Document:

exv10w10

 

Exhibit 10.10

EMPLOYMENT AGREEMENT

This Employment Agreement (“Agreement”), effective as of the 1st day of
February, 2003 (the “Effective Date”), is made by and between Cal Dive International, Inc.,
a Minnesota corporation (“Company”), and G. Kregg Lunsford (“Employee”), an
individual residing at 606 West 17th Street, Houston, Texas 77008.

     WHEREAS, Employee has extensive executive management skills in the energy industry, together
with other knowledge and ability beneficial to Company; and

     WHEREAS, Company wishes to employ Employee as Vice President — Audit and Finance of Company
and Employee is willing to accept such employment pursuant to the terms and conditions set forth in
this Agreement;

     NOW, THEREFORE, in consideration of the covenants and agreements set forth herein, the parties
hereto agree as follows:

Section 1. Term of Employment and Employment Duties.

     (a) Term of Employment. Employee agrees to be employed by the Company pursuant to the
terms and conditions contained herein, for a period commencing on the date hereof until January 31,
2005, and thereafter terminating twelve (12) months after delivery to Employee of a written notice
of termination by the Company (the “Employment Term”); provided, however, that the
occurrence of any event described in Sections 7(a), 7(b) or 7(c) prior to the end of the Employment
Term shall result in the immediate termination of Employee’s employment and the Employment Term,
subject to the terms of such applicable section. Employee shall devote Employee’s time, energy and
skill to the affairs of the Company and any of its affiliated business entities and to the
promotion of their interests. Any provision of this Agreement to the contrary notwithstanding,
Employee shall immediately resign from any offices held with the Company, or its affiliates (as
that term is defined in the regulations promulgated under the Securities Exchange Act of 1934, as
amended; hereinafter “Affiliates”) upon written request by the Company. Any resignation
made pursuant to a written request by the Company under this Section shall not affect Employee’s
rights under this Agreement for any compensation, benefits or payments.

     (b) Duties of Employee. Employee’s duties shall include all the normal duties
associated with the above-described position with Company and all other responsibilities assigned
from time to time by the Chief Financial Officer and the Board of Directors of the Company. During
the Employment Term, (i) Employee services shall be rendered on a full time basis, (ii) Employee
shall have no other employment and no substantial outside business activities and (iii) the
headquarters for the performance of Employee’s services shall be the principal executive or
operating offices of the Company, subject to travel for such reasonable lengths of time as the
performance of Employee’s duties in the business of the Company may require.

 

 

Section 2. Compensation.

     (a) Salary. During the Employment Term, as compensation for Employee’s services and
covenants and agreements hereunder and subject to such changes therein as the Board may make from
time to time, the Company agrees to pay Employee an initial salary for the period from the date
hereof to January 31, 2004 at the annual rate of One Hundred Thirty Thousand and No/100 Dollars
($130,000.00), payable in equal semi-monthly installments (as annualized being herein referred to
as “Salary”) in accordance with the Company’s regular payroll practices for its executives,
prorated for any partial year employment and subject to normal increases as approved by the Board
adjustments.

     (b) Incentive Bonus. During the Employment Term, in addition to the Salary payable to
Employee pursuant to paragraph (a) above, Employee shall be entitled to an annual incentive bonus
(the “Incentive Bonus”) based on the achievement of personal, departmental and Company
performance objectives, prorated for any partial year employment and payable not later than three
months after the close of each fiscal year of the Company, commencing with the fiscal year ending
December 31, 2003, as established annually or from time to time by the Board of Directors.

     (c) Reimbursement of Expenses. During the Employment Term, Employee will be reimbursed
by the Company for Employee’s reasonable business expenses incurred in connection with the
performance of Employee’s duties hereunder, including, without limitation, a home fax line, car
mileage, cell phone and business calls and other expenses consistent with Company policy from time
to time.

     (d) Stock Options. Employee will receive an initial award of 20,000 stock options.

Section 3. Benefits.

     (a) Employee Benefits. During the Employment Term, Employee shall be entitled to
participate in any medical/dental, life insurance, accidental death, long term disability insurance
plan and 401(k) or other insurance and retirement plans that have been or which may be adopted by
the Company (as long as such plan is not discontinued) for the general and overall benefit of
[executive/management] employees of the Company, according to the participation or eligibility
requirements of each such plan.

     (b) Vacation and Holidays. During the Employment Term, Employee shall enjoy such
vacation (four weeks per year), holiday and similar rights and privileges as are enjoyed generally
by the Company’s senior management/executives.

Section 4. Nondisclosure and Nonuse of Confidential Information

     (a) Nondisclosure Period. During the period commencing with the date of this Agreement
and ending on either: (i) the fifth anniversary of the date of the termination of Employee’s
employment with the Company if such termination arises as a result of: (x) the voluntary
termination or retirement by Employee; or (y) the termination of Employee by the Company for Cause;
or (ii) the

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date which is eighteen (18) months following the date of termination of Employee’s employment
with the Company if such termination arises for any reason other than as provided in subparagraph 4
(a)(i) above, Employee covenants and agrees with the Company that Employee shall not disclose or
use any Confidential Information of which Employee is or becomes aware, whether or not such
information is developed by him, except to the extent that such disclosure or use is directly
related to and required by Employee’s performance of duties assigned to Employee by the Company.
Employee shall take all appropriate steps to safeguard Confidential Information and to protect it
against disclosure, misuse, espionage, loss and theft.

     (b) Confidential Information. As used in this Agreement, the term “Confidential
Information” means information that is not generally known to the public and that is or has
been used, developed or obtained, either prior to, on or following the date of this Agreement, by
the Company in connection with its businesses, including but not limited to: (i) products or
services; (ii) fees, costs and pricing structures: (iii) designs; (iv) analysis; (v) drawings,
photographs and reports; (vi) computer software, including operating systems, applications and
program listings; (vii) flow charts, manuals and documentation; (viii) data bases; (ix) accounting
and business methods; (x) inventions, devices, new developments, methods and processes, whether
patentable or unpatentable and whether or not reduced to practice; (xi) customers and clients and
customer or client lists; (xii) other copyrightable works; (xiii) all technology and trade secrets;
and (xiv) all similar and related information in whatever form. Confidential Information shall not
include any information that has become generally available to the public through no fault or
participation of Employee prior to the date that Employee proposes to disclose or use such
information. Information shall not be deemed to become generally available to the public because
individual portions of the information have become separately published, but only if all material
features comprising such information have become publicly available in combination.

Section 5. Non-Competition and Non-Solicitation.

     (a) Non-Competition. Employee acknowledges and agrees with the Company that Employee’s
services to the Company are unique in nature and that the Company would be irreparably damaged if
Employee were to provide similar services to any person or entity competing with the Company or
engaged in a similar business. Employee accordingly covenants and agrees with the Company that
during the period commencing with the date of this Agreement and ending on the later to occur of:
(i) January 31, 2008; and (ii) (A) the second anniversary of the date of the termination of
Employee’s employment with the Company if such termination arises as a result of voluntary
termination or retirement by Employee or termination by the Company for Cause, or (B) the first
anniversary of the date of termination of Employee’s employment with the Company if such
termination arises for any reason other than as provided in the preceding subparagraph 5(a)(ii)(A).
Employee shall not, directly or indirectly, either for Employee or for any other individual,
corporation, partnership, joint venture or other entity, participate in any business (including,
without limitation, any division, group or franchise of a larger organization) that engages or
which proposes to engage in the business of providing diving services in the Gulf of Mexico or any
other business actively engaged in by the Company on the date of termination of Employee’s
employment in the area or areas where the Company is conducting such business; provided that, until
such time as the Company waives in writing any rights it may have to enforce the terms of this
Section 5 (the

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“Waiver”), during the period commencing on the date of the termination of Employee’s
employment with the Company and ending on the date on which either the non-competition provisions
contained in this Section 5 terminate or the Waiver is delivered to Employee, whichever is earlier,
the Company will pay to Employee either the amounts due under Section 7(d), if appropriate, or an
amount equal to Employee’s Salary as of the date Employee’s employment was terminated (which will
be paid over time in accordance with the Salary payment schedule in effect from time to time for
[senior executives/managers] of the Company) and during such time period Employee shall be entitled
to all insurance benefits received by other [senior executives/managers] of the Company. For
purposes of this Agreement, the term “participate in” shall include, without limitation,
having any direct or indirect interest in any corporation, partnership, joint venture or other
entity, whether as a sole proprietor, owner, stockholder, partner, joint venturer, creditor or
otherwise, or rendering any direct or indirect service or assistance to any individual,
corporation, partnership, joint venture and other business entity (whether as a director, officer,
manager, supervisor, employee, agent, consultant or otherwise) but not ownership of 2% or less of
the capital stock of a public company.

     (b) Non-Solicitation. Employee covenants and agrees with the Company that during the
period commencing with the date of this Agreement and ending on the later to occur of (i) January
31, 2006; and (ii) (A) the second anniversary of the date of termination of Employee’s employment
with the Company if such termination arises as a result of voluntary termination by the Company or
for Cause, or (B) the date which is eighteen (18) months following the termination of Employee’s
employment with the Company if such termination arises for any reason other than as provided in the
preceding subparagraph 5(b)(ii)(A) above, Employee shall not, directly or indirectly, for Employee
or for any other individual, corporation, partnership, joint venture or other entity, (x) make any
offer of employment, solicit or hire any supervisor, employee of the Company or its affiliates or
induce or attempt to induce any employee of the Company or its affiliates to leave their employ or
in any way interfere with the relationship between the Company or its affiliates and any of their
employees; or (y) induce or attempt to induce any supplier, licensee, licensor, franchisee, or
other business relation of the Company or its affiliates to cease doing business with them or in
any way interfere with the relationship between the Company or its affiliates and any customer or
business relation.

     (c) Other Non-Competition Agreements. Employee represents and warrants to the Company
that Employee is not a party to any agreement containing a non-competition provision or other
restriction with respect to (a) the nature of any services or business which Employee is entitled
to perform or conduct for the Company or (b) the disclosure or use of any information which,
directly or indirectly, relates to the nature of the business of the Company or the services to be
rendered by the Employee to the Company.

     (d) Duty to Inform. For the period of one (1) year immediately following the end of
Employee’s employment with the Company, Employee agrees to inform each new employer, prior to
accepting employment, of the existence of this agreement and provide that employer with a copy of
it. In addition, Employee hereby authorizes the Company to forward a copy of this Agreement to any
actual or prospective new employer.

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Section 6. Company’s Ownership of Intellectual Property.

     (a) Company Intellectual Property. In the event that Employee as part of Employee’s
activities on behalf of the Company generates, authors or contributes to any invention, design, new
development, device, product, method or process (whether or not patentable or reduced to practice
or comprising Confidential Information), any copyrightable work (whether or not comprising
Confidential Information) or any other form of Confidential Information relating directly or
indirectly to the Company’s business as prior hereto, now or hereinafter conducted (collectively,
“Intellectual Property”), Employee acknowledges that such Intellectual Property is the
exclusive property of the Company and hereby assigns all right, title and interest in and to such
Intellectual Property to the Company. Any copyrightable work prepared in whole or in part by
Employee shall be deemed a work made for hire under Section 201(b) of the 1976 Copyright Act, and
the Company shall own all of the rights comprised in the copyright therein. Employee shall promptly
and fully disclose all Intellectual Property to the Company and shall cooperate with the Company to
protect the Company’s interest in and rights to such Intellectual Property, including without
limitation providing reasonable assistance in securing patent protection and copyright
registrations and executing all documents as reasonably requested by the Company, whether such
requests occur prior to or after termination of Employee’s employment with the Company.

     (b) Return of Confidential Information. As requested by the Company from time to time
and upon the termination of Employee’s employment with the Company for any reason, Employee shall
promptly deliver to the Company all copies and embodiments, in whatever form, of all Confidential
Information or Intellectual Property in Employee’s possession or within Employee’s control
(including, but not limited to, written records, notes, photographs, manuals, notebooks,
documentation, program listings, flow charts, magnetic media, disks, diskettes, tapes and all other
materials containing any Confidential Information or Intellectual Property) irrespective of the
location or form of such material and, if requested by the Company, shall provide the Company with
written confirmation that all such materials have been delivered to the Company.

Section 7. Termination of Agreement.

     (a) Termination for Cause. This Agreement may be terminated by the Company at any time
during the Employment Term for Cause, in which event Employee shall have no further rights under
this Agreement (but the Company’s rights shall survive as herein otherwise herein provided
including, without limitation, rights under Sections 4, 5 and 6). For purposes of the preceding
sentence, Cause shall mean: (i) any breach or threatened breach by Employee of any of Employee’s
agreements contained in Sections 4, 5 or 6; (ii) repeated or willful neglect by Employee in
performing any duty or carrying out any responsibility assigned or delegated to him pursuant to
Section 1(b) hereof, which neglect shall not have permanently ceased within ten (10) business days
after written notice to Employee thereof; or (iii) the commission by Employee of any criminal act
involving moral turpitude or a felony that results in an arrest or indictment, or the commission by
Employee, based on reasonable proof, of any act of fraud or embezzlement involving the Company or
its customers or suppliers. In the event that the Company elects to terminate this Agreement for
Cause, it will give Employee written notice of such termination.

