Document:

First Supplemental Agreement, dated January 10, 2008

 Exhibit 4.66 

 

 

 DATED 10 January 2008 
 DRILLSHIP HYDRA OWNERS INC. 
 DRILLSHIP PAROS OWNERS INC. 

(as Borrowers) 
 - and - 
 DVB BANK AG 
 and others 
 (as Lenders) 
 - and - 
 DVB BANK AG 
 and others 
 (as Arrangers) 
 - and - 
 DVB BANK AG 
 (as Underwriter and Agent) 
 - and - 
 DVB BANK AG 
 (as Security Agent) 
  
  
 FIRST SUPPLEMENTAL AGREEMENT TO SECURED 
 LOAN
FACILITY AGREEMENT DATED 10 SEPTEMBER 2007 
  
  
 STEPHENSON
HARWOOD 
 One, St. Paul’s Churchyard 
 London EC4M 8SH 
 Tel: 020 7329 4422 
 Fax: 020 7329 7100 
 Ref: 21.036 

 CONTENTS 
  

					
	 	 	 	  	Page
	1	 	Interpretation	  	2
			
	2	 	Conditions	  	7
			
	3	 	Representations and Warranties	  	11
			
	4	 	Amendments to Original Loan Agreement	  	11
			
	5	 	Confirmation and Undertaking	  	14
			
	6	 	Security	  	14
			
	8	 	Fees and expenses	  	14
			
	9	 	Communications, Law and Jurisdiction	  	15
			
	10	 	Miscellaneous	  	15
		
	 Schedule 1
	  	16
		 	The Lenders	  	16

 FIRST SUPPLEMENTAL AGREEMENT 
 Dated: 10 January 2008 
 BETWEEN: 
  

	(1)	DRILLSHIP HYDRA OWNERS INC (“Drillship Hydra”) and DRILLSHIP PAROS OWNERS INC (“Drillship Paros”), each a company incorporated under
the laws of the Marshall Islands with its registered office at c/o The Trust Company of the Marshall Islands Inc., The Trust Company Complex, Ajeltake Island, Ajeltake Road, Majuro, Marshall Islands M.H. 96960; and (together the
“Borrowers” and each a “Borrower”) jointly and severally; and 

  

	(2)	the banks listed in Schedule 1 (The Lenders, the Arrangers and the Commitments), each acting through its office at the address indicated against its name in
Schedule 1 (together the “Lenders” and each a “Lender”); and 

  

	(3)	the arrangers listed in Schedule 1 (The Lenders, the Arrangers and the Commitments), each acting through its office at the address indicated against its name in
Schedule 1 (together the “Arrangers” and each an “Arranger”); and 

  

	(4)	DVB BANK AG, acting as agent through its office at Friedrich-Ebert-Anlage 2-14, D60325, Frankfurt am Main, Federal Republic of Germany (in that capacity the
“Agent”); and 

  

	(5)	DVB BANK AG, acting as underwriter and security agent through its office at Friedrich-Ebert-Anlage 2-14, D60325, Frankfurt am Main, Federal Republic of
Germany (in that capacity the “Security Agent”). 

 SUPPLEMENTAL TO a secured loan agreement dated
10 September 2007 (the “Original Loan Agreement”) made between the Borrower, the Lenders, the Agent, the Arrangers and the Security Agent on the terms and subject to the conditions of which each of the Lenders agreed to advance
to the Borrower its respective Commitment of an aggregate amount not exceeding and two hundred and thirty million Dollars ($230,000,000) (the “Loan”). 
 WHEREAS: 
  

	(A)	The Borrowers, the Corporate Guarantors, the Personal Guarantor, the Pledgors, the New Collateral Owners, the Lenders, the Agent, and the Security Agent have agreed
that the New Collateral Owners provide additional security as additional guarantors in favour of the Security Agent, to guarantee the repayment of the Indebtedness. 

	(B)	The outstanding balance of the Loan on the date of this First Supplemental Agreement is two hundred and thirty million Dollars ($230,000,000) (the “Outstanding
Loan”). 

 IT IS AGREED THAT: 
  

	1	Interpretation 

  

	 	1.1	In this Supplemental Agreement:- 

 “Additional Security Documents” means this Supplemental Agreement, the Deeds of Confirmation, the New Guarantees, the New Mortgages and the New Assignments. 
 “Deeds of Confirmation” means the deeds of confirmation of the Corporate Guarantors, the Personal Guarantor and the Pledgors
each in favour of the Agent, in such form and containing such terms and conditions as the Agent shall require. 
 “Effective Date” means the date on which the Agent confirms to the Borrowers that all of the conditions referred to in Clause 2.1 have been satisfied, which confirmation the Agent shall be under no obligation to give if a
Default shall have occurred. 
 “Erato” means Erato Owning Company Limited of the Trust Company of the Marshall
Islands Inc., The Trust Company Complex, Ajeltake Island, Ajeltake Road, Majuro, Marshall Islands M.H. 96960. 
 “Erato
Assignment” means the second priority deed of assignment of the Insurances, Earnings and Requisition Compensation of the Erato Vessel to be executed in favour of the Security Agent by Erato in such form and containing such conditions as the
Finance Parties shall require. 
 “Erato Guarantee” means the guarantee and indemnity to be executed in favour
of the Security Agent by Erato in such form and containing such conditions as the Finance Parties shall require. 
  

 2 

 “Erato Mortgage” means the second preferred mortgage in respect of the
Erato Vessel to be executed in favour of the Security Agent by Erato in such form and containing such conditions as the Finance Parties shall require. 
 “Erato Vessel” means the Panamanian flag vessel “GLOBAL VICTORY” and everything now or in the future belonging to her on board and ashore, currently registered in the ownership
of Erato. 
 “Finance Parties” means the Lenders, the Arrangers the Agent and the Security Agent. 
 “Iris” means Iris Owning Company Limited of the Trust Company of the Marshall Islands Inc., The Trust Company Complex,
Ajeltake Island, Ajeltake Road, Majuro, Marshall Islands M.H. 96960 
 “Iris Assignment” means the second
priority deed of assignment of the Insurances, Earnings and Requisition Compensation of the Iris Vessel to be executed in favour of the Security Agent by Iris in such form and containing such conditions as the Finance Parties shall require.

 “Iris Guarantee” means the guarantee and indemnity to be executed in favour of the Security Agent by Iris in
such form and containing such conditions as the Finance Parties shall require. 
 “Iris Mortgage” means the
second preferred mortgage in respect of the Iris Vessel to be executed in favour of the Security Agent by Iris in such form and containing such conditions as the Finance Parties shall require. 
 “Iris Vessel” means the Panamanian flag vessel “PACIFIC CHAMP” and everything now or in the future belonging to
her on board and ashore, currently registered in the ownership of Iris. 
 “Mentor” Mentor Owning Company
Limited of the Trust Company of the Marshall Islands Inc., The Trust Company Complex, Ajeltake Island, Ajeltake Road, Majuro, Marshall Islands M.H. 96960. 
 “Mentor Assignment” means the second priority deed of assignment of the Insurances, Earnings and Requisition Compensation of the Mentor Vessel to be executed in favour of the Security
Agent by Mentor in such form and containing such conditions as the Finance Parties shall require. 
  

