Document:

Addendum
to the Shipbuilding Contract of one AHTS Vessel Fincantieri Hull N°
6168

    

    This
Addendum is made and entered into on this 2nd March
2010 between:

    

    
      	
               
      

            	
              1.

            	
              FINCANTIERI
      – Cantieri Navali Italiani, S.p.A.,

            

    

    a company
organized and existing under the laws of the Republic of Italy, with Naval
Vessel Business Unit located at Via Cipro 11, 16129 Genoa, Italy,

    

    hereinafter
referred to as “FINC”

    

    and

    

    
      	
               
      

            	
              2.

            	
              ATL
      Offshore GmbH & Co. “ISLE OF AMRUM ”
KG,

            

    

    a company
organized and existing under the laws of the Federal Republic of Germany and
having their principal place of business at Neue Strasse 24, Leer,
Germany,

    

    hereinafter
called “the Buyer”

    

    and

    

    together
referred as “the Parties”

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    WHEREAS

    

    
      	
            	
              A)

            	
              The
      Parties have entered into a Shipbuilding Contract dated 30/1/2007 as from
      time to time supplemented and amended (the “Shipbuilding Contract”) for
      the construction of one AHTS Vessel bearing FINC Hull No. 6168 ( “the
      Vessel”); and

            

    

    

    
      	
            	
              B)

            	
              The
      Parties wish to re-schedule outstanding pre-delivery instalments and the
      contractual delivery date

            

    

    

    The
Parties therefore now agree as follows:

    

    
      	
               
      

            	
              1.

            	
              The
      delivery date of the Vessel according to the Shipbuilding Contract shall
      be amended. Delivery shall take place on the earliest possible date agreed
      between the parties within the first half of March
  2010.

            

    

    

    
      	
              2.

            	
              The
      Buyer agrees to bear the risk of accidental loss or damage (other than
      loss or damage caused by the negligence or wilful misconduct of FINC) for
      the Vessel between the date when the Vessel could have been delivered –
      and the agreed new delivery date. However, FINC to take out the respective
      insurance cover until the Vessel will be actually delivered to the Buyer.
      The respective costs for FINC to be reimbursed by the Buyer in accordance
      with the previous practice between the Parties; the Agreement as of
      December 14, 2009 and FINC’s letter MM-PMA MNZ 192 relating to NB 6163
      shall apply mutatis mutandis with logical amendments.  Any
      outstanding pre-delivery instalment under the Shipbuilding Contract are
      deferred to the day of the actual delivery of the Vessel and will be paid
      to FINC together with the delivery
instalment..

            

    

     

    
      	
              3.

            	
              The
      Buyer shall pay interest in the amount of 6-month EURIBOR plus
      2%

            

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (i)

            	
              for
      an amount of EUR 4,049,900 for a period of 8th
      July, 2009 until actual delivery of the Vessel;
  and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              for
      an amount of EUR 4,185,000 for a period of 13th
      October, 2009 until actual delivery of the Vessel;
  and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              for
      an amount of EUR 28,729,015.00 for the period of counting from the time of
      readiness for delivery in accordance with paragraph 2 above until actual
      delivery of the Vessel.

            

    

     

    
      	
               
      

            	
              The
      interests shall be due upon presentation of the relevant invoice together
      with evidence of the interest rate
applied.

            

    

     

    
      	
               
      

            	
              For
      the avoidance of doubt, the interest described herein is not to be
      considered as default interest but as FINC's compensation for the deferral
      of instalments under the Shipbuilding
Contract.

            

    

     

    
      	
              5.

            	
              All
      other terms and conditions to remain
unchanged.

            

    

     

    on behalf
of the Buyer:

    /s/  Dr.
Niels Hartmann

    

    on behalf
of FINCANTIERI Cantieri Navali S.p.A.

