Document:

<PAGE>
                                                                     Exhibit 4.4

                                 AMENDMENT NO. 2
                                       TO
                                CREDIT AGREEMENT

     THIS AMENDMENT NO. 2, dated as of November 15, 2002 (this "Amendment No.
2"), to that certain Credit Agreement, dated as of August 16, 2000, as amended
by Amendment No. 1 thereto, dated as of January 25, 2002 (as amended, the
"Credit Agreement"), is made by and among CAL DIVE I-TITLE XI, INC., a Texas
corporation (the "Shipowner"), GOVCO INCORPORATED, a Delaware corporation (the
"Primary Lender"), CITIBANK, N.A., a national banking association (the
"Alternate Lender"), CITIBANK INTERNATIONAL plc, a bank organized and existing
under the laws of England, as facility agent for both the Primary Lender and the
Alternate Lender (and their respective successors and assigns) with respect to
the Floating Rate Note, and its permitted successors and assigns (in such
capacity, the "Facility Agent"), and CITICORP NORTH AMERICA, INC., a Delaware
corporation, as administrative agent for the Primary Lender and the commercial
paper holders of the Primary Lender (and their respective successors and
assigns) (in such capacity, together with its permitted successors and assigns,
the "Administrative Agent," and together with the Facility Agent, the "Agents").

     WHEREAS, pursuant to Title XI of the Merchant Marine Act, 1936, as amended,
the Secretary pursuant to the Guarantee Commitment, dated as of August 16, 2000,
as amended by Amendment No. 1 thereto, dated as of January 25, 2002, agreed to a
redetermination of the Actual Cost of the Q4000 (the "Vessel") of $183,065,667,
and agreed to guarantee Obligations in an amount which will not exceed 87-1/2%
of Actual Cost, or Depreciated Actual Cost, as the case may be, as he determined
pursuant to Amendment No. 1 to Security Agreement, dated as of January 25, 2002,
and as reflected in Table A thereto, as the same may be redetermined from time
to time;

     WHEREAS, the Shipowner entered into Supplement No. 1 to Trust Indenture,
dated as of January 25, 2002, providing for the issuance of Obligations up to
the aggregate principal amount of $160,182,000, and certain other revisions to
the Indenture reflecting the revised Delivery Date and certain other technical
amendments; and

     WHEREAS, the parties wish to amend the Credit Agreement pursuant to which
the Lenders will agree, inter alia, to reflect the actual Delivery Date, to
change the Final Disbursement Date and the Stated Maturity of the Floating Rate
Note.

     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:

     Section 1.01.(a)      Exhibit 1 to the Credit Agreement is hereby amended
by amending the following definitions:

                  "Delivery Date" means March 28, 2002, the date upon which the
                  Vessel was delivered to and accepted by the Shipowner.

                  "Floating Rate Note" shall mean the Second Amended and
                  Restated Floating Rate Note substantially identical to the
                  form of Exhibit A to Supplement No. 2 to Trust Indenture,
                  appropriately completed."

                  (b)      Exhibit 1 to the Credit Agreement is hereby further
                  amended by adding thereto the following definitions:

                  "Amendment No. 2 to Credit Agreement" means the Amendment No.
                  2 to Credit Agreement, dated as of November 15, 2002, among
                  the Shipowner, the Lenders and the Agents."

     Section 1.02.The definition of "Final Disbursement Date" appearing in
Section 2.02 of the Credit Agreement, as amended by Amendment No. 1 thereto, is
hereby further amended by changing the date "February 1, 2003" to
<PAGE>
"August 1, 2003."

     Section 1.03. Section 2.04 of the Credit Agreement, as amended by Amendment
No. 1 thereto, is hereby deleted in its entirety and the following is
substituted therefor:

     "2.04. Relationship of Floating Rate Note and Fixed Rate Bond(s).
     Disbursements from the Credit Facility shall become the indebtedness of the
     Shipowner to the Lenders under the Floating Rate Note. The Shipowner shall
     redeem the Floating Rate Note in full by causing to be issued one or more
     Fixed Rate Bonds and using the proceeds thereof to repay the Floating Rate
     Note in full no later than the earlier of (i) February 1, 2012, or (ii) the
     date upon which the Trigger Event shall occur. At its option, and from time
     to time, the Shipowner may redeem all or any portion of the indebtedness
     under the Floating Rate Note by causing a Fixed Rate Bond or series of
     Fixed Rate Bonds to be issued at any time during or after the construction
     of the Vessel, so long as such redemption of the Floating Rate Note does
     not occur later than the earlier of (i) February 1, 2012, or (ii) the date
     upon which the Trigger Event shall occur, and except for the final
     redemption or in the case of the Trigger Event, each redemption is in a
     minimum amount of $20,000,000; and the Shipowner shall have paid any amount
     payable under Section 4.04(a)(iv) or any other provision hereof in
     connection therewith."

