Document:

EX-10.9.2

 Exhibit 10.9.2 
  

 

  
 

 

 PART II 

“BARECON 89” Standard Bareboat Charter 

 

	1.	Definitions 

 In this Charter, the following terms shall have the meanings hereby
assigned to them: 
 “The Owners” shall mean the person or company registered as Owners of the Vessel. 

“The Charterers” shall mean the Bareboat charterers and shall not be construed to mean a time charterer or a voyage
charterer. 
  

	5.	Trading Limits 

 The Vessel shall be employed in lawful trades within the trading
limits indicated in Box 19. 
 The Charterers undertake not to employ the Vessel or suffer the Vessel to be employed otherwise than in
conformity with the terms of the instruments of insurance (including any warranties expressed or implied therein) without first obtaining the consent to such employment of the Insurers and complying with such requirements as to extra premium or
otherwise as the insurers may prescribe. If required, the Charterers shall keep the Owners and the Mortgagees advised of the intended employment of the Vessel. 

The Charterers also undertake not to employ the Vessel or suffer her employment in any trade or business which is forbidden by the law of any
country to which the Vessel may sail or is otherwise illicit or in carrying illicit or prohibited goods or in any manner whatsoever which may render her liable to condemnation, destruction, seizure or confiscation. 

Notwithstanding any other provisions contained in this Charter it is agreed that nuclear fuels or radioactive products or waste are
specifically excluded from the cargo permitted to be loaded or carried under this Charter. This exclusion does not apply to radio-isotopes used or intended to be used for any industrial, commercial, agricultural, medical or scientific purposes
provided the Owners’ prior approval has been obtained to loading thereof. 
  

	7.	Inspection 

 Inspection.—The Owners shall have the right at any time
to inspect or survey the Vessel or instruct a duly authorised surveyor to carry out such survey on their behalf to ascertain the condition of the Vessel and satisfy themselves that the Vessel is being property repaired and maintained. Inspection or
survey in dry-dock shall be made only when the Vessel shall be in dry-dock for the Charterers’ purpose. However, the Owners shall have the right to require the Vessel to be dry-docked for inspection it the Charterers are not docking her at
normal classification intervals. The fees for such inspection or survey shall in the event of the Vessel being found to be in the condition provided in Clause 9 of this Charter be payable by the Owners and shall be paid by the Charterers only in the
event of the Vessel being found to require repairs or maintenance in order to achieve the condition so provided. All time taken in respect of inspection, survey or repairs shall count as time on hire and shall form part of the Charter period. 

The Charterers shall also permit the Owners to inspect the Vessel’s log books whenever requested and shall whenever required by the
Owners furnish them with full information regarding any casualties or other accidents or damage to the Vessel. For the purpose of this Clause, the Charterers shall keep the Owners advised of the intended employment of the Vessel.

	8.	Inventories and Consumable Oil and Stores 

 A complete inventory of the Vessel’s
entire equipment, outfit, appliances and of all consumable stores on board the Vessel shall be made by the Charterers in conjunction with the Owners on delivery and again on redelivery of the Vessel. The Charterers and the Owners, respectively,
shall at the time of delivery and redelivery take over and pay for all bunkers, lubricating oil, water and unbroached provisions, paints, oils, ropes and other consumable stores in the said Vessel at the then current market prices at the ports of
delivery and redelivery, respectively. 
  

	9.	Maintenance and Operation 

 (a) The Vessel shall during the charter period be in
the full possession and at the absolute disposal for all lawful purposes of the Charterers and under their complete control in every respect. The Charterers shall maintain the Vessel, her machinery, boilers, appurtenances and spare parts in a good
state of repair, in efficient operating condition and in accordance with good commercial maintenance practice and, except as provided for in Clause 13 (I), they shall keep the Vessel with unexpired classification of the class indicated in Box 10 and
with other required certificates in force at all times. 
 The Charterers to take immediate steps to have the necessary repairs done within
a reasonable time failing which the Owners shall have the right of withdrawing the Vessel from the service of the Charterers without noting any protest and without prejudice to any claim the Owners may otherwise have against the Charterers under the
Charter. 
 The Charterers are required to establish and maintain financial security or responsibility in respect of oil or other pollution
damage as required by any government, including Federal, state or municipal or other divison or authority thereof, to enable the Vessel, without penalty or charge, lawfully to enter, remain at, or leave any port, place, territorial or contiguous
waters of any country, state or municipality in performance of this Charter without any delay. This obligation shall apply whether or not such requirements have been lawfully imposed by such government or division or authority thereof. The
Charterers shall make and maintain all arrangements by bond or otherwise as may be necessary to satisfy such requirements at the Charterers’ sole expense and the Charterers shall indemnify the Owners against all consequences whatsoever
(including loss of time) for any failure or inability to do so. 
 (b) The Charterers shall at their own expense and by their own
procurement man, victual, navigate, operate, supply, fuel and repair the Vessel whenever required during the Charter period and they shall pay all charges and expenses of every kind and nature whatsoever Incidental to their use and operation of the
Vessel under this Charter, including any foreign general municipality and/or state taxes. The Master, officers and crew of the Vessel shall be the servants of the Charterers for all purposes whatsoever, even if for any reason appointed by the
Owners. 
 Charterers shall comply with the regulations regarding officers and crew in force in the country of the Vessel’s flag or
any other applicable law. 
 (d) The Charterers shall make no structural changes in the Vessel or changes in the machinery, boilers,
appurtenances or spare parts thereof without in each instance first securing the Owners’ approval thereof. If the Owners so agree, the Charterers shall, if the Owners so require, restore the Vessel to its former condition before the termination
of the Charter. 
 (e) The Charterers shall have the use of all outfit, equipment and appliances on board the Vessel at the time of
delivery, provided the same or their substantial equivalent shall be returned to the Owners on redelivery in the same good order and condition as when received, ordinary wear and tear excepted. The Charterers shall from time to time during the
Charter period replace such items of equipment as shall be so damaged or worn as to be unfit for use. The Charterers are to procure that all repairs to or replacement of any damaged, worn or lost parts or equipment be effected in such manner (both
as regards workmanship and quality of materials) as not to diminish the value of the Vessel. The Charterers have the right to fit additional equipment at their expense and risk but the Charterers shall remove such equipment at the end of the period
if requested by the Owners. 
 Any equipment including radio equipment on hire on the Vessel at time of delivery shall be kept and
maintained by the Charterers and the Charterers shall assume the obligations and liabilities of the Owners under any lease contracts in connection therewith and shall reimburse the Owners for all expenses incurred in connection therewith, also for
any new equipment required in order to comply with radio regulations. 
 (f) The Charterers shall dry-dock the Vessel and clean and paint
her underwater parts whenever the same may be necessary, but not less than once in every eighteen calendar months after delivery unless otherwise agreed in Box 18.