    /s/  Alberto
Maestrini

     

    
      
         

      

      
        3Addendum
to the Shipbuilding Contract of one AHTS Vessel Fincantieri Hull N°
6171

    

    This
Addendum is made and entered into on this 2nd March
2010 between:

    

    
      	
               
      

            	
              1.

            	
              FINCANTIERI
      – Cantieri Navali Italiani, S.p.A.,

            

    

    a company
organized and existing under the laws of the Republic of Italy, with Naval
Vessel Business Unit located at Via Cipro 11, 16129 Genoa, Italy,

    

    hereinafter
referred to as “FINC”

    

    and

    

    
      	
               
      

            	
              2.

            	
              ATL
      Offshore GmbH & Co. “ISLE OF WANGEROOGE ”
  KG,

            

    

    a company
organized and existing under the laws of the Federal Republic of Germany and
having their principal place of business at Neue Strasse 24, Leer,
Germany,

    

    hereinafter
called “the Buyer”

    

    and

    

    together
referred as “the Parties”

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    WHEREAS

    

    
      	
            	
              A)

            	
              The
      Parties have entered into a Shipbuilding Contract dated 20/3/2007 as from
      time to time supplemented and amended (the “Shipbuilding Contract”) for
      the construction of one AHTS Vessel bearing FINC Hull No. 6171 ( “the
      Vessel”); and

            

    

    

    
      	
            	
              B)

            	
              The
      Parties wish to re-schedule outstanding pre-delivery instalments and the
      contractual delivery date

            

    

    

    The
Parties therefore now agree as follows:

    

    
      	
               
      

            	
              1.

            	
              The
      delivery date of the Vessel according to the Shipbuilding Contract shall
      be amended. Delivery shall take place on the earliest possible date agreed
      between the parties within the first half of March
  2010.

            

    

    

    
      	
            	
              2.

            	
              The
      Buyer agrees to bear the risk of accidental loss or damage (other than
      loss or damage caused by the negligence or wilful misconduct of FINC) for
      the Vessel between the date when the Vessel could have been delivered –
      and the agreed new delivery date. However, FINC to take out the respective
      insurance cover until the Vessel will be actually delivered to the Buyer.
      The respective costs for FINC to be reimbursed by the Buyer in accordance
      with the previous practice between the Parties; the Agreement as of
      December 14, 2009 and FINC’s letter MM-PMA MNZ 192 relating to NB 6163
      shall apply mutatis mutandis with logical amendments.  Any
      outstanding pre-delivery instalment under the Shipbuilding Contract are
      deferred to the day of the actual delivery of the Vessel and will be paid
      to FINC together with the delivery
instalment..

            

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    
      	
            	
              3.

            	
              The
      Buyer shall pay interest in the amount of 6-month EURIBOR plus
      2%

            

    

     

    
      	
               
      

            	
              (i)

            	
              for
      an amount of EUR 4,211,500 for a period of 17th
      July, 2009 until actual delivery of the Vessel;
  and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              for
      an amount of EUR 4,371,400 for a period of 17th
      November, 2009 until actual delivery of the Vessel;
  and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              for
      an amount of EUR 29,694,515.00 for the period of counting from the time of
      readiness for delivery in accordance with paragraph 2 above until actual
      delivery of the Vessel.

            

    

     

    
      	
               
      

            	
              The
      interests shall be due upon presentation of the relevant invoice together
      with evidence of the interest rate
applied.

            

    

     

    
      	
               
      

            	
              For
      the avoidance of doubt, the interest described herein is not to be
      considered as default interest but as FINC's compensation for the deferral
      of instalments under the Shipbuilding
Contract.

            

    

     

    
      	
              5.

            	
              All
      other terms and conditions to remain
unchanged.

            

    

     

    
      
        	
                on
      behalf of the Buyer:

              
	
                 /s/  Dr.
      Niels Hartmann

              
	 
      
	
                on
      behalf of FINCANTIERI Cantieri Navali S.p.A.

              
	
                 /s/  Alberto
      Maestrini

              

      

    

    
      
         

      

      
        3

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