     Section 1.04. The first sentence of Section 2.05(a) of the Credit Agreement
is deleted in its entirety and the following sentence is hereby substituted
therefor:

     "The Shipowner shall redeem the Floating Rate Note in full by causing to be
     issued one or more Fixed Rate Bonds with a Maturity date no later than
     February 1, 2027, upon the occurrence of a Trigger Event."

     Section 1.05. Section 4.01 of the Credit Agreement is hereby deleted in
its entirety and the following is substituted therefor:

     "4.01. Principal Repayment. The Shipowner shall repay the Outstanding
     Principal of the Floating Rate Note as follows:

              (i) In installments in the principal amounts set forth in the
              Second Revised Amortization Schedule, Exhibit B to Supplement No.
              2 to Trust Indenture (which replaces Attachment 1 to the original
              Indenture, as revised by Supplement No. 1 to Trust Indenture), as
              the same may be further revised in accordance with the Indenture,
              and adopted in accordance with its terms, on each Payment Date
              commencing August 1, 2002, and continuing until February 1, 2012;
              and

              (ii) The full amount of remaining Outstanding Principal, on the
              earlier of (x) February 1, 2012, or (y) the date upon which the
              Trigger Event shall occur."

     Section 1.06. The second sentence of Section 4.05 of the Credit Agreement
is revised to read as follows:

     "The Floating Rate Note shall (i) be in the form of Exhibit A to Supplement
     No. 2 to the Indenture, (ii) bear the Secretary's Guarantee, and (iii) be
     valid and enforceable as to its principal amount at any time only to the
     extent of the aggregate amounts then disbursed and outstanding thereunder,
     and, as to interest, only to the extent of the interest accrued thereon at
     the rate guaranteed by the Secretary, with any interest in excess thereof
     being evidenced by this Agreement."

     All capitalized terms used herein and not defined shall have the meanings
set forth in Exhibit 1 to the Credit Agreement.

     Except as amended, the provisions of the Credit Agreement shall apply to
and govern this Amendment No. 2.

     This Amendment No. 2 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)
<PAGE>
     IN WITNESS WHEREOF, this Amendment No. 2 to Credit Agreement has been duly
executed and delivered by the parties hereto as of the day and year first above
written.

CAL DIVE I-TITLE XI, INC.,             GOVCO INCORPORATED,
as the Shipowner                       as the Primary Lender, by Citicorp
                                       North America, Inc., its attorney-in-fact

By: /s/  A. WADE PURSELL               By: /s/  PATRICK A. BOTTICELLI
-------------------------------        -------------------------------
Name:    A. Wade Pursell               Name:    Patrick A. Botticelli
Title:   Vice President                Title:   Vice President

CITIBANK INTERNATIONAL plc,            CITIBANK, N.A.,
as the Facility Agent                  as the Alternate Lender

By: /s/  PATRICK A. BOTTICELLI         By: /s/  AE KYONG CHUNG
-------------------------------        -------------------------------
Name:    Patrick A. Botticelli         Name:    Ae Kyong Chung
Title:   Vice President                Title:   Vice President

CITICORP NORTH AMERICA, INC.,
as the Administrative Agent

By: /s/  PATRICK A. BOTTICELLI
-------------------------------
Name:    Patrick A. Botticelli
Title:   Vice President

                                     CONSENT

         Pursuant to Section 11.08 of the Credit Agreement, the Secretary hereby
consents to this Amendment No. 2 to Credit Agreement and confirms the continued
Guarantee of the Obligation of the United States of America pursuant to Title XI
of the Merchant Marine Act, 1936, as amended.

                   UNITED STATES OF AMERICA,

                   SECRETARY OF TRANSPORTATION

                   BY:  MARITIME ADMINISTRATOR

Attest:
                                          By: /s/  JOEL C. RICHARD
                                          ----------------------------
                                          Secretary
                                          Maritime Administration

By:  /s/  SARAH J. WASHINGTON
--------------------------------
Assistant Secretary
Maritime Administration<PAGE>

                                                                    EXHIBIT 10.9

                                                         COOPER INDUSTRIES, INC.
[COOPER LOGO]                                   INCENTIVE STOCK OPTION AGREEMENT

<Table>
<Caption>

------------------------------------------------------------------------------------------------------------------------------------
                                                              NUMBER OF SHARES OF COOPER      OPTION PRICE
GRANTED TO:                                GRANT DATE         INDUSTRIES COMMON STOCK         PER SHARE             EMPLOYEE NUMBER
                                          ------------------------------------------------------------------------------------------
<S>                                       <C>                 <C>                             <C>                   <C>

                                          ------------------------------------------------------------------------------------------

                                          EXPIRATION DATE     DIVISION
                                          ------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
</Table>

       THIS DOCUMENT CONSTITUTES PART OF A PROSPECTUS COVERING SECURITIES
          THAT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933.