 

  

	
	-3-

 PART II 

“BARECON 89” Standard Bareboat Charter 

 

	11.	Mortgage 

  

	*)	(b) The Vessel chartered under this Charter is financed by a mortgage according to the Deed(s) of Covenant annexed to this Charter and as stated in Box 26. By their counter-signature on the Deed(s) of Covenant, the
Charterers undertake to have acquainted themselves with all terms, conditions and provisions of the said Deed(s) of Covenant. The Charterers undertake that they will comply with all such instructions or directions in regard to the employment,
insurances, repairs and maintenance of the Vessel, etc., as laid down in the Deed(s) of Covenant or as may be directed from time to time during the currency of the Charter by the Mortgagee(s) in conformity with the Deed(s) of Covenant.

 (c) The Owners warrant that they have not effected any mortgage(s) other than stated in Box 26 and that they will not
effect any other mortgage(s) without the prior consent of the Charterers. 
  

	*)	(Optional, Clauses 11 (a) and 11 (b) are alternatives; indicate alternative agreed in Box 26). 

  

	12.	Insurance and Repairs 

 (a) During the Charter period the Vessel shall be kept insured
by the Charterers at their expense against marine, war and Protection and Indemnity risks in such form and with such insurers as the Owners shall in writing approve, which approval shall not be unreasonably withheld. Such marine, war and P.
and I. insurances shall be arranged by the Charterers to protect the interests of both the Owners and the Charterers and mortgagees (if any), and the Charterers shall be at liberty to protect under such insurances the interests of any managers they
may appoint. All insurance policies shall be in the joint names of the Owners and the Charterers as their interests may appear. 
 If the
Charterers fail to arrange and keep any of the the insurances provided for under the provisions of sub-clause (a) above in the manner described therein, the Owners shall notify the Charterers whereupon the Charterers shall rectify the position
within seven running days, failing which Owners shall have the right to withdraw the Vessel from the service of the Charterers without prejudice to any claim the Owners may otherwise have against the Charterers. 

The Charterers shall, subject to the approval of the Owners and the Underwriters, effect all insured repairs and shall undertake settlement
of all costs in connection with such repairs as well as insured charges, expenses and liabilities (reimbursement to be secured by the Charterers from the Underwriters) to the extent of coverage under the insurances herein provided for. 

The Charterers also to remain responsible for and to effect repairs and settlement of costs and expenses incurred thereby in respect of all
other repairs not covered by the insurances and/or not exceeding any possible franchise(s) or deductibles provided for in the insurances. 

All time used for repairs including any deviation shall count as time on hire and shall form part of the Charter period. 

(b) If the conditions of the above insurances permit additional insurance to be placed by the parties, such cover shall be limited to the
amount for each party set out in Box 28 and Box 29, respectively. The Owners or the Charterers as the case may be shall immediately furnish the other party with particulars of any additional insurance effected, including copies of any cover notes or
policies and the written consent of the insurers of any such required insurance in any case where the consent of such insurers is necessary. 

(c) Should the Vessel become an actual, constructive, compromised or agreed total loss under the insurances required under sub-clause
(a) of Clause 12, all insurance payments for such loss shall be paid to the Mortgagee. If any, in the manner described in the Deed(s) of Covenant, who shall distribute the moneys between themselves, the Owners and the Charterers according to
their respective interests. The Charterers undertake to notify the Owners and the Mortgagee, if any, of any occurrences in consequence of which the Vessel is likely to become a Total Loss as defined in this Clause. 

(d) If the Vessel becomes an actual, constructive, compromised or agreed total loss under the insurances arranged by the Charterers in
accordance with sub-clause (a) of this Clause, this Charter shall terminate as of the date of such loss. 
 (e) The Owners shall upon
the request of the Charterers, promptly execute such documents as may be required to enable the Charterers to abandon the Vessel to insurers and claim a constructive total loss. 

(f) For the purpose of insurance coverage against marine and war risks under the provisions of sub-clause (a) of this Clause, the value
of the Vessel is the sum indicated in Box 27. 

	14.	Redelivery 

 The Charterers shall at the expiration of the Charter period redeliver the
Vessel at a safe and ice-free port or place as indicated in Box 16. The Charterers shall give the Owners not less than 30 running days’ preliminary and not less than 14 days’ definite notice of expected date, range of ports of redelivery
or port or place of redelivery. Any changes thereafter in Vessel’s position shall be notified immediately to the Owners. 
 Should the
Vessel be ordered on a voyage by which the Charter period may be exceeded the Charterers to have the use of the Vessel to enable them to complete the voyage, provided it could be reasonably calculated that the voyage would allow redelivery about the
time fixed for the termination of the Charter. 
 The Vessel shall be redelivered to the Owners in the same or as good structure, state,
condition and class as that in which she was delivered, fair wear and tear not affecting class excepted. 
 The Vessel upon redelivery
shall have her survey cycles up to date and class certificates valid for at least the number of months agreed in Box 12. 
  

	15.	Non-Lien and Indemnity 

 The Charterers will not suffer, nor permit to be continued,
any lien or encumbrance incurred by them or their agents, which might have priority over the title and interest of the Owners in the Vessel. 