 3 

 “Mentor Guarantee” means the guarantee and indemnity to be executed in
favour of the Security Agent by Mentor in such form and containing such conditions as the Finance Parties shall require. 
 “Mentor Mortgage” means the second preferred mortgage in respect of the Mentor Vessel to be executed in favour of the Security Agent by Mentor in such form and containing such conditions as the Finance Parties shall
require. 
 “Mentor Vessel” means the Panamanian flag vessel “PACIFIC ROYAL” and everything now or in
the future belonging to her on board and ashore, currently registered in the ownership of Mentor. 
 “Muses”
means Muses Owning Company Limited of the Trust Company of the Marshall Islands Inc., The Trust Company Complex, Ajeltake Island, Ajeltake Road, Majuro, Marshall Islands M.H. 96960. 
 “Muses Assignment” means the second priority deed of assignment of the Insurances, Earnings and Requisition Compensation of
the Muses Vessel to be executed in favour of the Security Agent by Muses in such form and containing such conditions as the Finance Parties shall require. 
 “Muses Guarantee” means the guarantee and indemnity to be executed in favour of the Security Agent by Muses in such form and containing such conditions as the Finance Parties shall
require. 
 “Muses Mortgage” means the second priority mortgage together with a collateral deed of covenants in
respect of the Muses Vessel to be executed in favour of the Security Agent by Muses in such form and containing such conditions as the Finance Parties shall require. 
 “Muses Vessel” means the Maltese flag vessel “ORIENTAL GREEN” and everything now or in the future belonging to her on board and ashore, currently registered in the ownership of
Muses. 
  

 4 

 “Nereids” means Nereids Owning Company Limited of the Trust Company of the
Marshall Islands Inc., The Trust Company Complex, Ajeltake Island, Ajeltake Road, Majuro, Marshall Islands M.H. 96960. 
 “Nereids Assignment” means the second priority deed of assignment of the Insurances, Earnings and Requisition Compensation of the Nereids Vessel to be executed in favour of the Security Agent by Nereids in such form and
containing such conditions as the Finance Parties shall require. 
 “Nereids Guarantee” means the guarantee and
indemnity to be executed in favour of the Security Agent by Nereids in such form and containing such conditions as the Finance Parties shall require. 
 “Nereids Mortgage” means the second priority statutory mortgage together with a collateral deed of covenants in respect of the Nereids Vessel to be executed in favour of the Security
Agent by Nereids in such form and containing such conditions as the Finance Parties shall require. 
 “Nereids
Vessel” means the Maltese flag vessel “UNIVERSAL BRAVE” and everything now or in the future belonging to her on board and ashore, currently registered in the ownership of Nereids. 
 “New Assignments” means the Oceanids Assignment, the Muses Assignment, the Nereids Assignment, the Erato Assignment, the
mentor Assignment and the Iris Assignment. 
 “New Collateral Owners” means Oceanids, Muses, Nereids, Erato,
Mentor and Iris, and “New Collateral Owner” means any one of them. 
 “New Collateral Vessels”
means the Oceanids Vessel, the Muses Vessel, the Nereids Vessel, the Erato Vessel, the Mentor Vessel and the Iris Vessel and “New Collateral Vessel” means any one of them. 
 “New Guarantees” means the Oceanids Guarantee, the Muses Guarantee, the Nereids Guarantee, the Erato Guarantee, the Mentor
Guarantee and the Iris Guarantee. 
 “New Mortgages” the Oceanids Mortgage, the Muses Mortgage, the Nereids
Mortgage, the Erato Mortgage, the Mentor Mortgage and the Iris Mortgage. 
  

 5 

 “Oceanids” means Oceanids Owning Company Limited of the Trust Company of
the Marshall Islands Inc., The Trust Company Complex, Ajeltake Island, Ajeltake Road, Majuro, Marshall Islands M.H. 96960. 
 “Oceanids Assignment” means the second priority deed of assignment of the Insurances, Earnings and Requisition Compensation of the Oceanids Vessel to be executed in favour of the Security Agent by Oceanids in such form and
containing such conditions as the Finance Parties shall require. 
 “Oceanids Guarantee” means the guarantee and
indemnity to be executed in favour of the Security Agent by Oceanids in such form and containing such conditions as the Finance Parties shall require. 
 “Oceanids Mortgage” means the second priority statutory mortgage together with a collateral deed of covenants in respect of the Oceanids Vessel to be executed in favour of the Security
Agent by Oceanids in such form and containing such conditions as the Finance Parties shall require. 
 “Oceanids
Vessel” means the Maltese flag vessel “UNIVERSAL PRIME” and everything now or in the future belonging to them on board and ashore, currently registered in the ownership of Oceanids. 
 “Supplemental Agreement” means this first supplemental agreement made between the Borrowers, the Lenders, the Agent, the
Arrangers, and the Security Agent including its Schedule(s). 
  

	 	1.2	All words and expressions defined in the Original Loan Agreement shall have the same meaning when used in this Supplemental Agreement unless the context otherwise
requires, and clause 1.2 of the Original Loan Agreement shall apply to the interpretation of this Supplemental Agreement as if it were set out in full. 

  

	 	1.3	All obligations, representations, warranties, covenants and undertakings of the Borrowers under or pursuant to this Supplemental Agreement shall, unless otherwise
expressly provided, be entered into, made or given by them jointly and severally. 

  

 6 

	2	Conditions 

  

	 	2.1	As conditions for the agreement of the Finance Parties to the requests specified in Recital (B) above and for the effectiveness of Clause 4, the Borrowers shall
deliver or cause to be delivered to or to the order of the Agent the following documents and evidence: 

  

	 	2.1.1	Constitutional Documents Copies of the constitutional documents of each New Collateral Owner together with such other evidence as the Agent may reasonably
require that each New Collateral Owner is duly incorporated in its country of incorporation and remains in existence with power to enter into, and perform its obligations under, the Additional Security Documents to which it is or is to become a
party. 

  

	 	2.1.2	Certificates of good standing A certificate of good standing in respect of each New Collateral Owner (if such a certificate can be obtained).

  

	 	2.1.3	Board resolutions A copy of a resolution of the board of directors of each New Collateral Owner: 

  

	 	2.1.3.1 	approving the terms of, and the transactions contemplated by, the Additional Security Documents to which it is a party and resolving that it execute those Additional
Security Documents; and 

  

	 	2.1.3.2 	authorising a specified person or persons to execute those Additional Security Documents (and all documents and notices to be signed and/or despatched under those
documents) on its behalf. 

  

	 	2.1.4	Specimen signatures A specimen of the signature of each person authorised by the resolutions referred to in paragraph 2.1.3.2 above. 

  

	 	2.1.5	Shareholder resolutions A copy of a resolution signed by all the holders of the issued shares in each New Collateral Owner, approving the terms of, and the
transactions contemplated by, the Additional Security Documents to which that New Collateral Owner is a party. 

  

	 	2.1.6	 Officer’s certificates A certificate of a duly authorised officer of each New Collateral Owner certifying that each copy document relating
to it specified in this Clause 2 is correct, complete and in full force and effect as

  

 7 

	 	 
at a date no earlier than the date of this Supplemental Agreement and setting out the names of the directors, officers and shareholders of that New Collateral Owner and the proportion of shares
held by each shareholder. 

  

	 	2.1.7	Evidence of registration Where such registration is required or permitted under the laws of the relevant jurisdiction, evidence that the names of the directors,
officers and shareholders of each New Collateral Owner are duly registered in the companies registry or other registry in the country of incorporation of that New Collateral Owner. 

  

	 	2.1.8	Powers of attorney The notarially attested and legalised power of attorney of each New Collateral Owner under which any documents are to be executed or
transactions undertaken by that New Collateral Owner. 

