordance with the terms
of the Intercreditor Agreement, the parties thereto have, inter alia, agreed to certain matters relating to the Mortgage, the Original Deed of Covenants (as amended by this Amendment), the 2012 Indenture, the Term Loan Agreement, the 2013
Indenture, the Second Term Loan Agreement and the Credit Agreement. The form of the Intercreditor Agreement is annexed to the Original Deed of Covenants as Exhibit E thereto and made a part thereof. 

L. The Mortgage and the Original Deed of Covenants as amended by this Amendment secures the Secured Obligations, as such term is amended
by virtue of the amended definition of “Pari Passu Obligations” as set forth in Section 2 of this Amendment. 

M. The 2013 Notes bear interest at the rate of 7.125% per annum; the 2012 Notes bear interest at the rate of 7.50% per annum;
the amounts due under the Term Loan Agreement bear interest at the rate set forth in Section 2.08 of the Term Loan Agreement; the amounts due under the Second Term Loan Agreement bear interest at the rate set forth in Section 2.08
of the Second Term Loan Agreement; and the amounts due under the Credit Agreement bear interest at the rate set forth in Section 2.05 of the Credit Agreement. 
 NOW, THEREFORE, to secure the prompt payment of the Secured Obligations and the performance and observance of all agreements, covenants and provisions of the Shipowner contained in the 2013 Note
Guarantee, the 2012 Note Guarantee, the Loan Guarantee, the Second Loan Guarantee and the Credit Agreement Guarantee, the other Pari Passu Documents (as such term is amended by this Amendment), the Mortgage and this Deed of Covenants, the Shipowner
has granted, conveyed, mortgaged, pledged, confirmed, assigned, transferred and set over, and by these presents does grant, convey, mortgage, pledge, confirm, assign, transfer and set over unto the Mortgagee the Vessel; 

TO HAVE AND TO HOLD all and singular the Vessel unto the Mortgagee and its successors and permitted assigns, to its and its
successors’ and permitted assigns’ own use, benefit and behoof forever, subject to the rights of the Shipowner therein as provided in the Mortgage; 
 IT IS HEREBY COVENANTED, DECLARED AND AGREED that the Vessel is to be held subject to the further covenants, conditions, provisions, terms and uses set forth in the Mortgage. 

1. All capitalized terms used herein but not otherwise defined shall have the meaning specified in the Original Deed of Covenants (as
amended by this Amendment) or, if such capitalized term is not defined in the Original Deed of Covenants (as amended by this Amendment), then as such term is defined, or by reference in, the Intercreditor Agreement. 

  
 3 

 2. The Original Deed of Covenants is hereby amended as follows: 

(a) Section 1.1 shall be amended by deleting the following definitions in their entirety, and all such defined terms as used
throughout the Deed of Covenants and the Mortgage shall be deemed to be deleted: 
  

	 	(i)	“Existing Indenture” 

  

	 	(ii)	“Existing Indenture Collateral Agreements” 

  

	 	(iii)	“Existing Indenture Documents” 

  

	 	(iv)	“Existing Indenture Indemnified Parties” 

  

	 	(v)	“Existing Indenture Secured Parties” 

  

	 	(vi)	“Existing Note Obligations”. 

 (b) Section 1.1 shall be amended by adding the following definitions: 
 (i) “2013 Indenture” means that certain Indenture dated as of March 28, 2013, among the Issuer, the guarantors from time to time party thereto, and Wells Fargo Bank, National
Association, as trustee and noteholder collateral agent, and any and all successors thereto in either such capacity, as the same has been and may be further amended, restated, supplemented, refinanced, replaced or otherwise modified from time to
time. 
 (ii) “2013 Indenture Collateral Agreements” means the 2013 Note Guarantee and any
agreement, document or instrument pursuant to which a Lien is granted to secure any 2013 Note Obligations or under which rights or remedies with respect to any such Lien are governed, as the same may be amended, restated, modified, renewed,
refunded, replaced, or refinanced from time to time as permitted by the Pari Passu Documents. 
 (iii)
“2013 Indenture Documents” means the 2013 Indenture, the 2013 Notes, the applicable Purchase Agreements, the 2013 Indenture Collateral Agreements, and any agreement, instrument or other document evidencing or governing any 2013 Note
Obligations. 
 (iv) “2013 Indenture Indemnified Parties” shall mean the Initial Purchasers (as
defined in the 2013 Indenture), the 2013 Noteholder Collateral Agent, and each Noteholder (as defined in the 2013 Indenture). 
 (v) “2013 Indenture Secured Parties” means the 2013 Noteholder Collateral Agent and the Noteholders (as defined in the 2013 Indenture). 

(vi) “2013 Note Obligations” means all obligations under the 2013 Indenture of the Issuer, the Parent and
the other Guarantors (as defined in the 2013 Indenture) under the 2013 Indenture Documents and the other “obligations” under, and as defined in, the 2013 Indenture, including, but not limited to, all indebtedness evidenced by any and all
Notes (as defined in the 2013 Indenture) now or hereafter issued thereunder, including any series of Notes that may hereafter from time to time be issued as permitted under the 2013 Indenture. 

  
 4 

 (vii) “2013 Notes” means the senior secured first lien
notes due 2023 in the original aggregate principal amount of Seven Hundred Seventy Five Million United States Dollars (US$775,000,000) to the Initial Purchasers (as defined in the 2013 Indenture). 

(viii) “Second Term Loan Agreement” means that certain Second Term Loan Agreement dated as of on or about
the date hereof, among the Issuer, as co-borrower, the US Borrower (as defined therein), the guarantors from time to time party thereto, the lenders from time to time party thereto, Citibank, N.A., as administrative agent, and Wells Fargo Bank,
National Association, as collateral agent, as the same has been and may hereafter be further amended, restated, supplemented, refinanced, replaced or otherwise modified from time to time as permitted by the Pari Passu Documents. 

(ix) “Second Term Loan Collateral Agreements” means any agreement, document or instrument pursuant to
which a guarantee is given or a Lien is granted to secure any Second Term Loan Obligations or under which rights or remedies with respect to any such Lien are governed, as the same may be amended, restated, modified, renewed, refunded, replaced or
refinanced from time to time as permitted by the Pari Passu Documents. 
 (x) “Second Term Loan
Documents” means the Second Term Loan Agreement, the Second Term Loan Collateral Agreements and any agreement, instrument or other document evidencing or governing any Second Term Loan Obligations. 

(xi) “Second Term Loan Indemnified Parties” shall mean each of the Lenders (as defined in the Second Term
Loan Agreement) and the Second Term Loan Collateral Agent. 
 (xii) “Second Term Loan
Obligations” means the “Obligations” (as defined in the Second Term Loan Agreement) of the Issuer, the US Borrower (as defined in the Second Term Loan Agreement) and the guarantors from time to time party to the Second Term Loan
Agreement and any other related document or instrument executed and delivered pursuant thereto, in each case incurred pursuant to the Second Term Loan Agreement and any other related document or instrument executed and delivered pursuant thereto.

 (xiii) Second Term Loan Secured Parties” means the lenders under the Second Term Loan Agreement,
the Mortgagee, as collateral agent under the Second Term Loan Agreement, and Citibank, N.A., as administrative agent under the Second Term Loan Agreement. 

  
 5 

 (c) The definition of “Credit Agreement” in the Original Deed of Covenants is
hereby deleted in its entirety and replaced by the following: 
 “Credit Agreement” means that certain Amended
and Restated Credit Agreement dated as of March 28, 2013, among the Issuer and Vantage Drilling Company, as borrowers, the guarantors from time to time party thereto (including the Shipowner), the lenders from time to time party thereto, Royal
Bank of Canada, as administrative agent, which amends and restates in its entirety that certain Credit Agreement dated as of June 21, 2012 among the Issuer and Vantage Drilling Company, as borrowers, the guarantors from time to time party
thereto (including the Shipowner), the lenders from time to time party thereto, and Royal Bank of Canada, as collateral agent, and as the same has been and may hereafter be further amended, restated, supplemented, refinanced, replaced or otherwise
modified from time to time. 
 (d) The definition of “Credit Facilities” in the Original Deed of Covenants is hereby
deleted in its entirety and replaced by the following: 
 “Credit Facilities” means the 2013 Indenture, the 2012
Indenture, the Term Loan Agreement, the Second Term Loan Agreement and the Credit Agreement. 
 (e) The definition of
“Indemnified Parties” is hereby deleted in its entirety and replaced by the following: 
 “Indemnified
Parties” means the 2012 Indenture Indemnified Parties, the Term Loan Indemnified Parties, the Credit Agreement Indemnified Parties, and the holders of the Other Pari Passu Obligations, including, but not limited to, the 2013 Indenture
Indemnified Parties and the Second Term Loan Indemnified Parties. 
 (f) The definition of “Intercreditor Agreement”
is hereby deleted in its entirety and replaced by the following: 
 “Intercreditor Agreement” means that certain
amended and restated intercreditor agreement, dated October 25, 2012, among (a) Wells Fargo Bank, National Association, as the pari passu collateral agent, the noteholder collateral agent and the trustee under the 2012 Indenture, and the
collateral agent under the Credit Agreement, (b) Royal Bank of Canada, as administrative agent under the Credit Agreement, (c) Citibank, N.A., as administrative agent under the Term Loan Agreement, and (d) acknowledged by the Issuer,
Parent, and each of the other guarantors party thereto and to which Wells Fargo Bank, National Association, as noteholder collateral agent and trustee under the 2013 Indenture, and collateral agent under the Second Term Loan Agreement, and Citibank,
N.A., as administrative agent under the Second Term Loan Agreement, were joined as parties by joinder agreements, dated March 28, 2013, as the same has been and may be further amended, restated, supplemented or otherwise modified from time to
time. 

  
 6 

 (g) The definition of “Pari Passu Documents” is hereby deleted in its entirety and
replaced by the following: 
 “Pari Passu Documents” means the Intercreditor Agreement, the 2012 Indenture
Documents, the Term Loan Documents, the Credit Agreement Documents and any other document or instrument evidencing or governing any Other Pari Passu Obligations, including, but not limited to, the 2013 Indenture Documents and the Second Term Loan
Documents. 
 (h) The definition of “Pari Passu Obligations” is hereby deleted in its entirety and replaced by the
following 
 “Pari Passu Obligations” means (a) the 2012 Note Obligations, (b) the Term Loan
Obligations, (c) the Credit Agreement Obligations, (d) all Other Pari Passu Obligations, including, but not limited to, the 2013 Note Obligations and the Second Term Loan Obligations, and (e) all other obligations in respect of, or
arising under, the Pari Passu Documents, including all fees and expenses of the collateral agent payable with respect thereto and shall include all interest and fees, which but for the filing of a petition in bankruptcy with respect to the Issuer,
the Parent or any other guarantor thereunder (in each case, including in its capacity as a co-borrower thereunder), would have accrued on such obligations, whether or not a claim for such interest or fees is allowed in such proceeding. 

(i) The definition of “Permitted Liens” is hereby deleted in its entirety and replaced by the following: 

“Permitted Liens” means Liens permitted from time to time under the 2013 Indenture, the 2012 Indenture, the Term Loan
Agreement, the Second Term Loan Agreement or the Credit Agreement. 
 (j) The definition of “Purchase Agreements” is
hereby amended by adding the following as a new subclause (a) at the beginning thereof (and renumbering the subsequent subclauses appropriately): 
 “(a) that certain Purchase Agreement dated as of March 21, 2013, among the Issuer and the initial guarantors party thereto, and agreed to and accepted by Jefferies LLC and Citigroup Global
Markets Inc., as representatives of the Initial Purchasers (as defined therein), executed in connection with the 2013 Indenture.” 
 (k) The definition of “Secured Parties” is hereby deleted in its entirety and replaced by the following: 
 “Secured Parties” means (a) the Pari Passu Collateral Agent, (b) the 2012 Indenture Secured Parties, (c) the Term Loan Secured Parties, (d) the Credit Agreement
Secured Parties, and (e) the holders of Other Pari Passu Obligations, including, but not limited to, the 2013 Indenture Secured Parties and the Second Term Loan Secured Parties. 

  
 7 

 (l) All references to the term “New Noteholder Collateral Agent” where used
throughout the Original Deed of Covenants (as amended by this Amendment) shall be replaced by the term “2012 Noteholder Collateral Agent”. All references to the “Guarantees” or a “Guarantee” shall mean, collectively,
the Second Term Loan Guarantee and the 2013 Note Guarantee (each as defined in this Amendment), the 2012 Note Guarantee, the Loan Guarantee and the Credit Agreement Guarantee. 
 (m) Section 2.1 of the Original Deed of Covenants is hereby deleted in its entirety and replaced by the following: 

SECTION 2.1 The Shipowner acknowledges it is justly indebted in accordance with the terms of the Credit Facilities, the
2013 Notes, the 2012 Notes, the Pari Passu Documents and its Guarantees. The Shipowner will pay when due all Secured Obligations from time to time payable by the Shipowner under the Credit Facilities, the 2013 Notes, the 2012 Notes, the Pari Passu
Documents and its Guarantees and will observe, perform and comply with the covenants, terms and conditions herein and, as applicable, in the Credit Facilities, the 2013 Notes, the 2012 Notes, the Pari Passu Documents and its Guarantees, on its part
to be observed, performed or complied with. The formula for the calculation of interest on the amounts due under the Credit Facilities, the 2013 Notes, and the 2012 Notes, and the terms of their payment together with the terms of the repayment of
the principal of the Credit Facilities, the 2013 Notes, and the 2012 Notes secured by this Mortgage are provided in the 2013 Indenture, the 2012 Indenture, the Term Loan Agreement, the Second Term Loan Agreement and the Credit Agreement, as
applicable. 
 (n) Section 2.19(b) of the Original Deed of Covenants is hereby amended by replacing the reference to
“Existing Indenture” in the first line thereof with “2013 Indenture”. 
 (o) The first paragraph of
Section 3.1 of the Original Deed of Covenants is hereby deleted in its entirety and replaced by the following: 
 As used
herein, the term “Event of Default” means (a) with respect to the 2013 Indenture, an “Event of Default” under, and as defined therein, (b) with respect to the 2012 Indenture, an “Event of Default” under, and
as defined therein, (c) with respect to the Term Loan Agreement, an “Event of Default” under, and as defined therein, (d) with respect to the Second Term Loan Agreement, an “Event of Default” under, and as defined
therein or (e) with respect to the Credit Agreement, an “Event of Default” under, and as defined therein. If an Event of Default shall have occurred and be continuing, then, in each and every such case the 2013 Indenture Collateral
Agent, the 2012 Noteholder Collateral Agent, the Lender Collateral Agent, the Second Term Loan Collateral Agent or the Credit Agreement Collateral Agent, as relevant, shall have the right to make such demands and take such actions as are permitted
to each of them, respectively, by the 2013 Indenture Documents, the 2012 Indenture Documents, the Term Loan Documents, the Second Term Loan Documents or the Credit Agreement Documents, as the case may be. If an Event of Default shall have occurred
and be continuing under any of the 2013 Indenture Documents, the 2012 Indenture Documents, the Term Loan Documents, the Second Term Loan Documents and the Credit Agreement Documents, the Mortgagee

  
 8 

 
shall have the right, subject to and in accordance with the terms of the Intercreditor Agreement and Section 4.12 hereof, to: 

(p) Section 3.13 of the Original Deed of Covenants is hereby deleted in its entirety and replaced by the following: 

SECTION 3.13 Subject always to and in accordance with the terms of the Intercreditor Agreement, if at any time prior to
any sale of or consummation of foreclosure proceedings on the Vessel by the Mortgagee after the occurrence and during the continuance of an Event of Default in accordance herewith, the Shipowner offers to cure such Event of Default and to pay all
expenses, advances, fees and damages to the Mortgagee arising from such Events of Default to the extent provided for in the 2013 Indenture, the 2012 Indenture, the Term Loan Agreement, the Second Term Loan Agreement or the Credit Agreement,
respectively, or the other Pari Passu Documents, including all costs and expenses incurred by the Mortgagee upon the exercise by the Mortgagee of its rights hereunder as a result of such Event of Default, then the Mortgagee may, but shall be under
no obligation to, accept such offer, cure and payment and restore the Shipowner to its former position, but such action shall not affect any rights which the Mortgagee may have hereunder after the occurrence and during the continuance of any
subsequent Event of Default or impair any rights consequent thereon. 
 (q) Section 4.7(a) of the Original Deed of
Covenants is hereby deleted and replaced by the following: 
 (a) Costs and Expenses. Shipowner shall pay all
out-of-pocket expenses incurred by the Mortgagee or any Secured Parties (including the fees, charges and disbursements of any counsel for the Mortgagee), and shall pay all fees and time charges for attorneys who may be employees of the Mortgagee or
any of the Secured Parties, in connection with the enforcement or protection of its rights in connection with the 2013 Indenture, the 2012 Indenture, the Term Loan Agreement, the Second Term Loan Agreement, the Credit Agreement, this Mortgage, and
the other Pari Passu Documents, including its rights under this Section, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of the Credit Facilities, the 2013 Notes, and the 2012 Notes and
any other Pari Passu Documents. 
 (r) Section 4.11 of the Original Deed of Covenants is hereby deleted and replaced by the
following: 
 SECTION 4.11 NOTWITHSTANDING ANY OTHER PROVISION CONTAINED HEREIN TO THE CONTRARY, IN THE EVENT OF
ANY CONFLICT OR INCONSISTENCY BETWEEN THE PROVISIONS OF (A) THIS MORTGAGE AND (B) ANY OF THE 2013 INDENTURE, THE 2012 INDENTURE, THE TERM LOAN AGREEMENT, THE SECOND TERM LOAN AGREEMENT OR THE CREDIT AGREEMENT, THE PROVISIONS OF THE 2013
INDENTURE, THE 2012 INDENTURE, THE TERM LOAN AGREEMENT, THE SECOND TERM LOAN AGREEMENT OR THE CREDIT AGREEMENT, AS APPLICABLE, SHALL 

  
 9 

 
CONTROL WITH RESPECT THERETO (BUT SHALL NOT CONTROL AS SUCH PROVISION MAY APPLY TO ANY OTHER SUCH INDENTURE OR AGREEMENT), UNLESS THE PROVISIONS OF SUCH INCONSISTENT INDENTURE OR AGREEMENT ARE
INCONSISTENT WITH THE INTERCREDITOR AGREEMENT, IN WHICH CASE, THE INTERCREDITOR AGREEMENT SHALL CONTROL. 
 (r)
Section 4.12 of the Original Deed of Covenants is hereby deleted and replaced by the following: 
 SECTION
4.12 Notwithstanding anything herein to the contrary, (i) the occurrence of an Event of Default with respect to any one Debt Agreement (as hereinafter defined) shall not be deemed to constitute an Event of Default under any other Debt Agreement
except to the extent so expressly stated in such other Debt Agreement and (ii) upon the occurrence of an Event of Default under any one Debt Agreement, the rights and remedies granted hereunder shall be subject to the Intercreditor Agreement.
For purposes of this paragraph, “Debt Agreement” means the 2013 Indenture, the 2012 Indenture, the Term Loan Agreement, the Second Term Loan Agreement or the Credit Agreement. 

(s) Section 4.13 of the Original Deed of Covenants is hereby amended by replacing the reference to “Existing Indenture”
therein with “2013 Indenture”. 
 3. This Amendment amends the Original Deed of Covenants and, from and after the date
hereof, wherever the term “Deed of Covenants” is used in the Original Deed of Covenants, or in any of the Pari Passu Documents, it shall be deemed to mean and refer to the Original Deed of Covenants as amended by this Amendment.

 4. Except as expressly modified by this Amendment, all of the terms and conditions of the Original Deed of Covenants remain
in full force and effect and are hereby ratified and confirmed by the parties and are incorporated by reference in this Amendment to the same extent as if set forth in this Amendment in their entirety. 

5. This Amendment may be executed in any number of counterparts, each of which shall be an original and all of which when taken together
shall constitute one instrument. 
 6. The Recitals in this Amendment constitute part of this Amendment. 

7. Notices shall be delivered in accordance with the applicable provisions of the Pari Passu Documents and shall be effective as
provided, respectively, therein. Each of the Shipowner and Mortgagee may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the other party hereto. 

[The rest of this page has been left intentionally blank.] 

  
 10 

 IN WITNESS WHEREOF, the Shipowner has caused this Amendment No. 1 to Deed of Covenants
to be duly executed, by the Shipowner by way of deed, and the Mortgagee has accepted this Amendment on the day and year first above written. 
  

			
	 EXECUTED AS A DEED by

	
	 [SHIPOWNER]

		
	 By:
	 	 
	 Name:
	 	[                     ]
	 Title:
	 	[                     ]
	
	 In the presence of:

	
	
Witness:                      
                                         
                       

	 Name: Susan Mallek

	 Occupation: Paralegal

	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Pari Passu Collateral Agent and

	 as Mortgagee

		
	 By:
	 	 
	 Name:
	 	John C. Stohlmann
	 Title:
	 	Vice President

  
 Signature Page
to Amendment No. 1 to Deed of Covenants - [Vessel] 

 SCHEDULE I 
 TO 
 AMENDMENT NO. 1 TO DEED OF COVENANTS 

DESCRIPTION OF THE VESSEL 
 [VESSEL] 
  

													
	 Official Number
	  	Radio
Call
Letters	 	Length	 	Width	 	Depth	 	Gross
Tonnage	 	Net
Tonnage
	
[                    ]
	  	[                    ]	 	[        ]
meters	 	[        ]
meters	 	[        ]
meters	 	[        ]	 	[        ]

  
 Schedule 1 to
Amendment No. 1 Signature Page to Amendment No. 1 to Deed of Covenants - [Vessel] 

 EXHIBIT A 
 TO 
 AMENDMENT NO. 1 TO DEED OF COVENANTS 

Form of the 2013 Indenture, together with Exhibit A thereto (Form of Note) and Exhibit E thereto (Form of Note Guarantee), but without
other annexes, schedules or exhibits, together with the forms of any supplements thereto. 
 See attached. 

  
 Exhibit A to
Amendment No. 1 to Deed of Covenants - [Vessel] 

 EXHIBIT B 
 TO 
 AMENDMENT NO. 1 TO DEED OF COVENANTS 

[Form of the Second Term Loan Agreement, 
 together with form of Note but without other annexes, schedules or exhibits] 
 See
attached. 

  
 Exhibit B to
Amendment No. 1 to Deed of Covenants - [Vessel] 

 EXHIBIT C 
 TO 
 AMENDMENT NO. 1 TO DEED OF COVENANTS 

[Form of Credit Agreement, without annexes, schedules or exhibits] 

See attached. 

  
 Exhibit C to
Amendment No. 1 to Deed of Covenants - [Vessel] 

 EXHIBIT K-2 TO 
 SECOND TERM LOAN AGREEMENT 
 FORM OF SHIP MORTGAGE AND DEED OF COVENANTS
– BAHAMAS 

  
 K-2-1

 R208 - Mortgage Registration Form - Version 1.1 

 

											
	  

	 	  

THE COMMONWEALTH OF THE BAHAMAS
  

MORTGAGE REGISTRATION FORM
  

(Page 1 of 2)
  

	Official Number	 	IMO Number	  	Name of Ship	 	Port of Registry
	 	 	 	  	 	 	NASSAU
	Propulsion and Engine Details	  	 Vessel
Dimensions

	 Propulsion: Twin or more
Propeller
 Type of Engines: Diesel Electric
 Total Power:
	  	
Length:    metres

Breadth:    metres

Depth:       metres

	Particulars
of Tonnage
	GROSS
TONNAGE:        tons            NET TONNAGE:            tons
	 Whereas (a) there is an account current between (1) [            ] with an address at
[            ] (hereinafter sometimes called the “Mortgagor”) and (2) WELLS FARGO BANK, NATIONAL ASSOCIATION with an address at 750 North St. Paul Place, Suite
1750, MAC T9263-170, Dallas, TX 75201, United States of America (hereinafter sometimes called the “Mortgagee”) regulated by (1) a Note Guarantee dated July 30, 2010 (as the same may from time to time be amended,
supplemented, extended, novated or replaced, the “Note Guarantee”) (2) an Existing Indenture dated July 30, 2010 as supplemented by a First Supplemental Indenture dated May 20, 2011, a Second Supplemental Indenture
dated June 1, 2011, a Third Supplemental Indenture dated June 29, 2011, a Fourth Supplemental Indenture dated April 2, 2012, a Fifth Supplemental Indenture dated April 20, 2012 and a Sixth Supplemental Indenture dated
October 25, 2012 (the “Existing Indenture”) between inter alios Vantage International Management Co, the other Guarantors as defined therein (including Vantage Drilling Company, Offshore Group Investment Limited and together
with Vantage International Management Co. the “Transaction Parties”) and the Mortgagee as Noteholder Collateral Agent, and (3) a new 2012 Indenture dated October 25, 2012 (the “2012 Indenture”) between
(i) Offshore Group Investment Limited, Vantage Drilling Company and others as guarantors and (ii) Wells Fargo Bank, National Association as noteholder collateral agent (as either the Existing Indenture or the 2012 Indenture may from time
to time be amended, supplemented, extended, novated or replaced, the Existing Indenture and the 2012 Indenture together the “Indentures”) (4) a Credit Agreement dated June 21, 2012 made between (i) Offshore Group
Investment Limited and Vantage Drilling Company as borrowers (ii) Vantage Drilling Company and certain Subsidiaries thereof as guarantors (iii) the Lenders from time to time as lenders and (iv) the Royal Bank of Canada and Wells Fargo
Bank, National Association as collateral agent as amended by a Second Amendment to Credit Agreement dated October 25, 2012 (as the same may from time to time be amended, supplemented, extended, novated or replaced, the “Credit
Agreement”) (5) certain Purchase Agreements dated July 26, 2010, May 20, 2011, April 2, 2012 and October 25, 2012 (as the same may from time to time be amended, supplemented, extended, novated or replaced,
the “the Purchase Agreements”) (6) a Term Loan Agreement dated October 25, 2012 between (i) Offshore Group Investment Limited and Vantage Delaware Holdings, LLC as borrowers (ii) Vantage Drilling Company and
certain subsidiaries thereof as guarantors (iii) the Lenders from time to time party thereto as lenders (iv) Citibank, N.A. as administrative agent (v) Wells Fargo Bank, National Association as collateral agent (vi) Citigroup
Global Markets Inc., Jefferies Finance LLC, RBC Capital Markets, LLC and Deutsche Bank Securities Inc. as co-lead arrangers and joint bookrunning managers (vii) Jefferies Finance LLC as syndication agent and (viii) RBC Capital Markets, LLC
and Deutsche Bank Securities Inc. as co-documentation agents (as the same may from time to time be amended, supplemented, extended, novated or replaced, the “Term Loan Agreement” (7) an Amended and Restated Intercreditor
Agreement dated October 25, 2012 made between (i) Wells Fargo Bank, National Association as the pari passu collateral agent, the noteholder collateral agent under the 2012 Indenture, the term loan collateral agent, the collateral agent
under the Existing Indenture and the collateral agent under the Credit Agreement (ii) Royal Bank of Canada as administrative agent under the Credit Agreement and (iii) Citibank, N.A. as administrative agent under the Term Loan Agreement
(as the same may from time to time be amended, supplemented, extended, novated or replaced, the “Intercreditor Agreement”) (8) a Deed of Covenants bearing even date herewith made between the Mortgagor and the Mortgagee (as the
same may from time to time be amended, supplemented, extended, novated or replaced, the “Deed of Covenants”) (9) any other Secured Obligations (as defined in the Deed of Covenants) (as the same may from time to time be amended,
supplemented, extended, novated or replaced, the “Secured Obligations”) and (10) any other Pari Passu Documents (as such term is defined in the Deed of Covenants) (as the same may from time to time be amended, supplemented,
extended, novated or replaced, the “Pari Passu Documents”) and WHEREAS the Mortgagor has agreed to execute this Mortgage in favour of the Mortgagee for the purpose of securing payment by the Mortgagor to the Mortgagee of all sums
for the time being owing under the Note Guarantee, the Indentures, the Credit Agreement, the Purchase Agreements, the Term Loan Agreement, the Intercreditor Agreement, the Deed of Covenants, the Secured Obligations and/or the other Pari Passu
Documents and for the purpose of securing payment by the Transaction Parties in the manner and at the times set forth in the Note Guarantee, the Indentures, the Credit Agreement, the Purchase Agreements, the Term Loan Agreement, the Intercreditor
Agreement, the Deed of Covenants, the Secured Obligations and/or the other Pari Passu Documents and in order to secure the performance of all of the Transaction Parties’ obligations related thereto; and WHEREAS the amount of principal, interest
and other moneys due from the Mortgagor at any given time and the manner and time of payment can be ascertained by reference to the Note Guarantee, the Indentures, the Credit Agreement, the Purchase Agreements, the Term Loan Agreement, the
Intercreditor Agreement, the Deed of Covenants, the Secured Obligations and/or the other Pari Passu Documents and/or to the books of account (or other accounting records) of the Mortgagee.

 
 Now we (b) VANTAGE INTERNATIONAL MANAGEMENT CO. in consideration of the
premises for ourselves and our successors, covenant with the said (c) WELLS FARGO BANK, NATIONAL ASSOCIATION and (d) its assigns to pay to it the sums for the time being due on this security whether by way of principal or interest,
at the times and manner aforesaid. And for the purpose of better securing to the said (c) the payment of such sums as last aforesaid, we do hereby mortgage to the said (c) WELLS FARGO BANK, NATIONAL ASSOCIATION 64/64ths (sixty
four/sixty fourths) shares of which we are the Owners in the Ship above particularly described, and in her boats, guns, ammunition, small arms and appurtenances.

{00136256-1 } 

 R208 - Mortgage Registration Form - Version 1.1 

 

											
	  
 Lastly, we for ourselves and our successors, covenant with the said (c) WELLS FARGO BANK, NATIONAL ASSOCIATION and (d) its assigns that we have the power to mortgage in manner aforesaid the above
mentioned shares, and that the same are free from encumbrances (e)
  
 In
witness whereof we have affixed our common seal this ......... day of ...............................................................

 

	 	 	 	  	Individual/Corporation	  	Attestation
	 	 	 	  	  

[                         
               ]
  
 name of individual/corporation
  

per..........................................

 
 signature as Individual/Director/Secretary/

Officer/Attorney-in-fact (h)
  
 .............................................

signature as Individual/Director/Secretary/

Officer/Attorney-in-fact (h)
  
 .............................................
 in the
presence of the witness whose attestation is given opposite
	  	  
 I, (f)..................................................................

 
 of (g)
...............................................................
  

hereby testify that in my presence
 (i) this
Mortgage was signed by

........................................................................

 as Individual/Director/Secretary/Officer/

Attorney-in-fact (h)
  
 and ..................................................................
 as Individual/Director/Secretary/Officer/
 Attorney-in-fact (h)

 
 and
 (ii) the corporate seal (h)/personal seal (h) of
 the transferor was affixed this
......... day of ..................
  
 Signature
of witness ...............................................

	 (a) Here state by way of recital that there is an account current between the Mortgagor (describing the company and its address) and the Mortgagee (giving full title, address and description, including
all joint mortgages), and describe the nature of the transaction so as to show how the amount of principal and interest due at any given time is to be ascertained, and the manner and time of payment, (b) Name of company, (c) Full name of
Mortgagee, (d) “his”, “hers” or “its”, (e) If any prior encumbrance add “save as appears by the registry of the ship”, (f) name of witness, (g) address of witness, (h) delete as
applicable.
 NOTE: The witness to the execution of the document must be a disinterested party, independent of the body corporate or individual
executing it e.g. Notary Public, Consular Officer, Magistrate, Justice of Peace. A director, officer or employee of a transferor which is a body corporate should not be an attesting witness.

	 

  
	 	  

THE COMMONWEALTH OF THE BAHAMAS
  

MORTGAGE REGISTRATION FORM
  

(Page 2 of 2)
  

	Official Number	 	IMO Number	  	Name of Ship	  	Port of Registry
	 	 	 	  	 	  	NASSAU
	 TRANSFER OF MORTGAGE
 I/we, the within mentioned

in consideration of
 this day paid to me/us
(a)        by
.........................................................................................................

 
 hereby transfer to it/him/her/them (a) the benefit of the within-written
security. In witness whereof I/we (a)
 have hereto affixed our seal this ......... day of
.....................................................................

	Seal	  	Individual/Corporation	  	Attestation
	 	  	  
 name of
individual/corporation
  
 per
.......................................
  
 signature as Individual/Director/Secretary/
 Officer/Attorney-in-fact

 

..........................................
 signature as Individual/Director/Secretary/
 Officer/Attorney-in-fact

..........................................
	  	 I,
(b)..................................................................
  

of (c)...............................................................

 
 hereby testify that in my presence

(i) this Transfer of mortgage was signed
 by
..................................................................
 as
Individual/Director/Secretary/Officer/
 Attorney-in-fact (a)
 and ..................................................................
 as Individual/Director/Secretary/Officer/
 Attorney-in-fact
(a)

 {00136256-1 } 

  

 R208 - Mortgage Registration Form - Version 1.1 

 

											
	 	 	 	  	  
 in the presence of the witness whose attestation is given opposite
	  	
and
 (ii) the corporate seal/personal seal (a)
of
 the transferor was affixed this ......... day of ................

 
 Signature of witness
.............................................

	 MEMORANDUM OF DISCHARGE
 By individual or Joint Mortgagees

 
 Received the sum of
.............................................................................................
 in discharge of this within-written security. Dated at .....................this ......... day of
................................................
 In witness whereof we have hereto affixed our
common seal ......... this day of .............................................

	 	 	 	  	  
 name of
individual/corporation
  
 per
....................................
  

signature as Individual/Director/Secretary/

Officer/Attorney-in-fact
  
 ..........................................
  

signature as Individual/Director/Secretary/

Officer/Attorney-in-fact

..........................................

 
 in the presence of the witness whose attestation is given opposite
	  	  
 I, (b)..................................................................

 
 of (c)
..................................................................
  

hereby testify that in my presence
 (i) this
Discharge of mortgage was signed
 by
..................................................................
 as
Individual/Director/Secretary/Officer/
 Attorney-in-fact (a)
 and ..................................................................
 as Individual/Director/Secretary/Officer/
 Attorney-in-fact (a)

 
 and
 (ii) the corporate seal/personal seal (a) of
 the mortgagee was affixed this ......... day
of ..................
  
  
 Signature of witness ................................................

	 (a) delete as appropriate, (b) insert name of witness, (c) insert address of witness

NOTE: The witness to the execution of the document must be a disinterested party, independent of the body corporate or individual executing it e.g. Notary
Public, Consular Officer, Magistrate, Justice of Peace. A director, officer or employee of a transferor which is a body corporate should not be an attesting witness.

 #11756382_v1 

{00136256-1 } 

 EXHIBIT K-2-2 
 Date: [                     ] 
 By 
 [Shipowner], 

as Shipowner 
 And

 WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 as Pari Passu Collateral Agent and Mortgagee 
  

 
 DEED OF COVENANTS

 over 
 “[ Vessel]” 
 Official Number
[                     ] 
  

 

 This DEED OF COVENANTS (this “Deed of Covenants”) is made this [    ]
day of [                ] by [Shipowner] (the “Shipowner”) with an address at:
[                                        ], to
WELLS FARGO BANK, NATIONAL ASSOCIATION, as (i) Noteholder Collateral Agent pursuant to the terms of the Existing Indenture (defined below) (in such capacity, the “Existing Noteholder Collateral Agent”), as (ii) Noteholder
Collateral Agent pursuant to the terms of the 2012 Indenture (defined below) (in such capacity, the “New Noteholder Collateral Agent”), as (iii) Collateral Agent under the Term Loan Agreement (defined below) (in such capacity,
the “Lender Collateral Agent”), and (iv) as Collateral Agent pursuant to the terms of the Credit Agreement (defined below) (in such capacity, the “Credit Agreement Collateral Agent”, and together with the
Existing Noteholder Collateral Agent, the New Noteholder Collateral Agent, and the Lender Collateral Agent, the “Pari Passu Collateral Agent”, together with its successors and assigns as such collateral agent under each of the
Existing Indenture, the 2012 Indenture, the Term Loan Agreement and the Credit Agreement, the “Mortgagee”) with an address at: 750 N. St. Paul Place, Suite 1750, MAC T9263-170, Dallas, Texas 75201. 

WHEREAS: 
 1.
The Shipowner is the sole, absolute and unencumbered, legal and beneficial owner of sixty-four sixty-fourth shares in the Bahamian flag vessel,
“[                    ]“with Official Number [            ], which is duly
documented in the name of the Shipowner under the laws and flag of The Commonwealth of the Bahamas, which vessel is further defined below and described on Schedule I attached hereto and made a part hereof. 

2. The Shipowner is party to the Existing Indenture pursuant to which the Issuer issued senior secured first lien notes due 2015 (the
“Existing Notes”) in the original aggregate principal amount of Two Billion Twenty Five Million United States Dollars (US$2,025,000,000) to the Initial Purchasers(as defined in the Existing Indenture). The form of the Existing Indenture is
annexed hereto as Exhibit A and made a part hereof. 
 3. The Shipowner is party to the 2012 Indenture pursuant to which the
Issuer has issued US$1,150,000,000 aggregate principal amount of 7.50% senior secured first lien notes due 2019 (the “2012 Notes”) to the Initial Purchasers (as defined in the 2012 Indenture). The form of the 2012 Indenture is annexed
hereto as Exhibit B and made a part hereof. 
 4. The Shipowner is party to the Term Loan Agreement pursuant to which the
lenders from time to time party thereto have advanced to the borrowers thereunder a term loan in the aggregate amount of Five Hundred Million United States Dollars (US$500,000,000). The form of the Term Loan Agreement is annexed hereto as Exhibit C
and made a part hereof. 
 5. The Shipowner is party to the Credit Agreement pursuant to which the lenders from time to time
party thereto have made a commitment to provide advances from time to time to the borrowers thereunder in an aggregate amount of up to Twenty Five Million United States Dollars (US$25,000,000). The form of the Credit Agreement is annexed hereto as
Exhibit D and made a part hereof. 
 6. The Shipowner has executed its (w) Note Guarantee (as defined in the Existing
Indenture) (the “Existing Note Guarantee”), (x) Note Guarantee (as defined in the 2012 

 
Indenture) (the “2012 Note Guarantee”), (y) guarantee contained in the Term Loan Agreement (the “Loan Guarantee”) and (z) guarantee contained in the Credit Agreement
(the “Credit Agreement Guarantee”; and, together with the Existing Note Guarantee, the 2012 Note Guarantee and the Loan Guarantee, the “Guarantees”) whereby it has guaranteed the obligations of the Issuer under the Existing
Indenture and the 2012 Indenture respectively, the Credit Parties (including the Issuer) as defined in and party to the Term Loan Agreement, and the Loan Parties (including the Issuer) as defined in and party to the Credit Agreement. The Shipowner
will receive substantial, direct and indirect, benefits through the extension of the loans under the terms of the Credit Facilities and related documents; and in consideration of such benefit and other good and valuable consideration and to secure
its obligations under the Guarantees, the receipt and sufficiency of which are hereby acknowledged, the Shipowner has executed this Deed of Covenants and that certain statutory mortgage, dated
[                    ] constituting a first priority mortgage of sixty four sixty fourth shares in the Vessel (the “Mortgage”). The
form of the Existing Note Guarantee is part of Exhibit A and made a part hereof. The form of the 2012 Note Guarantee is part of Exhibit B and made a part hereof. The Loan Guarantee is contained within Exhibit C and made a part hereof. The Credit
Agreement Guarantee is contained within Exhibit D and made a part hereof. 
 7. In accordance with the terms of the
Intercreditor Agreement, the parties thereto have, inter alia, agreed to certain matters relating to this Deed of Covenants, the Existing Indenture, the 2012 Indenture, the Term Loan Agreement, and the Credit Agreement. The form of the Intercreditor
Agreement is annexed hereto as Exhibit E and made a part hereof. 
 8. This Deed of Covenants and the Mortgage secures the
Secured Obligations (including, without limitation, the costs, expenses and other amounts payable by Shipowner hereunder pursuant to Section 4.8 in connection with Mortgagee’s enforcing of its rights and remedies pursuant to this Deed of
Covenants and the Mortgage) and the Shipowner has duly authorized the execution and delivery of this Deed of Covenants and has authorized the execution, delivery and registration of the Mortgage in favor of the Mortgagee. 

9. The Existing Notes bear interest at the rate of 11 1/2% per annum, the 2012 Notes bear interest at the rate of 7.50% per annum; the amounts due under the Term Loan Agreement bear interest at the rate set forth in Section 2.08 of the Term Loan
Agreement; and the amounts due under the Credit Agreement bear interest at the rate set forth in Section 2.05 of the Credit Agreement. 
 NOW, THEREFORE, to secure the prompt payment of the Secured Obligations and the performance and observance of all agreements, covenants and provisions of the Shipowner contained in its Guarantees, the
Credit Facilities, this Deed of Covenants and the other Pari Passu Documents, the Shipowner has granted, conveyed, mortgaged, pledged, confirmed, assigned, transferred and set over, and by these presents does grant, convey, mortgage, pledge,
confirm, assign, transfer and set over unto the Mortgagee the Vessel; 
 TO HAVE AND TO HOLD all and singular the Vessel unto
the Mortgagee and its successors and permitted assigns, to its and its successors’ and permitted assigns’ own use, benefit and behoof forever, subject to the rights of the Shipowner therein as herein provided; 

  
 2 

 IT IS HEREBY COVENANTED, DECLARED AND AGREED that the Vessel is to be held subject to the
further covenants, conditions, provisions, terms and uses hereinafter set forth. 
 ARTICLE I 

DEFINITIONS 
 SECTION 1.1 For purposes of this Deed of Covenants, the following terms shall have the respective meanings given to them below. Capitalized terms used herein and not otherwise defined herein are used
herein as defined in, or by reference in, the Intercreditor Agreement. 
 The following terms shall have the following meanings:

 “Credit Agreement” means that certain Credit Agreement dated as of June 21, 2012, among the Issuer, as
borrower, the Parent, the guarantors from time to time party thereto (including the Shipowner), the lenders from time to time party thereto, and Royal Bank of Canada, as collateral agent, and any and all successors thereto in such capacity, as the
same has been and may hereafter be further amended, restated, supplemented, refinanced, replaced or otherwise modified from time to time. 
 “Credit Agreement Collateral Agreements” means any agreement, document or instrument pursuant to which a Lien is granted to secure any Credit Agreement Obligation or under which rights or
remedies with respect to any such Lien are governed, as the same may be amended, restated, modified, renewed, refunded, replaced or refinanced from time to time as permitted by the Pari Passu Documents. 

“Credit Agreement Documents” means the Credit Agreement, the Credit Agreement Collateral Agreements, and any agreement,
instrument or other document evidencing or governing any Credit Agreement Obligations. 
 “Credit Agreement Indemnified
Parties” means each of the Lenders, the Administrative Agent, and the Collateral Agent (as each such term is defined in the Credit Agreement). 
 “Credit Agreement Obligations” means all obligations of the Issuer, the Parent and the Guarantors (as defined in the Credit Agreement) under the Credit Agreement; any other Credit
Agreement Documents and any other related document or instrument executed and delivered pursuant to any of the foregoing. 

“Credit Agreement Secured Parties” has the meaning set forth in the Intercreditor Agreement. 

“Credit Facilities” means the Existing Indenture, the 2012 Indenture, the Term Loan Agreement and the Credit Agreement.

 “Environmental Law” means all former, current and future federal, state, local and foreign laws (including
common law), treaties, regulations, rules, ordinances, codes, decrees, 

  
 3 

 
judgments, directives, orders (including consent orders), and agreements in each case, relating to protection of the environment, natural resources, human health and safety or the presence,
Release of, or exposure to, Hazardous Materials, or the generation, manufacture, processing, distribution, use, treatment, storage, transport, recycling or handling of, or the arrangement for such activities with respect to, Hazardous Materials.

 “Existing Indenture” means that certain Indenture dated as of July 30, 2010, among the Issuer, the
guarantors from time to time party thereto, and Wells Fargo Bank, National Association, as trustee and noteholder collateral agent, and any and all successors thereto in either such capacity, as the same has been and may be further amended,
restated, supplemented, refinanced, replaced or otherwise modified from time to time. 
 “Existing Indenture Collateral
Agreements” means the Existing Note Guarantee and any agreement, document or instrument pursuant to which a Lien is granted to secure any Existing Note Obligations or under which rights or remedies with respect to any such Lien are
governed, as the same may be amended, restated, supplemented, refinanced, replaced or otherwise modified from time to time as permitted by the Existing Indenture. 
 “Existing Indenture Documents” means the Existing Indenture, the applicable Purchase Agreement(s), the Existing Indenture Collateral Agreements and any agreement, instrument or other
document evidencing or governing any Existing Note Obligations. 
 “Existing Indenture Indemnified Parties”
shall mean the Initial Purchasers (as defined in the Existing Indenture), the Mortgagee, as trustee and noteholder collateral agent and each Noteholder (as defined in the Existing Indenture). 

“Existing Indenture Secured Parties” means the Existing Noteholder Collateral Agent and the Noteholders (as defined in
the Existing Indenture). 
 “Existing Note Obligations” means all obligations of the Issuer, the Parent and the
other Guarantors (as defined in the Existing Indenture) under the Existing Indenture, the Existing Notes, the Existing Indenture Collateral Agreements and any other related document or instrument executed and delivered pursuant to any of the
foregoing. 
 “Governmental Authority” means the government of the United States of America or any other
nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government (including any supranational bodies such as the European Union or the European Central Bank). 
 “Hazardous Material” means (a) any petroleum products or byproducts and all other hydrocarbons, coal ash, radon gas, asbestos, urea formaldehyde foam insulation, polychlorinated
biphenyls and chlorofluorocarbons and (b) any chemical, material, substance or waste that is prohibited, limited or regulated by or pursuant to any Environmental Law. 

  
 4 

 “Indemnified Parties” means the Existing Indenture Indemnified Parties, the
2012 Indenture Indemnified Parties, the Term Loan Indemnified Parties the Credit Agreement Indemnified Parties, and the holders of the Other Pari Passu Obligations. 
 “Intercreditor Agreement” means that certain amended and restated intercreditor agreement, dated October 25, 2012 among (a) Wells Fargo Bank, National Association, as
(x) the pari passu collateral agent, the noteholder collateral agent and the trustee under the 2012 Indenture,(y) the term loan collateral agent, the collateral agent and trustee under the Existing Indenture and (z) the collateral agent
under the Credit Agreement, (b) Royal Bank of Canada, as agent under the Credit Agreement, (c) Citibank, N.A., as administrative agent under the Term Loan Agreement, and (d) acknowledged by the Issuer, Parent, and each of the other
guarantors party thereto, as the same has been and may be further amended, restated, supplemented or otherwise modified from time to time. 
 “Issuer” means Offshore Group Investment Limited, an exempted company incorporated with limited liability under the laws of the Cayman Islands. 

“Legal Requirement” means, as to any Person, any law, statute, ordinance, decree, award, requirement, order, writ,
judgment, injunction, rule, regulation (or official interpretation of any of the foregoing) of, and the terms of any license or permit issued by, any Governmental Authority which is binding on such Person. 

“Mortgage” means the statutory mortgage mentioned in recital (6) above. 

“Other Pari Passu Obligations” means other Indebtedness (as defined in the Intercreditor Agreement) of the Issuer or the
Restricted Subsidiaries (as defined in the 2012 Indenture) that is equally and ratably secured with the Pari Passu Obligations as permitted by the 2012 Indenture and is designated by the Issuer as an Other Pari Passu Obligation. 

“Parent” means Vantage Drilling Company, an exempted company incorporated with limited liability under the laws of the
Cayman Islands. 
 “Pari Passu Documents” means the Intercreditor Agreement, Existing Indenture Documents, the
2012 Indenture Documents, the Term Loan Documents, the Credit Agreement Documents and any other document or instrument evidencing or governing any Other Pari Passu Obligations. 

“Pari Passu Obligations” means (a) the Existing Note Obligations, (b) the 2012 Note Obligations, (c) the
Term Loan Obligations, (d) the Credit Agreement Obligations, (e) all Other Pari Passu Obligations and (f) all other obligations in respect of, or arising under, the Pari Passu Documents, including all fees and expenses of the
collateral agent payable with respect thereto and shall include all interest and fees, which but for the filing of a petition in bankruptcy with respect to the Issuer, the Parent or any other guarantor thereunder (in each case, including in its
capacity as a co-borrower thereunder), would have accrued on such obligations, whether or not a claim for such interest or fees is allowed in such proceeding. 

  
 5 

 “Permitted Liens” means Liens permitted from time to time under the
Existing Indenture, the 2012 Indenture, the Term Loan Agreement or the Credit Agreement. 
 “Post-Closing
Agreement” means that certain post-closing agreement, dated as of October 25, 2012, between Citigroup Global Markets Inc., as representative of the Initial Purchasers, and the Pari Passu Collateral Agent, and agreed to and accepted by,
inter alia, the Shipowner and the Parent. 
 “Purchase Agreements” means (a) that certain Purchase
Agreement dated as of July 26, 2010, among the Issuer and the initial guarantors party thereto, and agreed to and accepted by Jefferies & Company, Inc. and Deutsche Bank Securities Inc., as representatives of the Initial Purchasers (as
defined therein), executed in connection with the Existing Indenture, (b) that certain Purchase Agreement dated as of May 20, 2011, among the Issuer and the initial guarantors party thereto, and agreed to and accepted by
Jefferies & Company, Inc., as representative of the Initial Purchasers (as defined therein), executed in connection with the Existing Indenture, (c) that certain Purchase Agreement dated as of April 2, 2012, among the Issuer and
the initial guarantors party thereto, and agreed to and accepted by Jefferies & Company, Inc., as representative of the Initial Purchasers (as defined therein), executed in connection with the Existing Indenture, (d) that certain
Purchase Agreement dated as of October 16, 2012, among the Issuer and the initial guarantors party thereto, and agreed to and accepted by Citigroup Global Markets, Inc., as representative of the Initial Purchasers (as defined therein), executed
in connection with the 2012 Indenture, and (e) each other purchase agreement from time to time entered into by the Issuer and the guarantors from time to time party to the 2012 Indenture in connection with an issuance of additional Notes (as
defined in the 2012 Indenture) under the 2012 Indenture. 
 “Release” means any release, spill, emission,
leaking, dumping, injection, pouring, deposit, disposal, discharge, dispersal, leaching or migration into or through the environment or within or upon any building, structure, facility or fixture. 

“Secured Obligations” means collectively (a) the Pari Passu Obligations, (b) the Other Pari Passu Obligations,
and (c) the obligations under the Purchase Agreements of the Issuer and the guarantors party thereto. 
 “Secured
Parties” means (a) the Pari Passu Collateral Agent, (b) the Existing Indenture Secured Parties, (c) the 2012 Indenture Secured Parties, (d) the Term Loan Secured Parties, (e) the Credit Agreement Secured Parties,
and (f) the holders of Other Pari Passu Obligations. 
 “Term Loan Agreement” means that certain Term Loan
Agreement dated as of on or about the date hereof, among the Issuer, as co-borrower, the US Borrower (as defined therein), the guarantors from time to time party thereto, the lenders from time to time party thereto, Citibank, N.A., as administrative
agent, and Wells Fargo Bank, National Association, as collateral agent, as the same has been and may hereafter be further amended, restated, supplemented, refinanced, replaced or otherwise modified from time to time as permitted by the Pari Passu
Documents. 

  
 6 

 “Term Loan Collateral Agreements” means any agreement, document or
instrument pursuant to which a guarantee is given or a Lien is granted to secure any Term Loan Obligations or under which rights or remedies with respect to any such Lien are governed, as the same may be amended, restated, modified, renewed,
refunded, replaced or refinanced from time to time as permitted by the Pari Passu Documents. 
 “Term Loan
Documents” means the Term Loan Agreement, the Term Loan Collateral Agreements and any agreement, instrument or other document evidencing or governing any Term Loan Obligations. 

“Term Loan Indemnified Parties” shall mean each of the Lenders (as defined in the Term Loan Agreement) and the Mortgagee
as collateral agent. 
 “Term Loan Obligations” means the “Obligations” (as defined in the Term Loan
Agreement) of the Issuer, the US Borrower (as defined in the Term Loan Agreement) and the guarantors from time to time party to the Term Loan Agreement and any other related document or instrument executed and delivered pursuant thereto, in each
case incurred pursuant to the Term Loan Agreement and any other related document or instrument executed and delivered pursuant thereto. 
 “Term Loan Secured Parties” has the meaning set forth in the Intercreditor Agreement. 
 “2012 Indenture” means that certain Indenture dated as of the date hereof, among the Issuer, the guarantors from time to time party thereto, and Wells Fargo Bank, National Association, as
trustee and noteholder collateral agent, and any and all successors thereto in either such capacity, as the same has been and may be further amended, restated, supplemented, refinanced, replaced or otherwise modified from time to time. 

“2012 Indenture Collateral Agreements” means the 2012 Note Guarantee and any agreement, document or instrument pursuant
to which a Lien is granted to secure any 2012 Note Obligations or under which rights or remedies with respect to any such Lien are governed, as the same may be amended, restated, modified, renewed, refunded, replaced, or refinanced from time to time
as permitted by the Pari Passu Documents. 
 “2012 Indenture Documents” means the 2012 Indenture, the 2012
Notes, the applicable Purchase Agreements, the 2012 Indenture Collateral Agreements, the Post-Closing Agreement, and any agreement, instrument or other document evidencing or governing any 2012 Note Obligations. 

“2012 Indenture Indemnified Parties” shall mean the Initial Purchasers (as defined in the 2012 Indenture), the New
Noteholder Collateral Agent, and each Noteholder (as defined in the 2012 Indenture). 
 “2012 Indenture Secured
Parties” means the New Noteholder Collateral Agent and the Noteholders (as defined in the 2012 Indenture). 

  
 7 

 “2012 Note Obligations” means all obligations under the 2012 Indenture of
the Issuer, the Parent and the other Guarantors (as defined in the 2012 Indenture) under the 2012 Indenture Documents and the other “obligations” under, and as defined in, the 2012 Indenture, including, but not limited to, all indebtedness
evidenced by any and all Notes (as defined in the 2012 Indenture) now or hereafter issued thereunder, including any series of Notes that may hereafter from time to time be issued as permitted under the 2012 Indenture. 

“Vessel” means the vessel
“[                    ]” registered under the Bahamas flag at the port of Nassau under Official Number
[                    ] and includes any share or interest of every kind which the Shipowner now or at any later time has to, in or in connection with
that vessel together with all of the boilers, engines, generators, drilling machinery and equipment, pumps and pumping equipment, machinery, masts, spars, sails, boats, anchors, cables, chains, rigging, tackle, outfit, apparel, furniture, fittings,
equipment, spares, fuel, stores and all other appurtenances thereunto appertaining or belonging, and also any and all additions, improvements and replacements hereafter made in or to such vessel, or any part thereof, or in or to her equipment and
appurtenances aforesaid. 
 ARTICLE II 
 COVENANTS OF THE SHIPOWNER 
 The Shipowner covenants and agrees with the
Mortgagee as follows: 
 SECTION 2.1 The Shipowner acknowledges it is justly indebted in accordance with the terms of the
Credit Facilities, the Existing Notes, the 2012 Notes, the Pari Passu Documents and its Guarantees. The Shipowner will pay when due all Secured Obligations from time to time payable by the Shipowner under its Credit Facilities, the Existing Notes,
the 2012 Notes, the Pari Passu Documents and its Guarantees and will observe, perform and comply with the covenants, terms and conditions herein and, as applicable, in its Credit Facilities, the Existing Notes, the 2012 Notes, the Pari Passu
Documents and its Guarantees, on its part to be observed, performed or complied with. The formula for the calculation of interest on the amounts due under the Credit Facilities, the Existing Notes, and the 2012 Notes, and the terms of their payment
together with the terms of the repayment of the principal of the Credit Facilities, the Existing Notes, and the 2012 Notes secured by the Mortgage and this Deed of Covenants are provided in the Existing Indenture, the 2012 Indenture, the Term Loan
Agreement and the Credit Agreement, as applicable. 
 SECTION 2.2 The Shipowner is and shall remain duly qualified to own,
document and operate the Vessel under the applicable laws and regulations of The Commonwealth of the Bahamas. The Vessel is duly documented in the name of the Shipowner as owner under the laws of The Commonwealth of the Bahamas with the Official
Number set forth in Whereas Clause 1 hereof. 
 SECTION 2.3 The Shipowner lawfully owns and is lawfully possessed of
the Vessel free from any Lien, charge or encumbrance whatsoever (except for the Mortgage, this Deed of Covenants and Permitted Liens), and will warrant and defend the title and possession thereto and to every part thereof for the benefit of the
Mortgagee against the claims and demands of all persons whomsoever. 

  
 8 

 SECTION 2.4 The Shipowner has caused the Mortgage to be duly recorded with the Bahamian
Register of Ships at the Bahamas Maritime Authority in London and will otherwise comply with and satisfy, or cause to be complied with and satisfied, all of the provisions of applicable laws of The Commonwealth of the Bahamas in order to establish,
perfect and maintain the Mortgage as a valid, enforceable and duly perfected first priority statutory mortgage thereunder upon the Vessel and upon all renewals, replacements and improvements made in or to the same for the amount of the Secured
Obligations. 
 SECTION 2.5 (a) The Shipowner will not (i) cause or permit the Vessel to be operated in any manner
contrary to law, (ii) engage in any unlawful trade or violate any law, (iii) carry any cargo that will expose the Vessel to penalty, confiscation, forfeiture, capture or condemnation, or (iv) do, or suffer or permit to be done,
anything which can or may injuriously affect the registration or enrollment of the Vessel under the laws and regulations of The Commonwealth of the Bahamas. The Shipowner will at all times keep the Vessel duly documented as a Bahamian flag vessel
under all of the provisions and requirements of The Commonwealth of the Bahamas, eligible for the trade of The Commonwealth of the Bahamas in which it is engaged from time to time. 

(b) All technical and commercial management of the Vessel shall be performed by the Shipowner or by any Guarantor that is a party to any
drilling contract or any bareboat charter or other such charters respecting the Vessel (each such Guarantor being referred to herein as an “Internal Charterer”). 

SECTION 2.6 Neither the Shipowner, any charterer, the master of the Vessel nor any other person has or shall have any right, power
or authority to create, incur or permit to be placed or imposed or continued upon the Vessel any Lien whatsoever other than the Mortgage, this Deed of Covenants and other Permitted Liens. 

SECTION 2.7 The Shipowner will place, and at all times and places will retain, a properly certified copy of the Mortgage and this
Deed of Covenants on board the Vessel with her papers and will cause such certified copy and such Vessel’s marine document to be exhibited to any and all persons having business therewith which might give rise to any Lien thereon other than
Permitted Liens, and to any representative of the Mortgagee; and the Shipowner will place and keep prominently displayed in the chart room and in the master’s cabin of the Vessel, or in the case of a rig, in a prominent place aboard the rig, or
in such location as the rig’s papers are kept, a framed printed notice in plain type reading as follows: 
 “NOTICE OF
MORTGAGE 
 This Vessel is subject to a First Priority Ship Mortgage to Wells Fargo Bank, National Association, as the
Mortgagee. Under the terms of said Mortgage, neither the Shipowner, any charterer, the master of this Vessel nor any other person has any right, power or authority to create, incur or permit to be imposed upon this Vessel any Lien whatsoever other
than, this Mortgage and Permitted Liens (as defined in the Mortgage).” 

  
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 SECTION 2.8 Except for the Mortgage, this Deed of Covenants and the other Permitted
Liens, the Shipowner will not suffer to be continued any Lien, encumbrance or charge on the Vessel. 
 SECTION 2.9 (a) If a
libel or complaint be filed against the Vessel or the Vessel be otherwise attached, arrested, levied upon or taken into custody by any Governmental Authority or any person that purports to be acting on behalf of a Governmental Authority for any
cause whatsoever, the Shipowner will promptly notify the Mortgagee, and within 15 days will cause such Vessel to be released and all Liens thereon other than the Mortgage, this Deed of Covenants and other Permitted Liens to be discharged (except to
the extent that the claim giving rise to such lien shall concurrently be contested by the Shipowner in good faith by appropriate proceedings that shall not affect the release of such Vessel) and will promptly notify the Mortgagee thereof in the
manner aforesaid. 
 (b) If the Shipowner shall fail or neglect to furnish proper security or otherwise to release such Vessel
from libel, arrest, levy, seizure or attachment within the time period required by Section 2.9(a) above, the Mortgagee or any person acting on behalf of the Mortgagee may furnish security to release such Vessel and by so doing shall not
be deemed to cure the default of the Shipowner unless and until the Shipowner shall have reimbursed the Mortgagee from all costs and expenses (including reasonable attorney’s fees) incurred by the Mortgagee or such third party acting at the
direction of the Mortgagee in procuring such release, including for any security so furnished. 
 SECTION 2.10 (a) Except
while such Vessel is undergoing repairs, maintenance or is in lay up, the Shipowner will at all times and without cost or expense to the Mortgagee maintain and preserve, or cause to be maintained and preserved, the Vessel (i) in good running
order and repair so that the Vessel shall be tight, staunch, strong and well and sufficiently tackled, apparelled, furnished, equipped and in every respect seaworthy and (ii) in at least as good a working order and condition as when this Deed
of Covenants was executed, ordinary wear and tear excepted; and will keep the Vessel, or cause her to be kept, in such condition as will entitle her to such classification rating with the American Bureau of Shipping or other classification society
that is a member of the International Association of Classification Societies (each, a “Classification Society”) that companies engaged in the operation of vessels of the same type, size, age and flag as the Vessel maintain
respecting their vessels with such Classification Society. Notwithstanding the foregoing, if the Vessel is affected by any loss or damage or any condemnation or taking of such Vessel or a portion or component thereof, the Shipowner shall make all
necessary repairs and replacements to the Vessel, except where the failure to do so could not reasonably be expected to materially change the value or usefulness of the Vessel. The Shipowner will furnish the Mortgagee on the date hereof and annually
thereafter a certificate issued by such Classification Society evidencing that such classification is maintained. The Shipowner will not change the Classification Society. 
 (b) The Mortgagee shall have the right at any time, on reasonable notice, to inspect or survey the Vessel to ascertain its condition and to satisfy itself that the Vessel is being properly repaired and
maintained, and the Shipowner shall cause to be made all such repairs, without expense to the Mortgagee, as such inspection or survey may show to be required to maintain the classification of the Vessel required under this Section 2.10. The
Shipowner shall also permit the 

  
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Mortgagee to inspect the Vessel’s logs, whenever requested, on reasonable notice, and shall promptly furnish the Mortgagee with full information regarding any casualties or other accidents
or damage to the Vessel involving an amount in excess of $1,000,000. 
 SECTION 2.11 (a) The Vessel shall, and the
Shipowner covenants that it will, at all times comply with all applicable laws, rules and regulations, and the Vessel shall have on board as and when required thereby certificates showing compliance therewith. 

(b) The Shipowner will not make, or permit to be made, any change in the structure or type of the Vessel or change in the rig of the
Vessel, if any such change could reasonably be expected to materially and adversely affect the value of the Vessel. 
 (c) The
Shipowner may, in the ordinary course of maintenance, repair or overhaul of the Vessel, remove any item of property constituting a part of such Vessel, provided such item of property is replaced to the extent necessary to maintain such Vessel in the
condition required herein. Any such replacement item of property shall, without necessity of further act hereunder, become part of such Vessel and subject to the Mortgage and this Deed of Covenants. 

(d) The Shipowner agrees to give the Mortgagee at least ten (10) days prior written notice (or notice of such shorter period as the
Mortgagee may agree) of the actual date and place of any scheduled drydocking or survey and three (3) days notice (or notice of such shorter period as the Mortgagee may agree) of the actual date and place of any unscheduled drydocking or survey
in order that the Mortgagee may have representatives present if desired. The Shipowner agrees that it will provide evidence to the Mortgagee that the expense of such drydocking or survey or work to be done thereat is within the Shipowner’s
financial ability and will not result in a claim or Lien (other than Permitted Liens) against the Vessel in violation of the provisions of this Deed of Covenants. 
 SECTION 2.12 The Shipowner will at all reasonable times afford the Mortgagee or its authorized representatives full and complete access to the Vessel for the purpose of inspecting the Vessel and its
cargo and papers and, at the request of the Mortgagee, the Shipowner will deliver for inspection copies of all material contracts and documents relating to the Vessel, whether on board or not. 

SECTION 2.13 The Shipowner will remain the registered owner of the Vessel. Without giving at least 60 days’ prior written
notice thereof to the Mortgagee, the Shipowner will not change the name, official or patent number, the home port or class of the Vessel. The Shipowner will not change the flag of the Vessel. 

SECTION 2.14 The Shipowner will not sell, mortgage or transfer the Vessel except in accordance with the applicable provisions of the
Pari Passu Documents. The Shipowner will not charter the Vessel on a demise or bareboat basis to any Person who is not an Internal Charterer; (except pursuant to a Permitted Third Party Charter (as defined in the 2012 Indenture and the Term Loan
Agreement)) provided, that to the extent the Shipowner so demises or bareboat charters the Vessel to an Internal Charterer pursuant to an Internal Charter, it will: (a) cause such Internal Charterer to become a Guarantor and to execute the Pari
Passu Documents required to be executed by Guarantors in accordance with the terms of the Credit Facilities, and 

  
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(b) cause the Internal Charterer to execute and deliver an Assignment of Earnings in favor of the Mortgagee respecting any earnings of the Vessel payable to the Internal Charterer. The Shipowner
will cause all freights, hires or other earnings of the Vessel payable to it or to any Internal Charterer to be paid to an Earnings Account in accordance with the terms of the Assignment of Earnings respecting the Vessel given by the Shipowner. Any
Assignment of Earnings shall be in the form attached hereto as Exhibit F. 
 SECTION 2.15 The Shipowner agrees that, if the
Shipowner fails to perform covenants or obligations under this Deed of Covenants, including, without limitation, its obligations with respect to insurance, the discharging of Liens, taxes, dues, assessments, governmental charges, fines, penalties
lawfully imposed, repairs, reasonable attorneys’ fees, and other obligations that are not Permitted Liens, during the existence of an Event of Default, the Mortgagee may, but shall not be obligated to, perform the Shipowner’s obligations
under this Deed of Covenants, and any reasonable expenses incurred by the Mortgagee in performing the Shipowner’s obligations shall be paid by the Shipowner within 10 Business Days of demand. Any such performance by the Mortgagee may be made by
the Mortgagee in reasonable reliance on any statement, invoice or claim, without inquiry into the validity or accuracy thereof. The amount and nature of any expense of the Mortgagee hereunder shall be conclusively established by a certificate of any
officer of the Mortgagee absent manifest error, and such amount shall be included in the Secured Obligations, secured by the Mortgage and this Deed of Covenants. 
 SECTION 2.16 The Shipowner will fully perform, and cause any Internal Charterer or charterer under a Permitted Third Party Charter, respectively, to fully perform, (a) any Internal Charter of
the Vessel between the Shipowner and the Internal Charterer (b) any Permitted Third Party Charter, and (c) all drilling or other contracts which may be entered into with respect to the Vessel. 