The Charterers further agree to fasten to the Vessel in a conspicuous place and to keep so fastened during the Charter period a notice
reading as follows:- 
 “This Vessel is the property of (name of Owners). It is under charter to (name of Charterers) and by the terms
of the Charter Party neither the Charterers nor the Master have any right, power or authority to create, incur or permit to be imposed on the Vessel any lien whatsoever.” 

The Charterers shall indemnify and hold the Owners harmless against any lien of whatsoever nature arising upon the Vessel during the Charter
period while she is under the control of the Charterers, and against any claims against the Owners arising out of or in relation to the operation of the Vessel by the Charterers. Should the Vessel be arrested by reason of claims or liens arising out
of her operation hereunder by the Charterers, the Charterers shall at their own expense take all reasonable steps to secure that within a reasonable time the Vessel is released and at their own expense put up bail to secure release of the Vessel.

  

	16.	Lien 

 The Owners to have a lien upon all cargoes and sub-freights belonging to the
Charterers and any Bill of Lading freight for all claims under this Charter, and the Charterers to have a lien on the Vessel for all moneys paid in advance and not earned. 
  

	17.	Salvage 

 All salvage and towage performed by the Vessel shall be for the
Charterers’ benefit and the cost of repairing damage occasioned thereby shall be borne by the Charterers. 

 

  

	
	-4-

 PART II 

“BARECON 89” Standard Bareboat Charter

	18.	Wreck Removal 

 In the event of the Vessel becoming a wreck or obstruction to
navigation the Charterers shall indemnity the Owners against any sums whatsoever which the Owners shall become liable to pay and shall pay in consequence of the Vessel becoming a wreck or obstruction to navigation. 

 

	19.	General Average 

 General Average, if any, shall be adjusted according to the
York-Antwerp Rules 1974 or any subsequent modification thereof current at the time of the casualty. 
 The Charter Hire not to contribute
to General Average. 
  

	20.	Assignment and Sub-Demise 

 The Charterers shall not assign this Charter nor sub-demise
the Vessel except with the prior consent in writing of the Owners and subject to such terms and conditions as the Owners shall approve. 
  

	23.	Requisition/Acquisition 

 (a) In the event of the Requisition for Hire of the Vessel by
any governmental or other competent authority (hereinafter referred to as “Requisition for Hire”) irrespective of the date during the Charter period when “Requisition for Hire” may occur and irrespective of the length thereof and
whether or not it be for an indefinite or a limited period of time, and irrespective of whether it may or will remain in force for the remainder of the Charter period, this Charter shall not be deemed thereby or thereupon to be frustrated or
otherwise terminated and the Charterers shall continue to pay the stipulated hire in the manner provided by this Charter until the time when the Charter would have terminated pursuant to any of the provisions hereof always provided however that in
the event of “Requisition for Hire” any Requisition Hire or compensation received or receivable by the Owners shall be payable to the Charterers during the remainder of the Charter period or the period of the “Requisition for
Hire” whichever be the shorter. 
 The Hire under this Charter shall be payable to the Owners from the same time as the Requisition
Hire is payable to the Charterers. 
 (b) In the event of the Owners being deprived of their ownership in the Vessel by any Compulsory
Acquisition of the Vessel or requisition for title by any governmental or other competent authority (hereinafter referred to as “Compulsory Acquisition”), then, irrespective of the date during the Charter period when “Compulsory
Acquisition” may occur, this Charter shall be deemed terminated as of the date of such “Compulsory Acquisition”. In such event Charter Hire to be considered as earned and to be paid up to the date and time of such “Compulsory
Acquisition”. 

	24.	War 

 (a) The Vessel unless the consent of the Owners be first obtained not to be
ordered nor continue to or remain in any place or on any voyage nor be used on any service which will bring or put her within a zone which is dangerous as the result of any actual or threatened act of war, war, hostilities, warlike operations, acts
of piracy or of hostility or malicious damage against this or any other vessel or its cargo by any person, body or State whatsoever, revolution, civil war, civil commotion or the operation of international law, nor be exposed in any way to any risks
or penalties whatsoever consequent upon the imposition of Sanctions, nor carry any goods that may in any way expose her to any risks of seizure, capture, penalties or any other interference of any kind whatsoever by the belligerent or fighting
powers or parties or by any Government or Ruler. 
 (b) The Vessel to have liberty to comply with any orders or directions as to departure,
arrival, routes, ports of call, stoppages, destination, delivery or in any other wise whatsoever given by the Government of the nation under whose flag the Vessel sails or any other Government or any person (or body) acting or purporting to act with
the authority of such Government or by any committee or person having under the terms of the war risks insurance on the Vessel the right to give any such orders or directions.

 

  

					
		  	-5-	  	 For optional PART III, PART IV
 and
PART V. see overleaf

					
		 	 “BARECON 89” Standard Bareboat Charter

 
 PART III

PROVISIONS TO APPLY FOR NEWBUILDING VESSELS ONLY

(Optional, only to apply it expressly agreed and stated in Box 35)
	 	 OPTIONAL

PART

 

 Specifications and Building Contract 

(a) The Vessel shall be constructed in accordance with the Building Contract (hereafter called “the Building Contract”) as annexed
to this Charter, made between the Builders and the Owners and in accordance with the specifications and plans annexed thereto, such Building Contract, specifications and plans having been counter-signed as approved by the Charterers. 