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     (b) Termination Upon Death. This Agreement shall terminate automatically upon the
death of Employee during the Employment Term. In such event, the Company shall be obligated to pay
to Employee’s estate, or to such person or persons as Employee may designate in writing to the
Company, (i) through the last day of the fiscal year in which Employee’s death shall have occurred,
the salary (payable in the same manner as described in Section 2(a) hereof) to which Employee would
have been entitled under Section 2(a) hereof had such death not occurred, and (ii) as soon as
reasonably practicable after Employee’s death, any accrued but, as of the date of such death,
unpaid Incentive Bonus (or, if such death shall have occurred after the first three (3) months of
the Company’s fiscal year, any prorated portion thereof).

     (c) Termination Upon Disability. This Agreement may be terminated by the Company at
any time during the Employment Term in the event that Employee shall have been unable, because of
Disability, to perform Employee’s principal duties for the Company for a cumulative period of six
(6) months within any eighteen (18) month period. Prior to Employee’s termination for Disability as
provided herein, Employee shall remain eligible to receive the compensation and benefits set forth
in Section 2 and Section 3 hereof. Upon such termination, Employee shall be entitled to receive as
soon as reasonably practicable thereafter, any accrued, but as of the date of such termination,
unpaid Incentive Bonus (or, if such termination shall have occurred after the first three (3)
months of the Company’s fiscal year, any prorated portion thereof). For purposes of this Section
7(c), Disability shall mean any physical or mental condition of Employee which shall substantially
impair Employee’s ability to perform Employee’s principal duties hereunder. In the event that the
Company elects to terminate this Agreement by reason of Disability under this Section 7(c), it will
give written notice of such termination, and, at the Company’s discretion, Employee’s employment
will terminate sixty (60) days thereafter.

     (d) Termination by the Company Without Cause After Change in Control. If the Company
terminates this Agreement for any reason other than pursuant to the terms of Sections 7(a), 7(b),
or 7(c), and such termination occurs within six (6) months after the occurrence of a Change in
Control and a Material Change in Senior Management, then, in addition to any amounts otherwise due
under this Agreement, the Company shall: (1) pay to Employee an amount equal to one times Salary
together with an amount equal to the Incentive Bonus paid to Employee for Employee’s last complete
year of employment; (2) continue Employee’s participation in the Company’s medical, dental,
accidental death, and life insurance plans, as provided in Section 3 of this Agreement, for two (2)
years, subject to COBRA required benefits thereafter; and (3) cause Employee to be fully vested in
any stock options or stock grants held by Employee. The Company shall make the payment due in one
lump sum within ten (10) days of the effective date of termination.

A “Change in Control” shall be deemed to have occurred at any time after the date of
this Agreement that any person (including those persons who own more than 10% of the
combined voting power of the Company’s outstanding voting securities on the date hereof)
becomes the beneficial owner, directly or indirectly, of 45% or more of the combined voting
power of the Company’s then outstanding voting securities.

A “Material Change in Senior Management” shall mean any one or both of the CEO and
COO cease their employment with the Company.

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     (e) Termination by Employee with Good Cause after Change in Control. If Employee
terminates this Agreement for Good Cause and such termination occurs within two (2) years of the
occurrence of a Change in Control, then, in addition to any amounts otherwise due under this
Agreement, the Company shall: (1) pay to Employee an amount equal to two times Salary together with
an amount equal to the Incentive Bonus paid to Employee for Employee’s last complete year of
employment; (2) continue Employee’s participation in the Company’s medical, dental, accidental
death, and life insurance plans, as provided in Section 3 of this Agreement, for two (2) years,
subject to COBRA required benefits thereafter, and (3) cause Employee to be fully vested in any
stock options or stock grants held by Employee. The Company shall make the payment due in one lump
sum within ten (10) days of the effective date of termination.

“Good Cause” shall mean the occurrence of both of the following events: (1) a
Material Change in Senior Management; together with (2) any of the following:

	 	(i)	 	the assignment by the Company to Employee of duties that are materially
inconsistent with Employee’s office with the Company at the time of such assignment, or
the removal by the Company from Employee of a material portion of those duties usually
appertaining to Employee’s office with the Company at the time of such removal;
	 
	 	(ii)	 	a material change by the Company, without Employee’s prior written consent, in
Employee’s responsibilities to the Company, as such responsibilities are ordinarily and
customarily required from time to time of a senior officer of a corporation engaged in
the Company’s business;
	 
	 	(iii)	 	any removal of Employee from, or any failure to reelect or to reappoint
Employee to, the office stated in Section 1(b);
	 
	 	(iv)	 	The Company’s direction that Employee discontinue service (or not seek
reelection or reappointment) as a director, officer or member of any corporation or
association of which Employee is a director, officer, or member at the date of this
Agreement;
	 
	 	(v)	 	a reduction by the Company in the amount of Employee’s salary in effect at the
time of the occurrence of a Change in Control or the failure of the Company to pay such
salary to Employee at the time and in the manner specified in this Agreement;
	 
	 	(vi)	 	the discontinuance (without comparable replacement) or material reduction by
the Company of Employee’s participation in any bonus or other employee benefit
arrangement (including, without limitation, any profit-sharing, thrift, life insurance,
medical, dental, hospitalization, stock option or retirement plan or arrangement) in
which Employee is a participant under the terms of this Agreement, as in effect on the
date hereof or as may be improved from time to time hereafter;
	 
	 	(vii)	 	the moving by the Company of Employee’s principal office space, related
facilities, or support personnel, from the Company’s principal operating offices, or
the

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	 	 	 	Company’s requiring Employee to perform a majority of Employee’s duties outside the
Company’s principal operating offices for a period of more than 30 consecutive days;
	 
	 	(viii)	 	the relocation, without Employee’s prior written consent, of the Company’s principal
Employee offices to a location outside the county in which such offices are located at
the time of the signing of this Agreement;
	 
	 	(ix)	 	in the event the Company requires Employee to reside at a location more than
twenty-five (25) miles from the Employee’s principal offices, except for occasional
travel in connection with the Company business to an extent and in a manner which is
substantially consistent with Employee’s current business travel obligations;
	 
	 	(x)	 	in the event Employee consents to a relocation of the Employee’s principal
offices, the failure of the Company to (A) pay or reimburse Employee on an after-tax
basis for all reasonable moving expenses incurred by Employee in connection with such
relocation or (B) indemnify Employee on an after-tax basis against any loss realized by
Employee on the sale of Employee’s principal residence in connection with such
relocation;
	 
	 	(xi)	 	the failure of the Company to continue to provide Employee with office space,
related facilities and support personnel (including, without limitation, administrative
and secretarial assistance) that are commensurate with Employee’s responsibilities to
and position with the Company, and no less than those prior to this Agreement;
	 
	 	(xii)	 	any significant change in Employee’s reporting relationships or changes in
senior management of the Company; or
	 
	 	(xiii)	 	the failure by the Company to promptly reimburse Employee for the reasonable business
expenses incurred by Employee in the performance of Employee’s duties for the Company,
in accordance with this Agreement.
	 
	 	(g)	 	Gross-Up Payments — Certain Additional Payments by the Company.
	 
	 	(i)	 	Anything in this Agreement to the contrary notwithstanding, in the event it
shall be determined that any payment or distribution by the Company, or any of its
Affiliates, under this Agreement to or for the benefit of Employee (any such payments
or distributions being individually referred to herein as a Payment, and any two or
more of such payments or distributions being referred to herein as Payments), would be
subject to the excise tax imposed by Section 4999 of the Internal Revenue Code (the
“Code”; such excise tax, together with any interest thereon, any penalties,
additions to tax, or additional amounts with respect to such excise tax, and any
interest in respect of such penalties, additions to tax or additional amounts, being
collectively referred herein to as the “Excise Tax”), then Employee shall be
entitled to receive an additional payment or payments (individually, a “Gross-Up
Payment” with any two

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	 	 	 	or more of such additional payments being referred to “Gross-Up Payments”)
in an amount such that after payment by Employee of all Excise Taxes imposed upon
the Payment(s) and, if applicable, Gross-Up Payment(s), Employee retains a total
amount of Gross-Up Payments, whether one or more, equal to the Excise Tax imposed
upon the Payment(s) and, if applicable, Gross-Up Payment(s).
	 
	 	(ii)	 	Subject to the provisions of Section 7(g)(iii) through 7(g)(ix), any
determination (“Determination”) required to be made under this Section
7(g)(ii), including whether a Gross-Up Payment is required and the amount of such
Gross-Up Payment, shall initially be made, at the Company’s expense, by nationally
recognized tax counsel mutually acceptable to the Company and Employee (“Tax
Counsel”). Tax Counsel shall provide detailed supporting legal authorities,
calculations, and documentation both to the Company and Employee within fifteen (15)
business days of the termination of Employee’s employment, if applicable, or such other
time or times as is reasonably requested by the Company or Employee. If Tax Counsel
makes the initial Determination that no Excise Tax is payable by Employee with respect
to a Payment or Payments, it shall furnish Employee with an opinion reasonably
acceptable to Employee that no Excise Tax will be imposed with respect to any such
Payment or Payments. Employee shall have the right to dispute any Determination (a
“Dispute”) within fifteen (15) business days after delivery of Tax Counsel’s
opinion with respect to such Determination. The Gross-Up Payment, if any, as determined
pursuant to such Determination shall, at the Company’s expense, be paid by the Company
to Employee within five (5) business days of Employee’s receipt of such Determination.
The existence of a Dispute shall not in any way affect Employee’s right to receive the
Gross-Up Payment in accordance with such Determination. If there is no Dispute, such
Determination shall be binding, final and conclusive upon the Company and Employee,
subject in all respects, however, to the provisions of Section 7(g)(iii) through
7(g)(ix) below. As a result of the uncertainty in the application of Sections 4999 and
280G of the Code, it is possible that Gross-Up Payments (or portions thereof) which
will not have been made by the Company should have been made (“Underpayment”),
and if upon any reasonable written request from Employee or the Company to Tax Counsel,
or upon Tax Counsel’s own initiative, Tax Counsel, at the Company’s expense, thereafter
determines that Employee is required to make a payment of any Excise Tax or any
additional Excise Tax, as the case may be, Tax Counsel shall, at the Company’s expense,
determine the amount of the Underpayment that has occurred and any such Underpayment
shall be promptly paid by the Company to Employee.
	 
	 	(iii)	 	the Company shall release, defend, indemnify and hold harmless Employee on a
fully grossed-up after-tax basis from and against any and all claims, losses,
liabilities, obligations, damages, impositions, assessments, demands, judgments,
settlements, costs and expenses (including reasonable attorneys’, accountants’, and
experts’ fees and expenses) with respect to any Tax liability of Employee resulting
from any Final Determination that any Payment is subject to the Excise Tax.

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	 	(iv)	 	If a party hereto receives any written or oral communication with respect to
any question, adjustment, assessment or pending or threatened audit, examination,
investigation or administrative, court or other proceeding which, if pursued
successfully, could result in or give rise to a claim by Employee against the Company
under this Section 7(g) (“Claim”), including, but not limited to, a claim for
indemnification of Employee by the Company under Section 7(g)(iii), then such party
shall promptly notify the other party hereto in writing of such Claim (“Tax Claim
Notice”).
	 
	 	(v)	 	If a Claim is asserted against Employee (“Employee Claim”), Employee
shall take or cause to be taken such action in connection with contesting such Employee
Claim as the Company shall reasonably request in writing from time to time, including
the retention of counsel and experts as are reasonably designated by the Company (it
being understood and agreed by the parties hereto that the terms of any such retention
shall expressly provide that the Company shall be solely responsible for the payment of
any and all fees and disbursements of such counsel and any experts) and the execution
of powers of attorney, provided that:

	 	(1)	 	within thirty (30) calendar days after the Company receives or
delivers, as the case may be, the Tax Claim Notice relating to such Employee
Claim (or such earlier date that any payment of the Taxes claimed is due from
Employee, but in no event sooner than five (5) calendar days after the Company
receives or delivers such Tax Claim Notice), the Company shall have notified
Employee in writing (“Election Notice”) that the Company does not
dispute its obligations (including, but not limited to, its indemnity
obligations) under this Agreement and that the Company elects to contest, and
to control the defense or prosecution of, such Employee Claim at the Company’s
sole risk and sole cost and expense; and
	 
	 	(2)	 	the Company shall have advanced to Employee on an interest-free
basis, the total amount of the Tax claimed in order for Employee, at the
Company’s request, to pay or cause to be paid the Tax claimed, file a claim for
refund of such Tax and, subject to the provisions of the last sentence of
Section 7(g)(vii), sue for a refund of such Tax if such claim for refund is
disallowed by the appropriate taxing authority (it being understood and agreed
by the parties hereto that the Company shall only be entitled to sue for a
refund and the Company shall not be entitled to initiate any proceeding in, for
example, United States Tax Court) and shall indemnify and hold Employee
harmless, on a fully grossed-up after-tax basis, from any Tax imposed with
respect to such advance or with respect to any imputed income with respect to
such advance; and
	 
	 	(3)	 	the Company shall reimburse Employee for any and all costs and
expenses resulting from any such request by the Company and shall indemnify and

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	 	 	 	hold Employee harmless, on fully grossed-up after-tax basis, from any Tax
imposed as a result of such reimbursement.