  

	 	2.1.9	New Collateral Vessel documents Photocopies, certified as true (where feasible), accurate and complete by a director or the secretary or the legal advisers of
each New Collateral Owner, of: 

  

	 	(a)	any charterparty or other contract of employment of its New Collateral Vessel which will be in force on the Effective Date; 

  

	 	(b)	the Management Agreement in respect of its New Collateral Vessel; 

  

	 	(c)	its New Collateral Vessel’s current Safety Construction, Safety Equipment, Safety Radio and Load Line Certificates; 

  

	 	(d)	its New Collateral Vessel’s current Certificate of Financial Responsibility issued pursuant to the United States Oil Pollution Act 1990; 

 

	 	(e)	its New Collateral Vessel’s current SMC; 

  

	 	(f)	the ISM Company’s current DOC; 

  

	 	(g)	its New Collateral Vessel’s current ISSC; 

  

	 	(h)	its New Collateral Vessel’s current IAPPC; 

  

	 	(i)	its New Collateral Vessel’s current Tonnage Certificate; 

  

 8 

	 	(j)	(if applicable) that New Collateral Owner’s current Carrier Initiative Agreement with the United States’ Customs Service; 

 in each case together with all addenda, amendments or supplements. 
  

	 	2.1.10	Evidence of New Collateral Owner’s title Evidence that on the date of this Supplemental Agreement (i) each New Collateral Vessel will be at least
provisionally registered under the flag stated in Clause 1.1 in the ownership of the relevant New Collateral Owner and (ii) each New Mortgage will be capable of being registered against the relevant New Collateral Vessel with second priority.

  

	 	2.1.11	Evidence of insurance Evidence that each New Collateral Vessel is insured in the manner required by the Additional Security Documents and that letters of
undertaking will be issued in the manner required by the Additional Security Documents, together with (if required by the Agent) the written approval of the Insurances by an insurance adviser appointed by the Agent. 

  

	 	2.1.12	Confirmation of class A certificate of confirmation of class for hull and machinery confirming that each New Collateral Vessel is classed with the highest class
applicable to vessels of her type with Lloyd’s Register or such other classification society as may be acceptable to the Agent free of any recommendations or qualifications affecting class, unless otherwise agreed by the Agent in writing.

  

	 	2.1.13	Instruction to classification society A letter of instruction from each New Collateral Owner to its New Collateral Vessel’s classification society.

  

	 	2.1.14	Survey report A report by a surveyor instructed by the Agent to inspect the New Collateral Vessels confirming that the condition of each New Collateral Vessel is
in all respects acceptable to the Agent. 

  

	 	2.1.15	Valuation A valuation of each New Collateral Vessel certifying the Net Fair Market Value for each New Collateral Vessel. 

  

	 	2.1.16	Mortgagees’ Insurances Evidence of the Agent being covered under the Mortgagees’ Insurances for an amount of not less than one hundred and twenty per
cent (120%) of the Loan and at the expense of the Borrower. 

  

 9 

	 	2.1.17	Additional Security Documents The Additional Security Documents, together with all other documents required by any of them, including, without limitation all
notices of assignment and/or charge and evidence that those notices will be duly acknowledged by the recipients. 

  

	 	2.1.18	Managers’ confirmation The written confirmation of the Managers that, throughout the Facility Period unless otherwise agreed by the Agent, they will remain
the commercial and technical managers of each New Collateral Vessel and that they will not, without the prior written consent of the Agent, sub-contract or delegate the commercial or technical management of any New Collateral Vessel to any third
party and confirming in terms acceptable to the Agent that, following the occurrence of an Event of Default, all claims of the Managers against any New Collateral Owner shall be subordinated to the claims of the Agent under the Additional Security
Documents. 

  

	 	2.1.19	No disputes The written confirmation of the Borrowers that there is no dispute under any of the Additional Security Documents as between the parties to any such
document. 

  

	 	2.1.20	Legal opinions If a New Collateral Owner is incorporated in a jurisdiction other than England and Wales or if any Additional Security Document is governed by the
laws of a jurisdiction other than England and Wales, a legal opinion of the legal advisers to the Agent in each relevant jurisdiction, substantially in the form or forms provided to the Agent prior to signing this Agreement or confirmation
satisfactory to the Agent that such an opinion will be given. 

  

	 	2.1.21	Process agent Evidence that any process agent referred to in Clause 23.5 of the Original Loan Agreement has accepted its appointment in respect of the Additional
Security Documents. 

  

	 	2.1.22	Other authorisations A copy of any other consent, licence, approval, authorisation or other document, opinion or assurance which the Agent considers to be
necessary or desirable (if it has notified the Borrowers accordingly) in connection with the entry into and performance of the transactions contemplated by any of the Additional Security Documents or for the validity and enforceability of any of the
Additional Security Documents. 

  

 10 

	 	2.1.23	Financial statements Copies of the Original Financial Statements of each New Collateral Owner. 

  

	 	2.1.24	“Know your customer” documents Such documentation and other evidence as is reasonably requested by the Agent in order for the Lenders to comply with
all necessary “know your customer” or similar identification procedures in relation to the transactions contemplated in the Additional Security Documents. 

  

	 	2.2	All documents and evidence delivered to the Agent pursuant to this Clause shall: 

  

	 	2.2.1	be in form and substance acceptable to the Agent; 

  

	 	2.2.2	be accompanied, if required by the Agent, by translations into the English language, certified in a manner acceptable to the Agent; and 

  

	 	2.2.3	if required by the Agent, be certified, notarised, legalised or attested in a manner acceptable to the Agent. 

  

	3	Representations and Warranties 

 Each of the representations and warranties contained in clause 11 of the Original Loan Agreement shall be deemed repeated by the Borrowers at the date of this Supplemental Agreement and at the Effective Date, by reference to the facts and
circumstances then pertaining, as if references to the Finance Documents included this Supplemental Agreement and the other Additional Security Documents. 
  

	4	Amendments to Original Loan Agreement 

 With effect from that Effective Date, the Original Loan Agreement shall be read and construed as follows:- 
  

	 	4.1	the definitions contained in Clause 1.1 were inserted to clause 1.1 of this Supplemental Agreement in alphabetical order; 

  

 11 

	 	4.2	the definition of “Assignments” set out in clause 1.1 of the Original Loan Agreement were amended to include the New Assignments;

  

	 	4.3	the definition of “Collateral Owners” set out in clause 1.1 of the Original Loan Agreement were amended to include the New Collateral Owners; and

  

	 	4.4	the definition of “Collateral Vessels” set out in clause 1.1 of the Original Loan Agreement were amended to include the New Collateral Vessels;

  

	 	4.5	the definition of “Corporate Guarantees “ set out in clause 1.1 of the Original Loan Agreement were amended to include the New Guarantees;

  

	 	4.6	the definition of “Mortgages” set out in clause 1.1 of the Original Loan Agreement were amended to include the New Mortgages; 

 

	 	4.7	the definition of “Security Documents” set out in clause 1.1 of the Original Loan Agreement were amended to include the Additional Security Documents;

  

	 	4.8	the definition of “Net Fair Market Value” set out in clause 1.1 of the Original Loan Agreement were deleted and the following substituted thereof :-

  

	 	 	“Net Fair Market Value” means, in respect of a Collateral Vessel, the value of such Collateral Vessel based on the average of two (2) valuations
for that Collateral Vessel prima facie determined by two (2) reputable, independent and first class firms of shipbrokers appointed by and reporting to the Agent on the basis of a charter-free sale for prompt delivery for cash at arm’s
length on normal commercial terms as between a willing seller and a willing buyer, less the Collateral Loan Indebtedness applicable to that Collateral Vessel. 

  

	 	4.9	clause 10.11 of the Original Loan Agreement were deleted and the following substituted thereof: - 

  

	 	“10.10 	Additional security If at any time the aggregate of the Net Fair Market Value of the Collateral Vessels and the value of any additional security (such value to
be the face amount of the deposit (in the case of cash), determined conclusively by appropriate advisers appointed by the Agent (in the case of other charged assets), and determined by the Agent in its discretion (in all other cases)) for the time
being provided to the Security Agent under this Clause 10.11 is less than two hundred million Dollars ($200,000,000) the Borrowers shall, within thirty (30) days of the Agent’s request, at the Borrowers’ option:

  

 12 

	 	10.11.1 	pay to the Security Agent or to its nominee a cash deposit in the amount of the shortfall to be secured in favour of the Security Agent as additional security for the
payment of the Indebtedness; or 

  

	 	10.11.2 	give to the Security Agent other additional security in amount and form acceptable to the Security Agent in its discretion; or 

  

	 	10.11.3 	prepay the amount of the Indebtedness which will ensure that the aggregate of the market value of the Collateral Vessels (determined as stated above) and the value of
any such additional security is not less than two hundred million Dollars ($200,000,000). 

