Document:

exv4w5

 

Exhibit 4.5

SUPPLEMENT NO. 4

TO

TRUST INDENTURE

     THIS SUPPLEMENT NO. 4, dated as of September 30, 2005 (this “Supplement No. 4”), to
that certain Trust Indenture, dated as of August 16, 2000 (the “Original Indenture”), as
amended by Supplement No. 1 thereto, dated as of January 25, 2002 (“Supplement No. 1”),
Supplement No. 2 thereto, dated as of November 15, 2002 (“Supplement No. 2”), and
Supplement No. 3 thereto, dated as of December 14, 2004 (“Supplement No. 3”) (as so
supplemented, the “Indenture”), is by and between WILMINGTON TRUST COMPANY, a Delaware
banking corporation, as indenture trustee (the “Indenture Trustee”), and CAL DIVE I-TITLE
XI, INC., a Texas corporation (the “Shipowner,” and together with the Indenture Trustee,
the “Parties”).

     WHEREAS, pursuant to Title XI of the Merchant Marine Act, 1936, as amended, the Secretary,
pursuant to the Guarantee Commitment, determined that the Actual Cost of the Q4000, Official Number
1122763 (the “Vessel”), was $158,260,932 as of August 16, 2000, and pursuant to the Credit
Agreement and the Original Indenture, the Shipowner was authorized to issue up to $138,478,000 in
principal amount of the Floating Rate Note, such Note to be replaced at or before the Stated
Maturity by issuance by the Shipowner of Fixed Rate Bonds;

     WHEREAS, pursuant to Amendment No. 1 to Security Agreement, dated as of January 25, 2002, the
Secretary redetermined the Actual Cost of the Vessel to be $183,065,667, and pursuant to Amendment
No. 1 to Credit Agreement and Supplement No. 1, the Shipowner, among other things, was authorized
to re-issue the Floating Rate Note in the form of the First Amended and Restated Floating Rate
Note, in an amount not to exceed $160,182,000 (87.5% of the Actual Cost);

     WHEREAS, pursuant to Amendment No. 2 to Credit Agreement and Supplement No. 2, the Shipowner,
the Lenders and the Indenture Trustee, among other things, changed the Stated Maturity of the First
Amended and Restated Floating Rate Note and issued the Second Amended and Restated Floating Rate
Note in replacement thereof;

     WHEREAS, pursuant to Amendment No. 3 to Security Agreement, dated as of December 15, 2004, the
Secretary redetermined the estimated Actual Cost of the Vessel, and pursuant to Amendment No. 4 to
Credit Agreement and Supplement No. 3, the Shipowner, among other things, fixed the initial amount
outstanding under the Second Amended and Restated Floating Rate Note at $143,446,092, provided for
future additional amounts of Fixed Rate Bonds to pay for the additional Guarantee Fees relating to
the Fixed Rate Bonds and substituted previous amendments to the Amortization Schedule for the
Obligations to accomplish such provisions by its Third Revised Amortization Schedule, attached as
Attachment No. 1 to Supplement No. 3;

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     WHEREAS, the Indenture and the Credit Agreement envision the replacement of the Second Amended
and Restated Floating Rate Note by the issuance of Fixed Rate Bonds, and the Indenture and the
Security Agreement, as amended, permit the issuance of Fixed Rate Bonds for payment of additional
Guarantee Fees as items of additional Actual Cost, both in an aggregate amount permitted by the
Security Agreement based on the Actual Cost of the Vessel;

     WHEREAS, the Shipowner hereby desires to issue its Fixed Rate Bonds in the form of sinking
fund bonds only, in the Outstanding principal amount of the Second Amended and Restated Floating
Rate Note of $132,090,883, plus $2,836,117 outstanding principal amount to fund additional amounts
of Guarantee Fees relating to the Fixed Rate Bonds, as determined by the Secretary, for a
total issuance of Fixed Rate Bonds of $134,927,000 aggregate principal amount (rounded down to the
nearest $1,000) and the form of such Fixed Rate Bonds is attached hereto as Exhibit A; and

     WHEREAS, the Shipowner and the Secretary have agreed that the amortization of such Fixed Rate
Bonds, to be accomplished through a mandatory sinking fund for such Fixed Rate Bonds, shall be as
set forth in the Fourth Revised Amortization Schedule in the form attached hereto as Attachment
No. 1 on a level debt-service (mortgage style) amortization.

     NOW, THEREFORE, in consideration of the mutual rights and obligations set forth herein and of
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties agree as follows:

ARTICLE I

DEFINITIONS

     SECTION 1.01 Definitions Generally. All capitalized terms used in this Supplement
No. 4 and not defined herein shall have the meanings set forth therefor in Schedule A to the
Indenture.

     SECTION 1.02 Supplement No. 4. Schedule A to the Indenture is hereby amended by:

     (i) Adding the following definition:

“Supplement No. 4 to Trust Indenture” means Supplement No. 4 to
Trust Indenture, dated as of September 30, 2005.”;

     (ii) Deleting the definition of “Fixed Rate Bond(s)” in its entirety and substituting the
following therefor:

“’Fixed Rate Bond’ means each, and “Fixed Rate Bonds” means all of
the Obligations in the form of a Sinking Fund Bond substantially in
the form of Exhibit 4 to the Indenture, as amended and restated by
Exhibit A to Supplement No. 4 to Trust Indenture, as appropriately
completed”; and

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     (iii) Deleting the definition of “Authorized Newspapers” in its entirety, and substituting the
following therefor:

“The Wall Street Journal, or if it ceases to exist, then such other
newspaper as the Secretary may designate.”

     (iv) The definitions relating to Make-Whole Premium, to wit: “Make Whole Premium,”
“Prepayment Value,” “Prospective Payment,” “Reinvestment Rate,” “Weighted Average Life to Final
Maturity” and “Remaining Dollar Years,” set forth in Schedule A are deleted in their entirety and
the following are substituted, respectively, therefor:

“Make-Whole Premium” with respect to any optional redemption of
Bonds shall be determined by the Indenture Trustee two (2) Business
Days prior to the date fixed for such redemption and shall mean the
amount that is equal to the excess, if any, of (i) the sum of the
respective Payment Values of each Prospective Payment, over (ii) one
hundred percent (100%) of the aggregate principal amount being
redeemed on such date; provided that, the Make-Whole Premium
shall in no event be less than zero.

“Payment Value” of each “Prospective Payment” means the amount
determined by discounting on a semiannual basis each Prospective
Payment at the “Reinvestment Rate” for the period from the date on
which such Prospective Payment was scheduled to be paid to the
applicable date of redemption.

“Prospective Payment” means, with respect to any redemption of the
Bonds: (i) each scheduled interest payment on the scheduled
principal amount being redeemed, excluding any portion of any such
interest payment accrued as of the date of redemption, plus (ii) the
scheduled principal amount being redeemed.