(b) No substantial change shall be made in the Building Contract or in the specifications or plans of the Vessel as approved by the
Charterers as aforesaid, without the Charterers’ consent which shall not be unreasonably withheld or delayed. 
 (c) The Charterers
shall have the right at their expense and so long as the contractor does not object to send their representative to the Builders’ Yard to inspect the Vessel during the course of her construction to satisfy themselves that construction is in
accordance with such approved specifications and plans as referred to under sub-clause (a) of this Clause. 
 (d) The Vessel shall be
built in accordance with the Building Contract and shall be of the description set out therein provided nevertheless that the Charterers shall be bound to accept the Vessel from the Owners on the date of delivery by the Builders as having been
completed and constructed in accordance with the Building Contract and the Charterers undertake that after having so accepted the Vessel they will not thereafter raise any claims against the Owners in respect of the Vessel’s performance or
specification or defects if any except that in respect of any repair or replacement of any defects which appear within the first 12 months from delivery the Owners shall use their best endeavours to recover any expenditure incurred in remedying such
defects from the Builders, but shall only be liable to the Charterers to the extent the Owners have a valid claim against the Builders under the guarantee clause of the Building Contract (a copy whereof has been supplied to the Charterers) provided
that the Charterers shall be bound to accept such sums as the Owners are able to recover under this clause and shall make no claim upon the Owners for any difference between the amounts so recovered and the actual expenditure incurred on repairs or
replacements or for any loss of time incurred thereby. 
 Time and Place of Delivery 

(a) Subject to the Vessel having completed her acceptance trials including trials of cable handling equipment in accordance with the Building
Contract and specifications to the satisfaction of the Charterers, the Owners shall give and the Charterers shall take delivery of the Vessel afloat when ready for delivery at the Builders’ Yard or some other safe and readily accessible dock,
wharf or place as may be agreed between the parties hereto and the Builders. Under the Building Contract the Builders have estimated that the Vessel will be ready for delivery to the Owners as therein provided but the delivery date for the purpose
of this Charter shall be the date when the Vessel is in fact ready for delivery by the Builders after completion of trials whether that be before or after as indicated in the Building Contract. Notwithstanding the foregoing, the Charterers shall not
be obliged to take delivery of the Vessel until she has been classed and documented as provided in this Charter and free for transfer to the flag she has to fly. Subject as aforesaid the Charterers shall not be entitled to refuse acceptance of
delivery of the Vessel and upon and after such acceptance the Charterers shall not be entitled to make any claim against the Owners in respect of any conditions, representations or warranties, whether express or implied, as to the seaworthiness of
the Vessel or in respect of delay in delivery or otherwise howsoever. 
 (b) If for any reason other than a default by the Owners under the
Building Contract, the Builders become entitled under that Contract not to deliver the Vessel to the Owners, the Owners shall upon giving to the Charterers written notice of Builders becoming so entitled, be excused from giving delivery of the
Vessel to the Charterers and upon receipt of such notice by the Charterers this Charter shall cease to have effect. 
 (c) If for any
reason the Owners become entitled under the Building Contract to reject the Vessel the Owners shall, before exercising such right of rejection, consult the Charterers and thereupon

	 	i)	if the Charterers do not wish to take delivery of the Vessel they shall inform the Owners within seven (7) days by notice in writing and upon receipt by the Owners of such notice this Charter shall cease to have
effect; or 

  

	 	ii)	if the Charterers wish to take delivery of the Vessel they may by notice in writing within seven (7) days require the Owners to use best endeavours to negotiate with the Builders as to the terms on which delivery
should be taken and upon receipt of such notice the Owners shall commence and in good faith attempt to conclude such negotiations and/or take delivery of the Vessel from the Builders and deliver her to the Charterers: If the Owners are unable to
negotiate terms acceptable to both Owners and Charterers, then either of them may, by notice in writing to the other, terminate this Charter with immediate effect. 

The Owners shall refrain from exercising their rights of rejection until this process has been completed. 

 

	 	iii)	Notwithstanding anything else in this Clause, in no circumstances shall the Charterers be entitled to reject the Vessel unless the Owners are able to reject the Vessel from the Builders; 

 

	 	iv)	if this Charter terminates under sub-clause (b) or (c) of this Clause, the Owners shall thereafter not be liable to the Charterers for any claim under or arising out of this Charter or its termination.

 Guarantee Works 

If not otherwise agreed, the Owners authorize the Charterers to arrange for the guarantee works to be performed in accordance with the
building contract terms, and hire to continue during the period of guarantee works. The Charterers have to advise the Owners about the performance to the extent the Owners may request. 

Name of Vessel 

Survey on Redelivery 

The Owners and the Charterers shall appoint surveyors for the purpose of determining and agreeing in writing the condition of the Vessel at
the time of re-delivery. 
 Without prejudice to Clause 14 (Part II), the Charterers shall bear all survey expenses and all other costs, if
any, including the cost of docking and undocking, if required, as well as all repair costs incurred. 
 The Charterers shall also bear all
loss of time spent in connection with any docking and undocking as well as repairs, which shall be paid at the rate of Hire per day or pro rata.

 

 Cableship in Building 

Yard Number 1322 

ADDITIONAL CLAUSES TO DEMISE CHARTERPARTY 

Dated 24th September 1992 

Between International Cableship Pte Ltd 

and 
 Cable &
Wireless (Marine) Ltd 
 Clause 27—Inventories and Consumable Oil and Stores. 

A complete inventory of the Vessel’s entire equipment, outfit and appliances shall be supplied by the Owners, which shall be verified by the Charterers at
their expense, upon delivery of the Vessel. Upon redelivery, Charterers and Owners shall together make an inventory of the Vessel’s equipment, outfit and appliances. Charterers shall make good any deficiencies at their expense. 

Charterers and Owners together shall make an inventory of all bunkers, lubricating oil, water, unbroached provisions, paints, oils, ropes and other consumable
stores on delivery and again on redelivery of the Vessel. 
 Clause 28—Name of Vessel 

The Charterers shall be entitled to name the Vessel, subject to Owners’ consent which shall not be unreasonably withheld. The Vessel shall be painted in
the colours, display the funnel insignia and fly the house flag as required by Charterers. 

  
 -7- 

 Clause 29—Hire 
  

	(a)	Hire Fees shall be as shown in Schedule 1. The Hire Fees in Schedule 1 shall remain fixed and firm unless the parties mutually agree otherwise, and in that case Schedule 1 shall be replaced by a replacement Schedule 1
which shall form an integral part of the Charter Agreement. 