	 	(vi)	 	Subject to the provisions of Section 7(g)(v) hereof, the Company shall have the
right to defend or prosecute, at the sole cost, expense and risk of the Company, such
Employee Claim by all appropriate proceedings, which proceedings shall be defended or
prosecuted diligently by the Company to a Final Determination; provided, however, that
(i) the Company shall not, without Employee’s prior written consent, enter into any
compromise or settlement of such Employee Claim that would adversely affect Employee,
(ii) any request from the Company to Employee regarding any extension of the statute of
limitations relating to assessment, payment, or collection of Taxes for the taxable
year of Employee with respect to which the contested issues involved in, and amount of,
Employee Claim relate is limited solely to such contested issues and amount, and (iii)
the Company’s control of any contest or proceeding shall be limited to issues with
respect to Employee Claim and Employee shall be entitled to settle or contest, in
Employee’s sole and absolute discretion, any other issue raised by the Internal Revenue
Service or any other taxing authority. So long as the Company is diligently defending
or prosecuting such Employee Claim, Employee shall provide or cause to be provided to
the Company any information reasonably requested by the Company that relates to such
Employee Claim, and shall otherwise cooperate with the Company and its representatives
in good faith in order to contest effectively such Employee Claim. The Company shall
keep Employee informed of all developments and events relating to any such Employee
Claim (including, without limitation, providing to Employee copies of all written
materials pertaining to any such Employee Claim), and Employee or Employee’s authorized
representatives shall be entitled, at Employee’s expense, to participate in all
conferences, meetings and proceedings relating to any such Employee Claim.
	 
	 	(vii)	 	If, after actual receipt by Employee of an amount of a Tax claimed (pursuant
to an Employee Claim) that has been advanced by the Company pursuant to Section
7(g)(v)(2) hereof, the extent of the liability of the Company hereunder with respect to
such Tax claimed has been established by a Final Determination, Employee shall promptly
pay or cause to be paid to the Company any refund actually received by, or actually
credited to, Employee with respect to such Tax (together with any interest paid or
credited thereon by the taxing authority and any recovery of legal fees from such
taxing authority related thereto), except to the extent that any amounts are then due
and payable by the Company to Employee, whether under the provisions of this Agreement
or otherwise. If, after the receipt by Employee of an amount advanced by the Company
pursuant to Section 7(g)(v)(2), a determination is made by the Internal Revenue Service
or other appropriate taxing authority that Employee shall not be entitled to any refund
with respect to such Tax claimed, and the Company does not notify Employee in writing
of its intent to contest such denial of refund prior to the expiration of thirty (30)
days after such determination, then such advance shall be forgiven and shall not be
required to be repaid and the amount of such advance shall

11

 

	 	 	 	offset, to the extent thereof, the amount of any Gross-Up Payments and other
payments required to be paid hereunder.
 
	 	(viii)	 	With respect to any Employee Claim, if the Company fails to deliver an Election
Notice to Employee within the period provided in Section 7(g)(v)(1) hereof or, after
delivery of such Election Notice, the Company fails to comply with the provisions of
Section 7(g)(v)(2) and (3) and 7(g)(vi) hereof, then Employee shall at any time
thereafter have the right (but not the obligation), at Employee’s election and in
Employee’s sole and absolute discretion, to defend or prosecute, at the sole cost,
expense and risk of the Company, such Employee Claim. Employee shall have full control
of such defense or prosecution and such proceedings, including any settlement or
compromise thereof. If requested by Employee, the Company shall cooperate, and shall
cause its Affiliates to cooperate, in good faith with Employee and Employee’s
authorized representatives in order to contest effectively such Employee Claim. The
Company may attend, but not participate in or control, any defense, prosecution,
settlement or compromise of any Employee Claim controlled by Employee pursuant to this
Section 7(g)(viii) and shall bear its own costs and expenses with respect thereto. In
the case of any Employee Claim that is defended or prosecuted by Employee, Employee
shall, from time to time, be entitled to current payment, on a fully grossed-up
after-tax basis, from the Company with respect to costs and expenses incurred by
Employee in connection with such defense or prosecution.
	 
	 	(ix)	 	In the case of any Employee Claim that is defended or prosecuted to a Final
Determination pursuant to the terms of this Section 7(g)(ix), the Company shall pay, on
a fully grossed-up after-tax basis, to Employee in immediately available funds the full
amount of any Taxes arising or resulting from or incurred in connection with such
Employee Claim that have not theretofore been paid by the Company to Employee, together
with the costs and expenses, on a fully grossed-up after-tax basis, incurred in
connection therewith that have not theretofore been paid by the Company to Employee,
within ten (10) calendar days after such Final Determination. In the case of any
Employee Claim not covered by the preceding sentence, the Company shall pay, on a fully
grossed-up after-tax basis, to Employee in immediately available funds the full amount
of any Taxes arising or resulting from or incurred in connection with such Employee
Claim at least ten calendar days before the date payment of such Taxes is due from
Employee, except where payment of such Taxes is sooner required under the provisions of
this Section 7(g)(ix), in which case payment of such Taxes (and payment, on a fully
grossed-up after-tax basis, of any costs and expenses required to be paid under this
Section 7(g)(ix)) shall be made within the time and in the manner otherwise provided in
this Section 7(g)(ix).
	 
	 	(x)	 	For purposes of this Agreement, the term “Final Determination” shall
mean (A) a decision, judgment, decree or other order by a court or other tribunal with
appropriate jurisdiction, which has become final and non-appealable; (B) a final and
binding settlement or compromise with an administrative agency with appropriate

12

 

	 	 	 	jurisdiction, including, but not limited to, a closing agreement under Section 7121
of the Code; (C) any disallowance of a claim for refund or credit in respect to an
overpayment of Tax unless a suit is filed on a timely basis; or (D) any final
disposition by reason of the expiration of all applicable statutes of limitations.
	 
	 	(xi)	 	For purposes of this Agreement, the terms “Tax” and “Taxes”
mean any and all taxes of any kind whatsoever (including, but not limited to, any and
all Excise Taxes, income taxes, and employment taxes), together with any interest
thereon, any penalties, additions to tax, or additional amounts with respect to such
taxes and any interest in respect of such penalties, additions to tax, or additional
amounts.

     (h) Effect of Termination. In the event that the Employee is terminated pursuant to
any paragraph of this Section 7, Employee shall thereafter have no further rights under this
Agreement, except for those explicitly set forth in the particular paragraph of this Section 7
which served as the basis for such termination. Notwithstanding any such termination, the covenants
and agreements of Employee contained in Sections 4, 5(a) (so long as payments under Section 5(a)
are continued as therein described), 5(b) and 6 hereof shall survive and remain in full force and
effect.

Section 8. Notices.

     (a) Notices. All notices, requests, demands and other communications hereunder must
be in writing and shall be deemed to have been duly given if delivered by hand, sent to the
recipient by reputable express courier service (charge prepaid), or mailed by first class,
registered mail, return receipt requested, postage and registry fees prepaid and addressed as
follows:

	 	 	 
	If to Employee:

	 	At the address set forth on page 1 hereof.
	 
	 	 
	If to the Company:

	 	Cal Dive International, Inc.
	 

	 	400 North Belt East, Suite 400
	 

	 	Houston, Texas 77060
	 

	 	Attention: General Counsel

     (b) Change of Address. Addresses may be changed by notice in writing signed by the
addressee.

Section 9. General Provisions.

     (a) Company Subsidiaries. For purposes of this Agreement, the term Company shall
include all subsidiaries of the Company.

     (b) Severability. Whenever possible, each provision of this Agreement shall be
interpreted in such manner as to be effective and valid under applicable law, but if any provision
of this Agreement is held to be invalid, illegal or unenforceable in any respect under any
applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall
not affect any other provisions of any other jurisdiction, and this Agreement shall be reformed,
construed and enforced in

13

 

such jurisdictions as if such invalid, illegal or unenforceable provision had never been
contained herein. The parties agree that a court of competent jurisdiction making a determination
of the invalidity or unenforceability of any term or provision of Sections 4, 5 and 6 of this
Agreement shall have the power to reduce the scope, duration or area of any such term or provision,
to delete specific words or phrases or to replace any invalid or unenforceable term or provision in
Sections 4, 5, 6 with a term or provision that is valid and enforceable and that comes closest to
expressing the intention of the invalid or unenforceable term or provision, and this Agreement
shall be enforceable as so modified.

     (c) Complete Agreement. This Agreement, embodies the complete agreement and
understanding among the parties and supersedes and preempts any prior understandings, agreements or
representations by or among the parties, written or oral, which may have related to the subject
matter hereof in any way.

     (d) Counterparts. This Agreement may be executed in separate counterparts, each of
which is deemed to be an original and all of which taken together constitute one and the same
agreement.

     (e) Successors and Assigns. Except as otherwise provided herein, this Agreement shall
bind and inure to the benefit of and be enforceable by the Company and Employee and their
respective successors and assigns; provided that the rights and obligations of Employee under this
Agreement shall not be assignable without the prior written consent of the Company.

     (f) Governing Law. All questions concerning the construction, validity and
interpretation of this Agreement and the exhibits hereto shall be governed by the internal law, and
not the law of conflicts, of the State of Texas.

     (g) Remedies. Each of the parties to this Agreement shall be entitled to enforce its
rights under this Agreement specifically, to recover damages and costs (including reasonable
attorneys fees) caused by any breach of any provision of this Agreement and to exercise all other
rights existing in its favor. The parties hereto agree and acknowledge that Employee’s breach of
any term or provision of this Agreement shall materially and irreparably harm the Company, that
money damages shall accordingly not be an adequate remedy for any breach of the provisions of this
Agreement and that any party in its sole discretion and in addition to any other remedies it may
have at law or in equity may apply to any court of law or equity of competent jurisdiction (without
posting any bond or deposit) for specific performance and/or other injunctive relief in order to
enforce or prevent any violations of the provisions of this Agreement.

     (h) Amendment and Waiver. The provisions of this Agreement may be amended and waived
only with the prior written consent of the Company and Employee.

14

 

     IN WITNESS, WHEREOF, the parties hereto have duly executed this Agreement as of the date first
above written.

	 	 	 	 	 	 	 	 	 
	CAL DIVE INTERNATIONAL, INC.	 	 	 	EMPLOYEE	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Martin R. Ferron
	 	 
	 	/s/ G. Kregg Lunsford
	 	 
	 

	 	 
	 	 	 	 	 	 
	Name:

	 	Martin R. Ferron
	 	 	 	G. Kregg Lunsford	 	 
	Title:

	 	President	 	 	 	 	 	 

15exv10w11

 

Exhibit 10.11

Published CUSIP Number:                     

CREDIT AGREEMENT

Dated as of November 20, 2006

among

CDI VESSEL HOLDINGS LLC,

as the Borrower,

CAL DIVE INTERNATIONAL, INC.,

as the Parent,

BANK OF AMERICA, N.A.,

as Administrative Agent, Swing Line Lender

and

L/C Issuer,

AMEGY BANK NATIONAL ASSOCIATION,

as Documentation Agent,

The Other Lenders Party Hereto

BANC OF AMERICA SECURITIES LLC

and

J.P. MORGAN SECURITIES INC.,

as

Joint Lead Arrangers

and

BANC OF AMERICA SECURITIES, LLC and

J.P. MORGAN SECURITIES INC.,

as

Joint Book Runners

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	ARTICLE I
	 	DEFINITIONS AND ACCOUNTING TERMS	 	 	 	 
	1.01
	 	Defined Terms	 	 	1	 
	1.02
	 	Other Interpretive Provisions	 	 	25	 
	1.03
	 	Accounting Terms	 	 	26	 
	1.04
	 	Rounding	 	 	26	 
	1.05
	 	Times of Day	 	 	27	 
	1.06
	 	Letter of Credit Amounts	 	 	27	 
	ARTICLE II
	 	THE COMMITMENTS AND CREDIT EXTENSIONS	 	 	 	 
	2.01
	 	Loans	 	 	27	 
	2.02
	 	Borrowings, Conversions and Continuations of Loans	 	 	27	 
	2.03
	 	Letters of Credit	 	 	29	 
	2.04
	 	Swing Line Loans	 	 	38	 
	2.05
	 	Optional Prepayments	 	 	40	 
	2.06
	 	Mandatory Prepayments	 	 	41	 
	2.07
	 	Termination or Reduction of Commitments	 	 	41	 
	2.08
	 	Repayment of Loans	 	 	42	 
	2.09
	 	Interest	 	 	42	 
	2.10
	 	Fees	 	 	43	 
	2.11
	 	Computation of Interest and Fees	 	 	43	 
	2.12
	 	Evidence of Debt	 	 	44	 
	2.13
	 	Payments Generally; Administrative Agent's Clawback	 	 	44	 
	2.14
	 	Sharing of Payments by Lenders	 	 	46	 
	2.15
	 	Increase of Commitments	 	 	47	 
	ARTICLE III
	 	TAXES, YIELD PROTECTION AND ILLEGALITY	 	 	 	 
	3.01
	 	Taxes	 	 	48	 
	3.02
	 	Illegality	 	 	50	 
	3.03
	 	Inability to Determine Rates	 	 	50	 
	3.04
	 	Increased Costs; Reserves on Eurodollar Rate Loans	 	 	50	 
	3.05
	 	Compensation for Losses	 	 	52	 
	3.06
	 	Mitigation Obligations; Replacement of Lenders	 	 	53	 
	3.07
	 	Survival	 	 	53	 