SECTION 2.17 In the event that at any time and from time to time this Deed of Covenants or any provisions hereof shall be deemed
invalidated in whole or in part by reason of any present or future law or any decision of any Governmental Authority, then the Shipowner, forthwith will execute such other and further assurances and documents as are reasonably necessary to
accomplish the purposes of this Deed of Covenants. 
 SECTION 2.18 In the event of the requisition of the Vessel by any
Governmental Authority or by anyone else, in each case provided such action does not constitute a Total Loss (as hereinafter defined), the Shipowner will give prompt written notice thereof to the Mortgagee, and any payments in respect thereof shall
be paid to the Shipowner, and the Shipowner shall cause any such payment to be applied to the Secured Obligations to the extent required, and in accordance with, the terms of the Intercreditor Agreement. 

SECTION 2.19 (a) The Shipowner will at all times and at its own cost and expense (and the Shipowner represents and warrants that all
insurance carried and maintained in respect of the Vessel meets, and as long as the Mortgage is effective will continue to meet, the standards set forth in Section 2.19(a)(i) below): 

(i) cause to be carried and maintained in respect of the Vessel insurance payable in United States Dollars in amounts (and
with co-insurance and deductibles), 

  
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against all risks (including, without limitation, marine hull and machinery (including excess value) insurance, protection and indemnity insurance, drilling, towage, confiscation, expropriation,
loss of hire, war and terrorist risks, liability arising out of pollution and the spillage or leakage of cargo and cargo liability insurance (with named windstorm coverage exclusions in the Gulf of Mexico unless the Insurance Advisor advises that
such named windstorm coverage is available in the Gulf of Mexico on a commercially reasonable basis and is customary with respect to the operation in the drilling industry of any vessel similar to the Vessel in the Gulf of Mexico) and in forms which
are substantially equivalent to the coverage reflecting the customary and prudent practice of other responsible and experienced Persons of similar size and established reputation engaged in the same or similar operation of vessels similar to the
Vessel and placed through brokers and with financially sound and reputable insurance companies, underwriters, funds, mutual insurance associations, war risks and protection and indemnity risk associations or clubs of recognized standing; 

(ii) renew all such insurances as they expire and so as to ensure that there is no gap in coverage, keep the Mortgagee
advised of the progress of such renewals, and provide evidence of such renewal in writing to the Mortgagee within seven days of renewal; 
 (iii) punctually pay all premiums, calls, contributions or other sums payable in respect of the insurances and produce all relevant receipts when so required by the Mortgagee, and all insurances shall
provide that there shall be no recourse against the Mortgagee for unpaid premiums, club calls, assessments or advances; 
 (iv) cause each insurance company, underwriter, club or fund (or an authorized agent thereof) to agree in writing to mark their records and to advise the Mortgagee at least seven (7) days prior to
the lapse of each policy or contract issued by such insurance company, underwriter, club or fund by expiration, termination, failure to renew or otherwise for any reason whatsoever and of any default in payment of any premium in respect of any
insurances with respect to the Vessel. The Mortgagee shall not be deemed to have knowledge of any such lapse of insurance in the absence of receipt of notice from such brokers. If such insurances are not maintained in full force and effect, then the
Mortgagee, at its option, may procure such insurance at the Shipowner’s expense; 
 (v) deliver to the
Mortgagee copies of all cover notes, binders, policies and certificates of entry in protection and indemnity associations, and all endorsements and riders amendatory thereof, in respect of the insurances maintained in connection with the Vessel;

 (vi) cause the insurances to provide for a deductible amount not in excess of $5,000,000 per occurrence;

 (vii) provide to the Mortgagee promptly after receiving them copies of any communications relating to
(A) non-payment of premiums and cancellation of the insurances; and (B) the imposition of any exclusion or qualification or other material modification of the insurances; and 

(viii) do all things necessary and provide all documents, evidence and information within its power which may be necessary
to enable the Mortgagee to collect or recover any moneys which may at any time become due in respect of the insurances. 

  
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 (b) As long as either the Existing Indenture or the 2012 Indenture remains in effect and has
not been terminated, the Mortgagee shall retain Willis Limited (or other independent insurance advisor of reputable standing nominated by the Issuer and acceptable to the Mortgagee) as Insurance Advisor (the “Insurance Advisor”) who will
from to time at the request of the Mortgagee advise whether the Shipowner’s insurances meet the requirements of this Deed of Covenants or what additional or other insurances may be advisable from time to time to protect the interests of the
Mortgagee in the Vessel, and the Mortgagee shall be entitled to rely without further inquiry or determination and shall be fully protected in so relying on such Insurance Advisor’s advice. All fees and expenses of the Insurance Advisor shall be
paid by the Shipowner. The Shipowner covenants and agrees that neither it nor any affiliate of it will place any insurances required to be maintained by it under this Deed of Covenants through the Insurance Advisor. 

(c) The insurances shall include the following terms and conditions: 

(i) while being operated, the Vessel shall always be covered against marine perils and all risks of loss or damage,
including loss, damage, fire and such other perils as are customary in the industry, in accordance with English, American or Norwegian hull clauses with reasonable deductibles as determined by the Shipowner but in no event in excess of $5,000,000.
When and while the Vessel is laid up, in lieu of the aforesaid hull insurance, port risk insurance may be taken out thereon by the Shipowner under forms of policies recommended by the Insurance Advisor in its reasonable discretion for the Vessel;

 (ii) for the purposes of insurance against Total Loss (as defined herein), the Vessel and its equipment and
appurtenances shall be insured for and valued (for the avoidance of doubt being an agreed/assessed value as between the assured and the insurers) in forms which are substantially equivalent to the coverage reflecting the customary and prudent
practice of other responsible and experienced Persons of similar size and established reputation engaged in the same or similar operation of vessels similar to the Vessel; 

(iii) the Vessel shall be covered against war and terrorist risks (including risks, whether or not regarded as war risks,
excluded by the “Free of Capture and Seizure” clauses in the standard form of marine policy) in accordance with English, American or Norwegian clauses and incorporating protection and indemnity clause and with crew war risk insurance being
effected separately, and the Vessel shall be covered for “strikes, riots and civil commotion” risk. Such risks may, at the option of the Shipowner, be insured by entering the Vessel in a reputable war risk association or club against all
risks covered under the rules of such association or club and with reasonable deductibles provided therein; 

  
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 (iv) the Vessel shall also be insured against protection and indemnity risks
and liabilities, including, without limitation, the Vessel’s full tonnage and insurance against liability for pollution or the spillage or leakage of oil or other cargo by the Vessel, unless such risk is fully covered by the entry of the Vessel
into an international group protection and indemnity association, in an aggregate amount equal to the greater of (x) the highest amount of such coverage available from time to time, or (y) at least $500,000,000 and by the entry of the
Vessel in a protection and indemnity association or club belonging to the International Group of Protection and Indemnity Clubs (the “International Group”), but in any event shall be in an amount recommended by the Insurance Advisor in its
reasonable discretion; 
 (v) if any of the insurances referred to in this Section 2.19 form part of
a fleet cover, the Shipowner shall procure that the brokers shall undertake to the Mortgagee that such brokers shall neither set off against any claims in respect of the Vessel any premiums due in respect of other vessels under such fleet cover or
any premiums due for other insurances, nor cancel the insurance for reason of non-payment of premiums for other vessels under such fleet cover or of premiums for such other insurances, and shall undertake to issue a separate policy or policies in
respect of the Vessel if and when so requested by the Mortgagee; and 
 (vi) if the Mortgagee determines solely
based upon the advice of the Insurance Advisor that the insurances do not reasonably protect the interests of the Mortgagee to the Vessel, it will consult with the Shipowner and the Insurance Advisor in order to agree to any changes to the
insurances that may be appropriate to protect the interest of the Mortgagee in relation to the Vessel, provided that if the Mortgagee and the Shipowner are unable to agree upon which changes may be appropriate, the Shipowner will comply with any
further requirements relating to insurance recommended by the Insurance Advisor. 
 (vii) The amount, types of
coverage, the insurance provider(s) and all other issues related to the insurance required by this Section 2.19 shall be those reasonably determined by the Insurance Advisor and recommended to the Mortgagee in writing. The Mortgagee shall have
no duty or obligation to investigate or otherwise inquire into the recommendations made by the Insurance Advisor in connection with obtaining such insurance. 
 (d) At the Shipowner’s expense, the Mortgagee will obtain, for and on behalf of the Mortgagee and the Secured Parties, mortgagee’s interest insurance, mortgagee’s additional perils
(pollution) insurance, and, when applicable, mortgagee’s rights insurance or similar coverage, and providing coverage which shall be in the maximum amounts obtainable under the hull policies or, if less, 110% of outstanding principal amount of
the Credit Facilities set forth in Section 2.19(c)(ii). 
 (e) In the case of all marine and war risk hull and machinery
policies and all protection and indemnity insurances (including insurance against liability for pollution or the spillage or leakage of cargo), the Shipowner will cause the Mortgagee to be named an additional insured without liability for premiums
or calls payable under the insurances. 

  
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 (f) The Shipowner will cause all policies and certificates of entry with respect to
insurance required hereby for the Vessel to contain a loss payable clause which shall be on substantially the terms set forth in Schedule I attached to the Assignment of Insurances (or, if such terms are not obtainable, then such terms as shall, in
the opinion of the Insurance Advisor be the best otherwise attainable), in the case of all marine and war risk hull and machinery (including excess values) policies and all protection and indemnity and liability and oil pollution liability
insurance, and which shall: (A) in the case of protection and indemnity insurance, provide for payment to the Shipowner or its order unless the payment is to indemnify the Mortgagee from or reimburse the Mortgagee for any loss, damage or
expense incurred by it or unless and until the insurers or associations receive notice from the Mortgagee that an Event of Default shall have occurred and be continuing under this Deed of Covenants, in which event all payments shall be made to the
Mortgagee, provided, that the insurer may in all events make payments directly to third parties to whom liability has been established in discharge of guaranties issued by the insurer or claims against the Shipowner or insurer, and (B) in the
case of all other insurance, provide for payment in accordance with the terms of Subsection (h) of this Section 2.19. 
 (g) In addition, the Shipowner will, at its cost and expense, (a) assign to the Mortgagee, and will cause all Internal Charterers to assign to the Mortgagee, by an Assignment of Insurances, all of
the Shipowner’s and, as applicable, Internal Charterers’ right, title and interest in and to each policy and contract of insurance (including all entries in protection and indemnity or war risk associations) with respect to the insurance
required hereby and furnish, or cause its brokers to furnish, written notice of such assignment to all insurers, underwriters, clubs and associations with respect to such insurance, and (b) cause the insurance brokers and club managers to hold
to the order of the Mortgagee the originals of all policies, contracts, binders, insurance slips, cover notes and certificates of entry relating to the Vessel and to deliver certified copies thereof to the Mortgagee and to execute and deliver to the
Mortgagee a letter of undertaking in connection with the above mentioned insurances and entries. 
 (h) The proceeds of any
insurances or entries referred to in this Section 2.19 shall be applied as follows: 
 (i) Until the
occurrence and continuance of an Event of Default: 
 (A) any claim under any such insurance (other than in
respect of a Total Loss), whether such claim is under the terms of the relevant loss payable clause payable directly to the Shipowner or not, shall be applied by the Shipowner in making good the loss or damage in respect of which it has been paid or
paid to the Shipowner in reimbursement of moneys expended by it for such purpose, except that any loss in excess of $15,000,000 shall be paid to the Mortgagee and held by the Mortgagee, provided that the Mortgagee shall pay out of such insurance
proceeds costs and expenses in connection with the Shipowner’s repair of the Vessel so that the Vessel is restored to the condition required by this Deed of Covenants. Such proceeds shall be paid by the Mortgagee in the amounts and to the
persons certified from time to time by the Shipowner in one or more Officer’s Certificates delivered to the Mortgagee as properly payable in connection with the repair of the Vessel; and 

(B) any claim in respect of protection and indemnity insurance shall be paid directly to the person, firm or company to
which the liability covered by such insurance was incurred or to the Shipowner in reimbursement of moneys expended by it in satisfaction of such liability. 

  
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 (ii) Upon the occurrence and continuance of an Event of Default, any claim
under any such insurance and entry (other than in respect of a Total Loss) shall be paid to the Mortgagee. The Mortgagee agrees to apply any such amount received in accordance with the terms of the Intercreditor Agreement. 

(iii) Whether or not an Event of Default shall have occurred, any claim under any such insurance and entry in respect of a
Total Loss shall be paid to the Mortgagee. The Mortgagee agrees to deliver such proceeds to the Pari Passu Collateral Agent for application of such proceeds to the Secured Obligations in accordance with the Intercreditor Agreement. Upon the
occurrence and continuance of an Event of Default, the Mortgagee shall have the right, but not the obligation, to negotiate any claim in respect of a Total Loss. 

(iv) For purposes of this Deed of Covenants, “Total Loss” means any of the following events respecting
the Vessel: (a) the actual, constructive, arranged, agreed, or compromised total loss of the Vessel; (b) the loss, theft or destruction of the Vessel or damage thereto to such extent as shall make repair thereof uneconomical or shall
render the Vessel permanently unfit for normal use for any reason whatsoever; (c) the requisition for title or other compulsory acquisition or forfeiture of the Vessel otherwise than by requisition for hire; or (d) the capture,
condemnation, seizure, arrest, detention or confiscation of the Vessel by any Governmental Authority or by Persons acting or purporting to act on behalf of any Governmental Authority unless such Vessel be released from such capture, seizure, arrest,
detention or confiscation within one (1) month after the occurrence thereof. 
 Any loss covered by this paragraph (h) which is paid
to the Mortgagee but which might have been paid, in accordance with the provisions of this Subsection, directly to the Shipowner or others, shall be paid by the Mortgagee to or as directed by the Shipowner. The Mortgagee agrees that all payments to
the Mortgagee of losses covered by this Subsection shall be applied by the Mortgagee in accordance with the terms of the Intercreditor Agreement, as applicable. 
 (i) In the event that any claim or Lien is asserted against the Vessel for loss, damage or expense which is covered by insurance required hereunder (other than in the event of a Total Loss of the Vessel),
and it is necessary for the Shipowner to obtain a bond or supply other security to prevent arrest of the Vessel or to release the Vessel from arrest on account of such claim or Lien, the Mortgagee, on request of the Shipowner or its agent, shall, so
long as no Event of Default shall have occurred and be continuing, assign to any person, firm or corporation executing a surety or guaranty bond or other agreement to save or release the Vessel from such arrest, all right, title and interest of the
Mortgagee in and to said insurance (excluding any protection and indemnity insurance under which the Mortgagee is a named insured) covering said loss, damage or expense, as collateral security to indemnify against liability under said bond or other
agreement, which assignment shall be made in such form as the Shipowner shall instruct the Mortgagee. 

  
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 (j) The Shipowner will cause each insurance company, underwriter, club or fund (or an
authorized agent thereof) with respect to all insurance required hereby to agree in writing for the benefit of the Mortgagee that each policy or contract issued by such insurance company, underwriter, club or fund shall not lapse, expire, terminate
or be cancelled for any reason whatsoever without at least seven (7) days’ prior facsimile notice to the Mortgagee addressed as provided in Section 4.10. 
 (k) The Shipowner agrees that it will not do or permit or willingly allow to be done any act by which any insurance or entry required by this Section 2.19 may be suspended, impaired or cancelled, and
that it will not permit or allow the Vessel to undertake any voyage, or perform any drilling contract, or run any risk or transport any cargo which may not be permitted by the policies in force, without having previously insured the Vessel by
additional coverage to extend to such voyages, risks or cargoes. The Shipowner agrees to give the Mortgagee prompt notice of the proposed location of the Vessel in the Gulf of Mexico, and confirm to the Mortgagee that the insurance coverage meets
the requirements of this Deed of Covenants. While the Vessel is located in the Gulf of Mexico, the insurances may contain named windstorm coverage exclusions in the Gulf of Mexico unless the Insurance Advisor advises that such named windstorm
coverage is available in the Gulf of Mexico on a commercially reasonable basis and is customary with respect to the operation in the drilling industry of any vessel similar to the Vessel in the Gulf of Mexico. 

(l) The Shipowner will not cause or permit the Vessel to operate in or undertake a voyage to or to sail in any area which has been
declared a war area by the relevant underwriters and insurance companies and has been included in the list of exclusions from time to time in effect attached to the war risks insurance policies in the form of the war risks trading warranties,
without first notifying thereof the Mortgagee and the war risks underwriters of the Vessel and paying any additional insurance premiums required. The Shipowner agrees that it will promptly furnish to the Mortgagee evidence of payment of such
additional premiums. 
 (m) The Shipowner will comply with and satisfy in all material respects all of the provisions of any
applicable law, convention, regulation, proclamation or order concerning financial responsibility for liabilities imposed on the Shipowner or the Vessel with respect to pollution by any state or nation or political subdivision thereof and will
maintain all certificates or other evidence of financial responsibility as may be required by any such law, convention, regulation, proclamation or order with respect to the trade which the Vessel is from time to time engaged in and the cargo
carried by it. 

  
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 (n) Any insurance placed through a “captive” insurer, or an unrated local insurer
through which all or a part of the insurance is required to be placed under the local laws of the jurisdiction in which the Vessel may be located from time to time, or cover reinsured will be in form and substance recommended by the Insurance
Advisor in its reasonable discretion and in any event such insurance will: 
 (i) be on the same terms as the
original insurances and will include the provisions of this Section 2.19 (including but not limited to an assignment of such insurances or reinsurances to the Mortgagee as set forth in Section 2.19(g) of this Mortgage); 

(ii) provide that notwithstanding any bankruptcy, insolvency, liquidation, dissolution or similar proceedings of or
affecting the reinsured that the reinsurers’ liability will be to make such payments as would have fallen due under the relevant policy of reinsurance if the reinsured had (immediately before such bankruptcy, insolvency, liquidation,
dissolution or similar proceedings) discharged its obligations in full under the original insurance policies in respect of which the then relevant policy of reinsurance has been effected; and 

(iii) contain a “cut-through” clause in the following form (or a form otherwise recommended by the Insurance
Advisor in its reasonable discretion): 
 “It is hereby declared and agreed that if [—], a [—] (“[—]”), as Insurer (or any
successor to [—] as insurer) under the insurance policy (the “Policy”) between [—], as Insurer,
and [—] and Wells Fargo Bank, National Association, as Mortgagee, as Assured, fails for any reason to pay in full all or any portion of any losses payable in respect of the
insured vessel (the “Vessel”) under the Policy, or in any event upon written notice by the said Assureds of an Event of Default under the Deed of Covenants, then all such losses (or such portion thereof) shall be paid directly by the
reinsurers (collectively, the “Reinsurers”) identified from time to time under any and all reinsurance agreements (the “Reinsurance Agreements”) providing for reinsurance under the Policy with respect to the Vessel to such
Assureds, as the respective interests of the Assureds may appear under the Policy, but only for the proportions subscribed by the Reinsurers and provided that the Reinsurers have not already made payment in full for their proportion in accordance
with the terms of the Reinsurance Agreements and the Policy.” 
 (o) At all times during which the Vessel is operating
within the jurisdiction of the United States of America, the Shipowner shall maintain with respect to the Vessel: 
 (i) insurance or post bonds or maintain approved evidence of financial responsibility (including, without limitation, qualification as a “qualified self-insurer” by the United States Coast
Guard) with respect to the Vessel to cover the actual cost of removal of discharged oil for which the Shipowner or the Mortgagee may be held strictly liable (or held liable due to negligence of the Shipowner or any other Person) under the Clean
Water Act of 1977, as amended, the Oil Pollution Act 1990 (33 U.S.C. § 2701 et seq.), as amended, or the Outer Continental Shelf Lands Act, as amended, or under any other Legal Requirement, including, without limitation, any Environmental Law,
of any Governmental Authority that, now or in the future, may apply to the Shipowner or the Mortgagee, the Vessel or its operations; and 
 (ii) such worker’s compensation or longshoremen’s and harbor workers’ insurance as shall be required by applicable law, including endorsements for foreign and outer continental shelf
operations, borrowed servant, voluntary compensation and in rem claims. 

  
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 SECTION 2.20 The Shipowner hereby irrevocably and unconditionally grants to the
Mortgagee a power of attorney permitting the Mortgagee and representatives thereof to examine the class records of the Vessel at any time, and, without cost or expense to the Mortgagee, the Shipowner will irrevocably and unconditionally instruct and
authorize the Classification Society of the Vessel as follows, and use its commercially reasonable efforts to obtain from the Classification Society a written undertaking to the Mortgagee: 

(a) to send to the Mortgagee, following receipt of a written request from the Mortgagee at the direction of the Controlling Party (as
defined in the Intercreditor Agreement), certified true copies of all original class records held by the Classification Society relating to the Vessel; 
 (b) to allow the Mortgagee (or its agents), at any time and from time to time if an Event of Default (in the sole opinion of the Mortgagee) has occurred and is continuing, to inspect the original class
and related records of the Shipowner and the Vessel at the offices of the Classification Society and to take copies of them; and 
 (c) following receipt of a written request from the Mortgagee sent at the direction of the Controlling Party (as defined in the Intercreditor Agreement): 

(i) to advise of any facts or matters which may result in or have resulted in a change, suspension, discontinuance,
withdrawal or expiry of the Vessel’s class under the rules or terms and conditions of the Classification Society; 
 (ii) to confirm that the Shipowner is not in default of any of its contractual obligations or liabilities to the Classification Society and, without limiting the foregoing, that it has paid in full all
fees or other charges due and payable to the Classification Society; 
 (iii) if the Shipowner is in default of
any of its contractual obligations or liabilities to the Classification Society, to specify to the Mortgagee in reasonable detail the facts and circumstances of such default, the consequences thereof, and any remedy period agreed or allowed by the
Classification Society; and 
 (iv) to notify the Mortgagee immediately in writing if the Classification Society
receives notification from the Shipowner or any other person that the Vessel’s Classification Society is to be changed. 

Notwithstanding the above instructions and undertaking given for the benefit of the Mortgagee, the Shipowner shall continue to be
responsible to the Classification Society for the 

  
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performance and discharge of all its obligations and liabilities relating to or arising out of or in connection with the contract it has with the Classification Society, and nothing herein or
therein shall be construed as imposing any obligation or liability of the Mortgagee to the Classification Society in respect thereof. 
 The Shipowner shall further notify the Classification Society that all the foregoing instructions and authorizations shall remain in full force and effect until revoked or modified by written notice to
the Classification Society received from the Mortgagee, and that the Shipowner shall reimburse the Classification Society for all its costs and expenses incurred in complying with the foregoing instructions. 

SECTION 2.21 The Shipowner covenants that it will at all times comply in all material respects with the International Management
Code for the Safe Operation of Ships and for Pollution Prevention adopted by the International Maritime Organization. The Shipowner shall take, or cause to be taken, all reasonable precautions to prevent illegal drugs or drug paraphernalia from
being used or kept on board the Vessel and, if applicable, otherwise comply with the Zero Tolerance anti-drug policy of the United States Government. 
 ARTICLE III 
 EVENTS OF DEFAULT AND REMEDIES 

SECTION 3.1 As used herein, the term “Event of Default” means (a) with respect to the Existing Indenture, an
“Event of Default” under, and as defined therein, (b) with respect to the 2012 Indenture, an “Event of Default” under, and as defined therein, (c) with respect to the Term Loan Agreement, an “Event of Default”
under, and as defined therein, or (d) with respect to the Credit Loan Agreement, an “Event of Default” under, and as defined therein. If an Event of Default shall have occurred and be continuing, then, in each and every such case the
Existing Noteholder Collateral Agent, the New Noteholder Collateral Agent, the Lender Collateral Agent or the Credit Agreement Collateral Agent, as relevant, shall have the right to make such demands and take such actions as are permitted to each of
them, respectively, by the Existing Indenture Documents, the 2012 Indenture Documents, the Term Loan Documents or the Credit Agreement Documents, as the case may be. If an Event of Default shall have occurred and be continuing under all of the
Existing Indenture, the 2012 Indenture Documents, the Term Loan Agreement and the Credit Agreement, the Mortgagee shall have the right, subject to and in accordance with the terms of the Intercreditor Agreement and Section 4.12 hereof, to:

 (a) declare immediately due and payable all of the Secured Obligations (in which case all of the same shall be immediately
due)(provided, no such declaration shall be required if an Event of Default shall have occurred under a particular Pari Passu Document that triggers an automatic enforcement of rights under such Pari Passu Document) and bring suit at law, in equity
or in admiralty, as it may be advised, to recover judgment for the Secured Obligations and satisfy the same out of the Vessel; 

(b) exercise all of the rights and remedies in foreclosure with respect to the Vessel and otherwise given to mortgagees by the provisions
of applicable law; 

  
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 (c) take and enter into possession of the Vessel, at any time, wherever the same may be,
without court decision or other legal process and without being responsible for loss or damage, and the Shipowner or other person in possession forthwith upon demand of the Mortgagee shall surrender to the Mortgagee possession of the Vessel and the
Mortgagee may, without being responsible for loss or damage (except to the extent caused by the Mortgagee’s gross negligence or willful misconduct), hold, lay up, lease, charter, operate or otherwise use such Vessel for such time and upon such
terms as it may deem to be for its best advantage, and demand, collect and retain all hire, freights, earnings, issues, revenues, income, profits, return premiums, salvage awards or recoveries, recoveries in general average, and all other sums due
or to become due in respect of such Vessel or in respect of any insurance thereon from any person whomsoever, accounting only for the net profits, if any, arising from such use of the Vessel and charging upon all receipts from the use of the Vessel
or from the sale thereof by court proceedings or pursuant to Section 3.1(e) below, all costs, expenses, charges, damages or losses by reason of such use (including attorney’s fees); provided, that the Mortgagee shall be obligated to
provide the Shipowner only with a final accounting; and if at any time the Mortgagee shall avail itself of the right herein given it to take possession of the Vessel, the Mortgagee shall have the right to dock the Vessel for a reasonable time at any
dock, pier or other premises of the Shipowner without charge, or to dock them at any other place at the cost and expense of the Shipowner, and the Mortgagee shall have the right to require the Shipowner to deliver, and the Shipowner shall on demand,
at its own cost and expense, deliver to the Mortgagee the Vessel as demanded; and the Shipowner hereby irrevocably instructs the master of the Vessel so long as the Mortgage and this Deed of Covenants is outstanding to deliver the Vessel to the
Mortgagee as demanded; 
 (d) inspect and make copies of all original class records held by the Classification Society relating
to such Vessel; and/or 
 (e) without being responsible for loss or damage, other than loss or damage due to its own gross
negligence or willful misconduct, sell such Vessel, at any place and at such time as the Mortgagee may specify and in such manner and such place (whether by public or private sale) as the Mortgagee may deem advisable (without necessity of bringing
the Vessel to the place designated for such sale), free from any claim by the Shipowner in admiralty, in equity, at law or by statute, after first giving notice of the time and place of any public sale with a general description of the property in
the following manner: 
 (i) by publishing such notice for twenty (20) consecutive days in a daily newspaper
of general circulation published in New York City; 
 (ii) if the place of sale should not be New York City, then
also by publication of a similar notice in a daily newspaper, if any, published at the place of sale; and 

(iii) by mailing a similar notice to the Shipowner at its last known address on the day of first publication; 

and notice of the time and place of any private sale by mailing such notice to the Shipowner at its last known address. 

  
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 SECTION 3.2 Any sale of the Vessel or any interest therein made by the Mortgagee after
the occurrence and during the continuance of an Event of Default in pursuance of the Mortgage and this Deed of Covenants, whether under the power of sale hereby granted or any judicial proceedings, shall operate to divest all right, title and
interest of any nature whatsoever of the Shipowner in and to the Vessel or such interest therein sold, as the case may be, and shall bar any claim from the Shipowner, its successors and assigns, and all persons claiming by, through or under them. No
purchaser shall be bound to inquire whether notice has been given, or whether any default has occurred, or as to the propriety of the sale, or as to the application of the proceeds thereof. In the case of any such sale, the Mortgagee shall deliver
the proceeds to the Pari Passu Collateral Agent for application of such proceeds to the Secured Obligations in accordance with the terms of the Intercreditor Agreement. At any such sale, the Mortgagee may bid for and purchase such property and upon
compliance with the terms of sale may hold, retain and dispose of such property without further accountability therefor. 

SECTION 3.3 Subject always to and in accordance with the terms of the Intercreditor Agreement, the Mortgagee is hereby appointed
attorney-in-fact of the Shipowner to execute and deliver to any purchaser referred to in Section 3.2, and is hereby vested with full power and authority to make, after the occurrence and during the continuation of an Event of Default, in
the name and on behalf of the Shipowner, a good conveyance of the title to the Vessel so sold. In the event of any sale of the Vessel under any power herein contained, the Shipowner will, if and when required by the Mortgagee, execute such form of
conveyance of such Vessel and other related documents as the Mortgagee may specify. The powers and authority granted to the Mortgagee herein have been given for a valuable consideration and are hereby declared to be irrevocable. 

SECTION 3.4 Subject always to and in accordance with the terms of the Intercreditor Agreement, the Mortgagee is hereby appointed
attorney-in-fact of the Shipowner in the name of the Shipowner to, after the occurrence and during the continuation of an Event of Default, demand, collect, receive, compromise and sue for, so far as may be permitted by law, all freights, hire,
earnings, issues, revenues, income and profits of the Vessel and all amounts due from underwriters under any insurance thereon as payments of losses or as return premiums or otherwise, salvage awards and recoveries of the Vessel, recoveries in
general average or otherwise in respect of the Vessel, and all other sums in respect of the Vessel, due or to become due at the time of the occurrence and during the continuation of any Event of Default, or in respect of any insurance thereon, from
any person whomsoever, and to make, give and execute in the name of the Shipowner acquittances, receipts, releases or other discharges for the same, whether under seal or otherwise, and to endorse and accept in the name of the Shipowner all checks,
notes, drafts, warrants, agreements and other instruments in writing with respect to the foregoing. The powers and authority granted to the Mortgagee herein have been given for a valuable consideration and are hereby declared to be irrevocable.

 SECTION 3.5 Whenever any right to enter and take possession of the Vessel accrues to the Mortgagee, it may require the
Shipowner to deliver, and the Shipowner shall on demand, at its own cost and expense, deliver to the Mortgagee such Vessel as demanded, subject always to and in accordance with the terms of the Intercreditor Agreement. If any legal proceedings shall
be taken to enforce any right of Mortgagee under the Mortgage or this Deed of Covenants, the Mortgagee shall be entitled as a matter of right to the appointment of a receiver of 

  
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such Vessel and of the freights, hire, earnings, issues, revenues, income and profits due or to become due and arising from the operation thereof, subject always to and in accordance with the
terms of the Intercreditor Agreement. 
 SECTION 3.6 At any time after the Secured Obligations shall have become due and
payable, the Mortgagee shall be entitled (but not bound) by writing executed as a deed or under the hand of any director or officer of the Mortgagee to appoint any person or persons to be a receiver and/or manager of the Vessel (the
“Receiver”) or any part thereof (with power to authorise any joint receiver and/or manager to exercise any power independently of any other joint receiver and/or manager) and may from time to time fix his remuneration, and may
remove any Receiver so appointed and appoint another in his place. Any Receiver so appointed shall be the agent of the Shipowner and the Shipowner shall be solely responsible for his acts or defaults and for his remuneration, and such receiver
and/or manager so appointed shall have all powers conferred by the Conveyancing and Law of Property Act (Ch. 138) and, in addition, power on behalf of and at the cost of the Shipowner to do or omit to do anything which the Shipowner could do or omit
to do in relation to the Vessel any part thereof and in particular (but without prejudice to the generality of the foregoing) any such receiver and/or manager may exercise all the powers and discretions conferred on the Mortgagee by the Mortgage and
this Deed of Covenants. 
 SECTION 3.7 Neither the Mortgagee nor any Receiver shall be liable as mortgagee in possession in
respect of the Vessel to account or be liable for any loss upon realisation or for any neglect or default of any nature whatsoever in connection therewith for which a mortgagee in possession may be liable as such. 

SECTION 3.8 Upon any sale of the Vessel or any share or interest therein by the Mortgagee, or by any Receiver, the purchaser shall
not be bound to see or enquire whether the Mortgagee’s power of sale has arisen in the manner provided in this Deed of Covenants and the sale shall be deemed to be within the power of the Mortgagee (or the Receiver, as the case may be) and the
receipt of the Mortgagee (or the Receiver, as the case may be) for the purchase money shall effectively discharge the purchaser who shall not be concerned with the manner of application of the proceeds of sale or be in any way answerable therefor
and the sale shall operate to divest the Shipowner of all rights, title and interest of any nature whatsoever in the Vessel and to bar any such interest of the Shipowner and all persons claiming through or under the Shipowner. 

SECTION 3.9 Section 19 of the Conveyancing and Law of Property Act or the equivalent provisions of any subsequent amending or
consolidating act shall not apply to this Deed of Covenants. The statutory power of sale shall be exercisable at any time after the money owing on this security shall have become payable without regard to Section 22 of the Conveyancing and Law
of Property Act which section shall not apply to this security or any sale made by virtue thereof. 
 SECTION 3.10 Subject
always to and in accordance with the terms of the Intercreditor Agreement, the Shipowner authorizes and empowers the Mortgagee or its appointees or any of them to, after the occurrence and during the continuation of an Event of Default, appear in
the name of the Shipowner, its successors and assigns, in any court of any 

  
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country or nation of the world where a suit is pending against the Vessel because of or on account of an alleged lien against such Vessel from which such Vessel has not been released and to take
such proceedings as to them or any of them may deem necessary towards the defense of such suit and the purchase or discharge of such lien, and all expenditures made or incurred by them or any of them for the purpose of such defense or purchase or
discharge shall be a debt due from the Shipowner, its successors and assigns, to the Mortgagee, and shall be secured by the lien of the Mortgage and this Deed of Covenants in like manner and extent as if the amount and description thereof were
written herein. 
 SECTION 3.11 The Shipowner covenants that at any time that any Secured Obligations shall be due and
payable (whether by acceleration or otherwise), the same shall be paid in accordance with the Intercreditor Agreement; and in case the Shipowner fails to pay or causes to be paid the same when due in accordance with the Pari Passu Documents, and
that failure constitutes an Event of Default, the Mortgagee shall be entitled to recover judgment for the whole amount so due and unpaid, together with such further amounts as shall be provided by the Pari Passu Documents and applicable law. All
moneys collected by the Mortgagee under this Section 3.11 shall be delivered to the Pari Passu Collateral Agent and applied by the Pari Passu Collateral Agent in accordance with the terms of the Intercreditor Agreement. 

SECTION 3.12 Each and every power and remedy herein given to the Mortgagee shall be cumulative and shall be in addition to every
other power and remedy herein given or now or hereafter existing at law, in equity, in admiralty, by statute or under any Pari Passu Document or other agreement, and each and every power and remedy whether herein given or otherwise existing may be
exercised from time to time and as often and in such order as may be deemed expedient by the Mortgagee, and the exercise or the beginning of the exercise of any power or remedy by the Mortgagee shall not be construed to be a waiver of the right to
exercise at the same time or thereafter any other power or remedy. No delay or omission by the Mortgagee in the exercise of any right or power or in the pursuance of any remedy accruing upon the occurrence and during the continuance of any Event of
Default shall impair any such right, power or remedy or be construed to be a waiver of any such right, power or remedy; nor shall the acceptance by the Mortgagee of any security or of any payment of or on account of the Secured Obligations be
construed to be a waiver of any right that the Mortgagee may have hereunder after the occurrence and during the continuance of such Event of Default or any other Event of Default, including any subsequent Event of Default of the same or a different
nature. 
 SECTION 3.13 Subject always to and in accordance with the terms of the Intercreditor Agreement, if at any time
prior to any sale of or consummation of foreclosure proceedings on the Vessel by the Mortgagee after the occurrence and during the continuance of an Event of Default in accordance herewith, the Shipowner offers to cure such Event of Default and to
pay all expenses, advances, fees and damages to the Mortgagee arising from such Events of Default to the extent provided for in the Existing Indenture, the 2012 Indenture, the Credit Agreement or the Term Loan Agreement, respectively, or the other
Pari Passu Documents, including all costs and expenses incurred by the Mortgagee upon the exercise by the Mortgagee of its rights hereunder as a result of such Event of Default, then the Mortgagee may, but shall be under no obligation to, accept
such offer, cure and payment and restore the Shipowner to its former position, but such action shall not affect any rights which the Mortgagee may have hereunder after the occurrence and during the continuance of any subsequent Event of Default or
impair any rights consequent thereon. 

  
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 SECTION 3.14 In case the Mortgagee shall have proceeded to enforce any right, power or
remedy under the Mortgage or this Deed of Covenants by foreclosure, entry or otherwise, and such proceedings shall have been discontinued or abandoned for any reason or shall have been determined adversely to the Mortgagee, then and in every such
case the Shipowner and the Mortgagee shall be restored to their former positions and rights hereunder with respect to the property subject or intended to be subject to the Mortgage or this Deed of Covenants, and all rights, remedies and powers of
the Mortgagee shall continue as if no such proceedings had been taken. 
 SECTION 3.15 Unless otherwise specified herein or
in the other Pari Passu Documents, any cash proceeds received by the Mortgagee from the sale of, collection of, or other realization upon any part of the Vessel or related collateral or any other amounts received by the Mortgagee hereunder,
including the net earnings of any charter operation or other use of the Vessel by the Mortgagee under any of the powers specified in Article I and/or Article II, may be, at the reasonable discretion of the Mortgagee, subject always to and in
accordance with the terms of the Intercreditor Agreement (a) held by the Mortgagee in one or more cash collateral accounts as cash collateral for the Secured Obligations under the terms of the Pari Passu Documents or (b) delivered to the
Pari Passu Collateral Agent for application to the Secured Obligations. Amounts applied to the Secured Obligations shall be applied to the payment of the Secured Obligations in the order set forth in and in accordance with the terms of the
Intercreditor Agreement. Any surplus cash collateral or cash proceeds held by the Mortgagee after payment in full of the Secured Obligations shall be paid over to the Shipowner or to whomever may be lawfully entitled to receive such surplus.

 SECTION 3.16 Unless and until one or more Events of Default shall occur and be continuing, the Shipowner (a) shall
be suffered and permitted to retain actual possession and use of the Vessel and (b) shall have the right, from time to time, in its discretion, and without application to the Mortgagee, and without obtaining a release thereof by the Mortgagee,
to dispose of, free from the lien hereof, any boilers, engines, generators, drilling machinery and equipment, pumps and pumping equipment, machinery, masts, spars, sails, rigging, boats, anchors, cables, chains, tackle, outfit, apparel, furniture,
fittings, equipment, spares, fuel, stores or any other appurtenances of the Vessel, provided such item of property is replaced and such Vessel is maintained in the condition required herein and in the Pari Passu Documents, and such replacement item,
if any, shall forthwith become subject to the lien of the Mortgage and this Deed of Covenants as a first priority statutory mortgage thereon. 
 SECTION 3.17 Notwithstanding anything to the contrary in this Deed of Covenants, the amount of any Secured Obligations that are secured by the Shipowner’s rights in the Vessel or any related
collateral or subject to a Lien in favor of the Mortgagee hereunder or under any other Pari Passu Document shall be limited to the extent, if any, required so that the Liens granted under the Mortgage or this Deed of Covenants shall not be subject
to avoidance under Section 548 of the Bankruptcy Code of the United States or any comparable provision of any other applicable Law or to being set aside or annulled under any applicable Law relating to fraud on creditors. In determining the
limitations, if any, on the amount of any Secured 

  
 26 

 
Obligations that are subject to the Lien on the Vessel and related collateral hereunder pursuant to the preceding sentence, it is the intention of the parties hereto that any rights of
subrogation or contribution which such Shipowner may have under the Pari Passu Documents, any other agreement or applicable Law shall be taken into account. 
 ARTICLE IV 
 SUNDRY PROVISIONS 

SECTION 4.1 All of the covenants, promises, stipulations and agreements of the Shipowner in this Deed of Covenants contained shall
bind the Shipowner and its successors and permitted assigns and shall be binding on and inure to the benefit of the Mortgagee and its successors and permitted assigns. In the event of any assignment of the Mortgage or this Deed of Covenants by the
Mortgagee in accordance with the applicable provisions of any Pari Passu Collateral Document, the term “Mortgagee” as used in this Deed of Covenants shall be deemed to mean any such successor or permitted assignee. 

SECTION 4.2 Wherever and whenever herein any right, power or authority is granted or given to the Mortgagee, such right, power or
authority may be exercised in all cases by the Mortgagee or such agent or agents as it may appoint, and the act or acts of such agent or agents when taken shall constitute the act of the Mortgagee hereunder. 

SECTION 4.3 (a) In the event that any provision of this Deed of Covenants shall be deemed invalid or unenforceable by reason of any
present or future law or any decision of any court of competent jurisdiction, the validity and enforceability of any other provision hereof shall not be affected thereby. Any such invalidity or unenforceability of any provision of this Deed of
Covenants in any jurisdiction or nation shall not render such provision invalid or unenforceable under the laws of any other jurisdiction or nation. 
 (b) In the event that this Deed of Covenants or any of the documents or instruments which may from time to time be delivered hereunder or any provision hereof shall be deemed invalidated by present or
future law of any nation or by decision of any court of competent jurisdiction, this shall not affect the validity and/or enforceability of all or any other parts of this Deed of Covenants, or such documents or instruments and, in any such case, the
Shipowner covenants and agrees that, on demand, it will execute and deliver such other and further agreements and/or documents and/or instruments and do such things as the Mortgagee in its sole reasonable discretion may deem to be necessary to carry
out the true intent of this Deed of Covenants. 
 (c) Anything herein to the contrary notwithstanding, it is intended that
nothing herein shall waive the preferred status of the Mortgage or this Deed of Covenants and that, if any provision of the Mortgage or this Deed of Covenants or portion thereof shall be construed to waive the preferred status of the Mortgage or
this Deed of Covenants, then such provision to such extent shall be void and of no effect and shall cease to be a part of the Mortgage or this Deed of Covenants, without affecting the remaining provisions, which shall remain in full force and
effect. 

  
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 SECTION 4.4 This Deed of Covenants shall be governed by, and construed in accordance
with, the laws of The Commonwealth of the Bahamas. 
 SECTION 4.5 THE SHIPOWNER AND THE MORTGAGEE HEREBY EXPRESSLY AND
IRREVOCABLY (I) SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF THE FEDERAL AND STATE COURTS SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN ANY SUIT OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED THEREBY; AND (II) WAIVES (A) ITS RIGHT TO A TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL
OR WRITTEN) OR ACTIONS OF THE INITIAL PURCHASERS AND FOR ANY COUNTERCLAIM RELATED TO ANY OF THE FOREGOING AND (B) ANY OBLIGATION WHICH IT MAY HAVE OR HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT
REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
 SECTION 4.6 The term
“Dollars” or the symbol “$” as used herein shall mean Dollars in any coin or currency of the United States of America which at the time of payment shall be legal tender for public and private debts. 

SECTION 4.7 Enforcement Expenses; Indemnification. 
 (a) Costs and Expenses. Shipowner shall pay all out-of-pocket expenses incurred by the Mortgagee or any Secured Parties (including the fees, charges and disbursements of any counsel for the Mortgagee),
and shall pay all fees and time charges for attorneys who may be employees of the Mortgagee or any of the Secured Parties, in connection with the enforcement or protection of its rights in connection with the Existing Indenture, the 2012 Indenture,
the Term Loan Agreement, the Credit Agreement, the Mortgage, this Deed of Covenants, and the other Pari Passu Documents, including its rights under this Section, including all such out-of-pocket expenses incurred during any workout, restructuring or
negotiations in respect of the Credit Facilities, the Existing Notes, and the 2019 Notes and any other Pari Passu Documents. 

(b) INDEMNIFICATION BY SHIPOWNER. SHIPOWNER SHALL INDEMNIFY THE MORTGAGEE (AND ANY SUB-AGENT THEREOF), EACH INDEMNIFIED PARTY, EACH
HOLDER AND EACH RELATED PARTY OF ANY OF THE FOREGOING PERSONS (EACH SUCH PERSON BEING CALLED AN “INDEMNITEE”) AGAINST, AND DEFEND AND HOLD EACH INDEMNITEE HARMLESS FROM, ANY AND ALL LIABILITIES, OBLIGATIONS, LOSSES, DAMAGES,
PENALTIES, CLAIMS, DEMANDS, ACTIONS, JUDGMENTS, SUITS, COSTS, EXPENSES, OR DISBURSEMENTS (INCLUDING ALL FEES, EXPENSES AND DISBURSEMENTS OF ANY LAW FIRM OR OTHER EXTERNAL COUNSEL AND, WITHOUT DUPLICATION, THE ALLOCATED COST OF INTERNAL LEGAL
SERVICES AND ALL EXPENSES AND DISBURSEMENTS OF INTERNAL COUNSEL) OF ANY KIND OR NATURE WHATSOEVER WHICH MAY BE IMPOSED ON, INCURRED BY, OR ASSERTED AGAINST ANY INDEMNITEE IN ANY WAY RELATING TO OR ARISING OUT OF OR IN CONNECTION WITH (A) THE

  
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EXECUTION, DELIVERY, ENFORCEMENT, PERFORMANCE, OR ADMINISTRATION OF THE MORTGAGE OR THIS DEED OF COVENANTS OR ANY OTHER AGREEMENT, LETTER OR INSTRUMENT DELIVERED IN CONNECTION WITH THE
TRANSACTIONS CONTEMPLATED HEREBY OR THE CONSUMMATION OF THE TRANSACTIONS CONTEMPLATED HEREBY, (B) ANY ACTION TAKEN OR OMITTED BY THE MORTGAGEE UNDER THE MORTGAGE OR THIS DEED OF COVENANTS OR ANY OTHER PARI PASSU DOCUMENT (INCLUDING SUCH
MORTGAGEE’S OWN NEGLIGENCE), OR (C) ANY ACTUAL OR PROSPECTIVE CLAIM, LITIGATION, INVESTIGATION OR PROCEEDING RELATING TO ANY OF THE FOREGOING, WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY (INCLUDING ANY INVESTIGATION OF, PREPARATION
FOR, OR DEFENSE OF ANY PENDING OR THREATENED CLAIM, INVESTIGATION, LITIGATION OR PROCEEDING) AND REGARDLESS OF WHETHER ANY INDEMNITEE IS A PARTY THERETO (ALL THE FOREGOING, COLLECTIVELY, THE “INDEMNIFIED LIABILITIES”);
PROVIDED THAT SUCH INDEMNITY SHALL NOT, AS TO ANY INDEMNITEE, BE AVAILABLE TO THE EXTENT THAT SUCH LIABILITIES, OBLIGATIONS, LOSSES, DAMAGES, PENALTIES, CLAIMS, DEMANDS, ACTIONS, JUDGMENTS, SUITS, COSTS, EXPENSES OR DISBURSEMENTS ARE
DETERMINED BY A COURT OF COMPETENT JURISDICTION BY FINAL AND NONAPPEALABLE JUDGMENT TO HAVE RESULTED FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH INDEMNITEE. 
 TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE SHIPOWNER SHALL NOT ASSERT, AND HEREBY WAIVES, ANY CLAIM AGAINST ANY INDEMNITEE, ON ANY THEORY OF LIABILITY, FOR SPECIAL, INDIRECT, CONSEQUENTIAL
OR PUNITIVE DAMAGES (AS OPPOSED TO DIRECT OR ACTUAL DAMAGES) ARISING OUT OF, IN CONNECTION WITH, OR AS A RESULT OF, THE MORTGAGE OR THIS DEED OF COVENANTS, ANY PARI PASSU DOCUMENT OR ANY AGREEMENT OR INSTRUMENT CONTEMPLATED HEREBY. NO INDEMNITEE
SHALL BE LIABLE FOR ANY DAMAGES ARISING FROM THE USE BY UNINTENDED RECIPIENTS OF ANY INFORMATION OR OTHER MATERIALS DISTRIBUTED BY IT THROUGH TELECOMMUNICATIONS, ELECTRONIC OR OTHER INFORMATION TRANSMISSION SYSTEMS IN CONNECTION WITH THE MORTGAGE OR
THIS DEED OF COVENANTS, THE OTHER PARI PASSU DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 (c) All amounts due under
this Section 4.7 shall be Secured Obligations and shall be payable within 10 Business Days after demand therefor. The agreements in this Section shall survive the resignation of the Mortgagee and the repayment, satisfaction or discharge
of all the other Secured Obligations. 
 SECTION 4.8 Notices shall be delivered in accordance with the applicable
provisions of the Pari Passu Documents, and shall be effective as provided therein. Each of the Shipowner and Mortgagee may change its address, telecopier or telephone number for notices and other communications hereunder by notice to the other
party hereto. 

  
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 SECTION 4.9 None of the terms or provisions of this Deed of Covenants may be waived,
amended, supplemented or otherwise modified except in accordance with the applicable provisions of the Pari Passu Documents. 

SECTION 4.10 In the event of a direct conflict between this Deed of Covenants and the Intercreditor Agreement, the Intercreditor
Agreement shall control; provided, however, the parties understand and agree that this Deed of Covenants sets forth additional covenants, obligations and rights and the parties will use all reasonable efforts to construe the provisions and covenants
in this Deed of Covenants as not being in direct conflict with the Intercreditor Agreement. 
 SECTION 4.11 NOTWITHSTANDING ANY
OTHER PROVISION CONTAINED HEREIN TO THE CONTRARY, IN THE EVENT OF ANY CONFLICT OR INCONSISTENCY BETWEEN THE PROVISIONS OF (A) THE MORTGAGE,(B) THIS DEED OF COVENANTS AND (C) ANY OF THE EXISTING INDENTURE, THE 2012 INDENTURE, THE TERM LOAN
AGREEMENT, OR THE CREDIT AGREEMENT, THE PROVISIONS OF THE EXISTING INDENTURE, THE 2012 INDENTURE, THE TERM LOAN AGREEMENT, OR THE CREDIT AGREEMENT AS APPLICABLE, SHALL CONTROL WITH RESPECT THERETO (BUT SHALL NOT CONTROL AS SUCH PROVISION MAY APPLY
TO ANY OTHER SUCH INDENTURE OR AGREEMENT), UNLESS THE PROVISIONS OF SUCH INCONSISTENT INDENTURE OR AGREEMENT ARE INCONSISTENT WITH THE INTERCREDITOR AGREEMENT, IN WHICH CASE, THE INTERCREDITOR AGREEMENT SHALL CONTROL. 

SECTION 4.12 Notwithstanding anything herein to the contrary, (i) the occurrence of an Event of Default with respect to any one Debt
Agreement (as hereinafter defined) shall not be deemed to constitute an Event of Default under any other Debt Agreement except to the extent so expressly stated in such other Debt Agreement and (ii) upon the occurrence of an Event of Default
under any one Debt Agreement, the rights and remedies granted hereunder shall be subject to the Intercreditor Agreement. For purposes of this paragraph, “Debt Agreement” means the Existing Indenture, the 2012 Indenture, the Term Loan
Agreement or the Credit Agreement. 
 SECTION 4.13 The Mortgagee shall be entitled to the rights and protections afforded to the
trustee and note collateral agent pursuant to the terms of the Existing Indenture and 2012 Indenture. 
 [The rest of this
page has been left intentionally blank.] 

  
 30 

 IN WITNESS whereof the parties have duly executed this Deed of Covenants the day and year first above
written. 
  

					
	SIGNED and DELIVERED as a DEED	 	)
	for and on behalf of	 	)
	[                           
             ]	 	
			
	By:	 	  
	 	
	Name:	 	  
	 	
	Title:	 	  
	 	
		
	In the presence of:	 	
			
	Witness:	 	  
	 	:
	Name:	 	  
	 	
	Occupation:	 	  
	 	
		
	 SIGNED and DELIVERED as a DEED
 for and on behalf of
	 	
	WELLS FARGO BANK,	 	
	NATIONAL ASSOCIATION	 	
			
	By:	 	  
	 	
	Name:	 	  
	 	
	Title:	 	  
	 	
		
	In the presence of:	 	
			
	Witness:	 	  
	 	
	Name:	 	  
	 	
	Occupation:	 	  
	 	

 EXHIBIT A 
 TO 
 DEED OF COVENANTS 

Form of the Existing Indenture, together with Exhibit A thereto (Form of Note) and Exhibit E thereto (Form of Note Guarantee), but without
other annexes, schedules or exhibits, together with the forms of any supplements thereto. 
 See attached. 

Exhibit A to Deed of Covenants - [    ] 

 EXHIBIT B 
 TO 
 DEED OF COVENANTS 

Form of the 2012 Indenture, together with Exhibit A thereto (Form of Note) and Exhibit E thereto (Form of Note Guarantee), but without
other annexes, schedules or exhibits 
 See attached 
 Exhibit B to Deed of Covenants - [    ] 

 EXHIBIT C 
 TO 
 DEED OF COVENANTS 

[Form of the Term Loan Agreement, together with form of Note but without other annexes, schedules or exhibits] 

See attached. 
 Exhibit C to
Deed of Covenants - [    ] 

 EXHIBIT D 
 TO 
 DEED OF COVENANTS 

[Form of Credit Agreement, without annexes, schedules or exhibits] 
 See attached. 
 Exhibit D to Deed of Covenants - [    ]

 EXHIBIT E 
 TO 
 DEED OF COVENANTS 

Form of Intercreditor Agreement. 

See attached. 

  
 Exhibit E to
Deed of Covenants - [    ] 

 EXHIBIT F 
 TO 
 DEED OF COVENANTS 

Form of Assignment of Earnings. 

See attached. 

  
 Exhibit F to
Deed of Covenants - [    ] 

 SCHEDULE I 
 TO 
 DEED OF COVENANTS 

DESCRIPTION OF THE VESSEL 
 [VESSEL] 
  

													
	 Official

Number
	  	Radio
Call
Letters	  	Length	  	Width	  	Depth	  	Gross
Tonnage	  	Net
Tonnage
	[    ]	  	[    ]	  	[    ]

meters
	  	[    ]

meters
	  	[    ]

meters
	  	[    ]

tons
	  	[    ]

tons

 #11755253_v1 

  
 Schedule I to
Deed of Covenants - [    ] 

 EXHIBIT L TO 
 SECOND TERM LOAN AGREEMENT 
 FORM OF OPINION OF BAHAMIAN LEGAL COUNSEL

  
 L-1

 EXHIBIT L-1 
 [Date] 
 Wells Fargo Bank, National Association, as Pari Passu Collateral Agent 

750 N. St. Paul Place, Suite 1750 
 Dallas, Texas
75201 
 Citigroup Global Markets Inc. 

Jefferies LLC 
 As Representatives of the Initial
Purchasers 
 c/o Citigroup Global Markets Inc. 
 388 Greenwich St. 
 New York, New York 10013 

Dear Sirs, 
  

	Re:	First Priority Bahamian Mortgages with respect to the Rigs, [Vessel 1] and [Vessel 2] 

 
 You have requested our legal opinion with
respect to a first priority statutory mortgage dated October 25, 2012 over drilling rig [Vessel 1] (the “PE Rig”) by [Vessel 1 Shipowner] (the “PE Owner”) in favor of Wells Fargo Bank, National Association (the
“Mortgagee”) (the “PE Mortgage”) and a first priority statutory mortgage dated October 25, 2012 over drilling rig [Vessel 2] (the “TE Rig”, together with the PE Rig, the “Rigs”
and each a “Rig”) by [Vessel 2 Shipowner] (the “TE Owner”, together with the PE Owner the “Owners” and each an “Owner”) in favour of the Mortgagee (the “TE
Mortgage”, and together with the PE Mortgage, the “Mortgages” and each a “Mortgage”) and related deeds of covenants dated October 25, 2012 (the “Original Deeds of Covenant”) as amended
by Amendment No. 1 dated [                ], 2013 to each Original Deed of Covenant (the Original Deeds of Covenant as so amended are called, together, the
“Amended Deeds of Covenants” and each an “Amended Deed of Covenants”) in connection with (1) an amended and restated credit agreement dated March [    ], 2013 which amends and restates a
Credit Agreement dated June 21, 2012 made by and among (i) Offshore Group Investment Limited (the “Company”) and Vantage Drilling Company, as borrowers, (ii) Vantage Drilling Company and certain Subsidiaries thereof,
as guarantors, (iii) the Lenders from time to time, as lenders, and (iv) the Royal Bank of Canada and Wells Fargo Bank, National Association, as collateral agent, as amended by a Second Amendment to the Credit Agreement dated
October 25, 2012 (the “Restated Credit Agreement”), (2) a new term loan agreement dated as of March [    ], 2013 among, inter alios, Offshore Group Investment Limited, and the US Borrower (as defined
therein), as co-borrowers, Vantage Drilling Company, the other guarantor party thereto, and Citibank, N.A., as term loan agent (the “2013 Term Loan Agreement”) and (3) a new indenture dated March [    ],
2013, among the Company, Vantage Drilling Company, the other guarantors named therein, the trustee and the noteholder collateral agent regarding the     % Senior Secured First Lien Notes due 2023 (the “2013
Indenture”). 
 {00160965-1 } 

	1.	Interpretation 

 In this
opinion: 
 “Act” means the Merchant Shipping Act (as amended) Ch 268 of the Revised Statute Laws of The Bahamas, 2007
Edition. 
 “Documents” means the documents listed in Clause 2 of this opinion. 

“law” includes any order of any governmental, judicial, regulatory or other authority compliance with which is considered by us
to be mandatory. 
 “Security Documents” means the Mortgages and the Amended Deeds of Covenants. 

 

	2.	Documents 

 For the
purpose of this opinion we have examined copies of the following documents: 
  

	 	(i)	a Transcript of Register dated March [    ], 2013 with respect to each Rig issued by the London office of the Bahamas Maritime Authority;

  

	 	(ii)	the Mortgages; 

  

	 	(iii)	the Amended Deeds of Covenants; 

  

	 	(iv)	a Designation Letter, delivered on March [    ], 2013 by the Company to the Pari Passu Collateral Agent and the Existing Notes Trustee (as those
terms are defined therein ) (the “Designation Letter”); 

  

	 	(v)	the Restated Credit Agreement; 

  

	 	(vi)	the 2013 Term Loan Agreement; and 

  

	 	(vii)	the 2013 Indenture. 

  

	3.	Assumptions 

 In giving
this opinion, we have assumed that: 
  

	 	3.1	Authenticity of original documents: all signatures, seals and markings on the Documents are, as appears to us, authentic; 

  

					
	{00160965-1 }	  		  	
			
		  	2	  	

	 	3.2	Conformity of copies: the copies of the Documents presented to us conform to the originals; 

 

	 	3.3	Authorization: the due capacity and authority of all persons executing the Documents and that the same have been duly executed by the parties to it; and

  

	 	3.4	Pari Passu Obligations: that the Obligations under the 2013 Term Loan Agreement and the 2013 Indenture have been properly designated by the Company as
“Other Pari Passu Obligations” under the Amended and Restated Intercreditor Agreement dated October 25, 2012 and the Designation Letter. 

  

	4.	Opinion 

 Based on and
relying on the assumptions set out above and subject to the qualifications set out below, we are of the opinion that: 
  

	 	4.1	The PE Rig is permanently registered under the Bahamian flag at the port of Nassau, The Bahamas in the name and ownership of the PE Owner, free from any mortgage, lien
or other registered encumbrance except the PE Mortgage; 

  

	 	4.2	The TE Rig is permanently registered under the Bahamian flag at the port of Nassau, The Bahamas in the name and ownership of the TE Owner, free from any mortgage, lien
or other registered encumbrance except the TE Mortgage; 

  

	 	4.3	Each of the Mortgages has been duly registered and recorded in the Registry of Bahamian ships in favour of the Mortgagee and each such Mortgage is in full force and
effect notwithstanding the execution of the Amended Deeds of Covenants, the Restated Credit Agreement, the 2013 Term Loan Agreement and the 2013 Indenture and continues to validly secure the Secured Obligations (as defined in the Amended Deeds of
Covenants applicable to each such Mortgage); 

  

	 	4.4	Each Mortgage validly secures such future amounts as may be issued under the 2013 Indenture respecting any future series of notes that are issued under one or more
Supplemental Indentures thereunder and such increased commitments that may be made under the Restated Credit Agreement. No further filings are necessary or required to be made with the Registry of Bahamian ships in respect of the Security Documents,
the Restated Credit Agreement, the 2013 Term Loan Agreement and the 2013 Indenture; 

  

	 	4.5	The Amended Deed of Covenants applicable to each Mortgage constitutes a legal, valid and binding obligation of each Owner enforceable in accordance with its terms in
favour of the Mortgagee; 

  

	 	4.6	Each Mortgage constitutes a legal, valid and binding first priority statutory mortgage over the applicable Rig enforceable in accordance with its terms in favour of the
Mortgagee securing the “Secured Obligations” as defined in the respective Amended Deed of Covenants; 

  

					
	{00160965-1 }	  		  	
			
		  	3	  	

	 	4.7	It is not necessary under the laws of The Bahamas that the Mortgagee or any of the parties to the Security Documents be licensed, authorized, qualified or otherwise
entitled to carry on business in The Bahamas (i) for the entering into, execution, delivery, performance or enforcement of the Security Documents or (ii) to enable the Mortgagee to enforce its rights under the Security Documents;

  

	 	4.8	Neither the Mortgagee nor any of the parties to the Security Documents will be deemed to be resident, domiciled, carrying on business or subject to taxation in The
Bahamas by reason of the negotiation, preparation, execution, recording (as applicable) or performance or enforcement of, and/or receipt of any payment due from any Owner under the Security Documents; 

 

	 	4.9	The Security Documents are in proper form for their enforcement in the courts of The Bahamas; 

 

	 	4.10	No taxes of The Bahamas are imposed by withholding or otherwise on any payment to be made by any Owner under the Security Documents or are imposed on or by virtue of
the execution or delivery or recording (as applicable) of the Security Documents or any document or instrument to be executed or delivered under the Security Documents; 

 

	 	4.11	No stamp or registration fee, duty or similar taxes or charges are payable in respect of the Security Documents except in relation to the registration of the Mortgages
(which sums have been paid) or if enforcement of the Security Documents are to be sought in The Bahamas otherwise than executing a foreign judgment, in which event filing fees are payable at the commencement of any cause, matter or proceeding
brought under the divisions of the Supreme Court in accordance with the Supreme Court (Amendment) Rules 2010; 

  

	 	4.12	No registration, notarization, filing, recording, enrollment, or other official action in any court public office or elsewhere in The Bahamas is necessary or advisable
to create, validate, perfect, establish or maintain the priority of the security created by the Security Documents or to ensure the legality, enforceability or admissibility in evidence of the Security Documents (with the exception of the Mortgages
which must and have been registered at the Bahamas Maritime Authority); 

  

	 	4.13	All authorisations, approvals, consents, licenses, exemptions, filings, registrations, recordings, notarizations, payments of taxes and duties and other matters,
official or otherwise required or advisable in connection with the entry into, execution, delivery, performance, validity, enforceability and admissibility in evidence of the Security Documents and the transactions contemplated thereby have been
obtained or effected and are in full force and effect; 

  

					
	{00160965-1 }	  		  	
			
		  	4	  	

	 	4.14	The property which is the subject of the Security Documents is legally capable of being mortgaged or charged under the laws of The Bahamas and the security thereby
created will confer a valid and effective charge and claim over such property in favour of the Mortgagee which will rank prior to the general creditors (except the maritime liens described in 4.16 below) of each Owner in the event of its liquidation
and/or bankruptcy; 

  

	 	4.15	Any lien exercisable by a ship-builder or repairer over a ship in his possession shall take priority over all claims arising after such possession was taken but shall
be postponed to those claims (including those under the Security Documents) which were created before the time of taking possession; 

  

	 	4.16	The maritime liens set out in Section 277 ((i) wages and other sums due to the master, officers and other members of each Rig’s complement in respect of their
employment on such Rig, (ii) port, canal, and other waterway dues and pilotage dues and any outstanding fees payable in respect of each Rig, (iii) claims against an Owner in respect of loss of life or personal injury occurring, whether on
land or on water, in direct connection with the operation of a Rig, (iv) claims against any Owner, based on tort and not capable of being based on contract, in respect of loss of or damage to property occurring, whether on land or on water, in
direct connection with the operation of a Rig, (v) claims for salvage, wreck removal and contribution in general average) of the Act shall take priority over mortgages registered under the Act or any preferential rights arising under the laws
of The Bahamas in the event of an Owner’s liquidation and/or bankruptcy and no other claim shall take priority over such mortgages or rights; 

  

	 	4.17	The choice of Bahamian law to govern the Security Documents is a valid choice of law and submission in the Amended Deed of Covenants applicable to each Mortgage to the
non-exclusive jurisdiction of the Courts of New York is a valid submission; 

  

	 	4.18	The courts of The Bahamas will award a judgment in relation to the Security Documents expressed in terms of United States Dollars in respect of any amount due and owing
under the Security Documents and/or will recognise as a valid judgment and enforce any final, conclusive and enforceable judgment obtained by the Mortgagee against any Owner in a New York court subject to 4.20 below; 

 

	 	4.19	None of the parties to the Security Documents nor any of their assets are entitled to immunity on the grounds of sovereignty or otherwise from any legal action or
proceeding (which shall include, without limitation, suit, attachment prior to judgment, execution or other enforcement); 

  

	 	4.20	 Subject to compliance with the Reciprocal Enforcement of Judgments Act, a final and conclusive judgment for a specified sum of a superior court of the
United Kingdom or certain Commonwealth Courts outside the United Kingdom (including any such judgment rendered against an Owner in connection with any action arising out of the Security Documents) may be registered in the Supreme Court of The
Bahamas. A judgment of a foreign court which is not caught by the 

  

					
	{00160965-1 }	  		  	
			
		  	5	  	

	 	
said Act (which includes a New York, United States or an Indian Court) cannot be enforced by direct execution of the judgment but the Courts of The Bahamas will, however, recognize any final and
conclusive judgment in personam handed down by a foreign court which is not caught by the said Act as a valid judgment and permit the same to found the basis of a fresh action in The Bahamas and should give a judgment based thereon without there
being a re-trial of the merits provided that: 

  

	 	(a)	It was for a sum of money (other than a sum of money paid in respect of taxes or other penalty); 

 

	 	(b)	Such court had proper jurisdiction over the parties subject to such judgment; 

 

	 	(c)	Such courts did not contravene the rules of natural justice of The Bahamas; 

 

	 	(d)	Such judgment was not obtained by fraud; 

  

	 	(e)	The enforcement of such judgment would not be contrary to the public policy of The Bahamas; 

 

	 	(f)	The correct procedures under the laws of The Bahamas are duly complied with; 

 

	 	(g)	The judgment is not inconsistent with a prior Bahamian judgment in respect of the same matter; and 

 

	 	(h)	Enforcement proceedings are instituted within six years after the date of judgment. 