  

	(b)	The Charterer shall pay the foregoing Hire Fees for each Financial Year (1st April to 31st March of the following year), in four equal quarterly instalments, the quarters beginning on the first days of April, July,
October and January, payment being due sixty days after the start of the quarter to which the instalment applies. If the Vessel is chartered for only part of the Financial Year, then the Charterer shall pay a proportion of the annual Hire Fees equal
to the proportion of the year the Vessel is chartered. The Owners shall be entitled to charge interest on all payments not received by the due date at a rate of 3% above the lending rate of the Development Bank of Singapore Limited from the date the
payment became due until payment is received. 

  

	(c)	Charterers shall take delivery of the Vessel from the Builders’ Yard as provided in Part III hereof, and shall take the Vessel, with due despatch, to Manila. Hire Fees shall not be payable by the Charterers until
the Vessel arrives at Manila. All costs of transit from the Builders’ Yard to Manila shall be paid in the first instance by Charterers, but Owners shall reimburse Charterers the cost of fuel, canal dues and an appropriate proportion of the
costs of insurance. This reimbursement shall be offset by the Charterers against the first (and second if necessary) instalment of Hire Fees. 

  

	(d)	All payments to the Owners shall be made in accordance with the Owners’ instructions. 

  
 -8- 

 Clause 30—Charter Period 

The Charter Period shall commence upon delivery of the Vessel to the Charterers at the Builders’ Yard and shall continue for a period ending, unless
Charterers exercise their option to extend as set out below, on the twenty-fifth anniversary of the date upon which Hire Fees became payable under Clause 29(c) of this Charterparty. The Charterers shall have the option to extend this charter on a
year to year basis, at an annual charter fee to be mutually agreed by Charterers and Owners. 
 Clause 31—Loss of Vessel 

Should the Vessel become an actual, constructive, agreed or arranged total loss, hire shall cease to be payable from the time of such loss provided that
(a) when the time of loss is unknown, Hire shall cease to be payable at noon on the day the Vessel is last heard of, or (b) in the case of constructive total loss, Hire shall cease to be payable at noon on the day when notice of
abandonment is given. Any Hire paid in advance shall be adjusted accordingly. 
 Clause 32—Employment 

The Vessel shall be employed between safe ports or berths always afloat. The Charterers shall procure that the Vessel shall be operated in conformity with IMO
rules and regulations for the time being in force or any equivalent or applicable laws and regulations including those of the Vessel’s flag or places where the Vessel shall trade hereunder during the period of hire. 

  
 -9- 

 Clause 33—Arrest 
  

	(a)	Should the Vessel be at any time arrested, seized, detained or subjected to distress by reason of any act or omission of the Owners in relation to any mortgage, charge, encumbrance or lien upon the Vessel created or
allowed by the Owners or by reason of any process, claim or lien of whatsoever nature arising out of the use or operation of any other vessel for the time being owned by, chartered to or operated by the Owners, the Owners shall as against the
Charterers be responsible for securing the release of the Vessel and the discharge of all liabilities in connection with such process, claim or lien and Hire Fees shall not be paid during such periods. The Owners hereby agree to indemnify the
Charterers against any other loss or damage, costs, claims or other expenses suffered or incurred by the Charterers in connection therewith. 

  

	(b)	Should the Vessel be at any time arrested, seized, detained or subjected to distress by reason of any act or omission of the Charterers in relation to any mortgage, charge, encumbrance or lien upon the Vessel created or
allowed by the Charterers by reason of any process, claim or lien of whatsoever nature arising out of the use or operation of any other vessel for the time being owned by, chartered to or operated by the Charterers, the Charterers shall as against
the Owners be responsible for securing the release of the Vessel and the discharge of all liabilities in connection with such process, claim or lien and the Charterers hereby agree to indemnify the Owners against any loss or damage, costs, claims or
other expenses suffered or incurred by the Owners in connection therewith. Hire Fees shall continue to be paid during any such periods. 

Clause 34—Withdrawal 
 If during the period of this
Charter the Charterer shall fail to maintain insurance as herein provided, or convene any meeting of or make any arrangement or composition with its creditors or enter into any liquidation or receivership, The Owners may without prejudice to any
other right or remedy and without notice to the Charterer terminate this Charter and withdraw the Vessel from service. No conduct of the Owners or their representatives shall constitute any waiver of Owners rights under this clause. 

  
 -10- 

 Clause 35—Mortgagee’s Interest 

Nothing herein contained shall prejudice the rights of the Mortgagee to exercise its rights of Mortgage against the Vessel. 

Clause 36—Law & Jurisdiction 
 This
Charterparty shall by governed by and construed in accordance with the Laws of the Republic of Singapore, both as to substance and as to procedure, and all disputes hereunder shall be referred to the exclusive jurisdiction of the Courts of the
Republic of Singapore. 

  
 -11- 

 Schedule 1 

Demise Charterparty 

Dated: 24th September 1992 

ICPL HIRE FEE—(CWM) 
  

			
	 Financial Year
	  	 ICPL Hire Fee

	 	  	 S$’000

	 1997/98
	  	14,884
	 1998/99
	  	15,479
	 1999/’00
	  	16,098
	 2000/01
	  	16,742
	 2001/02
	  	17,412
	 2002/03
	  	18,108
	 2003/04
	  	18,832
	 2004/05
	  	19,489
	 2005/06
	  	19,489
	 2006/07
	  	19,489
	 2007/08
	  	19,489
	 2008/09
	  	19,489
	 2009/10
	  	19,489
	 2010/11
	  	19,489
	 2011/12
	  	19,489
	 2012/13
	  	19,489
	 2013/14
	  	19,489
	 2014/15
	  	19,489
	 2015/16
	  	19,489
	 2016/17
	  	19,489
	 2017/18
	  	19,489
	 2018/19
	  	19,489
	 2019/20
	  	19,489
	 2020/21
	  	19,489
	 2021/22
	  	19,489
	 2022/23
	  	19,489

  
 -12-EX-10.10.1

 Exhibit 10.10.1 

DATED 14 MARCH 2006 

DEED OF COVENANT 

relating to 

THE CABLE INNOVATOR 

between 
 DYVI
CABLE VESSEL AS 
 and 

GLOBAL MARINE SYSTEMS LIMITED 

Bridgehouse Partners LLP 

10 Old Bailey 
 London

 EC4M 7NG 

 THIS DEED is dated 14 March 2006 

PARTIES 
  

	(1)	DYVI CABLE SHIP AS incorporated and registered in Norway, whose registered office is at Munkedamsv 45, PO Box 1337 – Vika, 0112 Oslo, Norway (the “Mortgagor”). 