“Reinvestment Rate” means (i) the per annum yield (expressed as a
semiannual equivalent) determined by the Indenture Trustee to be the
per annum rate equal to the semiannual yields to maturity of the
issue of actively traded United States Treasury securities having a
maturity equal to the “Weighted Average Life to Final Maturity”;
provided, however, that if such Weighted Average
Life to Final Maturity is not equal to the maturity of an actively
traded United States Treasury security (rounded to the nearest
one-twelfth of a year), such yield shall be obtained by linear
interpolation from the yields of actively traded United States
Treasury securities having the greater maturity closest to and the
lesser maturity closest to such Weighted Average Life to Final
Maturity, plus (ii) 0.25%. The yields shall be determined by
reference to the yields as indicated by Telerate Access Service
(page 500 or the  relevant

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page at the date of determination
indicating such yields) or, if such data cease to be available, any
publicly available sources of similar market data selected by the
Indenture Trustee as of the applicable time of determination.

“Weighted Average Life to Final Maturity” means the number of years
(rounded up to the nearest one-twelfth of a year) obtained by
dividing: (i) the then “Remaining Dollar Years” by (ii) the total
amount of the then remaining aggregate unpaid principal amount of
the Bonds without giving effect to such redemption.

“Remaining Dollar Years” means the sum of the products obtained by
multiplying: (i) the amount of each remaining scheduled payment of
principal of the Bond without giving effect to such redemption by
(ii) the number of years (rounded to the nearest one-twelfth of a
year) which will elapse between the date of redemption and the
applicable Mandatory Sinking Fund Redemption date or payment, at
maturity, for the principal amount being redeemed.”

ARTICLE II

THE OBLIGATIONS

     SECTION 2.01 The Obligations. Section 2(a) of the Special Provisions of the
Indenture, as amended by Supplement No. 1 and Supplement No. 2, is deleted in its entirety and the
following is substituted therefor:

“(a) The Obligations issued hereunder shall be Fixed Rate Bonds
designated “United States Government Ship Financing Bonds, Q4000
Series,” and shall be in the form of Exhibit 4 to the Indenture, as
amended and restated by Exhibit A to Supplement No. 4 to Trust
Indenture, and the aggregate principal amount of Obligations which
may be issued and Outstanding under this Indenture shall not exceed
$134,927,000.”

     SECTION 2.02 Scheduled Mandatory Redemptions. (i) The first paragraph of Section
4(a) of the Special Provisions of the Indenture, as amended by Supplement Nos. 1, 2 and 3, is
deleted in its entirety and the following is substituted therefor:

“(a) Scheduled Mandatory Redemption. The Obligations are
subject to redemption at a Redemption Price equal to one hundred
percent (100%) of the principal amount thereof, together with
interest accrued thereon to the applicable Redemption Date, through
the operation of scheduled mandatory sinking fund repayment,
providing for semiannual redemption on February 1 and August 1 of
each year, commencing February 1, 2006, of a

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principal amount of the
Obligations as specified in the Obligations, plus interest accrued
thereon to the Redemption Date so that the semiannual mandatory
redemption of the aggregate principal amount of Obligations
Outstanding shall be in the principal amount set forth in the fourth
revised amortization schedule (the “Fourth Revised Amortization
Schedule”), which is Attachment No. 1 to Supplement No. 4 to Trust
Indenture, as the same may be revised as provided in the Indenture.
There shall be a final redemption of the remaining outstanding
principal of the Fixed Rate Bonds on February 1, 2027.”

     (ii) The second paragraph of Section 4(a) of the Special Provisions of the Indenture, as
amended by Supplement Nos. 1 and 2 to Trust Indenture, is further amended by deleting said
paragraph in its entirety and by substituting the following therefor:

“Notwithstanding the foregoing provisions of this subsection (a), if
the principal amount of Outstanding Obligations shall be partially
redeemed pursuant to Sections 3.04 or 3.06 of Exhibit 1 to the
Indenture (or in the event of any optional redemption pursuant to
Section 4(c) of these Special Provisions, or any purchase or
acquisition by the Shipowner, other than by redemption, and delivery
to the Indenture Trustee for cancellation pursuant to Section 2.10
of Exhibit 1 to the Indenture, of less than all the Obligations),
the principal amount of Obligations to be redeemed on each
subsequent mandatory sinking fund Redemption Date and Stated
Maturity date pursuant to this subsection (a) shall be reduced by
the amount of any such redemption or purchase or acquisition applied
on a pro rata basis to the amounts set forth on the Fourth Revised
Amortization Schedule (or any subsequent revisions thereof) for each
semiannual payment (subject to such increases or decreases as shall
be necessary so that the total principal amount of Obligations to be
redeemed on any such Redemption Date shall be an integral multiple
of $1,000); provided that, the entire amount of Outstanding
Obligations shall be paid no later than February 1, 2027. The
Shipowner shall, in accordance with Section 3.02(e) of Exhibit 1
hereto, as amended by these Special Provisions, promptly after each
redemption pursuant to Sections 3.04 or 3.06, or redemption pursuant
to Section 4(c) of these Special Provisions, or cancellation of such
purchased or acquired Obligations,
furnish to the Secretary, the Indenture Trustee and each Holder a
revised Amortization Schedule of scheduled repayments of Obligations
reflecting the reductions made pursuant to this subsection (a) as a
result of such redemption, purchase or acquisition.”

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     SECTION 2.03 Optional Redemptions of Obligations at Make-Whole Premium. Section 4(c)
of the Special Provisions is deleted in its entirety, and the following is substituted therefor:

“At its option, the Shipowner may redeem the Bonds, in whole or in
part, in a minimum principal amount of $10,000,000, on any Payment
Date, at a Redemption Price equal to one hundred percent (100%) of
the principal amount thereof, together with interest accrued thereon
to such Redemption Date, together with the Make-Whole Premium
specified in such Bonds. No Make-Whole Premium shall be owed in
connection with any mandatory redemption of the Bonds, any
redemption of the Obligations at the option of the Secretary, or any
other redemption of the Obligations pursuant to any provisions of
the Indenture not set forth in this Section 4(c).”

     SECTION 2.04 Optional Sinking Fund Redemptions. Section 4(e) of the Special
Provisions of the Indenture is deleted in its entirety and the following is substituted therefore:

     “(e) Intentionally omitted.”

     SECTION 2.05 Concerning Section 2.01 of Exhibit 1 to the Indenture. Section 5(e) of
the Special Provisions of the Indenture is amended by:

     (i) Adding the following to the end of the first sentence of Section 2.01(c) prior to the
period:

“provided, however, upon redemption in whole of any
of the Obligations, including at Stated Maturity, principal,
premium, if any, and interest due upon such redemption or Stated
Maturity shall be paid to the Obligee by presentment (by mail or
otherwise) of such Obligation to the Indenture Trustee”;

     (ii) The words “under (y)” are deleted from the second sentence of Section 2.01(c); and

     (iii) The following sentence is added as a third and last sentence of Section 2.01(c):

“Notwithstanding the foregoing, in the event that the Obligations
are registered in the name of The Depository Trust Company (“DTC’),
Cede & Co. (“Cede”), as nominee for DTC, or another nominee of DTC,
payment of principal and interest and premium (if any) on the
Obligations shall be made pursuant to a Blanket Letter of
Representation (“BLOR”), which is executed among the Shipowner, the
Indenture Trustee and DTC, a copy of which is being made available
to all parties at the Closing for the Fixed Rate

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Bonds, and all
references in Sections 5(w) (Concerning Section 6.09) and 5(cc) of
the Special Provision to the “Letter of Representation” and “LOR”
shall be changed to “BLOR”.”