 Clauses 5.2
(Reborrowing) and 6.5 (Restrictions) shall apply, mutatis mutandis, to any prepayment made under this Clause 10.11 and the value of any additional security provided shall be determined as stated above. 
  

	 	4.10	a new clause 15.23 were inserted in the Original loan Agreement as follows:- 

  

	 	“15.23 	Upon the occurrence of a Default under this Agreement and provided that the Lenders jointly decide and agree to enforce any Mortgage (other than any New Mortgage) and
jointly agree that it would be necessary to buy out the position of HSH under any Collateral Original Loan Agreement in order to enforce such Mortgage (other than any New Mortgage), then DVB Bank AG (“DVB”) acting singly shall buy
out the position of HSH under that Collateral Original Loan Agreement at par. It is mutually agreed that no other Lender (other than DVB) shall be required to participate in such buy out.” 

 All other terms and conditions of the Original Loan Agreement shall remain unaltered and in full force and effect. 
  

 13 

	5	Confirmation and Undertaking 

  

	 	5.1	Each of the Security Parties confirms that all of its respective obligations under or pursuant to each of the Security Documents to which it is a party remain in full
force and effect, despite the amendments to the Original Loan Agreement made in this Supplemental Agreement, as if all references in any of the Security Documents to the Original Loan Agreement were references to the Original Loan Agreement as
amended and supplemented by this Supplemental Agreement. 

  

	 	5.2	The definition of any term defined in any of the Security Documents shall, to the extent necessary, be modified to reflect the amendments to the Original Loan Agreement
made in or pursuant to this Supplemental Agreement. 

  

	6	Security 

 The definition
of any term defined in any of the Security Documents including the Original Original Loan Agreement shall to the extent necessary be modified to reflect the amendments to the Original Original Loan Agreement made in or pursuant to this
Supplemental Agreement. 
  

	7	Further Assurance 

 The
Borrowers hereby covenant that from time to time at the request of the Agent they will execute and deliver to the Agent and/or the Security Agent or procure the execution and delivery to the Agent of all such documents as the Lenders shall deem
necessary or desirable in its absolute discretion for giving full effect to this Supplemental Agreement and for perfecting and protecting the value or of enforcing any rights or securities granted to the Finance Parties under or pursuant to the
Original Loan Agreement and this Supplemental Agreement. 
  

	8	Fees and expenses 

  

	 	8.1	The Borrowers undertake to indemnify the Agent and the Lenders on demand in respect of all costs, charges and expenses (together with value added tax or any similar tax
thereon and including without limitation the fees and expenses of legal advisers) incurred by the Agent and/or any Lender in connection with the negotiation, preparation, printing, execution and registration of this Supplemental Agreement, and the
completion of the transactions therein contemplated (whether or not any of the Additional Security Documents are actually executed or registered). 

  

 14 

	 	8.2	The Borrowers undertake to indemnify the Agent and/or any Lender on demand against any and all stamp, registration and similar Taxes which may be payable in the United
Kingdom and/or any other jurisdiction in connection with the entry into, performance and enforcement of this Supplemental Agreement. 

  

	9	Communications, Law and Jurisdiction 

 The provisions of clauses 18 and 23 of the Original Loan Agreement shall apply to this Supplemental Agreement as if they were set out in full and as if references to the Original Loan Agreement were
references to this Supplemental Agreement and references to the Borrower were references to the Security Parties. 
  

	10	Miscellaneous 

 Clauses
22.1, 22.5 and 22.6 of the Original Loan Agreement shall (mutatis mutandis) apply to this Supplemental Agreement. 
  

 15 

 Schedule 1 
  

			
	 The Lenders
	  	The Commitments
		
	 DVB BANK AG
 Friedrich-Ebert-Anlage 2-14
 D60325 Frankfurt am Main
 Federal Republic of Germany
	  	50%
		
	 Fax No.: +49 69 97 504 7688
 Attention: Loans Administration Department
	  	
		
	 With copy to:
	  	
		
	 95 Akti Miaouli
 Piraeus 185 38
 Greece
	  	
		
	 Fax No.: +30 210 429 1284
 Attention: Greek Representative Office
	  	
		
	 NORDDEUTSCHE LANDESBANK GIROZENTRALE
 Friedrichswall 10
 D-30159 Hannover
 Federal Republic of Germany
	  	50%
		
	 Fax No.: +49 [            ]

 Attention:
[                ]
	  	

  

 16 

 IN WITNESS of which the parties to this Supplemental Agreement have executed this Supplemental
Agreement as a deed the day and year first before written. 
  

					
	SIGNED and DELIVERED as	 	)	  	
	a DEED by	 	)	  	
	DRILLSHIP HYDRA OWNERS INC.	 	)	  	
	 acting by
	 	)	  	/s/ Maria Demetriadou
	 MARIA DEMETRIADOU
	 	)	  	
	 its duly authorised
	 	)	  	
	 attorney-in-fact
	 	)	  	
	 in the presence of:
	 	)	  	
	 CONSTANTINOS KARACHALIOS
	 		  	
			
	 /s/ Stephenson Harwood
	 		  	
	 STEPHENSON HARWOOD
	 		  	

  

					
	SIGNED and DELIVERED as	 	)	  	
	a DEED by	 	)	  	
	DRILLSHIP PAROS OWNERS INC.	 	)	  	
	 acting by
	 	)	  	/s/ Maria Demetriadou
	 MARIA DEMETRIADOU
	 	)	  	
	 its duly authorised
	 	)	  	
	 attorney-in-fact
	 	)	  	
	 in the presence of:
	 	)	  	
	 CONSTANTINOS KARACHALIOS
	 		  	
			
	 /s/ Stephenson Harwood
	 		  	
	 STEPHENSON HARWOOD
	 		  	

  

					
	SIGNED and DELIVERED as	 	)	  	
	a DEED by	 	)	  	
	DVD BANK AG (as a Lender)	 	)	  	
	 acting by
	 	)	  	/s/ Alexandros Damianidis 
	 ALEXANDROS DAMIANIDIS
	 	)	  	
	 its duly authorised
	 	)	  	
	 attorney-in-fact
	 	)	  	
	 in the presence of:
	 	)	  	
	 CONSTANTINOS KARACHALIOS
	 		  	
			
	 /s/ Stephenson Harwood
	 		  	
	 STEPHENSON HARWOOD
	 		  	

  

 17 

					
	 SIGNED AND DELIVERED as
	 	)	  	
	 a DEED by
	 	)	  	
	 DVD BANK AG (as arranger)
	 	)	  	
	 acting by
	 	)	  	/s/ Alexandros Damianidis
	 ALEXANDROS DAMIANIDIS
	 	)	  	
	 its duly authorised
	 	)	  	
	 attorney-in-fact
	 	)	  	
	 in the presence of:
	 	)	  	
	 CONSTANTINOS KARACHALIOS
	 	)	  	
			
	 /s/ Stephenson Harwood
	 		  	
	 STEPHENSON HARWOOD
	 		  	

  