This Agreement is made between Cooper Industries, Inc., an Ohio corporation,
having its principal office in Houston, Texas (the "Company"), and the
undersigned, an employee of the Company or a subsidiary of the Company (the
"Employee"). The parties hereto have agreed as follows:

1.   Pursuant to the Cooper Industries, Inc. Stock Incentive Plan (the "Plan"),
the Company grants to the Employee an Incentive Stock Option ("Option") to
purchase the above stated number of shares of Cooper Industries, Ltd. Class A
common stock, $.01 per share (the "Shares"), at the price stated above, subject
to the following conditions:

     (a)  The Option rights are exercisable only if and after the Employee shall
          have remained in the employ of the Company for one year from the date
          of grant of this Option (the "Grant Date"). The Option shall become
          exercisable to the extent of only 33 1/3% of the aggregate number of
          Shares above specified, after one year, 66 2/3% after two years, and
          100% after three years from the Grant Date.

     (b)  During the lifetime of the Employee, the Option rights are exercisable
          only by the Employee, and, except as otherwise provided in Sections 2,
          3 and 4 below, only if the Employee has remained continuously in the
          employ of the Company from the Grant Date.

     (c)  The Option rights shall expire at the end of the period of 5 years
          commencing with the Grant Date, or upon such earlier expiration or
          termination date as may be provided by Sections 2, 3, 4 or 9 hereof
          and such Option rights shall not be exercisable thereafter.

2.   If, after the expiration of one year from the Grant Date, the Employee
shall cease to be employed by the Company for any reason other than death,
disability or retirement, the Option rights shall terminate immediately. If,
after the expiration of one year from the Grant Date, cessation of employment
is occasioned by retirement in accordance with any retirement plan of the
Company then in effect, then the Employee may exercise the Option rights
following such retirement for a period of five years after retirement or until
the Expiration Date, whichever is lesser. However, if an Employee retires in
accordance with any retirement plan of the Company then in effect and accepts
employment with any competitor of, or otherwise engages in competition with,
the Company, the Committee, in its sole discretion, may require such Employee
to forfeit any unexercised Options under this Agreement. Incentive Stock
Options must be exercised within 90 days from retirement in order to retain
favorable tax treatment. Options exercised more than 90 days from retirement
will be considered to be nonqualified exercises and applicable taxes will be
collected at the time of exercise.

3.   If, after the expiration of one year from the Grant Date, the Employee
shall cease employment as the direct result of disability (as defined in the
Company's qualified Salaried Pension Plan), all outstanding options granted to
the Employee become exercisable immediately and the Employee may exercise such
outstanding options for a period of one year after the cessation of employment
resulting from disability or until the Expiration Date, whichever is lesser,
irrespective of any restrictions to the contrary contained in Section 1(a)
above.

4.   If, after the expiration of one year from the Grant Date, the Employee
shall die while in the employ of the Company, or while retired with exercisable
Options under Section 2, all outstanding options granted to the Employee become
exercisable immediately and the person entitled by will or the applicable laws
of descent and distribution may exercise such outstanding Options for a period
of one year after the date of death or until the Expiration Date, whichever is
lesser, irrespective of any restrictions to the contrary contained in
Section 1(a) above.

5.   The Option may be exercised by delivering to the Company at its principal
executive office (directed to the attention of the Secretary or Assistant
Secretary) a written notice, signed by the Employee or a person entitled by
will or the laws of descent and distribution to exercise the Option, as the
case may be, of the election to exercise the Option and stating the number of
Shares in respect of which it is then being exercised. The Option shall be
deemed exercised as of the date the Company receives such notice. Such notice
shall, and as an essential part thereof, be accompanied by the payment of the
full purchase price of the Shares then to be purchased. In the event the Option
shall be exercised, as provided herein, by any person other than the Employee,
such notice shall be accompanied by appropriate evidence of the right of such
person to exercise the Option. Payment of the full purchase price may be made
in (a) cash, (b) shares of Cooper Industries, Ltd. Class A common stock, $.01
per share ("Stock"), or (c) any combination of cash and Stock, provided that
any Stock used by the Employee in payment of the purchase price must have been
acquired (whether by purchase, exchange or otherwise) by the Employee and held
for a period of more than six months, and provided further that the Company
reserves the right to prohibit the use of Stock as payment of the purchase
price. Stock used in payment of the purchase price shall be valued at the
average of the high and low trading prices of such Stock on the New York Stock