	 	 	SECTION 2.06 Concerning Section 2.10 of Exhibit 1 to the Indenture.

     (a) Upon surrender of the Second Amended and Restated Floating Rate Note issued on November
15, 2002 to the Indenture Trustee by the Holder thereof following the payment in full of all
amounts due thereunder, such Note shall be endorsed to show the redemption of the outstanding
amount and thereupon shall be cancelled pursuant to Section 2.10 of Exhibit 1 to the Indenture.

     (b) On and after the date of this Supplement No. 4, the Shipowner shall not execute and the
Indenture Trustee shall not authenticate, transfer, exchange or deliver any Obligation, except the
Fixed Rate Bonds in the form of Exhibit 4 to the Indenture, as amended and restated by Exhibit A to
Supplement No. 4.

     SECTION 2.07 Concerning Section 3.02 (a) of Exhibit 1 to the Indenture. Section
3.02(a) of Exhibit 1 to the Indenture is deleted in its entirety and all mandatory sinking fund
payments and adjustments thereto shall be governed by Sections 4(a) and 4(d) of the Special
Provisions, as amended by this Supplement No. 4.

     SECTION 2.08 Concerning Section 3.02(b) of Exhibit 1 to the Indenture. Section
3.02(b) of Exhibit 1 hereto is deleted in its entirety and the following is substituted therefor:

     “(b) Intentionally omitted.”

     SECTION 2.09 Concerning Section 3.02(c) of Exhibit 1 to the Indenture. Section
3.02(c) of Exhibit 1 to the Indenture, as amended by Section 5(j) of the Special Provisions, is
deleted in its entirety and the following is substituted therefor:

     “(c) Intentionally omitted.”

     SECTION 2.10 Concerning Section 3.03 of Exhibit 1 to the Indenture. Section 3.03 of
Exhibit 1 to the Indenture is deleted in its entirety and all optional redemptions at premium shall
be governed by Section 4(c) of the Special Provisions, as amended by this Supplement No. 4, and
Section 4(f) of the Special Provisions.

     SECTION 2.11 Concerning Section 3.06 of Exhibit 1 to the Indenture. Section 4(f) of
the Special Provisions is amended by deleting the word “Shipowner” in the last sentence thereof and
inserting “Secretary” in substitution therefor.

     SECTION 2.12 Concerning Section 3.07 of Exhibit 1 to the Indenture. Section 3.07 of
Exhibit 1 to the Indenture and Section 5(n) of the Special Provisions are deleted in their entirety
and the following is substituted therefor:

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“If less than all the Obligations are to be redeemed pursuant to
Sections 3.04 and 3.06 of Exhibit 1 to the Indenture, or Section
4(c) of the Special Provisions, the Indenture Trustee shall select
the particular Obligations to be redeemed by allocating the
principal amount to be redeemed among the Holders of such
Obligations in proportion to the aggregate principal amount thereof
held by each Holder of the Obligations registered in their name,
making adjustments so that the principal amount of any Obligations
to be redeemed shall be $1,000.00 or any integral multiple thereof.
If, at such time such Obligations are evidenced by the Global
Obligation so that the Bond Owners are not the Holders thereof for
purposes of the Indenture, DTC will allocate the principal amounts
to be redeemed among the Bond Owners in accordance with their
customary practice, which is currently by lot.”

     SECTION 2.13 Concerning Section 3.09 of Exhibit 1 to the Indenture. Section 5(o) of
the Special Provisions is deleted in its entirety and the following substituted therefor:

“Unless otherwise specifically provided herein, prior to the opening
of business on any Redemption Date, the Shipowner shall cause to be
deposited an amount sufficient for such Redemption with irrevocable
directions to so apply the same. Failure to deposit amount with the
Indenture Trustee or Paying Agent for any payment of principal,
premium (if any) or interest shall render any notice to redeem or
pay of no effect, and the Indenture Trustee shall so advise the
Holders.”

     SECTION 2.14. Concerning Section 4.03 of Exhibit 1 to Indenture. Section 5(r) of the
Special Provisions is amended by deleting the word “Any” at the beginning thereof and inserting the
words “Subject to application law, including State escheat laws, any” in substitution therefor, and
by deleting the word “Shipowner” from the second sentence thereof and inserting the words “Persons
that received the unclaimed amounts.”

ARTICLE III

FOURTH REVISED AMORTIZATION SCHEDULE

     SECTION 3.01. Fourth Revised Amortization Schedule. Section 3.01 of Supplement No. 3
is deleted in its entirety and the following inserted in lieu thereof:

“SECTION 3.01. Fourth Revised Amortization Schedule.
Attached hereto as Attachment 1 to this Supplement No. 4,
and in accordance with Section 3.02(e) of Exhibit 1 to the Indenture
(as amended by Section 5(g) of the Special Provisions), is the
Fourth Revised Amortization Schedule of scheduled repayments of the
Obligations reflecting changes in redemption of the principal

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amount
of the Obligations in accordance with the Indenture, as supplemented
by this Supplement No. 4. The Fourth Revised Amortization Schedule
replaces all prior Amortization Schedules, including that set forth
in Attachment 1 to the original Indenture, the Revised Amortization
Schedule attached as an exhibit to Supplement No. 1, the Second
Revised Amortization Schedule attached as an exhibit to Supplement
No. 2 and the Third Revised Amortization Schedule attached as an
exhibit to Supplement No. 3.”

ARTICLE IV

MISCELLANEOUS PROVISIONS

     SECTION 4.01. Pursuant to Section 10.02 of the Indenture, the signature of the Shipowner below
shall constitute a Request of the Shipowner that the Indenture Trustee execute this Supplement No.
4.

     SECTION 4.02. The Indenture Trustee accepts the modifications of the Indenture hereby effected
only upon the terms and conditions set forth in the Indenture, as supplemented and amended by
Supplement Nos. 1, 2 and 3 to Trust Indenture and this Supplement No. 4.

     SECTION 4.03. All capitalized terms used herein which are not otherwise defined herein have
the meanings set forth in Schedule A to the Indenture, as supplemented and amended by Supplement
Nos. 1, 2 and 3 to Trust Indenture and this Supplement No. 4.

     SECTION 4.04. Except as so amended, the provisions of the Indenture are hereby confirmed, and
shall remain in full force and effect.

     SECTION 4.05. This Supplement No. 4 may be executed in several counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same
instrument.