-i- 

 

TABLE OF CONTENTS
(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	ARTICLE IV
	 	CONDITIONS PRECEDENT TO CREDIT EXTENSIONS	 	 	 	 
	4.01
	 	Conditions of Initial Credit Extension	 	 	53	 
	4.02
	 	Conditions to all Credit Extensions	 	 	57	 
	ARTICLE V
	 	REPRESENTATIONS AND WARRANTIES	 	 	 	 
	5.01
	 	Existence, Qualification and Power	 	 	58	 
	5.02
	 	Authorization; No Contravention	 	 	58	 
	5.03
	 	Governmental Authorization; Other Consents	 	 	58	 
	5.04
	 	Binding Effect	 	 	58	 
	5.05
	 	Financial Statements; No Material Adverse Effect; No Internal Control Event	 	 	59	 
	5.06
	 	Litigation	 	 	60	 
	5.07
	 	No Default	 	 	60	 
	5.08
	 	Ownership of Property; Liens	 	 	60	 
	5.09
	 	Environmental Compliance	 	 	60	 
	5.10
	 	Insurance	 	 	61	 
	5.11
	 	Taxes	 	 	61	 
	5.12
	 	ERISA Compliance	 	 	61	 
	5.13
	 	Subsidiaries; Equity Interests	 	 	62	 
	5.14
	 	Margin Regulations; Investment Company Act; Public Utility Holding Company Act	 	 	62	 
	5.15
	 	Disclosure	 	 	62	 
	5.16
	 	Compliance with Laws	 	 	63	 
	5.17
	 	Taxpayer Identification Number	 	 	63	 
	5.18
	 	Intellectual Property; Licenses, Etc	 	 	63	 
	5.19
	 	Intentionally Left Blank	 	 	63	 
	5.20
	 	Solvency	 	 	63	 
	5.21
	 	Off-Balance Sheet Liabilities	 	 	63	 
	5.22
	 	Casualty, Etc	 	 	63	 
	ARTICLE VI
	 	AFFIRMATIVE COVENANTS	 	 	 	 
	6.01
	 	Financial Statements	 	 	64	 
	6.02
	 	Certificates; Other Information	 	 	65	 

-ii- 

 

TABLE OF CONTENTS
(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	6.03
	 	Notices	 	 	66	 
	6.04
	 	Payment of Obligations	 	 	67	 
	6.05
	 	Preservation of Existence, Etc	 	 	67	 
	6.06
	 	Maintenance of Properties	 	 	68	 
	6.07
	 	Maintenance of Insurance	 	 	68	 
	6.08
	 	Compliance with Laws	 	 	68	 
	6.09
	 	Books and Records	 	 	68	 
	6.10
	 	Inspection Rights	 	 	68	 
	6.11
	 	Use of Proceeds	 	 	69	 
	6.12
	 	Material Contracts	 	 	69	 
	6.13
	 	Collateral; etc	 	 	69	 
	6.14
	 	Governmental Authorizations	 	 	71	 
	6.15
	 	Compliance with Environmental Laws	 	 	71	 
	6.16
	 	Further Assurances	 	 	71	 
	ARTICLE VII
	 	NEGATIVE COVENANTS	 	 	 	 
	7.01
	 	Liens	 	 	72	 
	7.02
	 	Investments	 	 	74	 
	7.03
	 	Indebtedness	 	 	76	 
	7.04
	 	Fundamental Changes	 	 	78	 
	7.05
	 	Dispositions	 	 	78	 
	7.06
	 	Restricted Payments	 	 	80	 
	7.07
	 	Change in Nature of Business	 	 	81	 
	7.08
	 	Transactions with Affiliates	 	 	81	 
	7.09
	 	Burdensome Agreements	 	 	81	 
	7.10
	 	Use of Proceeds	 	 	82	 
	7.11
	 	Financial Covenants	 	 	82	 
	7.12
	 	Capital Expenditures	 	 	82	 
	7.13
	 	Amendment of Organizational Documents	 	 	82	 
	7.14
	 	Accounting Changes	 	 	83	 
	7.15
	 	Prepayments, Etc	 	 	83	 
	7.16
	 	Partnerships, Etc	 	 	83	 

-iii- 

 

TABLE OF CONTENTS
(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	7.17
	 	[Intentionally left blank.]	 	 	83	 
	7.18
	 	Off-Balance Sheet Liabilities	 	 	83	 
	ARTICLE VIII
	 	EVENTS OF DEFAULT AND REMEDIES	 	 	 	 
	8.01
	 	Events of Default	 	 	83	 
	8.02
	 	Remedies Upon Event of Default	 	 	85	 
	8.03
	 	Application of Funds	 	 	86	 
	ARTICLE IX
	 	ADMINISTRATIVE AGENT	 	 	 	 
	9.01
	 	Appointment and Authority	 	 	87	 
	9.02
	 	Rights as a Lender	 	 	88	 
	9.03
	 	Exculpatory Provisions	 	 	88	 
	9.04
	 	Reliance by Administrative Agent	 	 	89	 
	9.05
	 	Delegation of Duties	 	 	89	 
	9.06
	 	Resignation of Administrative Agent	 	 	89	 
	9.07
	 	Non-Reliance on Administrative Agent and Other Lenders	 	 	90	 
	9.08
	 	No Other Duties, Etc	 	 	90	 
	9.09
	 	Administrative Agent May File Proofs of Claim	 	 	90	 
	9.10
	 	Collateral and Guaranty Matters	 	 	91	 
	ARTICLE X
	 	MISCELLANEOUS	 	 	 	 
	10.01
	 	Amendments, Etc	 	 	92	 
	10.02
	 	Notices; Effectiveness; Electronic Communication	 	 	94	 
	10.03
	 	No Waiver; Cumulative Remedies	 	 	95	 
	10.04
	 	Expenses; Indemnity; Damage Waiver	 	 	96	 
	10.05
	 	Payments Set Aside	 	 	98	 
	10.06
	 	Successors and Assigns	 	 	98	 
	10.07
	 	Treatment of Certain Information; Confidentiality	 	 	103	 
	10.08
	 	Right of Setoff	 	 	104	 
	10.09
	 	Interest Rate Limitation	 	 	105	 
	10.10
	 	Counterparts; Integration; Effectiveness	 	 	105	 
	10.11
	 	Survival of Representations and Warranties	 	 	105	 
	10.12
	 	Severability	 	 	106	 
	10.13
	 	Replacement of Lenders	 	 	106	 

-iv- 

 

TABLE OF CONTENTS
(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	10.14
	 	Governing Law; Jurisdiction; Etc	 	 	107	 
	10.15
	 	Waiver of Jury Trial	 	 	108	 
	10.16
	 	No Advisory or Fiduciary Responsibility	 	 	108	 
	10.17
	 	Collateral and Guaranty Matters	 	 	109	 
	10.18
	 	USA PATRIOT Act Notice	 	 	109	 
	10.19
	 	ENTIRE AGREEMENT	 	 	109	 

-v- 

 

TABLE OF CONTENTS
(continued)

SCHEDULES

	 	 	 
	1.01	 	Vessels

	2.01	 	Commitments and Applicable Percentages

	5.11	 	Tax Sharing Agreements

	5.13	 	Subsidiaries and Other Equity Investments

	7.01	 	Existing Liens

	7.02	 	Existing Investments

	7.03	 	Existing Indebtedness

	7.08	 	Existing Agreements

	7.11	 	Proforma EBITDA

	10.02	 	Administrative Agent’s Office; Certain Addresses for Notices

EXHIBITS

	 	 	 
	 	 	Form of

	A	 	Loan Notice

	B	 	Swing Line Loan Notice

	C	 	Revolving Credit Note

	D	 	Compliance Certificate

	E	 	Assignment and Assumption

	F	 	Security Agreement

	G-1	 	Form of Parent Guaranty

	G-2	 	Form of Subsidiary Guaranty

	H-1	 	Form of US Vessel Mortgage

	H-2	 	Form of Vanuatu Vessel Mortgage

	H-3	 	Form of Bahamian Vessel Mortgage

	H-4	 	Assignment of Insurances and Assignment of Earnings

-vi- 

 

CREDIT AGREEMENT

     This CREDIT AGREEMENT (“Agreement”) is entered into as of November 20, 2006, among CDI
VESSEL HOLDINGS LLC, a Delaware limited liability company (the “Borrower”), CAL DIVE
INTERNATIONAL, INC., a Delaware corporation (the “Parent”), each lender from time to time
party hereto (collectively, the “Lenders” and individually, a “Lender”), and BANK
OF AMERICA, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer.

     The Borrower and the Parent have requested that the Lenders provide a revolving credit
facility, and the Lenders are willing to do so on the terms and conditions set forth herein.

     In consideration of the mutual covenants and agreements herein contained, the parties hereto
covenant and agree as follows:

ARTICLE I

DEFINITIONS AND ACCOUNTING TERMS

     1.01 Defined Terms. As used in this Agreement, the following terms shall have the meanings
set forth below:

     “Acquisition” means the acquisition, directly or indirectly, by any Person of (a) a
majority of the Equity Interests of another Person, (b) all or substantially all of the assets of
another Person or (c) all or substantially all of a line of business or division of another Person,
in each case (i) whether or not involving a merger or a consolidation with such other Person and
(ii) whether in one transaction or a series of related transactions.

     “Acquisition Consideration” means the consideration paid or incurred by the Parent or
any of its Subsidiaries for an Acquisition, including the sum of (without duplication) (a) the fair
market value of any cash, assets, Equity Interests or services given, plus (b) the amount of any
Indebtedness assumed, incurred or guaranteed (to the extent not otherwise included) plus (c) the
amount of transaction related contractual payments such as amounts payable under noncompete,
consulting, and similar agreements, in each case, paid or incurred in connection with such
Acquisition by the Parent or any of its Subsidiaries.

     “Administrative Agent” means Bank of America in its capacity as administrative agent
under any of the Loan Documents, or any successor administrative agent.

     “Administrative Agent’s Office” means the Administrative Agent’s address and, as
appropriate, account as set forth on Schedule 10.02, or such other address or account as
the Administrative Agent may from time to time notify to the Borrower and the Lenders.

     “Administrative Questionnaire” means an Administrative Questionnaire in a form
supplied by the Administrative Agent.

     “Affiliate” means, with respect to any Person, another Person that directly, or
indirectly through one or more intermediaries, Controls or is Controlled by or is under common
Control with the Person specified.

 

 

     “Aggregate Commitments” means the Commitments of all the Lenders.

     “Agreement” means this Credit Agreement.

     “Applicable Margin” means, from time to time, the following percentages per annum,
based, in the case of Revolving Credit Loans and Letter of Credit Fees, upon the Consolidated
Leverage Ratio as set forth below:

Applicable Margin

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pricing	 	Consolidated	 	Commitment	 	Eurodollar Rate	 	 	 	 	 	Base Rate
	Level	 	Leverage Ratio	 	Fee	 	Loans +	 	Letters of Credit	 	Loans +
	 	1	 	 	Less than or equal to 0.75x
	 	 	0.20	%	 	 	0.625	%	 	 	0.625	%	 	 	0.00	%
	 	2	 	 	Greater than 0.75x but less than 1.00x
	 	 	0.20	%	 	 	0.75	%	 	 	0.75	%	 	 	0.00	%
	 	3	 	 	Greater than or equal to 1.00x but less than 1.50x
	 	 	0.25	%	 	 	1.00	%	 	 	1.00	%	 	 	0.00	%
	 	4	 	 	Greater than or equal to 1.50x but less than 2.00x
	 	 	0.30	%	 	 	1.25	%	 	 	1.25	%	 	 	0.00	%
	 	5	 	 	Greater than or equal to 2.00x but less than 2.50x
	 	 	0.375	%	 	 	1.50	%	 	 	1.50	%	 	 	0.25	%
	 	6	 	 	Greater than or equal to 2.50x
	 	 	0.375	%	 	 	1.75	%	 	 	1.75	%	 	 	0.50	%

From the Closing Date through the delivery of the first Compliance Certificate pursuant to
Section 6.02(a) with respect to first financial statements delivered pursuant to
Section 6.01(a), the Applicable Margin for Revolving Credit Loans and Letter of Credit Fees
shall be determined based upon (y) the Consolidated Leverage Ratio specified in the most recent
Compliance Certificate delivered hereunder or (z) if the foregoing would result in a Pricing Level
lower (e.g., Pricing Level 1 or 2) than Pricing Level 3, Pricing Level 3. Thereafter, any increase
or decrease in the Applicable Margin for Revolving Credit Loans and Letter of Credit Fees resulting
from a change in the Consolidated Leverage Ratio shall become effective as of the first Business
Day immediately following the date a Compliance Certificate indicating such change is delivered

-2-

 

pursuant to Section 6.02(a); provided, however, that if a Compliance
Certificate is not delivered when due in accordance with such Section, then Pricing Level 6 shall
apply as of the first Business Day after the date on which such Compliance Certificate was required
to have been delivered until such Compliance Certificate is delivered to the Administrative Agent.