 

	(2)	GLOBAL MARINE SYSTEMS LIMITED incorporated and registered in England and Wales with company number 1708481 whose registered office is at New Saxon House, 1 Winsford Way, Boreham Interchange, Chelmsford, Essex CM2
5DP, United Kingdom (the “Mortgagee”). 

 BACKGROUND 

 

	(A)	The Mortgagor and the Mortgagee have entered into an agreement dated      March 2006 (“the Agreement”) in which the Mortgagor has agreed to charter MV Cable Innovator to the
Mortgagee and a Seller’s Credit Agreement dated      March 2006 in which US$4,750,000 is advanced to the Mortgagor as deferred consideration. 

 

	(B)	The Mortgagor has agreed to grant the Mortgagee security by way of second priority mortgage to secure the amount of US$4,750,000 as security for the Mortgagor’s obligations under and performance of the Agreement.

  

	(C)	To secure the performance by the Mortgagor of its obligations under the Agreement and this Deed including the payment to the Mortgagee of all principal, interest (including without limit, default interest) commissions,
charges, costs, expenses, and other amounts which are or may at any time in the future become due and owing to the Mortgagee from the Mortgagor under or in connection with the Agreement and/or this Deed (“the Secured Indebtedness”), the
Mortgagor as beneficial owner and as registered owner of 64 sixty-fourth shares in MV Cable Innovator, which is a UK ship registered with number 728488 (“the Vessel”), has granted to the Mortgagee a second priority mortgage on the Vessel
in form MSF 4737 (“the Mortgage”) and has executed this Deed which is collateral to the Mortgage. 

 AGREED
TERMS 
  

	1.	INTERPRETATION 

  

	1.1	The definitions in this clause apply in this deed. 

 Charged Property: the Vessel and the
Requisition Compensation. 
 Days: means calendar days and “Business Days” means days (except Saturdays and Sundays)
when banks are open for business in London. 

  
 1 

 Insurers: means the underwriters, insurance companies and mutual insurance associations
with whom the Insurances are placed. 
 Requisition Documentation: means compensation payable because of requisition for title or
other compulsory acquisition of the Vessel by any government but does not include requisition which only applies to the use of the Vessel. 

Security Document: means any other document executed by the Mortgagor or any third party as security for payment to the Mortgagee of all
or part of the Secured Indebtedness. 
 Security Period: means the time from the date of this Deed until the Secured Indebtedness has
been paid in full to the Mortgagee. 
 Total Loss: means the actual or constructive or compromised or agreed total loss of the Vessel,
the capture, seizure, arrest, detention or expropriation of the Vessel by any government or by a person acting or purporting to act on behalf of any government in circumstances where the Vessel is not released within thirty (30) days and the
requisition for title or other compulsory acquisition of the Vessel by any government but not requisition which only applies to the use of the Vessel. 

Vessel: includes any interest or share in the Vessel, the machinery, engines, equipment, fuel, lubricating oil and stores whether now
the property of the Mortgagor or acquired by the Mortgagor in the future and all additions, improvements and replacements made to or in the Vessel. 
  

	1.2	Words and phrases defined in the Agreement shall bear the same meanings in this Deed unless expressly defined otherwise in this Deed. 

 

	1.3	In the event of any conflict between this Deed and the Agreement, the terms of the Agreement will prevail. 

  

	1.4	Any reference to a document is a reference to that document as it has been amended, supplemented or novated from time to time. 

  

	1.5	Any reference to a statute or statutory instrument or regulation is a reference to that statute, statutory instrument or regulation as it has been amended or re-enacted from time to time. 

 

	1.6	Any reference to winding-up, dissolution or bankruptcy includes the equivalent proceedings in the country in which the Mortgagor is incorporated or resident or has assets or liabilities and any reference to an
administrator, receiver, administrative receiver, trustee or manager includes the equivalent official in such country. 

  
 2 

	1.7	Except where a contrary intention appears, a reference to a clause is a reference to a clause of this Deed. 

  

	1.8	Clause headings do not affect the interpretation of this Deed. 

  

	2.	PAYMENT BY MORTGAGOR 

  

	2.1	The Mortgagor undertakes to pay to the Mortgagee the Secured Indebtedness in accordance with the terms of the Agreement and this Deed. 

 

	2.2	The Mortgagor shall make all payments due to the Mortgagee to it in accordance with the Agreement. 

  

	2.3	The certificate of an officer of the Mortgagee as to the amount of the Secured Indebtedness at any time shall be conclusive and binding on the Mortgagor, save in the case of manifest error. 

 

	2.4	The Mortgagor shall pay on demand to the Mortgagee on an indemnity basis all the Mortgagee’s expenses (including legal costs and disbursements) incurred in connection with the protection of and the actual or
attempted enforcement of the security created by the Mortgage and this Deed. 

  

	2.5	The Mortgagor shall pay interest on demand at LIBOR plus 2 on all amounts (including principal, interest, costs and amounts recoverable from the Mortgagor by way of indemnity) due but not paid by the Mortgagor to the
Mortgagee under this Deed from the due date of payment until the date of the actual payment to the Mortgagee whether before or after judgment. 