(SIGNATURE PAGE FOLLOWS)

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     IN WITNESS WHEREOF, this Supplement No. 4 to Trust Indenture has been duly executed by the
Parties on the day and year first above written.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	CAL DIVE I-TITLE XI, INC.,	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	as Shipowner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	By	 	/s/ A. WADE PURSELL	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	Name:

Title:
	 	A. Wade Pursell

Vice President	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Attest:	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	By	 	/s/ JAMES LEWIS CONNOR, III	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Name:
	 	James Lewis Connor, III	 	 	 	 	 	 	 	 	 	 
	 

	 	Title:
	 	Vice President	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	WILMINGTON TRUST COMPANY,
	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	as Indenture Trustee	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	By	 	/s/ ROBERT J. PERKINS	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	Name:
	 	Robert J. Perkins	 	 
	Attest:	 	 	 	 	 	 	 	Title:	 	Assistant Secretary and	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	Financial Services Officer	 	 
	By	 	/s/ CHARISSE L. RODGERS	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Name:
	 	Charisse L. Rodgers	 	 	 	 	 	 	 	 	 	 
	 

	 	Title:
	 	Vice President	 	 	 	 	 	 	 	 	 	 

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EXHIBIT A

FORM OF SPECIMEN FIXED RATE BOND

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Exhibit A to Supplement No. 4 to Trust Indenture

FORM OF SPECIMEN FIXED RATE BOND

Unless this certificate is presented by an authorized representative of The Depository Trust
Company, a New York corporation (“DTC”), to issuer or its agent for registration of transfer,
exchange or payment, and any certificate issued is registered in the name of Cede & Co., or in such
other name as is requested by an authorized representative of DTC (and any payment is made to Cede
& Co., or to such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL,
inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

	 	 	 
	$134,927,000
	 	CUSIP ___
No. 1

UNITED STATES GOVERNMENT GUARANTEED

SHIP FINANCING BOND, Q4000 SERIES

4.93% Sinking Fund Bond Due February 1, 2027

Issued by

CAL DIVE I-TITLE XI, INC.

          Principal and interest are guaranteed under Title XI of the Merchant Marine Act, 1936, as
amended.

     CAL DIVE I-TITLE XI, INC., a Texas corporation (herein called the “Shipowner”), FOR
VALUE RECEIVED, promises to pay to CEDE & CO., or registered assigns, the principal sum of ONE
HUNDRED THIRTY-FOUR MILLION NINE HUNDRED TWENTY-SEVEN THOUSAND DOLLARS ($134,927,000) on February
1, 2027, and to pay interest semiannually in arrears on February 1 and August 1 of each year,
commencing on February 1, 2006, on the unpaid principal amount of this Bond at the rate of four and
93/100th percent (4.93%) per annum calculated on the basis of a 360-day year and twelve 30-day
months from the interest payment date referred to above next preceding the date of this Bond to
which interest has been paid (unless the date hereof is the date to which interest on this Bond has
been paid, in which case from the date of this Bond), or if no interest has been paid on this Bond
since the Original Issue Date (as described in the Indenture hereinafter mentioned) of this Bond,
from such Original Issue Date, until payment of said principal sum has been made or duly provided
for, and at the same rate per annum on any overdue principal.

     The principal of and the interest on this Bond, as well as any premium hereon in the case of
certain redemptions hereof prior to maturity, are payable to the registered Holder hereof at the

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Corporate Trust Office of the Indenture Trustee, WILMINGTON TRUST COMPANY, a Delaware banking
corporation (the “Indenture Trustee”), or at any Paying Agent maintained for such purposes
in any coin or currency of the United States of America which at the time of payment is legal
tender for the payment of public and private debts therein; provided that, payments may be
made by check mailed to the address of the registered owner hereof as such address shall appear on
the Bond Register of said Indenture Trustee, and by such other methods of payment as permitted by
the Indenture.

     This Bond is one of an issue of obligations of the Shipowner of the $134,927,000 aggregate
principal amount of sinking fund bonds, designated as its “United States Government Guaranteed Ship
Financing Bonds, Q4000 Series” (herein sometimes called the “Bonds”), all issued under a
Trust Indenture, dated as of August 16, 2000, between the Shipowner and the Indenture Trustee (said
Trust Indenture, as heretofore supplemented and amended and as the same may be further amended,
modified or supplemented from time to time as permitted thereunder, hereinafter called the
“Indenture”), to aid in financing the cost of the construction by the Shipowner of the
Vessel (the Bonds are hereinafter sometimes individually called an “Obligation” and
collectively called the “Obligations”). The Bonds are specifically issued, among other
things, to replace the Shipowner’s Second Amended and Restated Floating Rate Note, also issued
under the Indenture. Reference is hereby made to the Indenture for a definition of all capitalized
terms used and not otherwise defined herein and a description of the rights, limitations of rights,
obligations, duties and immunities thereunder of the Shipowner and the Indenture Trustee, and the
rights and limitations of rights of the Holders of the Obligations and the Secretary.

     In accordance with the terms of the Authorization Agreement, dated as of August 16, 2000 (said
Authorization Agreement as heretofore supplemented and amended and as the same may be further
amended, modified or supplemented from time to time as permitted thereunder, herein called the
“Authorization Agreement”) between the UNITED STATES OF AMERICA, represented by the
SECRETARY OF TRANSPORTATION, acting by and through the MARITIME ADMINISTRATOR (herein called the
“Secretary”), and the Indenture Trustee and by endorsement of the guarantee of the United
States of America (the “Guarantees”) on each of the Obligations and the authentication and
delivery of the Guarantees by the Indenture Trustee, all pursuant to the Act, this Bond is
guaranteed by the United States of America as provided in the Authorization Agreement and in the
Guarantees endorsed thereon. Reference is hereby made to the Authorization Agreement for a
description of the rights, limitations of rights, obligations, duties and immunities thereunder of
the Secretary and the Indenture Trustee, and the rights and limitations of rights of the Holders of
this Bond.

     Furthermore, it is hereby noted that Section 1103(d) of Title XI of the Act provides that:

“The full faith and credit of the United States is pledged to
the payment of all guarantees made under this title with respect to
both principal and interest, including interest, as may be provided
for in the guarantee, accruing between the date of default under a
guaranteed obligation and the payment in full of the guarantee.”

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     If an Indenture Default shall have occurred and be continuing, the Indenture Trustee, as
provided in the Indenture, shall not later than sixty (60) days from the date of such Indenture
Default, demand payment by the Secretary of the Guarantees, whereupon the entire unpaid principal
amount of the Outstanding Obligations and all unpaid interest thereon shall become due and payable
on the first to occur of the date which is thirty (30) days from the date of such demand or the
date on which the Secretary pays the Guarantees. If no demand for payment of the Guarantees shall
have been made by the Indenture Trustee on or before the 30th day following an Indenture Default,
the Holder of any Outstanding Obligation may, in the manner provided in the Indenture, make such
demand in place of the Indenture Trustee. In the event of an Indenture Default of which the
Secretary has actual knowledge, the Secretary, as provided in the Authorization Agreement, will
publish notice in the Authorized Newspapers, which shall be The Wall Street Journal, of the
occurrence of such Indenture Default within thirty (30) days from the date of such Indenture
Default, unless demand for payment under the Guarantees shall previously have been made by the
Indenture Trustee, but any failure to
publish such notice or any defect therein shall not affect in any way any rights of the Indenture
Trustee, the Secretary, or any Holder of an Obligation with respect to such Indenture Default.