     “Applicable Percentage” means, with respect to any Lender at any time, the percentage
(carried out to the ninth decimal place) of the Revolving Credit Facility represented by such
Lender’s Revolving Credit Commitment at such time. If the commitment of each Lender to make
Revolving Credit Loans and the obligation of the L/C Issuers to make L/C Credit Extensions have
been terminated pursuant to Section 8.02, or if the Revolving Credit Commitments have
expired, then the Applicable Percentage of each Lender in respect of the Revolving Credit Facility
shall be determined based on the Applicable Percentage of such Lender in respect of the Revolving
Credit Facility most recently in effect, giving effect to any subsequent assignments. The initial
Applicable Percentage of each Lender is set forth opposite the name of such Lender on Schedule
2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto,
as applicable.

     “Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an
Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a
Lender.

     “Arranger” means Banc of America Securities LLC, in its capacity as joint lead
arranger and joint book runner.

     “Asset Disposition” means any Disposition of property or series of related
Dispositions of property other than pursuant to Sections 7.05(a)-(d), (h)-(i),
(j)(i), (l), (m) (except to the extent of any cash or Cash Equivalent
portion of consideration received), (n) and (o).

     “Assignee Group” means two or more Eligible Assignees that are Affiliates of one
another or two or more Approved Funds managed by the same investment advisor.

     “Assignment and Assumption” means an assignment and assumption entered into by a
Lender and an Eligible Assignee (with the consent of any party whose consent is required by
Section 10.06(b), and accepted by the Administrative Agent, in substantially the form of
Exhibit E or any other form approved by the Administrative Agent.

     “Attributable Indebtedness” means, on any date, in respect of any capital lease of any
Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared
as of such date in accordance with GAAP.

     “Availability” means, as of any date of determination, the remainder of (a) the
Revolving Credit Facility on such date minus (b) the aggregate Outstanding Amount of all Revolving
Credit Loans, Swing Line Loans and L/C Obligations on such date.

     “Availability Period” means, in respect of the Revolving Credit Facility, the period
from and including the Closing Date to the earliest of (a) the Revolving Credit Maturity Date, (b)
the date of termination of the Revolving Credit Commitments pursuant to Section 2.07, and
(c) the

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date of termination of the commitment of each Lender to make Revolving Credit Loans and of the
obligation of the L/C Issuers to make L/C Credit Extensions pursuant to Section 8.02.

     “Bank of America” means Bank of America, N.A. and its successors.

     “Base Rate” means for any day a fluctuating rate per annum equal to the higher of (a)
the Federal Funds Rate plus 1/2 of 1% and (b) the rate of interest in effect for such day as
publicly announced from time to time by Bank of America as its “prime rate.” The “prime rate” is a
rate set by Bank of America based upon various factors including Bank of America’s costs and
desired return, general economic conditions and other factors, and is used as a reference point for
pricing some loans, which may be priced at, above, or below such announced rate. Any change in
such rate announced by Bank of America shall take effect at the opening of business on the day
specified in the public announcement of such change.

     “Base Rate Loan” means a Loan that bears interest based on the Base Rate.

     “Borrower” has the meaning specified in the introductory paragraph hereto.

     “Borrowing” means a Revolving Credit Borrowing.

     “Business Day” means any day other than a Saturday, Sunday or other day on which
commercial banks are authorized to close under the Laws of, or are in fact closed in, the state
where the Administrative Agent’s Office is located and, if such day relates to any Eurodollar Rate
Loan, means any such day on which dealings in Dollar deposits are conducted by and between banks in
the London interbank eurodollar market.

     “Cal Dive Assets” means any assets used exclusively in the Cal Dive Business,
including, without limitation or duplication:

     (a) all vessels identified on Schedule 1.01 as being owned by CDI Proteus LLC, CDI
Umbra LLC or the Borrower, and any and all appurtenances thereto and related equipment and
inventory;

     (b) any and all interests (i) whether freehold or leasehold, in certain real property located
at New Iberia, Louisiana and Fourchon, Louisiana; (ii) in the lease of the tenth floor of the
office building located at 400 N. Sam Houston Parkway East, Houston, Texas; and (iii) in any
possessory, leasehold or other rights related to a spool facility at Port Arthur, Texas, and any
and all fixtures at such locations that are related to the Cal Dive Business;

     (c) any contract or agreement entered into in the name of, or expressly on behalf of, any
division, business unit or member of the Parent Group or that is used exclusively or held for use
exclusively in the Cal Dive Business, including without limitation any guarantee, indemnity,
representation, warranty or other liability in respect of any Cal Dive Asset or the Cal Dive
Business;

     (d) the stock and limited liability company membership interests of the Borrower, CDI Janus
Holdings LLC, CDI Prometheus, Inc., Cal Dive HR Services LLC, CDI Proteus LLC,

-4-

 

CDI Umbra LLC, Marine Technology Solutions St. Lucia Limited, Cal Dive Far East Pte Ltd., and
CDI Australia Pty Ltd.;

     (e) any rights of any member of the Parent Group under any insurance policies, including any
rights thereunder arising after the consummation of the Restructuring; and

     (f) any and all other assets owned or held immediately prior to the consummation of the IPO by
Helix or any of its Subsidiaries (other than the Parent or any of its Subsidiaries) that are used
exclusively in the Cal Dive Business.

     “Cal Dive Business” means the current businesses of the members of the Parent Group,
including, without limitation, the world-wide manned diving, pipelaying, pipe burial and related
businesses described in the Form S-1 as previously filed with the SEC in connection with the IPO
(including any amendments thereto prior to the date of this Agreement).

     “Capital Expenditures” means any expenditure by the Parent or any Subsidiary for an
asset which will be used in a year or years subsequent to the year in which the expenditure is made
and which asset is properly classifiable in relevant financial statements of such Person as
property, equipment or improvements, fixed assets, or a similar type of capital asset in accordance
with GAAP, including Maintenance Capital Expenditures (but excluding any such asset acquired,
constructed, improved, enlarged, developed, re-constructed or repaired with proceeds from a
Recovery Event or Asset Disposition within 365 days after the receipt of the applicable Net Cash
Proceeds, to the extent of such proceeds).

     “Cash Collateralize” has the meaning specified in Section 2.03(g).

     “Cash Equivalents” means (a) Dollars; (b) obligations issued or directly and fully
guaranteed or insured by the United States government or any agency or instrumentality thereof or
any state or municipalities having maturities of not more than one year after the date of
acquisition or up to $5,000,000 with maturities up to five (5) years after the date of the
acquisition; (c) certificates of deposit and LIBOR time deposits with maturities of one year or
less from the date of acquisition, bankers’ acceptances with maturities not exceeding one year from
the date of acquisition and overnight bank deposits, in each case with any Lender or any Affiliate
of a Lender, or if other than a Lender or an Affiliate of a Lender, any domestic commercial bank or
U.S. branch of a foreign commercial bank having capital and surplus in excess of $500 million; (d)
repurchase obligations with a term of not more than 30 days for underlying securities of the types
described in clauses (b) and (c) above entered into with any Person meeting the qualifications
specified in said clause (c); (e) commercial paper having the highest rating obtainable from
Moody’s or S&P and in each case maturing within 270 days after the date of acquisition or a fund
which purchases such commercial paper; and (f) mutual funds that purchase the types of investments
referred to in (a) through (e) above.

     “Cash Management Agreement” means any agreement to provide cash management services,
including treasury, depository, overdraft, credit or debit card, electronic funds transfer and
other cash management arrangements.

-5-

 

     “Cash Management Bank” means any Person that, at the time it enters into a Cash
Management Agreement, is a Lender or an Affiliate of a Lender, in its capacity as a party to such
Cash Management Agreement.

     “Change in Law” means the occurrence, after the date of this Agreement, of any of the
following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change
in any law, rule, regulation or treaty or in the administration, interpretation or application
thereof by any Governmental Authority or (c) the making or issuance of any request, guideline or
directive (whether or not having the force of law) by any Governmental Authority.

     “Change of Control” means an event or series of events by which:

     (a) until the consummation of the IPO, Helix ceases to own, directly or indirectly (i)
100% of the Equity Interests of the Parent or (ii) 100% of the Equity Interests of the
Borrower;

     (b) following the IPO, any “person” or “group” (as such terms are used in Sections
13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit
plan of such person or its Subsidiaries, and any Person acting in its capacity as trustee,
agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner”
(as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that
a person or group shall be deemed to have “beneficial ownership” of all securities that such
person or group has the right to acquire, whether such right is exercisable immediately or
only after the passage of time)(such right, an “option right”)), directly or indirectly, of
30% or more of the equity securities of the Parent entitled to vote for members of the board
of directors or equivalent governing body of the Borrower on a fully-diluted basis (and
taking into account all such securities that such person or group has the right to acquire
pursuant to any option right);

     (c) during any period of 12 consecutive months, a majority of the members of the board
of directors or other equivalent governing body of the Parent cease to be composed of
individuals (i) who were members of that board or equivalent governing body on the first day
of such period or were appointed to that board substantially contemporaneously with the
consummation of the IPO, (ii) whose election or nomination to that board or equivalent
governing body was approved by individuals referred to in clause (i) above constituting at
the time of such election or nomination at least a majority of that board or equivalent
governing body or (iii) whose election or nomination to that board or other equivalent
governing body was approved by individuals referred to in clauses (i) and (ii) above
constituting at the time of such election or nomination at least a majority of that board or
equivalent governing body (excluding, in the case of both clause (ii) and clause (iii), any
individual whose initial nomination for, or assumption of office as, a member of that board
or equivalent governing body occurs as a result of an actual or threatened solicitation of
proxies or consents for the election or removal of one or more directors by any person or
group other than a solicitation for the election of one or more directors by or on behalf of
the board of directors); or

-6-

 

     (d) following the consummation of the Restructuring, the Parent ceases to own, directly
or indirectly, 100% of the Equity Interests of the Borrower.

     “Closing Date” means the first date all the conditions precedent in Section
4.01 are satisfied or waived in accordance with Section 10.01.

     “Code” means the Internal Revenue Code of 1986.

     “Collateral” has the meaning specified in the Security Documents.

     “Commitment” means a Revolving Credit Commitment.

     “Compliance Certificate” means a certificate substantially in the form of Exhibit
D.

     “Consolidated EBITDA” means, for any period, for the Parent and its Subsidiaries on a
consolidated basis, an amount equal to Consolidated Net Income for such period plus (a) the
following to the extent deducted in calculating such Consolidated Net Income: (i) Consolidated
Interest Charges for such period, (ii) the provision for Federal, state, local and foreign income
taxes (and similar taxes to the extent based on income or profits) payable by the Parent and its
Subsidiaries for such period, (iii) depreciation and amortization expense, (iv) extraordinary or
non-recurring charges or losses (including without limitation the cumulative effect of changes in
GAAP and impairment charges related to long-lived assets) of the Parent and its Subsidiaries which
do not represent a cash item in such period or any future period, and (v) non-capitalized
transaction costs for the Transaction and minus (b) to the extent included in calculating
such Consolidated Net Income, all extraordinary or non-recurring non-cash items increasing
Consolidated Net Income for such period; provided, however, that for purposes of
calculating the foregoing, the net income for such period of any Person that is not a Subsidiary of
the Parent, including any such Person that is accounted for by the equity method of accounting,
shall be included in Consolidated Net Income only to the extent of the amount of dividends or
distributions or other payments paid in cash (or to the extent converted into cash during the
applicable period) to the Parent or a Subsidiary thereof in respect of such period; and
provided, further, that for purposes of calculating the foregoing, the net income
for such period of any Person that is not a Wholly Owned Subsidiary of the Parent (and that is not
subject to the preceding proviso) shall be included in Consolidated Net Income, and the items
listed in clauses (a) and (b) shall be added or subtracted, as applicable, to Consolidated Net
Income only in an amount equal to a percentage of such Consolidated Net Income or item equal to the
percentage of the outstanding Equity Interests of such Person owned (directly or indirectly) by the
Parent.