  

	3.	MORTGAGES AND CHARGE 

  

	3.1	The Mortgagor warrants to the Mortgagee that prior to the execution of the Mortgage and this Deed it has not assigned, transferred, mortgaged or charged the Charged Property or any part of it to any other person other
than in accordance with the first priority mortgage. 

  

	3.2	As security for the performance of its obligations under the Agreement and this Deed including the payment of the Secured Indebtedness to the Mortgagee the Mortgagor as legal and beneficial owner with full title
guarantee, mortgages and charges the Vessel to the Mortgagee on the terms of this Deed. 

  

	3.3	The security created by the Mortgage and this Deed shall be held by the Mortgagee as a continuing security for the payment of the Secured Indebtedness and shall not be released or discharged by any intermediate payment
or satisfaction of part of the Secured Indebtedness save in accordance with the provisions of the Agreement. 

  
 3 

	3.4	If any additional security is given to the Mortgagee under any other Security Document such security will not limit or affect the security created by the Mortgage and this Deed. 

 

	3.5	The Mortgage and this Deed shall remain in full force and effect until the Secured Indebtedness shall have been paid in full to the Mortgagee. When the Secured Indebtedness has been paid in full the Mortgagee shall
discharge the Mortgage and this Deed and re-assign the Charged Property to the Mortgagor in accordance with the Agreement. 

  

	3.6	The Mortgagees shall have the right to consolidate their security and the restriction in Section 93 of the Law of Property Act 1925 shall not apply to this Deed. 

 

	4.	DEFAULT AND ENFORCEMENT 

  

	4.1	If any one or more of the Events of Default as defined below occurs then the Mortgagee shall have the rights and powers provided in Clause 4.3. 

 

	4.2	The “Events of Default” are as follows:- 

  

	 	(a)	an administrator, receiver, administrative receiver, liquidator or trustee or manager is appointed by a creditor or a court for all of part of the property of the Mortgagor; 

 

	 	(b)	the Mortgagor is in material breach of Agreement which has not been remedied within the time specified in the Agreement, or, if no time is specified, a reasonable time or takes any action or fails to take any action
which in the reasonable opinion of the Mortgagee imperils the security created by the Mortgage and this Deed; and 

  

	 	(c)	upon termination of the Agreement, whether by way of cancellation or termination by breach, the Mortgagor has failed to comply with its obligations as to the settlement of claims brought or asserted by the Mortgagee.

  

	4.3	On the occurrence of any Event of Default the Secured Indebtedness shall become immediately due and payable and the Mortgagees shall have the right and power: 

 

	 	(a)	to commence legal proceedings against the Mortgagor and/or the Vessel to obtain judgment for the Secured Indebtedness; 

  
 4 

	 	(b)	to order the master of the Vessel to proceed immediately at the Mortgagor’s risk and expense to a port or anchorage nominated by the Mortgagee; 

 

	 	(c)	to take possession of the Vessel and exercise all the rights and powers of a mortgagee conferred by law or by this Deed; 

  

	 	(d)	to sell the Vessel or any shares therein (whether as mortgagee under its power of sale, as attorney-in-fact for the Mortgagor or otherwise) in such manner and on such terms as the Mortgagee may decide with power to the
Mortgagee to postpone the sale without being liable for any resulting loss; 

  

	 	(e)	to insure, maintain, repair, charter, operate, use, employ, manage or lay up the Vessel on such terms as they may consider appropriate without being responsible for any loss or damage to the Vessel (provided such loss
or damage has not been caused by the wilful act or default of the Mortgagee); 

  

	 	(f)	to require all documents relating to the Insurances including all policies, cover notes and all claims correspondence to be delivered to the Mortgagee or to a broker or Mortgagee appointed by it; 

 

	 	(g)	to defend, pay or compromise all claims against the Mortgagor in connection with the Charged Property including those which have given or may give rise to any charge or lien on the Vessel whether ranking in priority to
or subordinate to the Mortgage; 

  

	 	(h)	to institute, continue, release or compromise all claims by the Mortgagor against the Insurers, any other charterer or any other third party in connection with the Charged Property; 

 

	 	(i)	to combine and consolidate all accounts which the Mortgagor may have with the Mortgagee and to set off any credit balances on such accounts against the Secured Indebtedness; and 

 

	 	(j)	to recover from the Mortgagor on demand all amounts paid and payable and losses incurred by the Mortgagees in connection with the exercise of any of its powers and rights under the Agreement or this Deed.

  

	4.4	Sections 93 and 103 of the Law of Property Act 1925 shall not apply to the Mortgagee’s power of sale in this Deed. 

  

	4.5	On any sale of the Vessel by the Mortgagee the purchaser shall have no duty to enquire whether the Mortgagee’s power of sale has become exercisable and the sale shall be deemed to be within the Mortgagee’s
powers. The receipt by the Mortgagee for the purchase price shall be a sufficient discharge of the purchaser who shall not be concerned with the application of the proceeds of sale and the purchaser shall have the protection provided by
Section 104 and 107 of the Law of Property Act 1925. 

  
 5 

	4.6	The net proceeds of a sale of the Vessel, any amounts received by the Mortgagee for the use of the Vessel by the Mortgagee under any of the Mortgagee’s rights or powers set out in this Deed and all other amounts
including claims under the Insurances received by the Mortgagee under the terms of this Deed unless otherwise provided in this Deed shall be applied in the following order: 

 

	 	(a)	in payment of all amounts paid and payable and losses incurred by the Mortgagee (together with interest thereon) in connection with the exercise any of their powers and rights hereunder or otherwise; 

 

	 	(b)	in payment of the Secured Indebtedness and any other amounts payable by the Mortgagor under this Deed; 

  

	 	(c)	in payment of the balance (if any) to the Mortgagor or to the person entitled thereto. 

  

	4.7	In the event that the proceeds are insufficient to pay the amounts specified in paragraphs 4.6 (a) and 4.6 (b) above the Mortgagee shall have the right to recover the balance from the Mortgagor or any other
person liable to pay such balance. 