					
	 SIGNED AND DELIVERED as
	 	)	  	
	 a DEED by
	 	)	  	
	 DVD BANK AG (as agent)
	 	)	  	
	 acting by
	 	)	  	/s/ Alexandros Damianidis
	 ALEXANDROS DAMIANIDIS
	 	)	  	
	 its duly authorised
	 	)	  	
	 attorney-in-fact
	 	)	  	
	 in the presence of:
	 	)	  	
	 CONSTANTINOS KARACHALIOS
	 	)	  	
			
	 /s/ Stephenson Harwood
	 		  	
	 STEPHENSON HARWOOD
	 		  	

  

					
	 SIGNED AND DELIVERED as
	 	)	  	
	 a DEED by
	 	)	  	
	 DVD BANK AG (as security agent)
	 	)	  	
	 acting by
	 	)	  	/s/ Alexandros Damianidis
	 ALEXANDROS DAMIANIDIS
	 	)	  	
	 its duly authorised
	 	)	  	
	 attorney-in-fact
	 	)	  	
	 in the presence of:
	 	)	  	
	 CONSTANTINOS KARACHALIOS
	 	)	  	
			
	 /s/ Stephenson Harwood
	 		  	
	 STEPHENSON HARWOOD
	 		  	

  

					
	 SIGNED AND DELIVERED as
	 	)	  	
	 a DEED by
	 	)	  	
	 NORDDEUTSCHE LANDESBANK
	 	)	  	
	 GIROZENTRALE (as lender)
	 	)	  	
	 acting by
	 	)	  	/s/ Alexandros Damianidis
	 ALEXANDROS DAMIANIDIS
	 	)	  	
	 its duly authorised
	 	)	  	
	 attorney-in-fact
	 	)	  	
	 in the presence of:
	 	)	  	
	 CONSTANTINOS KARACHALIOS
	 	)	  	
			
	 /s/ Stephenson Harwood
	 		  	
	 STEPHENSON HARWOOD
	 		  	

  

 18Second Supplemental Agreement, dated January 23, 2009

 Exhibit 4.67 
 F21.054 
 DATED                    2009 
 DRILLSHIP HYDRA OWNERS INC. 
 DRILLSHIP PAROS OWNERS INC. 

(as Borrowers) 
 - and - 
 DVB BANK SE 
 NORDDEUTSCHE LANDESBANK GIROZENTRALE 
 and others 
 (as Lenders) 
 - and - 
 DVB BANK SE 
 and others 
 (as Arrangers) 
 - and - 
 DVB BANK SE 
 (as Underwriter and Agent) 
 - and - 
 DVB BANK SE 
 (as Security Agent) 
  
  
 SECOND
SUPPLEMENTAL AGREEMENT TO A SECURED 
 LOAN FACILITY AGREEMENT DATED 10 SEPTEMBER 2007 AS AMENDED AND 
 SUPPLEMENTED BY A FIRST SUPPLEMENTAL AGREEMENT DATED 10 JANUARY 
 2008 
  
  
 STEPHENSON
HARWOOD 
 One, St. Paul’s Churchyard 
 London EC4M 8SH 
 Tel: +44(0)20 7329 4422 
 Fax: +44(0)20 7329 7100 
 Ref: F21.054 

 CONTENTS 
  

					
	 	 	 	  	Page
			
	 1
	 	 Interpretation
	  	2
			
	 2
	 	 Conditions
	  	3
			
	 3
	 	 Representations and Warranties
	  	5
			
	 4
	 	 Amendments to Loan Agreement
	  	5
			
	 5
	 	 Confirmation and Undertaking
	  	9
			
	 6
	 	 Security
	  	9
			
	 8
	 	 Fees and expenses
	  	10
			
	 9
	 	 Communications, Law and Jurisdiction
	  	10
			
	 10
	 	 Miscellaneous
	  	10

 SECOND SUPPLEMENTAL AGREEMENT 
 Dated:                                      
  2009 
 BETWEEN: 
  

	(1)	DRILLSHIP HYDRA OWNERS INC (“Drillship Hydra”) and DRILLSHIP PAROS OWNERS INC (“Drillship Paros”), each a company incorporated under
the laws of the Marshall Islands with its registered office at c/o The Trust Company of the Marshall Islands Inc., The Trust Company Complex, Ajeltake Island, Ajeltake Road, Majuro, Marshall Islands M.H. 96960 (together the
“Borrowers” and each a “Borrower”) jointly and severally; and 

  

	(2)	the banks listed in Schedule 1 of the Original Loan Agreement (The Lenders, the Arrangers and the Commitments), each acting through its office at the address
indicated against its name in Schedule 1 of the Original Loan Agreement (together the “Lenders” and each a “Lender”); and 

  

	(3)	the arrangers listed in Schedule 1 of the Original Loan Agreement (The Lenders, the Arrangers and the Commitments), each acting through its office at the address
indicated against its name in Schedule 1 of the Original Loan Agreement (together the “Arrangers” and each an “Arranger”); and 

  

	(4)	DVB BANK SE (as universal successor in title of DVB BANK AG), acting as agent through its branch at Platz der Republik 6, D-60325 Frankfurt am Main,
Federal Republic of Germany (in that capacity the “Agent”); and 

  

	(5)	DVB BANK SE (as universal successor in title of DVB BANK AG), acting as underwriter and security agent through its office at Platz der Republik 6, D-60325
Frankfurt am Main, Federal Republic of Germany (in that capacity the “Security Agent”). 

 SUPPLEMENTAL TO
a secured loan agreement dated 10 September 2007 as amended and supplemented by a first supplemental agreement dated 10 January 2008 (together, the “Original Loan Agreement”) each made between the Borrowers, the
Lenders, the Agent, the Arrangers and the Security Agent on the terms and subject to the conditions of which each of the Lenders agreed to advance to the Borrowers its respective Commitment of an aggregate amount not exceeding two hundred and thirty
million Dollars ($230,000,000) (the “Loan”). 

 WHEREAS: 
  

	(A)	The Borrowers have requested and the Finance Parties have agreed to release Cardiff from its Corporate Guarantee and replace it with the New Guarantee.

  

	(B)	The Borrowers and the Finance Parties have agreed that additional security shall be provided for the sole benefit of the Finance Parties to secure the Borrowers’
obligations to the Finance Parties under the Original Loan Agreement. 

 IT IS AGREED THAT: 
  

	1	Interpretation 

  

	 	1.1	In this Second Supplemental Agreement: 

 “Additional Security Documents” means this Second Supplemental Agreement, the Deeds of Confirmation and the New Guarantee. 
 “Effective Date” means the date on which the Borrowers have become Subsidiaries of Dryships and the Agent confirms to the Borrowers that all of the conditions referred to in Clause 2.1
have been satisfied, which confirmation the Agent shall be under no obligation to give if an Event of Default shall have occurred. 
 “Deeds of Confirmation” means the deeds of confirmation of the Corporate Guarantors, the Personal Guarantor and the Pledgors each in favour of the Security Agent, in such form and containing such terms and conditions as the
Agent shall require. 
 “Dryships” means Dryships Inc., a company incorporated under the laws of the Marshall
Islands with its registered office at The Trust Company Complex, Ajeltake Island, P.O. Box 1405, Majuro, Marshall Islands. 
 “New Guarantee” means the guarantee and indemnity to be executed in favour of the Security Agent by DryShips in such form and containing such terms and conditions as the Agent shall require. 
  

 2 

	 	1.2	In this Second Supplemental Agreement “Security Parties” means the Borrowers and Dryships. 

  

	 	1.3	All words and expressions defined in the Original Loan Agreement shall have the same meaning when used in this Second Supplemental Agreement unless the context
otherwise requires, and clause 1.2 of the Original Loan Agreement shall apply to the interpretation of this Second Supplemental Agreement as if it were set out in full. 

  

	 	1.4	All obligations, representations, warranties, covenants and undertakings of the Borrowers under or pursuant to this Second Supplemental Agreement shall, unless
otherwise expressly provided, be entered into, made or given by them jointly and severally. 