 

	 	4.21	Based on the information presently in our possession, none of the terms of the Security Documents violates public policy in the Commonwealth of The Bahamas or the
purpose of a statute in the Commonwealth of The Bahamas reflecting that public policy; 

  

	 	4.22	Neither the execution nor delivery of the Security Documents, nor the performance of any obligations under the Security Documents by the parties thereto will contravene
any existing applicable law or regulation of The Bahamas; and 

  

	 	4.23	The courts of The Bahamas would uphold the validity of registration of the TE Rig under the laws and flag of The Bahamas, provided that a Polish court would not find
the Bahamian vessel registration void or voidable due to non-compliance by the TE Owner or Vantage Drilling Poland Sp. z o.o. with Article 10, Section 1 and/or Article 73, Section 1 and/or Article 23 of the Polish Maritime Code.

  

					
	{00160965-1 }	  		  	
			
		  	6	  	

	5.	Qualifications 

 The
opinions expressed above are, however, subject to the following qualifications:- 
  

	 	5.1	The enforcement of the Security Documents may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, limitation of actions or other similar laws
relating to the enforcement of creditors’ rights generally. 

  

	 	5.2	Obligations or liabilities of the Owner otherwise than for payment of money may not be enforceable in The Bahamas by way of such equitable remedies as injunction or
specific performance which remedies are in the discretion of the courts. 

	 	5.3	Any provisions requiring any party to pay interest on overdue amounts in excess of the rate (if any) payable on such amounts before they become overdue may be
unenforceable if held by a Bahamian Court to be unconscionable and therefore a penalty. 

  

	 	5.4	If any provision of any document is held to be illegal, invalid or unenforceable, the severance of such provision from the remaining provisions of such document will be
subject to the exercise of the discretion of a Bahamian Court. 

  

	 	5.5	Any provision in any of the Security Documents that certain calculations and/or certificates will be conclusive and binding will not be effective if such calculations
and/or certificates are fraudulent or erroneous on their face and will not necessarily prevent judicial enquiry into the merits of any claim by an aggrieved party. 

 

	 	5.6	If any party of any of the Security Documents is vested with a discretion or may determine a matter in its opinion, the courts of The Bahamas may require that such
discretion is exercised reasonably or that upon which such opinion is based is reasonable. 

  

	 	5.7	Insofar as the parties resort to the Bahamian Courts, claims may be or become subject to defenses of set-off or counterclaim. 

 

	 	5.8	Bahamian court may refuse to give effect to a purported contractual obligation to pay costs imposed upon another party in respect of the costs of any successful
litigation brought against that party and such a court may not award by way of costs all of the expenditure incurred by a successful litigant in proceedings brought before that Court. 

 

	 	5.9	If Bahamian law shall apply to the question of priorities the rules in Hopkinson v Rolt and Clayton’s Case will apply to this security and accordingly any advances
made subsequent to receipt of notice of any further mortgage on the Rig may be postponed in priority to such further mortgage. 

  

	 	5.10	Except with the leave of the Court, a mortgagee may not itself purchase a rig when exercising its power of sale if the rig is on the high seas or in waters of a country
whose laws prohibit a lender from purchasing security it holds as mortgagee. 

  

					
	{00160965-1 }	  		  	
			
		  	7	  	

 This opinion is confined to and given on the basis of the laws of the Commonwealth of The Bahamas as
currently applied by the courts of the said Commonwealth. We have not investigated and we do not express or imply any opinion on the laws of any other jurisdiction, and we have assumed no other law would affect the opinion stated herein. 

This opinion is addressed to you and is solely for you and your successors and assigns benefit and the benefit of your legal advisers and is not to be
relied upon by any person or legal entity other than yourselves (and your successors and assigns) and your legal advisers. 
 Yours faithfully,

 LENNOX PATON 

  

					
	{00160965-1 }	  		  	
			
		  	8	  	

 SCHEDULE 3.01 
 CORPORATE STATUS 
  

			
	 Group Party
	  	 Jurisdiction(s)

	Offshore Group Investment Limited	  	Cayman Islands
	Vantage Drilling Company	  	Cayman Islands
	Vantage Holding Hungary Kft.	  	Hungary
	Vantage Drilling Netherlands B.V.	  	Netherlands
	Vantage International Management Co.	  	Cayman Islands
	Vantage Driller I Co	  	Cayman Islands
	Vantage Driller II Co	  	Cayman Islands
	Vantage Driller III Co	  	Cayman Islands
	Vantage Driller IV Co.	  	Cayman Islands
	Emerald Driller Company	  	Cayman Islands
	Sapphire Driller Company	  	Cayman Islands
	P2021 Rig Co.	  	Cayman Islands
	P2020 Rig Co.	  	Cayman Islands
	Vantage Holdings Malaysia I Co.	  	Cayman Islands
	Vantage Drilling (Malaysia) I Sdn. Bhd.	  	Malaysia
	Vantage Drilling Labuan I Ltd.	  	Malaysia
	Vantage Holdings Cyprus ODC Limited	  	Cyprus
	Vantage Drilling Poland—Luxembourg Branch	  	Luxembourg Branch of a Polish limited liability company
	Dragonquest Holdings Company	  	Cayman Islands
	Tungsten Explorer Company	  	Cayman Islands
	Vantage Deepwater Company	  	Cayman Islands
	Vantage Deepwater Drilling, Inc.	  	Delaware
	Vantage Delaware Holdings, LLC	  	Delaware
	PT. Vantage Drilling Company Indonesia	  	Indonesia

 Schedule 3.01 to Second Term Loan Agreement 

 SCHEDULE 3.03 
 NO VIOLATION – NO CONDITIONS 
 None. 

Schedule 3.03 to Second Term Loan Agreement 

 SCHEDULE 3.04 
 LITIGATION 
 None. 
 Schedule 3.04 to Second Term Loan Agreement 

 SCHEDULE 3.12(A) 

SUBSIDIARIES 
  

					
	 Name of Subsidiary
	  	Direct or Indirect Ownership
Interests of the Parent
(and
Percentage of all Outstanding
Interests Owned)	 	Borrower, Guarantor or
Unrestricted Subsidiary
	 Offshore Group Investment Limited
	  	100%	 	Borrower
	 Vantage Delaware Holdings, LLC
	  	100%	 	Borrower
	 Vantage Holding Hungary Kft.
	  	100%	 	Guarantor
	 Vantage Drilling Netherlands B.V.
	  	100%	 	Guarantor
	 Vantage International Management Co.
	  	100%	 	Guarantor
	 Vantage Driller I Co
	  	100%	 	Guarantor
	 Vantage Driller II Co
	  	100%	 	Guarantor
	 Vantage Driller III Co
	  	100%	 	Guarantor
	 Vantage Driller IV Co.
	  	100%	 	Guarantor
	 Emerald Driller Company
	  	100%	 	Guarantor
	 Sapphire Driller Company
	  	100%	 	Guarantor
	 P2021 Rig Co.
	  	100%	 	Guarantor
	 P2020 Rig Co.
	  	100%	 	Guarantor
	 Vantage Holdings Malaysia I Co.
	  	100%	 	Guarantor
	 Vantage Drilling (Malaysia) I Sdn. Bhd.
	  	100%	 	Guarantor
	 Vantage Drilling Labuan I Ltd.
	  	100%	 	Guarantor
	 Vantage Holdings Cyprus ODC Limited
	  	100%	 	Guarantor
	 Vantage Drilling Poland-Luxembourg Branch
	  	100%	 	Guarantor
	 Dragonquest Holdings Company
	  	100%	 	Guarantor
	 Tungsten Explorer Company
	  	100%	 	Guarantor

 Schedule 3.12(A) to Second Term Loan Agreement 

					
	 Name of Subsidiary
	  	Direct or Indirect Ownership
Interests of the Parent
(and
Percentage of all Outstanding
Interests Owned)	 	Borrower, Guarantor or
Unrestricted Subsidiary
	 Vantage Deepwater Company
	  	100%	 	Guarantor
	 Vantage Deepwater Drilling, Inc.
	  	100%	 	Guarantor
	 PT. Vantage Drilling Company Indonesia
	  	  95%	 	Guarantor
	 Vantage Driller V Co.
	  	100%	 	Unrestricted Subsidiary
	 Vantage Driller VI Co.
	  	100%	 	Unrestricted Subsidiary
	 Vantage Deepwater Holdings Company
	  	100%	 	Unrestricted Subsidiary
	 Vantage Energy Services, Inc.
	  	100%	 	Unrestricted Subsidiary
	 Vantage International Payroll Company
	  	100%	 	Unrestricted Subsidiary
	 Vantage International Management Co Pte Ltd
	  	100%	 	Unrestricted Subsidiary
	 Vantage Luxembourg I SARL
	  	100%	 	Unrestricted Subsidiary
	 Vantage Project Holdings Company
	  	100%	 	Unrestricted Subsidiary
	 Vantage Drilling de Mexico SRL CV
	  	100%	 	Unrestricted Subsidiary
	 Vantage Luxembourg II SARL
	  	100%	 	Unrestricted Subsidiary
	 Advantage ODC Limited
	  	100%	 	Unrestricted Subsidiary
	 Platinum Explorer Company
	  	100%	 	Unrestricted Subsidiary
	 Titanium Explorer Company
	  	100%	 	Unrestricted Subsidiary
	 Cobalt Explorer Company
	  	100%	 	Unrestricted Subsidiary
	 Vantage Drilling de Brasil Servicos de Petroleo Ltda.
	  	100%	 	Unrestricted Subsidiary
	 Cobalt Explorer Holdings Company
	  	100%	 	Unrestricted Subsidiary
	 Vantage Drilling Netherlands II BV
	  	100%	 	Unrestricted Subsidiary

 Schedule 3.12(A) to Second Term Loan Agreement 

 SCHEDULE 3.12(B) 

CAPITALIZATION – LIENS ON EQUITY INTERESTS 
 None. 
 Schedule 3.12(B) to Second Term Loan Agreement 

 SCHEDULE 3.12(C) 

CAPITALIZATION – AUTHORIZED OR OUTSTANDING INTERESTS 
 None. 
 Schedule 3.12(C) to Second Term Loan Agreement 

 SCHEDULE 3.15 
 ENVIRONMENTAL LAWS 
 None. 

Schedule 3.15 to Second Term Loan Agreement 

 SCHEDULE 3.19 
 PERMITS 
 None. 
 Schedule 3.19 to Second Term Loan Agreement 

 SCHEDULE 3.26 
 RESTRICTIONS ON PAYMENTS OF DIVIDENDS 
 None. 

Schedule 3.26 to Second Term Loan Agreement 

 SCHEDULE 6.06(h) 

ADDITIONAL PARTIAL VESSEL SALE PROVISIONS 
 Capitalized terms used but not defined in the Agreement, including this Schedule 6.06(h), will have the meanings given to them in the Intercreditor Agreement. 

From time to time, the Company and its Restricted Subsidiaries may consider the sale, conveyance or other transfer of a minority interest
in a Vessel. Any such sale, conveyance or other transfer will be subject to the terms of this Agreement, including Sections 2.06, 6.04 and 6.06, and will be subject to the terms of the Intercreditor Agreement. The following
provisions set forth how the terms of the Intercreditor Agreement and the other Pari Passu Documents will apply, upon the receipt of the Requisite Consents (as defined below) from holders of applicable Pari Passu Obligations, in respect of any such
sale, conveyance or other transfer: 
 (a) Authorization by Lenders. Each Lender, by its advancing of the initial
Borrowings or by purchasing any Loan or interest therein, irrevocably and unconditionally (i) consents and agrees to the terms set forth below, (ii) appoints the Collateral Agent to consent, agree and to otherwise act as its agent with
respect to the terms set forth below and (iii) instructs the Pari Passu Collateral Agent, the Collateral Agent and the Administrative Agent to take all actions required with respect to the Loan Obligations, the Intercreditor Agreement and the
related Collateral to give effect to such terms upon the effectiveness of such provisions as set forth in clauses (b) through (d) below. 
 (b) Need for Requisite Consents. The Company and its Restricted Subsidiaries agree that the provisions set forth in clauses (a), (c) and (d) shall become effective only upon the requisite
Pari Passu Secured Parties, other than the Collateral Agent and the other Secured Parties (the consent and instruction with respect thereto will be provided as set forth above), providing any applicable consent or instructions required under the
Intercreditor Agreement and the applicable Pari Passu Document (collectively, the “Requisite Consents”). For the avoidance of doubt, none of the foregoing shall permit any Person to take, or prohibit any Person from taking, any
action for which any Pari Passu Document requires the consent of each holder of Pari Passu Obligations, in each case, prior to the receipt of such consent. 
 (c) Partial Vessel Sales. Upon and after receipt of the Requisite Consents, the Grantors are permitted from time to time to sell, convey or otherwise transfer to another Person (the “Vessel
Minority Interest Owner”) partial interests in a Vessel, subject to the terms and conditions set forth in the applicable Pari Passu Document, including without limitation, the terms of this Agreement and the Collateral Agreements;
provided that, in any event, such sale, conveyance, or transfer shall be subject to the Ship Mortgage with respect to such Vessel. If the Pari Passu Collateral Agent receives any amount in payment or on account of any Pari Passu Secured
Obligations and the Pari Passu Collateral Agent pays or distributes to the Vessel Minority Interest Holder all or part of such amount by reason of clause (i) or (ii) below, then each Grantor shall be and remain liable to the Pari Passu
Secured Parties for, and the Pari Passu Secured Obligations shall not be reduced by, the amount so paid or distributed to the same extent as if such amount had never originally been received by the Pari Passu Collateral Agent, and any guarantee of
the Pari Passu Secured Obligations with respect to such amount shall continue to be effective or be reinstated, as the case may be, all as if such payment or distribution had not occurred. In connection with the foregoing: 

(i) upon the occurrence of any Event of Loss (however defined in any Pari Passu Document) in respect of the applicable Vessel and the
receipt of Event of Loss Proceeds by the Pari Passu Collateral Agent, notwithstanding the redemption provisions set forth in Section 2.06(c) or the equivalent redemption or repayment provisions in any other Pari Passu Document to the
contrary, the Pari Passu Collateral Agent shall distribute such Event of Loss Proceeds as follows: 
 (A) first, to the
payment of all unpaid fees, expenses, reimbursements and indemnification amounts owed to the Pari Passu Collateral Agent and any other Agent (which, for the purpose of this Schedule only, shall have the meaning given to such term in the
Intercreditor Agreement) or Authorized Representative and all fees owed to any of them in connection with the collection of such proceeds (regardless of whether allowed or allowable as a claim in any bankruptcy proceeding), pro rata in accordance
with the relative amounts thereof on the date of any payment or distribution; and 
 Schedule 6.06(h) to Second Term Loan
Agreement 

 (B) second, with the remaining balance of the applicable Event of Loss Proceeds after
giving effect to the distribution set forth in the immediately preceding subclause (A), (1) to such Vessel Minority Interest Owner, in an amount equal to the product of (x) such remaining balance and (y) the percentage of ownership
interest in the applicable Vessel of the Vessel Minority Interest Owner and (2) to the Pari Passu Secured Parties, in an amount equal to the product of (x) such remaining balance and (y) the percentage of ownership interest in the
applicable Vessel not owned by such Vessel Minority Interest Owner, to be distributed in accordance with the terms of the Intercreditor Agreement; 
 (ii) upon any exercise of rights and remedies by the Pari Passu Collateral Agent or any other Pari Passu Secured Party pursuant to applicable law or any Pari Passu Document with respect to the applicable
Vessel or the proceeds thereof, the Pari Passu Collateral Agent shall distribute the proceeds of any Shared Payments received in respect thereof as follows: 
 (A) first, to the payment in full of (x) all obligations secured by liens and encumbrances existing on or with respect to such Vessel (other than the relevant Ship Mortgage) and (y) all
other obligations having priority to the relevant Ship Mortgage under applicable law; 
 (B) second, to the payment of all
unpaid fees, expenses, reimbursements and indemnification amounts owed to the Pari Passu Collateral Agent and all fees owed to it in connection with such collection or sale or otherwise in connection with the Intercreditor Agreement or any other
Pari Passu Document (regardless of whether allowed or allowable as a claim in any bankruptcy proceeding), pro rata in accordance with the relative amounts thereof on the date of any payment or distribution; and 

(C) third, with the remaining balance of the applicable Shared Payments after giving effect to the distributions set forth in the
immediately preceding subclauses (A) and (B), (1) to such Vessel Minority Interest Owner, in an amount equal to the product of (x) such remaining balance and (y) the percentage of ownership interest in the applicable Vessel of
the Vessel Minority Interest Owner and (2) to the Pari Passu Secured Parties, in an amount equal to the product of (x) such remaining balance and (y) the percentage of ownership interest in the applicable Vessel not owned by such
Vessel Minority Interest Owner, to be distributed in accordance with the terms of the Intercreditor Agreement; 
 (iii) any bill
of sale or other instrument of partial transfer shall state on its face that the interest transferred to the Vessel Minority Interest Owner is subject to the lien of the relevant Ship Mortgage, and the Vessel Minority Interest Owner shall explicitly
acknowledge to the Pari Passu Collateral Agent that the Vessel Minority Interest Owner takes such interest subject to the relevant Ship Mortgage; and 
 (iv) no provision of any Pari Passu Document shall limit or otherwise prohibit or restrict such Grantor’s ability to distribute to such Vessel Minority Interest Owner its pro rata share of revenue,
earnings or other distributions due and owing and made in respect of such Vessel; provided that this clause (iv) shall be subject to the foregoing clauses (i) through (iii) and shall not modify or limit the application of any
provision of any Pari Passu Document. 
 (d) Authorization of Agents. Notwithstanding anything to the contrary in any
Pari Passu Document, upon and after receipt of the Requisite Consents, without the need for any further consent or other action by any Pari Passu Secured Party or Agent, then the Pari Passu Collateral Agent, the Controlling Party and any other Agent
or other representative whose consent is otherwise required may amend, restate, supplement or otherwise modify any Pari Passu Document, including, without limiting the generality of the foregoing, all security agreements, ship mortgages, financing
statements, other lien instruments, insurance arrangements and agreements, and intercreditor agreements, enter into one or more other Pari Passu Documents and may take any other action that is reasonably incidental thereto to give effect to or to
evidence the foregoing, and each of: 
 (i) each applicable Agent; 

(ii) each Authorized Representative, including without limitation the applicable Controlling Party; 

(iii) the applicable Controlling Secured Parties; and 
 Schedule 6.06(h) to Second Term Loan Agreement 

 (iv) the Pari Passu Collateral Agent, 

will then take such actions as may be requested by the Company or the applicable Restricted Subsidiary in its reasonable discretion to give effect to or
to evidence the foregoing and that are otherwise not prohibited by any of the Pari Passu Documents and each such Agent, Authorized Representative, Controlling Party or Pari Passu Collateral Agent shall act upon the written instruction of the Company
or the applicable Restricted Subsidiary with respect thereto. Upon and after the receipt of the Requisite Consents, no Pari Passu Secured Party shall contest, protest or object to any action taken by the Pari Passu Collateral Agent, the Controlling
Secured Parties, the Controlling Party or any applicable Agent or any other exercise by the Pari Passu Collateral Agent, the Controlling Party, the Controlling Secured Parties or any applicable Agent, in each case, to the extent (and only to the
extent) that the Pari Passu Collateral Agent, the Controlling Party, the Controlling Secured Parties or such Agent, as the case may be, considers such action or exercise necessary or desirable to give effect to or to evidence the foregoing.

 Schedule 6.06(h) to Second Term Loan Agreement 

 SCHEDULE 6.18(d) 

POST-CLOSING ACTIONS 
  

	I.	Deliver or cause to be delivered to the Pari Passu Collateral Agent, the following items, as soon as reasonably practicable, but in any event by no later than the date
specified below with respect to such item, in each case, set forth below, in form and substance reasonably satisfactory to the Administrative Agent: 

  

	 	a.	Not later than 11:59 p.m., Eastern Standard Time, March 28, 2013, fully executed and compiled Collateral Agreements to be executed in Hungary;

  

	 	b.	Not later than 11:59 p.m., Eastern Standard Time, April 1, 2013, fully executed and compiled Opinions of Counsel delivered by Morgan and Morgan in connection with
the 2023 Indenture; 

  

	 	c.	Not later than 11:59 p.m. Eastern Standard Time, April 1, 2013, fully executed and compiled amendments to those certain Ship Mortgages, including all attachments
thereto, with respect to the (i) Topaz Driller; (ii) Emerald Driller; (iii) Sapphire Driller; and (iv) Aquamarine Driller; 

  

	 	d.	Within 30 days of the date hereof, the Promissory Note, and related allonge, dated effective as of October 1, 2012 executed by Tungsten Explorer Company, as maker,
and payable to the order of the Company, as payee, in the amount of $75,000,000; 

  

	 	e.	Within 30 days of the date hereof, the Promissory Note, and related allonge, dated November 16, 2012 executed by Vantage Deepwater Drilling, Inc., as maker, and
payable to the order of the Company, as payee, in the amount of $25,000,000; 

  

	 	f.	Within 30 days of the date hereof, the Promissory Note, and related allonge, dated June 7, 2012 executed by Vantage Deepwater Drilling, Inc., as maker, and payable
to the order of the Company, as payee, in the amount of $350,000; 

  

	 	g.	Within 30 days of the date hereof, the Promissory Note, and related allonge, dated June 13, 2012, executed by Vantage Deepwater Drilling, Inc., as maker, and
payable to the order of the Company, as payee, in the amount of $6,000,000; and 

  

	 	h.	Within 30 days of the date hereof, the Promissory Note, and related allonge, dated August 28, 2012, executed by Vantage Deepwater Drilling, Inc., as maker, and
payable to the order of the Company, as payee, in the amount of $25,000,000. 

 Schedule 6.18(d) to Second Term
Loan Agreement 

	II.	Deliver or cause to be delivered to the Administrative Agent, the following items, within two (2) Business Days after the Closing Date, in form and substance
reasonably satisfactory to the Administrative Agent: 

  

	 	a.	a true correct and complete copy of the duly provisionally recorded, in the appropriate public registry in Panama the Panamanian Mortgage Amendment with respect to each
Panamanian Flagged Vessel; and 

  

	 	b.	an opinion of Morgan & Morgan, Panamanian legal counsel to the Credit Parties, dated as of the date that clause (II)(a) above is satisfied, addressed to the
Administrative Agent, the Collateral Agent and the Lenders. 

 Each of the Borrowers hereby agrees, on behalf of itself and the
other Credit Parties, that, notwithstanding anything to the contrary in the Second Term Loan Agreement, the Secured Parties may treat the failure to timely deliver to the Pari Passu Collateral Agent or the Administrative Agent, as the case may be,
each of the instruments, documents and other information set forth in above, in each case by no later than the date set forth therein or such later date as the Administrative Agent may agree in its sole discretion, as an Event of Default under the
Second Term Loan Agreement, and the Secured Parties will be entitled to exercise any and all rights and remedies under the Second Term Loan Agreement in respect thereof. 
 Schedule 6.18(d) to Second Term Loan AgreementEX-10.2

 Exhibit 10.2 
 EXECUTION VERSION 
  

 
  

AMENDED AND RESTATED CREDIT AGREEMENT 
 Dated as of March 28, 2013 
 among 

OFFSHORE GROUP INVESTMENT LIMITED, 
 and 
 VANTAGE DRILLING COMPANY, 

as Borrowers, 

VANTAGE DRILLING COMPANY 
 AND CERTAIN SUBSIDIARIES THEREOF PARTY HERETO, 
 as Guarantors, 

THE LENDERS FROM TIME TO TIME PARTY HERETO, 
 as Lenders, 
 ROYAL BANK OF CANADA, 

as Administrative Agent, 
 and 
 RBC CAPITAL MARKETS(1), 
 as Sole Lead Arranger and Sole Bookrunner 
  

 
  

 

	(1)	RBC Capital Markets is the global brand name for the corporate and investment banking businesses of Royal Bank of Canada and its affiliates. 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS	  	 	2	  
			
	 Section 1.01
	 	 Certain Defined Terms
	  	 	2	  
	 Section 1.02
	 	 Computation of Time Periods
	  	 	39	  
	 Section 1.03
	 	 Accounting Terms
	  	 	39	  
	 Section 1.04
	 	 Miscellaneous
	  	 	39	  
		
	ARTICLE II. THE CREDIT FACILITY	  	 	40	  
			
	 Section 2.01
	 	 Advances
	  	 	40	  
	 Section 2.02
	 	 Method of Borrowing
	  	 	40	  
	 Section 2.03
	 	 Fees
	  	 	44	  
	 Section 2.04
	 	 Repayment
	  	 	45	  
	 Section 2.05
	 	 Interest
	  	 	45	  
	 Section 2.06
	 	 Prepayments
	  	 	46	  
	 Section 2.07
	 	 Funding Losses
	  	 	48	  
	 Section 2.08
	 	 Increased Costs
	  	 	48	  
	 Section 2.09
	 	 Payments and Computations
	  	 	50	  
	 Section 2.10
	 	 Taxes
	  	 	51	  
	 Section 2.11
	 	 Sharing of Payments, Etc.
	  	 	54	  
	 Section 2.12
	 	 Applicable Lending Offices
	  	 	55	  
	 Section 2.13
	 	 Letters of Credit
	  	 	55	  
	 Section 2.14
	 	 Joint and Several Liability of the Borrowers
	  	 	60	  
	 Section 2.15
	 	 Mitigation Obligations; Replacement of Lenders
	  	 	61	  
	 Section 2.16
	 	 Defaulting Lenders
	  	 	62	  
		
	ARTICLE III. CONDITIONS OF LENDING	  	 	64	  
			
	 Section 3.01
	 	 Conditions Precedent to Closing
	  	 	64	  
	 Section 3.02
	 	 Conditions Precedent to Each Advance
	  	 	67	  
	 Section 3.03
	 	 Determinations Under Sections 3.01 and 3.02
	  	 	67	  
		
	ARTICLE IV. REPRESENTATIONS AND WARRANTIES	  	 	67	  
			
	 Section 4.01
	 	 Existence
	  	 	67	  
	 Section 4.02
	 	 Power and Authority
	  	 	67	  
	 Section 4.03
	 	 Authorization and Approvals
	  	 	68	  
	 Section 4.04
	 	 Enforceable Obligations
	  	 	68	  
	 Section 4.05
	 	 Financial Statements; No Material Adverse Effect
	  	 	68	  
	 Section 4.06
	 	 True and Complete Disclosure
	  	 	69	  
	 Section 4.07
	 	 Litigation
	  	 	69	  
	 Section 4.08
	 	 Compliance with Laws
	  	 	69	  
	 Section 4.09
	 	 No Default
	  	 	70	  
	 Section 4.10
	 	 Subsidiaries; Corporate Structure
	  	 	70	  

  
 i 

							
	 Section 4.11
	 	 Condition of Properties
	  	 	70	  
	 Section 4.12
	 	 Environmental Condition
	  	 	70	  
	 Section 4.13
	 	 Insurance
	  	 	71	  
	 Section 4.14
	 	 Taxes
	  	 	71	  
	 Section 4.15
	 	 ERISA Compliance
	  	 	71	  
	 Section 4.16
	 	 Security Interests
	  	 	72	  
	 Section 4.17
	 	 Labor Relations
	  	 	72	  
	 Section 4.18
	 	 Intellectual Property
	  	 	73	  
	 Section 4.19
	 	 Solvency
	  	 	73	  
	 Section 4.20
	 	 Government Regulations
	  	 	73	  
	 Section 4.21
	 	 Investment Company Act
	  	 	74	  
		
	 ARTICLE V. AFFIRMATIVE COVENANTS
	  	 	74	  
			
	 Section 5.01
	 	 Preservation of Existence, Etc.
	  	 	74	  
	 Section 5.02
	 	 Compliance with Laws, Etc.
	  	 	75	  
	 Section 5.03
	 	 Maintenance of Property
	  	 	75	  
	 Section 5.04
	 	 Maintenance of Insurance
	  	 	75	  
	 Section 5.05
	 	 Payment of Taxes, Etc.
	  	 	75	  
	 Section 5.06
	 	 Reporting Requirements
	  	 	75	  
	 Section 5.07
	 	 Other Notices
	  	 	77	  
	 Section 5.08
	 	 Books and Records; Inspection
	  	 	79	  
	 Section 5.09
	 	 Use of Proceeds
	  	 	79	  
	 Section 5.10
	 	 Nature of Business
	  	 	80	  
	 Section 5.11
	 	 Operation of Vessels
	  	 	80	  
	 Section 5.12
	 	 Additional Guarantors
	  	 	80	  
	 Section 5.13
	 	 Further Assurances in General
	  	 	80	  
	 Section 5.14
	 	 Vessel Transfers and Partial Vessel Sales
	  	 	81	  
	 Section 5.15
	 	 Tungsten Delivery Date
	  	 	83	  
	 Section 5.16
	 	 Designation of Restricted and Unrestricted Subsidiaries
	  	 	85	  
	 Section 5.17
	 	 Post-Closing Covenants
	  	 	86	  
		
	 ARTICLE VI. NEGATIVE COVENANTS
	  	 	86	  
			
	 Section 6.01
	 	 Liens, Etc.
	  	 	86	  
	 Section 6.02
	 	 Debts, Guaranties and Other Obligations
	  	 	89	  
	 Section 6.03
	 	 Merger or Consolidation
	  	 	92	  
	 Section 6.04
	 	 Asset Dispositions
	  	 	94	  
	 Section 6.05
	 	 Investments
	  	 	97	  
	 Section 6.06
	 	 Restricted Payments
	  	 	98	  
	 Section 6.07
	 	 Change in Nature of Business
	  	 	100	  
	 Section 6.08
	 	 Transactions With Affiliates
	  	 	100	  
	 Section 6.09
	 	 [Reserved]
	  	 	102	  
	 Section 6.10
	 	 Agreements Restricting Liens and Distributions
	  	 	102	  
	 Section 6.11
	 	 Limitation on Accounting Changes or Changes in Fiscal Periods
	  	 	103	  
	 Section 6.12
	 	 Off-Balance Sheet Liabilities
	  	 	104	  
	 Section 6.13
	 	 Amendment of Material Contracts
	  	 	104	  

  
 ii 

							
	 Section 6.14
	 	 Operation of Vessels
	  	 	104	  
	 Section 6.15
	 	 Bank Accounts
	  	 	104	  
	 Section 6.16
	 	 Super Senior Debt to EBITDA
	  	 	104	  
		
	 ARTICLE VII. EVENTS OF DEFAULT
	  	 	105	  
			
	 Section 7.01
	 	 Events of Default
	  	 	105	  
	 Section 7.02
	 	 Optional Acceleration of Maturity
	  	 	107	  
	 Section 7.03
	 	 Automatic Acceleration of Maturity
	  	 	108	  
	 Section 7.04
	 	 Non-exclusivity of Remedies
	  	 	108	  
	 Section 7.05
	 	 Right of Set-off
	  	 	108	  
	 Section 7.06
	 	 Application of Proceeds
	  	 	109	  
		
	 ARTICLE VIII. THE GUARANTY
	  	 	110	  
			
	 Section 8.01
	 	 Liabilities Guaranteed
	  	 	110	  
	 Section 8.02
	 	 Nature of Guaranty
	  	 	110	  
	 Section 8.03
	 	 Guarantor’s Waivers
	  	 	110	  
	 Section 8.04
	 	 Maturity of Obligations, Payment
	  	 	111	  
	 Section 8.05
	 	 Administrative Agent’s Expenses
	  	 	112	  
	 Section 8.06
	 	 Liability
	  	 	112	  
	 Section 8.07
	 	 Events and Circumstances Not Reducing or Discharging any Guarantor’s Obligations
	  	 	112	  
	 Section 8.08
	 	 Subordination of All Guarantor Claims
	  	 	114	  
	 Section 8.09
	 	 Claims in Bankruptcy
	  	 	115	  
	 Section 8.10
	 	 Payments Held in Trust
	  	 	115	  
	 Section 8.11
	 	 Benefit of Guaranty
	  	 	115	  
	 Section 8.12
	 	 Reinstatement
	  	 	115	  
	 Section 8.13
	 	 Liens Subordinate
	  	 	116	  
	 Section 8.14
	 	 Guarantor’s Enforcement Rights
	  	 	116	  
	 Section 8.15
	 	 Limitation
	  	 	116	  
	 Section 8.16
	 	 Contribution Rights
	  	 	116	  
		
	 ARTICLE IX. THE ADMINISTRATIVE AGENT AND THE ISSUING BANK
	  	 	117	  
			
	 Section 9.01
	 	 Appointment and Authority
	  	 	117	  
	 Section 9.02
	 	 Rights as a Lender
	  	 	117	  
	 Section 9.03
	 	 Exculpatory Provisions
	  	 	118	  
	 Section 9.04
	 	 Reliance by Administrative Agent
	  	 	118	  
	 Section 9.05
	 	 Delegation of Duties
	  	 	119	  
	 Section 9.06
	 	 Resignation of Administrative Agents
	  	 	119	  
	 Section 9.07
	 	 Non-Reliance on Administrative Agent and Other Lenders
	  	 	120	  
	 Section 9.08
	 	 Indemnification
	  	 	120	  
	 Section 9.09
	 	 Collateral and Guaranty Matters
	  	 	121	  
		
	 ARTICLE X. MISCELLANEOUS
	  	 	122	  
			
	 Section 10.01
	 	 Amendments, Etc.
	  	 	122	  

  
 iii

							
	 Section 10.02
	 	 Notices, Etc.
	  	 	124	  
	 Section 10.03
	 	 No Waiver; Cumulative Remedies
	  	 	125	  
	 Section 10.04
	 	 Costs and Expenses
	  	 	125	  
	 Section 10.05
	 	 Indemnification
	  	 	126	  
	 Section 10.06
	 	 Successors and Assigns
	  	 	127	  
	 Section 10.07
	 	 Confidentiality
	  	 	131	  
	 Section 10.08
	 	 Execution in Counterparts
	  	 	132	  
	 Section 10.09
	 	 Survival of Representations, etc.
	  	 	132	  
	 Section 10.10
	 	 Severability
	  	 	132	  
	 Section 10.11
	 	 Interest Rate Limitation
	  	 	133	  
	 Section 10.12
	 	 The Platform
	  	 	133	  
	 Section 10.13
	 	 Governing Law
	  	 	133	  
	 Section 10.14
	 	 Submission to Jurisdiction
	  	 	133	  
	 Section 10.15
	 	 Waiver of Jury
	  	 	134	  
	 Section 10.16
	 	 Entire Agreement
	  	 	134	  
	 Section 10.17
	 	 Judgment Currency
	  	 	134	  
	 Section 10.18
	 	 USA Patriot Act Notice
	  	 	135	  
	 Section 10.19
	 	 Intercreditor Agreement
	  	 	135	  
	 Section 10.20
	 	 Special Provisions
	  	 	136	  

  
 iv 

					
	 EXHIBITS:

			
	Exhibit A	  	-	  	Form of Assignment and Acceptance
	Exhibit B	  	-	  	Form of Joinder Agreement
	Exhibit C	  	-	  	Form of Compliance Certificate
	Exhibit D	  	-	  	Form of Notice of Borrowing
	Exhibit E	  	-	  	Form of Notice of Continuation/Conversion
	
	 ANNEXES AND SCHEDULES:

			
	Annex I	  	-	  	Commitments
	Schedule 1.01(a)	  	-	  	Closing Date Guarantors
	Schedule 1.01(b)	  	-	  	Existing Debt
	Schedule 4.10	  	-	  	Subsidiaries
	Schedule 6.08	  	-	  	Affiliate Transactions
	Schedule 6.15	  	-	  	Bank Accounts
	Schedule 10.02	  	-	  	Addresses for Notice

  
 v 

 AMENDED AND RESTATED CREDIT AGREEMENT 

This Amended and Restated Credit Agreement (as amended or modified and in effect from time to time, this “Agreement”)
dated as of March 28, 2013 is among Offshore Group Investment Limited, a Cayman Islands exempted company (“Subsidiary Borrower”), Vantage Drilling Company, a Cayman Islands exempted company (“Parent” and
together with the Subsidiary Borrower, the “Borrowers”), the Guarantors (as defined below), each Lender from time to time party hereto, Royal Bank of Canada (“Royal Bank”), as Administrative Agent for the Lenders
and RBC CAPITAL MARKETS(2), as Sole Lead Arranger and Sole
Bookrunner. 
 The Subsidiary Borrower, the Parent, the other Guarantors, the issuing bank and lenders party thereto
(collectively, the “Existing Lenders”) and Royal Bank, as administrative agent (the “Existing Agent”), are parties to the Credit Agreement dated as of June 21, 2012 (the “Initial Closing Date”)
(as amended by that certain First Amendment to Credit Agreement dated as of August 13, 2012 and that certain Second Amendment to Credit Agreement dated as of October 25, 2012, and as otherwise amended, restated, supplemented or modified
prior to the date hereof, the “Existing Credit Agreement”). 
 The Subsidiary Borrower and the Parent have
requested that the Existing Lenders amend the Existing Credit Agreement to, among other things, (a) create a separate tranche within the facility with respect to the issuance of Letters of Credit, (b) increase the aggregate Commitments to
$200,000,000, (c) extend the Maturity Date for the facility thereunder, (d) modify the interest rates for the facility thereunder and (e) make Parent a borrower hereunder, and for the sake of clarity only, the Borrowers and the
Lenders have decided to amend and restate the Existing Credit Agreement in its entirety as set forth herein. 
 The Existing
Lenders, the Existing Agent, the Lenders and the Administrative Agent are willing to enter into such amendment and restatement of the Existing Credit Agreement on the terms and conditions set forth herein. 

It is the intent of the parties hereto that this Agreement not constitute a novation of the obligations and liabilities of the parties
under the Existing Credit Agreement and that this Agreement amend and restate in its entirety the Existing Credit Agreement and re-evidence the “Obligations” under, and as defined in, the Existing Credit Agreement as contemplated hereby.
All Obligations hereunder are and shall continue to be secured by all Collateral on which a Lien is granted to the Pari Passu Collateral Agent to secure such Obligations pursuant to any Security Document. 

In consideration of the mutual covenants and agreements herein contained, the parties hereto hereby (a) agree that the Existing
Credit Agreement is amended and restated in its entirety by this Agreement and (b) further covenant and agree as follows: 

 

	(2)	RBC Capital Markets is the global brand name for the corporate and investment banking businesses of Royal Bank of Canada and its affiliates. 

 ARTICLE I. 
 DEFINITIONS AND ACCOUNTING TERMS 
 Section 1.01 Certain Defined
Terms. Any capitalized terms used in this Agreement that are defined in Article 9 of the UCC shall have the meanings assigned to those terms by the UCC as of the date of this Agreement. As used in this Agreement, the terms defined above shall
have the meanings set forth therein and the following terms shall have the following meanings: 
 “2012 Term
Loans” means the loans made pursuant to that certain 2012 Term Loan Facility. 
 “2012 Term Loan
Agent” means the administrative agent under the 2012 Term Loan Facility, which shall initially be Citibank, N.A. 

“2012 Term Loan Collateral Agent” means the collateral agent under the 2012 Term Loan Facility, which shall initially be
Wells Fargo Bank, National Association. 
 “2012 Term Loan Facility” means that certain Term Loan Agreement
dated as of October 25, 2012 by and among the Subsidiary Borrower, as co-borrower, the US Borrower (as therein defined), the Parent as a guarantor, the other guarantors party thereto, the lenders from time to time party thereto, the 2012 Term
Loan Agent, and the 2012 Term Loan Collateral Agent, as collateral agent for such lenders. 
 “2013 Term Loans”
means the loans made pursuant to that certain 2013 Term Loan Facility. 
 “2013 Term Loan Agent” means the
administrative agent under the 2013 Term Loan Facility, which shall initially be Citibank, N.A. 
 “2013 Term Loan
Collateral Agent” means the collateral agent under the 2013 Term Loan Facility, which shall initially be Wells Fargo Bank, National Association. 
 “2013 Term Loan Facility” means that certain Second Term Loan Agreement dated as of March 28, 2013 by and among the Subsidiary Borrower, as co-borrower, the US Borrower (as therein
defined), the Parent as a guarantor, the other guarantors party thereto, the lenders from time to time party thereto, the 2013 Term Loan Agent, and the 2013 Term Loan Collateral Agent, as collateral agent for such lenders. 

“2019 Indenture” means the Indenture dated as of October 25, 2012 among the Subsidiary Borrower, the 2019
Noteholder Collateral Agent, as trustee and noteholder collateral agent, and the Parent and each Subsidiary of the Subsidiary Borrower as guarantors thereunder (with such other guarantors as may thereafter be added from time to time) as amended,
supplemented, amended and restated or otherwise modified from time to time. 
 “2019 Noteholder Collateral
Agent” means the collateral agent for the benefit of the holders of the 2019 Senior Notes under the 2019 Indenture, together with its successors in such capacity. 
 “2019 Senior Notes” means the Subsidiary Borrower’s $1,150,000,000 7.5% senior secured notes due 2019 under the 2019 Indenture. 

  
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 “2023 Indenture” means the Indenture dated as of the date hereof, among the
Subsidiary Borrower, the 2023 Noteholder Collateral Agent, as trustee and noteholder collateral agent, and the Parent and each Subsidiary of the Subsidiary Borrower as guarantors thereunder (with such other guarantors as may thereafter be added from
time to time) as amended, supplemented, amended and restated or otherwise modified from time to time. 
 “2023
Noteholder Collateral Agent” means the collateral agent for the benefit of the holders of the 2023 Senior Notes under the 2023 Indenture, together with its successors in such capacity. 

“2023 Senior Notes” means the Subsidiary Borrower’s $775,000,000 7.125% senior secured notes due 2023 under the
2023 Indenture. 
 “ABR” means, for any day, a fluctuating rate of interest per annum equal to the highest of
(a) the US Prime Rate of interest in effect on such date, (b) the sum of the Eurodollar Rate for a one-month Interest Period on such day plus 1.0% per annum and (c) the sum of the Federal Funds Effective Rate in effect on such
day plus 0.5% per annum. Any change in ABR due to a change in the US Prime Rate, the Federal Funds Effective Rate, or the Eurodollar Rate shall take place immediately without notice or demand of any kind. 

“ABR Advance” means an Advance that bears interest at a rate determined by reference to ABR. 

“Acceptable Security Interest” in any Property means a Lien which (a) exists in favor of the Administrative Agent
for the benefit of the Secured Parties; (b) is superior to all other Liens other than Permitted Prior Liens and other Permitted Liens having priority under Legal Requirements and Liens securing the Senior Notes, which shall be subject to the
Intercreditor Agreement; (c) secures the Obligations; (d) is perfected; and (e) is enforceable against the Loan Party that created such security interest. 
 “Account Control Agreement” means, with respect to any deposit account of any Loan Party that is held with a bank that is not the Administrative Agent, an agreement or agreements in form
and substance reasonably acceptable to the Administrative Agent between the Administrative Agent (or the Pari Passu Collateral Agent pursuant to the Intercreditor Agreement) and such other bank or banks governing any such deposit accounts of such
Loan Party pursuant to which the security interest of the Administrative Agent (or the Pari Passu Collateral Agent pursuant to the Intercreditor Agreement) in such deposit account shall be perfected. 

“Acquired Debt” means, with respect to any specified Person: 

(a) Debt of any other Person existing at the time such other Person is merged with or into or became a Restricted Subsidiary of such
specified Person (regardless of the form of the applicable transaction by which such Person became a Restricted Subsidiary) or expressly assumed in connection with the acquisition of assets from any such Person, whether or not such Debt is incurred
in connection with, or in contemplation of, such other Person merging with or into, or becoming a Restricted Subsidiary of, such specified Person or of such Debt being incurred in connection with the acquisition of assets; and 

  
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 (b) Debt secured by a Lien encumbering any asset acquired by such specified Person.

 (c) Acquired Debt will be deemed to be incurred on the date the acquired Person becomes a Restricted Subsidiary or the later
of the date such Debt is incurred or the date of the related acquisition of assets from such Person. 
 “Additional
Vessel” means a drilling rig or drillship or other vessel that is used or useful in the Permitted Business; provided however that upon the consummation of any Vessel Asset Sale permitted hereunder, any Additional Vessel that is the
subject of such Vessel Asset Sale shall no longer constitute an Additional Vessel hereunder. 
 “Administrative
Agent” means Royal Bank in its capacity as agent for the Lenders under the Loan Documents. 
 “Administrative
Questionnaire” means an administrative questionnaire in a form supplied by the Administrative Agent. 

“Advance” means the revolving loans made by the Revolving Credit Lenders to a Borrower under the Revolving Credit
Tranche pursuant to this Agreement. 
 “Affiliate” of any Person, means any other Person that, directly or
indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such Person or any Subsidiary of such Person. The term “control” (including the terms “controlled by” or “under
common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ability to exercise voting power, by contract or otherwise.

 “Affiliate Transaction” has the meaning specified in Section 6.08. 

“Agreement” has the meaning specified in the introductory paragraph hereto. 

“Applicable Lending Office” means (a) with respect to any Lender, the office, branch, subsidiary, affiliate or
correspondent bank of such Lender specified in its Administrative Questionnaire or such other office, branch, subsidiary, affiliate or correspondent bank as such Lender may from time to time specify to the Borrowers and the Administrative Agent from
time to time and (b) with respect to the Administrative Agent, the address specified for such Person on Schedule 10.02 or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by
such party in a notice to the other parties pursuant to Section 10.02. 
 “Approved Fund” means any
Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 

  
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 “ASC 133” has the meaning specified in Section 6.17.

 “Asset Disposition” means: 
 (a) the sale, lease, conveyance or other disposition of any assets or rights (except under an Internal Charter or Drilling Contract); provided that the sale, lease, conveyance or other disposition
of all or substantially all of the assets of the Subsidiary Borrower and the Restricted Subsidiaries taken as a whole will be governed by Section 6.03 and not by Section 6.04; 

(b) the issuance of Equity Interests in any of the Restricted Subsidiaries or the sale of Equity Interests in any of the Subsidiary
Borrower’s Subsidiaries other than statutory or directors qualifying shares; and 
 (c) an Involuntary Transfer.

 “Assignment and Acceptance” means an assignment and assumption entered into by a Lender and an Eligible
Assignee (with the consent of any party whose consent is required by Section 10.06), and accepted by the Administrative Agent in accordance with Section 10.06, in substantially the form of Exhibit A or any other
form approved by the Administrative Agent. 
 “Assignments” means, collectively, each Insurance Assignment and
each Earnings Assignment among the Loan Parties and the Pari Passu Collateral Agent in form and substance reasonably acceptable to the Administrative Agent. 
 “Audited Financial Statements” means the audited consolidated balance sheet of the Parent and its Subsidiaries for the fiscal year ended December 31, 2012, together with the related
consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year of the Parent and its Subsidiaries, including the notes thereto. 
 “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular
“person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or
exercise of other securities, whether such right is currently exercisable or is exercisable only after the passage of time. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning. 

“Board of Directors” means: (a) with respect to a corporation, the board of directors of the corporation or any
committee thereof duly authorized to act on behalf of such board; (b) with respect to a partnership, the board of directors of the general partner of the partnership; (c) with respect to a limited liability company, the managing member or
members of any controlling committee of managing members thereof or the manager or any committee of managers; and (d) with respect to any other Person, the board or committee of such Person serving a similar function. 

“Borrowing Date” means the date on which any Advance is made or any Letter of Credit is issued hereunder. 

  
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 “Business Day” means any day other than a Saturday, Sunday or other day on
which commercial banks are authorized to close under the laws of, or are in fact closed in, New York City and, if such day relates to any Eurodollar Advance, means any such day on which dealings in Dollar deposits are conducted by and between banks
in the London interbank eurodollar market. 
 “Calculation Date” means the date on which the event occurred for
which the calculation of Consolidated Cash Flow is made. 
 “Capital Expenditures” means, for any Person for
any period, the aggregate of all expenditures in respect of the purchase or other acquisition of any fixed or capital asset (excluding normal replacements and maintenance which are properly charged to current operations) which should be capitalized
in accordance with GAAP. 
 “Capital Lease Obligation” means, at the time any determination is to be made, the
amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet prepared in accordance with GAAP, and the stated maturity thereof shall be the date of the last payment of rent or any
other amount due under such lease prior to the first date upon which such lease may be prepaid by the lessee without payment of a penalty. 
 “Cash Equivalents” means: 
 (a) United States dollars;

 (b) securities issued or directly and fully guaranteed or insured by the United States government or any agency or
instrumentality of the United States government (provided that the full faith and credit of the United States is pledged in support of those securities) having maturities of not more than six months from the date of acquisition; 

(c) certificates of deposit and Eurodollar time deposits with maturities of six months or less from the date of acquisition,
bankers’ acceptances with maturities not exceeding six months and overnight bank deposits, in each case, with any domestic commercial bank having capital and surplus in excess of $500,000,000 and a Thomson Bank Watch Rating of “B” or
better; 
 (d) repurchase obligations with a term of not more than seven days for underlying securities of the types described
in clauses (b) and (c) above entered into with any financial institution meeting the qualifications specified in clause (c) above; 
 (e) commercial paper having one of the two highest ratings obtainable from Moody’s or S&P and, in each case, maturing within six months after the date of acquisition; 

(f) money market funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses (a) through
(e) of this definition; and 
 (g) investments by Foreign Subsidiaries in (i) bank accounts and cash management
facilities maintained at one of the three largest banks in the country in which such Foreign Subsidiary maintains its registered or local office and (ii) such investments as are comparable to the cash equivalents described in clauses
(a) through (f) above that are customary investments for entities in such jurisdictions and that are consistent with the goal of preservation of capital and prudent under the circumstances. 

  
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 “Change in Law” means the occurrence, after the date of this Agreement, of
any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by any Governmental
Authority or (c) the making or issuance of any request, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (i) the Dodd-Frank
Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International
Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law,”
regardless of the date enacted, adopted or issued. 
 “Change of Control” means the occurrence of any of the
following: 
 (a) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of Parent, the Subsidiary Borrower and the Restricted Subsidiaries taken as a whole (other than assets of Excluded Parent
Subsidiaries) or the Subsidiary Borrower and the Restricted Subsidiaries taken as a whole, in either case, to any “person” (as that term is used in Section 13(d) of the Exchange Act); 

(b) any “person” (as that term is used in Section 13(d) of the Exchange Act) acquires, directly or indirectly, in one or a
series of transactions Beneficial Ownership of more than 50% of the Voting Stock of Parent (or any other direct or indirect parent of the Subsidiary Borrower) or the Subsidiary Borrower and maintains such Beneficial Ownership of more than 50% of the
Voting Stock of Parent (or any other direct or indirect parent of the Subsidiary Borrower) or the Subsidiary Borrower, measured by voting power rather than number of shares, for more than 15 consecutive Business Days; 

(c) the adoption of a plan relating to the liquidation or dissolution of Parent or the Subsidiary Borrower; 

(d) the consummation of any transaction or any series of transactions (including, without limitation, any merger, consolidation or other
business combination), the result of which is that any “person” (as that term is used in Section 13(d) of the Exchange Act), becomes the Beneficial Owner, directly or indirectly, of more than 50% of the Voting Stock of Parent (or any
other direct or indirect parent of the Subsidiary Borrower), measured by voting power rather than number of shares; 

  
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 (e) Parent or the Subsidiary Borrower consolidates with, or merges with or into, any Person,
or any Person consolidates with, or merges with or into, Parent or the Subsidiary Borrower, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of Parent or the Subsidiary Borrower or such other Person is
converted into or exchanged for cash, securities or other property, other than any such transaction where the Voting Stock of Parent or the Subsidiary Borrower outstanding immediately prior to such transaction is converted into or exchanged for
Voting Stock (other than Disqualified Stock) of the surviving or transferee Person constituting a majority of the outstanding shares of such Voting Stock of such surviving or transferee Person (immediately after giving effect to such issuance);

 (f) the first day on which Parent ceases to own at least 90% of the outstanding Equity Interests of the Subsidiary Borrower;

 (g) the first day on which a majority of the members of the Board of Directors of Parent are not Continuing Directors; or

 (h) any “Change of Control” (or any comparable term) in any Indenture Document (as defined in the 2019 Indenture)
or Indenture Document (as defined in the 2023 Indenture). 
 “Closing Date” means the date on which the
conditions precedent set forth in Section 3.01 shall have been satisfied. 
 “Code” means the
United States Internal Revenue Code of 1986, as amended, reformed or otherwise modified from time to time, and any successor statute and all rules and regulations promulgated thereunder. 

“Collateral” means all the “Collateral” as defined in any Security Document and shall include the Vessels.

 “Collateral Assignment of Construction Contract” means a Deed of Assignment with respect to the Tungsten
Construction Contract in form and substance acceptable to the Administrative Agent among one or more of the Loan Parties and Daewoo Shipbuilding & Marine Engineering Co., Ltd. in favor of the Collateral Agent or the Pari Passu Collateral
Agent (as required pursuant to the Intercreditor Agreement). 
 “Commitment” means, with respect to any Lender,
the Letter of Credit Commitment or the Revolving Credit Commitment of such Lender, as applicable. The aggregate Commitments of the Lenders as of the Closing Date are $200,000,000. 

“Commitment Letter” means the letter dated April 11, 2012 between the Borrowers and the Administrative Agent.

 “Commitment Period” means the period from and including the Closing Date until the Maturity Date (or, if
earlier, the day on which the obligations of Revolving Credit Lenders to make Advances hereunder and the obligations of the Issuing Bank to issue Letters of Credit hereunder have been terminated pursuant to Section 7.02 or 7.03).

  
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 “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. §
1 et seq.), as amended from time to time, and any successor statute. 
 “Compliance Certificate” means a
Compliance Certificate signed by a Responsible Officer of the Parent in substantially the form of the attached Exhibit C. 
 “Condensed Reported Financials” means the condensed, consolidating financial information of (a) the Parent, (b) the Subsidiary Borrower, (c) the subsidiary guarantors with
respect to the Senior Notes, (d) the non-guarantor subsidiaries with respect to the Senior Notes and (e) consolidating and elimination entries representing adjustments to eliminate (i) investments in subsidiaries and
(ii) intercompany transactions, which, for the avoidance of doubt, shall be reported in substantially the same form of as presented in the Parent’s annual report on Form 10-K for the fiscal year ended December 31, 2011 submitted to
the SEC on March 15, 2012. 
 “Consolidated Cash Flow” means Parent Consolidated Cash Flow or Subsidiary
Borrower Consolidated Cash Flow, as applicable, on the applicable calculation date. 
 “Consolidated Debt”
means, as of any date of determination for any Person, an amount equal to the sum of all Debt of such Person and its Subsidiaries calculated on a consolidated basis as of such time. 

“Consolidated EBITDA” means, for any Person for any period, without duplication, the sum of the following for such
Person and its Subsidiaries on a consolidated basis, each calculated for such period: (a) Consolidated Net Income of such Person for such period of determination plus (b) to the extent deducted in determining Consolidated Net
Income, Consolidated Interest Expense of such Person plus (c) charges against income for foreign, federal, state, and local taxes, depreciation and amortization expense (including amortization of intangibles but excluding amortization of
prepaid cash expenses that were paid in a prior period) and other non-cash charges (excluding any such non-cash expense to the extent that it represents an accrual of or reserve for cash expenses in any future period or amortization of a prepaid
cash expense that was paid in a prior period) plus (d) extraordinary or non-recurring charges or losses for such period minus (e) extraordinary or non-recurring gains for such period plus (f) to the extent
deducted in determining Consolidated Net Income, any net loss realized by such Person in connection with an asset sale minus (f) the income of any other Person (other than wholly-owned Subsidiaries of such Person) in which such Person or
a wholly owned Subsidiary of such Person has an ownership interest, all as determined on a consolidated basis in accordance with GAAP; provided that, (i) for the avoidance of doubt, deferred mobilization revenue (as customarily reported
in the industry) shall not be deducted from “Consolidated EBITDA”, and (ii) if the Borrowers or any Restricted Subsidiary shall acquire or dispose of any business, asset or Vessel, during the period of four fiscal quarters ending on
the last day of the fiscal quarter immediately preceding the date of determination for which financial statements are available or approve and expect to consummate within 30 days of the date of determination any such acquisition or disposition, then
Consolidated EBITDA shall be calculated, in a manner reasonably satisfactory to the Administrative Agent, after giving pro forma effect to such acquisition (including the revenues of the properties acquired) or disposition, as if such acquisition or
disposition had occurred on the first day of such period. 

  
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 “Consolidated Interest Coverage Ratio” means, with respect to any Person
for any period, the ratio of the Consolidated Cash Flow of such Person for such period to the Consolidated Interest Expense of such Person for such period; provided, however, that the Consolidated Interest Coverage Ratio shall be calculated
giving pro forma effect to any transaction that may be given pro forma effect in accordance with Article 11 of Regulation S-X under the Securities Act as in effect from time to time; provided, further, however, that (a) the
Consolidated Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses disposed of prior to the date of calculation, shall be excluded and (b) the Consolidated Interest Expense
attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses disposed of prior to the date of calculation, shall be excluded, but only to the extent that the obligations giving rise to such
Consolidated Interest Expense will not be obligations of the referent Person or any of the Restricted Subsidiaries (in the case of the Subsidiary Borrower) or the referent Person and its Subsidiaries (in the case of the Parent) following the date of
calculation. 
 “Consolidated Interest Expense” means, for any Person for any period, sum, without duplication,
of: (a) the consolidated interest expense of such Person and its Restricted Subsidiaries (in the case of the Subsidiary Borrower), or such Person and its Subsidiaries (in the case of Parent) for such period, whether paid or accrued (including,
without limitation, amortization of original issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component of all payments associated with Capital Lease Obligations, commissions,
discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings, and net payments (if any) pursuant to Hedging Obligations but excluding (i) amortization of debt issuance costs; and
(ii) any nonrecurring charges relating to any premium or penalty paid, write off of deferred finance costs or original issue discount or other charges in connection with redeeming or otherwise retiring any Debt prior to its stated maturity, to
the extent that any of such nonrecurring charges constitute interest expense); and (b) the consolidated interest expense of such Person and any Restricted Subsidiaries (in the case of the Subsidiary Borrower) or such Person and its Subsidiaries
(in the case of Parent) that was capitalized during such period. 
 “Consolidated Net Income” means, for any
Person for any period, the aggregate of the Net Income of such Person and its Restricted Subsidiaries (in the case of the Subsidiary Borrower) or such Person and its Subsidiaries (in the case of Parent) for such period, on a consolidated basis,
determined in accordance with GAAP; provided that: 
 (a) the Net Income (but not loss) of any Person that is not a Restricted
Subsidiary or that is accounted for by the equity method of accounting will be included only to the extent of the amount of dividends or similar distributions paid in cash to the specified Person or a Restricted Subsidiary; 

(b) the Net Income (but not loss) of any Person attributable to any partial interests in a Vessel will be included only to the extent of
such partial interest; 

  
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 (c) the Net Income of any Restricted Subsidiary will be excluded to the extent that the
declaration or payment of dividends or similar distributions by that Restricted Subsidiary of that Net Income is not at the date of determination permitted without any prior governmental approval (that has not been obtained) or, directly or
indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders; 

(d) the cumulative effect of a change in accounting principles will be excluded; and 

(e) non-cash gains and losses due solely to fluctuations in currency values will be excluded. 

“Consolidated Tangible Assets” means, with respect to any Person as of any date, the amount which, in accordance with
GAAP, would be set forth under the caption “Total Assets” (or any like caption) on a consolidated balance sheet of such Person and its Restricted Subsidiaries, less all goodwill, patents, tradenames, trademarks, copyrights, franchises,
experimental expenses, organization expenses and any other amounts classified as intangible assets in accordance with GAAP. 

“Continue”, “Continuation”, and “Continued” each refers to a continuation of Advances
for an additional Interest Period upon the expiration of the Interest Period then in effect for such Advances. 

“Continuing Director” means, as of any date of determination, an individual who (a) is a member of the full Board
of Directors of the Parent and (b) either (i) was a member of the Board of Directors of the Parent on the Closing Date or (ii) whose nomination for election or election to the Board of Directors of the Parent was approved by vote of
at least a majority of the directors then still in office who were either directors on the Closing Date or whose election or nomination for election was previously so approved; provided, however, that if a majority of the members of the Board
of Directors of Parent are at any time nominated for election by any single “person” or any group of persons having any agreement, arrangement or understanding with respect to nomination of directors (as the term “person” is used
in Section 13(d) of the Exchange Act) and elected to the Board of Directors of Parent, each member so nominated and elected shall not be a Continuing Director, regardless of whether such member is currently serving, or has previously served, as
a member of the Board of Directors of Parent. 
 “Contract Unwind Trigger” means the termination of the
underlying Drilling Contract and the collection of all revenue and accounts receivable owing under such Drilling Contract to the applicable Restricted Subsidiary. 
 “Contract Winning Trigger” means the entering into of a Drilling Contract by any direct or indirect Subsidiary of Parent or the Subsidiary Borrower that is not already a Guarantor, under
which the drilling services are to be performed by a Vessel, or any vessel that is 100% owned by the Subsidiary Borrower or any Restricted Subsidiary. 

  
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 “Credit Exposure” means, with respect to any Lender at any time, the sum of
the outstanding principal amount of such Lender’s Advances and its Letter of Credit Exposure at such time. 

“Debt” means, for any Person, any indebtedness of such Person (excluding accrued expenses and trade payables), whether
or not contingent, 
 (a) in respect of borrowed money; 

(b) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof);

 (c) in respect of banker’s acceptances; 
 (d) representing Capital Lease Obligations; 
 (e) representing the balance
deferred and unpaid of the purchase price of any property or services due more than six months after such property is acquired or such services are completed; or 
 (f) representing any Hedging Obligations, 
 if and to the extent any of the
preceding items (other than letters of credit and Hedging Obligations) would appear as a liability upon a balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term “Debt” includes all Debt of others
secured by a Lien on any asset of the specified Person (whether or not such Debt is assumed by the specified Person) and, to the extent not otherwise included, the guarantee by the specified Person of any Debt of any other Person. 

“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship,
bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect and affecting
the rights of creditors generally. 
 “Default” means (a) an Event of Default or (b) any event or
condition which with notice or lapse of time or both would, unless cured or waived, become an Event of Default. 

“Defaulting Lender” means any Lender (a) which has defaulted in its obligation to fund Advances hereunder within
one Business Day of the date required to be funded by it hereunder, (b) which has failed to fund any portion of its participations in Letter of Credit Obligations required to be funded by it hereunder within one Business Day of the date
required to be funded by it hereunder, (c) which has otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within three Business Days of the date when due, unless the
subject of a good faith dispute, (d) which has notified any Borrower, the Administrative Agent or any Lender, in writing, or has made a public statement to the effect, that such Lender does not intend or expect to comply with any of its funding

  
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obligations under this Agreement or generally under other agreements in which it commits to extend credit, (e) which has failed, within three (3) Business Days after request by the
Administrative Agent or any Borrower to provide a certification in writing in form and substance satisfactory to the requesting Person from an authorized officer of such Lender that it will comply with its obligations (and is financially able to
meet such obligations) to fund prospective Advances and participations in then outstanding Letters of Credit under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (e) upon receipt
of such certification in form and substance satisfactory to the Administrative Agent and each Borrower or (f) which becomes, or has a parent that has become insolvent or the subject of a proceeding under any Debtor Relief Law; provided
that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest
does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or Governmental Authority) to reject,
repudiate, disavow or disaffirm any contracts or agreements made by such Lender. 
 “Designated Non-cash
Consideration” means the fair market value of non-cash consideration received by Parent, the Subsidiary Borrower or a Restricted Subsidiary in connection with an Asset Disposition, less the amount of cash or Cash Equivalents received in
connection with a subsequent sale or other disposition of such Designated Non-cash Consideration. For the avoidance of doubt, the assets described in clauses (A), (B) and (C) of the last paragraph of Section 6.04 shall not
constitute Designated Non-cash Consideration. 
 “Disqualified Stock” means any Equity Interest that, by its
terms (or by the terms of any security into which it is convertible, or for which it is exchangeable, in each case, at the option of the holder of the Equity Interest), or upon the happening of any event, matures or is mandatorily redeemable,
pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder of the Equity Interest, in whole or in part, on or prior to the date that is 91 days after the date on which the Obligations or the Senior Notes mature.
Notwithstanding the preceding sentence, the following will not constitute Disqualified Stock: (a) any Equity Interest that would constitute Disqualified Stock solely because the holders of the Equity Interests have the right to require Parent
or the Subsidiary Borrower to repurchase such Equity Interests upon the occurrence of a change of control or an asset sale if the terms of such Equity Interests provide that Parent or the Subsidiary Borrower may not repurchase or redeem any such
Equity Interests pursuant to such provisions unless such repurchase or redemption complies with Section 6.06 hereof; and (b) Equity Interests that are convertible or exchangeable into other Equity Interests. The amount of
Disqualified Stock deemed to be outstanding at any time for purposes of this Agreement will be the maximum amount that Parent or the Subsidiary Borrower and the Subsidiaries may become obligated to pay upon the maturity of, or pursuant to any
mandatory redemption provisions of, such Disqualified Stock, exclusive of accrued dividends. 
 “Dollars” and
“$” means the lawful money of the United States of America. 
 “Domestic Subsidiary” means any
Subsidiary of Parent that is organized under the Laws of the United States, a State thereof or the District of Columbia. 

  
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 “Drilling Contract” means any drilling contract in respect of any Vessel or
other contract for use of any Vessel (except Internal Charters and Permitted Third Party Charters). 

“Drillship” means each of (a) the Bahamian flag vessels the Platinum Explorer, the Titanium Explorer
and, upon delivery to the applicable Loan Party, the Tungsten Explorer, and (b) any other drillship hereafter acquired by any Loan Party. 
 “Earnings Assignment” means collectively the first priority assignments of earnings in favor of the Administrative Agent given by any Loan Party and each applicable Internal Charterer
respecting all earnings derived from the Vessels and their respective operations, as the same may be amended, supplemented or modified from time to time. 
 “Eligible Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund and (d) any other Person (other than a natural person) approved by the
Administrative Agent, and, so long as no Event of Default exists, the Parent, in either case, such approval not to be unreasonably withheld or delayed; provided that notwithstanding the foregoing, “Eligible Assignee” shall not
include any Defaulting Lender, any natural person or the Parent or any of the Parent’s Affiliates or Subsidiaries. 