     “Consolidated Fixed Charge Coverage Ratio” means, as of any date of determination, the
ratio of (a) the difference of (i) Consolidated EBITDA for the period of the four prior fiscal
quarters ending on such date minus (ii) Maintenance Capital Expenditures of the Parent and its
Subsidiaries on a consolidated basis for such period minus (iii) cash taxes paid by the Parent and
its Subsidiaries on a consolidated basis for such period to (b) the sum of (i) Consolidated
Interest Charges for the period of the four prior fiscal quarters ending on such date plus (ii)
Restricted Payments made (without duplication) by the Parent or any Subsidiary (other than (y) any
Restricted Payment made by a Subsidiary to a Loan Party and (z) any Restricted Payment permitted
under Section 7.06(a)) during such period plus (iii) scheduled and required principal

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payments by the Parent and its Subsidiaries on a consolidated basis in respect of their
long-term indebtedness (as so classified in accordance with GAAP) for such period.

     “Consolidated Funded Indebtedness” means, as of any date of determination, for the
Parent and its Subsidiaries on a consolidated basis, without duplication, the sum of (a) the
outstanding principal amount of all obligations, whether current or long-term, for borrowed money
(including Obligations hereunder) and all obligations evidenced by bonds, debentures, notes, loan
agreements or other similar instruments, (b) the outstanding principal amount of all purchase money
Indebtedness, (c) all direct reimbursement obligations owing under letters of credit (including
standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar
instruments, (d) all outstanding obligations in respect of the deferred purchase price of property
or services (other than trade accounts payable in the ordinary course of business), (e) outstanding
Attributable Indebtedness in respect of capital leases, (f) without duplication, all Guarantees
(but only to the extent required to be recorded as a liability on the consolidated financial
statements of the Parent pursuant to GAAP) with respect to outstanding Indebtedness of the types
specified in clauses (a) through (e) above of Persons other than the Parent or any Subsidiary, and
(g) all outstanding Indebtedness of the types referred to in clauses (a) through (f) above of any
partnership or joint venture (other than a joint venture that is itself a corporation or limited
liability company) in which the Parent or a Subsidiary is a general partner or joint venturer,
except to the extent such Indebtedness is expressly made non-recourse to the Parent or such
Subsidiary.

     “Consolidated Interest Charges” means, for any period, for the Parent and its
Subsidiaries on a consolidated basis, the sum of (a) all interest, premium payments, debt
discount, fees, charges and related expenses of the Parent and its Subsidiaries in connection with
borrowed money (including capitalized interest) or in connection with the deferred purchase price
of assets, in each case to the extent treated as interest in accordance with GAAP, and (b) the
portion of rent expense of the Parent and its Subsidiaries with respect to such period under
capital leases that is treated as interest in accordance with GAAP.

     “Consolidated Leverage Ratio” means, as of any date of determination, the ratio of (a)
Consolidated Funded Indebtedness as of such date to (b) Consolidated EBITDA for the period of the
four fiscal quarters ending on such date. For purposes of calculating the Consolidated Leverage
Ratio as of any date, Consolidated EBITDA shall be calculated on a pro forma basis (as certified by
the Parent to the Administrative Agent and as reasonably approved by the Administrative Agent)
assuming that (without duplication) all Acquisitions and other asset acquisitions, mergers and
consolidations made and (without duplication) all Dispositions and other asset dispositions
completed, and any Indebtedness incurred or repaid in connection therewith, during the four
consecutive fiscal quarters then most recently ended have been made or incurred or repaid on the
first day of such period (but without any adjustment for projected cost savings or other
synergies).

     “Consolidated Net Income” means, for any period, for the Parent and its Subsidiaries
on a consolidated basis, the net income (or loss) of the Parent and its Subsidiaries for that
period.

-8-

 

     “Contractual Obligation” means, as to any Person, any provision of any security issued
by such Person or of any agreement, instrument or other undertaking to which such Person is a party
or by which it or any of its property is bound.

     “Control” means the possession, directly or indirectly, of the power to direct or
cause the direction of the management or policies of a Person, whether through the ability to
exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.

     “Credit Extension” means each of the following: (a) a Borrowing and (b) an L/C Credit
Extension.

     “Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium,
rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the
United States or other applicable jurisdictions from time to time in effect and affecting the
rights of creditors generally.

     “Default” means any event or condition that constitutes an Event of Default or that,
with the giving of any notice, the passage of time, or both, would be an Event of Default.

     “Default Rate” means (a) when used with respect to Obligations other than Letter of
Credit Fees, an interest rate equal to (i) the Base Rate plus (ii) the Applicable Margin,
if any, applicable to Base Rate Loans plus (iii) 2% per annum; provided,
however, that with respect to a Eurodollar Rate Loan, the Default Rate shall be an interest
rate equal to the interest rate (including any Applicable Margin) otherwise applicable to such Loan
plus 2% per annum, and (b) when used with respect to Letter of Credit Fees, a rate equal to the
Applicable Margin plus 2% per annum.

     “Defaulting Lender” means any Lender that (a) has failed to fund any portion of the
Loans, participations in L/C Obligations or participations in Swing Line Loans required to be
funded by it hereunder within one Business Day of the date required to be funded by it hereunder
unless such failure has been cured, (b) has otherwise failed to pay over to the Administrative
Agent or any other Lender any other amount required to be paid by it hereunder within one Business
Day of the date when due, unless the subject of a good faith dispute or unless such failure has
been cured, or (c) has been deemed insolvent or become the subject of a bankruptcy, receivership,
insolvency proceeding or similar proceedings.

     “Disposition” or “Dispose” means the sale, transfer, license, lease (as a
lessor), farm-out or other disposition (including any sale and leaseback transaction) of any
property by any Person, including any sale, assignment, transfer or other disposal, with or without
recourse, of any notes or accounts receivable or any rights and claims associated therewith.

     “Dollar” and “$” mean lawful money of the United States.

     “Domestic Subsidiary” means any Subsidiary that is organized under the laws of any
political subdivision of the United States.

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     “Eligible Assignee” means any Person that meets the requirements to be an assignee
under Section 10.06(b)(iii), (v) and (vi) (subject to such consents, if
any, as may be required under Section 10.06(b)(iii)).

     “Environmental Laws” means any and all Federal, state, local, and foreign statutes,
laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants,
franchises, licenses, agreements or governmental restrictions relating to pollution and the
protection of the environment or the release of any materials into the environment, including those
related to hazardous substances or wastes, air emissions and discharges to waste or public systems.

     “Environmental Liability” means any liability, contingent or otherwise (including any
liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the
Borrower, any other Loan Party or any of their respective Subsidiaries directly or indirectly
resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use,
handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure
to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into
the environment or (e) any contract, agreement or other consensual arrangement pursuant to which
liability is assumed or imposed with respect to any of the foregoing.

     “Environmental Permit” means any permit, approval, identification number, license or
other authorization required under any Environmental Law.

     “Equity Interests” means, with respect to any Person, all of the shares of capital
stock of (or other ownership or profit interests other than a net profits based bonus program in)
such Person, all of the warrants, options or other rights for the purchase or acquisition from such
Person of shares of capital stock of (or other ownership or profit interests in) such Person, all
of the securities convertible into or exchangeable for shares of capital stock of (or other
ownership or profit interests in) such Person or warrants, rights or options for the purchase or
acquisition from such Person of such shares (or such other interests), and all of the other
ownership or profit interests in such Person (including partnership, member or trust interests
therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or
other interests are outstanding on any date of determination.

     “ERISA” means the Employee Retirement Income Security Act of 1974.

     “ERISA Affiliate” means any trade or business (whether or not incorporated) under
common control with the Borrower within the meaning of Section 414(b) or (c) of the Code (and
Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the
Code).

     “ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) a
withdrawal by the Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of
ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2)
of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e)
of ERISA; (c) a complete or partial withdrawal by the Borrower or any ERISA Affiliate from a
Multiemployer Plan or notification that a Multiemployer Plan is

-10-

 

insolvent (within the meaning of Section 4245 of ERISA) or in reorganization (within the
meaning of Section 4241 of ERISA); (d) the filing of a notice of intent to terminate a Pension Plan
in a distress termination under Section 4041(a) of ERISA or the treatment of a Plan amendment as a
distress termination of a Pension Plan under Section 4041(c) of ERISA, or the commencement of
proceedings by the PBGC to terminate a Pension Plan or a Multiemployer Plan; or (e) an event or
condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the
appointment of a trustee to administer, any Pension Plan.

     “Eurodollar Rate” means, for any Interest Period with respect to a Eurodollar Rate
Loan, the rate per annum equal to the British Bankers Association LIBOR Rate (“BBA LIBOR”),
as published by Reuters (or other commercially available source providing quotations of BBA LIBOR
as designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London
time, two Business Days prior to the commencement of such Interest Period, for Dollar deposits (for
delivery on the first day of such Interest Period) with a term equivalent to such Interest Period.
If such rate is not available at such time for any reason, then the “Eurodollar Rate” for such
Interest Period shall be the rate per annum determined by the Administrative Agent to be the rate
at which deposits in Dollars for delivery on the first day of such Interest Period in same day
funds in the approximate amount of the Eurodollar Rate Loan being made, continued or converted by
Bank of America and with a term equivalent to such Interest Period would be offered by Bank of
America’s London Branch to major banks in the London interbank eurodollar market at their request
at approximately 11:00 a.m. (London time) two Business Days prior to the commencement of such
Interest Period.

     “Eurodollar Rate Loan” means a Loan that bears interest at a rate based on the
Eurodollar Rate.

     “Event of Default” has the meaning specified in Section 8.01.

     “Excluded Foreign Subsidiary” means any Foreign Subsidiary that is a “controlled
foreign corporation” under Section 957 of the Code.

     “Excluded Taxes” means, with respect to the Administrative Agent, any Lender, any L/C
Issuer or any other recipient of any payment to be made by or on account of any obligation of the
Borrower hereunder, (a) taxes imposed on or measured by its overall net income (however
denominated), and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction
(or any political subdivision thereof) under the laws of which such recipient is organized or in
which its principal office is located or, in the case of any Lender, in which its applicable
Lending Office is located, (b) any branch profits taxes imposed by the United States or any similar
tax imposed by any other jurisdiction in which the Borrower is located and (c) in the case of a
Foreign Lender (other than an assignee pursuant to a request by the Borrower under Section
10.13), any withholding tax that is imposed on amounts payable to such Foreign Lender at the
time such Foreign Lender becomes a party hereto (or designates a new Lending Office) or is
attributable to such Foreign Lender’s failure or inability (other than as a result of a Change in
Law) to comply with Section 3.01(e), except to the extent that such Foreign Lender (or its
assignor, if any) was entitled, at the time of designation of a new Lending Office (or assignment),
to receive additional amounts from the Borrower with respect to such withholding tax pursuant to
Section 3.01(a).

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     “Facility” means the Revolving Credit Facility.

     “Federal Funds Rate” means, for any day, the rate per annum equal to the weighted
average of the rates on overnight Federal funds transactions with members of the Federal Reserve
System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of
New York on the Business Day next succeeding such day; provided that (a) if such day is not
a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the
next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such
rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day
shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%)
charged to Bank of America on such day on such transactions as determined by the Administrative
Agent.

     “Fee Letter” means the letter agreement, dated July 21, 2006, among the Parent, the
Borrower, Helix, the Administrative Agent and the Arranger.

     “Foreign Lender” means any Lender that is organized under the laws of a jurisdiction
other than that in which the Borrower is resident for tax purposes. For purposes of this
definition, the United States, each State thereof and the District of Columbia shall be deemed to
constitute a single jurisdiction.

     “Foreign Pledge Agreements” means the Singapore Pledge Agreement and any other
agreement pledging Equity Interests of a Foreign Subsidiary pursuant to Section 6.13.

     “Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary.

     “FRB” means the Board of Governors of the Federal Reserve System of the United States.

     “Fund” means any Person (other than a natural person) that is (or will be) engaged in
making, purchasing, holding or otherwise investing in commercial loans and similar extensions of
credit in the ordinary course of its business.

     “GAAP” means generally accepted accounting principles in the United States set forth
in the opinions and pronouncements of the Accounting Principles Board and the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board or such other principles as may be approved by a significant segment of the
accounting profession in the United States, that are applicable to the circumstances as of the date
of determination, consistently applied.

     “Governmental Authority” means the government of the United States or any other
nation, or of any political subdivision thereof, whether state or local, and any agency, authority,
instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to
government (including any supra-national bodies such as the European Union or the European Central
Bank).

     “Granting Lender” has the meaning specified in Section 10.06(h).

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     “Guarantee” means, as to any Person (a) any obligation, contingent or otherwise, of
such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other
obligation payable or performable by another Person (the “primary obligor”) in any manner, whether
directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to
purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or
other obligation, (ii) to purchase or lease property, securities or services for the purpose of
assuring the obligee in respect of such Indebtedness or other obligation of the payment or
performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity
capital or any other financial statement condition or liquidity or level of income or cash flow of
the primary obligor so as to enable the primary obligor to pay such Indebtedness or other
obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in
respect of such Indebtedness or other obligation of the payment or performance thereof or to
protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any
assets of such Person securing any Indebtedness or other obligation of any other Person, whether or
not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or
otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount of any
Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related
primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not
stated or determinable, the maximum reasonably anticipated liability in respect thereof as
determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a
corresponding meaning.