  

	2	Conditions 

  

	 	2.1	As conditions for the agreement of the Finance Parties to the requests specified in Recital (A) above and for the effectiveness of Clause 4, the Borrowers shall
deliver or cause to be delivered to or to the order of the Agent the following documents and evidence: 

  

	 	2.1.1	a certificate from a duly authorised officer of each Corporate Guarantor and each Pledgor confirming that none of the documents delivered to the Agent pursuant to
Clauses 3.1 and 3.3 of the Loan Agreement have been amended or modified in any way since the date of their delivery to the Agent, or copies, certified by a duly authorised officer of the Corporate Guarantor or Pledgor in question as true, complete,
accurate and neither amended nor revoked, of any which have been amended or modified; 

  

	 	2.1.2	if not already provided to the Agent to its satisfaction, certified true copies of the constitutional documents of each Security Party together with such other evidence
as the Agent may reasonably require each Security Party is duly incorporated in its country of incorporation and remains in existence with power to enter into, and perform its obligations under, the Relevant Documents to which it is or is to become
a party; 

  

 3 

	 	2.1.3	the original resolution of the directors and a resolution of the shareholders of each Security Party (other than Dryships) (together, where appropriate, with signed
waivers of notice of any directors’ or shareholders’ meetings) approving, and authorising or ratifying the execution of this Second Supplemental Agreement, the New Guarantee and any other documents to be executed by each Security Party
pursuant to this Second Supplemental Agreement; 

  

	 	2.1.4	a notarially attested and legalised power of attorney of each Security Party under which this Second Supplemental Agreement, the New Guarantee and any other documents
required pursuant to them are to be executed by that Security Party; 

  

	 	2.1.5	certificates of good standing in respect of the Security Parties; 

  

	 	2.1.6	a letter from Ince Process Agents, of International House, 1 St. Katharine’s Way, London E1W 1AY, United Kingdom, c/o Mr M. Volikas, accepting their appointment by
each of the Security Parties as agent for service of Proceedings pursuant to this Second Supplemental Agreement and the New Guarantee; 

  

	 	2.1.7	copies of the Original Financial Statements of Dryships; 

  

	 	2.1.8	such documentation and other evidence as is reasonably requested by the Agent in order for the Lenders to comply with all necessary “know your customer” or
similar identification procedures in relation to the transactions contemplated in the Additional Security Documents; and 

  

	 	2.1.9	the Additional Security Documents duly executed. 

  

	 	2.2	All documents and evidence delivered to the Agent pursuant to this Clause shall: 

  

	 	2.2.1	be in form and substance acceptable to the Agent; 

  

	 	2.2.2	be accompanied, if required by the Agent, by translations into the English language, certified in a manner acceptable to the Agent; and 

  

 4 

	 	2.2.3	if required by the Agent, be provided as set out below :- 

  

	 	2.2.3.1	with the signature(s) notarially attested in the case of Clauses 2.1.1 and 2.1.3; 

  

	 	2.2.3.2	certified as true and complete in the case of Clause 2.1.5; and 

  

	 	2.2.3.3	certified in the manner provided in clause 12.1.2 of the Original Loan Agreement in the case of Clause 2.1.7; 

 in each case in a manner acceptable to the Agent. 
  

	3	Representations and Warranties 

 Each of the representations and warranties contained in clause 11 of the Original Loan Agreement shall be deemed repeated by the Borrowers at the date of this Second Supplemental Agreement and at the Effective Date, by reference to the
facts and circumstances then pertaining, as if references to the Finance Documents included this Second Supplemental Agreement and the other Additional Security Documents. 
  

	4	Amendments to Loan Agreement 

 With effect from the Effective Date, the Original Loan Agreement shall be read and construed as if:- 
  

	 	4.1	the definition of “Corporate Guarantees” set out in clause 1.1 of the Original Loan Agreement was amended to include the New Guarantee and exclude the
Corporate Guarantee executed by Cardiff; 

  

	 	4.2	the definition of “Corporate Guarantors” set out in clause 1.1 of the Original Loan Agreement was amended to include Dryships and to exclude Cardiff;

  

	 	4.3	the definition of “Group” set out in clause 1.1 of the Original Loan Agreement was deleted and replaced as follows: 

 ““Group” means all companies whose vessels are owned by Dryships or its Subsidiaries.”; 
  

 5 

	 	4.4	the following definitions were added in clause 1.1 of the Original Loan Agreement:- 

 ““Collateral Loan Agreement C” means the loan agreement dated 24 July 2006 made between (a) Nord LB and
others, as lenders, (b) Nord LB, as agent, (c) Nord LB, as security agent, (d) Nord LB, as swap bank and (e) the New Collateral Owners, as borrowers. 
 “Collateral Loan C Indebtedness” means the Secured Liabilities as such term is defined in the Collateral Loan Agreement C. 
 “Fleet Market Value” means the aggregate of the value of the Fleet Vessels based on the average of two valuations for each
Fleet Vessel prima facie determined by two reputable, independent and first class firms of shipbrokers appointed by and reporting to the Agent on the basis of a charter-free sale for prompt delivery for cash at arm’s length on normal commercial
terms as between a willing seller and a willing buyer. 
 “Fleet Vessels” means any vessel (including, but not
limited to, the Vessels) from time to time owned more than fifty per cent (50%) by any member of the Group. 
 “Interest Coverage Ratio” means earnings before interest, tax, depreciation and amortisation over interest expense less interest income, as each such term is defined in the applicable Financial Statements for the Group.

 “Market Adjusted Equity Ratio” means the ratio of Minimum Net Worth to Value Adjusted Total Assets.

 “Market Value Adjusted Net Worth” means Value Adjusted Total Assets less Value Adjusted Total Liabilities.

 “Primelead” means Primelead Shareholder Inc. (to be renamed Ocean Rig UDW Inc.) a company incorporated under
the laws of the Marshall Islands with its registered office at The Trust Company Complex, Ajeltake Island, Majuro, Marshall Islands. 
 “Total Liabilities” means, the aggregate of the total liabilities of the Group, including any aggregate net negative mark-to-market for any currency or interest rate swaps entered into by the Group, (as determined on a
consolidated basis), as each such term is defined in the applicable Financial Statements for the Group. 
 “Value
Adjusted Equity” means Value Adjusted Total Assets minus Total Liabilities. 
  

 6 

 “Value Adjusted Total Liabilities” means the amount which is equal to the
Total Liabilities of the Group, as adjusted to reflect any contingent liabilities of the Group which the Agent reasonably considers should be taken into account, as each such term is defined in the applicable Financial Statements for the Group.

 “Value Adjusted Total Assets” means the aggregate at any time on a consolidated basis of the Fleet Market
Value and the Group’s assets, as each such term is defined in the applicable Financial Statements for the Group.”; 
  

	 	4.5	the definition of “Collateral Loan Indebtedness” set out in clause 1.1 of the Original Loan Agreement was deleted and the following substituted
thereof; 

 ““Collateral Loan Indebtedness” means the aggregate of Collateral Loan A
Indebtedness, Collateral Loan B Indebtedness and Collateral Loan C Indebtedness.”; 
  

	 	4.6	the definition of “Security Documents” set out in clause 1.1 of the Original Loan Agreement was amended to include the Additional Security Documents;

  

	 	4.7	the following new clause 12.2.3 was added in the Original Loan Agreement:- 

  

	 	12.2.3	Dryships’ financial ratios the Group’s financial condition as evidenced by the most recent Financial Statements shall be such that, on a consolidated
basis: 

  

	 	(a)	the Group maintains a Market Adjusted Equity Ratio not lower than 0.3:1 for each financial year during the Facility Period; and 

  

	 	(b)	the Group maintains an Interest Coverage Ratio of not lower than 3:1; and 

  

	 	(c)	the Group maintains a Market Value Adjusted Net Worth, which is not lower than five hundred million Dollars ($500,000,000).”; 

  

	 	4.8	clause 12.2.8 (Borrowers’ ownership) of the Original Loan Agreement was deleted and the following substituted thereof:- 

 “12.2.8 Borrowers’ ownership The Borrowers will procure that, for as long as Primelead remains a Subsidiary of Dryships, the
Borrowers each remain seventy per centum (70%), directly or indirectly, beneficially owned by Dryships.”; 
  

 7 

	 	4.9	the following new clause 12.2.9 was added in the Original Loan Agreement:- 

  

	 	“12.2.9 	Corporate Guarantors’ ownership The Borrowers will procure that the Corporate Guarantors (other than Dryships) each remain one hundred per centum (100%),
directly or indirectly, beneficially owned by the Personal Guarantor. 