“Environmental Claim” means any allegation, notice of violation, action, lawsuit, claim, demand, judgment, order or
proceeding by any Governmental Authority or any Person for liability or damage, including, without limitation, personal injury, property damage, contribution, indemnity, direct or consequential damages, damage to the environment, nuisance,
pollution, or contamination, or for fines, penalties, fees, costs, expenses or restrictions arising under or otherwise related to an obligation under Environmental Law. 
 “Environmental Law” means all current and future Federal, state, local and foreign laws (including common law), treaties, regulations, rules, ordinances, codes, decrees, judgments,
directives, orders (including consent orders), and agreements in each case, relating to protection of the environment, natural resources, human health and safety or the presence, Release of, or exposure to, Hazardous Materials, or the generation,
manufacture, processing, distribution, use, treatment, storage, transport, recycling or handling of, or the arrangement for such activities with respect to, Hazardous Materials. 

“Environmental Liability” means all liabilities, obligations, damages, losses, claims, actions, suits, judgments,
orders, fines, penalties, fees, expenses and costs (including administrative oversight costs, natural resource damages and remediation costs), whether contingent or otherwise, arising out of or relating to (a) compliance or non-compliance with
any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the Release of any Hazardous Materials or (e) any
contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 
 “Environmental Permit” means any permit, license, order, approval or other authorization under any Environmental Law. 

  
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 “Equity” means, for any Person at any time, the total shareholders’
equity of such Person and its Subsidiaries on a consolidated basis determined in accordance with GAAP. 
 “Equity
Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity interests in any Person, or any obligations convertible into or
exchangeable for, or giving any Person a right, option or warrant to acquire, such equity interests or such convertible or exchangeable obligations (but excludes any debt security that is convertible into, or exchangeable for, Equity Interests).

 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time-to-time, and any
successor statute and all rules and regulations promulgated thereunder. 
 “ERISA Affiliate” means any trade or
business (whether or not incorporated) under common control with the Parent within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of
the Code). 
 “ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) a
withdrawal by the Parent or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is
treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by the Parent or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the
filing of a notice of intent to terminate, the treatment of a Plan amendment as a termination under Sections 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (e) an event
or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; or (f) the imposition of any liability under Title IV of
ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Parent or any ERISA Affiliate. 
 “Eurocurrency Liabilities” has the meaning assigned to that term in Regulation D. 
 “Eurodollar Advance” means an Advance that bears interest based on the Eurodollar Rate. 
 “Eurodollar Rate” means, with respect to a Eurodollar Advance for the relevant Interest Period, (a) the rate of interest per annum determined by the Administrative Agent, which is
equal to the offered rate that appears on the page of the Reuters LIBOR01 screen (or any successor thereto as may be selected by the Administrative Agent) that displays an average British Bankers Association Interest Settlement Rate for deposits in
Dollars with a term equivalent to such Interest Period, determined as of approximately 11:00 a.m. (London time) two (2) Business Days prior to the first day of such Interest Period, or (b) if the rates referenced in the preceding
subsection (a) are not available, the rate per annum determined by the Administrative Agent as the rate of interest at which deposits in Dollars for delivery on the first day of such Interest

  
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Period in same day funds in the approximate amount of the Eurodollar Advance being made, continued or converted by the Administrative Agent and with a term and amount comparable to such interest
period and principal amount of such Eurodollar Advance as would be offered by the Administrative Agent’s London Branch to major banks in the offshore Dollar market at their request at approximately 11:00 a.m. (London time) two (2) Business
Days prior to the first day of such Interest Period. 
 “Eurodollar Rate Reserve Percentage” of any Lender for
the Interest Period for any Eurodollar Advance means the reserve percentage applicable during such Interest Period (or if more than one such percentage shall be so applicable, the daily average of such percentages for those days in such Interest
Period during which any such percentage shall be so applicable) under regulations issued from time-to-time by the Federal Reserve Board for determining the maximum reserve requirement (including, without limitation, any emergency, supplemental or
other marginal reserve requirement) for such Lender with respect to liabilities or assets consisting of or including Eurocurrency Liabilities having a term equal to such Interest Period. The Eurodollar Rate Reserve Percentage shall be adjusted
automatically on and as of the effective date of any change in any reserve percentage. 
 “Event of Default”
has the meaning set forth in Section 7.01. 
 “Exchange Act” means the Securities Exchange Act of
1934, as amended, and the rules and regulations of the SEC thereunder. 
 “Excluded Parent Subsidiaries” means
the current and future Subsidiaries of Parent that are not Guarantors. As of the Closing Date, the Excluded Parent Subsidiaries will consist of Vantage Luxembourg I SARL, Vantage Energy Services Inc., Vantage International Management Company Pte.
Ltd., Vantage International Payroll Company, Vantage Driller V Co., Vantage Driller VI Co., Vantage Holdings Malaysia II Co., Vantage Drilling Malaysia II Sdn. Bhd., Vantage Deepwater Holdings Company, Vantage Holdings Caymans, Platinum Explorer
Company, Titanium Explorer Company, Cobalt Explorer Company, Vantage Luxembourg II SARL and Advantage ODC Limited. 

“Excluded Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or
a portion of the Guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order
of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason not to constitute an “eligible contract participant” as defined in the
Commodity Exchange Act at the time the Guarantee of such Guarantor becomes effective with respect to such related Swap Obligation. 
 “Excluded Taxes” means, with respect to the Administrative Agent, any Lender, the Issuing Bank or any other recipient of any payment to be made by or on account of any obligation of a
Loan Party hereunder, (a) taxes imposed on or measured by its overall net income or profits (however denominated), and franchise taxes imposed on it (in lieu of or in addition to net income taxes), by the jurisdiction (or any political
subdivision thereof) (i) under the laws of which such recipient is organized or in which its principal office is located or, in the case of any 

  
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Lender, in which its Applicable Lending Office is located, or (ii) as a result of a present or former connection between it and the jurisdiction (or any political subdivision thereof)
imposing such tax (other than any such connection arising solely from it having executed, delivered, become a party to, performed its obligations, received a payment under, received or perfected a security interest under, or enforced, this Agreement
or any other Loan Document), (b) any branch profits taxes imposed by the United States of America or any similar tax imposed by any jurisdiction described in (a) or any other jurisdiction in which such Loan Party is located, (c) in
the case of a Lender, any withholding tax that (i) is imposed on amounts payable to such Lender at the time such Lender becomes a party hereto (or designates a new lending office), except to the extent that such Lender (or its assignor, if any)
was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from such Loan Party with respect to such withholding tax pursuant to Section 2.10(a), or (ii) is attributable to such
Lender’s failure or inability (other than as a result of a Change in Law) to comply with Sections 2.10(e) or 2.10(g) and (d) any U.S. federal withholding taxes imposed pursuant to FATCA. 

“Existing Agent” has the meaning specified in the recitals hereto. 

“Existing Credit Agreement” has the meaning specified in the recitals hereto. 

“Existing Debt” means Debt of Parent, the Subsidiary Borrower, the Other Guarantors or any Restricted Subsidiary in
existence on the Closing Date and described on Schedule 1.01(b), until such amounts are repaid. 
 “Existing
Lenders” has the meaning specified in the recitals hereto. 
 “Existing Letters of Credit” means any
Letter of Credit issued pursuant to the Existing Credit Agreement. 
 “FATCA” means Sections 1471 through 1474
of the Code as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof. 

“Federal Funds Effective Rate” means, for any day, a fluctuating interest rate per annum equal to the weighted average
of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published for such day (or, if such day is not a Business Day, for the immediately preceding Business
Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations at approximately 10:00 a.m. (New York time) on such day on such transactions received by the
Administrative Agent from three Federal funds brokers of recognized standing selected by it. 
 “Federal Reserve
Board” means the Board of Governors of the Federal Reserve System or any of its successors. 

  
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 “Fee Letter” means the letter dated March 28, 2013 between the
Borrowers and the Administrative Agent. 
 “Foreign Deposit Accounts” means, accounts that are maintained
outside of the United States. 
 “Foreign Lender” means any Lender that is organized under the laws of a
jurisdiction other than that in which any Loan Party is resident for tax purposes. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.

 “Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary. 

“Fronting Exposure” means, at any time there is a Defaulting Lender, with respect to the Issuing Bank, such Defaulting
Lender’s Pro Rata Share of the outstanding Letter of Credit Obligations other than Letter of Credit Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or cash collateralized in
accordance with the terms hereof. 
 “Fund” means any Person (other than a natural person) that is (or will be)
engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business. 
 “GAAP” means United States generally accepted accounting principles applied on a consistent basis. 
 “Governmental Authority” means the government of the United States of America or any other nation, or of any political subdivision thereof, whether state or local, and any agency,
authority, instrumentality, regulatory body, court, central bank, or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national
bodies such as the European Union or the European Central Bank). 
 “Governmental Proceedings” means any action
or proceedings by or before any Governmental Authority, including, without limitation, the promulgation, enactment or entry of any Legal Requirement. 
 “Guarantee” means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Debt or other
obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or
supply funds for the purchase or payment of) such Debt or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment of such Debt or other obligation, (ii) to purchase or lease property,
securities or services for the purpose of assuring the owner of such Debt or other obligation of the payment or performance of such Debt or other obligation, (iii) to maintain working capital, equity capital or any other financial statement
condition or liquidity or level of income or cash flow of the 

  
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primary obligor so as to enable the primary obligor to pay such Debt or other obligation, or (iv) entered into for the purpose of assuring in any other manner the owner of such Debt or other
obligation of the payment or performance thereof or to protect such owner against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Debt or other obligation of any other Person, whether or
not such Debt or other obligation is assumed by such Person; provided, however, that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business. The amount of any
Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably
anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning. 
 “Guarantors” the Parent, the Subsidiary Borrower, each Restricted Subsidiary of the Subsidiary Borrower and certain other Subsidiaries of Parent that become a party to this Agreement
pursuant to Section 5.12, in each case, together with their respective successors and assigns until the Guarantee of such Person has been released in accordance with the provisions of this Agreement. As of the Closing Date, the
Guarantors shall be those Persons listed on Schedule 1.01(a). 
 “Hazardous Material” means (a) any
petroleum products or byproducts and all other hydrocarbons, coal ash, radon gas, asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls and chlorofluorocarbons and (b) any chemical, material, substance or waste that is
prohibited, limited or regulated by or pursuant to any Environmental Law. 
 “Hedging Obligations” means, with
respect to any specified Person, the obligations of such Person under any Swap Contract. 
 “Immaterial
Subsidiary” means any Subsidiary of the Subsidiary Borrower or any of the Restricted Subsidiaries, in each case designated by the Subsidiary Borrower, the book value of the assets of which is not greater than $25,000 at any time; provided,
that the aggregate book value of the assets of all Immaterial Subsidiaries may not exceed $100,000 at any time. 

“Indemnified Taxes” means any Taxes other than Excluded Taxes. 

“Initial Closing Date” has the meaning specified in the recitals hereto. 

“Insurance Advisor” means Willis Group or another independent insurance advisor to the Pari Passu Collateral Agent who
is reasonably satisfactory to Parent and who is not the Parent’s independent marine insurance broker. 
 “Insurance
Assignment” means collectively the first priority assignments of insurance in favor of the Administrative Agent given by any Loan Party and the applicable Internal Charterer, if any, respecting all insurance covering the Vessels or their
respective operations, as the same may be amended, restated, supplemented or modified from time to time. 

  
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 “Intercreditor Agreement” means that certain Amended and Restated
Intercreditor Agreement entered into as of October 25, 2012 by and among the Pari Passu Collateral Agent, the 2019 Noteholder Collateral Agent, the Administrative Agent, the Term Loan Agent, the Term Loan Collateral Agent, and the Noteholder
Collateral Agent, as it may be amended, restated, supplemented or otherwise modified, including pursuant to the Joinder Agreements (as defined in the Intercreditor Agreement) delivered by the 2023 Noteholder Collateral Agent, including in its
capacity as trustee under the 2023 Indenture, the 2013 Term Loan Agent and the 2013 Term Loan Collateral Agent on the Closing Date, in form and substance reasonably acceptable to the Administrative Agent. 

“Interest Period” means, for each Eurodollar Advance, the period commencing on the date of such Eurodollar Advance or
the date of the conversion of any existing ABR Advance into such Eurodollar Advance and ending on the last day of the period selected by the applicable Borrower pursuant to the provisions below and Section 2.02 and, thereafter, each
subsequent period commencing on the last day of the immediately preceding Interest Period and ending on the last day of the period selected or deemed selected by such Borrower pursuant to the provisions below and Section 2.02. The
duration of each such Interest Period shall be one, two or three months, in each case as such Borrower may select; provided, however, that: 
 (a) Interest Periods commencing on the same date for Advances by each Lender shall be of the same duration; 
 (b) whenever the last day of any Interest Period would otherwise occur on a day other than a Business Day, the last day of such Interest Period shall be extended to occur on the next succeeding Business
Day, provided that if such extension would cause the last day of such Interest Period to occur in the next following calendar month, the last day of such Interest Period shall occur on the next preceding Business Day; 

(c) any Interest Period which begins on the last Business Day of a calendar month (or on a day for which there is no numerically
corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month in which it would have ended if there were a numerically corresponding day in such calendar month; and 

(d) other than as set forth herein, no Borrower may select any Interest Period for any Advance which ends after the Maturity Date.

 “Internal Charter” means any charter or other contract respecting the use or operations of any Vessel
between any Guarantor that is a Vessel owner and any Internal Charterer. 
 “Internal Charter Unwind Trigger”
means the termination of the underlying Internal Charter and the collection of all revenue and accounts receivable owing under such Internal Charter to the applicable Subsidiary. 

“Internal Charterer” means any Subsidiary of the Borrowers that is not the owner of the relevant Vessel and that is a
party to any Drilling Contract or any bareboat charter or other such charter in respect of a Vessel that is 100% owned by the Subsidiary Borrower or any Restricted Subsidiary. 

  
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 “Investment” of any Person means any loan, advance (other than commission,
travel and similar advances to officers and employees, drawing accounts and similar expenditures or prepayments or deposits made in the ordinary course of business) or extension of credit that constitutes Debt of the Person to whom it is extended or
contribution of capital by such Person; stocks, bonds, mutual funds, partnership interests, notes (including structured notes), debentures or other securities owned by such Person; any deposit accounts and certificates of deposit owned by such
Person (but excluding capital expenditures of such Person determined in accordance with GAAP). 
 “Involuntary
Transfer” means, with respect to any property or asset of the Subsidiary Borrower or any Restricted Subsidiary, (a) any damage to such asset that results in an insurance settlement with respect thereto on the basis of a total loss or a
constructive or compromised total loss, (b) the confiscation, condemnation, requisition of title, appropriation or similar taking regarding such asset by any government or instrumentality or agency thereof, including by deed in lieu of
condemnation, or (c) foreclosure or other enforcement of a Lien or the exercise by a holder of a Lien of any rights with respect to it. 
 “IP Rights” has the meaning set forth in Section 4.18. 
 “Issuing Bank” means Royal Bank in its capacity as an issuer of Letters of Credit. 
 “Joinder Agreement” shall mean a joinder agreement substantially in the form of Exhibit B. 
 “LC Cash Collateral Account” means a special interest bearing cash collateral account pledged by the applicable Borrower to the Administrative Agent for the ratable benefit of the Secured
Parties containing cash deposited pursuant to Section 7.02 or 7.03 to be maintained at the Administrative Agent’s office and bear interest or be invested in the Administrative Agent’s reasonable discretion in accordance
with Section 2.13(f). 
 “LC Lender” means, at any time, any Person that has a Letter of Credit
Commitment or outstanding Letter of Credit Exposure at such time. As of the Closing Date, the LC Lenders are those Persons listed on Annex I as having a Letter of Credit Commitment. 

“Legal Requirement” means, as to any Person, any law, statute, ordinance, decree, award, requirement, order, writ,
judgment, injunction, rule, regulation (or official interpretation of any of the foregoing) of, and the terms of any license or permit issued by, any Governmental Authority which is binding on such Person. 

“Lenders” means, collectively, the LC Lenders and the Revolving Credit Lenders. 

“Letter of Credit” means any letter of credit issued hereunder. 

“Letter of Credit Application” means an application and agreement for the issuance or amendment of a Letter of Credit in
the form from time to time in use by the Issuing Bank. 

  
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 “Letter of Credit Commitment” means, as to each Lender, its obligation to
issue Letters of Credit, expressed as an amount representing the maximum aggregate amount of such Lender’s Credit Exposure hereunder, as such commitment may be (i) reduced from time to time pursuant to Section 2.06(c) and
(ii) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 10.06. The initial amount of each Lender’s Letter of Credit Commitment is set forth on Annex I or in the Assignment
and Assumption pursuant to which such Lender shall have assumed its Letter of Credit Commitment, as applicable. The initial aggregate amount of the Lenders’ Letter of Credit Commitments is $32,000,000. 

“Letter of Credit Tranche” means the tranche hereunder relating to the Letter of Credit Commitments and the Letters of
Credit issued thereunder and the Lenders having Letter of Credit Commitments or Credit Exposure in respect of such Letters of Credit. 
 “Letter of Credit Documents” means, with respect to any Letter of Credit, such Letter of Credit, the related Letter of Credit Application and any agreements, documents, and instruments
entered into in connection with or relating to such Letter of Credit. 
 “Letter of Credit Exposure” means, at
any time, the sum of (a) the aggregate undrawn maximum face amount of each Letter of Credit outstanding at such time; provided, that with respect to any outstanding Letter of Credit that, by its terms or the terms of any Letter of Credit
Document related thereto, provides for one or more automatic reductions in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the amount available to be drawn under such Letter of Credit after giving effect to all
such reductions that have theretofore occurred and are in effect at the relevant time of determination, and (b) the aggregate unpaid amount of all Letter of Credit Obligations owing with respect to such Letters of Credit at such time. The
Letter of Credit Exposure of any LC Lender at any time shall be the sum of its Pro Rata Share of the total Letter of Credit Exposure. 
 “Letter of Credit Obligations” means any obligations of the Borrowers under this Agreement in connection with the Letters of Credit. 

“Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien (statutory or other), pledge,
assignment, preference, deposit arrangement, encumbrance, charge, security interest, priority or other security or preferential arrangement of any kind or nature whatsoever, whether voluntary or involuntary in or on such asset, (b) the interest
of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case
of securities, any purchase option, call or similar right of a third party with respect to such securities. 
 “Loan
Documents” means this Agreement, any Notes issued pursuant to Section 2.02(g), the Letter of Credit Documents, the Security Documents, the Commitment Letter, the Fee Letter and each other agreement, instrument or document
executed by any Loan Party or any of their respective officers at any time in connection with this Agreement, all as amended, restated, supplemented or modified from time to time. 

“Loan Party” means any Borrower and any Guarantor. 

  
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 “Maintenance Capital Expenditures” means, without duplication, the sum of
all Capital Expenditures used for the normal maintenance of any existing fixed or capital asset. 
 “Majority
Lenders” means, as of any date of determination, (a) before all of the Commitments terminate, Lenders holding more than 50% of the then aggregate Commitments and (b) thereafter, Lenders holding more than 50% of the Credit Exposure
at such time; provided that, at any time when one or more Lenders is a Defaulting Lender, the Commitment or Credit Exposure held by any Defaulting Lender shall be excluded for purposes of making a determination of Majority Lenders. The
“Majority Lenders” of a particular Tranche means Lenders having Commitments under such Tranche representing more than 50% of the aggregate Commitments of all the Lenders under such Tranche at such time; provided that, if the
Commitments under such Tranche have expired or been terminated, “Majority Lenders” means Lenders under such Tranche having more than 50% of the aggregate Credit Exposure of the Lenders under such Tranche at such time. 

“Material Adverse Effect” means a material adverse change in, or a material adverse effect on, (a) the operations,
business, assets, properties, liabilities (actual or contingent) or condition (financial or otherwise) of the Loan Parties and their Subsidiaries, taken as a whole, (b) a material impairment of the rights and remedies of the Administrative
Agent or any Lender upon any Loan Document, or of the ability of any Loan Party to perform its obligations under any Loan Document to which it is a party or (c) the legality, validity, binding effect or enforceability against any Loan Party of
any of the Loan Documents to which it is a party. 
 “Maturity Date” means the earlier of (a) April 25,
2017 and (b) the earlier acceleration of all Obligations pursuant to Article VII. 
 “Maximum
Rate” means the maximum nonusurious interest rate under applicable Legal Requirements (determined under such laws after giving effect to any items which are required by such laws to be construed as interest in making such determination,
including without limitation if required by such laws, certain fees and other costs). 
 “Moody’s” means
Moody’s Investors Service, Inc, or any successor that is a national credit rating organization. 
 “Multiemployer
Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which the Parent or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or
been obligated to make contributions. 
 “Net Income” means, with respect to any specified Person, the net
income (loss) of such Person, determined in accordance with GAAP and before any reduction in respect of preferred stock dividends, excluding, however: 
 (a) any gain (but not loss), together with any related provision for taxes on such gain (but not loss), realized in connection with (1) any Asset Disposition or (b) the disposition of any
securities by such Person or any of the Restricted Subsidiaries or the extinguishment of any Debt of such Person or any of the Restricted Subsidiaries; and 
 (b) any extraordinary gain (but not loss), together with any related provision for taxes on such extraordinary gain (but not loss). 

  
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 “Net Proceeds” means the aggregate cash proceeds received by the Subsidiary
Borrower or any Restricted Subsidiaries in respect of any Asset Disposition (including, without limitation, any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Disposition), net of (1) the
direct costs relating to such Asset Disposition, including without limitation, legal, accounting and investment banking fees, sales commission, relocation expenses incurred as a result of the Asset Disposition, and taxes paid or payable as a result
of the Asset Disposition after taking into account any available tax credits or deductions and any tax sharing arrangements, and (2) any reserve for adjustment in respect of the sale price of such asset or assets established in accordance with
GAAP. 
 “Non-Recourse Debt” means Debt: 

(a) as to which neither the Subsidiary Borrower nor any of the Restricted Subsidiaries (i) provides credit support of any kind
(including any undertaking, agreement or instrument that would constitute Debt), (ii) is directly or indirectly liable as a guarantor or otherwise, or (iii) constitutes the lender; 

(b) no default with respect to which (including any rights that the holders of the Debt may have to take enforcement action against an
Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder of any other Debt of the Subsidiary Borrower or any of the Restricted Subsidiaries to declare a default on such other Debt or cause the payment of the Debt to be
accelerated or payable prior to its stated maturity; and 
 (c) as to which the lenders have been notified in writing that they
will not have any recourse to the stock or assets of the Subsidiary Borrower or any of the Restricted Subsidiaries. 

“Note” has the meaning specified in Section 2.02(g)(iv). 

“Noteholder Collateral Agent” means the collateral agent for the benefit of the holders of the Senior Notes under each
of the 2019 Indenture and the 2023 Indenture, together with its successors in such capacity. 
 “Notice of
Borrowing” means a notice of borrowing in substantially the form of the attached Exhibit D signed by a Responsible Officer of the applicable Borrower. 
 “Notice of Continuation/Conversion” means a notice of continuation or conversion in substantially the form of the attached Exhibit E signed by a Responsible Officer of the
applicable Borrower. 
 “Obligations” means all advances to, and debts, liabilities, obligations, covenants and
duties of, any Loan Party arising under any Loan Document or otherwise with respect to any Advance, Letter of Credit or any Swap Contract to which a Swap Counterparty is a party (other than an Excluded Swap Obligation), whether direct or indirect
(including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and 

  
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including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any law relating to bankruptcy, insolvency or
reorganization or relief of debtors naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. 
 “Off-Balance Sheet Liability” of a Person means (a) any repurchase obligation or liability of such Person with respect to accounts or notes receivable sold by such Person,
(b) Synthetic Lease Obligations, or (c) any obligation arising with respect to any other transaction which is the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the balance sheets of
such Person (but, for the avoidance of doubt, excluding any Operating Leases). 
 “Operating Lease” of a Person
means any lease of Property (other than a lease giving rise to a Capital Lease Obligation or an Off-Balance Sheet Liability) by such Person as lessee that has an original term (including any required renewals and any renewals effective at the option
of the lessor) of one year or more. 
 “Other Guarantor” means a Guarantor that is a direct or indirect
Subsidiary of Parent but not a direct or indirect Subsidiary of the Subsidiary Borrower and whose sole purpose is to be (a) a party to a Drilling Contract or an Internal Charter or (b) the parent company of an Internal Charterer, in each
case, to the extent (i) such Subsidiary is not permitted to become a direct or indirect Subsidiary of the Subsidiary Borrower due to restrictions imposed by the terms of the applicable Drilling Contract, (ii) causing such Subsidiary to
become a direct or indirect Subsidiary of the Subsidiary Borrower would result in adverse tax treatment or a violation of applicable Legal Requirements or (iii) the sole business and activity of such Subsidiary is to act as a bidding entity for
Drilling Contracts. No Other Guarantor shall engage in any other business or activities or incur or guarantee any Debt (other than guarantees of the Obligations and the Senior Notes), and any earnings of such Other Guarantor attributable to any
Drilling Contract or Internal Charter in respect of a Vessel shall be subject to the Earnings Assignment. As of the Closing Date, the Other Guarantors are Vantage Driller I Co., Vantage Driller II Co., and Vantage Driller IV Co., each a Cayman
Islands exempted company with limited liability, Vantage Holding Hungary Kft, a Hungarian limited liability company, Vantage Drilling Netherlands BV, a private company with limited liability under the laws of the Netherlands and PT Vantage Drilling
Company Indonesia, a company organized under the laws of Indonesia. 
 “Other Taxes” means all present or
future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect
to, this Agreement or any other Loan Document. 
 “Parent” means Vantage Drilling Company, a Cayman Islands
exempted company. 
 “Parent Consolidated Cash Flow” means, with respect to any period, the Consolidated Net
Income of Parent for such period plus, without duplication: 
 (a) an amount equal to (1) any extraordinary loss
plus (2) any net loss realized by Parent and its Subsidiaries in connection with an Asset Disposition, to the extent such losses were deducted in computing such Consolidated Net Income; plus 

  
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 (b) provision for taxes based on income or profits of Parent and its Subsidiaries for such
period, to the extent that such provision for taxes was deducted in computing such Consolidated Net Income; plus 
 (c)
the Consolidated Interest Expense of Parent and its Subsidiaries to the extent that such Consolidated Interest Expenses were deducted in computing such Consolidated Net Income; plus 

(d) depreciation, amortization (including amortization of intangibles but excluding amortization of prepaid cash expenses that were paid
in a prior period) and other non-cash expenses (excluding any such non-cash expense to the extent that it represents an accrual of or reserve for cash expenses in any future period or amortization of a prepaid cash expense that was paid in a prior
period) of Parent and its Subsidiaries for such period to the extent that such depreciation, amortization and other non-cash expenses were deducted in computing such Consolidated Net Income; minus 

(e) non-cash items increasing such Consolidated Net Income for such period, other than the accrual of revenue in the ordinary course of
business, in each case, on a consolidated basis and determined in accordance with GAAP. 
 Parent Consolidated Cash Flow shall
be calculated to give effect to the following: 
 (1) Pro forma effect shall be given to any acquisition of a company, business,
asset or Additional Vessel that has been made by Parent or any of its Subsidiaries or to the commencement of operations of an Additional Vessel first delivered to Parent or any of its Subsidiaries, in each case, during the four-quarter reference
period, or approved and expected to be consummated within 30 days of the calculation date, including, in each case, through a merger or consolidation or an acquisition, and including any related financing transactions, in each case during the
four-quarter reference period or subsequent to such reference period and on or prior to the calculation date, in each case, as if such transaction had occurred on the first day of the applicable four-quarter reference period. 

(2) With respect to the calculation of the Consolidated Interest Coverage Ratio for purposes of Section 6.02(a)(xiv) hereof,
pro forma effect shall be given to any delivery to, or acquisition by, Parent or any of its consolidated Subsidiaries of any Additional Vessel or construction contract for such Additional Vessel usable in the normal course of business of Parent that
is (or are) subject to a Qualified Services Contract; provided that: 
 (A) the amount of Parent Consolidated Cash Flow
attributable to such Additional Vessel shall be calculated in good faith by a responsible financial or accounting officer of such Person; 

  
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 (B) in the case of earned revenues under a Qualified Services Contract, the Parent
Consolidated Cash Flow shall be based on revenues actually earned pursuant to the Qualified Services Contract relating to such Additional Vessel or Additional Vessels, taking into account, where applicable, only actual expenses incurred without
duplication in any measurement period; 
 (C) the amount of Parent Consolidated Cash Flow shall be the lesser of the Parent
Consolidated Cash Flow derived on a pro forma basis from revenues for (i) the first full year of the Qualified Services Contract and (ii) the average of the Parent Consolidated Cash Flow of each year of such Qualified Services Contract for
the term of the Qualified Services Contract; 
 (D) in determining the estimated expenses attributable to such Additional Vessel,
the calculation shall give effect to the interest expense attributable to the incurrence, assumption or guarantee of any Debt relating to the construction, delivery and/or acquisition of such Additional Vessel (including Debt that is to be Incurred
following the time of calculation in order to consummate the construction, acquisition and/or delivery of the Additional Vessel); 
 (E) with respect to any expenses attributable to an Additional Vessel, if the actual expenses differ from the estimate, the actual amount shall be used in such calculation; 

(F) if a Qualified Services Contract is terminated, or is amended, supplemented or modified, following the calculation date, and after
giving effect to the termination or the terms of such Qualified Services Contract as so amended, supplemented or modified, the Subsidiary Borrower would not have been able to but did incur additional Debt pursuant to the ratio set forth in
Section 6.02(a)(xv) hereof, Parent will, at the time of any such event, be required to either: (a) repay all or any part of any such Debt that would not have been permitted to be incurred had the Qualified Services Contract or such
amendments, supplements or modifications thereto not been in effect at the time such Debt was originally incurred, or (b) enter into a replacement Qualified Services Contract, the terms of which would have permitted the incurrence of such Debt
had such replacement contract been in effect at the time such Debt was incurred; and 
 (G) notwithstanding the foregoing, the
pro forma inclusion of Parent Consolidated Cash Flow attributable to any such Qualified Services Contract for the four-quarter reference period shall be reduced by the actual Parent Consolidated Cash Flow from such Additional Vessel previously
earned and accounted for in the actual results for the four-quarter reference period, which actual Parent Consolidated Cash Flow may be included in the foregoing clause (1). 
 (3) The Parent Consolidated Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses disposed of prior to the calculation date, shall be
excluded. 

  
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 (4) The provision for taxes based on the income or profits of, and the depreciation,
amortization and other non-cash expenses of, a Subsidiary (other than an Unrestricted Subsidiary) will be added to Consolidated Net Income to compute Parent Consolidated Cash Flow only to the extent that a corresponding amount would be permitted at
the date of determination to be dividended to Parent by such Subsidiary without prior governmental approval (that has not been obtained), and without direct or indirect restriction pursuant to the terms of its charter and all agreements,
instruments, judgments, decrees, orders, statutes, rules and governmental regulations applicable to the Subsidiary or its stockholders. 
 For
the avoidance of doubt, (i) the calculation of the ratio test set forth in Section 6.02(a)(xiv) hereof, shall give effect to any incurrence, assumption or guarantee of any Debt relating to the construction, delivery and/or
acquisition of any Additional Vessel in accordance with the foregoing clauses (1) and (2); and (ii) the acquisition of an Additional Vessel with actual earned Parent Consolidated Cash Flow and future Parent Consolidated Cash Flow expected
by virtue of the existence of a Qualified Services Contract, may be given pro forma effect due to the combined effect of the foregoing clauses (1) and (2). 
 “Pari Passu Collateral Agent” has the meaning set forth in the Intercreditor Agreement. 
 “Pari Passu Obligations” has the meaning set forth in the Intercreditor Agreement. 
 “Payment Dates” means the last Business Day of each March, June, September and December. 
 “PBGC” means the Pension Benefit Guaranty Corporation or any entity succeeding to any or all of its functions under ERISA. 

“Pension Plan” means any “employee pension benefit plan” (as such term is defined in Section 3(2) of
ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by the Parent or any ERISA Affiliate or to which the Parent or any ERISA Affiliate contributes or has an obligation to contribute, or in the
case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five plan years. 
 “Permitted Business” means (a) with respect to the Subsidiary Borrower and the Restricted Subsidiaries, a business in which the Subsidiary Borrower and the Restricted Subsidiaries
were engaged on the Closing Date, and any business reasonably related or complimentary thereto; and (b) with respect to Parent, the ownership of the Equity Interests in the Subsidiary Borrower and Parent’s other Subsidiaries and the
business in which Parent is engaged on the Closing Date and any business reasonably related or complimentary thereto. 

“Permitted Liens” has the meaning set forth in Section 6.01. 

“Permitted Operating Expense and Tax Reimbursements” means, without duplication as to amounts, actual amounts paid by
Parent for the benefit of the Subsidiary Borrower and the Restricted Subsidiaries in respect of bona fide goods, taxes, services and other operating expenses incurred from and after the Closing Date and relating to the Permitted Business of the

  
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Subsidiary Borrower and the Restricted Subsidiaries; provided that any amounts so paid to Parent are on terms no less favorable than those available in arm’s length transactions with
unaffiliated third parties; provided further, that in no event shall any amounts that may be classified as Permitted Parent Payments be treated as Permitted Operating Expense and Tax Reimbursements. 

“Permitted Parent Payments” means, without duplication as to amounts, payments to Parent by the Subsidiary Borrower or
any Restricted Subsidiary to permit Parent to pay reasonable and bona fide franchise taxes and accounting, legal and administrative expenses of the Subsidiary Borrower and the Guarantors when due, in an aggregate amount not to exceed $25,000,000 per
annum, which amount shall increase by 1.0% per annum on January 1 of each year, beginning on January 1, 2013. 

“Permitted Prior Liens” means, at any time with respect to a Vessel: 

(a) Liens for crews’ wages (including the wages of the master of the Vessel) that are either discharged in the ordinary course of
business or are being contested in good faith and by appropriate proceedings diligently conducted or other acts by the relevant Loan Party and such Loan Party shall have set aside on its books adequate reserves with respect to such Lien and so long
as such deferment in payment shall not subject the Vessel to sale, forfeiture or loss; 
 (b) Liens for salvage (including
contract salvage) or general average, and Liens for wages of stevedores employed by the owner of the Vessel, the master of the Vessel or a charterer or lessee of such Vessel, if any such Lien is being contested in good faith and by appropriate
proceedings diligently conducted or other acts by the relevant Loan Party and such Loan Party shall have set aside on its books adequate reserves with respect to such Lien and so long as such deferment in payment shall not subject the Vessel to
sale, forfeiture or loss; 
 (c) shipyard Liens and other Liens arising by operation of law arising in the ordinary course of
business in operating, maintaining and repairing the Vessel (other than those referred to in (i) and (ii) above), that are either discharged in the ordinary course of business or are being contested in good faith and by appropriate
proceedings diligently conducted or other acts by the relevant Loan Party, and such Loan Party shall have set aside on its books adequate reserves with respect to such Lien and so long as such deferment in payment shall not subject the Vessel to
sale, forfeiture or loss; provided that, except in respect of maritime Liens for necessaries provided in the United States to any Vessel registered under a foreign flag, any such Lien shall be permitted only to the extent it is subordinate to
the Lien of the relevant Ship Mortgage in respect of such Vessel; 
 (d) Liens for damages arising from maritime torts which are
covered by insurance and any deductible applicable thereto, or in respect of which a bond or other security has been posted on behalf of the relevant Loan Party with the appropriate court or other tribunal to prevent the arrest or secure the release
of the Vessel from arrest, unless any such Lien is being contested in good faith and by appropriate proceedings or other acts by the relevant Loan Party, and such Loan Party shall have set aside on its books adequate reserves with respect to such
Lien and so long as such deferment in payment shall not subject the Vessel to sale, forfeiture or loss; 

  
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 (e) Liens that, as indicated by the written admission of liability therefor by an insurance
company, are covered by insurance (subject to reasonable deductibles); 
 (f) Liens for charters or subcharters or leases or
subleases permitted under this Agreement; provided that any such Lien shall be permitted only to the extent it is subordinate to the Lien of the relevant Ship Mortgage in respect of such Vessel, except with respect to any such Lien in
existence on the date hereof; and 
 (g) Liens of any Ship Mortgage in favor of the Administrative Agent. 

“Permitted Refinancing Debt “ means any Debt of Parent, the Subsidiary Borrower or any of the Restricted Subsidiaries
issued in exchange for, or the net proceeds of which are used to renew, refund, refinance, replace, defease or discharge other Debt of Parent, the Subsidiary Borrower or any of the Restricted Subsidiaries (other than intercompany Debt);
provided that: 
 (a) the principal amount (or accreted value, if applicable) of such Permitted Refinancing Debt does not
exceed the principal amount (or accreted value, if applicable) of the Debt renewed, refunded, refinanced, replaced, defeased or discharged (plus all accrued interest on the Debt and the amount of all fees and expenses, including premiums, incurred
in connection therewith); 
 (b) such Permitted Refinancing Debt has a final maturity date later than the final maturity date
of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Debt being renewed, refunded, refinanced, replaced, defeased or discharged; 

(c) if the Debt being renewed, refunded, refinanced, replaced, defeased or discharged is subordinated in right of payment to the Senior
Notes and the Obligations, such Permitted Refinancing Debt has a final maturity date later than the final maturity date of, and is subordinated in right of payment to, the Senior Notes and the Obligations on terms at least as favorable to the
Secured Parties as those contained in the documentation governing the Debt being renewed, refunded, refinanced, replaced, defeased or discharged; 
 (d) in the case of Debt of the Subsidiary Borrower or any Restricted Subsidiary, such Debt is incurred either by the Subsidiary Borrower or by the Restricted Subsidiary or both the Subsidiary Borrower and
the Restricted Subsidiary (along with the Parent in any case if the Parent was liable on such Debt), who is the obligor on the Debt being renewed, refunded, refinanced, replaced, defeased or discharged; and 

(e) in the case of Debt of Parent, such Debt is incurred either by Parent or by an Excluded Parent Subsidiary or both Parent and an
Excluded Parent Subsidiary who is the obligor on the Debt being renewed, refunded, refinanced, replaced, defeased or discharged. 
 “Permitted Third Party Charter” means the charter of a Vessel to a third party in conjunction with the conduct of drilling operations, where a Guarantor (other than Parent) effectively
retains operational control of the Vessel and local law requires a resident person of the nation in whose waters the Vessel is located to charter the Vessel as a condition to the lawful conduct of drilling operations in such waters and where the
Subsidiary Borrower or a Guarantor is the ultimate beneficiary of indemnities under the Drilling Contract. 

  
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 “Person” means and includes natural persons, corporations, limited
partnerships, general partnerships, limited liability companies, limited liability partnerships, joint stock companies, joint ventures, associations, companies, trusts, banks, trust companies, land trusts, business trusts or other organizations,
whether or not legal entities, and governments and agencies and political subdivisions thereof. 
 “Plan” means
any Pension Plan or Multiemployer Plan. 
 “Pro Rata Share” means, (a) with respect to each Lender under
the Letter of Credit Tranche, (i) before all of the Letter of Credit Commitments terminate, the ratio (expressed as a percentage) of such Lender’s Letter of Credit Commitment to the aggregate Letter of Credit Commitments at such time and
(ii) thereafter, the ratio (expressed as a percentage) of such Lender’s aggregate outstanding Letters of Credit at such time to the aggregate outstanding Letters of Credit of all the Lenders at such time and (b) with respect to each
Lender under the Revolving Credit Tranche, (i) before all of the Revolving Credit Commitments terminate, the ratio (expressed as a percentage) of such Lender’s Revolving Credit Commitment to the aggregate Revolving Credit Commitments at
such time and (ii) thereafter, the ratio (expressed as a percentage) of such Lender’s aggregate outstanding Loans at such time to the aggregate outstanding Loans of all the Lenders at such time. The initial Pro Rata Share of each Lender
with respect to each Tranche is set forth opposite the name of such Lender on Annex I or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable. 

“Property” of any Person means any interest of such Person in any property or asset (whether real, personal or mixed,
tangible or intangible). 
 “Projections” means the Parent’s forecasted consolidated and consolidating:
(a) balance sheets; (b) profit and loss statements; (c) cash flow statements; and (d) capitalization statements, all prepared on a Subsidiary by Subsidiary basis and based upon good faith estimates and assumptions by the Parent
believed to be reasonable at the time made, together with appropriate supporting details and a statement of underlying assumptions. 
 “Qualified Services Contract” means, with respect to any Additional Vessel acquired by or committed to be delivered to, Parent or any of its Subsidiaries, a bona fide contract or series
of contracts, together with any amendments, supplements or modifications thereto, that the Board of Directors of Parent, acting in good faith, designates as a “Qualified Services Contract” pursuant to a resolution of the Board of Directors
of Parent, which contract or contracts: 
 (a) are between Parent or one of its Subsidiaries, on the one hand, and (a) a
Person with a rating (or a Person whose parent has such a rating) of either BBB- or higher from S&P or Baa3 or higher from Moody’s, or if such ratings are not available, then a similar investment grade rating from another nationally
recognized statistical rating agency or (b) any other Person provided such contract is supported by letters of credit, performance bonds or guarantees from a Person or its parent that has an investment grade rating as described in the preceding
subclause 

  
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(a) of this clause (1), or such contract provides for a lockbox or similar arrangements or direct payment to Parent or its Subsidiary, as the case may be, by a Person with (or a Person whose
parent has) such an investment grade rating, for the full amount of the contracted payments due over the four-quarter reference period considered in calculating Consolidated Cash Flow; 

(b) provide for services to be performed by Parent or one or more of its Subsidiaries involving the use of such Additional Vessel by
Parent or one or more of its Subsidiaries, in either case for a minimum aggregate period of at least one year; 
 (c) provide
for a fixed or minimum dayrate or fixed rate for such Additional Vessel covering all the period in (b) above; and 
 (d)
for purposes of Section 6.02, provide that revenues from such Qualified Services Contract are to be received by Parent or its Subsidiary within one year of (a) delivery of the related Additional Vessel and (b) the incurrence of
any Debt pursuant to Section 6.02. 
 “Related Parties” means, with respect to any Person, such
Person’s Affiliates and the partners, directors, officers, employees, agents and advisors of such Person and of such Person’s Affiliates. 
 “Release” means any release, spill, emission, leaking, dumping, injection, pouring, deposit, disposal, discharge, dispersal, leaching or migration into or through the environment or
within or upon any building, structure, facility or fixture. 
 “Reportable Event” means any of the events set
forth in Section 4043(c) of ERISA. 
 “Responsible Officer” means the Chief Executive Officer, Chief
Financial Officer, Treasurer, Chief Accounting Officer, Assistant Treasurer, Finance Director or Tax Director of a Person. 

“Restricted Payment” means, with respect to any Person: (a) the declaration or making by such Person or any of its
Subsidiaries of any dividend or other distribution with respect to any Equity Interest of such Person (other than dividends or distributions payable in Equity Interests (other than Disqualified Stock) of the Subsidiary Borrower and other than
dividends or distributions payable to the Subsidiary Borrower or any Restricted Subsidiary); (b) any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption,
retirement, acquisition, cancelation or termination of any Equity Interests in such Person or any Subsidiary thereof or any option, warrant or other right to acquire any such Equity Interests in such Person or any Subsidiary thereof; (c) any
payment or prepayment (scheduled or otherwise) of principal of, premium, if any, or interest on, any subordinated Debt, or the issuance of a notice of an intention to do any of the foregoing (excluding any intercompany Debt between or among Parent,
the Subsidiary Borrower and any Guarantors); and (d) any payment by such Person or any of its Subsidiaries of any management, consulting or similar fees to any Affiliate, whether pursuant to a management agreement or otherwise. 

  
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 “Restricted Subsidiary” means any Subsidiary of the Subsidiary Borrower
that is not an Unrestricted Subsidiary. 
 “Revolving Credit Commitment” means, with respect to any Lender, the
commitment of such Lender, if any, to make Advances under Section 2.01, as such commitment may be (a) reduced from time to time pursuant to Section 2.06(c) and (b) reduced or increased from time to time pursuant to assignments by
or to such Lender pursuant to Section 10.06. The initial amount of a Lender’s Revolving Credit Commitment, if any, is set forth on Annex I or in the Assignment and Assumption pursuant to which such Lender shall have assumed its
Revolving Credit Commitment, as applicable. The initial aggregate amount of the Lenders’ Revolving Credit Commitments is $168,000,000. 
 “Revolving Credit Lender” means, at any time, any Person that has a Revolving Credit Commitment or an outstanding Advance at such time. As of the Closing Date, the Revolving Credit
Lenders are those Persons listed on Annex I as having a Revolving Credit Commitment. 
 “Revolving Credit
Tranche” means the tranche hereunder relating to the Revolving Credit Commitments, the Advances made thereunder and the Lenders having Revolving Credit Commitments or Credit Exposure in respect of such Advances. 

“Royal Bank” has the meaning specified in the introductory paragraph hereto. 

“S&P” means Standard & Poor’s Rating Agency Group, a division of Mc-Graw Hill Companies, Inc., or any
successor that is a national credit rating organization. 
 “SEC” means the Securities and Exchange Commission,
and any successor entity. 
 “Secured Parties” means the Administrative Agent, the Lenders and the Swap
Counterparties. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations
of the SEC thereunder. 
 “Security Agreement” means collectively (a) the Third Amended and Restated
Pledge and Security Agreement made by one or more of the Loan Parties in favor of the Pari Passu Collateral Agent in form and substance reasonably acceptable to the Administrative Agent, and (b) the Third Amended and Restated Pledge Agreement
made by the Parent in favor of the Pari Passu Collateral Agent for the benefit of the Secured Parties in form and substance reasonably acceptable to the Administrative Agent, as the same may be amended, restated, amended and restated, supplemented
or otherwise modified from time to time, including, without limitation, by any supplement thereto executed and delivered prior to or after the date of this Agreement in order to effect the joinder of any additional Restricted Subsidiary. 

“Security Documents” means, collectively, each Assignment, each Ship Mortgage, the Security Agreement, the Intercreditor
Agreement, the Collateral Assignment of Construction Contract and each other document, instrument or agreement between a Loan Party and the Pari Passu Collateral Agent in connection therewith or otherwise executed by a Loan Party and the Pari Passu
Collateral Agent in order to secure all or a portion of the Obligations in form and substance reasonably acceptable to the Administrative Agent. 

  
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 “Senior Notes” means the 2019 Senior Notes and the 2023 Senior Notes.

 “Ship Mortgages” means, collectively, the statutory mortgages and collateral deeds of covenant and the first
naval mortgages over the Vessels, each duly registered in the Bahamian or Panamanian Ship registry, respectively, in favor of the Pari Passu Collateral Agent, as the same may be amended, restated, amended and restated, supplemented or otherwise
modified from time to time, in form and substance reasonably acceptable to the Administrative Agent. 
 “Significant
Subsidiary” means, on any date of determination, any Restricted Subsidiary other than a Restricted Subsidiary that (i) is not party to a drilling contract or the owner of a Vessel, and (ii) the fair market value of the assets of
which (including the assets of its subsidiaries) is equal to or less than 1% of the fair market value of the total consolidated assets of Parent as of the date of determination. 

“Subsidiary” of a Person means any corporation, association, partnership or other business entity of which more than 50%
of the outstanding Equity Interests having by the terms thereof ordinary voting power under ordinary circumstances to elect a majority of the Board of Directors or Persons performing similar functions (or, if there are no such directors or Persons,
having general voting power) of such entity (irrespective of whether at the time Equity Interests of any other class or classes of such entity shall or might have voting power upon the occurrence of any contingency) which entity is at the time
directly or indirectly owned or controlled by such Person, by such Person and one or more Subsidiaries of such Person or by one or more Subsidiaries of such Person. 
 “Subsidiary Borrower Consolidated Cash Flow” means, with respect to any period, the Consolidated Net Income of the Subsidiary Borrower for such period plus, without duplication:

 (a) an amount equal to (i) any extraordinary loss plus (ii) any net loss realized by the Subsidiary Borrower
or any of the Restricted Subsidiaries in connection with an Asset Disposition, to the extent such losses were deducted in computing such Consolidated Net Income; plus  
 (b) provision for taxes based on income or profits of the Subsidiary Borrower and the Restricted Subsidiaries for such period, to the extent that such provision for taxes was deducted in computing such
Consolidated Net Income; plus 
 (c) the Consolidated Interest Expense of the Subsidiary Borrower and the Restricted
Subsidiaries to the extent that such Consolidated Interest Expense was deducted in computing such Consolidated Net Income; plus 
 (d) depreciation, amortization (including amortization of intangibles but excluding amortization of prepaid cash expenses that were paid in a prior period) and other non-cash expenses (excluding any such
non-cash expense to the extent that it represents an accrual of or reserve for cash expenses in any future period or amortization of a prepaid cash expense that was 

  
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paid in a prior period) of the Subsidiary Borrower and the Restricted Subsidiaries for such period to the extent that such depreciation, amortization and other non-cash expenses were deducted in
computing such Consolidated Net Income; minus 
 (e) non-cash items increasing such Consolidated Net Income for such
period, other than the accrual of revenue in the ordinary course of business, in each case, on a consolidated basis and determined in accordance with GAAP. 
 Subsidiary Borrower Consolidated Cash Flow shall be calculated to give effect to the following: 
 (1) Pro forma effect shall be given to any acquisition of a company, business, asset or Vessel that has been made by the Subsidiary Borrower or any of the Restricted Subsidiaries during the four-quarter
reference period, or approved and expected to be consummated within 30 days of the calculation date, including, in each case, through a merger or consolidation or an acquisition, and including any related financing transactions, in each case during
the four-quarter reference period or subsequent to such reference period and on or prior to the calculation date, in each case, as if such transaction had occurred on the first day of the applicable four-quarter reference period. 

(2) The Subsidiary Borrower Consolidated Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, and
operations or businesses disposed of prior to the calculation date, shall be excluded. 
 (3) The provision for taxes based on
the income or profits of, and the depreciation, amortization and other non-cash expenses of, a Restricted Subsidiary will be added to Consolidated Net Income to compute Subsidiary Borrower Consolidated Cash Flow only to the extent that a
corresponding amount would be permitted at the date of determination to be dividended to the Subsidiary Borrower by such Restricted Subsidiary without prior governmental approval (that has not been obtained), and without direct or indirect
restriction pursuant to the terms of its charter and all agreements, instruments, judgments, decrees, orders, statutes, rules and governmental regulations applicable to that Restricted Subsidiary or its stockholders. 

For the avoidance of doubt, the calculation of the ratio test set forth in Section 6.02(a)(xiv) hereof, shall give effect to any incurrence,
assumption or guarantee of any Debt relating to the construction, delivery and/or acquisition of any Vessel in accordance with the foregoing clause (1). 
 “Super Senior Debt to EBITDA Ratio” means, for any Person as of the end of any fiscal quarter, the ratio of (a) Total Super Senior Debt for such Person and its Subsidiaries on a
consolidated basis as of the end of such fiscal quarter to (b) Consolidated EBITDA for such Person and its Subsidiaries on a consolidated basis for the then most-recently ended four fiscal quarters. 

“Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward
rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or 

  
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bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor
transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into
any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or
governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any
related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement. 
 “Swap Counterparty” means any Lender or any Affiliate thereof that is party to a Swap Contract with any Loan Party and is otherwise reasonably acceptable to the Administrative Agent.

 “Swap Obligation” means, with respect to any Guarantor, any obligation to pay or perform under any
agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act. 
 “Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap
Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause
(a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include a
Lender or any Affiliate of a Lender). 
 “Synthetic Lease Obligation” means the monetary obligation of a Person
under (a) a so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of Property creating obligations that do not appear on the balance sheet of such Person but which, upon the insolvency
or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment). 
 “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority, including any
interest, additions to tax or penalties applicable thereto. 
 “Term Loans” means the 2012 Term Loans and the
2013 Term Loans. 
 “Titanium Explorer” means the Bahamas flag vessel (formerly known as the
Dragonquest). 
 “Total Super Senior Debt” means, as of any date of determination, with respect to the
Borrowers and the Subsidiaries, determined on a consolidated basis, an amount equal to the sum 

  
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of all Loans outstanding hereunder plus the outstanding Letter of Credit Obligations other than Letter of Credit Obligations which have been cash collateralized in accordance with the terms
hereof. 
 “Tranche” means the Letter of Credit Tranche or the Revolving Credit Tranche, as applicable.

 “Transaction Documents” means (a) the 2023 Indenture, (b) the 2013 Term Loan Facility,
(c) the Tungsten Construction Contract and (d) each other material document executed on or before the Closing Date with respect to the construction of the Tungsten Explorer. 

“Tungsten Construction Contract” means that certain Construction Contract between Daewoo
Shipbuilding & Marine Engineering Co., Ltd. and Tungsten Explorer Company dated May 9, 2011, respecting the construction of the Tungsten Explorer, as amended, modified or supplemented from time to time. 

“Tungsten Delivery Date” means the date on which the Tungsten Explorer is delivered by Daewoo
Shipbuilding & Marine Engineering Co., Ltd. To and accepted by the applicable Loan Party. 
 “Tungsten
Explorer” means the Ultra Deepwater Drillship Hull No. 3615 currently under construction at Daewoo Shipbuilding & Marine Engineering Co., Ltd., with delivery expected in the second quarter of 2013, which is expected to be
owned by the Subsidiary Borrower or a Restricted Subsidiary under Bahamian flag. 
 “UCC” means the Uniform
Commercial Code as in effect on the date hereof in the State of New York, as amended from time to time, and any successor statute. 
 “Unfunded Pension Liability” means the excess of a Pension Plan’s benefit liabilities under Section 4001(a)(16) of ERISA, over the current value of that Pension Plan’s
assets, determined in accordance with the assumptions used for funding the Pension Plan pursuant to Section 412 of the Code for the applicable plan year. 
 “Unrestricted Subsidiary” means any Subsidiary of the Subsidiary Borrower that is designated by the Board of Directors of Parent as an Unrestricted Subsidiary pursuant to a resolution of
such Board of Directors, but only to the extent that such Subsidiary: 
 (a) has no Debt other than Non-Recourse Debt;

 (b) except as permitted by Section 6.08, is not party to any agreement, contract, arrangement or understanding
with Parent, the Subsidiary Borrower or any Restricted Subsidiary unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to Parent, the Subsidiary Borrower or such Restricted Subsidiary than those that
might be obtained at the time from Persons who are not Affiliates of the Subsidiary Borrower; 
 (c) is a Person with respect to
which none of Parent, the Subsidiary Borrower nor any of the Restricted Subsidiaries has any direct or indirect obligation (a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial
condition or to cause such Person to achieve any specified levels of operating results; 

  
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 (d) has not guaranteed or otherwise directly or indirectly provided credit support for any
Debt of the Subsidiary Borrower or any of the Restricted Subsidiaries; and 
 (e) is not the owner or Internal Charterer of a
Vessel. 
 “Unused Commitments” means the difference between (a) the aggregate Commitments and
(b) the sum of the Advances and the Letter of Credit Exposure. 
 “US Prime Rate” means the rate of
interest per annum determined by the Administrative Agent from time to time as its prime commercial lending rate for United States Dollar loans in the United States for such day. The Prime Rate is not necessarily the lowest rate that the
Administrative Agent is charging any corporate customer. 
 “Vessel Asset Sale” means a sale, lease (except
under an Internal Charter, a Drilling Contract or a Permitted Third Party Charter), conveyance or other disposition of all or any minority interest in any Vessel, right to a Vessel or construction contract respecting the construction of any Vessel;
provided that any Vessel Asset Sale with respect to a minority interest in a Vessel will be subject to the Ship Mortgage relating to such Vessel. 
 “Vessels” means (i) the Panamanian flag vessels the Topaz Driller, the Emerald Driller, the Sapphire Driller and the Aquamarine Driller, (ii) the
Drillships and (iii) any other vessel hereafter acquired by the Subsidiary Borrower or any Restricted Subsidiary, in each case together with all related spares, equipment and any additions or improvements; provided that for the
purposes of any provision related to the acquisition or disposition of a Vessel, such acquisition or disposition may be conducted through the transfer of all of the Equity Interests of any special purpose entity that owns such Vessel;
provided that upon the consummation of any Vessel Asset Sale (including, for the avoidance of doubt, with respect to the Tungsten Explorer) involving the sale, lease, conveyance or other disposition of all of the interests in a Vessel
permitted hereunder, any Vessel that is the subject of such Vessel Asset Sale, shall no longer constitute thereafter a Vessel hereunder. 
 “Voting Stock” means, with respect to any Person, securities of any class or classes of Equity Interests or other interests (including partnership interests) in such Person entitling the
holders thereof (whether at all times or at the time that such class of Equity Interests has voting power by reason of the happening of any contingency) to vote in the election of members of the Board of Directors or comparable body of such Person.

 “Weighted Average Life to Maturity” means, when applied to any Debt at any date, the number of years
obtained by dividing: 
 (a) the sum of the products obtained by multiplying (i) the amount of each then remaining
installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect of the Debt, by (ii) the number of years (calculated to the nearest one twelfth) that will elapse between such
date and the making of such payment; by 
 (b) the then outstanding principal amount of such Debt. 

  
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 Section 1.02 Computation of Time Periods. In this Agreement in the computation
of periods of time from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each means “to but excluding”. 

Section 1.03 Accounting Terms. 
 (a) For purposes of this Agreement, unless otherwise specified herein, all accounting terms not otherwise defined herein shall be construed in conformity with, and all financial data (including financial
ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time. 

(b) If at any time any Accounting Change (as defined below) would affect the computation of any financial ratio or requirement set forth
in any Loan Document, and either the Parent or the Majority Lenders shall so request, the Administrative Agent, the Lenders and the Parent shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in
light of such change in GAAP (subject to the approval of the Majority Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and
(ii) the Parent shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such
ratio or requirement made before and after giving effect to such change in GAAP. “Accounting Changes” means changes in accounting principles required by GAAP and implemented by the Parent. Notwithstanding anything in this Agreement to the
contrary, any change in GAAP that would require obligations under operating leases to be treated similarly to Capital Lease Obligations shall not be given effect in the definition of Debt or any related definitions or in the computation of any
financial ratio or requirement hereunder. 
 (c) In addition, all calculations and defined accounting terms used herein shall,
unless expressly provided otherwise, when referring to any Person, refer to such Person on a consolidated basis and mean such Person and its consolidated subsidiaries. 
 Section 1.04 Miscellaneous. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall
include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will”
shall be construed to have the same meaning and effect as the word “shall.” The word “or” shall not be exclusive. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other
document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth
herein), (b) any reference herein to any Person shall be construed to 

  
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include such Person’s successors and permitted assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed
to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules
to, this Agreement, (e) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time and (f) the words “asset” and
“property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 

ARTICLE II. 

THE CREDIT FACILITY 
 Section 2.01 Advances. Each Revolving Credit Lender severally agrees, on the terms and conditions set forth in this Agreement, to make Advances to any Borrower from time-to-time on any
Business Day during the Commitment Period in a maximum principal amount up to but not to exceed at any time outstanding its Revolving Credit Commitment; provided however that the aggregate outstanding principal amount of the sum of
(i) all Advances plus, without duplication, (ii) the Letter of Credit Exposure shall not exceed at any time the aggregate Commitments hereunder. Each Advance shall be in an aggregate amount not less than $1,000,000 and in integral
multiples thereof. Within the limits of each Revolving Credit Lender’s Revolving Credit Commitment, the Borrowers may from time-to-time borrow, prepay pursuant to Section 2.06 and reborrow under this Section 2.01.

 Section 2.02 Method of Borrowing. 
 (a) Notice. Each Advance shall be made pursuant to a Notice of Borrowing, given not later than 12:00 p.m. Noon (New York time) (i) on the third Business Day before the requested Borrowing
Date of any Advance of, conversion to or continuation of Eurodollar Advances or of any conversion of Eurodollar Advances to ABR Advances, and (ii) on the Business Day before the requested date of any ABR Advances, in each case to the
Administrative Agent’s Applicable Lending Office. The Administrative Agent shall give to each Revolving Credit Lender prompt notice on the day of receipt of a timely Notice of Borrowing. The Notice of Borrowing shall be in writing specifying
(A) the Borrowing Date (which shall be a Business Day), (B) the aggregate principal amount of such Advance, (C) with respect to any Eurodollar Advances, the requested Interest Period to apply thereto and (D) the applicable
Borrower. The Administrative Agent shall promptly notify each Revolving Credit Lender of the applicable interest rate under Section 2.05(a)(i) or (ii). Each Revolving Credit Lender shall make available its Pro Rata Share of such
Advance before 2:00 p.m. (New York time) on the Borrowing Date in immediately available funds to the Administrative Agent at its Applicable Lending Office. After the Administrative Agent’s receipt of such funds and upon fulfillment of the
conditions precedent set forth in Article III, the Administrative Agent will promptly make such funds available to the applicable Borrower not later than 3:00 p.m. (New York time) at such account as such Borrower shall specify in writing
to the Administrative Agent. 

  
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 (b) Continuations; Conversions. In order to elect to Continue or convert an Advance
under this Section, the applicable Borrower shall deliver an irrevocable Notice of Continuation/Conversion to the Administrative Agent at its Applicable Lending Office no later than 12:00 p.m. Noon (New York time) (i) at least three
Business Days in advance of the requested date of any conversion to or continuation of Eurodollar Advances or of any conversion of Eurodollar Advances to ABR Advances, and (ii) at least one Business Day in advance of the requested date of any
ABR Advance. Each such Notice of Continuation/Conversion shall be in writing or by telex, telecopier or telephone, confirmed promptly in writing specifying (A) the requested Continuation or conversion date (which shall be a Business Day),
(B) the amount of the Advances to be Continued or converted, and (C) with respect to any Eurodollar Advances, the requested Interest Period to apply thereto. Promptly after receipt of a Notice of Continuation/Conversion under this
paragraph, the Administrative Agent shall provide each Revolving Credit Lender with a copy thereof and notify each Revolving Credit Lender of the interest rate under Sections 2.05(a)(i) or (ii). 

(c) Certain Limitations. Notwithstanding anything in paragraphs (a) and (b) above: 

(i) at no time shall there be more than five Interest Periods applicable to outstanding Eurodollar Advances; 

(ii) if the Administrative Agent is unable to determine the Eurodollar Rate for any requested Advance and the
Administrative Agent gives telephonic or telecopy notice thereof to the Borrowers as soon as practicable, the right of any Borrower to select Eurodollar Advances for any subsequent Advance and the obligation of the Revolving Credit Lenders to make
such Eurodollar Advances shall be suspended until the Administrative Agent shall notify, and the Administrative Agent agrees to promptly so notify, the Borrowers and the Revolving Credit Lenders that the circumstances causing such suspension no
longer exist, and each such Advance shall be an ABR Advance; 
 (iii) if the Majority Lenders with respect to the
Revolving Credit Tranche shall, by 11:00 a.m. (New York time) at least one Business Day before the date of any requested Advance, notify the Administrative Agent that the Eurodollar Rate will not adequately reflect the cost to such Revolving Credit
Lenders of making or funding their respective Eurodollar Advances and the Administrative Agent gives telephonic or telecopy notice thereof to the Borrowers as soon as practicable, (A) the right of any Borrower to select Eurodollar Advances and
the obligation of the Revolving Credit Lenders to make Eurodollar Advances shall be suspended until the Majority Lenders with respect to the Revolving Credit Tranche shall notify, and the Majority Lenders with respect to the Revolving Credit Tranche
agree to promptly so notify, the Administrative Agent, who will in turn promptly notify Borrowers and the other Revolving Credit Lenders, that the circumstances causing such suspension no longer exist, and (B) each Advance shall, on the last
day of the then existing Interest Period, either (1) convert into an ABR Advance or (2) continue as one or more Eurodollar Advances of Interest Periods not affected by such notice of the Majority Lenders with respect to the Revolving
Credit Tranche, as selected by the Borrowers; 

  
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 (iv) if any Borrower shall fail to select the duration or Continuation of
any Interest Period for any Eurodollar Advances in accordance with the provisions contained in the definition of “Interest Period” in Section 1.01 and paragraphs (a) and (b) above or shall fail to deliver a Notice of
Continuation/Conversion, the Administrative Agent will forthwith so notify such Borrower and the Revolving Credit Lenders and such Borrower shall be deemed to have selected an Interest Period of one month’s duration; and 

(v) if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Majority
Lenders with respect to the Revolving Credit Tranche, so notifies the Borrowers in writing, then, so long as an Event of Default is continuing, no Advance may be converted or Continued as a Eurodollar Advance. 

(d) Notices Irrevocable. Each Notice of Borrowing and each Notice of Continuation/Conversion delivered by a Borrower shall be
irrevocable and binding on such Borrower. In the case of any Notice of Continuation/Conversion specifying Eurodollar Advances, each Borrower shall indemnify each Revolving Credit Lender against any loss, out-of-pocket cost or expense actually
incurred by such Revolving Credit Lender as a result of any failure to fulfill on or before the Borrowing Date or the date specified in such Notice of Continuation/Conversion for such Advance the conditions precedent set forth in
Article III, including, without limitation, any loss, cost or expense actually incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Revolving
Credit Lender when such Advance, as a result of such failure, is not made on such date. 
 (e) Administrative Agent
Reliance. Unless the Administrative Agent shall have received notice from a Revolving Credit Lender before the Borrowing Date that such Revolving Credit Lender will not make available to the Administrative Agent such Revolving Credit
Lender’s Pro Rata Share of the Advance, the Administrative Agent may assume that such Revolving Credit Lender has made its Pro Rata Share of such Advance available to the Administrative Agent on the Borrowing Date in accordance with
paragraph (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on the Borrowing Date a corresponding amount. If and to the extent that such
Revolving Credit Lender shall not have so made its Pro Rata Share of such Advance available to the Administrative Agent, such Revolving Credit Lender and the applicable Borrower severally agree to immediately repay to the Administrative Agent on
demand such corresponding amount, together with interest on such amount, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of a
Borrower, the interest rate applicable on such day to Eurodollar Advances and (ii) in the case of such Revolving Credit Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with
banking industry rules on interbank compensation. Subject to Section 2.16, if such Revolving Credit Lender shall repay to the Administrative Agent such corresponding amount and interest as provided above, such corresponding amount so
repaid shall constitute such Revolving Credit Lender’s Advance as part of such Advance for purposes of this Agreement even though not made on the same day as the other Advances. If such Revolving Credit

  
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Lender’s Advance as part of such Advance is not made available by such Revolving Credit Lender within three Business Days of the Borrowing Date, the applicable Borrower shall repay such
Revolving Credit Lender’s share of such Advance (together with interest thereon at the interest rate applicable during such period to Eurodollar Advances) to the Administrative Agent not later than three Business Days after receipt of written
notice from the Administrative Agent specifying such Revolving Credit Lender’s Pro Rata Share of such Advance that was not made available to the Administrative Agent. 
 (f) Lender Obligations Several. The failure of any Revolving Credit Lender to make an Advance shall not relieve any other Revolving Credit Lender of its obligation, if any, to make its Advance on
the applicable Borrowing Date. No Revolving Credit Lender shall be responsible for the failure of any other Revolving Credit Lender to make an Advance to be made by such other Revolving Credit Lender on any applicable Borrowing Date. 