     Within thirty (30) days from the date of any demand for payment of the Guarantees, the
Secretary shall pay to the Indenture Trustee, as agent and attorney-in-fact for the Holders of the
Outstanding Obligations (including this Bond), all of the unpaid interest to the date of such
payment on, and the unpaid balance of the principal of, such Obligations in full, in cash;
provided that, in the case of a demand made as a result of an Indenture Default, the
Secretary shall not be required to make any such payment (i) if within such 30-day period (and
prior to any payment of the Guarantees by the Secretary), the Secretary finds either that there was
no Payment Default, or that such Payment Default was remedied prior to the demand for payment of
the Guarantees, or (ii) the Secretary assumes the Obligations and makes all payments then in
default in the manner provided in Section 6.09 of the Indenture. In each such event, the
Guarantees shall continue in full force and effect.

     The Holder of this Bond, by the purchase and acceptance hereof, hereby irrevocably appoints
the Indenture Trustee and each other Holder of any of the Outstanding Obligations as agent and
attorney-in-fact for the purpose of making any demand for payment of the Guarantees, and (in the
case of the Indenture Trustee) of receiving and distributing such payment; provided that,
no action or failure to act by the Indenture Trustee shall affect the right of the Holder of this
Bond to take any action whatsoever permitted by law and not in violation of the terms of this Bond
or of the Indenture.

     Any amount payable by the Secretary under the Guarantees shall not be subject to any claim or
defense of the United States of America, the Secretary, or others, whether by way of counterclaim,
set-off, reduction or otherwise. Further, the Holder of this Bond shall have no right, title or
interest in any collateral or security given by the Shipowner to the Secretary.

     After payment of the Guarantees by the Secretary to the Indenture Trustee, this Bond (1) if it
has not then been surrendered for cancellation or cancelled, shall represent only the right to
receive payment in cash of an amount (less the amount, if any, required to be withheld with respect
to transfer or other taxes on payments to the Holder of this Bond) equal to the unpaid

-3-

 

principal
amount hereof and the unpaid interest accrued hereon to the date on which the Secretary shall have
paid the Guarantees in full in cash to the Indenture Trustee, (2) shall otherwise no longer
constitute or represent an obligation of the Shipowner, and (3) shall not be entitled to any other
rights or benefits provided in the Indenture, subject to Section 6.08 of the Indenture.

     The Bonds (including this Bond) may be redeemed upon the terms and conditions provided in the
Indenture, in whole or in part, at the option of the Shipowner, at any time or from time to time at
least thirty (30) days’ prior notice given as provided in the Indenture, at a redemption price
equal to one hundred percent (100%) of the principal amount hereof, being so redeemed, together
with the interest accrued thereon to the date fixed for redemption, plus the Make-Whole Premium (as
hereinafter defined).

     The “Make-Whole Premium” with respect to any optional redemption of Bonds shall be
determined by the Indenture Trustee as of 11:00 a.m. (New York City time) on the day which is two
(2) Business Days prior to the date fixed for such redemption and shall be equal to the excess, if
any, of (i) the sum of the respective Payment Values (as defined below) of each Prospective Payment
(as defined below), over (ii) one hundred percent (100%) of the aggregate principal amount being
redeemed on such date; provided that, the Make-Whole Premium shall in no event be less than
zero.

     The “Payment Value” of each “Prospective Payment” (as defined below) means the
amount determined by discounting on a semiannual basis each Prospective Payment at the
“Reinvestment Rate” (as defined below) for the period from the date on which such
Prospective Payment was scheduled to be paid to the applicable date of redemption.

     “Prospective Payment” means, with respect to any redemption of the Bonds: (i) each
scheduled interest payment on the scheduled principal amount being redeemed, excluding any portion
of any such interest payment accrued as of the date of redemption, plus (ii) the scheduled
principal amount being redeemed.

     “Reinvestment Rate” means (i) the per annum yield (expressed as a semiannual
equivalent) determined by the Indenture Trustee to be the per annum rate equal to the semiannual
yield to maturity of the issue of actively traded United States Treasury securities having a
maturity equal to the “Weighted Average Life to Final Maturity” (as defined below);
provided, however, that if such Weighted Average Life to Final Maturity is not
equal to the maturity of an actively traded United States Treasury security (rounded to the nearest
one-twelfth of a year), such yield shall be obtained by linear interpolation from the yields of
actively traded United States Treasury securities having the greater maturity closest to and the
lesser maturity closest to such Weighted Average Life to Final Maturity, plus (ii) 0.25%. The
yields shall be determined by reference to the yields as indicated by Telerate Access Service (page
500 or the relevant page at the date of determination indicating such yields) or, if such data
cease to be available, any publicly available sources of similar market data selected by the
Indenture Trustee as of the applicable time of determination.

-4-

 

     “Weighted Average Life to Final Maturity” means the number of years (rounded up to the
nearest one-twelfth of a year) obtained by dividing: (i) the then “Remaining Dollar Years”
(as defined below) by (ii) the total amount of the then remaining aggregate unpaid principal amount
of the Bonds without giving effect to such redemption.

     “Remaining Dollar Years” means the sum of the products obtained by multiplying: (i)
the amount of each remaining scheduled payment of principal of the Bond without giving effect to
such redemption by (ii) the number of years (rounded to the nearest one-twelfth of a year) which
will elapse between the date of redemption and the applicable Mandatory Sinking Fund Redemption
date or payment, at maturity, for the principal amount being redeemed.”