  

	4.8	The Mortgagor hereby irrevocably appoints the Mortgagee as its attorney for the Security Period (with power to appoint sub-attorney) to the intent that the Mortgagee shall have full power to do all acts and sign all
documents which the Mortgagor itself could do in relation to the Charged Property, including (but not limited to) selling the Vessel. The exercise of such power by or on behalf of the Mortgagee shall not put any person dealing with the Mortgagee
upon any enquiry as to whether any amount is due under this Deed nor shall such person be in any way affected by notice that any such amount may not have become payable. The exercise by the Mortgagee of such power shall be conclusive evidence as
between the Mortgagee and any third party of its right to exercise that power. 

  

	4.9	The Mortgagee shall have the power at any time after an Event of Default to appoint a receiver who shall be the agent of the Mortgagor and whose powers shall include (but not be limited to) those provided in Schedule 1
of the Insolvency Act 1986 (to the extent that they relate to the Charged Property). 

  

	4.10	Any failure by of the Mortgagee to exercise or any delay in the exercise of any right or power under this Deed shall not be deemed to be a waiver of such right or power nor shall any single or partial exercise of any
such right or power prevent any further exercise of that or any other right or power. Any waiver or consent given by the Mortgagee under this Deed shall only be effective if given in writing. 

  
 6 

	4.11	The Mortgagee’s powers and rights under this Deed are cumulative and are in addition to any powers and rights which the Mortgagee may have in law or under any other Security Document and may be exercised at such
times, as often and in such order as the Mortgagee as the case may be may decide in their respective discretion. 

  

	4.12	The granting of time by the Mortgagee or compounding with any other person or company liable to the Mortgagee under any other Security Document shall not in any way affect the Mortgagee’s rights against the
Mortgagor or the Charged Property under the Mortgage and/or this Deed. 

  

	5.	INDEMNITY 

  

	5.1	The Mortgagor covenants to indemnify the Mortgagee against all amounts, liabilities and losses whatsoever which the Mortgagee may pay or incur in good faith from time to time in relation to the Charged Property.

  

	5.2	If under any judgment or order or under any relevant statutory provision or as a result of the insolvency of the Mortgagor any amount due to the Mortgagee or any of them under this Deed is paid in a currency other than
the currency in which it is contractually due to be paid and if the amount actually received by the Mortgagee as the case may when converted into the currency contractually due at the then current rate of exchange used by the Mortgagee is less than
the amount due under Deed, then the Mortgagor as a separate obligation shall pay to the Mortgagee or any of them as the case may be the amount of such shortfall. 

 

	6.	INVALIDITY 

  

	6.1	If any provision in this Deed is rendered or declared void or unenforceable in whole or in part by any statute or regulation or any decision of any court or tribunal of competent jurisdiction then such determination or
declaration shall not affect the validity of the remainder of this Deed which will remain in full force and effect. 

  

	7.	NOTICES, PROPERTY LAW AND JURISDICTION 

  

	7.1	 Every notice or other communication to be given to the Mortgagor under this Deed shall be given to it in writing and shall be sent by post or
delivered by hand addressed to it at Munkedamsvn 45 P.O.Box 1337-Vika 0112 Oslo, (or such other address in Norway or the United Kingdom as the Mortgagor shall 

  
 7 

	 	
notify the Mortgagee for this purpose) or may be sent to it by facsimile and shall be deemed to have been received if sent by fax or telex on the day of delivery or transmission, but if such a
day is not a Business Day in Norway on the next following Business Day. 

  

	7.2	Every demand, notice or other communication to be given to the Mortgagee under this Deed shall be given to it in writing and may be sent by post or delivered by hand addressed to it at New Saxon House I Winsford Way
Boreham Interchange Chelmsford Essex CM2 5DP (or such other address in Norway or the United Kingdom as the Mortgagee shall notify the Mortgagor for this purpose) or may be sent to it by facsimile and shall be deemed to have been received if sent by
first class prepaid post within three (3) days after posting or if delivered by hand or sent by fax or telex on the day of delivery or transmission, but if such a day is not a Business Day on the next following Business Day. 

 

	7.3	Every notice or other communication to be given to the Mortgagors under this Deed shall be given to it in writing and shall be sent by post or delivered by hand addressed to it c/o the Mortgagor at the address or
facsimile or telex number or email address set out in 7.1 above and shall be effective on the day of receipt by the Mortgagor but if such a day is not a business day in Norway on the next following business day. 

 

	7.4	The Mortgagor irrevocably submits to the jurisdiction of the High Court of Justice in England and appoints Messrs Prettys of 25 Elm Street Ipswich IP1 2AD to accept service of any legal proceedings issued by the
Mortgagee in England against the Mortgagor under or in connection with this Deed and service on such person shall be deemed proper service on the Mortgagor. Such submission by the Mortgagor does not in any way limit the right of the Mortgagee to
commence proceedings against the Mortgagor or the Charged Property in any other jurisdiction they consider appropriate. 

  

	8.	JURISDICTION 

 The parties to this agreement irrevocably agree that the
courts of England and Wales shall have exclusive jurisdiction over any claim or matter arising under or in connection with this deed. 
  

	9.	GOVERNING LAW 

 This deed will be governed by and construed
in accordance with the law of England and Wales. 

  
 8 

 This document has been executed as a deed and is delivered and takes effect on the date stated at
the beginning of it. 

  
 9 

					
	Executed as a deed by DYVI	  		  	
	CABLE SHIP AS acting by	  		  	
		  		  	 /s/ Kaj Berge

	and	  		  	
			
		  		  	 /s/ [Illegible]

			
	 Executed as a deed by GLOBAL

MARINE SYSTEMS LIMITED
 acting by Paul Terry Rodgers
and
 Beverley Pinborough
	  		  	 /s/ Paul Terry Rodgers

Director

	  		  
	  		  
			
		  		  	 /s/ Beverley Pinborough

		  		  	Secretary

  
 10

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