(g) Noteless Agreement; Evidence of Debt. 
 (i) Each Revolving Credit Lender shall maintain in accordance with its usual practice an account or accounts evidencing the Debt of the Borrowers to such Revolving Credit Lender resulting from the
Advances made by such Revolving Credit Lender from time to time, including the amounts of principal and interest payable and paid to such Revolving Credit Lender from time to time hereunder. 

(ii) The Administrative Agent shall also maintain accounts in which it will record (A) the amount of each Advance
made hereunder and the Interest Period with respect thereto, (B) the amount of any principal or interest due and payable or to become due and payable from each Borrower to each Revolving Credit Lender hereunder and (C) the amount of any
sum received by the Administrative Agent hereunder from each Borrower and each Revolving Credit Lender’s share thereof. 
 (iii) The entries maintained in the accounts maintained pursuant to paragraphs (i) and (ii) above shall be prima facie evidence of the existence and amounts of the Obligations therein recorded;
provided, however, that the failure of the Administrative Agent or any Revolving Credit Lender to maintain such accounts or any error therein shall not in any manner affect the obligation of any Borrower to repay the Obligations in
accordance with their terms. 
 (iv) Any Revolving Credit Lender may request that the Advances owing to such
Revolving Credit Lender be evidenced by a promissory note (a “Note”). In such event, the applicable Borrower shall execute and deliver to such Revolving Credit Lender a Note payable to the order of such Revolving Credit Lender and
its registered assigns and in form and substance reasonably acceptable to the Administrative Agent and such Borrower. Thereafter, the Advances evidenced by such Note and interest thereon shall at all times (including after any assignment pursuant to
Section 10.06) be represented by one or more Notes payable to the order of the payee named therein or any assignee pursuant to Section 10.06, except to the extent that any such Revolving Credit Lender or assignee subsequently
returns any such Note for cancellation and requests that such Advances once again be evidenced as described in paragraphs (i) and (ii) above. 

  
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 Section 2.03 Fees. 

(a) Commitment Fees. The Borrowers jointly and severally agree to pay to the Administrative Agent for the pro rata benefit of each
Lender a commitment fee (a “Commitment Fee”) equal to the product of 0.50% per annum and the average daily amount of the Unused Commitments during the Commitment Period. The Commitment Fees payable pursuant to this
clause (a) are due quarterly in arrears on the last Business Day of each March, June, September and December commencing on the first such date occurring after the Closing Date and continuing thereafter through and including the Maturity Date.
Notwithstanding the foregoing, no Commitment Fee shall accrue on any Defaulting Lender’s Pro Rata Share of the Unused Commitment and no Defaulting Lender shall be paid a Commitment Fee hereunder while it is a Defaulting Lender. 

(b) Agency Fees. The Borrowers jointly and severally agree to pay to the Administrative Agent for its own account the fees as
separately agreed upon in the Fee Letter. 
 (c) Letter of Credit Fees. 

(i) The Borrowers jointly and severally agree to pay to the Administrative Agent for the pro rata benefit of each LC
Lender a letter of credit fee at a per annum rate equal to 3.50%. Each such fee shall be based on the maximum amount available to be drawn under such Letter of Credit from the date of issuance of the Letter of Credit until its expiration date and
shall be payable quarterly in arrears on the last Business Day of each March, June, September and December until the earlier of its expiration date or the Maturity Date. Notwithstanding the foregoing, no letter of credit fee shall accrue on any
Defaulting Lender’s Pro Rata Share of the such Letters of Credit and no Defaulting Lender shall be paid a letter of credit fee hereunder while it is a Defaulting Lender. 

(ii) In the event that either (A) the Issuing Bank (or any of its Affiliates) is not an LC Lender hereunder or
(B) the Issuing Bank (or any of its Affiliates) is not the sole LC Lender hereunder, the Borrowers jointly and severally agree to pay to the Administrative Agent for the benefit of the Issuing Bank, a fronting fee for each Letter of Credit
issued or outstanding after such occurrence for its account equal to the greater of (y) $500.00 and (z) 0.25% per annum of the amount available for drawing of such Letter of Credit. Each such fee shall be payable quarterly in arrears
on the last Business Day of each March, June, September and December until the earlier of its expiration date or the Maturity Date. 
 (iii) In addition, the Borrowers jointly and severally agree to pay to the Issuing Bank all customary transaction costs and fees charged by the Issuing Bank in connection with the issuance, amendment,
renewal or extension of a Letter of Credit or processing of drawings thereunder, such costs and fees to be due and payable on the date specified by the Issuing Bank in the invoice for such costs and fees. 

(d) Upfront Fee. On the Closing Date, the Borrowers jointly and severally agree to pay to the Administrative Agent for the pro
rata benefit of each Lender an upfront fee in an amount equal to 0.75% of the outstanding Commitment of such Lender on the Closing Date. 

  
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 (e) Generally. All such fees shall be paid on the dates due, in immediately available
Dollars to the Administrative Agent for distribution, if and as appropriate, among the applicable Persons; provided that, any letter of credit fees otherwise payable under this Section 2.03 for the account of a Defaulting Lender
with respect to any Letter of Credit as to which such Defaulting Lender has not provided cash collateral satisfactory to the Issuing Bank pursuant to Section 2.13 shall be payable, to the maximum extent permitted by applicable Legal
Requirements, to the other LC Lenders in accordance with the upward adjustments in their respective Pro Rata Shares allocable to such Letter of Credit pursuant to Section 2.16, with the balance of such fee, if any, payable to the
applicable Borrower if such Borrower has entered into the arrangements described in Section 2.13, and otherwise to the Issuing Bank for its own account. Once paid, absent manifest error, none of these fees shall be refundable under any
circumstances. 
 Section 2.04 Repayment. The outstanding principal amount of the Advances and all other unpaid
Obligations shall be payable by the Borrowers on the Maturity Date. 
 Section 2.05 Interest. Each Borrower shall
pay interest on the unpaid principal amount of each Advance made to such Borrower by each Lender to it from the date of such Advance until such principal amount shall be paid in full, at the following rates per annum: 

(a) Advances. 
 (i) ABR Advances. If such Advance is an ABR Advance, a rate per annum equal to ABR plus 2.50%, payable in arrears on each Payment Date and on the date such ABR Advance shall be paid in full.

 (ii) Eurodollar Advances. If such Advance is a Eurodollar Advance, a rate per annum equal to the
Eurodollar Rate for such Interest Period plus 3.50%, payable in arrears on the last day of such Interest Period, and, in the case of Interest Periods of greater than three months, on the Business Day which occurs during such Interest Period
three months from the first day of such Interest Period. 
 (b) Additional Interest on Eurodollar Advances. Each Borrower
shall pay to each Revolving Credit Lender, so long as any such Revolving Credit Lender shall be required under regulations of the Federal Reserve Board to maintain reserves with respect to liabilities or assets consisting of or including
Eurocurrency Liabilities, additional interest on the unpaid principal amount of each Eurodollar Advance made to such Borrower by such Revolving Credit Lender, from the effective date of such Advance until such principal amount is paid in full, at an
interest rate per annum equal at all times to the remainder obtained by subtracting (i) the Eurodollar Rate for the Interest Period for such Advance from (ii) the rate obtained by dividing such Eurodollar Rate by a percentage equal to 100%
minus the Eurodollar Rate Reserve Percentage of such Revolving Credit Lender for such Interest Period, payable on each date on which interest is payable on such Advance. Such additional interest payable to any Revolving Credit Lender shall be
determined by such Revolving Credit Lender and notified to the Borrowers through the Administrative Agent (such notice to include the calculation of such additional interest, which calculation shall be conclusive in the absence of manifest error,
and be accompanied by any evidence indicating the need for such additional interest as any Borrower may reasonably request). 

(c) Usury Recapture. In the event the rate of interest chargeable under this Agreement at any time (calculated after giving effect
to all items charged which constitute “interest” under applicable Legal Requirements, including fees and margin amounts, if applicable) is greater than the Maximum Rate, the unpaid principal amount of the Advances shall bear interest at
the Maximum Rate until the total amount of interest paid or accrued on the Advances equals the amount of interest which would have been paid or accrued on the Advances if the stated rates of interest set forth in this Agreement had at all times been
in effect. 

  
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 In the event, upon payment in full of the Advances, the total amount of interest paid or
accrued under the terms of this Agreement and the Advances is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then each Borrower
shall, to the extent permitted by applicable Legal Requirements, pay the Administrative Agent for the account of the Revolving Credit Lenders an amount equal to the difference between (i) the lesser of (A) the amount of interest which
would have been charged on its Advances if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances if the rates of interest set forth in this Agreement had at all times been in
effect and (ii) the amount of interest actually paid under this Agreement on its Advances. 
 In the event the Revolving
Credit Lenders ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the Advances, and if no such principal
is then outstanding, such excess or part thereof remaining shall promptly be paid to the applicable Borrower and such Revolving Credit Lenders shall provide the applicable Borrower a reasonably detailed written explanation of the nature and amount
of such excess. 
 (d) Default Interest. Upon the occurrence and the during the continuance of an Event of Default
pursuant to Sections 7.01(a) or 7.01(e) or, if so elected by the Majority Lenders, upon the occurrence and the during the continuance of any other Event of Default, the Borrowers shall pay interest, to the extent permitted by law, on
the outstanding Advances to but excluding the date of actual payment (after as well as before judgment) (a) in the case of overdue principal, at the rate otherwise applicable to such Advance pursuant to Section 2.05 plus
2.00% per annum and (b) in all other cases, at a rate per annum equal to the rate that would be applicable to a Eurodollar Advance plus 2.00%. 
 Section 2.06 Prepayments. 
 (a) Optional Prepayments. Any
Borrower may from time to time elect to prepay, in whole or in part, without premium or penalty any of the Advances owing by it to the Revolving Credit Lenders, after giving prior written notice of such election to the Administrative Agent by 12:00
a.m. (New York time) (i) at least three Business Days prior to any date of prepayment of Eurodollar Advances and (ii) at least one Business Day prior to any date of prepayment of ABR Advances, in each case, stating the proposed date and
aggregate principal amount of such prepayment. If any such notice is given, the Administrative Agent shall give prompt notice thereof to each Revolving Credit Lender and such Borrower shall prepay such Advances in whole or ratably in part in an
aggregate principal amount equal to the amount specified in such 

  
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notice, together with accrued interest to the date of such prepayment on the principal amount prepaid and amounts, if any, required to be paid pursuant to Section 2.07;
provided, however, that each partial prepayment shall be in an aggregate principal amount not less than $1,000,000 and in integral multiples in excess thereof (or such lesser amount as may then be outstanding). 

(b) Mandatory Prepayments. 
 (i) If at any time the outstanding Advances exceed the aggregate Revolving Credit Commitment or if the Letter of Credit Exposure exceeds the aggregate Letter of Credit Commitment, the Borrowers shall
immediately prepay the principal amount outstanding of the Advances or cash collateralize the Letter of Credit Obligations in accordance with Section 2.13), as applicable, in an amount at least equal to such excess. 

(ii) Each prepayment pursuant to this Section 2.06(b) shall be accompanied by accrued interest on the amount
prepaid to the date of such prepayment and amounts, if any, required to be paid pursuant to Section 2.07 as a result of such prepayment being made on such date. 
 (c) Optional Termination or Reduction of Commitments. Any Borrower may, without premium or penalty, upon notice to the Administrative Agent, terminate the aggregate Commitments, or from time to
time permanently reduce the aggregate Commitments; provided that (i) any such notice shall be received by the Administrative Agent not later than 12:00 p.m. three Business Days prior to the date of termination or reduction, (ii) any
such partial reduction shall be in an aggregate amount of $1,000,000 or any whole multiple of $1,000,000 in excess thereof (or such lesser amount as may then be available as aggregate Commitments) and (iii) the Subsidiary Borrower shall not
terminate or reduce the aggregate Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Credit Exposure would exceed the aggregate Commitments. The Administrative Agent will promptly notify the Lenders of any
such notice of termination or reduction of the aggregate Commitments. Any reduction of the aggregate Commitments shall be applied to the Commitment of each Lender according to its Pro Rata Share. All fees accrued until the effective date of any
termination of the aggregate Commitments shall be paid on the effective date of such termination. 
 (d) Illegality. If
any Revolving Credit Lender shall notify the Administrative Agent and the Borrowers that any Change in Law makes it unlawful for such Revolving Credit Lender or its Applicable Lending Office to perform its obligations under this Agreement or to make
or maintain Eurodollar Advances then outstanding hereunder, the Borrowers shall, no later than 10:00 a.m. (New York time) (i) (A) if not prohibited by any Legal Requirement to maintain such Eurodollar Advances for the duration of the
Interest Period, on the last day of the Interest Period for each outstanding Eurodollar Advance or (B) if prohibited by any Legal Requirement to maintain such Eurodollar Advances for the duration of the Interest Period, on the second Business
Day following its receipt of such notice, prepay all Eurodollar Advances of all of the Revolving Credit Lenders then outstanding, together with accrued interest on the principal amount prepaid to the date of such prepayment and amounts, if any,
required to be paid pursuant to Section 2.07 as a result of such prepayment being made on such date, (ii) each Revolving Credit Lender shall, at the applicable Borrower’s election, simultaneously make an ABR

  
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Advance or, if not otherwise prohibited, make an Eurodollar Advance in an amount equal to the aggregate principal amount of the affected Eurodollar Advances, and (iii) the right of the
Borrowers to select Eurodollar Advances shall be suspended until such Revolving Credit Lender shall notify the Administrative Agent that the circumstances causing such suspension no longer exist. Each Revolving Credit Lender agrees to use
commercially reasonable efforts (consistent with its internal policies and subject to legal and regulatory restrictions) to designate a different Applicable Lending Office if the making of such designation would avoid the effect of this paragraph
and would not, in the reasonable judgment of such Revolving Credit Lender, be otherwise disadvantageous to such Lender. 
 (e)
Ratable Payments; Effect of Notice. Unless otherwise set forth herein, each payment of any Advance pursuant to this Section 2.06 or any other provision of this Agreement shall be made in a manner such that all Advances are paid in
whole or ratably in part. All notices given pursuant to this Section 2.06 shall be irrevocable and binding upon the applicable Borrower; provided, that a notice of prepayment delivered by such Borrower may state that such notice
is conditioned upon the effectiveness of other credit facilities or the closing of a securities offering, and the receipt of proceeds thereunder, in which case such notice may be revoked by such Borrower (by notice to the Administrative Agent on or
prior to the specified effective date) if such conditions are not satisfied. 
 Section 2.07 Funding Losses. If
(a) any payment of principal of any Eurodollar Advance is made other than on the last day of the Interest Period for such Advance as a result of any payment pursuant to Section 2.06 or the acceleration of the maturity of the
Advances pursuant to Article VII or (b) if any Borrower fails to make a principal or interest payment with respect to any Eurodollar Advance on the date such payment is due and payable, such Borrower shall pay to Administrative
Agent for the account of such Revolving Credit Lender any amounts (without duplication of any other amounts payable in respect of breakage costs) required to compensate such Revolving Credit Lender for any additional losses (other than loss of
anticipated profits), out-of-pocket costs or expenses which it may reasonably incur as a result of such payment or nonpayment, including, without limitation, any loss (other than loss of anticipated profits), cost or expense actually incurred by
reason of the liquidation or reemployment of deposits or other funds acquired by any Revolving Credit Lender to fund or maintain such Advance. A certificate of any Revolving Credit Lender setting forth any amount or amounts that such Revolving
Credit Lender is entitled to receive pursuant to this Section, including reasonably detailed calculations thereof, shall be delivered to the applicable Borrower and shall be conclusive absent manifest error. 

Section 2.08 Increased Costs. 
 (a) Increased Costs Generally. If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar
requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement reflected in the Eurodollar Rate Reserve Percentage) or the Issuing Bank; 

  
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 (ii) subject the Administrative Agent, any Lender or the Issuing Bank to any
tax of any kind whatsoever with respect to this Agreement, any Letter of Credit, any participation in a Letter of Credit or any Eurodollar Advance made by it, or change the basis of taxation of payments to such Person in respect thereof (except for
Indemnified Taxes or Other Taxes covered by Section 2.10 and the imposition of, or any change in the rate of, any Excluded Tax); or 
 (iii) impose on any Lender or the Issuing Bank or the London interbank market any other condition, cost or expense affecting this Agreement or Eurodollar Advances made by such Lender or any Letter of
Credit or participation therein; and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurodollar Advance (or of maintaining its obligation to make any such Advance), or to increase the cost
to such Lender or the Issuing Bank of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by
such Lender or the Issuing Bank hereunder (whether of principal, interest or any other amount) then the applicable Borrower will pay to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such
Lender or the Issuing Bank, as the case may be, for such additional costs incurred or reduction suffered. 
 (b) Capital
Requirements. If any Lender or the Issuing Bank determines that any Change in Law affecting such Lender or the Issuing Bank or any lending office of such Lender or such Lender’s or the Issuing Bank’s holding company, if any, regarding
capital requirements has or would have the effect of reducing the rate of return on such Lender’s or the Issuing Bank’s capital or on the capital of such Lender’s or the Issuing Bank’s holding company, if any, as a consequence of
this Agreement, the Commitments of such Lender or the Advances made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by the Issuing Bank, to a level below that which such Lender or the Issuing Bank or
such Lender’s or the Issuing Bank’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the Issuing Bank’s policies and the policies of such Lender’s or the Issuing
Bank’s holding company with respect to capital adequacy), then from time to time the applicable Borrower will pay to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the
Issuing Bank or such Lender’s or the Issuing Bank’s holding company for any such reduction suffered. 
 (c)
Certificates for Reimbursement. A certificate of a Lender or the Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or the Issuing Bank or its holding company, as the case may be, as specified in paragraph
(a) or (b) of this Section, including reasonably detailed calculations thereof, and delivered to the applicable Borrower shall be conclusive absent manifest error. Such Borrower shall pay such Lender or the Issuing Bank, as the case may
be, the amount shown as due on any such certificate within 10 days after receipt thereof. Upon request by any Borrower, a Lender or the Issuing Bank, as the case may be, shall also provide a certificate that such Lender or Issuing Bank is generally
requesting such compensation from its other similarly situated borrowers. 
 (d) Delay in Requests. Failure or delay on
the part of any Lender or the Issuing Bank to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s or the Issuing Bank’s right to demand such compensation, provided that no Borrower shall be
required to compensate a Lender or the Issuing Bank pursuant to this Section for any increased costs incurred or reductions suffered more than 180 days prior to the date that such Lender or the Issuing Bank, as the case may be, notifies the
applicable Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or the Issuing Bank’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased
costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof). 

  
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 Section 2.09 Payments and Computations. 

(a) Payment Procedures. Each Borrower shall make each payment under this Agreement not later than 12:00 p.m. (New York time) on
the day when due to the Administrative Agent at the Administrative Agent’s Applicable Lending Office in immediately available funds. Each Advance shall be repaid and each payment of interest thereon shall be paid in Dollars. All payments shall
be made without setoff, deduction, or counterclaim. Subject to Section 2.16, the Administrative Agent will promptly thereafter, and in any event prior to the close of business on the day any timely payment is made, cause to be
distributed like funds relating to the payment of principal, interest or fees ratably (other than amounts payable solely to the Administrative Agent, or a specific Lender pursuant to Section 2.03(b), 2.03(c), 2.07,
2.08 or 2.10, but after taking into account payments effected pursuant to Section 10.04) to the Lenders for the account of their respective Applicable Lending Offices, and like funds relating to the payment of any other
amount payable to any Lender to such Lender for the account of its Applicable Lending Offices, in each case to be applied in accordance with the terms of this Agreement. 
 (b) Computations. All computations of interest and of fees shall be made by the Administrative Agent, on the basis of a year of 360 days, in each case for the actual number of days (including the
first day, but excluding the last day) occurring in the period for which such interest or fees are payable, unless such computation would exceed the Maximum Rate, in which case interest shall be calculated for actual days elapsed on the basis of a
year of 365 days (or (when appropriate 366). Each determination by the Administrative Agent of an interest rate shall be conclusive and binding for all purposes, absent manifest error. 

(c) Non-Business Day Payments. Whenever any payment shall be stated to be due on a day other than a Business Day, such payment
shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest or fees, as the case may be. 

(d) Administrative Agent Reliance. Unless the Administrative Agent shall have received written notice from any Borrower prior to
the date on which any payment is due to the Lenders that such Borrower will not make such payment in full, the Administrative Agent may assume that such Borrower has made such payment in full to the Administrative Agent on such date and the
Administrative Agent may, in reliance upon such assumption, cause to be distributed to each Lender on such date an amount equal to the amount then due to such Lender. If and to the extent such Borrower shall not have so made such payment in full to
the 

  
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Administrative Agent, each Lender shall repay to the Administrative Agent forthwith on demand such amount distributed to such Lender, together with interest thereon, for each day from the date
such amount is distributed to such Lender until the date such Lender repays such amount to the Administrative Agent, at the greater of the Federal Funds Effective Rate for such day and a rate determined by the Administrative Agent in accordance with
banking industry rules on interbank compensation. 
 Section 2.10 Taxes. 

(a) Payments Free of Taxes. Any and all payments by or on account of any obligation of any Loan Party hereunder or under any other
Loan Document shall be made free and clear of and without reduction or withholding for any Indemnified Taxes or Other Taxes, except as required by applicable Legal Requirements. If any Loan Party or the Administrative Agent shall be required by any
Legal Requirement to deduct any Indemnified Taxes (including any Other Taxes) from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to
additional sums payable under this Section) the Administrative Agent, Lender or Issuing Bank, as the case may be, receives an amount equal to the sum it would have received had no such deductions been made, (ii) such Loan Party or the
Administrative Agent shall make such deductions and (iii) such Loan Party or the Administrative Agent shall timely pay the full amount deducted to the relevant Governmental Authority in accordance with Legal Requirements. 

(b) Payment of Other Taxes by the Borrowers. Without limiting the provisions of paragraph (a) above, the Borrowers shall
jointly and severally timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable Legal Requirements. 
 (c) Indemnification by the Borrowers. The Borrowers shall jointly and severally indemnify the Administrative Agent, each Lender and the Issuing Bank, within 30 days after written demand therefor,
for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) paid by the Administrative Agent, such Lender or the Issuing Bank,
as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered to the applicable Borrower by a Lender or the Issuing Bank (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a
Lender or the Issuing Bank, shall be conclusive absent manifest error. Notwithstanding anything contained in this Section 2.10(c), neither the Administrative Agent, any Lender, nor the Issuing Bank shall be entitled to receive any
payment with respect to Indemnified Taxes or Other Taxes hereunder unless the Administrative Agent, such Lender or the Issuing Bank, as applicable, makes written demand on the Borrowers no later than 180 days after the earlier of (i) the date
on which the relevant Governmental Authority makes written demand upon the Administrative Agent, such Lender or the Issuing Bank, as applicable, for such Indemnified Taxes or Other Taxes, and (ii) the date on which the Administrative Agent,
such Lender or the Issuing Bank has made payment of such Indemnified Taxes or Other Taxes (except that, if such Indemnified Taxes or Other Taxes are retroactive, then the 180-day period referred to above shall be extended to include the period of
retroactive effect thereof). 

  
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 (d) Evidence of Payments. As soon as practicable after any payment of Indemnified
Taxes or Other Taxes by any Borrower to a Governmental Authority, such Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the
return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (e)
Status of Lenders. Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which any Borrower is resident for tax purposes, or any treaty to which such jurisdiction is a
party, with respect to payments hereunder or under any other Loan Document shall deliver to such Borrower (with a copy to the Administrative Agent), on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement and from
to time thereafter at the time or times prescribed by applicable Legal Requirements or reasonably requested by a Borrower or the Administrative Agent, such properly completed and executed documentation prescribed by applicable Legal Requirements or
reasonably requested by such Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if requested by a Borrower or the Administrative Agent, shall
deliver such other documentation prescribed by applicable Legal Requirements or reasonably requested by a Borrower or the Administrative Agent as will enable such Borrower or the Administrative Agent to determine whether or not such Lender is
subject to backup withholding or information reporting requirements. 
 Without limiting the generality of the foregoing, in the
event that any Borrower is resident for tax purposes in the United States of America: 
 (i) any Lender that is
not a Foreign Lender shall deliver to such Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to
time thereafter at the time or times prescribed by applicable Legal Requirements or upon the reasonable request of such Borrower or the Administrative Agent), duly completed and executed originals of Internal Revenue Service Form W-9 certifying that
such Lender is exempt from U.S. backup withholding tax; or 
 (ii) any Foreign Lender shall deliver to such
Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter at the time or times
prescribed by applicable Legal Requirements or upon the reasonable request of such Borrower or the Administrative Agent, but only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable: 

(A) duly completed and executed originals of Internal Revenue Service Form W-8BEN claiming eligibility for benefits of an
income tax treaty to which the United States of America is a party, 

  
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 (B) duly completed and executed originals of Internal Revenue Service Form
W-8ECI, 
 (C) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest
under section 881(c) of the Code, (x) a certificate to the effect that such Foreign Lender is not (1) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (2) a “10 percent shareholder” of any Borrower
within the meaning of section 881(c)(3)(B) of the Code, or (3) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (y) duly completed and executed originals of Internal Revenue Service Form
W-8BEN, or 
 (D) any other form prescribed by applicable Legal Requirements as a basis for claiming exemption
from or a reduction in United States Federal withholding tax duly completed together with such supplementary documentation as may be prescribed by applicable Legal Requirements to permit the Borrowers to determine the withholding or deduction
required to be made. 
 Each Lender further agrees that it shall (i) promptly notify the Borrowers and the Administrative
Agent of any change in circumstances which would modify or render invalid any claimed exemption or reduction in withholding taxes, and (ii) in the event any previous form delivered by such Lender pursuant to this Section 2.10(e)
expires or becomes obsolete or inaccurate, update any such form or certification or promptly deliver any such other properly completed and executed form, certification or documentation as may be required in order to confirm or establish the
entitlement of such Lender to an exemption from or a reduction in withholding taxes with respect to payments hereunder or under any other Loan Document if such Lender continues to be so entitled or promptly notify the Administrative Agent and the
Borrowers in writing of its inability to do so. 
 (f) Treatment of Certain Refunds. If the Administrative Agent, a
Lender or the Issuing Bank determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by a Borrower or with respect to which a Borrower has paid
additional amounts pursuant to this Section, it shall pay to such Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by such Borrower under this Section with respect to the Taxes
or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent, such Lender or the Issuing Bank, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority
with respect to such refund), provided that such Borrower, upon the written request of the Administrative Agent, such Lender or the Issuing Bank, agrees to repay the amount paid over to such Borrower (plus any penalties, interest or other
charges imposed by the relevant Governmental Authority) to the Administrative Agent, such Lender or the Issuing Bank in the event the Administrative Agent, such Lender or the Issuing Bank is required to repay such refund to such Governmental
Authority. This paragraph shall not be construed to require the Administrative Agent, any Lender or the Issuing Bank to make available its tax returns (or any other information relating to its taxes that it deems confidential) to the Borrowers or
any other Person. 

  
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 (g) FATCA. 

(i) If a payment made to a Lender or the Issuing Bank under this Agreement would be subject to U.S. federal withholding
tax imposed by FATCA if such Lender or the Issuing Bank fails to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Internal Revenue Code, as applicable), such Lender or
the Issuing Bank shall deliver to the Borrowers and the Administrative Agent, at the time or times prescribed by law and at such time or times reasonably requested by the Borrowers or the Administrative Agent, such documentation prescribed by
applicable Legal Requirements (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional documentation reasonably requested by the Borrowers or the Administrative Agent as may be necessary for the
Borrowers or the Administrative Agent to comply with their obligations under FATCA, to determine that such Lender or the Issuing Bank has complied with such Lender’s or the Issuing Bank’s obligations under FATCA or to determine the amount
to deduct and withhold from such payment. 
 (ii) Each Lender and the Issuing Bank agree that if any
documentation, form or certification previously delivered by it pursuant to the preceding subsection expires or becomes obsolete or inaccurate in any respect, it shall update such documentation, form or certification or promptly notify the
Administrative Agent and the Borrowers in writing of its legal inability to do so. 
 Section 2.11 Sharing of Payments,
Etc. If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Advances or other obligations hereunder resulting in such Lender’s receiving
payment of a proportion of the aggregate amount of its Advances and accrued interest thereon or other such obligations greater than its Pro Rata Share, then the Lender receiving such greater proportion shall (a) notify the Administrative Agent
of such fact, and (b) purchase (for cash at face value) participations in the Advances and such other obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be
shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Advances and other amounts owing them, provided that: (i) if any such participations are purchased and all or
any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and (ii) the provisions of this paragraph shall not be
construed to apply to (x) any payment made by any Loan Party pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (y) the application
of cash collateral provided for in Section 2.13 or (z) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Advances or participations in Letters of Credit to any assignee
or participant, other than to a Loan Party or any Subsidiary thereof (as to which the provisions of this paragraph shall apply). Each Loan Party consents to the foregoing and agrees, to the extent it may effectively do so under applicable Legal
Requirements, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against each Loan Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct
creditor of each Loan Party in the amount of such participation. 

  
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 Section 2.12 Applicable Lending Offices. Each Lender may book its Advances at
any Applicable Lending Office selected by such Lender and may change its Applicable Lending Office from time to time. All terms of this Agreement shall apply to any such Applicable Lending Office and the Advances shall be deemed held by each Lender
for the benefit of such Applicable Lending Office; provided, however, that other than as set forth in Section 2.15(a), such Lender shall not be entitled (a) to recover any costs and expenses incurred by such Lender in
connection with such designation and (b) to receive any greater payment under Section 2.08 or 2.10 than the Lender would have been entitled to receive given its selection of its Applicable Lending Office on the Closing Date
absent a Change in Law. Each Lender may, by written notice to the Administrative Agent designate replacement or additional Applicable Lending Offices through which Advances will be made by it and for whose account repayments are to be made.

 Section 2.13 Letters of Credit. 
 (a) Issuance. From time-to-time from the Closing Date until five Business Days before the Maturity Date, at the written request of any Borrower, the Issuing Bank shall, on the terms and conditions
hereinafter set forth, issue, increase, or extend the expiration date of Letters of Credit for the account of a Borrower or for the account of any Loan Party (in which case a Borrower and such Loan Party shall be co-applicants with respect to such
Letter of Credit) on any Business Day. No Letter of Credit will be issued, increased, or extended: 
 (i) if such
issuance, increase, or extension would cause the Letter of Credit Exposure to exceed the Letter of Credit Commitment; 
 (ii) if any LC Lender is at such time a Defaulting Lender hereunder, unless the Issuing Bank has entered into arrangements, including the delivery of cash collateral to be held in the LC Cash Collateral
Account, satisfactory to the Issuing Bank (in its sole discretion) with the Borrowers or such LC Lender to eliminate the Issuing Bank’s actual or potential Fronting Exposure (after giving effect to Section 2.16) with respect to the
Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other Letter of Credit Obligations as to which the Issuing Bank has actual or potential Fronting Exposure, as it may elect in its
sole discretion; 
 (iii) unless such Letter of Credit has an expiration date not later than the later of
(A) five Business Days prior to the Maturity Date and (B) two years after the Maturity Date; provided that, with respect to clause (B), the Borrowers (y) at least five Business Days prior to the Maturity Date, deposit cash
collateral in an amount equal to 100% the Letter of Credit Exposure allocable to such Letters of Credit to be held in the LC Cash Collateral Account and applied in accordance with Section 2.13 and (z) pay to the Administrative Agent
to be shared proportionately by the LC Lenders (other than any Defaulting Lenders) a fee equal to the greater of $500 or 0.25% per annum on the amount available for drawing under such Letter of Credit, which fee shall be due quarterly in
arrears on the last Business Day of each March, June, September and December commencing on the Maturity Date and continuing thereafter until the stated expiration of such Letter of Credit (for the avoidance of doubt this fee shall be in addition to
any other fees required to be paid hereunder); 

  
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 (iv) unless such Letter of Credit is in form and substance reasonably
acceptable to the Issuing Bank in its sole discretion; 
 (v) unless there are no regulatory limits on doing
business with the beneficiary of such Letter of Credit; 
 (vi) unless the applicable Borrower has delivered to
the Issuing Bank a completed and executed Letter of Credit Application; and 
 (vii) unless such Letter of Credit
is governed by any of (A) the Uniform Customs and Practice for Documentary Credits (2007 Revision), International Chamber of Commerce Publication No. 600 or (B) the International Standby Practices ISP98, International Chamber of
Commerce Commission Publication No. 590, or any successor to such publications. 
 If the terms of any Letter of Credit
Document conflicts with the terms of this Agreement, the terms of this Agreement shall control. Each Letter of Credit shall be issued or amended, as the case may be, upon the written request of the applicable Borrower delivered to the Issuing Bank
(with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of such Borrower. Such Letter of Credit Application must be received by the Issuing Bank and the
Administrative Agent not later than 5:00 p.m. (New York City time) on the third Business Day (or such earlier date and time as the Administrative Agent and the Issuing Bank may agree in a particular instance in their sole discretion) prior to the
proposed issuance date or date of amendment, as the case may be. Additionally, the Borrowers shall furnish to the Issuing Bank and the Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance
or amendment, as the Issuing Bank or the Administrative Agent may reasonably require. 
 (b) Participations. Upon the
date of the issuance or increase of a Letter of Credit occurring on or after the Closing Date, the Issuing Bank shall be deemed to have sold to each other LC Lender and each other LC Lender shall have been deemed to have purchased from the Issuing
Bank a participation in the related Letter of Credit Obligations equal to such LC Lender’s Pro Rata Share of the Letter of Credit Tranche at such date. In consideration and in furtherance of the foregoing, each LC Lender hereby absolutely and
unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing Bank, such LC Lender’s Pro Rata Share (with respect to the Letter of Credit Tranche) of each payment or disbursement made by the Issuing Bank under a
Letter of Credit and not reimbursed by the applicable Loan Party (or, if applicable, another party pursuant to its obligations under any other Loan Document) forthwith on the date due as provided in Section 2.13(c). Each LC Lender
acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and
continuance of a Default or an Event of Default, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. The Issuing Bank shall, promptly following its receipt thereof, examine all documents
purporting to represent 

  
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a demand for payment under a Letter of Credit. The Issuing Bank shall as promptly as possible give telephonic notification, confirmed by fax, to the Administrative Agent and the applicable
Borrower of such demand for payment and whether the Issuing Bank has made or will make disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the applicable Borrower of its obligation to
reimburse the Issuing Bank and the LC Lenders with respect to any such payment or disbursement. The Administrative Agent shall promptly give each Lender notice thereof. 
 (c) Reimbursement. Each Borrower hereby agrees to pay on demand to the Issuing Bank (with its own funds and not with the proceeds of Advances under this Agreement) in respect of each Letter of
Credit issued for its account an amount equal to any amount paid by the Issuing Bank under or in respect of such Letter of Credit. In the event the Issuing Bank makes a payment pursuant to a draw presented under a Letter of Credit, if the Issuing
Bank shall give notice to the applicable Borrower prior to 12:00 p.m. (New York time) on the date of such payment, then such Borrower shall reimburse the Issuing Bank through the Administrative Agent in an amount equal to the amount of such drawing
(and if the Issuing Bank shall give notice to such Borrower at or after such time, such Borrower shall reimburse the Issuing Bank on the following Business Day). If such payment is not reimbursed by the applicable Borrower as set forth above, the
Issuing Bank shall give notice of such failure to pay to the Administrative Agent and the LC Lenders, and each LC Lender shall promptly reimburse the Issuing Bank for such LC Lender’s Pro Rata Share (with respect to the Letter of Credit
Tranche) of such payment, and such reimbursement shall be deemed for all purposes of this Agreement to constitute a Eurodollar Rate Advance with an Interest Period of one month’s duration to the applicable Borrower from such LC Lender. If such
reimbursement is not made by any LC Lender to the Issuing Bank on the same day on which the Issuing Bank shall have made payment on any such draw, such Lender shall pay interest thereon to the Issuing Bank at a rate per annum equal to the greater of
the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. Each Borrower hereby unconditionally and irrevocably authorizes, empowers, and directs the
Administrative Agent and the LC Lenders to record and otherwise treat such payment under a Letter of Credit not immediately reimbursed by such Borrower as a Eurodollar Rate Advance. 

(d) Obligations Unconditional. The obligations of each Borrower under this Agreement in respect of each Letter of Credit shall be
absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement (including, other than as set forth in Section 2.13(a), any Letter of Credit Application) under all circumstances,
notwithstanding the following circumstances: 
 (i) any lack of validity or enforceability of any Letter of
Credit Documents, any Loan Document, or any term or provision therein; 
 (ii) any amendment or waiver of or any
consent to departure from all or any of the provisions of any Letter of Credit Document or any Loan Document; 

(iii) the existence of any claim, set-off, defense or other right which any Borrower, any other party guaranteeing, or
otherwise obligated with, such Borrower, any 

  
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Subsidiary or other Affiliate thereof or any other Person may have at any time against any beneficiary or transferee of such Letter of Credit (or any Persons for whom any such beneficiary or any
such transferee may be acting), the Issuing Bank, any LC Lender or any other Person, whether in connection with this Agreement, any other Loan Document, the transactions contemplated in this Agreement or in any Letter of Credit Documents or any
unrelated transaction; 
 (iv) any draft or other document presented under a Letter of Credit proving to be
forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such
Letter of Credit; 
 (v) payment by the Issuing Bank under such Letter of Credit against presentation of a draft
or certificate which does not strictly comply with the terms of such Letter of Credit; or 
 (vi) any other act
or omission to act or delay of any kind of the Issuing Bank, the Administrative Agent, the Lenders or any other Person or any other event, circumstance or happening whatsoever, whether or not similar to any of the foregoing, that might, but for the
provisions of this Section, constitute a legal or equitable discharge of any Borrower’s obligations hereunder. 
 Without
limiting the generality of the foregoing, it is expressly understood and agreed that the absolute and unconditional obligation of each Borrower hereunder to reimburse each payment or disbursement made by the Issuing Bank under a Letter of Credit
will not be excused by the gross negligence or willful misconduct of the Issuing Bank; provided, however, that such reimbursement will not constitute a waiver or release of any claim of the Borrowers hereunder arising from the Issuing Bank’s
gross negligence or willful misconduct. 
 (e) Liability of Issuing Bank. Each Borrower assumes all risks of the acts or
omissions of any beneficiary or transferee of any Letter of Credit with respect to its use of such Letter of Credit. Neither the Issuing Bank nor any of its officers or directors shall be liable or responsible for: 

(i) the use which may be made of any Letter of Credit or any acts or omissions of any beneficiary or transferee in
connection therewith; 
 (ii) the validity, sufficiency or genuineness of documents, or of any endorsement
thereon, even if such documents should prove to be in any or all respects invalid, insufficient, fraudulent or forged; 
 (iii) payment by the Issuing Bank against presentation of documents which do not strictly comply with the terms of a Letter of Credit, including failure of any documents to bear any reference or adequate
reference to the relevant Letter of Credit; or 
 (iv) any other circumstances whatsoever in making or failing to
make payment under any Letter of Credit (including the Issuing Bank’s own negligence), except that a 

  
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Borrower shall have a claim against the Issuing Bank, and the Issuing Bank shall be liable to, and shall promptly pay to, a Borrower, to the extent of any direct, as opposed to consequential
(claims in respect of which are hereby waived by the Borrowers to the extent permitted by applicable Legal Requirements), damages suffered by such Borrower which such Borrower proves were caused by the Issuing Bank’s willful misconduct or gross
negligence. It is understood that the Issuing Bank may accept documents that appear on their face to be in order, without responsibility for further investigation and, in making any payment under any Letter of Credit (i) the Issuing Bank’s
exclusive reliance on the documents presented to it under such Letter of Credit as to any and all matters set forth therein, including reliance on the amount of any draft presented under such Letter of Credit, whether or not the amount due to the
beneficiary thereunder equals the amount of such draft and whether or not any document presented under such Letter of Credit proves to be insufficient in any respect, if such document on its face appears to be in order, and whether or not any other
statement or any other document presented under such Letter of Credit proves to be forged or invalid or any statement therein proves to be inaccurate or untrue in any respect whatsoever and (ii) any noncompliance in any immaterial respect of
the documents presented under such Letter of Credit with the terms thereof shall, in each case, be deemed not to constitute willful misconduct or gross negligence of the Issuing Bank. 

(f) LC Cash Collateral Account. 
 (i) If the Borrowers are permitted or required to deposit funds in the LC Cash Collateral Account pursuant to Sections 2.06(b)(i), 2.13(a)(ii), 2.13(a)(iii), 7.02(b) or
7.03(b), then the Borrowers and the Administrative Agent shall establish the LC Cash Collateral Account and the Borrowers shall execute any documents and agreements, including an assignment of deposit accounts in form and substance reasonably
satisfactory to the Administrative Agent and the applicable Borrower, that the Administrative Agent reasonably requests in connection therewith to establish the LC Cash Collateral Account and grant the Administrative Agent an Acceptable Security
Interest in such account and the funds therein. Each Borrower hereby pledges to the Administrative Agent and grants the Administrative Agent a security interest in the LC Cash Collateral Account, whenever established, all funds held in the LC Cash
Collateral Account from time to time, and all proceeds thereof as security for the payment of the Obligations. 

(ii) Funds held in the LC Cash Collateral Account shall be held as cash collateral for obligations with respect to Letters
of Credit and promptly applied by the Administrative Agent at the written request of the Issuing Bank to any reimbursement or other obligations under Letters of Credit that exist or occur. To the extent that any surplus funds are held in the LC Cash
Collateral Account above the Letter of Credit Exposure (A) during the existence of an Event of Default, the Administrative Agent may (1) hold such surplus funds in the LC Cash Collateral Account as cash collateral for the Obligations or
(2) apply such surplus funds to any Obligations in accordance with Section 7.06 and (B) other than during the existence of an Event of Default, the Administrative Agent shall promptly return such surplus funds to the applicable
Borrower. 

  
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 (iii) Funds held in the LC Cash Collateral Account shall be invested in Cash
Equivalents maintained with, and under the sole dominion and control of, the Administrative Agent or in another investment if mutually agreed in writing upon by the Borrowers and the Administrative Agent, but the Administrative Agent shall have no
other obligation to make any other investment of the funds therein. The Administrative Agent shall exercise reasonable care in the custody and preservation of any funds held in the LC Cash Collateral Account and shall be deemed to have exercised
such care if such funds are accorded treatment substantially equivalent to that which the Administrative Agent accords its own property, it being understood that the Administrative Agent shall not have any responsibility for taking any necessary
steps to preserve rights against any parties with respect to any such funds. 
 Section 2.14 Joint and Several Liability
of the Borrowers. 
 (a) Each of the Borrowers is accepting joint and several liability hereunder in consideration of the
Advances and Letters of Credit to be provided by the Lenders and the Administrative Agent under this Agreement, for the mutual benefit, directly and indirectly, of each of the Borrowers and in consideration of the undertakings of each of the
Borrowers to accept joint and several liability for the obligations of each of them with respect to the Obligations. 
 (b) Each
of the Borrowers jointly and severally hereby irrevocably and unconditionally accepts, not merely as a surety but also as a co-debtor, joint and several liability with the other Borrower, with respect to the payment and performance of all of the
Obligations arising under this Agreement, it being the intention of the parties hereto that all Obligations shall be the joint and several obligations of all the Borrowers without preferences or distinction among them. 

(c) If and to the extent that any of the Borrowers shall fail to make any payment with respect to any of the Obligations hereunder as and
when due or to perform any of such obligations in accordance with the terms thereof, then in each such event the other Borrower will make such payment with respect to, or perform, such obligation. 

(d) The obligations of each Borrower under the provisions of this Section 2.14 constitute full recourse obligations of such
Borrower enforceable against it to the full extent of its properties and assets and, to the extent permitted by applicable Legal Requirements, irrespective of the validity, regularity or enforceability of this Agreement or any other circumstance
whatsoever. 
 (e) The provisions of this Section 2.14 are made for the benefit of the Lenders and the
Administrative Agent and their successors and permitted assigns, and may be enforced by them in accordance with the terms of this Agreement from time to time against either of the Borrowers as often as occasion therefor may arise and without
requirement on the part of the Lenders or the Administrative Agent first to marshall any of their claims or to exercise any of their rights 

  
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against the other Borrower or to exhaust any remedies available to them against the other Borrower or to resort to any other source or means of obtaining payment of any of the obligations
hereunder or to elect any other remedy. The provisions of this Section 2.14 shall remain in effect until all the obligations hereunder shall have been paid in full or otherwise fully satisfied. If at any time, any payment, or any part
thereof, made in respect of any of the obligations, is rescinded or must otherwise be restored or returned by the Lenders or the Administrative Agent upon the insolvency, bankruptcy or reorganization of the Borrowers, or otherwise, the provisions of
this Section 2.14 will forthwith be reinstated in effect, as though such payment had not been made. 

Section 2.15 Mitigation Obligations; Replacement of Lenders. 

(a) Designation of a Different Lending Office. If any Lender is a Defaulting Lender, or any Lender requests compensation under
Section 2.08, or requires any Borrower to pay any additional amount to any Lender or any other Person for the account of any Lender pursuant to Section 2.10, then such Lender shall use reasonable efforts to designate a
different lending office for funding or booking its Advances hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment
(i) would eliminate or reduce amounts payable pursuant to Section 2.08 or 2.10, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be
disadvantageous to such Lender. The Borrowers hereby jointly and severally agree to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

(b) Replacement of Lenders. If any Lender is a Defaulting Lender, or if any Lender requests compensation under
Section 2.08, or if any Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.10, or if any Lender fails to consent to any amendment
or waiver request pursuant to Section 10.1, then the Borrowers may, at their sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance
with and subject to the restrictions contained in, and consents required by, Section 10.06), all of its interests, rights and obligations under this Agreement and the related Loan Documents to an assignee that shall assume such
obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that: (i) the Borrowers shall have paid to the Administrative Agent the assignment fee specified in Section 10.06; (ii) such
Lender shall have received payment of an amount equal to the outstanding principal of its Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under
Section 2.07) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrowers (in the case of all other amounts); (iii) in the case of any such assignment resulting from a claim for
compensation under Section 2.08 or payments required to be made pursuant to Section 2.10, such assignment will result in a reduction in such compensation or payments thereafter; and (iv) such assignment does not conflict
with Legal Requirements. A Lender shall not be required to make any such assignment or delegation if, prior thereto, either (A) the circumstances entitling the Borrowers to require such assignment and delegation cease to apply or (B) such
Lender is deemed not to be a Defaulting Lender pursuant to Section 2.16(b). Solely for purposes of 

  
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effecting the assignment required for a Defaulting Lender under this Section 2.15(b) and to the extent permitted under Legal Requirements, each Lender hereby designates and appoints
Administrative Agent as its true and lawful agent and attorney-in-fact, with full power and authority, for and on behalf of and in the name of such Lender to execute, acknowledge and deliver the Assignment and Acceptance required hereunder if such
Lender is a Defaulting Lender, and such Lender shall be bound thereby as fully and effectively as if such Lender had personally executed, acknowledged and delivered the same. 
 Section 2.16 Defaulting Lenders. 
 (a) Adjustments.
Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent not prohibited by applicable Legal Requirements:

 (i) Waivers and Amendments. That Defaulting Lender’s right to approve or disapprove any amendment,
waiver or consent with respect to this Agreement shall be restricted as set forth in Section 10.01. 

(ii) Reallocation of Payments. Any payment of principal, interest, fees or other amounts received by Administrative
Agent for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity or otherwise), shall be applied at such time or times as may be determined by Administrative Agent as follows: first, to the payment of any amounts owing by
that Defaulting Lender to Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by that Defaulting Lender to the Issuing Bank hereunder; third, if so determined by Administrative Agent or requested by the
Issuing Bank to be held as cash collateral for future funding obligations of that Defaulting Lender of any participation in any Letter of Credit; fourth, as the Borrowers may request (so long as no Default exists), to the funding of any Advance in
respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by Administrative Agent; fifth, if so determined by Administrative Agent and the Borrowers, to be held in a deposit account
and released in order to satisfy obligations of that Defaulting Lender to fund Advances under this Agreement; sixth, to the payment of any amounts owing to Lenders or the Issuing Bank as a result of any judgment of a court of competent jurisdiction
obtained by any Lender or the Issuing Bank against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any
amounts owing to Borrowers as a result of any judgment of a court of competent jurisdiction obtained by Borrowers against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; and eighth,
to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Advances or Letter of Credit Obligations in respect of which that
Defaulting Lender has not fully funded its appropriate share and (y) such Advances or Letter of Credit Obligations were made at a time when the conditions set forth in Section 3.02 were satisfied or waived, such payment shall be
applied solely to pay the Advances of, and Letter of Credit Obligations owed to, all non-Defaulting 

  
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Lenders on a pro rata basis prior to being applied to the payment of any Advances of, or Letter of Credit Obligations owed to, that Defaulting Lender. Any payments, prepayments or other amounts
paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to Section 2.13 shall be deemed paid to and redirected by that Defaulting Lender, and each
Lender irrevocably consents hereto. Any funds deposited into a deposit account pursuant to this Section 2.16(a)(ii) shall be invested in accordance with Section 2.13(f)(iii). 

(iii) Certain Fees. That Defaulting Lender (x) shall not be entitled to receive any commitment fee pursuant to
Section 2.03 for any period during which that Lender is a Defaulting Lender (and Borrowers shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender) and (y) shall
be limited in its right to receive Letter of Credit Fees as provided in Section 2.03. 
 (iv)
Reallocation of Pro Rata Share to Reduce Fronting Exposure. During any period in which there is an LC Lender that is a Defaulting Lender, for purposes of computing the amount of the obligation, if any, of each non-Defaulting Lender to
acquire, refinance or fund participations in Letters of Credit pursuant to Section 2.13, the “Pro Rata Share” of each non-Defaulting Lender shall be computed without giving effect to the maximum aggregate amount of the
obligation to make Advances and participate in Letters of Credit of that Defaulting Lender; provided, that (i) each such reallocation shall be given effect only if, (A) at the date the applicable Lender becomes a Defaulting Lender,
no Default exists or (B) if a Default then exists, on a subsequent day that no Default exists; and (ii) the aggregate obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit shall not
exceed the positive difference, if any, of (1) the maximum aggregate amount of the Commitment of that non-Defaulting Lender minus (2) the aggregate outstanding amount of the Advances of that Lender; provided further, that no Letter of
Credit Exposure shall be allocated to any Lender that is not an LC Lender. 
 (b) Defaulting Lender Cure. If Borrowers,
Administrative Agent and the Issuing Bank agree in writing in their discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, Administrative Agent will so notify the parties hereto, whereupon as of the effective date
specified in such notice and subject to any conditions set forth therein (which conditions may include arrangements with respect to any cash collateral), that Lender will, to the extent applicable, purchase that portion of outstanding Advances of
the other Lenders or take such other actions as Administrative Agent may determine to be necessary to cause the Advances and funded and unfunded participations in Letters of Credit to be held on a pro rata basis by the Lenders in accordance with
their Pro Rata Share (without giving effect to Section 2.16), whereupon that Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or
on behalf of Borrowers while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a
waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

  
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 ARTICLE III. 
 CONDITIONS OF LENDING 
 Section 3.01 Conditions Precedent to
Closing. The effectiveness of this Agreement is subject to the conditions precedent that: 
 (a) Documentation. The
Administrative Agent (or the Pari Passu Collateral Agent (pursuant to the Intercreditor Agreement)) shall have received the following, each dated as of the Closing Date unless otherwise indicated below, duly executed (as appropriate) by all the
parties thereto, each in form and substance reasonably satisfactory to the Administrative Agent: 
 (i) this
Agreement and all attached Exhibits and Schedules; 
 (ii) any Note requested by a Lender pursuant to
Section 2.02(g) payable to the order of such requesting Lender in the amount of its Commitment; 

(iii) a Joinder Agreement (as defined in the Intercreditor Agreement) pursuant to which the 2023 Noteholder Collateral
Agent joins the Intercreditor Agreement; 
 (iv) a certificate dated as of the Closing Date from a Responsible
Officer of the Parent stating that (A) all representations and warranties of the Loan Parties set forth in this Agreement and in the other Loan Documents to which it is a party are true and correct in all material respects; (B) no Default
has occurred and is continuing; and (C) the conditions in this Section 3.01 to be performed or complied with by the Loan Parties on or before the date hereof have been performed or complied with as of the date hereof; 

(v) copies of the certificate or articles of incorporation or other equivalent organizational documents, including all
amendments thereto, of each Loan Party, certified as of a recent date by the Secretary of State or other functional equivalent of the jurisdiction of its organization, if available; 

(vi) a certificate of the Secretary or Assistant Secretary of each Loan Party dated as of the Closing Date and certifying
(A) that attached thereto is a true and complete copy of the by-laws or other functional equivalent of such Loan Party as in effect on the Closing Date, and (B) that none of the resolutions and/or incumbency certificates of each Loan Party
as the Administrative Agent has previously required evidencing the identity, authority and capacity of each officer of the Loan Parties in connection with the Loan Documents to which such Loan Party is a party have been modified, rescinded or
amended since they were delivered on the Initial Closing Date (or if such documents have been modified, rescinded or amended or are otherwise inaccurate, attaching complete and current versions thereof); 

(vii) a certificate of another officer dated as of the Closing Date as to the incumbency and specimen signature of the
Secretary or Assistant Secretary executing the certificate pursuant to (vii) above; 

  
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 (viii) certificates from the appropriate Governmental Authority certifying
as of a recent date as to the good standing, existence and authority of each of the Loan Parties in all jurisdictions where required by the Administrative Agent, to the extent such certificates are available in such jurisdictions; 

(ix) a favorable opinion dated as of the Closing Date of Fulbright & Jaworski L.L.P., New York counsel to the
Loan Parties; 
 (x) a favorable opinion dated as of the Closing Date of Maples and Calder, Cayman Islands
counsel to the Loan Parties; 
 (xi) a favorable opinion dated as of the Closing Date of Réti,
Antall & Partners Law Firm, Hungarian counsel to the Loan Parties; 
 (xii) a favorable opinion dated as
of the Closing Date of Huessen, Netherlands counsel to the Loan Parties; 
 (xiii) a favorable opinion dated as
of the Closing Date of Azmi & Associates, Malaysian counsel to the Loan Parties; 
 (xiv) a favorable
opinion dated as of the Closing Date of PricewaterhouseCoopers Legal Poland, Polish counsel to the Loan Parties; 

(xv) a favorable opinion dated as of the Closing Date of Nobel Trust Ltd, Cyprus counsel to the Loan Parties; 

(xvi) a certificate from the chief financial officer of the Parent dated as of the Closing Date addressed to the
Administrative Agent regarding the matters set forth in Section 4.19; 
 (xvii) a certificate from
the chief financial officer of the Parent addressed to the Administrative Agent which shall reaffirm that as of the Closing Date the Projections prepared by the Parent and previously provided to the Administrative Agent are true and correct in all
material respects based upon the assumptions stated therein and the information reasonably available to such officer at the time such Projections were made and shall describe any changes therein and state that such changes shall not, individually or
in the aggregate, reasonably be expected to have a Material Adverse Effect; 
 (xviii) copies of each of the
Transaction Documents certified as of the Closing Date by a Responsible Officer (A) as being true and correct copies of such documents as of the Closing Date, (B) as being in full force and effect and (C) that no material term or
condition thereof shall have been amended, modified or waived after the execution thereof without the prior written consent of the Majority Lenders; and 
 (xix) all documentation and other information which the Administrative Agent or any Lender reasonably requests in order to comply with its ongoing obligations under applicable “know your
customer” and anti-money laundering rules and regulations, including the Patriot Act. 

  
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 (b) Issuance of Notes. The Administrative Agent shall have received satisfactory
evidence of the contemporaneous (i) issuance by the Subsidiary Borrower of the 2023 Senior Notes and incurrence by any Borrower of the 2013 Term Loans and (ii) receipt by the Borrowers of not less than $1,100,000,000 in gross cash proceeds
therefrom. 
 (c) Payment of Fees. On the Closing Date, the Borrowers shall have paid the fees required to be paid to the
Administrative Agent and the Lenders on the Closing Date, and all other costs and expenses which have been invoiced no later than one Business Day prior to the Closing Date and are payable pursuant to Section 10.04. 

(d) Financial Statements. The Administrative Agent and the Lenders shall have received true and correct copies of the Audited
Financial Statements and the Projections for the three year period commencing as of a recent date and such other financial information as the Administrative Agent may reasonably request. 

(e) No Proceeding or Litigation; No Injunctive Relief. No action, suit, investigation or other proceeding by or before any
arbitrator or any Governmental Authority shall be threatened in writing or pending and no preliminary or permanent injunction or order by a state or federal court shall have been entered (i) in connection with this Agreement or (ii) which,
in any case, in the reasonable judgment of the Administrative Agent, could reasonably be expected to have a Material Adverse Effect. 
 (f) Authorizations and Approvals. All Governmental Authorities and Persons shall have approved or consented to the transactions contemplated hereby, to the extent required, and such approvals shall
be in full force and effect, and all applicable waiting periods shall have expired without any action being taken or threatened that would restrain, prevent or otherwise impose adverse conditions on this Agreement and the actions contemplated
hereby. 
 (g) No Material Adverse Effect. Since December 31, 2012, no event or events that, individually or in the
aggregate, has had or is reasonably likely to have a Material Adverse Effect shall have occurred. 
 (h) Closing
Deadline. The Closing Date shall have occurred no later than May 6, 2013. 

  
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 Section 3.02 Conditions Precedent to Each Advance. The obligation of each
Revolving Credit Lender to make an Advance on the occasion of each Advance (including any initial Advance ) or Continue a Eurodollar Advance for an Interest Period of longer than one month’s duration, and the obligation of the Issuing Bank to
issue, extend or increase Letters of Credit shall be subject to the further conditions precedent that on the Borrowing Date, the date of Continuation, or issuance, extension or increase date of such Letters of Credit, the following statements shall
be true: 
 (a) the representations and warranties contained in Article IV and in each other Loan Document are true and
correct in all material respects (provided that to the extent any representation and warranty is qualified as to “Material Adverse Effect” or otherwise as to “materiality”, such representation and warranty is true and
correct in all respects) on and as of the date of such Advance or Continuation, or the issuance, extension or increase of such Letter of Credit before and after giving effect to the Advances or Continuation, or the issuance, extension or increase of
such Letter of Credit and to the application of the proceeds from such Advance or such Continuation, or to the issuance, extension or increase of such Letter of Credit, as applicable, as though made on and as of such date, except to the extent that
such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date (provided that to the extent any representation and warranty is qualified
as to “Material Adverse Effect” or otherwise as to “materiality”, such representation and warranty is true and correct in all respects); and 
 (b) no Default has occurred and is continuing or would result from such Advance or from the application of the proceeds therefrom or from such issuance, extension or increase of such Letter of Credit.

 Section 3.03 Determinations Under Sections 3.01 and 3.02. For purposes of determining compliance with the
conditions specified in Sections 3.01 and 3.02, each Lender shall be deemed to have consented to, approved or accepted or to be satisfied with each document or other matter required thereunder to be consented to or approved by or
acceptable or satisfactory to the Lenders unless an officer of the Administrative Agent responsible for the transactions contemplated by the Loan Documents shall have received written notice from such Lender prior to any Advance hereunder specifying
its objection thereto and such Lender shall not have made available to the Administrative Agent such Lender’s ratable portion of such Advance. 
 ARTICLE IV. 
 REPRESENTATIONS AND WARRANTIES 

Each Loan Party, as to itself, represents and warrants to the Secured Parties as follows: 

Section 4.01 Existence. Each of the Loan Parties is duly formed, validly existing, and in good standing (to the extent the
concept of good standing is applicable in such jurisdiction) under the laws of the jurisdiction of its formation and qualified to do business in each jurisdiction where its ownership or lease of Property or conduct of its business requires such
qualification and where a failure to be so qualified could reasonably be expected to have a Material Adverse Effect. 

Section 4.02 Power and Authority. Each of the Loan Parties has the requisite corporate (or equivalent) power and authority to
own its assets and carry on its business and execute and deliver the Loan Documents to which it is a party and to perform its obligations thereunder. The execution, delivery, and performance by each Loan Party of this Agreement and the other Loan
Documents to which it is a party and the consummation of the transactions contemplated hereby (a) have been duly authorized by all necessary organizational action, (b) do not and will not (i) contravene the terms of any such
Person’s organizational documents, (ii) violate any Legal Requirement, or (iii) conflict with or result in any breach or contravention of, or result in the creation of any Lien under (A) the provisions of any indenture or other
material instrument or 

  
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agreement to which such Loan Party is a party or is subject, or by which it, or its Property, is bound or (B) any material order, injunction, writ or decree of any Governmental Authority or
any arbitral award to which such Person or its property is subject. 
 Section 4.03 Authorization and Approvals. No
authorization, approval, consent, exemption, or other action by, or notice to or filing with, any Governmental Authority or any other Person is necessary or required on the part of any Loan Party in connection with (a) the execution, delivery
and performance by, or enforcement against, any Loan Party of this Agreement and the other Loan Documents to which it is a party or (b) the consummation of the transactions contemplated hereby or thereby other than (i) the recordings and
filings to be made concurrently herewith or promptly following the Closing Date as required by the Security Documents and (ii) those required in connection with the 2023 Indenture. 

Section 4.04 Enforceable Obligations. This Agreement has been, and each other Loan Document, when delivered hereunder, will
have been, duly executed and delivered by each Loan Party that is a party thereto. This Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and binding obligation of such Loan Party, enforceable
against each Loan Party that is party thereto in accordance with its terms, except as such enforceability may be limited by any applicable bankruptcy, insolvency, reorganization, fraudulent conveyance, fraudulent transfer, receivership, moratorium,
or similar law affecting creditors’ rights generally or general principles of equity and public policy and the discretion of the court before which any proceeding therefor may be brought. 

Section 4.05 Financial Statements; No Material Adverse Effect. 

(a) The Parent has delivered to the Administrative Agent copies of the Audited Financial Statements, and the Audited Financial Statements
(i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and (ii) present fairly in all material respects the consolidated financial condition of
Parent and its consolidated Subsidiaries as of their respective dates and for their respective periods in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein. The most recent
consolidated and consolidating financial statements of the Parent delivered to the Administrative Agent pursuant to Sections 5.06(a), (b) and (c) are accurate and complete in all material respects and present fairly in all material
respects the respective consolidated financial condition of Parent as of their respective dates and for their respective periods. 
 (b) As of the Closing Date, the unaudited consolidated balance sheets of Parent and its Subsidiaries dated September 30, 2012, and the related consolidated statements of income or operations,
stockholders’ equity and cash flows for the fiscal quarter ended on that date (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein, and
(ii) fairly present in all material respects the financial condition of Parent and its Subsidiaries as of the date thereof and their results of operations for the period covered thereby, subject, in the case of clauses (i) and (ii), to the
absence of footnotes and to normal year-end audit adjustments. As of the Closing Date, neither Parent nor any of its Subsidiaries have any material indebtedness or other liabilities, direct or

  
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contingent, including liabilities for taxes, material commitments and Debt, not disclosed in the Audited Financial Statements or the unaudited consolidated balance sheets of Parent and its
Subsidiaries dated September 30, 2012 other than the 2019 Notes and the 2012 Term Loans. 
 (c) The Projections delivered
by the Parent to the Administrative Agent prior to the Closing Date have been prepared in good faith and are based on assumptions deemed by Parent to be reasonable at the time made, and there are no statements or conclusions in such projections
which are based upon or include information known to the Parent on the Closing Date to be misleading in any material respect or which fail to take into account material information known to the Parent on the Closing Date regarding the matters
reported therein. On the Closing Date, the Parent believes that such Projections are reasonable and attainable, it being recognized by the Lenders, however, that projections as to future events are not to be viewed as facts and that the actual
results during the period or periods covered by the Projections may differ from the projected results included in such Projections. 
 (d) Since December 31, 2012, there has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect.

 Section 4.06 True and Complete Disclosure. Each of the Loan Parties has disclosed to the Administrative Agent all
matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. No written information, report, financial statement, exhibit or schedule furnished by or on behalf of any Loan Party to
the Administrative Agent or any Lender (whether delivered before or after the Closing Date) in connection with the negotiation of any Loan Document or included therein or delivered pursuant thereto contained, contains or will contain any material
misstatement of fact or omitted, omits or will omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were, are or will be made, not misleading. 

Section 4.07 Litigation. There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of any
Responsible Officer of any Loan Party, threatened in writing, at law, in equity, in arbitration or before any Governmental Authority, by or against any Borrower or any Restricted Subsidiary or against any of their properties or revenues that
(a) purport to affect or pertain to this Agreement or any other Loan Document, or the extensions of credit contemplated hereby, or (b) either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 Section 4.08 Compliance with Laws. Each of the Borrowers and the Restricted Subsidiaries have complied in all
material respects with, and each Vessel is and will be operated in material compliance with, all Legal Requirements (including any Environmental Law) applicable to the conduct of their respective businesses or the ownership of their respective
Property. The Borrowers and the Restricted Subsidiaries are in compliance in all material respects with the International Maritime Organization’s International Management Code for the Safe Operation of Ships and Pollution Prevention (“ISM
Code”), to the extent applicable, and have established and implemented a safety management system and such other procedures as required by the ISM Code, to the extent applicable. 

  
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 Section 4.09 No Default. None of the Borrowers or any of the Restricted
Subsidiaries is in default, or will be in default with notice or lapse of time or both, in any manner under or has received any notice of default with respect to any provision of any indenture or other material agreement or instrument evidencing
Debt, including, the indentures governing the Senior Notes, any Drillship Drilling Contract (other than with respect to any default under a Drillship Drilling Contract that would not result in a termination right thereunder) or any other material
agreement or instrument to which it is a party or by which it or any of its properties or assets are or may be bound. No Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement
or any other Loan Document. 
 Section 4.10 Subsidiaries; Corporate Structure. Schedule 4.10 sets forth as of
the Closing Date a list of all Subsidiaries of the Parent and, as to each such Subsidiary, the jurisdiction of formation, the outstanding Equity Interests therein, and the owner thereof. The Equity Interests indicated to be owned by the Person on
Schedule 4.10 are fully paid and non-assessable and are owned by the persons indicated on such Schedule, free and clear of all Liens other than Permitted Liens. 
 Section 4.11 Condition of Properties. Each of the Borrowers and the Restricted Subsidiaries has good and indefeasible title in all its Property, necessary or used in the ordinary conduct of
its business (including all Vessels), except for such minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to use such properties and assets for their intended purposes and as, individually
or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. The property of the Borrowers and the Restricted Subsidiaries is subject to no Liens, other than Permitted Liens. 