     The Bonds (including this Bond) are also subject to redemption (without Make-Whole Premium or
other premium), upon the terms and conditions provided in the Indenture and upon thirty (30) days’
prior notice, through the operation of a mandatory sinking fund providing for the redemption on
February 1, 2006, and on each August 1 and February 1 thereafter to and including August 1, 2026,
at one hundred percent (100%) of the principal amount thereof plus interest accrued thereon to such
date, of a principal amount of the Bonds as set forth below (or such lesser amount of the Bonds as
shall be Outstanding due to prior reductions in accordance with the Indenture and the Bonds):

	 	 	 	 	 	 	 	 	 	 	 
	Redemption Date	 	Principal Amount ($)	 	Redemption Date	 	Principal Amount ($)
	February 1, 2006

	 	 	1,783,314	 	 	August 1, 2016
	 	 	2,995,223	 
	August 1, 2006

	 	 	1,827,897	 	 	February 1, 2017
	 	 	3,070,103	 
	February 1, 2007

	 	 	1,873,595	 	 	August 1, 2017
	 	 	3,146,856	 
	August 1, 2007

	 	 	1.920,435	 	 	February 1, 2018
	 	 	3,225,527	 
	February 1, 2008

	 	 	1,968,445	 	 	August 1, 2018
	 	 	3,306,165	 
	August 1, 2008

	 	 	2,017,657	 	 	February 1, 2019
	 	 	3,388,819	 
	February 1, 2009

	 	 	2,068,098	 	 	August 1, 2019
	 	 	3,473,540	 
	August 1, 2009

	 	 	2,119,800	 	 	February 1, 2020
	 	 	3,560,378	 
	February 1, 2010

	 	 	2,172,795	 	 	August 1, 2020
	 	 	3,649,388	 
	August 1, 2010

	 	 	2,227,115	 	 	February 1, 2021
	 	 	3,740,622	 
	February 1, 2011

	 	 	2,282,793	 	 	August 1, 2021
	 	 	3,834,138	 
	August 1, 2011

	 	 	2,339,863	 	 	February 1, 2022
	 	 	3,929,991	 
	February 1, 2012

	 	 	2,398,360	 	 	August 1, 2022
	 	 	4,028,241	 
	August 1, 2012

	 	 	2,458,319	 	 	February 1, 2023
	 	 	4,128,947	 
	February 1, 2013

	 	 	2,519,777	 	 	August 1, 2023
	 	 	4,232,171	 
	August 1, 2013

	 	 	2,582,771	 	 	February 1, 2024
	 	 	4,337,975	 
	February 1, 2014

	 	 	2,647,340	 	 	August 1, 2024
	 	 	4,444,425	 
	August 1, 2014

	 	 	2,713,524	 	 	February 1, 2025
	 	 	4,557,585	 
	February 1, 2015

	 	 	2,781,362	 	 	August 1, 2025
	 	 	4,671,525	 
	August 1, 2015

	 	 	2,850,896	 	 	February 1, 2026
	 	 	4,788,313	 
	February 1, 2016

	 	 	2,922,168	 	 	August 1, 2026
	 	 	4,908,021	 

and at Stated Maturity there shall become due and payable the balance of the unpaid principal
amount of the Bonds at the time Outstanding, together with interest accrued thereon (each a
“Mandatory Sinking Fund Redemption”).

     The Obligations (including this Bond) are also subject to prepayment, upon the terms and
conditions provided in the Indenture, at one hundred percent (100%) of the principal amount
thereof, plus interest accrued thereon to the date of prepayment, upon at least thirty (30) days’
prior notice: (a) in part, in the event that Obligations must be redeemed so that the principal
amount of all Obligations Outstanding after such redemption will not exceed 87.5% of the Actual
Cost or amortized Actual Cost of the Vessel, as the case may be, as determined by the

-5-

 

Secretary;
(b) in whole, in the event of an actual, constructive, agreed or compromised total loss of, or
requisition of title to, or seizure or forfeiture of, the Vessel; or (c) in whole or in part, at
the option of the Secretary, at any time following an assumption of the Bonds and the Indenture by
the Secretary.

     In the event of any partial redemption of the Bonds pursuant to a redemption with Make-Whole
Premium, or pursuant to redemption referred to in the immediately preceding paragraph, or in the
event of any purchase or acquisition by the Shipowner (or than by redemption) and delivery to the
Indenture Trustee for cancellation pursuant to Section 2.10 of the Indenture of less than all the
Bonds, any Bonds so redeemed, or so purchased or acquired, shall be applied pro rata against
remaining Mandatory Sinking Fund Redemptions, based upon the amount of each such redemption as set
forth in the table above.

     Any optional prepayment shall be subject to the receipt of the prepayment monies by the
Indenture Trustee or any Paying Agent in accordance with the terms and conditions of the Indenture.
Any amount of the Obligations called for prepayment shall (unless the Shipowner shall cancel the
proposed optional redemption) cease to bear interest on and after the date fixed for prepayment.

     As provided in the Indenture and to the extent permitted thereby, compliance by the Shipowner
with any of the terms of the Indenture may be waived, and the Indenture and the rights and
obligations of the Shipowner, and the rights of the Holders of the Obligations (including this
Bond) thereunder may be modified, at any time with the prior consent of the Secretary, and except
as otherwise expressly provided in the Indenture, the consent of the Holders of at least sixty
percent (60%) in principal amount of the Outstanding Obligations affected thereby in the manner and
subject to the limitations set forth in the Indenture; provided that, no such waiver or
modification shall (1) without
the consent of the Holder of each Obligation affected thereby: (a) change the Stated Maturity or
reduce the principal amount of any Obligation; (b) extend the time of payment of, or reduce the
rate of, interest thereon; (c) change the due date of or reduce the amount of any sinking fund
payment; (d) reduce any premium payable upon the redemption thereof; or (e) change the coin or
currency in which any Obligation or the interest thereon is payable, or (2) without the consent of
all Holders of the Obligations: (a) terminate or modify any of the Guarantees or the obligations of
the United States of America thereunder; (b) reduce the amount of any of the Guarantees; (c)
eliminate, modify or condition the duties of the Indenture Trustee to demand payment of the
Guarantees; (d) eliminate or reduce the eligibility requirements of the Indenture Trustee; or (e)
reduce the percentage of principal amount of the Obligations the consent of whose Holders is
required for any such modification or waiver.

     The Indenture provides that the Obligations (including this Bond) shall no longer be entitled
to any benefit provided therein if the Obligations shall have become due and payable at Stated
Maturity (whether by repayment, prepayment, redemption or otherwise) and funds sufficient for the
payment thereof (including interest to the date fixed for such payment, together with any premium
thereon) and available for such payment (1) shall be held by the Indenture Trustee or any Paying
Agent, or (2) shall have been so held and shall thereafter have been paid to the Shipowner, or
returned to the Secretary, after having been unclaimed for six (6) years after

-6-

 

the date of Stated
Maturity thereof (whether by repayment, prepayment, redemption or otherwise) or the date of payment
of the Guarantees, except for the right (if any), of the Holder to receive payment from the
Shipowner of any amounts paid to the Shipowner or the Secretary, if such funds have been returned
to the Secretary, as provided in (2) above with respect to this Bond, all subject to the provisions
of Section 6.08 of the Indenture.