     “Guarantors” means, collectively, the Parent, Helix (but only until the Guaranty
delivered by Helix is released pursuant to Section 10.17(b)), and the Subsidiary
Guarantors.

     “Guaranty” means (a) the Guaranty, in substantially the form attached hereto as
Exhibit G-1, made by the Parent in favor of the Administrative Agent and the Lenders, (b)
the Guaranty, dated as of even date herewith, made by Helix in favor of the Administrative Agent
and the Lenders, and (c) the Subsidiary Guaranty; provided that upon consummation of the
IPO and delivery of the Security Documents and other items required by Section 6.13(d),
Helix shall be released from its obligations under its Guaranty and such Guaranty shall terminate.

     “Hazardous Materials” means all explosive or radioactive substances or wastes and all
hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum
distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas,
infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to
any Environmental Law.

     “Hedge Bank” means any Person that, at the time it enters into a Secured Hedge
Agreement, is a Lender or an Affiliate of a Lender, in its capacity as a party to such Secured
Hedge Agreement.

     “Helix” means Helix Energy Solutions Group, Inc., a Minnesota corporation.

     “Helix Credit Agreement” means the Credit Agreement dated as of July 3, 2006, among
Helix, the lenders parties thereto, and Bank of America, N.A., as administrative agent for such
lenders.

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     “Immaterial Foreign Subsidiary” means any Foreign Subsidiary that (a) had assets
having an aggregate book value, as of the end of the fiscal year most recently ended, not exceeding
5% of the consolidated total assets of the Parent and its Subsidiaries and (b) had Consolidated
EBITDA not exceeding 5% of the Consolidated EBITDA of the Parent for such fiscal year. A Foreign
Subsidiary shall automatically cease to be an Immaterial Foreign Subsidiary if at the end of any
fiscal year such Subsidiary would not meet the requirements set forth in the foregoing clauses (a)
and (b).

     “Indebtedness” means, as to any Person at a particular time, without duplication, all
of the following, whether or not included as indebtedness or liabilities in accordance with GAAP:

     (a) all obligations of such Person for borrowed money and all obligations of such
Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments;

     (b) all direct or contingent obligations of such Person owing under letters of credit
(including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and
similar instruments;

     (c) net obligations of such Person under any Swap Contract;

     (d) all obligations of such Person to pay the deferred purchase price of property or
services (other than current trade accounts payable in the ordinary course of business);

     (e) obligations (excluding prepaid interest thereon) of others of the type referred to
in clauses (a) through (d) and (f) through (h) of this definition secured by a Lien on
property owned or being purchased by such Person (including obligations arising under
conditional sales or other title retention agreements), whether or not such obligations
shall have been assumed by, or is limited in recourse to, the Person granting such Lien;

     (f) capital leases of such Person;

     (g) all obligations of such Person to purchase, redeem, retire, defease or otherwise
make any payment in respect of any Equity Interest in such Person or any other Person,
valued, in the case of a redeemable preferred interest, at the greater of its voluntary or
involuntary liquidation preference plus accrued and unpaid dividends; and

     (h) all Guarantees of such Person in respect of any of the foregoing.

     For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any
partnership or joint venture (other than a joint venture that is itself a corporation or limited
liability company) in which such Person is a general partner or a joint venturer, except to the
extent such Indebtedness is expressly made non-recourse to the Parent or such Subsidiary. The
amount of any net obligation under any Swap Contract of any Person on any date shall be deemed to
be the Swap Termination Value thereof as of such date. The amount of any capital lease as of any
date shall be deemed to be the amount of Attributable Indebtedness in respect

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thereof as of such date. The amount of any Indebtedness under clause (e) above shall be the
lesser of (i) such outstanding principal amount and (ii) the then fair market value of such
property.

     “Indemnified Taxes” means Taxes other than Excluded Taxes.

     “Indemnitees” has the meaning specified in Section 10.04(b).

     “Information” has the meaning specified in Section 10.07.

     “Initial Financial Statements” means the combined balance sheet of the Parent and its
Subsidiaries for the fiscal year ended December 31, 2005, and the related combined statements of
income or operations, shareholders’ equity and cash flows for such fiscal year of the Parent and
its Subsidiaries, including the notes thereto.

     “Interest Payment Date” means, (a) as to any Loan other than a Base Rate Loan, the
last day of each Interest Period applicable to such Loan and the Revolving Credit Maturity Date;
provided, however, that if any Interest Period for a Eurodollar Rate Loan exceeds
three months, the respective dates that fall every three months after the beginning of such
Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan (including a
Swing Line Loan), the last Business Day of each March, June, September and December and the
Revolving Credit Maturity Date.

     “Interest Period” means, as to each Eurodollar Rate Loan, the period commencing on the
date such Eurodollar Rate Loan is disbursed or converted to or continued as a Eurodollar Rate Loan
and ending on the date one, two, three or six months thereafter, as selected by the Borrower in its
Loan Notice; provided that:

     (i) any Interest Period that would otherwise end on a day that is not a Business Day
shall be extended to the next succeeding Business Day unless such Business Day falls in
another calendar month, in which case such Interest Period shall end on the next preceding
Business Day;

     (ii) any Interest Period that begins on the last Business Day of a calendar month (or
on a day for which there is no numerically corresponding day in the calendar month at the
end of such Interest Period) shall end on the last Business Day of the calendar month at the
end of such Interest Period; and

     (iii) no Interest Period applicable to a Revolving Credit Loan shall extend beyond the
Revolving Credit Maturity Date.

     “Internal Control Event” means a material weakness in, or fraud that involves
management or other employees who have a significant role in, the Borrower’s internal controls over
financial reporting, in each case as described in the Securities Laws.

     “Investment” means, as to any Person, any direct or indirect acquisition or investment
by such Person, whether by means of (a) the purchase or other acquisition of capital stock or other
securities of another Person, (b) a loan, advance or capital contribution to, Guarantee or

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assumption of Indebtedness of, or purchase or other acquisition of any other Indebtedness or
equity participation or interest in, another Person, including any partnership or joint venture
interest in such other Person and any arrangement pursuant to which the investor Guarantees
Indebtedness of such other Person, or (c) the purchase or other acquisition (in one transaction or
a series of related transactions) of assets of another Person that constitute a business unit. For
purposes of covenant compliance, the amount of any Investment shall be the amount actually
invested, without adjustment for subsequent increases or decreases in the value of such Investment.

     “IPO” means an initial registered public offering of the common Equity Interests of
the Parent to the public pursuant to an effective registration statement under the Securities Act
of 1933.

     “IP Rights” has the meaning specified in Section 5.18.

     “ISP” means, with respect to any Letter of Credit, the “International Standby
Practices 1998” published by the Institute of International Banking Law & Practice, Inc. (or such
later version thereof as may be in effect at the time of issuance).

     “Issuer Documents” means with respect to any Letter of Credit, the Letter of Credit
Application, and any other document, agreement and instrument entered into by an L/C Issuer and the
Borrower (or any Subsidiary) or in favor of such L/C Issuer and relating to any such Letter of
Credit.

     “Laws” means, collectively, all international, foreign, Federal, state and local
statutes, treaties, rules, regulations, ordinances, codes and administrative or judicial precedents
or authorities, including the interpretation or administration thereof by any Governmental
Authority charged with the enforcement, interpretation or administration thereof, and all
applicable administrative orders, directed duties, licenses, authorizations and permits of, and
agreements with, any Governmental Authority (other than any such agreements that are entered into
in respect of a commercial transaction).

     “L/C Advance” means, with respect to each Lender, such Lender’s funding of its
participation in any L/C Borrowing in accordance with its Applicable Percentage.

     “L/C Borrowing” means an extension of credit resulting from a drawing under any Letter
of Credit which has not been reimbursed on the date when made or refinanced as a Revolving Credit
Borrowing.

     “L/C Credit Extension” means, with respect to any Letter of Credit, the issuance
thereof or extension of the expiry date thereof, or the increase of the amount thereof.

     “L/C Issuer” means each of Bank of America in its capacity as issuer of Letters of
Credit hereunder and any other Lender selected by the Parent that agrees to become an L/C Issuer
hereunder, or any successor issuer or issuers of Letters of Credit hereunder; provided that
at no time shall there be more than two L/C Issuers hereunder.

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     “L/C Obligations” means, as at any date of determination, the aggregate amount
available to be drawn under all outstanding Letters of Credit plus the aggregate of all
Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available
to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in
accordance with Section 1.06. For all purposes of this Agreement, if on any date of
determination a Letter of Credit has expired by its terms but any amount may still be drawn
thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be
deemed to be “outstanding” in the amount so remaining available to be drawn.

     “Lender” has the meaning specified in the introductory paragraph hereto and, as the
context requires, includes the Swing Line Lender.

     “Lending Office” means, as to any Lender, the office or offices of such Lender
described as such in such Lender’s Administrative Questionnaire, or such other office or offices as
a Lender may from time to time notify the Borrower and the Administrative Agent.

     “Letter of Credit” means any letter of credit issued hereunder. A Letter of Credit
may be a commercial letter of credit or a standby letter of credit.

     “Letter of Credit Application” means an application and agreement for the issuance or
amendment of a Letter of Credit in the form from time to time in use by the applicable L/C Issuer.

     “Letter of Credit Expiration Date” means the day that is seven days prior to the
Revolving Credit Maturity Date then in effect (or, if such day is not a Business Day, the next
preceding Business Day).

     “Letter of Credit Fee” has the meaning specified in Section 2.03(i).

     “Letter of Credit Sublimit” means an amount equal to $10,000,000. The Letter of
Credit Sublimit is part of, and not in addition to, the Revolving Credit Facility.

     “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement,
encumbrance, lien (statutory or other), charge, production payment, or preference, priority or
other security interest or preferential arrangement in the nature of a security interest of any
kind or nature whatsoever (including any conditional sale or other title retention agreement, any
easement, right of way or other encumbrance on title to real property, and any financing lease
having substantially the same economic effect as any of the foregoing).

     “Loan” means an extension of credit by a Lender to the Borrower under Article
II in the form of a Revolving Credit Loan or a Swing Line Loan.

     “Loan Documents” means this Agreement, each Note, each Issuer Document, the Fee
Letter, the Guaranties, the Security Documents, each Secured Hedge Agreement, and each Secured Cash
Management Agreement; provided that for purposes of the definition of “Material Adverse
Effect” and Articles IV through X (other than Section 8.03, Section
10.04, and Section 10.16), “Loan Documents” shall not include Secured Hedge
Agreements or Secured Cash Management Agreements.

-17-

 

     “Loan Notice” means a notice of (a) a Revolving Credit Borrowing, (b) a conversion of
Loans from one Type to the other, or (c) a continuation of Eurodollar Rate Loans, pursuant to
Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit
A.

     “Loan Parties” means, collectively, the Borrower and each Guarantor; provided
that Helix shall be a Loan Party only for purposes of Article IV, Article V, and
Articles VIII — X (inclusive), including applicable definitions, and only until the
Guaranty delivered by Helix is released pursuant to Section 10.17(b).

     “Maintenance Capital Expenditures” means expenditures made and liabilities incurred in
each case, which are properly charged to current operations for the normal maintenance (including,
without limitation, dry docking and machinery overhauls), but not Acquisition, of any property
owned or leased by the Parent or its Subsidiaries, together with the related equipment.

     “Material Adverse Effect” means (a) a material adverse change in, or a material
adverse effect upon, the operations, business, properties, liabilities (actual or contingent),
condition (financial or otherwise) or prospects of the Parent and its Subsidiaries taken as a
whole; (b) a material impairment of the ability of any Loan Party to perform any payment
obligations under and pursuant to the terms of, or to perform any of its other material obligations
under and pursuant to the terms of, any Loan Document to which it is a party; or (c) a material
adverse effect upon the legality, validity, binding effect or enforceability against any Loan Party
of any Loan Document to which it is a party.

     “Material Contract” means any contract or other arrangement to which the Parent or any
of its Subsidiaries is a party (other than the Loan Documents) for which breach, nonperformance,
cancellation or failure to renew could reasonably be expected to have a Material Adverse Effect.

     “Moody’s” means Moody’s Investors Service, Inc. and any successor thereto.

     “Multiemployer Plan” means a Plan covered by Title IV of ERISA which is a
multiemployer plan as defined in Section 3(37) of ERISA or Section 4001(a)(3) of ERISA, to which
the Parent or any ERISA Affiliate makes or is obligated to make contributions, or with respect to
which the Parent or any ERISA Affiliates may have any liability, contingent or otherwise.