Section 4.12 Environmental Condition. 
 (a) The Borrowers and the Restricted Subsidiaries (i) have obtained all material Environmental Permits necessary for the ownership and operation of their respective material Properties and the
conduct of their respective businesses; (ii) are not in breach of any material terms and conditions of such Environmental Permits or any other material requirements of applicable Environmental Laws; (iii) have not received written notice
of any material violation or alleged violation of any Environmental Law or Environmental Permit which would affect the ability of such Borrower or such Restricted Subsidiary to operate any Vessel; and (iv) are not subject to any material actual
or contingent Environmental Claim. 
 (b) There are no facts, circumstances, conditions or occurrences on any Vessel owned or
operated by any Borrower or any Restricted Subsidiary that is reasonably likely (i) to form the basis of an Environmental Claim against the Loan Parties, any of the Restricted Subsidiaries or any Vessel owned by any Borrower or any Restricted
Subsidiary, or (ii) to cause such Vessel to be subject to any restrictions on its ownership, registration, use or transferability under any Environmental Law, in each case that, individually or in the aggregate, could reasonably be expected to
have a Material Adverse Effect. 
 (c) None of the Borrowers or any of the Restricted Subsidiaries has at any time
(i) generated, used, treated or stored Hazardous Materials on, or transported Hazardous Materials to or from, any Vessel at any time owned or operated by any Borrower or any Restricted 

  
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Subsidiary, except in material compliance with any applicable Environmental Law, or (ii) released Hazardous Materials on or from any such Vessel where such occurrence or event, either
individually or in the aggregate, is reasonably likely to have a Material Adverse Effect. 
 Section 4.13 Insurance.
Each of the Borrowers and the Restricted Subsidiaries carries the insurance required to be carried under Section 5.04 of this Agreement. The properties of the Borrowers and the Restricted Subsidiaries are insured with financially sound and
reputable insurance companies not Affiliates of the Parent, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the
Parent or the applicable Subsidiary operates. 
 Section 4.14 Taxes. All material federal, state, local and foreign
tax returns, reports and statements required to be filed (after giving effect to any extension granted in the time for filing) by the Parent and its Subsidiaries have been filed with the appropriate Governmental Authorities in all jurisdictions in
which such returns, reports and statements are required to be filed (except where any obligation to so file is being contested in good faith and by appropriate proceedings diligently conducted and for which adequate reserves have been made in
accordance with GAAP), and all material taxes and other impositions due and payable have been timely paid prior to the date on which any fine, penalty, interest, late charge or loss may be added thereto for non-payment thereof except for such taxes
which are not yet delinquent and taxes and other impositions being contested in good faith and by appropriate proceedings diligently conducted and for which adequate reserves have been made in accordance with GAAP. 

Section 4.15 ERISA Compliance. 
 (a) Each of the Parent and its ERISA Affiliates is in compliance in all material respects with the applicable provisions of ERISA and the Code and the regulations and published interpretations thereunder.

 (b) Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other Federal
or state Laws. Each Plan that is intended to qualify under Section 401(a) of the Code has received a favorable determination or opinion letter from the IRS or an application for such a letter is currently being processed by the IRS with respect
thereto and, to the best knowledge of the Parent, nothing has occurred which would prevent, or cause the loss of, such qualification. The Parent and each ERISA Affiliate have made all required contributions to each Plan subject to Section 412
of the Code, and no application for a funding waiver or an extension of any amortization period pursuant to Section 412 of the Code has been made with respect to any Plan. 

(c) (i) No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events, could
reasonably be expected to result in material liability of the Parent or any of its ERISA Affiliates; (ii) no Pension Plan has any Unfunded Pension Liability; (iii) neither the Parent nor any ERISA Affiliate has incurred, or reasonably
expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan (other than premiums due and not delinquent under Section 4007 of ERISA); (iv) neither the Parent nor any ERISA Affiliate has incurred, or reasonably
expects to incur, any liability (and no event has occurred which, with the giving of notice under Section 4219 of ERISA, 

  
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would result in such liability) under Sections 4201 or 4243 of ERISA with respect to a Multiemployer Plan; and (v) neither the Parent nor any ERISA Affiliate has engaged in a transaction
that could be subject to Sections 4069 or 4212(c) of ERISA. 
 Section 4.16 Security Interests. 

(a) The Security Agreement is effective to create in favor of the Pari Passu Administrative Agent, for the ratable benefit of the Secured
Parties, a legal, valid and enforceable security interest in the Collateral (as defined in such Security Agreement) and, in each case subject to the terms of the Intercreditor Agreement, (i) when financing statements in appropriate form are
filed in the offices specified on Schedule 1 to the Security Agreement, such Security Agreement shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the grantors thereunder in such portion of the
Collateral in which a security interest may be perfected by the filing of a financing statement under the applicable Uniform Commercial Code, in each case prior and superior in right to any other person, other than Permitted Prior Liens, Permitted
Liens having priority under Legal Requirements and Liens with respect to the Senior Notes, which shall be subject to the Intercreditor Agreement, and (ii) when such Collateral (to the extent it constitutes a certificated security or an
instrument under the applicable Uniform Commercial Code) is delivered to the Administrative Agent (or to the Pari Passu Administrative Agent, as bailee for the Administrative Agent, pursuant to the Intercreditor Agreement), such Security Agreement
shall constitute a fully perfected first priority Lien on, and security interest in, all right, title and interest of the pledgors thereunder in such Collateral, in each case prior and superior in right to any other person other than Permitted Prior
Liens, Permitted Liens having priority under Legal Requirements and Liens with respect to the Senior Notes, which shall be subject to the Intercreditor Agreement. 
 (b) After the execution and delivery of each Ship Mortgage, each Ship Mortgage will be effective to create in favor of the Pari Passu Collateral Agent for the ratable benefit of the Secured Parties a
legal, valid and enforceable security interest in all Collateral (as defined in such Mortgage) and, when appropriate filings or registrations are made in accordance with the laws of the Vessel’s flag, such Ship Mortgage shall constitute a
preferred perfected mortgage Lien on all right, title and interest of the applicable Loan Party thereunder in the applicable Vessel, prior and superior in right to any other person, other than Permitted Liens, and will constitute a “preferred
mortgage” within the meaning of Section 31301(6) of Title 46 of the United States Code, entitled to the benefits accorded a preferred mortgage on a foreign vessel, in the case of Vessels not registered under the laws and flag of the United
States, and in the case of Vessels registered under the laws and flag of the United States, constitutes a “preferred mortgage” within the meaning of Section 31301(6) of Title 46 of the United States Code, entitled to the benefits
accorded a preferred mortgage on a registered vessel under the laws and flag of the United States. 
 Section 4.17 Labor
Relations. There (a) is no unfair labor practice complaint pending against any Borrower or any Restricted Subsidiary or, to the knowledge of any Responsible Officer of any Loan Party, threatened in writing against any of them, before the
National Labor Relations Board (or any successor United States federal agency that administers the National Labor Relations Act), and no grievance or arbitration proceeding arising out of or under any

  
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collective bargaining agreement is so pending against any Borrower or any Restricted Subsidiary or, to the knowledge of any Responsible Officer of any Loan Party, threatened in writing against
any of them, (b) are no strikes, lockouts, slowdowns or stoppage against any Borrower or any Restricted Subsidiary pending or, to the knowledge of any Responsible Officer of any Loan Party, threatened in writing and (c) no union
representation petition existing with respect to the employees of any Borrower or any Restricted Subsidiary and no union organizing activities are taking place, in each case, the failure of which, individually or in the aggregate, would not
reasonably be expected to have a Material Adverse Effect. 
 Section 4.18 Intellectual Property. Each of the
Borrowers and the Restricted Subsidiaries owns or is licensed or otherwise has full legal right to use all of the patents, trademarks, service marks, trade names, copyrights, franchises, authorizations and other rights (collectively, the “IP
Rights”) that are reasonably necessary for the operation of its business, without conflict with the rights of any other Person with respect thereto, in each case, the failure of which, individually or in the aggregate, would not reasonably be
expected to have a Material Adverse Effect. No slogan or other advertising device, product, process, method, substance, part or other material now employed, or now contemplated to be employed, by any Borrower or any Restricted Subsidiary infringes
upon any IP Rights held by any other Person, in each case, the failure of which, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. No claim or litigation regarding any of the foregoing is pending
or threatened in writing, which, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
 Section 4.19 Solvency. Immediately after the consummation of the transactions to occur on the Closing Date and immediately following the making of each Advance and after giving effect to the
application of the proceeds of each Advance, (a) the fair value of the assets of the Loan Parties on a consolidated basis, at a fair valuation, will exceed the debts and liabilities, subordinated, contingent or otherwise, of the Loan Parties on
a consolidated basis, at a fair valuation; (b) the present fair saleable value (or fair market value) of the Property of the Loan Parties on a consolidated basis will be greater than the amount that will be required to pay the probable
liability of their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (c) the Loan Parties on a consolidated basis will be able to pay their debts and
liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (d) the Loan Parties on a consolidated basis will not have unreasonably small capital with which to conduct the business in which
it is engaged as such business is now conducted and is proposed to be conducted following the Closing Date. 
 Section 4.20
Government Regulations. 
 (a) None of the Borrowers or any Restricted Subsidiary is engaged and will engage, principally
or as one of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U), or extending credit for the purpose of purchasing or carrying margin stock. No part of the proceeds of any Advance
will be used, whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry any margin stock (within the meaning of Regulation U) or to refinance any Debt originally incurred for such purpose, or for any
other purpose that entails a violation of, or that is inconsistent with, the provisions of the Regulations of the Board, including Regulation T, U or X. 

  
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 (b) None of the Borrowers or any of the Restricted Subsidiaries, nor any Person having
“control” (as that term is defined in 12 U.S.C. § 375b(9) or in regulations promulgated pursuant thereto) of any Borrower or any Restricted Subsidiary, is a “director” or an “executive officer” or “principal
shareholder” (as those terms are defined in 12 U.S.C. § 375b(8) or (9) or in regulations promulgated pursuant thereto) of any Lender, of a bank holding company of which any Lender is a subsidiary or of any subsidiary of a bank holding
company of which any Lender is a subsidiary. Neither the Parent nor any subsidiary or Affiliate of the Parent is (i) named on the list of Specially Designated Nationals or Blocked Persons maintained by the U.S. Department of the Treasury’s
Office of Foreign Assets Control available at http://www.treas.gov/offices/enforcement/ofac/sdn/sdnlist.txt, or (ii) (A) an agency of the government of a country, (B) an organization controlled by a country, or (C) a person
resident in a country that is subject to a sanctions program identified on the list maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control and available at
http://www.treas.gov/offices/enforcement/ofac/programs/index.html, or as otherwise published from time to time, as such program may be applicable to such agency, organization or person, and the proceeds from the loan will not be used to fund any
operations in, finance any investments or activities in, or make any payments to, any such country, agency, organization or person. 
 Section 4.21 Investment Company Act. None of the Borrowers or any Restricted Subsidiary is an “investment company” within the meaning of the Investment Company Act of 1940.

 ARTICLE V. 
 AFFIRMATIVE COVENANTS 
 So long as the Advances or any amount under any
Loan Document shall remain unpaid, any Lender shall have any Commitment hereunder, or there shall exist any Letter of Credit Exposure, unless the Majority Lenders shall otherwise consent in writing: 

Section 5.01 Preservation of Existence, Etc. Except as permitted by Section 6.03, the Parent shall, and shall
cause each of its Subsidiaries to (a) preserve, renew and maintain in full force and effect its legal existence and good standing under the Legal Requirements of the jurisdiction of its formation, (b) take all reasonable action to obtain,
preserve, renew, extend, maintain and keep in full force and effect all rights, privileges, permits, licenses, authorizations and franchises necessary or desirable in the normal conduct of its business, except to the extent that the Board of
Directors of the Subsidiary Borrower shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Subsidiary Borrower and its Subsidiaries, taken as a whole, and that the loss thereof would not have a
Material Adverse Effect, and (c) qualify and remain qualified as a foreign entity in each jurisdiction in which qualification is necessary in view of its business and operations or the ownership of its Properties to the extent the failure to
qualify could reasonably be expected to have a Material Adverse Effect. 

  
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 Section 5.02 Compliance with Laws, Etc. Comply in all material respects with all
Legal Requirements applicable to it or to its business or property, except in such instances in which such Legal Requirement is being contested in good faith by appropriate proceedings diligently conducted, or where the failure to so comply could
not reasonably be expected to have a Material Adverse Effect. 
 Section 5.03 Maintenance of Property.
(a) Maintain and preserve all Property material to the conduct of its business and keep such Property in good repair, working order and condition in accordance with customary industry practices, (b) from time to time make, or cause to be
made, all needful and proper repairs, renewals, additions, improvements and replacements thereto necessary in order that the business carried on in connection therewith may be properly conducted at all times and (c) use the standard of care
typical in the industry in the operation and maintenance of its facilities. 
 Section 5.04 Maintenance of
Insurance. Maintain insurance in amounts (and with co-insurance and deductibles) as reflects customary industry practice, against all risks (including, without limitation, marine hull and machinery (including excess value) insurance, marine
protection and indemnity insurance, drilling, towage, repossession, loss of hire, war and terrorist risks, protection and indemnity insurance, liability arising out of pollution and the spillage or leakage of cargo and cargo liability insurance)
with insurance companies or associations and in forms, in each case, as set forth in the Security Documents, except to the extent that maintaining such insurance would be contrary to customary industry practice. 

Section 5.05 Payment of Taxes, Etc. Pay and discharge before the same shall become delinquent, all its obligations and
liabilities in accordance with their terms, including 
 (a) all material taxes, assessments and governmental charges or levies
imposed upon it or upon its income or profits or in respect of its Property, 
 (b) all lawful claims which, if unpaid, might by
law reasonably be expected to become a Lien upon its Property; and 
 (c) all Debt, as and when due and payable, but subject to
any subordination provisions contained in any instrument or agreement evidencing such Debt, in each case, unless the same are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP
are being maintained by the Borrowers or such Restricted Subsidiary. 
 Section 5.06 Reporting Requirements. Deliver
to the Administrative Agent (who shall promptly deliver to the Lenders), in form and detail satisfactory to the Administrative Agent and the Majority Lenders: 
 (a) Audited Annual Financials. As soon as available and in any event not later than 120 days after the end of each fiscal year of the Parent, (i) consolidated balance sheets of the Parent and
its Subsidiaries, as at the end of such fiscal year, and related statements of operations, shareholders equity and cash flows, all in reasonable detail and prepared in accordance with GAAP, audited and accompanied by a report and opinion of UHY LLP
or an independent 

  
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registered public accountant of nationally recognized standing reasonably acceptable to the Majority Lenders, which report and opinion shall be prepared in accordance with generally accepted
auditing standards and shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit, and (ii) the consolidating balance sheets and consolidating
statements of income or operations for the Parent and its Subsidiaries and the consolidated balance sheets and consolidated statements of income or operations for the Subsidiary Borrower and the Restricted Subsidiaries, in each case for such fiscal
year, setting forth in each case in comparative form the figures for the previous fiscal year; 
 (b) Quarterly
Financials. As soon as available and in any event not later than 45 days after the end of each of the first three fiscal quarters of each fiscal year of the Parent, a consolidated and consolidating balance sheet of the Parent and its
Subsidiaries and a consolidated balance sheet of the Subsidiary Borrower and the Restricted Subsidiaries, in each case, as at the end of such fiscal quarter, and the related consolidated and/or consolidating (as applicable) statements of income or
operations and cash flows for such fiscal quarter and for the portion of the Parent’s or Subsidiary Borrower’s (as applicable) fiscal year then ended, setting forth in each case in comparative form the figures for the corresponding fiscal
quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail and certified by a Responsible Officer of the Parent as fairly presenting the financial condition, results of operations and cash
flows of the Parent and its Subsidiaries and of the Subsidiary Borrower and the Restricted Subsidiaries (as applicable), in each case in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes;

 (c) Condensed Reported Financials. As soon as available and in any event not later than 120 days after the end of each
fiscal year of the Parent, the Condensed Reported Financials, as at the end of such fiscal year, setting forth in comparative form the figures for the previously reported periods. 

(d) Compliance Certificates. Concurrently with the delivery of the financial statements referred to in
Sections 5.06(a) and (b), a duly completed Compliance Certificate signed by a Responsible Officer of the Parent; 
 (e) Management Letters. Promptly upon receipt thereof, copies of any detailed audit reports, management letters or recommendations submitted to the Board of Directors (or equivalent body or the
audit committee of the Board of Directors) of the Parent by independent accountants in connection with the accounts or books of the Borrowers or any Restricted Subsidiary thereof, or any audit of any of them; 

(f) Budgets and Projections. On or before 120 days after the commencement of each fiscal year of the Parent, (i) a budget in
reasonable detail of the Borrowers and the Restricted Subsidiaries which includes income statements and balance sheets and cash flow statements of the Borrowers and the Restricted Subsidiaries and a consolidated cash flow statement for each of the
four fiscal quarters of such fiscal year, (ii) a breakdown of projected revenues, operating expenses, utilizations and capital expenditures for each Vessel and (iii) updated Projections for the three year period commencing as of such
fiscal year; 

  
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 (g) Notices Under Senior Notes. Promptly after the furnishing thereof, copies of any
material requests or material notices received by any Loan Party (other than in the ordinary course of business) or material statements or material reports furnished to the Noteholder Collateral Agent or any holder of the Senior Notes or the Term
Loans to the extent not otherwise required to be furnished to the Lenders pursuant to any other clause of this Section 5.06. 
 (h) Securities Law Filings and other Public Information. Promptly after the same are available, copies of each annual report, proxy or financial statement or other report or communication sent to
the stockholders of the Parent, and copies of all annual, regular, periodic and special reports and registration statements which the Parent may file or be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange Act
of 1934, and not otherwise required to be delivered to the Administrative Agent pursuant hereto; 
 (i) USA Patriot Act.
Promptly, following a written request by any Lender, all documentation and other information that such Lender reasonably requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money
laundering rules and regulations, including the USA Patriot Act; 
 (j) Tungsten Matters. Promptly after the occurrence
thereof, written notice to the Administrative Agent of (i) the extension of the Tungsten Delivery Date, and (ii) a material modification of any of the specifications of the Tungsten Explorer; 

(k) Disposition Agreements. Within 30 days after the execution thereof by the Borrowers or any Restricted Subsidiary, written
notice of the execution and delivery of any agreement for the sale of a Vessel by any such Person; and 
 (l) Other
Information. Such other information respecting the business or Properties, or the condition or operations, financial or otherwise, of the Borrowers and the Restricted Subsidiaries as the Administrative Agent or any Lender may from time to time
reasonably request. 
 Documents required to be delivered pursuant to Sections 5.06(a), (b), (c),
(g) or (h) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which
the Parent posts such documents, or provides a link thereto on the Parent’s website on the Internet at the website address listed on Schedule 10.02; or (ii) on which such documents are posted on the Parent’s behalf on an
Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent). The Administrative Agent shall have no obligation to
request the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Parent with any such request for delivery, and each Lender shall be solely responsible for
requesting delivery to it or maintaining its copies of such documents. 
 Section 5.07 Other Notices. Deliver to the
Administrative Agent and each Lender prompt written notice of the following: 
 (a) Defaults. The occurrence of any
Default or Event of Default; 

  
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 (b) Litigation. The filing or commencement of, or any probable threat or notice of
intention of any Person to file or commence, any action, suit or proceeding (other than tax assessments), whether at law or in equity or by or before any Governmental Authority, against any Borrower or any Restricted Subsidiary or Affiliate thereof
that could reasonably be expected to result in liability of any Borrower or any Restricted Subsidiary in an aggregate amount exceeding $25,000,000; 
 (c) ERISA Events. The occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected to result in liability of any Borrower or
any Restricted Subsidiary in an aggregate amount exceeding $25,000,000; 
 (d) Environmental Notices. Promptly upon, and
in any event within ten Business Days after, a Responsible Officer of any Loan Party obtains knowledge thereof, written notice of any of the following environmental matters: (i) a copy of any form of notice, summons or citation received from
any Governmental Authority or any other Person, concerning (A) material violations or alleged violations of Environmental Laws, which seeks to impose liability therefor, (B) any notice of potential responsibility under any Environmental
Law, or (C) the filing of a Lien other than a Permitted Lien upon, against or in connection with any Borrower or any Restricted Subsidiary, or any of the Vessels, (ii) any condition or occurrence on or arising from any Vessel that
(A) results in noncompliance by any Loan Party with any applicable Environmental Law or (B) could reasonably be expected to form the basis of an Environmental Claim against any Loan Party or any such Vessel, in each case that could
reasonably be expected to result in a liability of any Borrower or any Restricted Subsidiary in an aggregate amount exceeding $25,000,000; (iii) any condition or occurrence on any Vessel that could reasonably be expected to cause such Vessel to
be subject to any material restrictions on the ownership, registration, use or transferability by any Loan Party of such Vessel under any Environmental Law; and (iv) the taking of any removal or remedial action in response to the actual or
alleged presence of any Hazardous Material on any Vessel as required by any Environmental Law or any Governmental Authority, except to the extent that such presence, removal or remedial action could not reasonably be expected to have a Material
Adverse Effect; 
 (e) Collateral. Furnish to the Administrative Agent prompt (and in any event within 30 days) written
notice of: 
 (i) any change in any Loan Party’s corporate name, identity, corporate structure or
jurisdiction of formation; 
 (ii) any default, claim of indemnity or force majeure, request by a Loan Party for
material variation of vessel specifications, or notice of material compulsory changes under the Tungsten Construction Contract; 
 (iii) any notice of default that would result in a termination right thereunder, suspension or cancellation of, or claim of force majeure with respect to, any Drillship Drilling Contract; 

(iv) any Asset Disposition of any Vessel in excess of $10,000,000; 

  
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 (v) any Involuntary Transfer in excess of $10,000,000; 

(vi) any material requirement made by any insurer or classification society or by any competent authority which is not
complied with within a reasonable time except to the extent that such requirement could not reasonably be expected to have a Material Adverse Effect; and 
 (vii) any arrest of any Vessel or the exercise or purported exercise of any Lien on any Vessel; 
 (f) Material Changes. Any development (excluding matters pertaining to generalized market conditions or otherwise affecting the Subsidiary Borrower and its competitors similarly) that has resulted
in, or could reasonably be expected to result in, a Material Adverse Effect; 
 Each notice pursuant to this Section shall be
accompanied by a statement of a Responsible Officer of a Loan Party setting forth details of the occurrence referred to therein and stating what action such Loan Party has taken and proposes to take with respect thereto. Each notice pursuant to
Section 5.07(a) shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached. 
 Section 5.08 Books and Records; Inspection. (a) Keep proper records and books of account in which full, true and correct entries will be made in accordance with GAAP in all material
respects and all Legal Requirements, reflecting all financial transactions and matters involving the assets and business of the Borrowers and the Restricted Subsidiaries; (b) maintain such books of record and account in material conformity with
all applicable requirements of any Governmental Authority having regulatory jurisdiction over the Borrowers and the Restricted Subsidiaries; and (c) from time-to-time during regular business hours upon reasonable prior notice, (i) permit
representatives and independent contractors of the Administrative Agent to visit and inspect any of its Properties one time during each calendar year, subject to compliance with applicable safety standards pertaining to vessel visits;
provided, however, in the case of the Vessels, no such visit or inspections shall interfere with the normal operation of the Vessels and before any such visit or inspection such representative or independent contractor shall sign the
Vessel owner’s or operator’s standard liability waiver and release documents, (ii) to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom and (iii) to discuss its affairs,
finances and accounts with its directors, officers, and independent public accountants, all at the expense of the Borrowers and at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance
notice to the Parent; provided, however, that if an Event of Default has occurred and is continuing, the Administrative Agent or any Lender (or any of their respective representatives or independent contractors) may do any of the
foregoing at the expense of the Borrowers at any time during normal business hours and without advance notice. 

Section 5.09 Use of Proceeds. Use the proceeds of the Advances for working capital, issuance of letters of credit, to pay
fees, commissions and expenses in connection with this Agreement, and for other general corporate purposes not in contravention of any Legal Requirement or of any Loan Document. 

  
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 Section 5.10 Nature of Business. Remain primarily engaged in the Permitted
Businesses. 
 Section 5.11 Operation of Vessels. The applicable Borrower and each other Loan Party which owns or
operates, or will own or operate, one or more Vessels will, at all times while owning or operating such Vessels, operate or cause such Vessel to be operated in a manner consistent with the standards set forth in the Security Documents. 

Section 5.12 Additional Guarantors. Notify the Administrative Agent at the time that (a) the Subsidiary Borrower or any
of the Restricted Subsidiaries acquire or create another Subsidiary (other than any Immaterial Subsidiary), (b) Parent acquires or creates another Subsidiary to directly or indirectly own the Equity Interests of the Subsidiary Borrower, any of
the Restricted Subsidiaries or any Other Guarantor, (c) any Subsidiary of the Subsidiary Borrower that is not already a Guarantor guarantees the Senior Notes, the Term Loans, any other Pari Passu Obligation (as defined in the Intercreditor
Agreement) or owns any Vessel, (d) any Subsidiary of Parent or the Subsidiary Borrower that is not already a Guarantor is the subject of a Contract Winning Trigger, or (e) any Subsidiary of Parent or the Subsidiary Borrower that is not
already a Guarantor becomes an Internal Charterer, after the Closing Date, then Parent or the Subsidiary Borrower, as applicable, will, in each case subject to the terms of the Intercreditor Agreement: 

(a) cause that Subsidiary to: 
 (i) execute a Joinder Agreement or such comparable documentation pursuant to which it will become a Guarantor hereunder; and 

(ii) execute amendments to or otherwise accede to or join the Security Documents and cause the same to be perfected
pursuant to which it becomes subject to the obligations of a Guarantor thereunder and pledge its assets, including the Equity Interests it owns in any of its Subsidiaries, pursuant to the Security Documents; and 

(b) deliver an opinion of counsel reasonably satisfactory in form and substance to the Collateral Agent, in each case within 20 Business
Days of the date on which the Subsidiary was acquired or created or otherwise becomes subject to this Section; provided that any applicable Subsidiary may be released from its Guarantee and related pledge following the occurrence of a
Contract Unwind Trigger provided the conditions to that release are satisfied. 
 In addition, to the extent any such Subsidiary
(a) is not already a direct or indirect Subsidiary of the Subsidiary Borrower and (b) does not constitute an Other Guarantor, Parent shall cause the Equity Interests of such Subsidiary to be transferred to the Subsidiary Borrower or a
Subsidiary within 20 Business Days of such Subsidiary executing a Joinder Agreement or as soon as practicable where applicable local law requires additional time for compliance with applicable legal requirements. 

Section 5.13 Further Assurances in General. (a) Execute any and all further documents, financing statements, agreements
and instruments, and take all such further actions (including the filing and recording of financing statements, mortgages, and other documents), which may be 

  
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required under any Legal Requirement, or which the Administrative Agent or the Majority Lenders may reasonably request to maintain or perfect the liens and security interests created under the
Security Documents, all at the expense of the Loan Parties, (b) provide to the Administrative Agent, from time to time upon written request, evidence reasonably satisfactory to the Administrative Agent as to the perfection and priority of the
Liens created or intended to be created by the Security Documents, (c) not effect or permit any change referred to in Section 5.07(e) unless all filings have been made under the Uniform Commercial Code or otherwise that are required
in order for the Administrative Agent to continue at all times following such change to have, and (d) take all necessary action to ensure that the Administrative Agent does continue at all times to have, a valid, legal and perfected security
interest in all the Collateral, in each case, subject to the terms of the Intercreditor Agreement. Each Loan Party hereby authorizes the Administrative Agent to file one or more financing or continuation statements under the Uniform Commercial Code
(or any non-U.S. equivalent thereto), and amendments thereto, relative to all or any part of the Collateral without the signature of such Loan Party, where permitted by law. 
 Section 5.14 Vessel Transfers and Partial Vessel Sales. 
 (a) The
Subsidiary Borrower and the Guarantors shall be permitted to transfer all of the legal title to a Vessel from one existing Guarantor to another existing Guarantor (or to an entity that simultaneously with such transfer becomes a Guarantor) subject
to all of the existing security covering such Vessel remaining in place and upon completion of the following: 

(i) the Subsidiary Borrower shall give the Pari Passu Collateral Agent written notice of any such proposed transfer not
fewer than 30 days prior to the anticipated date of such transfer; 
 (ii) the bill of sale or other instrument
of transfer will explicitly state that the transfer is subject to the assumption or continuance of the existing Ship Mortgage in full force and effect; 
 (iii) the relevant Vessel will be duly re-registered in the name of the transferee Guarantor under the laws and flag of the relevant jurisdiction simultaneously with such transfer and evidence thereof
delivered to the Pari Passu Collateral Agent on such date; 
 (iv) if appropriate in the opinion of the legal
counsel described in clause (g) of this Section 5.14, an instrument of assumption of mortgage will be executed by the transferee Guarantor and the Pari Passu Collateral Agent and registered promptly with such transfer with the
appropriate authorities of the Vessel’s jurisdiction of registry, or any such other instrument required to perfect a Ship Mortgage in favor of the Pari Passu Collateral Agent as required by the Vessel’s jurisdiction of registry;

 (v) simultaneously with such transfer, the transferee Guarantor shall acknowledge in writing to the Pari Passu
Collateral Agent that the Ship Mortgage and all other Collateral relating to the Vessel remains in full force and effect and is ratified and confirmed by the transferee Guarantor; 

  
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 (vi) on the same date of such transfer, the Subsidiary Borrower and the
transferee Guarantor shall deliver to the Pari Passu Collateral Agent a certificate of ownership and encumbrance or similar certificate issued by the jurisdiction of registration of the Vessel evidencing re-registration in the name of the transferee
Guarantor and the continuance of the Ship Mortgage in favor of the Pari Passu Collateral Agent; and 
 (vii) the
Subsidiary Borrower shall cause to be delivered to the Pari Passu Collateral Agent on the same date of such transfer a legal opinion from outside counsel reasonably satisfactory to the Pari Passu Collateral Agent to the following effect (i) the
Vessel is duly registered (preliminarily registered if the jurisdiction is Panama) in the name of the transferee Guarantor with the appropriate authorities of the Vessel’s jurisdiction of registry; (ii) the Ship Mortgage constitutes the
legal, valid and binding obligation of the transferee Guarantor and remains duly registered as a first priority Lien or ship mortgage in favor of the Pari Passu Collateral Agent with priority dating back to the date on which such Ship Mortgage was
initially registered in favor of the Pari Passu Collateral Agent; (iii) an assumption of the Ship Mortgage by the transferee Guarantor has been duly registered (preliminarily registered if the jurisdiction is Panama) (or an opinion that such an
assumption is not required to maintain the status of the mortgage or the assumption by the transferee Guarantor of all obligations of the mortgagor thereunder); (iv) all Collateral relating to the Vessel constitutes legal, valid and binding
obligations of the transferee Guarantor; (v) all filings and consents in the relevant jurisdictions have been obtained or made; and (vi) such transfer is in compliance with the terms of this Agreement. Such legal opinion shall also contain
such other opinions as are requested by the Pari Passu Collateral Agent and otherwise be in form and substance reasonably satisfactory to the Pari Passu Collateral Agent. The counsel issuing such opinion may rely on local counsel admitted to
practice in the jurisdiction of registration of the Vessel with respect to matters governed by the laws of such jurisdiction. If the vessel transferred is registered under the laws and flag of Panama, the Subsidiary Borrower shall also covenant to
deliver to the Pari Passu Collateral Agent an opinion of Panamanian counsel reasonably satisfactory to the Pari Passu Collateral Agent not later than five (5) months after the date of transfer confirming that such Vessel has been permanently
registered in the name of the transferee Guarantor and that any assumption of Ship Mortgage or other instrument required to be filed has been permanently recorded. 
 (b) The Subsidiary Borrower and the Guarantors shall be permitted to transfer partial interests in a Vessel in a transaction otherwise permitted by Sections 6.03, 6.04, 6.05 or 6.06 subject to all of the
existing security covering such Vessel remaining in place and upon completion of the following: 
 (i) the
Subsidiary Borrower shall give the Pari Passu Collateral Agent written notice of any such proposed transfer not fewer than 30 days prior to the anticipated date of such transfer; 

(ii) any bill of sale or other instrument of partial transfer shall state on its face that the interest transferred is
subject to the lien of the relevant Ship Mortgage; 

  
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 (iii) the relevant Vessel will be duly re-registered in the joint names of
the transferor Guarantor and the transferee showing the individual percentage interest held by each under the laws and flag of the relevant jurisdiction simultaneously with such transfer and evidence thereof delivered to the Pari Passu Collateral
Agent on such date; 
 (iv) simultaneously with such transfer the transferee will acknowledge in writing to the
Pari Passu Collateral Agent that it takes its interest subject to the Ship Mortgage; 
 (v) on the same date of
such transfer, the Subsidiary Borrower will deliver to the Pari Passu Collateral Agent a certificate of ownership and encumbrance or similar certificate issued by the jurisdiction of registration of the Vessel evidencing (x) re-registration in
the joint names of the transferor Guarantor and the transferee and (y) the continuance of the Ship Mortgage in favor of the Pari Passu Collateral Agent; and 

(vi) the Subsidiary Borrower will cause to be delivered to the Pari Passu Collateral Agent on the same date of such
transfer a legal opinion from outside counsel reasonably satisfactory to the Pari Passu Collateral Agent to the following effect (i) the Vessel is duly registered (preliminarily registered if the jurisdiction is Panama) in the joint names of
the transferor Guarantor and the transferee with the appropriate authorities of the Vessel’s jurisdiction of registry; (ii) the Ship Mortgage continues to constitute the legal, valid and binding obligation of the transferor Guarantor and
remains duly registered as a first priority Lien or ship mortgage in favor of the Pari Passu Collateral Agent with priority dating back to the date on which such Ship Mortgage was initially registered in favor of the Pari Passu Collateral Agent;
(iii) all Collateral relating to the Vessel continues to constitute legal, valid and binding obligations of the transferor Guarantor; (iv) all filings and consents in the relevant jurisdictions have been obtained or made; and (v) such
transfer is in compliance with the terms of this Agreement. Such legal opinion shall also contain such other opinions as are requested by the Pari Passu Collateral Agent and otherwise be in form and substance reasonably satisfactory the Pari Passu
Collateral Agent. The counsel issuing such opinion may rely on local counsel admitted to practice in the jurisdiction of registration of the Vessel with respect to matters governed by the laws of such jurisdiction. If the Vessel transferred is
registered under the laws and flag of Panama, the Subsidiary Borrower will also covenant to deliver to the Pari Passu Collateral Agent an opinion of Panamanian counsel reasonably satisfactory to the Pari Passu Collateral Agent not later than five
(5) months after the date of transfer confirming that such Vessel has been permanently registered in the joint names of the transferor Guarantor and the transferee. 
 Section 5.15 Tungsten Delivery Date. 
 (a) On the Tungsten Delivery
Date, execute and deliver, or cause to be executed and delivered, and do, or cause to be done, the documents or actions set out below: 
 (i) deliver to the Pari Passu Collateral Agent, in form reasonably satisfactory to the Pari Passu Collateral Agent, of: 

(A) a copy of the protocol of delivery and acceptance evidencing the delivery of the Tungsten Explorer to and
acceptance of the Tungsten Explorer by the applicable Loan Party executed by (i) Daewoo Shipbuilding & Marine Engineering Co., Ltd. and (ii) the applicable Loan Party; 

  
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 (B) a copy of the full warranty bill of sale and builder’s certificate
respecting the Tungsten Explorer; 
 (C) a copy of the interim class certificate; 

(D) a copy of the Bahamian Certificate of Registry respecting the Tungsten Explorer; 

(E) a copy of the duly executed Ship Mortgage (including deed of covenants) covering the Tungsten Explorer (and in
respect of the deed of covenants only, also the Pari Passu Collateral Agent) and duly filed with the Bahamian authorities; 
 (F) a copy of the Bahamian Certificate of Ownership and Encumbrance issued by the appropriate Bahamian authorities evidencing registration of the Tungsten Explorer under Bahamian flag in the name
of the applicable Loan Party and recording of the Ship Mortgage with respect to the Tungsten Explorer; 

(G) (a) evidence of insurance respecting the Tungsten Explorer that complies with the insurance requirements set
forth herein and in the Security Documents, including copies of cover notes (with loss payable clause and notice of assignment attached), letter from protection and indemnity club, and letter detailing the insurances from the Loan Parties’
independent marine insurance broker and (b) a favorable report from the Insurance Advisor addressed to the Pari Passu Collateral Agent stating that the insurances covering the Tungsten Explorer (x) comply with the requirements of
the Ship Mortgage and (y) are sufficient in form and substance to protect the interests of the Pari Passu Collateral Agent and the Secured Parties; 
 (H) a copy of a duly executed Internal Charter, if any, respecting the Tungsten Explorer to cover any and all bareboat charters respecting the Tungsten Explorer or a certificate from a
Responsible Officer of the Subsidiary Borrower stating that the Subsidiary Borrower has not entered into any Internal Charter; 
 (I) an opinion of the Subsidiary Borrower’ Bahamian legal counsel; 
 (J) an opinion of counsel of the Loan Party that will be the owner of the Tungsten Explorer in form and substance reasonably satisfactory to the Pari Passu Collateral Agent; and 

(K) a duly executed Assignment of Insurance, Assignment of Earnings, Internal Charterer’s Assignment of Insurance (if
any), Internal Charterer’s Assignment of Earnings (if any) or Accession Agreement (if any). 

  
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 (ii) perform any additional UCC, Loan Parties’ Registry or other
similar filings or notices or recordings requested by the Pari Passu Collateral Agent to perfect the security interests or Liens granted, or intended to be granted, by any Security Document and delivery of evidence of the foregoing to the Pari Passu
Collateral Agent in form and substance reasonably satisfactory to the Pari Passu Collateral Agent. 
 Section 5.16
Designation of Restricted and Unrestricted Subsidiaries. 
 (a) The Board of Directors of Parent may designate any
Restricted Subsidiary to be an Unrestricted Subsidiary if: 
 (i) the Subsidiary Borrower could make the
Restricted Payment which is deemed to occur upon such designation in accordance with Section 6.06 equal to the appropriate fair market value of all outstanding Investments owned by Parent, the Subsidiary Borrower and the Restricted
Subsidiaries in such Subsidiary at the time of such designation; 
 (ii) such Restricted Subsidiary meets the
definition of an “Unrestricted Subsidiary”; 
 (iii) the designation would not constitute or cause
(with or without the passage of time) a Default or Event of Default or no Default or Event of Default would be in existence following such designation; 
 (iv) the Subsidiary Borrower delivers to the Administrative Agent a certified copy of a resolution of the Board of Directors of Parent giving effect to such designation and an Responsible Officer’s
Certificate certifying that such designation complied with the preceding conditions and was permitted by Section 6.06. 
 If a
Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate fair market value of all outstanding Investments owned by Parent, the Subsidiary Borrower and the Restricted Subsidiaries in the Subsidiary designated as an
Unrestricted Subsidiary will be deemed to be an Investment made as of the time of the designation and will reduce the amount available for Restricted Payments under Section 6.06, as determined by the Subsidiary Borrower. 

In connection with the occurrence of a Contract Unwind Trigger, Parent or the Subsidiary Borrower may cause an applicable Restricted Subsidiary to be
designated an Unrestricted Subsidiary if it meets the conditions set forth in this clause (a) of Section 5.16, in each case, as soon as practicable thereafter but not later than 20 Business Days or as soon as practicable thereafter where
applicable local law requires additional time for compliance with applicable legal requirements. 

  
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 (b) The Board of Directors of Parent may designate any Unrestricted Subsidiary to be a
Restricted Subsidiary if: 
 (i) the Subsidiary Borrower and the Restricted Subsidiaries could incur the Debt
which is deemed to be incurred upon such designation under Section 6.02, equal to the total Debt of such Subsidiary calculated on a pro forma basis as if such designation had occurred on the first day of the four-quarter reference
period; 
 (ii) the designation would not constitute or cause a Default or Event of Default; and 

(iii) the Subsidiary Borrower delivers to the Administrative Agent a certified copy of a resolution of the Board of
Directors of Parent giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the preceding conditions, including the incurrence of Debt under Section 6.02. 

Upon the occurrence of a Contract Winning Trigger, Parent or the Subsidiary Borrower shall be required to designate each applicable Subsidiary to become
a Restricted Subsidiary and a Guarantor and pledge its assets and property as Collateral pursuant to Section 5.12, upon the occurrence of a Contract Winning Trigger and shall be required to comply with the conditions set forth in this
clause (b) in connection therewith. For the avoidance of doubt, and anything contained in any other provision of this Credit Agreement notwithstanding, no direct or indirect Subsidiary of Parent may become a Restricted Subsidiary for purposes
of this Agreement if such Subsidiary is a Subsidiary of Parent but not a Subsidiary of the Subsidiary Borrower. 

Section 5.17 Post-Closing Covenants. Within two (2) Business Days of the Closing Date, the Subsidiary Borrower shall
deliver to the Administrative Agent a copy of each Security Document delivered by a Loan Party to the Pari Passu Collateral Agent that secures all or a portion of the Obligations. Promptly following the Subsidiary Borrower’s receipt of written
request therefor, the Subsidiary Borrower shall deliver to the Administrative Agent, in form and substance reasonably satisfactory to the Administrative Agent, copies of all other amendments, supplements or other modifications to the Security
Documents as the Administrative Agent and the Subsidiary Borrower may determine are necessary in order to effect or maintain the Administrative Agent’s Acceptable Security Interest in the Collateral for the benefit of the Secured Parties as
required hereby or thereby; provided that no party hereto shall be required to take any action that would contravene the terms of the Intercreditor Agreement without all necessary consents under such Intercreditor Agreement. 

ARTICLE VI. 

NEGATIVE COVENANTS 
 So long as the Advances or any amount under any Loan Document shall remain unpaid, any Lender shall have any Commitment, or there shall exist any Letter of Credit Exposure, unless the Majority Lenders
otherwise consent in writing: 
 Section 6.01 Liens, Etc. Neither the Parent nor the Subsidiary Borrower shall, and
neither of them shall permit any of the Restricted Subsidiaries to, directly or indirectly, create, incur, assume or suffer to exist any Lien of any kind on any asset now owned or hereafter acquired, other than the following (“Permitted
Liens”): 
 (a) Liens pursuant to any Loan Document; 

  
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 (b) Liens in favor of the Subsidiary Borrower or the Guarantors; 

(c) Liens on property of a Person existing at the time such Person is merged with or into or consolidated with Parent, the Subsidiary
Borrower or any Subsidiary of the Subsidiary Borrower; provided that such Liens were in existence prior to the contemplation of such merger or consolidation and do not extend to any assets other than those of the Person merged into or
consolidated with Parent, the Subsidiary Borrower or such Subsidiary; 
 (d) Liens on property (including Equity Interests)
existing at the time of acquisition of the property by Parent, the Subsidiary Borrower, or any Restricted Subsidiary; provided that such Liens were in existence prior to, such acquisition, and not incurred in contemplation of, such
acquisition; 
 (e) Liens for taxes, assessments or governmental charges, claims or levies on its Property if the same shall not
at the time be delinquent or thereafter can be paid without material penalty, or are being contested in good faith and by appropriate proceedings diligently conducted and for which adequate reserves in accordance with GAAP shall have been set aside
on its books; 
 (f) Inchoate Liens arising under ERISA and Liens incurred and pledges or deposits made in the ordinary course
of business in connection with worker’s compensation, unemployment insurance or other social security or retirement benefits, or similar legislation, other than any Lien imposed by ERISA; 

(g) Permitted Prior Liens; 
 (h) pledges and Liens to secure the performance of bids, trade contracts and leases (other than Debt), statutory obligations, surety bonds (other than bonds related to judgments or litigation), appeal
bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; 
 (i) Liens
arising out of judgments or awards not constituting an Event of Default under Section 7.01(f), including surety or appeal bonds related to judgments or litigation), and prejudgment Liens created by or existing from any litigation or
legal proceeding, in each case in respect of which Parent or any Subsidiary thereof shall in good faith be prosecuting an appeal or proceedings for review in respect of which there shall be secured a subsisting stay of execution pending such appeal
or proceedings for which adequate reserves have been made to the extent required by GAAP; 
 (j) rights of set-off of banks and
other Persons in the ordinary course of banking and trading arrangements and burdening only deposit or brokerage accounts or other funds and assets maintained with a creditor depository institution or brokerage; 

  
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 (k) Liens to secure Debt permitted by Section 6.02(a)(iv) hereof, covering only
the assets (and proceeds thereof) constructed or acquired with or financed by such Indebtedness; 
 (l) purchase money security
interests in property or assets, whether real or personal, improvements thereto or hereafter acquired or constructed, by the Loan Parties or any Restricted Subsidiary; provided that (i) such security interests secure Debt permitted by
Section 6.02(a)(xiv), (ii) such security interests are incurred, and the Debt secured thereby is created, within 90 days after such acquisition (or construction), (iii) the Debt secured thereby does not exceed the cost of such
property at the time of such acquisition (or construction) and (iv) such security interests do not apply to any other property or assets of the Loan Parties or any Restricted Subsidiary other than the proceeds of such property or assets
(including insurance proceeds); 
 (m) Carriers’, warehousemen’s, landlords’, mechanics’,
materialmen’s, repairmen’s, vendor’s (or other third parties), necessaries suppliers’, statutory obligations, or other like Liens arising in the ordinary course of business which are not overdue for a period of 90 days or which
are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person; 

(n) Liens in respect of Debt incurred pursuant to Section 6.02(a)(ii); provided that such Liens are at all times subject to
the Intercreditor Agreement; 
 (o) the pledge or encumbrance by Parent of the Equity Interests, property or assets of any
Excluded Parent Subsidiary; 
 (p) Liens to secure any Permitted Refinancing Debt permitted to be incurred under this Agreement;
provided, however, that: 
 (i) the new Lien is limited to all or part of the same property and assets
that secured or, under the written agreements pursuant to which the original Lien arose, could secure the original Debt (plus improvements and accessions to such property, or proceeds or distributions thereof); and 

(ii) the Debt secured by the new Lien is not increased to any amount greater than the sum of (i) the outstanding
principal amount, or, if greater, committed amount, of the original Debt and (ii) an amount necessary to pay any fees and expenses, including premiums, related to such renewal, refunding, refinancing, replacement, defeasance or discharge;

 (q) Liens arising from precautionary Uniform Commercial Code financing statements relating to Operating Leases and other
contractual arrangements entered into in the ordinary course of business that describe only the property subject to such Operating Lease or contractual arrangement; 
 (r) Liens to secure Hedging Obligations; 

  
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 (s) Survey exceptions, easements or reservations of, or rights of others for, licenses,
rights of way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real property that were not incurred in connection with Debt and that do not in the aggregate
materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person; and 
 (t) other Liens incurred in the ordinary course of business securing obligations, actual or contingent, in an aggregate amount not greater than $25,000,000 at any time. 

Section 6.02 Debts, Guaranties and Other Obligations. 

(a) Neither the Parent nor the Subsidiary Borrower shall, and neither of them will permit any of the Restricted Subsidiaries or any Other
Guarantor to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to any Debt (including Acquired Debt), none of Parent, the Subsidiary Borrower,
any of the Restricted Subsidiaries or any Other Guarantor will issue any Disqualified Stock, and the Subsidiary Borrower will not, and neither Parent nor the Subsidiary Borrower, will permit any of the Restricted Subsidiaries or any Other Guarantor
to, issue any shares of preferred stock except: 
 (i) Debt under the Loan Documents; 

(ii) Debt in respect of the Senior Notes and the Term Loans in an aggregate principal amount not to exceed $2,775,000,000
at any time outstanding; 
 (iii) Existing Debt; 

(iv) Debt of the Parent, the Subsidiary Borrower, the Restricted Subsidiaries or any Other Guarantor of Debt represented
by obligations with respect to Capital Lease Obligations, mortgage financings or purchase money obligations, in each case, incurred for the purpose of financing all or any part of the purchase price or cost of design, construction, installation or
improvement of property (real or personal), plant or equipment used in the business of the Subsidiary Borrower, the Restricted Subsidiaries or such Other Guarantor, in an aggregate principal amount, including all Permitted Refinancing Indebtedness
incurred to renew, refund, refinance, replace, defease or discharge any Debt incurred pursuant to this clause (iv), not to exceed $50,000,000 at any time outstanding; 

(v) Debt of (a) Parent or any Other Guarantor or (b) the Subsidiary Borrower and the Restricted Subsidiaries
incurred and outstanding on or prior to the date on which a new Restricted Subsidiary is acquired by Parent, any Other Guarantor, the Subsidiary Borrower or such Subsidiary (other than Debt incurred in contemplation of, or in connection with, the
transaction or series of related transactions pursuant to which such Subsidiary became a Restricted Subsidiary of or was otherwise acquired by Parent, an Other Guarantor, the Subsidiary Borrower or such Subsidiary); provided, however,
that (a) on the date that such Subsidiary is acquired by, or is merged into Parent, such Other Guarantor, the Subsidiary Borrower or such Subsidiary, Parent would have been able to incur at least $1.00 of additional Debt pursuant to the ratio
set forth in clause (a)(xiv) of this Section 6.02 after giving effect to the incurrence of such Debt pursuant to this clause (a)(v); and (b) the new Subsidiary becomes a Guarantor or an Other Guarantor; 

  
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 (vi) Permitted Refinancing Debt of the Parent, the Subsidiary Borrower, any
Restricted Subsidiary or any Other Guarantor in exchange for, or the net proceeds of which are used to renew, refund, refinance, replace, defease or discharge any Debt (other than intercompany Debt) that was permitted by this Agreement to be
incurred under clauses (ii), (iii), (v), this clause (vi), (xiv), (xv) and (xvi) of this Section 6.02(a); 
 (vii) The incurrence by (A) the Subsidiary Borrower or any Restricted Subsidiary of intercompany indebtedness between or among the Subsidiary Borrower and the Restricted Subsidiaries or
(B) Parent or any Other Guarantor of intercompany Debt between or among Parent and the Other Guarantors; provided, however, that: 
 (1) if (y) the Subsidiary Borrower or any Restricted Subsidiary is the obligor on such Debt and the payee is not the Subsidiary Borrower or any Restricted Subsidiary or (z) Parent or any Other
Guarantor is the obligor on such Debt and the payee is not Parent or an Other Guarantor, as applicable, such Debt must be expressly subordinated to the prior payment in full in cash of all obligations then due with respect to the Senior Notes, this
Agreement and any Guarantee of either of the foregoing; and 
 (2) any (y) subsequent issuance or transfer
of Equity Interests that results in any such Debt being held by a Person other than Parent, the Subsidiary Borrower, any Restricted Subsidiary or any Other Guarantor, or (z) sale or other transfer of any such Debt to a Person that is not
Parent, the Subsidiary Borrower, any Restricted Subsidiary or Other Guarantor, 
 will be deemed, in each case, to constitute an
incurrence of such Debt by Parent, the Subsidiary Borrower, any Restricted Subsidiary or such Other Guarantor, as the case may be, that was not permitted by this clause (vii); 

(viii) obligations (contingent or otherwise) of any Borrower, any Restricted Subsidiary or any Other Guarantor existing or
arising under any Swap Contract incurred in the ordinary course of business; 
 (ix) Guaranties by the Borrowers,
any Restricted Subsidiary or any Other Guarantor of Debt of the Borrowers, a Restricted Subsidiary or any Other Guarantor that was permitted to be incurred by another provision of this Section 6.02; provided that if the Debt being
guaranteed is subordinated to or pari passu with the Senior Notes and the Obligations, then the Guarantee shall be subordinated or pari passu, as applicable, to the same extent as the Debt guaranteed; 

(x) Debt of the Subsidiary Borrower or any Restricted Subsidiary in respect of workers’ compensation claims,
self-insurance obligations, bankers’ acceptances, and performance and surety bonds in the ordinary course of business; 

  
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 (xi) Debt of the Borrowers, any Restricted Subsidiary or any Other Guarantor
arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently drawn against insufficient funds, so long as such Debt is covered within five Business Days; 

(xii) Debt of the Borrowers, any Restricted Subsidiary or any Other Guarantor arising from agreements providing for
indemnification, adjustment of purchase price or similar obligations, or Guarantees or letters of credit, surety bonds or performance bonds securing any obligations of the Borrowers, any Restricted Subsidiary or any Other Guarantor pursuant to such
agreements, in any case incurred in connection with the disposition of any business, assets or Guarantor (other than Guarantees of Debt incurred by any Person acquiring all or any portion of such business, assets or Restricted Subsidiary for the
purpose of financing such acquisition), so long as the amount does not exceed the gross proceeds actually received by the Borrowers, any Restricted Subsidiary or any Other Guarantor in connection with such disposition; 

(xiii) additional Debt of the Parent, the Subsidiary Borrower, any Restricted Subsidiary or any Other Guarantor in an
aggregate principal amount (or accreted value, as applicable) at any time outstanding, including all Permitted Refinancing Debt incurred to renew, refund, refinance, replace, defease or discharge any Debt incurred pursuant to this clause (xiii), not
to exceed $125,000,000; 
 (xiv) additional Debt (including Acquired Debt) and Disqualified Stock of Parent and
any Other Guarantor may issue shares of preferred stock, if the Consolidated Interest Coverage Ratio of Parent and its Subsidiaries on a consolidated basis, for the most recently ended four full fiscal quarters for which internal financial
statements are available immediately preceding the date on which such additional Debt is incurred or such Disqualified Stock is issued, as the case may be, would have been at least 2.0 to 1, determined on a pro forma basis (including a pro forma
application of the net proceeds therefrom), as if the additional Debt had been incurred or the Disqualified Stock or other shares of preferred stock had been issued, as the case may be, on the first day of such four-quarter period; 

(xv) additional Debt (including Acquired Debt) and Disqualified Stock or other shares of preferred stock of the Subsidiary
Borrower or any Restricted Subsidiary, if the Consolidated Interest Coverage Ratio for Subsidiary Borrower and its Restricted Subsidiaries on a consolidated basis for the most recently ended four full fiscal quarters for which internal financial
statements are available immediately preceding the date on which such additional Debt is incurred or such Disqualified Stock or other shares of preferred stock is issued, as the case may be, would have been at least 2.0 to 1, in each case determined
on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Debt had been incurred or the Disqualified Stock or other shares of preferred stock had been issued, as the case may be, on the first day of
such four-quarter period; and 
 (xvi) the incurrence from time to time in one or more offerings, by Parent of up
to $125,000,000 aggregate principal amount of Debt convertible into ordinary shares of Parent, the proceeds of which will be used to invest in Parent’s business. 

  
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 (b) None of Parent, the Subsidiary Borrower or any of the Restricted Subsidiaries or any
Other Guarantor will incur any Debt (including Debt permitted by this Section 6.02) that is contractually subordinated in right of payment to any other Debt of Parent, the Subsidiary Borrower or such Restricted Subsidiary or Other
Guarantor unless such Debt is also contractually subordinated in right of payment to the Obligations on substantially identical terms; provided, however, that no Debt will be deemed to be contractually subordinated in right of payment
to any other Debt solely by virtue of being unsecured or by virtue of being secured on a junior Lien basis. 
 For purposes of
determining compliance with this Section 6.02, in the event that an item of proposed Debt meets the criteria of more than one of the categories of Debt described in Section 6.02(a)(i)-(xvi) above, Parent, the Subsidiary Borrower or
the applicable Restricted Subsidiary will be permitted to divide and classify such item of Debt on the date of its incurrence, or later re-divide or re-classify all or a portion of such item of Debt in any manner that complies with this
Section 6.02. The accrual of interest, the accretion or amortization of original issue discount and the payment of interest on any Debt in the form of additional Debt with the same terms will be deemed to be an incurrence of Debt for purposes
of this Section 6.02; provided, in each such case, that the amount of any such accrual, accretion or payment is included in Consolidated Interest Expense of the Subsidiary Borrower as accrued. Notwithstanding any other provision of this
Section 6.02, the maximum amount of Debt that Parent, the Subsidiary Borrower or the applicable Restricted Subsidiary or Other Guarantor may incur pursuant to this Section 6.02 shall not be deemed to be exceeded solely as a result of
fluctuations in exchange rates or currency values. 
 The amount of any Debt outstanding as of any date will be: 

(1) the accreted value of the Debt, in the case of any Debt issued with original issue discount; 

(2) the principal amount of the Debt, in the case of any other Debt; and 

(3) in respect of Debt of another Person secured by a Lien on the assets of the specified Person, the lesser of: 

(A) the fair market value of such assets at the date of determination; and 

(B) the amount of the Debt of the other Person 
 Section 6.03 Merger or Consolidation. 
 (a) Neither Parent nor the
Subsidiary Borrower will, directly or indirectly: (y) consolidate or merge with or into another Person (whether or not Parent or the Subsidiary Borrower, as applicable, is the surviving Person); or (z) sell, assign, transfer, convey or

  
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otherwise dispose of all or substantially all of the properties or assets of, with respect to Parent, the Subsidiary Borrower, the Restricted Subsidiaries and the Other Guarantors taken as a
whole, or, with respect to the Subsidiary Borrower and the Restricted Subsidiaries taken as a whole, in each case, in one or more related transactions, to another Person, unless: 

(i) either: (A) Parent or the Subsidiary Borrower, as applicable, is the surviving Person; or (B) the Person
formed by or surviving any such consolidation or merger (if other than Parent or the Subsidiary Borrower, as the case may be) or to which such sale, assignment, transfer, conveyance or other disposition has been made is a Person organized or
existing under the laws of the Cayman Islands, the United States, any state of the United States or the District of Columbia or, in the case of Parent, any other similar jurisdiction so long as neither the laws of any such jurisdiction nor any such
transaction would adversely affect the Lenders; 
 (ii) the Person formed by or surviving any such consolidation
or merger (if other than Parent or the Subsidiary Borrower, as applicable) or the Person to which such sale, assignment, transfer, conveyance or other disposition has been made assumes all the obligations of Parent or the Subsidiary Borrower, as
applicable, under this Agreement and the other Loan Documents, as applicable, pursuant to a supplement or an amendment thereto, as applicable, in each case reasonable satisfactory in form to the Administrative Agent and the Majority Lenders, as
applicable (it being agreed that if the Subsidiary Borrower merges with or into Parent, Parent must assume all such obligations of the Subsidiary Borrower), provided that, if such Person is a limited liability company or a limited
partnership, then Parent, the Subsidiary Borrower or such Person shall have the Obligations assumed or issued, on a joint and several basis, with a corporation in which it owns 100% of the Equity Interests; 

(iii) immediately after such transaction, no Default or Event of Default exists; and 

(iv) except with respect to a transaction solely between or among Parent, the Subsidiary Borrower, any of the Restricted
Subsidiaries or any Other Guarantor, Parent, the Subsidiary Borrower or the Person formed by or surviving any such consolidation or merger (if other than Parent or the Subsidiary Borrower), or to which such sale, assignment, transfer, conveyance or
other disposition has been made would, on the date of such transaction after giving pro forma effect thereto and any related financing transactions as if the same had occurred on the first day of the applicable four-quarter period, be permitted to
incur at least $1.00 of additional Debt pursuant to the applicable ratio set forth in Section 6.02(a)(xiv) or (xv), as applicable, for the most recently ended four full fiscal quarters for which internal financial statements are available
immediately preceding the date on which such transaction occurred. 
 (b) In addition, the Subsidiary Borrower will not,
directly or indirectly, lease all or substantially all of the properties and assets of it and the Restricted Subsidiaries taken as a whole, in one or more related transactions to any other Person. 

  
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 (c) This Section 6.03 will not apply to any consolidation or merger, or any
sale, assignment, transfer, conveyance, lease or other disposition of assets between or among the Subsidiary Borrower and any Restricted Subsidiary. Clauses (iii) and (iv) of paragraph (a) of this Section will not apply to a merger of
the Subsidiary Borrower with an Affiliate solely for the purpose of reincorporating the Subsidiary Borrower in another jurisdiction. 
 (d) Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the properties or assets of Parent, the Subsidiary Borrower
or its Restricted Subsidiaries in a transaction that is subject to, and that complies with the provisions of, this Section 6.03 hereof, the successor Person formed by such consolidation or into or with which Parent, the Subsidiary
Borrower or Restricted Subsidiaries is or are merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger,
sale, assignment, transfer, lease, conveyance or other disposition, the provisions of this Agreement referring to the “Parent” or the “Subsidiary Borrower,” as applicable, shall refer instead to the successor Person and not to
Parent, the Subsidiary Borrower or the applicable Restricted Subsidiaries), and may exercise every right and power of Parent, the Subsidiary Borrower or Restricted Subsidiaries under this Agreement with the same effect as if such successor Person
had been named as Parent, Subsidiary Borrower or Restricted Subsidiaries herein; provided, however, that the predecessor Parent, Subsidiary Borrower or Restricted Subsidiaries shall not be relieved from the obligation to pay the
principal of and interest on the Obligations except in the case of a sale of all of Parent’s, Subsidiary Borrower’s or the applicable Restricted Subsidiaries’ assets in a transaction that is subject to, and that complies with the
provisions of, this Section 6.03 hereof. 
 Section 6.04 Asset Dispositions. The Subsidiary Borrower
will not, and neither Parent nor the Subsidiary Borrower will permit any of the Restricted Subsidiaries to, directly or indirectly, consummate any Asset Disposition, except for: 

(a) any single transaction or series of related transactions that involves assets having a fair market value or that results in
generating net proceeds, in either case, of less than $10,000,000; 
 (b) a transfer of Equity Interests or other assets between
or among the Subsidiary Borrower and any of the Restricted Subsidiaries; 
 (c) an issuance of Equity Interests by a Restricted
Subsidiary to the Subsidiary Borrower or to another Restricted Subsidiary; 
 (d) the sale or lease or other disposition of
products, services or accounts receivable in the ordinary course of business and any sale or conveyance or other disposition of damaged, worn-out or obsolete assets in the ordinary course of business; 

(e) the sale or other disposition of cash or Cash Equivalents; 
 (f) a Restricted Payment that does not violate Section 6.06 hereof or an Investment that does not violate Section 6.05; 

  
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 (g) the pledge, asset sale or other disposition by Parent or any Excluded Parent Subsidiary
of the Equity Interests of any Excluded Parent Subsidiary; 
 (h) any transfer of property in connection with a sale and
leaseback transaction (other than a sale and leaseback of a Vessel); 
 (i) other Asset Dispositions not otherwise permitted
hereunder, provided that: 
 (i) Parent, the Company or the Restricted Subsidiary, as the case may be,
receives consideration at the time of the Asset Sale at least equal to the Fair Market Value of the assets or Equity Interests issued or sold or otherwise disposed of; and 

(ii) at least 75% of the consideration received in such Asset Disposition is in the form of cash; provided,
however, (A) to the extent that any disposition in such Asset Disposition was of Collateral, the non-cash consideration received is pledged as Collateral under the Security Documents contemporaneously with such sale, in accordance with
the requirements set forth in the Loan and (B) any Vessel Asset Sale in respect of a Drillship shall not be permitted until the Tungsten Delivery Date has occurred; and 

(iii) in the case of a Vessel Asset Sale of a Drillship, Parent would, immediately after giving pro forma effect thereto,
including the application of the net proceeds therefrom, as if the same had occurred on the first day of the applicable four-quarter period, (A) be permitted to incur at least $1.00 of additional Debt pursuant to the ratio set forth in clause
(a)(xiv) of Section 6.02, and (B) have a Consolidated Interest Coverage Ratio that is no worse than the Consolidated Interest Coverage Ratio immediately prior to such Vessel Asset Sale; and 

(iv) upon the occurrence of any such Asset Disposition, the Borrowers shall prepay the Advances (to the extent of the
balance thereof) or cash collateralize, at 100% of the face amount thereof, the Letters of Credit, or any combination of the foregoing, by an amount equal to 100% of any Net Proceeds immediately upon receipt thereof by such Person, provided,
however, that, at the election of the Borrowers (as notified by the Borrowers to the Administrative Agent on or prior to the date of receipt of such Net Proceeds), and so long as no Default shall have occurred and be continuing, the applicable
Borrower or Restricted Subsidiary may, within 360 days after the receipt of such Net Proceeds, reinvest such proceeds (A) in operating assets of the Borrowers and the Restricted Subsidiaries, (B) to acquire all or substantially all of the
assets of, or any Equity Interests of, any Person which if it were a Restricted Subsidiary would be considered to be engaged in a Permitted Business, provided that, after giving effect to such acquisition of Equity Interests, such Person is
or becomes a Restricted Subsidiary, (C) to make Capital Expenditures for the Subsidiary Borrower or any Restricted Subsidiary or (D) to acquire other assets that are not classified as current assets under GAAP and that are used or useful
in the Permitted Business of the Borrowers or the Restricted Subsidiaries; provided that clauses (B) through (D) above shall be deemed to be satisfied if a bona fide binding contract committing to make the investment, acquisition or
expenditure referred to therein is entered into by the applicable Borrower 

  
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or Restricted Subsidiary, as the case may be, with a Person within such 360-day period and such Net Proceeds are subsequently applied in accordance with such contract within one year and six
months following the date of such Asset Disposition and provided, further, however, that any Net Proceeds not so applied shall be immediately applied either (1) to the extent that Advances or Letters of Credit are then outstanding
hereunder, to repay and/or cash collateralize at 100% of the face amount thereof, as applicable, on a pro rata basis such Advances and/or Letters of Credit or (2) to the extent that no Advances or Letters of Credit are then outstanding
hereunder, to repay Debt, including the Senior Notes, the repayment of which was secured by the asset that was the subject of such Asset Sale accompanied, with respect to each of clauses (1) and (2) above, by a corresponding permanent pro
rata reduction of the aggregate Commitments. In the event any contract referred to in the third proviso above is later cancelled or terminated for any reason before the Net Proceeds are applied in connection therewith, then such Net Proceeds must be
applied as set forth herein. 
 For purposes of this Section 6.04, each of the following will be deemed to be cash:

 (A) any liabilities, as shown on the Subsidiary Borrower’s most recent consolidated balance sheet, of the
Subsidiary Borrower or any Restricted Subsidiary (other than contingent liabilities and liabilities that are by their terms subordinated to the Senior Notes or the Obligations under this Agreement) that are assumed by the transferee of any such
assets so long as the Subsidiary Borrower or such Restricted Subsidiary are released from further liability; 

(B) any securities, notes or other obligations received by the Subsidiary Borrower or any such Restricted Subsidiary from
such transferee that are converted by the Subsidiary Borrower or such Restricted Subsidiary into cash within 180 days of receipt thereof, to the extent of the cash received in that conversion; 

(C) any stock or assets of the kind referred to in clauses (iii)(B) and (C) of paragraph (i) of this
Section 6.04; and 
 (D) any Designated Non-cash Consideration, when taken together with all other
Designated Non-cash Consideration received pursuant to this clause (d) that is at that time outstanding, not to exceed 5% of Issuer’s Consolidated Tangible Assets at the time of the receipt of such Designated Non-cash Consideration (with
the Fair Market Value of each item of Designated Non-cash Consideration being measured at the time received and without giving effect to subsequent changes in value). 
 Pending the final application of any Net Proceeds, the Subsidiary Borrower may temporarily reduce outstanding revolving credit Debt of Parent, the Subsidiary Borrower, any Restricted Subsidiary or any
Other Guarantor, or otherwise invest the Net Proceeds in cash and Cash Equivalents. 