     In the event that Definitive Obligations are issued pursuant to the terms hereof and the
Indenture, this Bond is transferable by the registered Holder or by his duly authorized attorney,
at the Corporate Trust Office of the Indenture Trustee, upon surrender or cancellation of this
Bond, accompanied by an instrument of transfer in form satisfactory to the Shipowner and the
Indenture Trustee, duly executed by the registered Holder hereof or his attorney duly authorized in
writing, and thereupon new, fully registered Bonds of like series and maturity for the same
aggregate principal amount will be issued to the transferees in exchange therefor, each in the
principal amount of $1,000.00, or any integral multiple thereof, subject to the provisions of the
Indenture. The Indenture provides that the Shipowner shall not be required to make transfers or
exchanges of (1) Obligations for a period of fifteen (15) days immediately prior to an Interest
Payment Date, (2) Obligations after demand for payment of the Guarantees and prior to payment
thereof or rescission of such demand as provided in Section 6.02(a) of the Indenture, or (3) any
Obligation which has been selected for repayment or prepayment or redemption in whole or in part,
except as to the unredeemed portion of any Obligation being repaid, prepaid or redeemed in part.

     The Shipowner, the Secretary, the Indenture Trustee, and any office or agency for the payment
of Obligations may deem and treat the person in whose name this Bond is registered as the absolute
owner thereof for all purposes, and neither the Shipowner, the Secretary, the Indenture Trustee,
nor any such office or agency shall be affected by any notice to the contrary, whether this Bond
shall be past due or not.

     No recourse shall be had for the payment of principal of, or the interest or premium (if any)
on, this Bond, or for any claim based hereon or on the Indenture, against any incorporator or any
past, present or future subscriber to the capital stock, stockholder, officer or director of the
Shipowner or of any successor corporation, as such, either directly or through the Shipowner or any
such successor corporation, under any constitution, statute or rule of law or by the enforcement of
any assessment, or otherwise, all such liability being expressly waived and released by the
acceptance of this Bond and by the terms of the Indenture. So long as the Guarantee is in effect,
there shall be no recourse against the Shipowner.

     None of the Make-Whole Premium or any other charges, costs, expenses or indebtedness owed by
the Shipowner under the Bond Purchase Agreement to any Person is guaranteed by the United States.
The Guarantee of the United States extends only to the principal and interest owed under this Bond
and only to the extent specified herein.

     Neither this Bond nor the Guarantee endorsed hereon shall be valid or become obligatory for
any purpose until the Indenture Trustee shall have fully signed the Authentication Certificate
endorsed hereon.

-7-

 

(SIGNATURE PAGE FOLLOWS)

-8-

 

     IN WITNESS WHEREOF, the Shipowner has caused this Sinking Fund Bond to be duly executed by the
manual or facsimile signatures of its duly authorized officers.

     Dated: September 30, 2005.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	CAL DIVE I-TITLE XI, INC.,	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	as Shipowner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	By	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	Name:

Title:
	 	A. Wade Pursell

Vice President	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Attest:	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	By
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Name:
	 	James L. Connor, III	 	 	 	 	 	 	 	 	 	 
	 

	 	Title:
	 	Vice President	 	 	 	 	 	 	 	 	 	 

-9-

 

GUARANTEE OF THE UNITED STATES OF AMERICA

     THE UNITED STATES OF AMERICA, represented by the SECRETARY OF TRANSPORTATION, acting by and
through the MARITIME ADMINISTRATOR, pursuant to Title XI of the Merchant Marine Act, 1936, as
amended, hereby guarantees to the holder of the Obligation annexed hereto, upon demand of the
holder or his agent, payment of the unpaid interest on, and the unpaid balance of the principal of,
such Obligation, including interest accruing between the date of default under such Obligation, and
the payment in full of this Guarantee. The full faith and credit of the United States of America
is pledged to the payment of this Guarantee. The validity of this Guarantee is incontestable in
the hands of any holder of such Obligation. Payment of this Guarantee will be made in accordance
with the provisions of such Obligation.

	 	 	 	 	 	 	 
	(SEAL)	 	UNITED STATES OF AMERICA,	 	 
	 	 	SECRETARY OF TRANSPORTATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Acting Maritime Administrator	 	 

INDENTURE TRUSTEE’S AUTHENTICATION CERTIFICATE

     This is one of the Obligations described in the Indenture and the foregoing Guarantee is one
of the Guarantees described in the Authorization Agreement.

	 	 	 	 	 	 	 	 	 
	 	 	WILMINGTON TRUST COMPANY,	 	 
	 

	 	 	 	 	 	as Indenture Trustee	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Robert J. Perkins	 	 
	 

	 	 	 	Title:
	 	Assistant Secretary and	 	 
	 

	 	 	 	 	 	Financial Services Officer	 	 

-10-

 

ATTACHMENT NO. 1

to

Supplement No. 4 to Trust Indenture

FOURTH REVISED AMORTIZATION SCHEDULE

(Fourth Revision to Attachment 1 to the Original Indenture)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Month	 	Day	 	 	Year	 	 	Principal	 	 	Month	 	 	Day	 	 	Year	 	 	Principal	 
	 	 	 	 	 	 	 	 	 	 	($)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	($)	 
	February
	 	 	1	 	 	 	2006	 	 	 	1,798,426	 	 	February	 	 	1	 	 	 	2017	 	 	 	3,072,944	 
	August
	 	 	1	 	 	 	2006	 	 	 	1,842,758	 	 	August	 	 	1	 	 	 	2017	 	 	 	3,148,692	 
	February
	 	 	1	 	 	 	2007	 	 	 	1,888,182	 	 	February	 	 	1	 	 	 	2018	 	 	 	3,226,307	 
	August
	 	 	1	 	 	 	2007	 	 	 	1,934,725	 	 	August	 	 	1	 	 	 	2018	 	 	 	3,305,836	 
	February
	 	 	1	 	 	 	2008	 	 	 	1,982,416	 	 	February	 	 	1	 	 	 	2019	 	 	 	3,387,325	 
	August
	 	 	1	 	 	 	2008	 	 	 	2,031,283	 	 	August	 	 	1	 	 	 	2019	 	 	 	3,470,822	 
	February
	 	 	1	 	 	 	2009	 	 	 	2,081,354	 	 	February	 	 	1	 	 	 	2020	 	 	 	3,556,378	 
	August
	 	 	1	 	 	 	2009	 	 	 	2,132,659	 	 	August	 	 	1	 	 	 	2020	 	 	 	3,644,043	 
	February
	 	 	1	 	 	 	2010	 	 	 	2,185,229	 	 	February	 	 	1	 	 	 	2021	 	 	 	3,733,868	 
	August
	 	 	1	 	 	 	2010	 	 	 	2,239,095	 	 	August	 	 	1	 	 	 	2021	 	 	 	3,825,908	 
	February
	 	 	1	 	 	 	2011	 	 	 	2,294,289	 	 	February	 	 	1	 	 	 	2022	 	 	 	3,920,217	 
	August
	 	 	1	 	 	 	2011	 	 	 	2,350,843	 	 	August	 	 	1	 	 	 	2022	 	 	 	4,016,850	 
	February
	 	 	1	 	 	 	2012	 	 	 	2,408,792	 	 	February	 	 	1	 	 	 	2023	 	 	 	4,115,866	 
	August
	 	 	1	 	 	 	2012	 	 	 	2,468,168	 	 	August	 	 	1	 	 	 	2023	 	 	 	4,217,322	 
	February
	 	 	1	 	 	 	2013	 	 	 	2,529,009	 	 	February	 	 	1	 	 	 	2024	 	 	 	4,321,279	 
	August
	 	 	1	 	 	 	2013	 	 	 	2,591,349	 	 	August	 	 	1	 	 	 	2024	 	 	 	4,427,798	 
	February
	 	 	1	 	 	 	2014	 	 	 	2,655,225	 	 	February	 	 	1	 	 	 	2025	 	 	 	4,536,943	 
	August
	 	 	1	 	 	 	2014	 	 	 	2,720,677	 	 	August	 	 	1	 	 	 	2025	 	 	 	4,648,779	 
	February
	 	 	1	 	 	 	2015	 	 	 	2,787,741	 	 	February	 	 	1	 	 	 	2026	 	 	 	4,763,372	 
	August
	 	 	1	 	 	 	2015	 	 	 	2,856,459	 	 	August	 	 	1	 	 	 	2026	 	 	 	4,880,789	 
	February
	 	 	1	 	 	 	2016	 	 	 	2,926,871	 	 	February	 	 	1	 	 	 	2027	 	 	 	5,001,092	 
	August
	 	 	1	 	 	 	2016	 	 	 	2,999,018	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