  

	 	4.10	clause 12.2.10 (Negative pledge and no disposals) of the Original Loan Agreement were deleted and the following substituted thereof:- 

 

	 	“12.2.10 	Negative pledge and no disposals Neither Borrower shall without the prior written consent of the Agent, and shall procure that none of the Corporate Guarantors
(other than Dryships) shall without the prior written consent of the Agent, create nor permit to subsist any Encumbrance or other third party rights over any of its present or future assets or undertaking nor dispose of any those assets or of all or
part of that undertaking.”; 

  

	 	4.11	clause 12.2.13 (No other Business) of the Original Loan Agreement was deleted and the following substituted thereof:- 

  

	 	“12.2.13 	No other business Neither Borrower shall without the prior written consent of the Agent, and shall procure that none of the Corporate Guarantors (other than
Dryships) shall without the prior written consent of the Agent, engage in any business other than the ownership of its Vessel.”; 

  

	 	4.12	clause 12.2.16 (No substantial liabilities) of the Original Loan Agreement was deleted and the following substituted thereof:- 

  

	 	“12.2.16 	No substantial liabilities Except in the ordinary course of business, neither Borrower shall without the prior written consent of the Agent, and shall procure
that none of the Corporate Guarantors (other than Dryships) shall without the prior written consent of the Agent, incur any liability to any third party which is in the Agent’s opinion of a substantial nature.”; 

 

 8 

	 	4.13	clause 12.2.19 (No change in ownership or control of a Borrower) of the Original Loan Agreement was deleted and the following substituted thereof:-

  

	 	“12.2.19 	No change in ownership or control of a Borrower Neither Borrower shall, and shall procure that no Corporate Guarantor (other than Dryships) shall, permit any
change in its beneficial ownership and control from that advised to the Agent at the date of this Agreement, other than any change of beneficial ownership and control of the Borrowers from Dryships to Primelead, and any subsequent change of
ownership and control of Primelead”; and 

  

	 	4.14	Schedule 6 of the Original Loan Agreement was deleted and replaced by Schedule 1 of this Second Supplemental Agreement. 

 All other terms and conditions of the Original Loan Agreement shall remain unaltered and in full force and effect. 
  

	5	Confirmation and Undertaking 

  

	 	5.1	Each of the Security Parties confirms that all of its respective obligations under or pursuant to each of the Security Documents to which it is a party remain in full
force and effect, despite the amendments to the Original Loan Agreement made in this Second Supplemental Agreement, as if all references in any of the Security Documents to the Original Loan Agreement (however described) were references to the
Original Loan Agreement as amended and supplemented by this Second Supplemental Agreement. 

  

	 	5.2	The definition of any term defined in any of the Security Documents shall, to the extent necessary, be modified to reflect the amendments to the Original Loan Agreement
made in this Second Supplemental Agreement. 

  

	6	Security 

 The definition
of any term defined in any of the Security Documents including the Original Loan Agreement shall to the extent necessary be modified to reflect the amendments to the Original Loan Agreement made in or pursuant to this Second Supplemental Agreement.

  

 9 

	7	Further Assurance 

 The
Borrowers hereby covenant that from time to time at the request of the Agent they will execute and deliver to the Agent and/or the Security Agent or procure the execution and delivery to the Agent of all such documents as the Lenders shall deem
necessary or desirable in its absolute discretion for giving full effect to this Second Supplemental Agreement and for perfecting and protecting the value or of enforcing any rights or securities granted to the Finance Parties under or pursuant to
the Original Loan Agreement and this Second Supplemental Agreement. 
  

	8	Fees and expenses 

  

	 	8.1	The Borrowers undertake to indemnify the Agent and the Lenders on demand in respect of all costs, charges and expenses (together with value added tax or any similar tax
thereon and including without limitation the fees and expenses of legal advisers) incurred by the Agent and/or any Lender in connection with the negotiation, preparation, printing, execution and registration of this Second Supplemental Agreement,
and the completion of the transactions therein contemplated (whether or not any of the Additional Security Documents are actually executed or registered). 

  

	 	8.2	The Borrowers undertake to indemnify the Agent and/or any Lender on demand against any and all stamp, registration and similar Taxes which may be payable in the United
Kingdom and/or any other jurisdiction in connection with the entry into, performance and enforcement of this Second Supplemental Agreement. 

  

	9	Notices, Law and Jurisdiction 

 The provisions of clauses 18 and 23 of the Original Loan Agreement shall apply to this Second Supplemental Agreement as if they were set out in full and as if references to the Original Loan Agreement were references to this Second
Supplemental Agreement and references to the Borrowers were references to the Security Parties. 
  

	10	Miscellaneous 

 Clauses
22.1, 22.5 and 22.6 of the Original Loan Agreement shall (mutatis mutandis) apply to this Second Supplemental Agreement. 
  

 10 

 SCHEDULE 1: Form of Compliance Certificate 
  

			
	To:	  	DVB BANK SE
		
	From:	  	 GRAND INVESTMENT HOLDING LTD.
 DRILLSHIP HYDRA OWNERS INC.
 DRILLSHIP PAROS OWNERS INC.
 OIL TRANSPORT INVESTMENTS LIMITED
 INNOVATIVE INVESTMENTS LIMITED
 AMBASSADOR SHIPPING CORPORATION
 OCEANIDS
OWNING COMPANY LIMITED
 NEREIDS OWNING COMPANY LIMITED
 MUSES OWNING COMPANY LIMITED
 ERATO OWNING COMPANY LIMITED
 MENTOR OWNING COMPANY LIMITED
 IRIS OWNING
COMPANY LIMITED
 DRYSHIPS INC.

 Dated: 
 Dear Sirs 
 Drillship Hydra Owners Inc. and Drillship Paros Owners Inc. – Loan Agreement dated 10 September 2007 as amended and supplemented by a first supplemental agreement dated 10 January 2008
and as further amended and supplemented by a second supplemental agreement dated [            ] (the “Agreement”) 
 We refer to the Agreement. This is a Compliance Certificate. Terms defined in the Agreement have the same meaning when used in this Compliance Certificate
unless given a different meaning in this Compliance Certificate. 
 We confirm that: 
  

	 	1.	Grand’s Leverage does not exceed 75%, as required by Clause 12.2.2 (a); 

  

	 	2.	Grand’s Minimum Net Worth is not lower than $75,000,000, as required by Clause 12.2.2 (b); 

  

	 	3.	the Group maintains a Market Adjusted Equity Ratio (calculated in the manner set out in the Appendix) not lower than 0.3:1 for each financial year during the Facility
Period; and 

  

 11 

	 	4.	the Group maintains an Interest Coverage Ratio (calculated in the manner set out in the Appendix) of not lower than 3:1; 

  

	 	5.	the Group maintains a Market Value Adjusted Net Worth (calculated in the manner set out in the Appendix), which is not lower than five hundred million Dollars
($500,000,000); and 

  

	 	6.	Clause 10.11 is being complied with. 

 We
confirm that no Default is continuing*. 
  