  
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 Section 6.05 Investments. The Subsidiary Borrower shall not, and the Parent and
the Subsidiary Borrower shall not permit any Restricted Subsidiary, to make or suffer to exist any Investments, or commitments therefor, except: 
 (a) Investments in Cash Equivalents; 
 (b) Investments in the Subsidiary Borrower
or in a wholly-owned Restricted Subsidiary that is a Guarantor; 
 (c) any Investment by the Subsidiary Borrower or any
wholly-owned Restricted Subsidiary in a Person, if as a result of such Investment: 
 (i) such Person becomes a
wholly-owned Restricted Subsidiary and a Guarantor; or 
 (ii) such Person is merged, consolidated or amalgamated
with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the Subsidiary Borrower or a wholly-owned Restricted Subsidiary that is a Guarantor; 

(d) any Investment made as a result of the receipt of non-cash consideration from an asset sale that was made pursuant to and in
compliance with Section 6.04 hereof; 
 (e) any acquisition of assets or Equity Interests solely in exchange for the
issuance of Equity Interests (other than Disqualified Stock) of the Subsidiary Borrower; 
 (f) any Investments received in
compromise or resolution of obligations of trade creditors or customers that were incurred in the ordinary course of business of the Subsidiary Borrower or any of the Restricted Subsidiaries, including pursuant to any plan of reorganization or
similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer and any Investments obtained in exchange for any such Investments; 
 (g) Investments represented by Hedging Obligations; 
 (h) repurchases,
redemptions, or satisfaction and discharge of any of the Senior Notes in compliance with the Intercreditor Agreement; 
 (i)
loans or advances to employees of Parent in the ordinary course of business not to exceed $1,000,000 in the aggregate at any one time outstanding; 
 (j) Investments in any Person having an aggregate fair market value (measured on the date each such Investment was made and without giving effect to subsequent changes in value), when taken together with
all other Investments made pursuant to this clause (j) that are at the time outstanding not to exceed the greater of (a) $100.0 million and (b) 5% of the Subsidiary Borrower’s Consolidated Tangible Assets; and 

(k) other Investments in any Person in an aggregate principal amount (measured on the date each such Investment was made and without
giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (k) that are at 

  
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the time outstanding not to exceed the greater of (i) $25,000,000 and (ii) the amount permitted to be paid out as a Restricted Payment under Section 6.06(k), less all
Restricted Payments paid out pursuant to such Section 6.06(k) since the date hereof. 
 Section 6.06
Restricted Payments. The Subsidiary Borrower shall not, and the Parent and the Subsidiary Borrower shall not permit any Restricted Subsidiary, to declare or make, directly or indirectly, any Restricted Payment, or incur any obligation
(contingent or otherwise) to do so other than, so long as no Default has occurred and is continuing or would be caused thereby: 

(a) the payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days after the date of
declaration of the dividend or distribution or giving of the redemption notice, as the case may be, if at the date of declaration or notice, the dividend, distribution or redemption payment would have complied with the provisions of this Agreement;

 (b) the making of any Restricted Payment in exchange for, or out of the net cash proceeds of the sale (other than to a
Restricted Subsidiary of the Subsidiary Borrower) of, Equity Interests of the Subsidiary Borrower (other than Disqualified Stock) or from the contribution of common equity capital to the Subsidiary Borrower, in each case, within 180 days of such
exchange, sale or contribution; provided that the amount of any such net cash proceeds that are utilized for any such Restricted Payment will be excluded from clause (l)(ii)(B) below; 

(c) the repurchase, redemption, defeasance or other acquisition or retirement for value of Debt of the Parent, the Subsidiary Borrower or
any Restricted Subsidiary that is contractually subordinated to the Senior Notes, the Obligations or to any Guarantee of the foregoing with the net cash proceeds from a substantially concurrent incurrence of Permitted Refinancing Debt; 

(d) the payment of any dividend (or, in the case of any partnership or limited liability company, any similar distribution) by a
Restricted Subsidiary to the holders of its Equity Interests on a pro rata basis; 
 (e) the declaration and payment of
regularly scheduled or accrued dividends to holders of any class or series of Disqualified Stock of the Subsidiary Borrower or any Restricted Subsidiary issued after the date of this Agreement in accordance with the Consolidated Interest Coverage
Ratio test set forth in Section 6.02(a)(xv) hereof; 
 (f) repurchases of Equity Interests deemed to occur upon
exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants; 
 (g) Restricted Payments by the Subsidiary Borrower or any Restricted Subsidiary to allow the payment of cash in lieu of the issuance of fractional shares upon the exercise of options or warrants or upon
the conversion or exchange of Equity Interests of any such Person; 

  
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 (h) the repurchase, redemption or other acquisition or retirement for value of any Equity
Interests of the Subsidiary Borrower or any Restricted Subsidiary held by any current or former officer, director or employee of the Subsidiary Borrower or any of its Restricted Subsidiaries pursuant to any equity subscription agreement, severance
agreement, stock option agreement, shareholders’ agreement or similar agreement; provided that the aggregate price paid for all such repurchased, redeemed, acquired or retired Equity Interests may not exceed $2,000,000 in any twelve-month
period (with any portion of such $2,000,000 that is unused in any twelve-month period to be carried forward to successive twelve-month periods and added to such amount); 
 (i) Permitted Parent Payments; 
 (j) Permitted Operating Expense and Tax
Reimbursements; 
 (k) Restricted Payments not otherwise permitted hereunder provided that: 

(i) the Subsidiary Borrower would, at the time of such Restricted Payment and after giving pro forma effect thereto as if
such Restricted Payment had been made on the first day of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional Debt pursuant to the Consolidated Interest Coverage Ratio test set forth in
Section 6.02(a)(xv) hereof; 
 (ii) such Restricted Payment, together with the aggregate amount of
all other Restricted Payments made by the Subsidiary Borrower and the Restricted Subsidiaries since the date of this Agreement pursuant to this clause (i), is less than the sum, without duplication, of: 

(A) 50% of the Consolidated Net Income of the Subsidiary Borrower and the Restricted Subsidiaries on a combined or
consolidated basis, as the case may be, for the period (taken as one accounting period) from the first day of the first fiscal quarter commencing after the Initial Closing Date to the end of the Subsidiary Borrower’s most recently ended fiscal
quarter for which internal financial statements are available at the time of such Restricted Payment (or, if such Consolidated Net Income for such period is a deficit, less 100% of such deficit); plus 

(B) 100% of the aggregate net cash proceeds received by the Subsidiary Borrower since the date of this Agreement as a
contribution to its common equity capital or from the issue or sale of Equity Interests of the Subsidiary Borrower (other than Disqualified Stock) or from the issue or sale of convertible or exchangeable Disqualified Stock or convertible or
exchangeable debt securities of the Subsidiary Borrower that have been converted into or exchanged for such Equity Interests (other than Equity Interests (or Disqualified Stock or debt securities) sold to a Restricted Subsidiary of the Subsidiary
Borrower); plus 
 (C) to the extent that any Investment that was made after the date of this Agreement is
sold for cash or otherwise liquidated or repaid for cash, the 

  
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lesser of (i) the cash return of capital with respect to such Investment (less the cost of disposition, if any) and (ii) the initial amount of such Restricted Investment; plus

 (D) to the extent that any Unrestricted Subsidiary designated as such after the date of this Agreement is
redesignated as a Restricted Subsidiary after the date of this Agreement, the lesser of (i) the fair market value of Parent’s or the Subsidiary Borrower’s Investment in such Subsidiary, as the case may be, as of the date of such
redesignation or (ii) such fair market value as of the date on which such Subsidiary was originally designated as an Unrestricted Subsidiary after the date of this Agreement; plus 

(E) 50% of any dividends received by the Subsidiary Borrower or any Restricted Subsidiary after the date of this Agreement
from an Unrestricted Subsidiary, to the extent that such dividends were not otherwise included in the Consolidated Net Income of the Subsidiary Borrower for such period; plus 

(F) $25,000,000. 
 Section 6.07 Change in Nature of Business. Neither Parent nor the Subsidiary Borrower will, and neither of them will permit any of the Restricted Subsidiaries or any other Guarantor to engage
in any business other than Permitted Businesses, except to such extent as would not be material to the Subsidiary Borrower and the Restricted Subsidiaries taken as a whole. 
 Section 6.08 Transactions With Affiliates. 
 (a) Neither Borrower will
nor will they permit any of the Restricted Subsidiaries or any Other Guarantor to, directly or indirectly, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets
from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of Parent, the Subsidiary Borrower, any Restricted Subsidiary or any Other Guarantor
(each, an “Affiliate Transaction”) unless: 
 (i) the Affiliate Transaction is on terms that are
no less favorable to Parent, the Subsidiary Borrower, any applicable Restricted Subsidiary or any applicable Other Guarantor than those that would have been obtained in a comparable transaction by Parent, the Subsidiary Borrower, any applicable
Restricted Subsidiary or any applicable Other Guarantor with an unrelated Person or, if there is no such comparable transaction, on terms that are fair and reasonable to Parent, the Subsidiary Borrower, any applicable Restricted Subsidiary and any
applicable Other Guarantor and reflect an arms’ length negotiation; and 
 (ii) Parent delivers to the
Administrative Agent: 
 (A) with respect to any Affiliate Transaction or series of related Affiliate
Transactions involving aggregate consideration in excess of 

  
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$10,000,000, a resolution of the Board of Directors of Parent certifying that such Affiliate Transaction complies with this Section 6.08 and that such Affiliate Transaction has been
approved by a majority of the disinterested members of the Board of Directors of Parent; and 
 (B) with respect
to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $100,000,000, an opinion as to the fairness to Parent, the Subsidiary Borrower, any applicable Restricted Subsidiary or any
applicable Other Guarantor of such Affiliate Transaction from a financial point of view issued by an accounting, appraisal or investment banking firm of national standing. 
 (b) The following items will not be deemed to be Affiliate Transactions and therefore, will not be subject to the provisions of the prior paragraph: 

(i) any employment agreement, employee benefit plan, officer or director indemnification agreement or any similar
arrangement entered into by Parent or any of its Subsidiaries in the ordinary course of business and payments pursuant thereto; 
 (ii) payment of reasonable directors’ fees to Persons who are not otherwise Affiliates of Parent; 
 (iii) transactions between or among the Borrowers, any of the Restricted Subsidiaries or any Other Guarantor; 
 (iv) transactions between or among Parent and/or any of its Subsidiaries (excluding transactions involving the Subsidiary Borrower, any of the Restricted Subsidiaries or any Other Guarantor); 

(v) loans or advances to employees of Parent in the ordinary course of business not to exceed $5,000,000 in the aggregate
at any one time outstanding; 
 (vi) transactions with a Person (other than an Unrestricted Subsidiary) that is
an Affiliate of the Subsidiary Borrower solely because the Subsidiary Borrower owns, directly or through a Restricted Subsidiary, an Equity Interest in, or controls, such Person; 

(vii) Investments and Restricted Payments that do not violate Section 6.05 and Section 6.06,
respectively; 
 (viii) any agreement as in effect on the Closing Date described on Schedule 6.08 or any
amendments, renewals or extensions of any such agreement (so long as such amendments, renewals or extensions are not less favorable to the Lenders); and 
 (ix) transactions between or among any Excluded Parent Subsidiary, on the one hand and Parent and any of its other Subsidiaries (excluding transactions involving the Subsidiary Borrower, any of the
Restricted Subsidiaries or any Other Guarantor), on 

  
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the other hand, provided that such transaction is entered into in the ordinary course of business and on an arm’s length basis and that any such transaction has been approved by a majority
of the disinterested members of the Board of Directors of Parent. 
 Section 6.09 [Reserved]. 

Section 6.10 Agreements Restricting Liens and Distributions. Neither Parent nor the Subsidiary Borrower will, and neither of
them will permit any of the Restricted Subsidiaries or any Other Guarantor to, directly or indirectly, create or permit to exist or become effective any consensual encumbrance or restriction on the ability of any of the Restricted Subsidiaries or
Other Guarantor to: 
 (a) pay dividends or make any other distributions on its Equity Interests to the Subsidiary Borrower or
any of the Restricted Subsidiaries, or with respect to any other interest or participation in, or measured by, its profits, or pay any Debt owed to the Subsidiary Borrower or any of the Restricted Subsidiaries; 

(b) make loans or advances to the Subsidiary Borrower or any of the Restricted Subsidiaries; or 

(c) sell, lease or transfer any of its properties or assets to the Subsidiary Borrower or any of the Restricted Subsidiaries;
provided, however, that the preceding restrictions will not apply to encumbrances or restrictions existing under or by reason of: 
 (i) the indentures governing the Senior Notes, provided that the encumbrances and restrictions contained therein, including any related collateral documents, and any amendments, restatements,
modifications, renewals, supplements, refundings, replacements or refinancings thereof are not materially more restrictive, taken as a whole, with respect to such dividend and other payment restrictions than those contained in this Agreement;

 (ii) agreements governing Existing Debt as in effect on the Closing Date and any amendments, restatements,
modifications, renewals, supplements, refundings, replacements or refinancings of those agreements; provided that the amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings are not materially more
restrictive, taken as a whole, with respect to such dividend and other payment restrictions than those contained in those agreements on the date of this Agreement; 

(iii) this Agreement and the other Loan Documents; 

(iv) applicable Legal Requirements; 

(v) any instrument governing Debt or Equity Interests of a Person acquired by Parent, the Subsidiary Borrower, any of the
Restricted Subsidiaries or Other Guarantors as in effect at the time of such acquisition (except to the extent such Debt or Equity Interest was incurred in connection with or in contemplation of such acquisition),

  
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which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired;
provided that, in the case of Debt, such Debt was permitted by the terms of this Agreement to be incurred; 
 (vi) customary non-assignment provisions in contracts and licenses entered into in the ordinary course of business; 
 (vii) purchase money obligations for property acquired in the ordinary course of business, mortgage financings and Capital Lease Obligations that impose restrictions on the property purchased or mortgaged
or leased of the nature described in clause (c) of the preceding paragraph; 
 (viii) any agreement for the
sale or other disposition of any Restricted Subsidiary or any Other Guarantor that restricts distributions by that Restricted Subsidiary or Other Guarantor pending the sale or other disposition; 

(ix) Permitted Refinancing Debt; provided that the restrictions contained in the agreements governing such
Permitted Refinancing Debt are not materially more restrictive, taken as a whole, than those contained in the agreements governing the Debt being refinanced; 
 (x) Liens permitted to be incurred under Section 6.01 that limit the right of the debtor to dispose of the assets subject to such Liens; 

(xi) provisions limiting the disposition or distribution of assets or property in joint venture agreements, asset sale
agreements, sale leaseback agreements, stock sale agreements and other similar agreements, which limitation is applicable only to the assets that are the subject of such agreements; 

(xii) restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the
ordinary course of business; 
 (xiii) restrictions contained in, or in request of, Swap Contracts permitted to
be incurred by this Agreement; and 
 (xiv) any customary encumbrances or restrictions imposed pursuant to any
agreement of the type described in Section 6.05. 
 Section 6.11 Limitation on Accounting Changes or Changes
in Fiscal Periods. The Parent shall not, and shall not permit any other Loan Party to permit (a) any change in any of its accounting policies affecting the presentation of financial statements or reporting practices, except as required or
permitted by GAAP or (b) the fiscal year of the Parent or any of its Subsidiaries to end on a day other than December 31 or change the Parent’s method of determining fiscal quarters. 

  
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 Section 6.12 Off-Balance Sheet Liabilities. The Parent shall not, and shall not
permit any other Loan Party to enter into or suffer to exist any transaction pursuant to which it incurs or has incurred Off-Balance Sheet Liabilities. 
 Section 6.13 Amendment of Material Contracts. The Parent shall not, and shall not permit any Subsidiary to amend, modify, supplement, terminate or waive any provision of 

(a) the Loan Parties’ organizational documents in a manner which would be materially adverse to the Secured Parties; 

(b) the 2023 Indenture, the 2019 Indenture or the Term Loans in any manner that would (i) shorten the date scheduled for any
principal payment or increase the amount of any required principal payments on account thereof or (ii) grant any credit support or collateral security therefor, except to the extent that the Administrative Agent also has or obtains such credit
support or a Lien on such assets and such collateral security is granted subject to the Intercreditor Agreement; and 
 (c) any
Drilling Contract with respect to a Drillship in any manner that would (i) decrease the applicable day rate or (ii) shorten the term thereof. 
 Section 6.14 Operation of Vessels. The applicable Borrower and each other Loan Party which owns or operates, or will own or operate, one or more Vessels will not (a) make or allow any
modification to any Vessel, (b) employ or allow the employment of any Vessel or (c) charter any Vessel or permit the Vessel to serve under any contract, in each case, in a manner inconsistent with the standards set forth in the Security
Documents, except as required by applicable Legal Requirements or the class society of such Vessel. 
 Section 6.15 Bank
Accounts. The Parent shall not, and shall not permit any other Loan Party to establish any bank accounts other than (a) accounts maintained with a Lender, (b) accounts subject to an Account Control Agreement, (c) accounts
established and used exclusively for the purpose of funding payroll, payroll taxes and other compensation and benefits to employees identified as such in one or more notices delivered to the Administrative Agent from time to time and
(d) Foreign Deposit Accounts; provided that (i) no such Foreign Deposit Account shall have a cash balance greater than $1,000,000 at any time, and all such Foreign Deposit Accounts, collectively, shall not have a cash balance
greater than $5,000,000 in the aggregate at any time, in each case, for more than five (5) consecutive Business Days and (ii) within three (3) Business Days of opening a Foreign Deposit Account, a Responsible Officer of the Loan Party
that holds such Foreign Deposit Account certifies to the Administrative Agent that such Foreign Deposit Account meets the requirements of this Section 6.15; provided further that, to the extent any Foreign Deposit Accounts have
cash balances greater than the limits set forth in Section 6.15(d)(i) above, the Administrative Agent shall receive prompt written notice thereof which notice shall also provide information with respect to a Deposit Account for which a
Deposit Account Control Agreement is in effect into which such excess amounts shall be swept or deposited prior to the expiration of the five Business Day period provided for in Section 6.15(d)(i) above. Schedule 6.15 sets forth
the account numbers and locations of all bank accounts of the Loan Parties as of the Closing Date. 
 Section 6.16 Super
Senior Debt to EBITDA Ratio. The Super Senior Debt to EBITDA Ratio for Parent and the Subsidiaries on a consolidated basis for the period of four fiscal quarters ending on the last day of a fiscal quarter shall not be greater than 1.50:1.00.

  
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 ARTICLE VII. 
 EVENTS OF DEFAULT 
 Section 7.01 Events of Default. The
occurrence of any of the following events shall constitute an “Event of Default”: 
 (a) Payment. Any Borrower
shall fail to pay (i) any principal of any Advance (excluding any optional prepayment but including, without limitation, any mandatory prepayment required by Section 2.06) or reimburse any drawing under any Letter of Credit when the
same becomes due and payable that is not otherwise treated as a Eurodollar Advance pursuant to Section 2.13(c), or (ii) any interest on the Advances, any fees, reimbursements, indemnifications, or other amounts payable in connection
with the Obligations, this Agreement or under any other Loan Document within three Business Days after the same becomes due and payable; 
 (b) Representation and Warranties. Any representation or statement made or deemed to be made by any Borrower or any other Loan Party (or any of their respective officers) in this Agreement or
in any other Loan Document that does not have a materiality or Material Adverse Effect qualification shall be incorrect or misleading in any material respect when made or deemed made or any representation or statement made or deemed to be
made by any Borrower or any other Loan Party (or any of their respective officers) in this Agreement or in any other Loan Document that has a materiality or Material Adverse Effect qualification shall be incorrect or misleading in any respect
when made or deemed made; 
 (c) Covenant Breaches. Any Borrower or any other Loan Party shall (i) fail to perform
or observe any covenant contained in Sections 5.01 (with respect to only the Borrowers), 5.04, 5.06, 5.07, 5.09, 5.12 and Article VI of this Agreement or (ii) fail to perform or observe any
other term or covenant set forth in this Agreement or in any other Loan Document which is not covered by clause (i) above or any other provision of this Section 7.01 if such failure shall remain unremedied for 30 days after the
earlier of (A) written notice of such default shall have been given to the Borrowers by the Administrative Agent or (B) any actual knowledge of such default by a Responsible Officer of any Loan Party; 

(d) Cross-Default. (i) Any Loan Party or any of the Restricted Subsidiaries shall fail to pay any principal of or premium or
interest on its Debt which is outstanding in a principal amount of at least $25,000,000 (or the equivalent in any other currency) individually or when aggregated with all such Person’s other Debt that is also in default (but excluding Debt
evidenced by the Advances) when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), (ii) any other event shall occur or condition shall exist under any agreement or
instrument relating to Debt which is outstanding in a principal amount of at least $25,000,000 (or the equivalent in any other currency) individually or when aggregated with all such Person’s other Debt that is also in default (but excluding
Debt evidenced by the Advances), if the effect of such event or condition is to accelerate, or to permit the acceleration of, the maturity of such Debt; (iii) any such Debt 

  
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shall be declared to be due and payable, or required to be prepaid (other than by a regularly scheduled required prepayment), prior to the stated maturity thereof; or (iv) there occurs under
any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from (A) any event of default under such Swap Contract as to which a Loan Party or any Restricted Subsidiary is the Defaulting Party (as defined in such
Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to which a Loan Party or any Restricted Subsidiary is an Affected Party (as so defined) and, in either event, the Swap Termination Value owed by such Loan
Party or such Restricted Subsidiary as a result thereof is greater than $25,000,000; 
 (e) Insolvency. Any Loan Party or
any Restricted Subsidiary that is a Significant Subsidiary shall generally not pay its debts as such debts become due, or shall admit in writing its inability to pay its debts generally, commences negotiations with one or more of its creditors with
a view to rescheduling any of its indebtedness which it would not otherwise be able to pay as it falls due or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against any Loan Party or any
Restricted Subsidiary that is a Significant Subsidiary seeking to adjudicate it as a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any
law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee or other similar official for it or for any substantial part of its property and, in
the case of any such proceeding instituted against such Person, either such proceeding shall remain undismissed for a period of 60 days (provided that during such period such proceeding is being contested by the applicable Loan Party in good
faith and by appropriate proceedings diligently conducted) or any of the actions sought in such proceeding shall occur; or such Person shall take any action to authorize any of the actions set forth above in this paragraph (e) or any analogous
procedure or step is taken in any jurisdiction; 
 (f) Judgments. Any judgment, decree or order for the payment of money
shall be rendered against any Loan Party or any Restricted Subsidiary in an amount in excess of $25,000,000 (or the equivalent in any other currency) and either (i) enforcement proceedings shall have been commenced by any creditor upon such
judgment or order or (ii) there shall be any period of 60 consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect (provided that during such period
such stay is being sought by the applicable Loan Party by appropriate proceedings diligently conducted); 
 (g) ERISA.
(i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected to result in liability of any Loan Party under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the
PBGC in an aggregate amount in excess of $25,000,000, or (ii) the Parent or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under
Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of $25,000,000; 

  
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 (h) Loan Documents. Any Loan Document, at any time after its execution and delivery
and for any reason other than as expressly permitted hereunder or payment in full of all the Obligations, ceases to be in full force and effect and if such failure can be cured by the Loan Parties, the Loan Parties refuse to take actions required
pursuant to Section 10.10 to cure such unenforceability; or any Loan Party contests in any manner the validity or enforceability of any Loan Document; or any Loan Party denies that it has any or further liability or obligation under any Loan
Document, or purports to revoke, terminate or rescind any Loan Document; 
 (i) Security Documents. The Administrative
Agent for the benefit of the Secured Parties shall fail to have an Acceptable Security Interest in a material portion of the Collateral, except to the extent otherwise permitted by this Agreement and if such failure can be cured by the Loan Parties,
the Loan Parties refuse to take actions reasonably requested by Administrative Agent to cure such failure; 
 (j)
Intercreditor Agreement. The Intercreditor Agreement or any provision thereof shall cease to be in full force and effect (other than in accordance with the terms of the Intercreditor Agreement) and such ceasing of the effectiveness of any
such provision could reasonably be expected to be adverse to the interests of the Lenders; or 
 (k) Change of Control. A
Change of Control shall occur. 
 Section 7.02 Optional Acceleration of Maturity. If any Event of Default (other
than an Event of Default pursuant to Section 7.01(e)) shall have occurred and be continuing, then, and in any such event: 
 (a) the Administrative Agent shall at the written request, or may with the consent, of the Majority Lenders, by notice to the Borrowers, (i) declare the Commitments and the obligation of each Lender
and the Issuing Bank to make extensions of credit hereunder, including making Advances and issuing Letters of Credit, to be terminated, whereupon the same shall forthwith terminate, and (ii) declare all principal, interest, fees,
reimbursements, indemnifications, and all other amounts payable under this Agreement and the other Loan Documents to be forthwith due and payable, whereupon all such amounts shall become and be forthwith due and payable in full, without notice of
intent to demand, demand, presentment for payment, notice of nonpayment, protest, notice of protest, grace, notice of dishonor, notice of intent to accelerate, notice of acceleration, and all other notices, all of which are hereby expressly waived
by the Borrowers; 
 (b) each Borrower shall, on demand of the Administrative Agent at the written request or with the consent
of the Majority Lenders, deposit with the Administrative Agent into the LC Cash Collateral Account an amount of cash in Dollars equal to the outstanding Letter of Credit Exposure as security for the Obligations to the extent the Letter of Credit
Obligations are not otherwise paid at such time; and 
 (c) the Administrative Agent shall at the written request of, or may
with the consent of, the Majority Lenders proceed to enforce its rights and remedies under the Security Documents, this Agreement, and any other Loan Document for the ratable benefit of the Lenders by appropriate proceedings. 

  
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 Section 7.03 Automatic Acceleration of Maturity. If any Event of Default
pursuant to Section 7.01(e) shall occur: 
 (a) (i) the Commitments and the obligation of each Lender and the
Issuing Bank to make extensions of credit hereunder, including making Advances and issuing Letters of Credit, shall terminate, and (ii) all principal, interest, fees, reimbursements, indemnifications, and all other amounts payable under this
Agreement and the other Loan Documents shall become and be forthwith due and payable in full, without notice of intent to demand, demand, presentment for payment, notice of nonpayment, protest, notice of protest, grace, notice of dishonor, notice of
intent to accelerate, notice of acceleration, and all other notices, all of which are hereby expressly waived by the Borrowers; 

(b) each Borrower shall deposit with the Administrative Agent into the LC Cash Collateral Account an amount of cash in Dollars equal to
the outstanding Letter of Credit Exposure as security for the Obligations to the extent the Letter of Credit Obligations are not otherwise paid at such time; and 
 (c) the Administrative Agent shall at the written request of, or may with the consent of, the Majority Lenders proceed to enforce its rights and remedies under the Security Documents, this Agreement, and
any other Loan Document for the ratable benefit of the Lenders by appropriate proceedings. 
 Section 7.04
Non-exclusivity of Remedies. No remedy conferred upon the Administrative Agent, the Issuing Bank and the Lenders is intended to be exclusive of any other remedy, and each remedy shall be cumulative of all other remedies existing by contract,
at law, in equity, by statute or otherwise. 
 Section 7.05 Right of Set-off. If an Event of Default shall have
occurred and be continuing, each Lender, the Issuing Bank and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable Legal Requirements, to set off and apply any and
all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, the Issuing Bank or any such Affiliate to or for the credit
or the account of any Borrower or any other Loan Party against any and all of the obligations of the Borrowers or such Loan Party now or hereafter existing under this Agreement or any other Loan Document to such Lender or the Issuing Bank,
irrespective of whether or not such Lender or the Issuing Bank shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrowers or such Loan Party may be contingent or unmatured or are owed to
a branch or office of such Lender or the Issuing Bank different from the branch or office holding such deposit or obligated on such indebtedness; provided, that in the event that any Defaulting Lender shall exercise any such right of setoff,
(x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.16 and, pending such payment, shall be segregated by such Defaulting Lender
from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the
Obligations 

  
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owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, the Issuing Bank and their respective Affiliates under this Section are in addition to
other rights and remedies (including other rights of setoff) that such Lender, the Issuing Bank or their respective Affiliates may have. Each Lender and the Issuing Bank agrees to notify the Borrowers and the Administrative Agent promptly after any
such setoff and application, provided that the failure to give such notice shall not affect the validity of such setoff and application. 
 Section 7.06 Application of Proceeds. 
 (a) Subject to the terms of
the Intercreditor Agreement, the Administrative Agent shall apply the proceeds of any collection or sale of Collateral pursuant to this Article VII, including any Collateral consisting of cash, as follows: 

(i) First, to the payment of that portion of the Obligations constituting fees, indemnities, expenses and other
amounts (including fees, charges and disbursements of counsel to the Administrative Agent to the extent permitted by Section 10.04) payable to the Administrative Agent in its capacity as such (whether incurred in connection with such
collection or sale or otherwise in connection with, or pursuant to, this Agreement or any other Loan Document); 

(ii) Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other
than principal and interest) payable to the Lenders and the Issuing Bank (including fees, charges and disbursements of counsel to the respective Lenders and the Issuing Bank arising under the Loan Documents to the extent permitted by
Section 10.04), ratably among them in proportion to the respective amounts described in this clause Second payable to them; 
 (iii) Third, to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Advances, Letter of Credit Obligations and other Obligations
arising under the Loan Documents, ratably among the Lenders and the Issuing Bank in proportion to the respective amounts described in this clause Third payable to them; 

(iv) Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Advances and Letter
of Credit Obligations, ratably among the Lenders and the Issuing Bank in proportion to the respective amounts described in this clause Fourth held by them; 

(v) Fifth, to the Administrative Agent for the account of the Issuing Bank, to cash collateralize that portion of
Letter of Credit Obligations comprised of the aggregate undrawn amount of Letters of Credit to the extent not otherwise cash collateralized; and 
 (vi) Last, the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Borrowers or otherwise pursuant to Legal Requirement. 

(b) Amounts used to cash collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fifth above shall be
applied to satisfy drawings under such Letters of 

  
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Credit as they occur. If any amount remains on deposit as cash collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other
Obligations, if any, in the order set forth above. 
 ARTICLE VIII. 

THE GUARANTY 
 Section 8.01 Liabilities Guaranteed. Each Guarantor hereby, joint and severally, irrevocably and unconditionally guarantees the prompt payment at maturity of the Obligations. 

Section 8.02 Nature of Guaranty. This guaranty is an absolute, irrevocable, completed and continuing guaranty of payment and
not a guaranty of collection, and no notice of the Obligations or any extension of credit already or hereafter contracted by or extended to any Borrower need be given to any Guarantor. This guaranty may not be revoked by any Guarantor and shall
continue to be effective with respect to the Obligations arising or created after any attempted revocation by such Guarantor and shall remain in full force and effect until the Obligations are paid in full and the Commitments are terminated or such
Guarantor is released in accordance with the terms of this Agreement, notwithstanding that from time to time prior thereto no Obligations may be outstanding. The Borrowers and the Lenders may modify, alter, rearrange, extend for any period and/or
renew from time to time, the Obligations, and the Lenders may waive any Default or Events of Default without notice to any Guarantor and in such event each Guarantor will remain fully bound hereunder on the Obligations. Other than with respect to
any Guarantor that is released in accordance with the terms of this Agreement, this guaranty shall continue to be effective or be reinstated, as the case may be, if at any time any payment of the Obligations is rescinded or must otherwise be
returned by any of the Lenders upon the insolvency, bankruptcy or reorganization of any Borrower or otherwise, all as though such payment had not been made. This guaranty may be enforced by the Administrative Agent and shall not be discharged by the
assignment or negotiation of all or part of the Obligations. Each Guarantor hereby expressly waives presentment, demand, notice of non-payment, protest and notice of protest and dishonor, notice of Default or Event of Default, and also notice of
acceptance of this guaranty, acceptance on the part of the Lenders being conclusively presumed by the Lenders’ request for this guaranty and the Guarantors’ being party to this Agreement. 

Section 8.03 Guarantor’s Waivers. 
 (a) General. Each Guarantor waives any right to require any of the Lenders to (i) proceed against any Borrower or any other person liable on the Obligations, (ii) enforce any of their
rights against any other guarantor of the Obligations, (iii) proceed or enforce any of their rights against or exhaust any security given to secure the Obligations, (iv) have any Borrower joined with any Guarantor in any suit arising out
of this Article VIII and/or the Obligations, or (v) pursue any other remedy in the Lenders’ powers whatsoever. Other than as set forth herein, the Lenders shall not be required to mitigate damages or take any action to reduce,
collect or enforce the Obligations. Guarantor waives any defense arising by reason of any disability, lack of corporate authority or power, or other defense of any Borrower or any other guarantor of the Obligations, and shall remain liable hereon
regardless of whether any Borrower or any other guarantor be found not liable thereon for any reason. Whether and when to exercise any of the 

  
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remedies of the Lenders under any of the Loan Documents shall be in the sole and absolute discretion of the Administrative Agent, acting upon the written request or with the consent of the
Majority Lenders, and no delay by the Administrative Agent in enforcing any remedy, including delay in conducting a foreclosure sale, shall be a defense to any Guarantor’s liability under this Article VIII. Without limiting the
generality of the foregoing, it is agreed that, to the extent permitted by applicable law, the adoption of any law or regulation of any jurisdiction or any other event affecting any term of any Obligation shall not alter or impair the liability of
the Guarantors hereunder which shall remain absolute, unconditional and irrevocable as described above. 
 (b) In addition to
the waivers contained in Section 8.03(a) hereof, the Guarantors waive, and agree that they shall not at any time insist upon, plead or in any manner whatsoever claim or take the benefit or advantage of, any appraisal, valuation, stay,
extension, marshaling of assets or redemption laws, or exemption, whether now or at any time hereafter in force, which may delay, prevent or otherwise affect the performance by the Guarantors of their obligations under, or the enforcement by the
Administrative Agent or the Lenders of, this Guaranty. The Guarantors hereby waive diligence, presentment and demand (whether for nonpayment or protest or of acceptance, maturity, extension of time, change in nature or form of the Obligations,
acceptance of further security, release of further security, composition or agreement arrived at as to the amount of, or the terms of, the Obligations, notice of adverse change in any Borrower’s financial condition or any other fact which might
materially increase the risk to the Guarantors) with respect to any of the Obligations or all other demands whatsoever and waive the benefit of all provisions of law which are or might be in conflict with the terms of this Article VIII.
The Guarantors, jointly and severally, represent, warrant and agree that, as of the date of this Guaranty, their obligations under this Guaranty are not subject to any offsets or defenses of any kind against the Administrative Agent, the Lenders,
any Borrower or any other Person that executes a Loan Document. The Guarantors further jointly and severally agree that their obligations under this Guaranty shall not be subject to any counterclaims, offsets or defenses of any kind which may arise
in the future against the Administrative Agent, the Lenders, the Borrowers or any other Person that executes a Loan Document. 

(c) Subrogation. Until the Obligations have been paid in full, each Guarantor waives all rights of subrogation or reimbursement
against any Borrower, whether arising by contract or operation of law (including, without limitation, any such right arising under any federal or state bankruptcy or insolvency laws) and waives any right to enforce any remedy which the Lenders now
have or may hereafter have against any Borrower, and waives any benefit or any right to participate in any security now or hereafter held by the Administrative Agent or any Lender. 

Section 8.04 Maturity of Obligations, Payment. Each Guarantor agrees that if the maturity of any of the Obligations is
accelerated by bankruptcy or otherwise, such maturity shall also be deemed accelerated for the purpose of this Article VIII without demand or notice to any Guarantor. Each Guarantor will, forthwith upon notice from the Administrative
Agent, jointly and severally pay to the Administrative Agent the amount due and unpaid by any Borrower and guaranteed hereby. The failure of the Administrative Agent to give this notice shall not in any way release any Guarantor hereunder.

  
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 Section 8.05 Administrative Agent’s Expenses. If any Guarantor fails to pay
the Obligations after notice from the Administrative Agent of any Borrower’s failure to pay any Obligations at maturity, and if the Administrative Agent obtains the services of an attorney for collection of amounts owing by any Guarantor
hereunder, or obtaining advice of counsel in respect of any of their rights under this Article VIII, or if suit is filed to enforce this Article VIII, or if proceedings are had in any bankruptcy, probate, receivership or
other judicial proceedings for the establishment or collection of any amount owing by any Guarantor hereunder, or if any amount owing by any Guarantor hereunder is collected through such proceedings, each Guarantor jointly and severally agrees to
pay to the Administrative Agent the Administrative Agent’s reasonable attorneys’ fees. 
 Section 8.06
Liability. It is expressly agreed that the liability of each Guarantor for the payment of the Obligations guaranteed hereby shall be primary and not secondary. 
 Section 8.07 Events and Circumstances Not Reducing or Discharging any Guarantor’s Obligations. Each Guarantor hereby consents and agrees to each of the following to the fullest extent
permitted by law, and agrees that each Guarantor’s obligations under this Article VIII shall not be released, diminished, impaired, reduced or adversely affected by any of the following, and waives any rights (including without
limitation rights to notice) which each Guarantor might otherwise have as a result of or in connection with any of the following: 
 (a) Modifications, etc. Any renewal, extension, modification, increase, decrease, alteration or rearrangement of all or any part of the Obligations, or this Agreement or any instrument executed in
connection therewith, or any contract or understanding between any Borrower and any of the Lenders, or any other Person, pertaining to the Obligations; 
 (b) Adjustment, etc. Any adjustment, indulgence, forbearance or compromise that might be granted or given by any of the Lenders to any Borrower or any Guarantor or any Person liable on the
Obligations; 
 (c) Condition of any Borrower or any Guarantor. The insolvency, bankruptcy arrangement, adjustment,
composition, liquidation, disability, dissolution, death or lack of power of any Borrower or any Guarantor or any other Person at any time liable for the payment of all or part of the Obligations; or any dissolution of any Borrower or any Guarantor,
or any sale, lease or transfer of any or all of the assets of any Borrower or any Guarantor, or any changes in the shareholders, partners, or members of any Borrower or any Guarantor; or any reorganization of any Borrower or any Guarantor;

 (d) Invalidity of Obligations. The invalidity, illegality or unenforceability of all or any part of the Obligations,
or any document or agreement executed in connection with the Obligations, for any reason whatsoever, including without limitation the fact that the Obligations, or any part thereof, exceed the amount permitted by law, the act of creating the
Obligations or any part thereof is ultra vires, the officers or representatives executing the documents or otherwise creating the Obligations acted in excess of their authority, the Obligations violate applicable usury laws, any Borrower has valid
defenses, claims or offsets (whether at law, in equity or by agreement) which render the Obligations wholly or partially uncollectible from any Borrower, the creation, performance or repayment of the Obligations (or

  
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the execution, delivery and performance of any document or instrument representing part of the Obligations or executed in connection with the Obligations, or given to secure the repayment of the
Obligations) is illegal, uncollectible, legally impossible or unenforceable, or this Agreement or other documents or instruments pertaining to the Obligations have been forged or otherwise are irregular or not genuine or authentic; 

(e) Release of Obligors. Any full or partial release of the liability of any Borrower on the Obligations or any part thereof, of
any co-guarantors, or any other Person now or hereafter liable, whether directly or indirectly, jointly, severally, or jointly and severally, to pay, perform, guarantee or assure the payment of the Obligations or any part thereof, it being
recognized, acknowledged and agreed by any Guarantor that such Guarantor may be required to pay the Obligations in full without assistance or support of any other Person, and no Guarantor has been induced to enter into this Article VIII
on the basis of a contemplation, belief, understanding or agreement that other parties other than any Borrower will be liable to perform the Obligations, or the Lenders will look to other parties to perform the Obligations; 

(f) Other Security. The taking or accepting of any other security, collateral or guaranty, or other assurance of payment, for all
or any part of the Obligations; 
 (g) Release of Collateral etc. Any release, surrender, exchange, subordination,
deterioration, waste, loss or impairment (including without limitation negligent, willful, unreasonable or unjustifiable impairment) of any collateral, property or security, at any time existing in connection with, or assuring or securing payment
of, all or any part of the Obligations; 
 (h) Care and Diligence. The failure of the Lenders or any other Person to
exercise diligence or reasonable care in the preservation, protection, enforcement, sale or other handling or treatment of all or any part of such collateral, property or security; 

(i) Status of Liens. The fact that any collateral, security, security interest or lien contemplated or intended to be given,
created or granted as security for the repayment of the Obligations shall not be properly perfected or created, or shall prove to be unenforceable or subordinate to any other security interest or lien, it being recognized and agreed by each
Guarantor that no Guarantor is entering into this Article VIII in reliance on, or in contemplation of the benefits of, the validity, enforceability, collectibility or value of any of the collateral for the Obligations; 

(j) Payments Rescinded. Any payment by any Borrower to the Lenders is held to constitute a preference under the bankruptcy laws,
or for any reason the Lenders are required to refund such payment or pay such amount to any Borrower or someone else; or 
 (k)
Other Actions Taken or Omitted. Any other action taken or omitted to be taken with respect to this Agreement, the Obligations, or the security and collateral therefor, whether or not such action or omission prejudices any Guarantor or
increases the likelihood that any Guarantor will be required to pay the Obligations pursuant to the terms hereof, it being the unambiguous and unequivocal intention of each Guarantor that each Guarantor shall be obligated to joint and severally pay
the Obligations when due, notwithstanding any occurrence, 

  
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circumstance, event, action, or omission whatsoever, whether contemplated or uncontemplated, and whether or not otherwise or particularly described herein, except for the full and final payment
and satisfaction of the Obligations. 
 Section 8.08 Subordination of All Guarantor Claims. 

(a) As used herein, the term “Guarantor Claims” shall mean all debts and liabilities of any Borrower or any Restricted
Subsidiary to any Guarantor, whether such debts and liabilities now exist or are hereafter incurred or arise, or whether the obligation of such Borrower or such Restricted Subsidiary thereon be direct, contingent, primary, secondary, several, joint
and several, or otherwise, and irrespective of whether such debts or liabilities be evidenced by note, contract, open account, or otherwise, and irrespective of the person or persons in whose favor such debts or liabilities may, at their inception,
have been, or may hereafter be created, or the manner in which they have been or may hereafter be acquired by any Guarantor. The Guarantor Claims shall include without limitation all rights and claims of any Guarantor against any Borrower or any
Restricted Subsidiary arising as a result of subrogation or otherwise as a result of such Guarantor’s payment of all or a portion of the Obligations. Until the Obligations shall be paid and satisfied in full, no Guarantor shall receive or
collect, directly or indirectly, from any Borrower or any Restricted Subsidiary or any other party any amount upon the Guarantor Claims. 
 (b) Each Borrower and each Guarantor hereby (i) authorizes the Administrative Agent and the Lenders to demand specific performance of the terms of this Section 8.08, whether or not any
Borrower or any Guarantor shall have complied with any of the provisions hereof applicable to it, at any time when it shall have failed to comply with any provisions of this Section 8.08 which are applicable to it and
(ii) irrevocably waives any defense based on the adequacy of a remedy at law, which might be asserted as a bar to such remedy of specific performance. 
 (c) Upon any distribution of assets of any Loan Party in any dissolution, winding up, liquidation or reorganization (whether in bankruptcy, insolvency or receivership proceedings or upon an assignment for
the benefit of creditors or otherwise): 
 (i) The Lenders shall first be entitled to receive payment in full in
cash of the Obligations before any Borrower or any Guarantor is entitled to receive any payment on account of the Guarantor Claims. 
 (ii) Any payment or distribution of assets of any Loan Party of any kind or character, whether in cash, property or securities, to which the Borrowers or any Guarantor would be entitled except for the
provisions of this Section 8.08(c), shall be paid by the liquidating trustee or agent or other Person making such payment or distribution directly to the Lenders, to the extent necessary to make payment in full of all Obligations
remaining unpaid after giving effect to any concurrent payment or distribution or provisions therefor to the Lenders. 
 (d) No
right of the Lenders or any other present or future holders of any Obligations to enforce the subordination provisions herein shall at any time in any way be prejudiced or 

  
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impaired by any act or failure to act on the part of any Loan Party or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by any Borrower or any Guarantor
with the terms hereof, regardless of any knowledge thereof which any such holder may have or be otherwise charged with. 

Section 8.09 Claims in Bankruptcy. In the event of receivership, bankruptcy, reorganization, arrangement, debtor’s
relief, or other insolvency proceedings involving any Borrower or any Restricted Subsidiary, as debtor, the Lenders shall have the right to prove their claim in any proceeding, so as to establish their rights hereunder and receive directly from the
receiver, trustee or other court custodian, dividends and payments which would otherwise be payable upon Guarantor Claims. Each Guarantor hereby assigns such dividends and payments to the Lenders. Should the Administrative Agent or any Lender
receive, for application upon the Obligations, any such dividend or payment which is otherwise payable to any Guarantor, and which, as between any Borrower or any Restricted Subsidiary and any Guarantor, shall constitute a credit upon the Guarantor
Claims, then upon payment in full of the Obligations, such Guarantor shall become subrogated to the rights of the Lenders to the extent that such payments to the Lenders on the Guarantor Claims have contributed toward the liquidation of the
Obligations, and such subrogation shall be with respect to that proportion of the Obligations which would have been unpaid if the Administrative Agent or a Lender had not received dividends or payments upon the Guarantor Claims. 

Section 8.10 Payments Held in Trust. In the event that notwithstanding Sections 8.08 and 8.09 above, any
Guarantor should receive any funds, payments, claims or distributions which are prohibited by such Sections, such Guarantor agrees to hold in trust for the Lenders such funds, payments, claims or distributions so received, and agrees that it shall
have absolutely no dominion over such funds, payments, claims or distributions except to pay them promptly to the Administrative Agent, and each Guarantor covenants promptly to pay the same to the Administrative Agent. 

Section 8.11 Benefit of Guaranty. The provisions of this Article VIII are for the benefit of the Secured Parties,
their successors, and their permitted assigns. In the event all or any part of the Obligations are assigned by the Lenders, as the case may be, to any Person or Persons in accordance with the terms of this Agreement, any reference to the
“Lenders” herein, as the case may be, shall be deemed to refer equally to such Person or Persons. 
 Section 8.12
Reinstatement. This Article VIII shall remain in full force and effect and continue to be effective in the event any petition is filed by or against any Borrower, any Guarantor or any other Loan Party for liquidation or
reorganization, in the event that any of them becomes insolvent or makes an assignment for the benefit of creditors or in the event a receiver, trustee or similar Person is appointed for all or any significant part of any of their assets, and shall
continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Obligations, or any part thereof, is, pursuant to applicable Legal Requirements, rescinded or reduced in amount, or must otherwise be
restored or returned by the Lenders, whether as a “voidable preference,” “fraudulent conveyance,” or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is
rescinded, reduced, restored or returned, the Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 

  
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 Section 8.13 Liens Subordinate. Each Guarantor agrees that any liens, security
interests, judgment liens, charges or other encumbrances upon any Borrower’s or any Restricted Subsidiary’s assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests,
judgment liens, charges or other encumbrances upon any Borrower’s or any Restricted Subsidiary’s assets securing payment of the Obligations, regardless of whether such encumbrances in favor of any Guarantor, the Administrative Agent or the
Lenders presently exist or are hereafter created or attach. 
 Section 8.14 Guarantor’s Enforcement Rights.
Without the prior written consent of the Lenders, no Guarantor shall (a) exercise or enforce any creditor’s right it may have against any Borrower or any Restricted Subsidiary, or (b) foreclose, repossess, sequester or otherwise take
steps or institute any action or proceeding (judicial or otherwise, including without limitation the commencement of or joinder in any liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce any lien,
mortgages, deeds of trust, security interest, collateral rights, judgments or other encumbrances on assets of any Borrower or any Restricted Subsidiary held by Guarantor. 
 Section 8.15 Limitation. It is the intention of the Guarantors and each Secured Party that the amount of the Obligations guaranteed by each Guarantor shall be in, but not in excess of, the
maximum amount permitted by fraudulent conveyance, fraudulent transfer and similar Legal Requirement applicable to such Guarantor. Accordingly, notwithstanding anything to the contrary contained in this Article VIII or in any other
agreement or instrument executed in connection with the payment of any of the Obligations guaranteed hereby, the amount of the Obligations guaranteed by a Guarantor under this Article VIII shall be limited to an aggregate amount equal to
the largest amount that would not render such Guarantor’s obligations hereunder subject to avoidance under Section 548 of the United States Bankruptcy Code or any comparable provision of any other applicable Legal Requirements. 

Section 8.16 Contribution Rights. 
 (a) To the extent that any payment is made under this Guaranty (a “Guarantor Payment”), by a Guarantor, which Guarantor Payment, taking into account all other Guarantor Payments then
previously or concurrently made by all other Guarantors, exceeds the amount which such Guarantor would otherwise have paid if each Guarantor had paid the aggregate Obligations satisfied by such Guarantor Payment in the same proportion that such
Guarantor’s Allocable Amount (as defined below) (in effect immediately prior to such Guarantor Payment) bore to the aggregate Allocable Amounts of all of the Guarantors in effect immediately prior to the making of such Guarantor Payment, then,
following the date on which the Obligations shall be paid and satisfied in full and each Guarantor shall have performed all of its obligations hereunder, such Guarantor shall be entitled to receive contribution and indemnification payments from, and
be reimbursed by, each of the other Guarantors for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Guarantor Payment. 

  
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 (b) As of any date of determination, the “Allocable Amount” of any Guarantor shall
be equal to the maximum amount of the claim which could then be recovered from such Guarantor under this Guaranty without rendering such claim voidable or avoidable under Section 548 of Chapter 11 of the Bankruptcy Code or under any applicable
state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. 
 (c) This
Section 8.16 is intended only to define the relative rights of the Guarantors and nothing set forth in this Section 8.16 is intended to or shall impair the obligations of the Guarantors, jointly and severally, to pay any
amounts as and when the same shall become due and payable in accordance with the terms of this Guaranty. 
 (d) The rights of
the parties under this Section 8.16 shall be exercisable upon the date the Obligations shall be paid and satisfied in full. 
 (e) The parties hereto acknowledge that the right of contribution and indemnification hereunder shall constitute assets of any Guarantor to which such contribution and indemnification is owing.

 ARTICLE IX. 
 THE ADMINISTRATIVE AGENT AND THE ISSUING BANK 
 Section 9.01
Appointment and Authority. Each of the Lenders and the Issuing Bank hereby irrevocably appoints Royal Bank to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent
to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto, including but not limited to the
execution of Security Documents on behalf of the Secured Parties. The Administrative Agent appoints the Pari Passu Administrative Agent as its agent for purposes of the Security Documents, including, without limiting the generality of the foregoing,
for purposes of perfection (whether by filing, possession, or otherwise) of liens and security interests. Notwithstanding anything to the contrary herein or in the other Loan Documents, Sections 2.10, 10.04, 10.05, 10.09 and 10.17 and Articles VIII
and IX of this Agreement and the equivalent provisions of any Loan Document shall inure for the benefit of the Pari Passu Administrative Agent, and to the extent expressly provided for therein, its sub-agents, and their respective Affiliates and
successors and permitted assigns, in respect of any actions taken or omitted to be taken by any of them while acting as the agent of the Administrative Agent. The Pari Passu Administrative Agent is an intended third party beneficiary of such
Sections and Articles of this Agreement. Unless otherwise set forth herein, the provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders and the Issuing Bank, and none of the Borrowers nor any other Loan Party
shall have rights as a third party beneficiary of any of such provisions. 
 Section 9.02 Rights as a Lender. The
Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or
“Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits
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in any other advisory capacity for and generally engage in any kind of business with the Borrowers or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent
hereunder and without any duty to account therefor to the Lenders. 
 Section 9.03 Exculpatory Provisions. The
Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent shall not: 

(a) be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing; 

(b) have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly
contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Majority Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or
in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan
Document or applicable Legal Requirements; and 
 (c) except as expressly set forth herein and in the other Loan Documents, have
any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrowers or any of their Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or any of its
Affiliates in any capacity. 
 The Administrative Agent shall not be liable for any action taken or not taken by it
(i) with the consent or at the written request of the Majority Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the
circumstances as provided in Sections 10.01) or (ii) in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing
such Default is given to the Administrative Agent by a Borrower, a Lender or the Issuing Bank. 
 The Administrative Agent shall
not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or
other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any
Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in
Article III or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 
 Section 9.04 Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate,
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message, Internet or intranet website posting or other distribution) believed in good faith by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The
Administrative Agent also may rely upon any statement made to it orally or by telephone and believed in good faith by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with
any condition hereunder to the making of an Advance, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the Issuing Bank, the Administrative Agent may presume that such condition is
satisfactory to such Lender or the Issuing Bank unless the Administrative Agent shall have received notice to the contrary from such Lender or the Issuing Bank prior to the making of such Advance or the issuance of such Letter of Credit. The
Administrative Agent may consult with legal counsel (who may be counsel for the Borrowers), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of
any such counsel, accountants or experts. 
 Section 9.05 Delegation of Duties. The Administrative Agent may perform
any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any
and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such
sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as the Administrative Agent. 

Section 9.06 Resignation of Administrative Agents. The Administrative Agent may at any time give at least 30 days’ prior
written notice of its resignation to the Lenders, the Issuing Bank and the Borrowers. Upon receipt of any such notice of resignation, the Majority Lenders shall have the right to appoint a successor reasonably satisfactory to the Borrowers, which
shall be a bank with an office in New York, or an Affiliate of any such bank with an office in New York. If no such successor shall have been so appointed by the Majority Lenders and consented to by the Borrowers and shall have accepted such
appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may on behalf of the Lenders and the Issuing Bank, appoint a successor Administrative Agent meeting the
qualifications set forth above provided that if the Administrative Agent shall notify the Borrowers and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in
accordance with such notice and (1) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the
Administrative Agent on behalf of the Lenders or the Issuing Bank under any of the Loan Documents, the retiring Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed)
and (2) all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and the Issuing Bank directly, until such time as the Majority Lenders appoint a
successor Administrative Agent reasonably satisfactory to the Borrowers as provided for above in this paragraph. Upon the acceptance of a successor’s appointment as the Administrative Agent hereunder, such successor shall succeed to and become

  
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vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be discharged from all of its duties
and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this paragraph). The fees payable by the Borrowers to a successor Administrative Agent shall be the same as those payable to its
predecessor unless otherwise agreed between the Borrowers and such successor. After the retiring Administrative Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article and Section 10.04 shall
continue in effect for the benefit of such retiring the Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was
acting as the Administrative Agent. 
 Any resignation by the Administrative Agent pursuant to this Section shall also
constitute its resignation as the Issuing Bank. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties
of the retiring Issuing Bank, (b) the retiring Issuing Bank shall be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents, and (c) the successor Issuing Bank shall issue letters of
credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangement satisfactory to the retiring Issuing Bank to effectively assume the obligations of the retiring Issuing Bank with respect
to such Letters of Credit. 
 Section 9.07 Non-Reliance on Administrative Agent and Other Lenders. Each Lender and
the Issuing Bank acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own
credit analysis and decision to enter into this Agreement. Each Lender and the Issuing Bank also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and
based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any
document furnished hereunder or thereunder. 
 Section 9.08 Indemnification. Whether or not the transactions
contemplated hereby are consummated, the Lenders severally agree to indemnify upon demand the Administrative Agent, the Issuing Bank and each Related Party of any of the foregoing (to the extent not reimbursed by the Loan Parties), according to
their respective Pro Rata Shares, and hold harmless each Indemnitee from and against any and all Indemnified Liabilities in all cases, whether or not caused by or arising, in whole or in part, out of the negligence of any Related Party;
provided, however that no Lender shall be liable for the payment to any Related Party for any portion of such Indemnified Liabilities to the extent determined in a final, nonappealable judgment by a court of competent jurisdiction to
have resulted from such Related Party’s own gross negligence or willful misconduct; provided, however, that no action taken in accordance with the directions of the Majority Lenders shall be deemed to constitute gross negligence
or willful misconduct for purposes of this Section. Without limitation of the foregoing, each Lender agrees to reimburse the Administrative Agent and the Issuing Bank promptly upon demand for its ratable share of

  
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any out-of-pocket expenses (including all fees, expenses and disbursements of any law firm or other external counsel and, without duplication, the allocated cost of internal legal services and
all expenses and disbursements of internal counsel) incurred by the Administrative Agent or the Issuing Bank in connection with the preparation, execution, delivery, administration, modification, amendment, or enforcement (whether through
negotiations, legal proceedings, or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement or any other Loan Document, to the extent that the Administrative Agent or the Issuing Bank is not reimbursed for such
by the Loan Parties. The undertaking in this Section shall survive termination of the Commitments, the payment of all other Obligations and the resignation of the Administrative Agent. 

Section 9.09 Collateral and Guaranty Matters. 
 (a) The Secured Parties irrevocably authorize the Administrative Agent, at its option and in its discretion, without the necessity of any notice to or further consent from the Secured Parties: 

(i) to enter into the Intercreditor Agreement (including any and all amendments, amendments and restatements,
modification, supplements and acknowledgements thereto) from time to time; 
 (ii) to release any Lien on any
property granted to or held by the Administrative Agent under any Security Document (v) upon termination of the Commitments and payment in full of all Obligations (other than contingent indemnification obligations and Obligations that are
otherwise cash-collateralized in accordance with the terms hereof) and the expiration or termination of all Letters of Credit, (w) that is sold or to be sold as part of or in connection with any sale permitted hereunder or under any other Loan
Document, (x) with respect to any assignment of rights under the respective terminated Internal Charter only, upon the occurrence of an Internal Charter Unwind Trigger, (y) with respect to any applicable Subsidiary, upon the occurrence of
a Contract Unwind Trigger, or (z) subject to Section 10.01, if approved, authorized or ratified in writing by all of the Lenders; 
 (iii) to take any actions, including execution on behalf of the Secured Parties, with respect to any Collateral or Security Documents which may be necessary to perfect and maintain Acceptable Security
Interests in and Liens upon the Collateral granted pursuant to the Security Documents. 
 (iv) to take any action
in exigent circumstances as may be reasonably necessary to preserve any rights or privileges of the Secured Parties under the Loan Documents or applicable Legal Requirements. 
 (b) Upon the written request of the Administrative Agent at any time, the Lenders will confirm in writing the Administrative Agent’s authority to release particular types or items of Collateral
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 (c) Each Loan Party hereby irrevocably appoints the Administrative Agent as such Loan
Party’s attorney-in-fact, with full authority to, after the occurrence of an Event of Default, act for such Loan Party and in the name of such Loan Party to, in the Administrative Agent’s discretion upon the occurrence and during the
continuance of an Event of Default, file one or more financing or continuation statements, and amendments thereto, relative to all or any part of the Collateral without the signature of such Loan Party where permitted by law, to receive, endorse,
and collect any drafts or other instruments, documents, and chattel paper which are part of the Collateral, and to ask, demand, collect, sue for, recover, compromise, receive, and give acquittance and receipts for moneys due and to become due under
or in respect of any of the Collateral and to file any claims or take any action or institute any proceedings which the Administrative Agent may reasonably deem necessary or desirable for the collection of any of the Collateral or otherwise to
enforce the rights of the Administrative Agent with respect to any of the Collateral. The power of attorney granted hereby is coupled with an interest and is irrevocable. 
 (d) If any Loan Party fails to perform any covenant contained in this Agreement or the other Security Documents, the Administrative Agent may itself perform, or cause performance of, such covenant, and
such Loan Party shall pay for the reasonable out-of-pocket expenses of the Administrative Agent incurred in connection therewith in accordance with Section 10.04. 
 (e) The powers conferred on the Administrative Agent under this Agreement and the other Security Documents are solely to protect its interest in the Collateral and shall not impose any duty upon it to
exercise any such powers. Beyond the safe custody thereof, the Administrative Agent and each Lender shall have no duty with respect to any Collateral in its possession or control (or in the possession or control of any agent or bailee) or with
respect to any income thereon or the preservation of rights against prior parties or any other rights pertaining thereto. The Administrative Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in
its possession if the Collateral is accorded treatment substantially equal to that which the Administrative Agent accords its own property. Neither the Administrative Agent nor any Lender shall be liable or responsible for any loss or damage to any
of the Collateral, or for any diminution in the value thereof, by reason of the act or omission of any warehouseman, carrier, forwarding agency, consignee, broker or other agent or bailee selected by the Borrowers or selected by the Administrative
Agent in good faith. 
 ARTICLE X. 
 MISCELLANEOUS 
 Section 10.01 Amendments, Etc. No amendment or
waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by any Borrower or any other Loan Party therefrom, shall in any event be effective unless the same shall be in writing and signed by either the
Majority Lenders or the quantum of Lenders indicated below and the applicable Borrowers or Loan Parties, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided,
however, that no amendment, waiver or consent shall: 
 (a) waive any condition set forth in Section 3.01 without
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 (b) waive any condition set forth in Section 3.02 as to any Borrowing under a
particular Tranche without the written consent of the Majority Lenders of such tranche; 
 (c) modify any of the provisions set
forth in Section 2.13 (or any related defined term) without the written consent of the Majority Lenders under the Letter of Credit Tranche; 
 (d) extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 7.02) without the written consent of such Lender or increase the aggregate
Commitments without the written consent of each Lender; 
 (e) postpone any date fixed by this Agreement or any other Loan
Document for any payment (other than optional prepayments) or mandatory prepayment of principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or under any other Loan Document without the written consent of each
Lender directly affected thereby; 
 (f) reduce the principal of, or the rate of interest specified herein on, any Advance or
Letter of Credit Obligation, or (subject to clause (iv) of the second proviso to this Section 10.01) any fees or other amounts payable hereunder or under any other Loan Document, or change the manner of computation of any financial
ratio (including any change in any applicable defined term) that would result in a reduction of any interest rate on any Advance or any fee payable hereunder without the written consent of each Lender directly affected thereby; provided,
however, that only the consent of the Majority Lenders shall be necessary to waive any obligation of any Borrower to pay interest at the rate specified in Section 2.05(d); 

(g) change Section 2.11 in a manner that would alter the pro rata sharing of payments required thereby without the written
consent of each Lender; 
 (h) change any provision of this Section or the definition of “Majority Lenders” or any
other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender; 

(i) release any Guarantor from its guaranty of the Obligations or any of the Collateral without the written consent of each Lender,
unless otherwise permitted by the terms hereof; 
 (j) amend Section 7.06 without the written consent of each
Lender; 
 and, provided further, that (i) no amendment, waiver or consent shall, unless in writing and signed by the Issuing Bank
in addition to the Lenders required above, affect the rights or duties of the Issuing Bank under this Agreement or any Letter of Credit Application relating to any Letter of Credit issued or to be issued by it; (ii) no amendment, waiver or
consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document;
(iii) Section 10.06(g) may not be amended, waived or otherwise modified without the consent of each Granting Lender all or any part of whose Advances are being funded by an SPC

  
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at the time of such amendment, waiver or other modification; and (iv) the Commitment Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the
parties thereto. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the
consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended without the
consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the
consent of such Defaulting Lender. 
 Section 10.02 Notices, Etc. 

(a) General. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as
provided in paragraph (c) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail, sent by telecopier or (subject
to subsection (c) below) electronic mail address as follows: 
 (i) if to the Borrowers or any other Loan
Party, the Administrative Agent or the Issuing Bank, to the address, facsimile number, electronic mail address or telephone number specified for such Person on Schedule 10.02 or to such other address, facsimile number, electronic mail
address or telephone number as shall be designated by such party in a notice to the other parties pursuant to this Section; and 
 (ii) if to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative Questionnaire or to such other address, facsimile number,
electronic mail address or telephone number as shall be designated by such party in a notice to the Administrative Agent and the Borrowers. 
 Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by telecopier shall be deemed to have been
given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices delivered through electronic communications
to the extent provided in paragraph (c) below, shall be effective as provided in said paragraph (c). In no event shall a voicemail message be effective as a notice, communication or confirmation hereunder. 

(b) Effectiveness of Facsimile Documents and Signatures. Loan Documents may be transmitted and/or signed by facsimile. The
effectiveness of any such documents and signatures shall, subject to applicable Legal Requirements, have the same force and effect as manually-signed originals and shall be binding on all Loan Parties, the Administrative Agent and the Lenders. The
Administrative Agent may also require that any such documents and signatures be confirmed by a manually-signed original thereof; provided, however, that the failure to request or deliver the same shall not limit the effectiveness of
any facsimile document or signature. 

  
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 (c) Limited Use of Electronic Mail. Notices and other communications to the Lenders
and the Issuing Bank hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not
apply to notices to any Lender or the Issuing Bank pursuant to Article II if such Lender or the Issuing Bank, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic
communication. The Administrative Agent or the Borrowers may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of
such procedures may be limited to particular notices or communications. Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt
of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not sent
during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient, and (ii) notices or communications posted to an Internet or
intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the
website address therefor. 
 (d) Reliance by Administrative Agent. The Administrative Agent and the Issuing Bank shall be
entitled to rely and act upon any notices (including telephonic Borrowing Notices) believed in good faith to have been given by an authorized officer of any Borrower even if (i) such notices were not made in a manner specified herein, were
incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. EACH BORROWER
SHALL INDEMNIFY THE ADMINISTRATIVE AGENT AND THE ISSUING BANK FROM ALL
LOSSES, COSTS, EXPENSES AND LIABILITIES RESULTING FROM SUCH RELIANCE TO THE
EXTENT SET FORTH IN SECTION 10.05. All telephonic notices to and other communications with the Administrative Agent may be recorded by the Administrative Agent, and
each of the parties hereto hereby consents to such recording. 
 Section 10.03 No Waiver; Cumulative Remedies. No
failure on the part of any Lender or the Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of
any such right preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided in this Agreement are cumulative and not exclusive of any
rights, remedies, powers and privileges provided by Legal Requirements. 
 Section 10.04 Costs and Expenses. Each
Borrower shall pay (i) all reasonable, documented out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees, charges and disbursements of one counsel for the Administrative Agent and, if
necessary, of one local or special counsel in any relevant material jurisdiction or specialty), and shall pay all reasonable fees and time charges and disbursements for attorneys 

  
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who may be employees of the Administrative Agent, in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and
administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all
reasonable out-of-pocket expenses incurred by the Issuing Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred by the
Administrative Agent, any Lender or the Issuing Bank (including the fees, charges and disbursements of one counsel for the Administrative Agent, the Lenders and the Issuing Bank and, if necessary, of one local or special counsel in any relevant
material jurisdiction or specialty), and shall pay all fees and time charges for attorneys who may be employees of the Administrative Agent, any Lender or the Issuing Bank, in connection with the enforcement or protection of its rights (A) in
connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with the Advances made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during
any workout, restructuring or negotiations in respect of such Advances or Letters of Credit. The foregoing costs and expenses may include, as appropriate, search, filing, recording, title insurance and appraisal charges and fees and taxes related
thereto, and other out-of-pocket expenses incurred by the Administrative Agent and the cost of independent public accountants and other outside experts retained by the Administrative Agent. All amounts due under this Section 10.04 shall
be payable within ten Business Days after demand therefor. The agreements in this Section shall survive the termination of the Commitments and repayment of all other Obligations. 