-1-exv4w7

 

Exhibit 4.7

FORM OF

THIRD AMENDED AND RESTATED

PROMISSORY NOTE TO UNITED STATES OF AMERICA

     CAL DIVE I-TITLE XI, INC. (the “Shipowner”), for value received, promises to pay THE
UNITED STATES OF AMERICA (the “United States”), represented by the Secretary of
Transportation, acting by and through the Maritime Administrator (the “Secretary”), at the
office of the Maritime Administration, U.S. Department of Transportation, Washington, D.C., in
lawful money of the United States of America, the aggregate principal amount of $134,927,000 on or
before the dates set forth in the Fixed Rate Bonds (a copy of the Global Obligations representing
such Bonds is attached hereto and made a part hereof by this reference), together with interest
thereon from the date hereof at the rate and on the dates set forth in the Fixed Rate Bonds, until
such principal sum has been paid. This Third Amended and Restated Promissory Note to the United
States of America (hereinafter, the “Secretary’s Note”) is subject to mandatory prepayment
on the same terms and conditions as the Fixed Rate Bonds.

     This Secretary’s Note is given (1) in consideration of the Secretary’s issuance, pursuant to
the provisions of Title XI of the Merchant Marine Act, 1936, as amended, of Guarantees of payment
of the unpaid interest on and the unpaid balance of the principal amount of the Shipowner’s “United
States Government Guaranteed Ship Financing Obligations, Q4000 Series,” consisting of the Fixed
Rate Bonds (the “Obligations”) issued by the Shipowner in order to repay the aggregate
outstanding principal amount of the Shipowner’s Second Amended and Restated Floating Rate Note and
to finance certain additional Guarantee Fees, all in connection with the financing of a portion of
the cost of construction of the Vessel, and (2) to evidence the Shipowner’s obligation to pay the
Secretary any amount secured by the Mortgage and the Security Agreement that the Secretary may be
required to pay.

     This Secretary’s Note is issued pursuant to the provisions of the Security Agreement (Contract
No. MA-13599), dated as of August 16, 2000, as amended, between the Shipowner and the Secretary (as
amended, the “Security Agreement”).

     The Security Agreement contemplates that on the Delivery Date, a first preferred ship mortgage
on the Vessel will be executed and delivered by the Shipowner, as mortgagor, to the Secretary, as
mortgagee, covering the Shipowner’s interest in such Vessel. On the Delivery Date, March 28, 2002,
the Mortgage was executed, delivered, filed and recorded and the same was supplemented by
Supplement No. 1 to First Preferred Ship Mortgage, dated as of November 15, 2002. The definitions
used in, and the provisions of, the Security Agreement, as amended, and the Mortgage, as
supplemented, are incorporated herein by reference.

     This Secretary’s Note has been negotiated and received by the Secretary, is secured by the
Security Agreement and the Mortgage, and is subject to all the terms of the Security Agreement and
the Mortgage, to the same extent as if said documents were set out herein in full.

-1-

 

     To the extent that any of the Obligations are Outstanding and until the Guarantees on each of
the Obligations have been terminated pursuant to the provisions of Section 3.02(a), (b) or (d) of
the Security Agreement, the principal of and the interest on this Secretary’s Note shall remain
outstanding and unpaid. Payments on the Outstanding Obligations shall be deemed a payment of
principal and interest on this Secretary’s Note when paid in the following manner:

	 	(1)	 	By payment of interest on such Obligations in accordance with the provisions
thereof and of the Indenture;
	 
	 	(2)	 	By any redemption of such Obligations in accordance with the provisions thereof
and of the Indenture; and
	 
	 	(3)	 	When such Obligations have been Retired or Paid, other than by payment of the
Guarantees.

     If such payment is made with monies advanced or loaned to the Shipowner by the Secretary, such
payment on the Obligations shall not, as to such amount, constitute payment of principal or
interest on this Secretary’s Note and the same shall not in any way be discharged as to such
amount. In the event that the Secretary assumes the Shipowner’s rights and duties under the
Indenture and the Obligations and makes any payments, such payments shall not, as to such amounts,
constitute payment of principal and interest on this Secretary’s Note and the same shall not in any
way discharge such amounts until such time as this Secretary’s Note is paid in full or otherwise
discharged in an appropriate proceeding in a court of competent jurisdiction as established by the
final order of a court of last resort or the final order of an inferior court which is not
appealed.

     The unpaid balance of the principal of this Secretary’s Note and the interest hereon may be
declared or may become immediately due and payable by declaration of the Secretary at any time
after the Secretary (i) is required to pay the Guarantees pursuant to the terms of the Indenture
and the Authorization Agreement, or (ii) assumes pursuant to the terms of the Indenture, the
Shipowner’s rights and duties under the Indenture and the Obligations. Thereupon, the unpaid
balance of the principal of and the interest on this Secretary’s Note shall become due and payable,
together with interest thereon at the Obligation rate plus one percent.

     This Secretary’s Note and the obligations of the Shipowner hereunder shall be governed and
construed in accordance with United States maritime laws, to the extent applicable, and otherwise
in accordance with the internal laws of the State of New York.

(SIGNATURE PAGE FOLLOWS)

-2-

 

     IN WITNESS THEREOF, the Shipowner has caused this Third Amended and Restated Promissory
Note to United States of America to be signed on this 30th day of September, 2005.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	CAL DIVE I-TITLE XI, INC.,

                              as Shipowner
	 
	 	 	 	 	 	 	 	 
	Attest:	 	 	 	By:	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Name: A. Wade Pursell
	 

	 	 	 	 	 	 	 	Title: Vice President
	 
	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	Name: James Lewis Connor, III	 	 	 	 	 	 
	 

	 	Title: Vice President	 	 	 	 	 	 

-3-

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