<PAGE>

Exchange or as reported in the consolidated transaction reporting system for the
date of exercise. Upon the proper exercise of the Option, the Company shall
issue in the name of the person exercising the Option, and deliver to such
person, a certificate for the Shares purchased. The Employee agrees that as
holder of the Option he or she shall have no rights as shareholder in respect of
any of the Shares as to which the Option shall not have been effectively
exercised as herein provided and that no rights as a shareholder shall arise in
respect of any Shares as to which the Option shall have been duly exercised
until and unless a certificate for such Shares shall have been issued.

6.   This Option shall not be exercisable if such exercise would violate:

     (a)  Any applicable state securities law;

     (b)  Any applicable registration or other requirements under the Securities
          Act of 1933, as amended (the "Act"), the Securities Exchange Act of
          1934, as amended, or the listing requirements of any stock exchange;
          or

     (c)  Any applicable legal requirement of any other governmental authority.

Furthermore, if a registration statement with respect to the Shares to be
issued upon the exercise of this Option is not in effect or if counsel for the
Company deems it necessary or desirable in order to avoid possible violation of
the Act, the Company may require, as a condition to its issuance and delivery
of certificates for the Shares, the delivery to the Company of a written
statement that the Employee is acquiring such Shares for investment only and
not with a view to, or for resale in connection with, the distribution thereof;
that such person understands that the Shares may be "restricted securities" as
defined in Rule 144 issued under the Act; and that any resale, transfer or
other disposition of said Shares will be accomplished only in compliance with
Rule 144, the Act, or other or subsequent applicable rules and regulations
thereunder. The Company may place on the certificates evidencing such Shares an
appropriate legend reflecting the aforesaid statement and the Company may
refuse to permit transfer of such certificates until it has been furnished
evidence satisfactory to it that no violation of the Act or the rules and
regulations thereunder would be involved in such transfer.

7.   In consideration of the granting of this Option by the Company, the
Employee agrees that he or she will remain in the employ of the Company for a
period of not less than one year from the Grant Date unless during said period
his or her employment shall be terminated on account of incapacity or with the
consent of the Company. Nothing herein contained shall limit or restrict any
right which the Company would otherwise have to terminate the employment of the
Employee.

8.   This Option and the Option rights granted hereunder are not assignable or
transferable or subject to any disposition by the Employee otherwise than by
will or by the laws of descent and distribution.

9.   In the event of a reorganization, recapitalization or other change in the
capital stock, corporate structure or business of the Company, the Board of
Directors shall make appropriate adjustments to the number of Shares subject to
the Option and the exercise price so as to maintain the proportionate interest
of the Employee and preserve the value of the Option. In the event of a Change
in Control of the Company, outstanding Options shall be settled by a cash
payment in accordance with Section 18.2 of the Plan.

10.  For purposes of this Agreement, employment by a parent or subsidiary of or
a successor to the Company shall be considered employment by the Company.

11.  The Committee shall have authority, subject to the express provisions of
the Plan, to construe this Agreement and the Plan, to establish, amend and
rescind rules and regulations relating to the Plan, and to make all other
determinations in the judgment of said Committee necessary or desirable for the
administration of the Plan. The Committee may correct any defect or supply any
omission or reconcile any inconsistency in the Plan or in this Agreement in the
manner and to the extent it shall deem expedient to carry the Plan into effect.
All action by the Committee under the provisions of this paragraph shall be
conclusive for all purposes.

12.  The Employee hereby agrees to notify the Company promptly of the
disposition, whether by sale, exchange or otherwise, of any Shares acquired
pursuant to this Option within a period of one year from their acquisition.
Such notice shall state the date and manner of disposition and the proceeds, if
any, received by the Employee as a result thereof.

13.  Notwithstanding any provisions hereof, this Agreement and the Option
granted hereunder shall be subject to all of the provisions of the Plan as are
in effect from time to time, which provisions are incorporated herein by
reference.

14.  This Agreement shall be governed and construed in accordance with the laws
of the State of Texas, excluding any conflicts or choice of law rule or
principle that might otherwise refer construction or interpretation of the
Agreement to the substantive law of another jurisdiction.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement in
duplicate as of the Grant Date first above written.

COOPER INDUSTRIES, INC.

BY _____________________________________________________________

EMPLOYEE SIGNATURE _____________________________________________

SOCIAL SECURITY NO. ____________________________________________

HOME ADDRESS ___________________________________________________

________________________________________________________________

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00047-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00047-of-00352.parquet"}]]