Section 10.05 Indemnification. Each Loan Party shall indemnify the Administrative Agent, each Lender, the Issuing Bank and
each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all liabilities, obligations, losses, damages, penalties, claims, demands,
actions, judgments, suits, costs, expenses, or disbursements (including all fees, expenses and disbursements of one law firm or other external counsel (and, in the case of an actual or potential conflict of interest, one additional counsel to the
affected Indemnified Parties taken as a whole (and, if necessary, of one local or special counsel in any relevant material jurisdiction or specialty) and, without duplication, the allocated cost of internal legal services and all expenses and
disbursements of internal counsel) of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against any Indemnitee in any way relating to or arising out of or in connection with (a) the execution, delivery,
enforcement, performance, or administration of this Agreement, any Loan Document, or any other agreement, letter or instrument delivered in connection with the transactions contemplated thereby or the consummation of the transactions contemplated
thereby, (b) any Commitment, Advance or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in
connection with such demand do not strictly comply with the terms of such Letter of Credit), (c) any action taken or omitted by the Administrative Agent or the Issuing Bank under this Agreement or any other Loan Document (including the
Administrative Agent’s and the Issuing Bank’s own negligence), (d) any actual or alleged presence or Release of Hazardous Materials on or from any property currently or formerly owned or operated by any Borrower, any Subsidiary or any
other Loan Party, or any 

  
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Environmental Liability related in any way to any Borrower, any Subsidiary or any other Loan Party, or (e) any actual or prospective claim, litigation, investigation or proceeding relating
to any of the foregoing, whether based on contract, tort or any other theory (including any investigation of, preparation for, or defense of any pending or threatened claim, investigation, litigation or proceeding) and regardless of whether any
Indemnitee is a party thereto (all the foregoing, collectively, the “Indemnified Liabilities”); provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such liabilities, obligations, losses, damages,
penalties, claims, demands, actions, judgments, suits, costs, expenses or disbursements are (i) determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct
of such Indemnitee or a material breach of the Loan Documents arising from such Indemnitee becoming or being a Defaulting Lender, or (ii) the result of claims by a Lender against another Lender (x) that have not resulted from the action or
inaction of any Borrower or any of any Borrower’s subsidiaries or (y) not relating to any action or inaction of such Lender in its capacity as Administrative Agent. This Section 10.05 shall not apply with respect to Taxes other than
any Taxes that represent any liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses or disbursements arising from any non-Tax claim. 

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LEGAL REQUIREMENTS, NO PARTY OR INDEMNITEE SHALL ASSERT, AND HEREBY WAIVES, ANY CLAIM
AGAINST ANY OTHER PARTY, ON ANY THEORY OF LIABILITY, FOR SPECIAL, EXEMPLARY, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES (AS OPPOSED TO DIRECT OR ACTUAL DAMAGES) ARISING OUT OF, IN CONNECTION WITH, OR AS A RESULT OF, THIS AGREEMENT, ANY OTHER LOAN
DOCUMENT OR ANY AGREEMENT OR INSTRUMENT CONTEMPLATED HEREBY, THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, ANY ADVANCE OR LETTER OF CREDIT OR THE USE OF THE PROCEEDS THEREOF. 

ALL AMOUNTS DUE UNDER THIS SECTION 10.05 SHALL BE PAYABLE WITHIN TEN BUSINESS DAYS AFTER DEMAND THEREFOR. THE AGREEMENTS
IN THIS SECTION SHALL SURVIVE THE RESIGNATION OF THE ADMINISTRATIVE AGENT, THE REPLACEMENT OF ANY LENDER, THE TERMINATION OF THE COMMITMENTS AND THE REPAYMENT, SATISFACTION OR DISCHARGE OF ALL THE OTHER OBLIGATIONS. 

Section 10.06 Successors and Assigns. 
 (a) Generally. The terms and provisions of this Agreement and the other Loan Documents shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby, except that no Borrower may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender and no Lender may assign or otherwise transfer any of its rights or
obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of subsection (b) of this Section, (ii) by way of participation in accordance with the provisions of subsection (d) of this Section,
(iii) by way of pledge or assignment of a security interest subject to the restrictions 

  
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of subsection (f) or (i) of this Section, or (iv) to an SPC in accordance with the provisions of subsection (g) of this Section (and any other attempted assignment or transfer
by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the
extent provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b) Assignments by Lenders. Any Lender may assign to one or more Eligible Assignees all or any portion of its rights and
obligations under this Agreement (including, without limitation, all or a portion of its Commitments, the Advances owing to it, participations in Letter of Credit Obligations) at the time owing to it; provided, however, that 

(i) except in the case of (A) an assignment of the entire remaining amount of the assigning Lender’s Commitment
and the Advances being assigned at the time owing to it, (B) an assignment to a Lender or an Affiliate of a Lender or an Approved Fund (as defined in subsection (g) of this Section) with respect to a Lender or (C) an assignment at any
time that an Event of Default shall have occurred and be continuing, the aggregate amount of the Commitments and Advances of such Lender assigned pursuant to each such assignment (determined as of the date of the Assignment and Acceptance with
respect to such assignment) shall not be less than $5,000,000 unless each of the borrowers, the Administrative Agent and the Issuing Bank otherwise consent; 
 (ii) the parties to each such assignment shall execute and deliver to the Administrative Agent, for its acceptance and recording in the Register, an Assignment and Acceptance; 

(iii) each Eligible Assignee (other than an Eligible Assignee that is a Lender or an Affiliate of a Lender) shall pay to
the Administrative Agent a $3,500 processing and recording fee unless waived by the Administrative Agent; and 

(iv) in connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment
shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution
thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Borrowers and the Administrative Agent, the applicable
Pro Rata Share of Advances previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such
Defaulting Lender to the Administrative Agent or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Advances and participations in Letters of Credit in accordance with
its Pro Rata Share. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under Legal 

  
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Requirements without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such
compliance occurs. 
 Upon such execution, delivery, acceptance and recording thereof by the Administrative Agent
pursuant to paragraph (c) of this Section, from and after the effective date specified in each Assignment and Acceptance, (A) the Eligible Assignee thereunder shall be a party hereto for all purposes and, to the extent that rights and
obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, have the rights and obligations of a Lender hereunder and (B) such assigning Lender thereunder shall, to the extent that rights and obligations hereunder
have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of such
Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 2.08, 2.10, 10.04 and 10.05 with respect to facts
and circumstances occurring prior to the effective date of such assignment. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this
Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with subsection (d) of this Section. 
 (c) Register. The Administrative Agent, acting solely for this purpose as an agent of the Borrowers for tax purposes, shall maintain at its Applicable Lending Office a copy of each Assignment and
Acceptance delivered to and accepted by it and a register for the recordation of the names and addresses of the Lenders and the Commitments of, and principal amount (and stated interest) of the Advances owing to, each Lender from time to time (the
“Register”). The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and each of the Loan Parties, the Administrative Agent, the Issuing Bank, and the Lenders shall treat each Person
whose name is recorded in the Register as a Lender hereunder for all purposes of this Agreement. In addition, the Administrative Agent shall maintain on the Register information regarding the designation, and revocation of designation, of any Lender
as a Defaulting Lender. The Register shall be available for inspection by any Loan Party or any Lender at any reasonable time and from time to time upon reasonable prior notice. 

(d) Participations. Any Lender may at any time, without the consent of, or notice to, any Borrower or the Administrative Agent,
sell participations to any Person (other than a natural person, a Defaulting Lender, a Borrower or any of the Borrowers’ Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights
and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Advances (including such Lender’s participations in Letter of Credit Obligations) owing to it); provided that (i) such Lender’s
obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrowers, the Administrative Agent and the other
Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation

  
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shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that
such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in the first proviso to Section 10.01 that directly affects such
Participant. Subject to subsection (e) of this Section, each Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.07, 2.08, 2.10, 10.04 and 10.05 to the same extent as if
it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 7.05 as though it were a
Lender, provided such Participant agrees to be subject to Section 2.11 as though it were a Lender. 
 (e) A
Participant shall not be entitled to receive any greater payment under Section 2.08 or 2.10 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale
of the participation to such Participant is made with the Borrowers’ prior written consent. A Participant shall not be entitled to the benefits of Section 2.10 unless the Borrowers are notified of the participation sold to such
Participant and such Participant agrees, for the benefit of the Borrowers, to comply with Section 2.10 as though it were a Lender. 
 (f) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to
secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

(g) Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”) may grant to a special
purpose funding vehicle identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrowers (an “SPC”) the option to provide all or any part of any Advance that such Granting Lender
would otherwise be obligated to make pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPC to fund any Advance, and (ii) if an SPC elects not to exercise such option or otherwise fails
to make all or any part of such Advance, the Granting Lender shall be obligated to make such Advance pursuant to the terms hereof. Each party hereto hereby agrees that (i) neither the grant to any SPC nor the exercise by any SPC of such option
shall increase the costs or expenses or otherwise increase or change the obligations of the Borrowers under this Agreement, (ii) no SPC shall be liable for any indemnity or similar payment obligation under this Agreement for which a Lender
would be liable, and (iii) the Granting Lender shall for all purposes, including the approval of any amendment, waiver or other modification of any provision of any Loan Document, remain the lender of record hereunder. The making of an Advance
by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Advance were made by such Granting Lender. In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive
the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior debt of any SPC, it will not institute against, or join any other Person in
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bankruptcy, reorganization, arrangement, insolvency, or liquidation proceeding under the laws of the United States or any State thereof. Notwithstanding anything to the contrary contained herein,
any SPC may (i) with notice to, but without prior consent of the Borrowers and the Administrative Agent and without paying any processing fee therefor, assign all or any portion of its right to receive payment with respect to any Advance to the
Granting Lender and (ii) disclose on a confidential basis any non-public information relating to its funding of Advances to any rating agency, commercial paper dealer or provider of any surety or Guarantee or credit or liquidity enhancement to
such SPC. 
 (h) Notwithstanding anything to the contrary contained herein, any Lender that is a Fund may create a security
interest in all or any portion of the Advances owing to it and the Note, if any, held by it to the trustee for holders of obligations owed, or securities issued, by such Fund as security for such obligations or securities, provided that
unless and until such trustee actually becomes a Lender in compliance with the other provisions of this Section 10.06, (i) no such pledge shall release the pledging Lender from any of its obligations under the Loan Documents and
(ii) such trustee shall not be entitled to exercise any of the rights of a Lender under the Loan Documents even though such trustee may have acquired ownership rights with respect to the pledged interest through foreclosure or otherwise.

 Section 10.07 Confidentiality. Each of the Administrative Agent and the Lenders agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being
understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority
(including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable Legal Requirements or by any subpoena or similar legal process, (d) to any other party hereto,
(e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder,
(f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee or Participant in, any of its rights or obligations under this
Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to any Loan Party and its obligations, (g) with the consent of the Borrowers or (h) to the extent such
Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent or any Lender on a nonconfidential basis from a source other than the Borrowers. For
purposes of this Section, “Information” means all information received from any Loan Party relating to any Loan Party or any of their respective businesses, other than any such information that is available to the Administrative Agent or
any Lender on a nonconfidential basis prior to disclosure by any Loan Party, provided that, in the case of information received from a Loan Party after the date hereof, such information is clearly identified at the time of delivery as
confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the
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information. The Borrowers hereby acknowledge that (a) the Administrative Agent will make available to the Lenders materials and/or information provided by or on behalf of the Borrowers
hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks or another similar electronic system (the “Platform”) and (b) certain of the Lenders may be “public-side”
Lenders (i.e., Lenders that do not wish to receive material non-public information with respect to the Parent or its securities) (each, a “Public Lender”). Each of the Borrowers hereby agrees that (w) all Borrower
Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by
marking Borrower Materials “PUBLIC,” the Borrowers shall be deemed to have authorized the Administrative Agent and the Lenders to treat such Borrower Materials as not containing any material non-public information with respect to the
Borrowers or any securities for purposes of United States Federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in this Section 10.07);
(y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Investor;” and (z) the Administrative Agent shall be entitled to treat any Borrower
Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform other than that which is designated “Public Investor.” 

Section 10.08 Execution in Counterparts. This Agreement may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page of this
Agreement by telecopy or other electronic means shall be effective as delivery of a manually executed counterpart of this Agreement. 
 Section 10.09 Survival of Representations, etc. All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in
connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the Administrative Agent and each Lender, regardless of any investigation made by
the Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any Advance, and shall continue in full force and effect as long
as any Advance or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding. 
 Section 10.10 Severability. If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability
of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with
valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such
provision in any other jurisdiction. 

  
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 Section 10.11 Interest Rate Limitation. Notwithstanding anything to the contrary
contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Legal Requirements (the “Maximum Rate”). If the
Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Advances or, if it exceeds such unpaid principal, refunded to the Borrowers. In
determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Legal Requirements, (a) characterize any payment that
is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest
throughout the contemplated term of the Obligations hereunder. 
 Section 10.12 The Platform. The Platform is
provided “as is” and “as available.” the Agent Parties (as defined below) do not warrant the accuracy or completeness of the Borrower Materials or the adequacy of the Platform, and expressly disclaim liability for errors in
or omissions from the Borrower Materials. No warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of third party rights or freedom from viruses or
other code defects, is made by the Administrative Agent, or any of its Related Parties (collectively, the “Agent Parties”) in connection with the Borrower Materials or the platform. In no event shall the Parent or any of its
Related Parties or any of the Agent Parties have any liability to any Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrowers’ or the Administrative
Agent’s transmission of Borrower Materials through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment to have
resulted from the gross negligence or willful misconduct of such Person; provided, however, that in no event shall any party hereto have any liability to any Person for indirect, special, incidental, consequential or punitive damages
(as opposed to direct or actual damages). 
 Section 10.13 Governing Law. This Agreement and each of the other Loan
Documents, other than the Ship Mortgages, shall be governed by and construed in accordance with the laws of the State of New York and the applicable laws of the United States of America. 

Section 10.14 Submission to Jurisdiction. 
 (a) Any legal action or proceeding with respect to this Agreement or any other Loan Document may be brought in the courts of the state of New York sitting in New York City or of the United States for the
Southern District of such state, and by execution and delivery of this Agreement, each Loan Party, the Administrative Agent and each Lender consents, for itself and in respect of its Property, to the non-exclusive jurisdiction of those courts. Each
Loan Party, the Administrative Agent and each Lender irrevocably waives any objection, including any objection to the laying of venue or based on the grounds of forum non conveniens, which it may now or hereafter have to the bringing of any
action or proceeding in such jurisdiction in respect of any Loan Document or other document related thereto. Each Loan Party, the Administrative Agent and each Lender waives personal service of any summons, complaint or other process, which may be
made by any other means permitted by the law of such state. 

  
 -133-

 (b) Each Loan Party has irrevocably appointed C T Corporation System (the “Process
Agent”), with an office on the date hereof at 111 Eighth Ave., New York, New York, 10011, as its agent to receive on its behalf and on behalf of its property service of copies of any summons or complaint or any other process which may be
served in any action in respect of this Agreement. Such service may be made by mailing or delivering a copy of such process to such Loan Party in care of the Process Agent at the Process Agent’s above address, and each Loan Party hereby
irrevocably authorizes and directs the Process Agent to accept such service on its behalf. As an alternative method of service, each Loan Party also irrevocably consents to the service of any and all process in any such action or proceeding by the
mailing of copies of such process to it at the address specified for it on the signature pages of this Agreement. 
 (c) Nothing
in this Section 10.14 shall affect the right of the Administrative Agent or any other Lender to serve legal process in any other manner permitted by law or affect the right of the Administrative Agent or any Lender to bring any action or
proceeding against any Loan Party (as a Borrower or as a Guarantor) in the courts of any other jurisdiction. 

Section 10.15 Waiver of Jury. Each party to this Agreement hereby expressly and irrevocably waives any right to trial by jury
of any claim, demand, action or cause of action arising under any Loan Document or in any way connected with or related or incidental to the dealings of the parties hereto or any of them with respect to any Loan Document, or the transactions related
thereto, in each case whether now existing or hereafter arising, and whether founded in contract or tort or otherwise; and each party hereby agrees and consents that any such claim, demand, action or cause of action shall be decided by court trial
without a jury, and that any party to this Agreement may file an original counterpart or a copy of this section with any court as written evidence of the consent of the signatories hereto to the waiver of their right to trial by jury. 

Section 10.16 Entire Agreement. This Agreement and the other Loan Documents represent the final agreement among the parties
and may not be contradicted by evidence of prior, contemporaneous, or subsequent oral agreements of the parties. There are no unwritten oral agreements among the parties. 
 Section 10.17 Judgment Currency. 
 (a) The obligations of the
Borrowers and the other Loan Parties hereunder and under the other Loan Documents to make payments in U.S. Dollars (the “Obligation Currency”) shall not be discharged or satisfied by any tender or recovery pursuant to any judgment
expressed in or converted into any currency other than the Obligation Currency, except to the extent that such tender or recovery results in the effective receipt by the Administrative Agent or a Lender or the Issuing Bank of the full amount of the
Obligation Currency expressed to be payable to the Administrative Agent, such Lender or the Issuing Bank under this Agreement or the other Loan Documents. If, for the purpose of obtaining or enforcing judgment against any Borrower or any other Loan
Party or in any court or in any jurisdiction, it becomes necessary to convert into or from any currency other than the Obligation Currency (such other currency being hereinafter referred to as the “Judgment Currency”) an amount due
in the Obligation Currency, the 

  
 -134-

 
conversion shall be made at the rate of exchange (as quoted by the Administrative Agent or if the Administrative Agent does not quote a rate of exchange on such currency, by a known dealer in
such currency designated by the Administrative Agent) determined, in each case, as of the date immediately preceding the day on which the judgment is given (such Business Day being hereinafter referred to as the “Judgment Currency Conversion
Date”). 
 (b) If there is a change in the rate of exchange prevailing between the Judgment Currency Conversion Date
and the date of actual payment of the amount due, such Loan Party covenants and agrees to pay, or cause to be paid, as a separate obligation and notwithstanding any judgment, such additional amounts, if any (but in any event not a lesser amount), as
may be necessary to ensure that the amount paid in the Judgment Currency, when converted at the rate of exchange prevailing on the date of payment, will produce the amount of the Obligation Currency which could have been purchased with the amount of
Judgment Currency stipulated in the judgment or judicial award at the rate of exchange prevailing on the Judgment Currency Conversion Date. 
 (c) For purposes of determining the rate of exchange for this Section, such amounts shall include any premium and costs payable in connection with the purchase of the Obligation Currency. 

Section 10.18 USA Patriot Act Notice. Each Lender and the Administrative Agent (for itself and not on behalf of any Lender)
hereby notifies the Loan Parties that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2003)) (the “Act”), it is required to obtain, verify and record information
that identifies each Loan Party, which information includes the name and address of such Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Loan Parties in accordance with the
Act. Each Loan Party shall, following a request by the Administrative Agent or any Lender, provide all documentation and other information that the Administrative Agent or such Lender reasonably requests in order to comply with its ongoing
obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Act. 

Section 10.19 Intercreditor Agreement. Each of the Loan Parties, the Administrative Agent the Issuing Bank and the Lenders
(i) consents to and ratifies the execution by the Administrative Agent of the Intercreditor Agreement and any amendments or supplements expressly contemplated thereby, (ii) hereby agrees that it will be bound by and will take no actions
contrary to the provisions of the Intercreditor Agreement and (iii) acknowledges that it has received a copy of the Intercreditor Agreement and that the exercise of certain of the Administrative Agent’s rights and remedies hereunder may be
subject to, and restricted by, the provisions of the Intercreditor Agreement. NOTWITHSTANDING ANY OTHER PROVISION CONTAINED IN THIS AGREEMENT, IN THE EVENT OF ANY CONFLICT OR INCONSISTENCY BETWEEN THE PROVISIONS OF THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT AND THE INTERCREDITOR AGREEMENT, THE INTERCREDITOR AGREEMENT SHALL CONTROL. 

  
 -135-

 Section 10.20 Special Provisions. 

(a) From and after the Closing Date, all Existing Letters of Credit will be deemed issued and outstanding under this Agreement and will
be governed as if issued under this Agreement. 
 (b) The Existing Lenders hereby waive any requirements for notice of
prepayment, minimum amounts of prepayments of Advances (as defined in the Existing Credit Agreement), ratable reductions of the commitments of the Lenders under the Existing Credit Agreement and ratable payments on account of the principal or
interest of any Advance (as defined in the Existing Credit Agreement) under the Existing Credit Agreement to the extent such prepayment, reductions or payments are required under the Existing Credit Agreement. 

(c) To the extent that any Advances are outstanding under the Existing Credit Agreement on the Closing Date, subject to the satisfaction
of the conditions precedent set forth in Article III, to the extent necessary to allocate the Advances ratably in accordance with the allocation of Commitments after giving effect to this Agreement, (a) each of the Lenders with a Commitment
shall be deemed to have assigned to each other Lender with Commitment, and each of such Lenders shall be deemed to have purchased from each of such other Lenders, at the principal amount thereof (together with accrued interest, if any), such
interests in the Advances outstanding on the Closing Date as shall be necessary in order that, after giving effect to all such assignments and purchases, such Advances will be held by Lenders with Commitments ratably in accordance with their
Commitments set forth on Schedule 2.01. The Lenders hereby confirm that, from and after the Closing Date, all participations of the Lenders in respect of Letters of Credit outstanding hereunder pursuant to Section 2.13 shall be
based upon such Lenders’ Pro Rata Share of the Commitment (after giving effect to this Agreement). 
 (d) The Subsidiary
Borrower hereby terminates, effective as of the Closing Date, in full the commitments under the Existing Credit Agreement. 

(e) The parties hereto have agreed that this Agreement is an amendment and restatement of the Existing Credit Agreement in its entirety
and the terms and provisions hereof supersede the terms and provisions thereof, and this Agreement is not a new or substitute credit agreement or novation of the Existing Credit Agreement. 

[Signature pages follow.] 

  
 -136-

 EXECUTED as of date first set forth above. 

 

					
	BORROWERS:
	
	OFFSHORE GROUP INVESTMENT LIMITED
		
	By:	 	 /s/ Paul A. Bragg

		 	Name:	 	Paul A. Bragg
		 	Title:	 	Chief Executive Officer
	
	VANTAGE DRILLING COMPANY
		
	By:	 	 /s/ Paul A. Bragg

		 	Name:	 	Paul A. Bragg
		 	Title:	 	Chief Executive Officer

  
 Signature
Page to RBC Revolving Credit Facility 

 
					
	GUARANTORS:
	
	VANTAGE DRILLING COMPANY
		
	By:	 	 /s/ Paul A. Bragg

		 	Name:	 	Paul A. Bragg
		 	Title:	 	Chief Executive Officer
	
	OFFSHORE GROUP INVESTMENT LIMITED
		
	By:	 	 /s/ Paul A. Bragg

		 	Name:	 	Paul A. Bragg
		 	Title:	 	Chief Executive Officer
	
	VANTAGE HOLDING HUNGARY KFT.
		
	By:	 	 /s/ Linda Ibrahim

		 	Name:	 	Linda Ibrahim
		 	Title:	 	Managing Director
		
	By:	 	 /s/ Julia Varga

		 	Name:	 	Julia Varga
		 	Title:	 	Managing Director
	
	VANTAGE INTERNATIONAL MANAGEMENT CO.
		
	By:	 	 /s/ Paul A. Bragg

		 	Name:	 	Paul A. Bragg
		 	Title:	 	Chief Executive Officer

  
 Signature
Page to RBC Revolving Credit Facility 

 
					
	VANTAGE DRILLING NETHERLANDS B.V.
		
	By:	 	 /s/ Linda J. Ibrahim

		 	Name:	 	Linda Jovana Ibrahim
		 	Title:	 	Managing Director A
		
	By:	 	 /s/ TMF Management B.V.

		 	Name:	 	TMF Management B.V.
		 	Title:	 	Managing Director B
		
	By:	 	 /s/ TMF Management B.V.

		 	Name:	 	TMF Management B.V.
		 	Title:	 	Managing Director B
	
	P2021 RIG CO.
		
	By:	 	 /s/ Paul A. Bragg

		 	Name:	 	Paul A. Bragg
		 	Title:	 	Chief Executive Officer
	
	P2020 RIG CO.
		
	By:	 	 /s/ Paul A. Bragg

		 	Name:	 	Paul A. Bragg
		 	Title:	 	Chief Executive Officer
	
	VANTAGE DRILLER I CO
		
	By:	 	 /s/ Paul A. Bragg

		 	Name:	 	Paul A. Bragg
		 	Title:	 	Chief Executive Officer

  
 Signature
Page to RBC Revolving Credit Facility 

 
					
	VANTAGE DRILLER II CO
		
	By:	 	 /s/ Paul A. Bragg

		 	Name:	 	Paul A. Bragg
		 	Title:	 	Chief Executive Officer
	
	VANTAGE DRILLER III CO
		
	By:	 	 /s/ Paul A. Bragg

		 	Name:	 	Paul A. Bragg
		 	Title:	 	Chief Executive Officer
	
	VANTAGE DRILLER IV CO.
		
	By:	 	 /s/ Paul A. Bragg

		 	Name:	 	Paul A. Bragg
		 	Title:	 	Chief Executive Officer
	
	SAPPHIRE DRILLER COMPANY
		
	By:	 	 /s/ Paul A. Bragg

		 	Name:	 	Paul A. Bragg
		 	Title:	 	Chief Executive Officer
	
	EMERALD DRILLER COMPANY
		
	By:	 	 /s/ Paul A. Bragg

		 	Name:	 	Paul A. Bragg
		 	Title:	 	Chief Executive Officer

  
 Signature
Page to RBC Revolving Credit Facility 

 
					
	VANTAGE HOLDINGS MALAYSIA I CO.
		
	By:	 	 /s/ Paul A. Bragg

		 	Name:	 	Paul A. Bragg
		 	Title:	 	Chief Executive Officer
	
	VANTAGE DRILLING (MALAYSIA) I SDN. BHD.
		
	By:	 	 /s/ Ronald J. Nelson

		 	Name:	 	Ronald J. Nelson
		 	Title:	 	Director
	
	VANTAGE DRILLING LABUAN I LTD.
		
	By:	 	 /s/ Ronald J. Nelson

		 	Name:	 	Ronald J. Nelson
		 	Title:	 	Director
	
	DRAGONQUEST HOLDINGS COMPANY
		
	By:	 	 /s/ Paul A. Bragg

		 	Name:	 	Paul A. Bragg
		 	Title:	 	Chief Executive Officer
	
	VANTAGE DRILLING POLAND – LUXEMBOURG BRANCH
		
	By:	 	 /s/ Ian Foulis

		 	Name:	 	Ian Foulis
		 	Title:	 	Branch Manager

  
 Signature
Page to RBC Revolving Credit Facility 

 
					
	VANTAGE HOLDINGS CYPRUS ODC LIMITED
		
	By:	 	 /s/ Mark Howell

		 	Name:	 	Mark Howell
		 	Title:	 	Director
	
	PT. VANTAGE DRILLING COMPANY INDONESIA
		
	By:	 	 /s/ David Tait

		 	Name:	 	David Tait
		 	Title:	 	Director
	
	TUNGSTEN EXPLORER COMPANY
		
	By:	 	 /s/ Paul A. Bragg

		 	Name:	 	Paul A. Bragg
		 	Title:	 	Chief Executive Officer
	
	VANTAGE DELAWARE HOLDINGS, LLC
		
	By:	 	 /s/ Paul A. Bragg

		 	Name:	 	Paul A. Bragg
		 	Title:	 	Chief Executive Officer
	
	VANTAGE DEEPWATER COMPANY
		
	By:	 	 /s/ Paul A. Bragg

		 	Name:	 	Paul A. Bragg
		 	Title:	 	Chief Executive Officer

  
 Signature
Page to RBC Revolving Credit Facility 

 
			
	VANTAGE DEEPWATER DRILLING, INC.
		
	By:	 	 /s/ Paul A. Bragg

	Name:	 	Paul A. Bragg
	Title:	 	Chief Executive Officer

  
 Signature
Page to RBC Revolving Credit Facility 

 
			
	ADMINISTRATIVE AGENT:
	
	ROYAL BANK OF CANADA, as Administrative Agent
		
	By:	 	 /s/ Yvonne Brazier

	Name:	 	Yvonne Brazier
	Title:	 	

  
 Signature
Page to RBC Revolving Credit Facility 

 
			
	LENDERS:
	
	ROYAL BANK OF CANADA
		
	By:	 	 /s/ Kristan Spivey

	Name:	 	Kristan Spivey
	Title:	 	Authorized Signatory

  
 Signature
Page to RBC Revolving Credit Facility 

 
			
	CITICORP NORTH AMERICA, INC., as Lender
		
	By	 	 /s/ David Tuder

	Name:	 	David Tuder
	Title:	 	Vice President

  
 Signature
Page to RBC Revolving Credit Facility 

 
			
	Name of Institution:
	
	Deutsche Bank AG New York Branch, as Lender
		
	By:	 	 /s/ Michael Getz

	Name:	 	Michael Getz
	Title:	 	Vice President
	
	For any Lender requiring a second signature line:
		
	By:	 	 /s/ Marcus M. Tarkington

	Name:	 	Marcus M. Tarkington
	Title:	 	Director

  
 Signature
Page to RBC Revolving Credit Facility 

 
			
	BANK OF AMERICAN, N.A. as Lender
		
	By:	 	 /s/ Julie Castano

	Name:	 	Julie Castano
	Title:	 	SVP
	
	JEFFRIES GROUP LLC
		
	By:	 	 /s/ John Stacconi

	Name:	 	John Stacconi
	Title:	 	Global Treasurer

  
 Signature
Page to RBC Revolving Credit Facility 

 EXHIBIT A 
 FORM OF ASSIGNMENT AND ACCEPTANCE AGREEMENT 
 This ASSIGNMENT AND
ACCEPTANCE AGREEMENT (this “Assignment and Acceptance”) is dated as of the Effective Date set forth below and is entered into by and between [the][each]1 Assignor identified in item 1 below ([the][each, an] “Assignor”) and [the][each]2 Assignee identified in item 2 below ([the][each, an]
“Assignee”). [It is understood and agreed that the rights and obligations of [the Assignors][the
Assignees]3 hereunder are several and not joint.]4 Capitalized terms used but not defined herein shall have the meanings
given to them in the Credit Agreement identified below (as amended, supplemented, restated or otherwise modified from time to time, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by [the][each] Assignee.
The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Acceptance as if set forth herein in full. 

For an agreed consideration, [the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and
[the][each] Assignee hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the
Administrative Agent as contemplated below (i) all of [the Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective capacities as Lenders] under the Credit Agreement and any other
documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of [the Assignor][the respective Assignors] under the respective
facilities identified below (including without limitation any letters of credit, guarantees and swingline loans included in such facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of
action and any other right of [the Assignor (in its capacity as a Lender)][the respective Assignors (in their respective capacities as Lenders)] against any Person, whether known or unknown, arising under or in connection with the Credit Agreement,
any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims,
statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant
to clauses (i) and (ii) above being referred to herein collectively as [the][an] “Assigned Interest”). Each such sale and assignment is without recourse to [the][any] Assignor and, except as expressly provided in this
Assignment and Acceptance, without representation or warranty by [the][any] Assignor. 
  

									
	 1.
	  	Assignor[s]:	  		  	 	  	
					
		  		  		  	 	  	
					
	 2.
	  	Assignee[s]:	  		  	 	  	
					
		  		  		  	 	  	

 [for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]] 

 
  

	1 	For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a single Assignor, choose the first bracketed language. If
the assignment is from multiple Assignors, choose the second bracketed language. 

	2 	For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a single Assignee, choose the first bracketed language. If
the assignment is to multiple Assignees, choose the second bracketed language. 

	3 	Select as appropriate. 

	4 	Include bracketed language if there are either multiple Assignors or multiple Assignees. 

					
	 3.
	  	Borrowers:	  	OFFSHORE GROUP INVESTMENT LIMITED, a Cayman Islands exempted company and VANTAGE DRILLING COMPANY, a Cayman Islands exempted company
			
	 4.
	  	Administrative	  	
		  	Agent:	  	ROYAL BANK OF CANADA, as the administrative agent under the Credit Agreement
			
	 5.
	  	Credit Agreement:	  	The Amended and Restated Credit Agreement dated as of March 28, 2013 among the Borrowers, the Guarantors party thereto, the other lenders party thereto from time to time, Royal
Bank of Canada, as Administrative Agent and RBC Capital Markets, as Sole Lead Arranger and Sole Bookrunner
			
	 6.
	  	Assigned Interest[s]:	  	

  

									
	 Assignor[s]
	  	 Assignee[s]
	  	 Aggregate Amount of

Commitment/Advances

for all Lenders5
	  	 Amount of

Commitment/Advances

Assigned6
	  	 Percentage of Assigned

Commitment/Advances7

					
		  		  	$	  	$	  	
					
		  		  	$	  	$	  	
					
		  		  	$	  	$	  	

  

	7.	Trade Date:
                                         
               8 

 Effective Date:
                    ,     20    [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL
BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
 [Signature Page Follows] 

 
  

	5 	Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date.

	6 	Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date.

	7 	Set forth, to at least 9 decimals, as a percentage of the Commitment/Advances of all Lenders thereunder. 

	8 	To be completed if the Assignor(s) and the Assignee(s) intend that the minimum assignment amount is to be determined as of the Trade Date. 

 The terms set forth in this Assignment and Acceptance are hereby agreed to: 

 

			
	ASSIGNOR[S]9
	
	[ASSIGNOR]
		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 
	 Address:
	 	
	
	[ASSIGNOR]
		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 
	 Address:
	 	
	
	ASSIGNEE[S]
	
	[ASSIGNEE]
		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 
	 Address:
	 	
	
	[ASSIGNEE]
		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 
	 Address:
	 	

  
  

	9 	 Add additional signature blocks as needed. 

			
	[Consented to and]10 Accepted:
	
	ROYAL BANK OF CANADA, as Administrative Agent
		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	[Consented to:]11
	
	[NAME OF RELEVANT PARTY]
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
  

	10 	 To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement. 

	11 	 To be added only if the consent of the Parent and/or other parties is required by the terms of the Credit Agreement. 

 ANNEX 1 
 To Assignment and Acceptance 
 STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ACCEPTANCE 
 1. Representations and Warranties. 
 1.1. Assignor[s]. [The][Each]
Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of [the][the relevant] Assigned Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and
(iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Acceptance and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to
(i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan
Documents or any collateral thereunder, (iii) the financial condition of the Borrowers, any of their Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the
Borrowers, any of their Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document. 
 1.2. Assignee[s]. [The][Each] Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and
Acceptance and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all the requirements to be an assignee under Section 10.06 of the Credit Agreement (subject to such
consents, if any, as may be required under Section 10.06 of the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of
[the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by [the] [such] Assigned Interest and either it, or the
Person exercising discretion in making its decision to acquire [the][such] Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the
opportunity to receive copies of the most recent financial statements delivered pursuant to Section 5.06 of the Credit Agreement, as applicable, and such other documents and information as it deems appropriate to make its own credit
analysis and decision to enter into this Assignment and Acceptance and to purchase [the][such] Assigned Interest, (vi) it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and
information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Acceptance and to purchase [the][such] Assigned Interest and (vii) attached to this Assignment and Acceptance is any
documentation required to be delivered by it pursuant to Section 2.10 of the Credit Agreement; and (b) agrees that (i) it will, independently and without reliance upon the Administrative Agent, [the][any] Assignor or any other
Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Documents, and (ii) it will perform in accordance with their
terms all of the obligations which by the terms of the Credit Documents are required to be performed by it as a Lender. 
 2. Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of [the][each] Assigned Interest (including payments of principal, interest, fees and
other amounts) to [the][the relevant] Assignor for amounts which have accrued to but excluding the Effective Date and to [the][the relevant] Assignee for amounts which have accrued from and after the Effective Date.1 

 
  

	1 	The Administrative Agent should consider whether this method conforms to its systems. In some circumstances, the following alternative language may be appropriate:

 “From and after the Effective Date, the Administrative Agent shall make all payments in respect of
[the][each] Assigned Interest (including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignee whether such amounts have accrued prior to, on or after the Effective Date. The Assignor[s] and the Assignee[s] shall
make all appropriate adjustments in payments by the Administrative Agent for periods prior to the Effective Date or with respect to the making of this assignment directly between themselves.” 

 3. General Provisions. This Assignment and Acceptance shall be binding upon, and
inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Acceptance may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed
counterpart of a signature page of this Assignment and Acceptance by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Acceptance. This Assignment and Acceptance shall be governed by, and construed in
accordance with, the law of the State of New York. 

 EXHIBIT B 

FORM OF JOINDER AGREEMENT 
                     , 20     

Royal Bank of Canada, as the Administrative Agent 

[                    ] 

[                    ] 

 

	 	Re:	Amended and Restated Credit Agreement, dated as of March 28, 2013 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time,
the “Credit Agreement”), among OFFSHORE GROUP INVESTMENT LIMITED, a Cayman Islands exempted company, VANTAGE DRILLING COMPANY, a Cayman Islands exempted company (collectively, the “Borrowers”), the Guarantors party
thereto, Royal Bank of Canada, as the Administrative Agent, the Lenders from time to time party thereto and RBC Capital Markets, as Sole Lead Arranger and Sole Bookrunner 

 Ladies and Gentlemen: 
 Reference is made to the Credit Agreement and to the
Guarantee set forth in Article VIII thereof in favor of the Administrative Agent, for the benefit of the Lenders (as heretofore amended, supplemented, modified or restated, the “Original Guaranty”; such Original Guaranty, as in
effect on the date hereof and as it may hereafter be amended, supplemented or otherwise modified from time to time, together with this Joinder Agreement, being the “Guaranty”). The capitalized terms defined in the Credit Agreement
and not otherwise defined herein are used herein as therein defined. 
 Section 1. Guaranty. 

(a) The undersigned hereby irrevocably, absolutely, and unconditionally guarantees to each Lender the prompt, complete, and full payment
when due, and no matter how the same shall become due, of all Obligations, as defined in the Credit Agreement, including all principal of and all interest on the Advances, and all other sums payable in connection therewith. 

(b) The undersigned hereby irrevocably, absolutely, and unconditionally guarantees to each Lender the prompt, complete and full payment,
when due, and no matter how the same shall become due, of all obligations and undertakings of the Borrowers to such Lender under, by reason of, or pursuant to any of the Loan Documents. 

(c) If the Borrowers shall for any reason fail to pay any Obligation, as and when such Obligation shall become due and payable, whether
at its stated maturity, as a result of the exercise of any power to accelerate, or otherwise, each of the undersigned will, upon demand by the Administrative Agent, pay such Obligation in full to the Administrative Agent for the benefit of the
Lender to whom such Obligation is owed. 
 (d) If either the Borrower or any of the undersigned fail to pay any Obligation as
described in the immediately preceding subsections (a), (b), or (c), each of the undersigned will incur the additional obligation to pay to the Administrative Agent, and each of the undersigned will forthwith upon demand by the Administrative Agent
pay to the Administrative Agent, the amount of any and all reasonable expenses, including fees and disbursements of the Administrative Agent’s counsel and of any experts or agents retained by the Administrative Agent, which the Administrative
Agent may incur as a result of such failure. 
 (e) The liability of each of the undersigned hereunder shall be limited to the
maximum amount of liability that can be incurred without rendering this Guaranty, as it relates to such Person, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount. 

 (f) The books and records of the Lenders showing the amount of any of the Obligations shall
be admissible in evidence in any action or proceeding, and shall be binding upon the Guarantors and conclusive for the purpose of establishing the amount of the Obligations. 
 Section 2. Obligations Under the Guaranty. The undersigned hereby agrees, as of the date first above written, to be bound as a Guarantor by all of the terms and conditions of the Guaranty to the
same extent as each of the other Guarantors thereunder. The undersigned further agrees, as of the date first above written, that each reference in the Guaranty to a “Guarantor” shall also mean and be a reference to the undersigned,
and each reference in any other Loan Document to a “Guarantor” shall also mean and be a reference to the undersigned. 
 Section 3. Counterparts; Effectiveness. This Joinder Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an
original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Joinder Agreement by telecopy shall be effective as delivery of a manually executed counterpart of
this Joinder Agreement. 
 Section 4. GOVERNING LAW; SUBMISSION TO JURISDICTION. 

(a) GOVERNING LAW. THIS GUARANTY SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW
YORK. 
 (b) SUBMISSION TO JURISDICTION. EACH OF THE UNDERSIGNED IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND
ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY SUPPLEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE UNDERSIGNED IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY
SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE UNDERSIGNED AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING
SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS JOINDER AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY
LENDER OR THE ISSUING BANK MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS JOINDER AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY OF THE UNDERSIGNED OR ANY OF THEIR PROPERTIES IN THE COURTS OF ANY JURISDICTION. 

(c) WAIVER OF VENUE. EACH OF THE UNDERSIGNED IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY SUPPLEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION.
EACH OF THE UNDERSIGNED HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 

(d) SERVICE OF PROCESS. EACH OF THE UNDERSIGNED HEREBY IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR IN
SECTION 10.14 OF THE CREDIT AGREEMENT. NOTHING IN THIS JOINDER AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

 Section 5. WAIVER OF JURY TRIAL. EACH OF THE UNDERSIGNED HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS JOINDER AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY THEORY). EACH OF THE UNDERSIGNED HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER
PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS JOINDER AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 Section 6. FINAL AGREEMENT. THIS JOINDER AGREEMENT
AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES HERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES HERETO. THERE ARE NO UNWRITTEN ORAL AGREEMENTS
BETWEEN THE PARTIES HERETO. 
 [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.] 

 IN WITNESS WHEREOF, the undersigned has executed and delivered this Joinder Agreement as of
the date first written above. 
  

			
	Very truly yours,
	
	[NAME]
	
	[NAME OF ADDITIONAL GUARANTOR]
		
	By:	 	 
		 	Name:
		 	Title:

  

	
	Address of Guarantor:
	
	  
	  
	  

 EXHIBIT C 

FORM OF COMPLIANCE CERTIFICATE 
 Reference is made to that certain Amended and Restated Credit Agreement, dated as of March 28, 2013 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time,
the “Credit Agreement”), among OFFSHORE GROUP INVESTMENT LIMITED, a Cayman Islands exempted company, VANTAGE DRILLING COMPANY, a Cayman Islands exempted company (collectively, the “Borrowers”), the Guarantors party
thereto, Royal Bank of Canada, as the Administrative Agent (in such capacity, including any successor thereto, the “Agent”), the Lenders from time to time party thereto and RBC Capital Markets, as Sole Lead Arranger and Sole
Bookrunner. Terms defined in the Credit Agreement and not otherwise defined in this Compliance Certificate (this “Compliance Certificate”) shall have the meanings defined for them in the Credit Agreement. Section references herein
relate to the Credit Agreement unless stated otherwise. In the event of any conflict between the calculations set forth in this Compliance Certificate and the manner of calculation required by the Credit Agreement, the terms of the Credit Agreement
shall govern and control. 
 The undersigned is the [Chief Executive Officer] [Chief Financial Officer] [Treasurer] [Chief
Accounting Officer] [Assistant Treasurer] [Finance Director] [Tax Director] of Vantage Drilling Company (the “Parent”), and certifies on behalf of the Parent, and not in his or her individual capacity, as follows: 

As of the date of this Compliance Certificate, no Default or Event of Default exists[, except as set forth in Annex [A] to this
Compliance Certificate, specifying the nature and extent thereof and the corrective action taken or proposed to be taken with respect thereto]. 
 This Compliance Certificate is delivered in accordance with Section 5.06(d) of the Credit Agreement. This Compliance Certificate is delivered for the fiscal [quarter][year] (the “Test
Period”) ended [        ], 20[    ] (the “Test Date”). Computations indicating compliance with respect to the covenant in Section 6.16 of the Credit Agreement
are set forth on Annex [A][B] to this Compliance Certificate. 
 [This Space Intentionally Left Blank] 

 The foregoing certifications, together with the computations set forth in Annex [A][B]
hereto and the financial statements delivered with this Compliance Certificate in support hereof, are made and delivered as of [        ], 20[    ] pursuant to
Section 5.06(d) of the Credit Agreement. 
  

			
	VANTAGE DRILLING COMPANY, a Cayman Islands exempted company
		
	By:	 	 
	Name:	 	
	Title:	 	[Chief Executive Officer] [Chief Financial Officer] [Treasurer] [Chief Accounting Officer] [Assistant Treasurer] [Finance Director] [Tax Director]

 Annex [A][B] 
 to Compliance Certificate 
 FOR THE FISCAL [QUARTER][YEAR]
ENDING [            ], 20[    ]. 
 1. Section 6.16 – Super Senior Debt to EBITDA Ratio. As of the date set forth above, the Super Senior Debt to EBITDA Ratio for the Parent and the Subsidiaries on a consolidated basis is
            :1.00. 
 The Super Senior Debt to EBITDA Ratio was computed
as follows: 
  

							
	1.	  	Total Super Senior Debt: (i) + (ii) =	  	 	$[            ]	  
			
		  	 (i)     Sum of all Loans outstanding:
	  	 	$[            ]	  
			
		  	 (ii)    Outstanding Letter of Credit Obligations other than Letter of Credit Obligations which have been
cash collateralized:
	  	 	$[            ]	  
			
	 to
	  		  			
			
	 2.
	  	Consolidated EBITDA1: (i) + (ii) +(iii) + (iv) + (v) – (vi) – (vii) =	  	 	$[            ]	  
			
		  	 (i)     Consolidated Net Income:
	  	 	$[            ]	  
			
		  	 (ii)    Consolidated Interest Expense:
	  	 	$[            ]	  
			
		  	 (iii)  charges against income for foreign, federal, state, and local taxes, depreciation and amortization expense
(including amortization of intangibles) and other non-cash charges2:
	  	 	$[            ]	  
			
		  	 (iv)   extraordinary or non-recurring losses:
	  	 	$[            ]	  
			
		  	 (v)    any net loss realized in connection with an asset sale:
	  	 	$[            ]	  
			
		  	 (vi)   extraordinary or non-recurring gains for such period:
	  	 	$[            ]	  
			
		  	 (vii) the income of any other Person (other than wholly-owned Subsidiaries):
	  	 	$[            ]	  

  

	1 	 If the Borrowers or any Restricted Subsidiary shall acquire or dispose of any business, asset or Vessel held by any wholly owned Person, during the
period of four fiscal quarters ending on the last day of the fiscal quarter immediately preceding the date of determination for which financial statements are available or approve and expect to consummate within 30 days of the date of determination
any such acquisition or disposition, then Consolidated EBITDA shall be calculated, in a manner reasonably satisfactory to the Administrative Agent, after giving pro forma effect to such acquisition (including the revenues of the properties acquired)
or disposition, as if such acquisition or disposition had occurred on the first day of such period. 

	2 	 Excluding (i) amortization of prepaid cash expenses that were paid in a prior period and (ii) any non-cash expense to the extent that it represents an
accrual of or reserve for cash expenses in any future period or amortization of a prepaid cash expense that was paid in a prior period. The amounts to be added back pursuant to this clause shall be added back only to the extent that a corresponding
amount would be permitted at the date of determination to be dividended to the Borrowers by such Loan Party without prior governmental approval (that has not been obtained), and without direct or indirect restriction pursuant to the terms of its
charter and all agreements, instruments, judgments, decrees, orders, statutes, rules and governmental regulations applicable to that Loan Party or its stockholders. 

 

			
	 The maximum Super Senior Debt to EBITDA Ratio is:
	  	            :1.00
		
	 In compliance
	  	[YES][NO]

 EXHIBIT D 
 FORM OF NOTICE OF BORROWING 
 Date:
[            ], 20[    ] 
 Royal Bank of Canada,
as the Administrative Agent 

[                    ] 

[                    ] 

Ladies and Gentlemen: 
 Reference is made to
the Amended and Restated Credit Agreement, dated as of March 28, 2013 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”), among OFFSHORE GROUP INVESTMENT
LIMITED, a Cayman Islands exempted company, VANTAGE DRILLING COMPANY, a Cayman Islands exempted company (collectively, the “Borrowers”), the Guarantors party thereto, Royal Bank of Canada, as the Administrative Agent, the Lenders
from time to time party thereto and RBC Capital Markets, as Sole Lead Arranger and Sole Bookrunner. Capitalized terms used but not defined herein shall have the respective meanings specified in the Credit Agreement. 

The Borrower hereby gives you notice (which notice shall be irrevocable) pursuant to Section 2.02 of the Credit Agreement that it requests an
Advance as specified below: 
  

					
	(1)	  	Applicable Borrower:	  	  

			
	(2)	  	Aggregate principal amount of proposed
Advance1:	  	$[            ]
			
	(3)	  	Requested Borrowing Date (which is a Business Day):	  	[                    ]
			
	(4)	  	Duration of Interest Period for proposed Eurodollar Advance:	  	[                    ]

 The Borrower hereby certifies that the following statements are true on and as of the date of the proposed Advance:

  

	 	(a)	The representations and warranties contained in the Credit Agreement and the other Loan Documents are correct in all material respects (provided that to the
extent any representation and warranty is qualified as to “Material Adverse Effect” or otherwise as to “materiality”, such representation and warranty is true and correct in all respects) on and as of the date hereof before and
after giving effect to the proposed Advance, except to the extent that any such representation or warranty specifically refers to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date
(provided that to the extent any representation and warranty is qualified as to “Material Adverse Effect” or otherwise as to “materiality”, such representation and warranty is true and correct in all respects);

  

	 	(b)	No Default has occurred and is continuing, or would result from such proposed Advance or from the application of the proceeds therefrom or from such issuance, extension
or increase of such Letter of Credit; and 

  

	 	(c)	The proposed Advance (together with all outstanding Advances and the Letter of Credit Exposure) will not exceed the maximum amount available under the Credit Agreement
for extensions of credit. 

  

	1 	 To be not less than $1,000,000 and in integral increments thereof. 

 
			
	[APPLICABLE BORROWER]
		
	By:	 	 
		 	Name:
		 	Title: [Chief Executive Officer] [Chief Financial Officer]
		 	           [Treasurer] [Chief Accounting Officer] [Assistant

          Treasurer] [Finance Director] [Tax Director]

 EXHIBIT E 
 FORM OF NOTICE OF CONTINUATION/CONVERSION 
 Date:
[            ], 20[    ] 
 Royal Bank of Canada,
as the Administrative Agent 

[                    ] 

[                    ] 

Ladies and Gentlemen: 
 Reference is made to
the Amended and Restated Credit Agreement, dated as of March 28, 2013 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”), among OFFSHORE GROUP INVESTMENT
LIMITED, a Cayman Islands exempted company, VANTAGE DRILLING COMPANY, a Cayman Islands exempted company (collectively, the “Borrowers”), the Guarantors party thereto, Royal Bank of Canada, as the Administrative Agent, the Lenders
from time to time party thereto and RBC Capital Markets, as Sole Lead Arranger and Sole Bookrunner. Capitalized terms used but not defined herein shall have the respective meanings specified in the Credit Agreement. 

Borrower hereby gives you notice pursuant to Section 2.02 of the Credit Agreement that it requests to Continue or convert Advances as specified
below: 
  

					
	(1)	  	Proposed [Continuance][Conversion] Date (which is a Business Day):	  	[                    ]
			
	(2)	  	Aggregate amount of Advances to be [converted][continued]:	  	$[            ]
			
	(3)	  	Duration of requested Interest Period for proposed Eurodollar Advance:	  	[                    ]

  

			
	[APPLICABLE BORROWER]
		
	By:	 	 
		 	Name:
		 	Title: [Chief Executive Officer] [Chief Financial Officer]
		 	           [Treasurer] [Chief Accounting Officer] [Assistant

          Treasurer] [Finance Director] [Tax Director]

 Execution Version 

SCHEDULES TO 

CREDIT AGREEMENT 

Dated as of March 28, 2013 
 among 
 OFFSHORE GROUP INVESTMENT LIMITED 

and 
 VANTAGE
DRILLING COMPANY, 
 as Borrowers, 
 VANTAGE DRILLING COMPANY 
 AND CERTAIN SUBSIDIARIES THEREOF PARTY HERETO,

 as Guarantors, 
 THE LENDERS FROM TIME TO TIME PARTY HERETO, 
 as Lenders, 

ROYAL BANK OF CANADA, 
 as Administrative Agent, 
 and 

RBC CAPITAL MARKETS(1), 
 as Sole Lead Arranger and Sole Bookrunner 
  

 

	(1)	 RBC Capital Markets is the global brand name for the corporate and investment banking businesses of Royal Bank of Canada and its affiliates.

  
 - 1 -

 SCHEDULE 1.01(a) 

CLOSING DATE GUARANTORS 

1. Vantage Drilling Company 
 2. Offshore Group
Investment Limited 
 3. Emerald Driller Company 
 4. Sapphire Driller Company 
 5. Vantage Driller I Co 

6. Vantage Driller II Co 
 7. Vantage Driller III
Co 
 8. Vantage Driller IV Co. 
 9.
Vantage International Management Co. 
 10. Vantage Holding Hungary, Kft. 
 11. Vantage Drilling Netherlands B.V. 
 12. P2021 Rig Co. 

13. P2020 Rig Co. 
 14. Vantage Holdings Malaysia
I Co. 
 15. Vantage Drilling (Malaysia) I Sdn. Bhd. 
 16. Vantage Drilling Labuan I Ltd. 
 17. Dragonquest Holdings Company 

18. Vantage Holdings Cyprus ODC Limited 
 19.
Vantage Drilling Poland-Luxembourg Branch 
 20. Vantage Deepwater Company 
 21. Vantage Delaware Holdings, LLC 
 22. Tungsten Explorer Company 

23. PT. Vantage Drilling Company Indonesia 
 24.
Vantage Deepwater Drilling, Inc. 

  
 - 2 -

 SCHEDULE 1.01(b) 

EXISTING DEBT 
  

	1.	That certain Term Loan Agreement dated October 25, 2012 between Vantage Drilling Company and Offshore Group Investment Limited, Vantage Delaware Holdings, LLC and
certain other subsidiaries of Vantage Drilling Company thereto, various lenders party thereto, Citibank, N.A., as administrative agent and Wells Fargo Bank, National Association, as collateral agent. 

 

	2.	That certain Second Term Loan Agreement dated March 28, 2013 between Vantage Drilling Company and Offshore Group Investment Limited and certain subsidiaries of
Vantage Drilling Company thereto, various lenders party thereto, Citibank, N.A., as administrative agent and Wells Fargo Bank, National Association, as collateral agent as collateral agent. 

 

	3.	$60,000,000 promissory note issued by Vantage Drilling Company to F3 Capital, an exempted company incorporated with limited liability under the laws of the Cayman
Islands. 

  
 - 3 -

 SCHEDULE 4.10 
 SUBSIDIARIES 
  

							
	 Subsidiary
	  	 Jurisdiction of

Formation
	  	 Registered Owner
	  	 Percentage of All

Such Outstanding
 Interests

	 Offshore Group Investment Limited
	  	Cayman Islands	  	Vantage Drilling Company	  	100%
	 Vantage Holding Hungary Kft.
	  	Hungary	  	Vantage Drilling Company	  	100%
	 Vantage Drilling Netherlands B.V.
	  	Netherlands	  	Vantage Holding Hungary Kft.	  	100%
	 Vantage International Management Co.
	  	Cayman Islands	  	Offshore Group Investment Limited	  	100%
	 Vantage Driller I Co
	  	Cayman Islands	  	Vantage Drilling Company	  	100%
	 Vantage Driller II Co
	  	Cayman Islands	  	Vantage Drilling Company	  	100%
	 Vantage Driller III Co
	  	Cayman Islands	  	Offshore Group Investment Limited	  	100%
	 Vantage Driller IV Co.
	  	Cayman Islands	  	Vantage Drilling Company	  	100%
	 Emerald Driller Company
	  	Cayman Islands	  	Offshore Group Investment Limited	  	100%
	 Sapphire Driller Company
	  	Cayman Islands	  	Offshore Group Investment Limited	  	100%
	 P2021 Rig Co.
	  	Cayman Islands	  	Offshore Group Investment Limited	  	100%
	 P2020 Rig Co.
	  	Cayman Islands	  	Offshore Group Investment Limited	  	100%
	 Vantage Holdings Malaysia I Co.
	  	Cayman Islands	  	Offshore Group Investment Limited	  	100%
	 Vantage Holdings Cyprus ODC Limited
	  	Cyprus	  	Offshore Group Investment Limited	  	100%
	 Vantage Drilling Poland Sp. z o.o.
	  	Poland	  	Vantage Holdings Cyprus ODC Limited	  	100%
	 Dragonquest Holdings Company
	  	Cayman Islands	  	Offshore Group Investment Limited	  	100%

  
 - 4 -

							
	 Subsidiary
	  	 Jurisdiction of

Formation
	  	 Registered Owner
	  	 Percentage of All

Such Outstanding
 Interests

	 Vantage Drilling (Malaysia) I Sdn. Bhd.
	  	Malaysia	  	Vantage Holdings Malaysia I Co.	  	100%
	 Vantage Drilling Labuan I Ltd.
	  	Malaysia	  	Vantage Holdings Malaysia I Co.	  	100%
	 Vantage Deepwater Company
	  	Cayman Islands	  	Offshore Group Investment Limited	  	100%
	 Vantage Deepwater Drilling, Inc.
	  	Delaware	  	Vantage Deepwater Company	  	100%
	 Vantage Energy Services, Inc.
	  	Delaware	  	Vantage Drilling Company	  	100%
	 Vantage International Payroll Company
	  	Cayman Islands	  	Vantage Drilling Company	  	100%
	 Vantage Driller V Co.
	  	Cayman Islands	  	Vantage Drilling Company	  	100%
	 Vantage Driller VI Co.
	  	Cayman Islands	  	Vantage Drilling Company	  	100%
	 Vantage International Management Company Pte Ltd
	  	Singapore	  	Vantage Drilling Company	  	100%
	 Vantage Luxembourg I SARL
	  	Luxembourg	  	Vantage Holding Hungary Kft.	  	100%
	 Vantage Project Holdings Company
	  	Cayman Islands	  	Vantage Drilling Company	  	100%
	 Tungsten Explorer Company
	  	Cayman Islands	  	Offshore Group Investment Limited	  	100%
	 PT. Vantage Drilling Company Indonesia
	  	Indonesia	  	Offshore Group Investment Limited	  	  95%
	 Vantage Drilling de Mexico SRL CV
	  	Mexico	  	 Vantage Holdings Caymans
 Vantage Driller V Co.
	  	     1%
   99%

	 Vantage Luxembourg II SARL
	  	Luxembourg	  	Vantage Holdings Caymans	  	100%
	 Advantage ODC Limited
	  	Cyprus	  	Vantage Holdings Caymans	  	100%
	 Platinum Explorer Company
	  	Cayman Islands	  	Vantage Holdings Caymans	  	100%
	 Titanium Explorer Company
	  	Cayman Islands	  	Vantage Holdings Caymans	  	100%

  
 - 5 -

							
	 Subsidiary
	  	 Jurisdiction of

Formation
	  	 Registered Owner
	  	 Percentage of All

Such Outstanding
 Interests

	 Cobalt Explorer Company
	  	Cayman Islands	  	Vantage Holdings Caymans	  	100%
	 Vantage Drilling de Brasil Servicos de Petroleo Ltda.
	  	Brazil	  	 Vantage Holdings Caymans
 Vantage Driller V Co.
	  	     1%
   99%

	 Vantage Deepwater Holdings Company
	  	Cayman Islands	  	Vantage Drilling Company	  	100%
	 Cobalt Explorer Holdings Company
	  	Cayman Islands	  	Vantage Deepwater Holdings Company	  	100%
	 Vantage Drilling Netherlands II BV
	  	Netherlands	  	Advantage ODC Limited	  	100%
	 Vantage Holdings Caymans
	  	Cayman Islands	  	Vantage Drilling Company	  	100%
	 Vantage Delaware Holdings, LLC
	  	Delaware	  	Offshore Group Investment Limited	  	100%

  
 - 6 -

 SCHEDULE 6.08 
 AFFILIATE TRANSACTIONS 
  

	1.	$60,000,000 promissory note issued by Vantage Drilling Company to F3 Capital, a exempted company incorporated with limited liability under the laws of the Cayman
Islands. 

  
 - 7 -

 SCHEDULE 6.15 
 BANK ACCOUNTS 
  

							
	 Bank
	  	 Location
	  	 Account Number
	  	 Account Name

	 JPMorgan Chase
	  	Houston, Texas	  	754142925	  	Vantage Drilling Company
	 JPMorgan Chase
	  	Houston, Texas	  	789984747	  	Offshore Group Investment Limited
	 JPMorgan Chase
	  	Houston, Texas	  	790308902	  	Vantage Driller I Co
	 JPMorgan Chase
	  	Houston, Texas	  	816934798	  	Vantage Driller I Company – Thailand Branch
	 JPMorgan Chase
	  	Bangkok, Thailand	  	6581115828	  	Vantage Driller I Company – Thailand Branch
	 JPMorgan Chase
	  	Bangkok, Thailand	  	6580118674	  	Vantage Driller I Company – Thailand Branch
	 JPMorgan Chase
	  	Houston, Texas	  	816607188	  	Emerald Driller Company
	 Unicredit Bank
	  	Hungary	  	4673590004	  	Vantage Holding Hungary Kft.
	 ING Bank N.V.
	  	Netherlands	  	020014538	  	Vantage Drilling Netherlands B.V.
	 ING Bank N.V.
	  	Netherlands	  	667589120	  	Vantage Drilling Netherlands B.V.
	 JPMorgan Chase
	  	Houston, Texas	  	816897656	  	Sapphire Driller Company
	 Pour Le Commerce Et L’Industrie Au Gabon
	  	Port Gentil, Gabon	  	00544200062	  	Sapphire Driller Company – Gabon Branch
	 Banque Internationale Pour Le Commerce Et L’Industrie De Cote D’Ivoire
	  	Ivory Coast	  	CI0060156101152580006280	  	Sapphire Driller Company – Ivory Coast Branch

  
 - 8 -

							
	 Bank
	  	 Location
	  	 Account Number
	  	 Account Name

	 JPMorgan Chase
	  	Houston, Texas	  	837372127	  	P2021 Rig Co.
	 JPMorgan Chase
	  	Houston, Texas	  	754454650	  	Vantage International Management Co.
	 DnB nor Bank ASA
	  	Singapore	  	41445001	  	Vantage International Management Co.
	 JPMorgan Chase
	  	New York	  	817606163	  	P2020 Rig Co.
	 JPMorgan Chase
	  	Kuala Lumpur, Malaysia	  	0076953114	  	Vantage Drilling Malaysia I Sdn. Bhd.
	 JPMorgan Chase
	  	Kuala Lumpur, Malaysia	  	0076953113	  	Vantage Drilling Malaysia I Sdn. Bhd.
	 JPMorgan Chase
	  	Kuala Lumpur, Malaysia	  	0076953116	  	Vantage Drilling Labuan I Ltd.
	 JPMorgan Chase
	  	Kuala Lumpur, Malaysia	  	0076953115	  	Vantage Drilling Labuan I Ltd.
	 Lloyds TSB
	  	Dubai, UAE	  	60610430622201	  	Vantage Driller III Co
	 Lloyds TSB
	  	Dubai, UAE	  	60610430622202	  	Vantage Driller III Co
	 Lloyds TSB
	  	Dubai, UAE	  	60610430622203	  	Vantage Driller III Co
	 Lloyds TSB
	  	Dubai, UAE	  	60610430622401	  	Vantage Driller III Co
	 JPMorgan Chase
	  	Houston, Texas	  	937547032	  	Vantage Driller III Co
	 JPMorgan Chase
	  	Houston, Texas	  	936942739	  	Vantage Deepwater Drilling, Inc.
	 JPMorgan Chase
	  	Houston, Texas	  	456773550	  	Vantage Deepwater Company
	 ING
	  	Luxembourg	  	LU860141344229803010	  	Vantage Drilling Poland – Luxembourg Branch
	 ING
	  	Luxembourg	  	LU910141544229800000	  	Vantage Drilling Poland – Luxembourg Branch
	 Eurobank EFG
	  	Cyprus	  	201100118656	  	Vantage Holdings Cyprus ODC, Ltd.
	 JPMorgan Chase
	  	Houston, Texas	  	938796638	  	Vantage Deepwater Drilling, Inc.
	 JPMorgan Chase
	  	Houston, Texas	  	113812580	  	Tungsten Explorer Company

  
 - 9 -

							
	 Bank
	  	 Location
	  	 Account Number
	  	 Account Name

	 Bank Mandiri
	  	Jakarta, Indonesia	  	1270006101628	  	PT. Vantage Drilling Company Indonesia
	 Bank Mandiri
	  	Jakarta, Indonesia	  	1270006101602	  	PT. Vantage Drilling Company Indonesia
	 Bank Sumselbabel
	  	Jakarta, Indonesia	  	1703150076	  	PT. Vantage Drilling Company Indonesia
	 Bank Sumselbabel
	  	Jakarta, Indonesia	  	1883050125	  	PT. Vantage Drilling Company Indonesia

  
 - 10 -

 SCHEDULE 10.02 

APPLICABLE LENDING OFFICE - ADDRESSES FOR NOTICE 
  

			
	To all Loan Parties:	  	c/o Vantage Drilling Company
		  	777 Post Oak Boulevard, Suite 800
		  	Houston, Texas 77056
		  	Facsimile No. (281)-404-4700
		  	Attention: Douglas Smith, Chief Financial Officer
		  	Website: http://www.vantagedrilling.com/
		
	with a copy to:	  	Fulbright and Jaworski L.L.P.
		  	1301 McKinney
		  	Suite 5100
		  	Houston, TX 77010-3095
		  	Facsimile No. (713) 651-5246
		  	Attention: Josh Agrons
		
	To the Administrative	  	
	    Agent:	  	Royal Bank of Canada - WFC Branch
		  	Three World Financial Center
		  	200 Vesey Street
		  	New York, NY 10281-8098
		
	With a copy to:	  	Royal Bank of Canada
		  	3900 Williams Tower
		  	2800 Post Oak Blvd.
		  	Houston, Texas 77056
		  	Attn: Jay Sartain

  
 - 11 -

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