			
	Signed:	 	 
		 	 Director
 Of
 [DRYSHIPS INC]
 [GRAND INVESTMENT HOLDING LTD.]
 [DRILLSHIP HYDRA OWNERS INC.]
 [DRILLSHIP PAROS OWNERS INC.]
 [OIL TRANSPORT INVESTMENTS LIMITED]
 [INNOVATIVE INVESTMENTS LIMITED]
 [AMBASSADOR SHIPPING CORPORATION]
 [OCEANIDS OWNING COMPANY LIMITED]
 [NEREIDS OWNING COMPANY LIMITED]
 [MUSES OWNING COMPANY LIMITED]
 [ERATO
OWNING COMPANY LIMITED]
 [MENTOR OWNING COMPANY LIMITED]
 [IRIS OWNING COMPANY LIMITED]

  

	*	If this statement cannot be made, the certificate should identify any Default that is continuing and the steps, if any, being taken to remedy it.

  

 12 

 APPENDIX TO COMPLIANCE CERTIFICATE 

			
		
	 Covenant analysis as of
[                ]:
	  	
		
	 1) Market Adjusted Equity Ratio
	  	
	
	 Minimum Net Worth calculation for 12 months ended
[                ]

		
	 Charter free market value of total assets:
	  	[                ]
		
	 less total liabilities:
	  	[                ]
		
	 Minimum Net Worth:
	  	[                ]
	
	 Value Adjusted Total Assets calculation for 12 months ended
[                ]

		
	 Fleet Market Value:
	  	[                ]
		
	 Group’s assets:
	  	[                ]
		
	 Value Adjusted Total Assets:
	  	[                ]
		
	 Market Adjusted Equity Ratio:
	  	[                ]
		
	 Minimum required:
	  	0.3:1
		
	 Covenant met:
	  	[yes]
		
	 2) Interest Coverage Ratio
	  	
	
	 EBITDA calculation for 12 months ended
[                ]

		
	 earnings
	  	[                ]
		
	 less interest
	  	[                ]
		
	 less tax
	  	[                ]
		
	 less depreciation
	  	[                ]
		
	 less amortisation
	  	[                ]
		
	 over
	  	[                ]
		
	 interest expense
	  	[                ]
		
	 less interest income
	  	[                ]
		
	 Interest Coverage Ratio
	  	
		
	 Minimum required
	  	3:1
		
	 Covenant met
	  	[yes]
		
	 3) Market Value Adjusted Net Worth
	  	
	
	 Value Adjusted Total Assets calculation for 12 months ended
[                ]

		
	 Fleet Market Value
	  	[                ]
		
	 Group’s other assets
	  	[                ]

  

 13 

			
		
	 Value Adjusted Total Assets
	  	[                ]
	
	 Value Adjusted Total Liabilities calculation for 12 months ended
[                ]

		
	 Total Liabilities
	  	[                ]
	
	 (as adjusted to reflect any contingent liabilities of the Group)

		
	 Value Adjusted Total Assets
	  	[                ]
		
	 Minimum required
	  	500,000,000
		
	 Covenant met
	  	[yes]
	
	 DETAILED EBITDA CALCULATIONS

		
	 EBITDA calculations for 12 months
	  	
		
	 Ended [                ]
	  	

  

							
	 	  	3 months ended	 	3 months ended	 	12 months ended
		  	[                ]	 	[                ]	 	[                ]
	 earnings
	  	[                ]	 	[                ]	 	[                ]
	 less interest
	  	[                ]	 	[                ]	 	[                ]
	 less tax
	  	[                ]	 	[                ]	 	[                ]
	 less depreciation
	  	[                ]	 	[                ]	 	[                ]
	 less amortisation
	  	[                ]	 	[                ]	 	[                ]
	 EBITDA
	  	[                ]	 	[                ]	 	[                ]

  

 14 

 IN WITNESS of which the parties to this Second Supplemental Agreement have executed this Second
Supplemental Agreement as a deed the day and year first before written. 
  

					
	SIGNED and DELIVERED as	  	)	  	
	a DEED by	  	)	  	
	DRILLSHIP HYDRA OWNERS INC.	  	)	  	
	 acting by
	  	)	  	
	/s/ Eugenia Papapontikou	  	)	  	
	EUGENIA PAPAPONTIKOU	  	)	  	
	 its duly authorised attorney-in-fact
	  	)	  	
	 in the presence of
	  	)	  	
	 CONSTANTINO KARACHALIOS
	  	)	  	

  

					
	SIGNED and DELIVERED as	  	)	  	
	a DEED by	  	)	  	
	DRILLSHIP HYDRA OWNERS INC.	  	)	  	
	 acting by
	  	)	  	
	 /s/ Stephenson Harwood
	  	)	  	
	 STEPHENSON HARWOOD
	  	)	  	
	 its duly authorised attorney-in-fact
	  	)	  	
	 in the presence of
	  	)	  	
	 CONSTANTINO KARACHALIOS
	  	)	  	

  

					
	SIGNED and DELIVERED as	  	)	  	
	a DEED by	  	)	  	
	DVB BANK SE (as a lender)	  	)	  	
	 acting by
	  	)	  	
	 /s/ Dimitrios Beis
	  	)	  	
	 DIMITRIOS BEIS
	  	)	  	
	 its duly authorised attorney-in-fact
	  	)	  	
	 in the presence of
	  	)	  	
	 CONSTANTINO KARACHALIOS
	  	)	  	

  

 15 

					
	SIGNED and DELIVERED as	  	)	    	
	a DEED by	  	)	    	
	DVB BANK SE (as arranger)	  	)	    	
	acting by	  	)	    	
	DIMITRIOS BEIS	  	)	    	/s/ Dimitrios Beis
	its duly authorised attorney-in-fact	  	)	    	
	in the presence of:	  	)	    	
	CONSTANTINOS KARACHALIOS	  		    	
			
	/s/ Stephenson Harwood	  		    	
	STEPHENSON HARWOOD	  		    	
			
	SIGNED and DELIVERED as	  	)	    	
	a DEED by	  	)	    	
	DVB BANK SE (as agent)	  	)	    	
	acting by	  	)	    	
	DIMITRIOS BEIS	  	)	    	/s/ Dimitrios Beis
	its duly authorised attorney-in-fact	  	)	    	
	in the presence of:	  	)	    	
	CONSTANTINOS KARACHALIOS	  		    	
			
	/s/ Stephenson Harwood	  		    	
	STEPHENSON HARWOOD	  		    	
			
	SIGNED and DELIVERED as	  	)	    	
	a DEED by	  	)	    	
	DVB BANK SE (as arranger)	  	)	    	
	acting by	  	)	    	
	DIMITRIOS BEIS	  	)	    	/s/ Dimitrios Beis
	its duly authorised attorney-in-fact	  	)	    	
	in the presence of:	  	)	    	
	CONSTANTINOS KARACHALIOS	  		    	
			
	/s/ Stephenson Harwood	  		    	
	STEPHENSON HARWOOD	  		    	
			
	SIGNED and DELIVERED as	  	)	    	
	a DEED by	  	)	    	
	NORDDEUTSCHE LANDESBANK	  	)	    	
	GIROZENTRALE (as lender)	  	)	    	
	acting by	  	)	    	
	DIMITRIOS BEIS	  	)	    	/s/ Dimitrios Beis
	its duly authorised attorney-in-fact	  	)	    	
	in the presence of:	  	)	    	
	CONSTANTINOS KARACHALIOS	  		    	
			
	/s/ Stephenson Harwood	  		    	
	STEPHENSON HARWOOD	  		    	

  

 16

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00171-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00171-of-00352.parquet"}]]