     “Net Cash Proceeds” means, in connection with any Asset Disposition or Recovery Event,
the excess, if any, of (i) the sum of cash and, when received, cash received in respect of any
non-cash Cash Equivalents received in connection therewith (including any cash or Cash Equivalents
received by way of deferred payment pursuant to, or by monetization of, a note receivable or
otherwise, but only as and when so received) minus (ii) the sum of (A) the amount of Indebtedness
that is secured by the applicable asset and that is required to be repaid in connection with such
transaction (other than Indebtedness under the Loan Documents), (B) the reasonable and customary
out-of-pocket expenses incurred by the Parent or the applicable Subsidiary in connection therewith,
(C) income taxes reasonably estimated to be payable within two years following the date of the
relevant transaction or event as a result of any gain recognized in connection therewith;
provided that, if the amount of any estimated taxes pursuant to subclause (C) exceeds the
amount of taxes actually required to be paid in cash in respect of

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such Disposition or Recovery Event, then such excess shall then constitute Net Cash Proceeds,
and (D) the amount of reserves established by the Parent or any of its Subsidiaries in good faith
and pursuant to commercially reasonable practices for adjustment in respect of the sale price of
such asset or assets in accordance with GAAP; provided that if the amount of such reserves
exceeds the amounts for which it was reserved, then such excess shall then constitute Net Cash
Proceeds.

     “Note” means a Revolving Credit Note.

     “Obligations” means all advances to, and debts, liabilities, obligations, covenants
and duties of, any Loan Party arising under any Loan Document or otherwise with respect to any Loan
or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute
or contingent, due or to become due, now existing or hereafter arising and including interest and
fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of
any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding,
regardless of whether such interest and fees are allowed claims in such proceeding.

     “Off-Balance Sheet Liabilities” means, with respect to any Person as of any date of
determination thereof, without duplication and to the extent not included as a liability on the
consolidated balance sheet of such Person and its Subsidiaries in accordance with GAAP: (a) with
respect to any asset securitization transaction (including any accounts receivable purchase
facility) (i) the unrecovered investment of purchasers or transferees of assets so transferred and
(ii) any other payment, recourse, repurchase, hold harmless, indemnity or similar obligation of
such Person or any of its Subsidiaries in respect of assets transferred or payments made in respect
thereof, other than limited recourse provisions that are customary for transactions of such type
and that neither (x) have the effect of limiting the loss or credit risk of such purchasers or
transferees with respect to payment or performance by the obligors of the assets so transferred nor
(y) impair the characterization of the transaction as a true sale under applicable Laws (including
Debtor Relief Laws); (b) the monetary obligations under any financing lease or so-called
“synthetic,” tax retention or off-balance sheet lease transaction which, upon the application of
any Debtor Relief Law to such Person or any of its Subsidiaries, would be characterized as
indebtedness; (c) the monetary obligations under any sale and leaseback transaction which does not
create a liability on the consolidated balance sheet of such Person and its Subsidiaries; or (d)
any other monetary obligation arising with respect to any other transaction which (i) is
characterized as indebtedness for tax purposes but not for accounting purposes in accordance with
GAAP or (ii) is the functional equivalent of or takes the place of borrowing but which does not
constitute a liability on the consolidated balance sheet of such Person and its Subsidiaries (for
purposes of this clause (d), any transaction structured to provide tax deductibility as interest
expense of any dividend, coupon or other periodic payment will be deemed to be the functional
equivalent of a borrowing).

     “Organizational Documents” means, (a) with respect to any corporation, the certificate
or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents
with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the
certificate or articles of formation or organization and operating agreement; and (c) with respect
to any partnership, joint venture, trust or other form of business entity, the partnership, joint

-19-

 

venture or other applicable agreement of formation or organization and any agreement,
instrument, filing or notice with respect thereto filed in connection with its formation or
organization with the applicable Governmental Authority in the jurisdiction of its formation or
organization and, if applicable, any certificate or articles of formation or organization of such
entity.

     “Other Taxes” means all present or future stamp or documentary taxes or any other
excise or property taxes, charges or similar levies arising from any payment made hereunder or
under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with
respect to, this Agreement or any other Loan Document.

     “Outstanding Amount” means (a) with respect to Revolving Credit Loans and Swing Line
Loans on any date, the aggregate outstanding principal amount thereof after giving effect to any
borrowings and prepayments or repayments of Revolving Credit Loans and Swing Line Loans, as the
case may be, occurring on such date; and (b) with respect to any L/C Obligations on any date, the
amount of such L/C Obligations on such date after giving effect to any L/C Credit Extension
occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of
such date, including as a result of any reimbursements by the Borrower of Unreimbursed Amounts.

     “Parent” has the meaning specified in the introductory paragraph hereto.

     “Parent Group” means the Parent and its Subsidiaries.

     “Parent Materials” has the meaning specified in Section 6.02.

     “Participant” has the meaning specified in Section 10.06(d).

     “PBGC” means the Pension Benefit Guaranty Corporation.

     “PCAOB” means the Public Company Accounting Oversight Board.

     “Pension Plan” means any “employee pension benefit plan” (as such term is defined in
Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and
is sponsored or maintained by the Borrower or any ERISA Affiliate or to which the Borrower or any
ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple
employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time
during the immediately preceding five plan years.

     “Permitted Liens” means Liens of the type described in Section 7.01.

     “Person” means any natural person, corporation, limited liability company, trust,
joint venture, association, company, partnership, Governmental Authority or other entity.

     “Plan” means any “employee benefit plan” (as such term is defined in Section 3(3) of
ERISA) which is sponsored, maintained or contributed to by the Borrower or an ERISA Affiliate or
with respect to which the Borrower or an ERISA Affiliate may have any liability, contingent or
otherwise.

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     “Platform” has the meaning specified in Section 6.02.

     “Recovery Event” means any settlement of or payment in respect of any property or
casualty insurance claim (excluding any claim in respect of business interruption) or any
condemnation, appropriation, seizure or similar proceeding or act relating to any asset of the
Borrower or any of its Subsidiaries.

     “Register” has the meaning specified in Section 10.06(c).

     “Registered Public Accounting Firm” has the meaning specified in the Securities Laws
and shall be independent of the Parent as prescribed by the Securities Laws.

     “Related Parties” means, with respect to any Person, such Person’s Affiliates and the
partners, directors, officers, employees, agents and advisors of such Person and of such Person’s
Affiliates.

     “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA,
other than events for which the 30 day notice period has been waived.

     “Request for Credit Extension” means (a) with respect to a Borrowing, conversion or
continuation of Revolving Loans, a Loan Notice, (b) with respect to an L/C Credit Extension, a
Letter of Credit Application, and (c) with respect to a Swing Line Loan, a Swing Line Loan Notice.

     “Required Lenders” means, as of any date of determination, Lenders holding more than
50% of the sum of the (a) Total Outstandings (with the aggregate amount of each Lender’s risk
participation and funded participation in L/C Obligations and Swing Line Loans being deemed “held”
by such Lender for purposes of this definition) and (b) aggregate unused Revolving Credit
Commitments; provided that the unused Revolving Credit Commitment of, and the portion of
the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes
of making a determination of Required Lenders.

     “Responsible Officer” means the chief executive officer, president, chief financial
officer, Vice President — Finance or Vice President — Corporate Controller of a Loan Party. Any
document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be
conclusively presumed to have been authorized by all necessary corporate, partnership and/or other
equivalent action on the part of such Loan Party and such Responsible Officer shall be conclusively
presumed to have acted on behalf of such Loan Party.

     “Restricted Payment” means any dividend or other distribution (whether in cash,
securities or other property) with respect to any Equity Interest in the Parent or any Subsidiary,
or any payment (whether in cash, securities or other property), including any sinking fund or
similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or
termination of any such capital stock or other Equity Interest, or on account of any return of
capital to the Parent’s stockholders, partners or members (or the equivalent Person thereof).

     “Restructuring” means the transfer of the Cal Dive Assets to the Parent Group.

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     “Revolving Credit Borrowing” means a borrowing consisting of simultaneous Revolving
Credit Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest
Period made by each of the Lenders pursuant to Section 2.01.

     “Revolving Credit Commitment” means, as to each Lender, its obligation to (a) make
Revolving Credit Loans to the Borrower pursuant to Section 2.01 and (b) purchase
participations in L/C Obligations, in an aggregate principal amount at any one time outstanding not
to exceed the amount set forth opposite such Lender’s name on Schedule 2.01 under the
caption “Revolving Credit Commitment” or opposite such caption in the Assignment and Assumption
pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted
from time to time in accordance with this Agreement.

     “Revolving Credit Facility” means, at any time, the aggregate amount of the Lenders’
Revolving Credit Commitments at such time. The initial amount of the Revolving Credit Facility is
$150,000,000, as the same may be increased to $250,000,000 as provided in Section 2.15.

     “Revolving Credit Loan” has the meaning specified in Section 2.01.

     “Revolving Credit Maturity Date” means November 20, 2011.

     “Revolving Credit Note” means a promissory note made by the Borrower in favor of a
Lender evidencing Revolving Credit Loans made by such Lender, substantially in the form of
Exhibit C.

     “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc. and any successor thereto.

     “Sarbanes-Oxley” means the Sarbanes-Oxley Act of 2002.

     “SEC” means the Securities and Exchange Commission, or any Governmental Authority
succeeding to any of its principal functions.

     “Securities Laws” means the Securities Act of 1933, the Securities Exchange Act of
1934, Sarbanes-Oxley and the applicable accounting and auditing principles, rules, standards and
practices promulgated, approved or incorporated by the SEC or the PCAOB.

     “Secured Cash Management Agreement” means any Cash Management Agreement that is
entered into by and between the Borrower and any Cash Management Bank.

     “Secured Hedge Agreement” means any Swap Contract that is entered into by and between
any Loan Party and any Hedge Bank.

     “Secured Parties” has the meaning specified in the Security Documents.

     “Security Agreement” means the Security Agreement in substantially the form attached
hereto as Exhibit F, among the Parent, the Borrower, the other Loan Parties signatories
thereto, and the Administrative Agent.

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     “Security Documents” means the Security Agreement, the Vessel Mortgages, the Foreign
Pledge Agreements, and each of the other agreements, instruments or documents that creates or
purports to create a Lien in favor of the Administrative Agent for the benefit of the Secured
Parties.

     “Singapore Pledge Agreement” means the pledge agreement with respect to 66% of the
outstanding Equity Interests in Cal Dive Far East PTE Limited to be made by CDI Janus Holdings,
Inc. in favor of the Administrative Agent for the benefit of the Secured Parties, which agreement
shall be in form and substance reasonably acceptable to the Administrative Agent.

     “Solvent” and “Solvency” mean, with respect to any Person on any date of
determination, that on such date (a) the value of the property of such Person, at a fair valuation,
is greater than the total amount of liabilities, including contingent liabilities, of such Person,
(b) the present fair salable value of the assets of such Person is not less than the amount that
will be required to pay the probable liability of such Person on its debts as they become absolute
and are scheduled to mature, (c) such Person does not intend to, and does not believe that it will,
incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities as they
are scheduled to mature, (d) such Person is not engaged in business or a transaction, and is not
about to engage in business or a transaction, for which such Person’s property would constitute an
unreasonably small capital, and (e) such Person is able to pay its debts and liabilities,
contingent obligations and other commitments as they mature in the ordinary course of business.
The amount of contingent liabilities at any time shall be computed as the amount that, in the light
of all the facts and circumstances existing at such time, represents the amount that can reasonably
be expected to become an actual or matured liability subject to limitation provisions in the
instrument creating or governing such contingent liabilities.

     “SPC” has the meaning specified in Section 10.06(h).

     “Subsidiary” of a Person means a corporation, partnership, joint venture, limited
liability company or other business entity of which a majority of the shares of securities or other
interests having ordinary voting power for the election of directors or other governing body (other
than securities or interests having such power only by reason of the happening of a contingency)
are at the time beneficially owned, or, other than solely as a result of a contract under which
such Person or one or more Persons that otherwise would constitute a Subsidiary of such Person
provides management, operation or similar services but does not control the policies of such Person
(including the appointment of such management), the management of which is otherwise controlled,
directly, or indirectly through one or more intermediaries, or both, by such Person. Unless
otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a
Subsidiary or Subsidiaries of the Parent.

     “Subsidiary Guarantors” means, collectively, all Subsidiaries of the Parent which
become parties to the Subsidiary Guaranty under Section 6.13.

     “Subsidiary Guaranty” means the Guaranty, in substantially the form attached hereto as
Exhibit G-2, made by the applicable Subsidiaries of the Parent in favor of the
Administrative Agent and the Lenders.

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     “Swap Contract” means (a) any and all interest rate swap transactions, basis swaps,
credit derivative transactions, forward rate transactions, commodity swaps, commodity options,
forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond
index swaps or options or forward bond or forward bond price or forward bond index transactions,
interest rate options, forward foreign exchange transactions, cap transactions, floor transactions,
collar transactions, currency swap transactions, cross-currency rate swap transactions, currency
options, spot contracts, or any other similar transactions or any combination of any of the
foregoing (including any options to enter into any of the foregoing), whether or not any such
transaction is governed by or subject to any master agreement, and (b) any and all transactions of
any kind, and the related confirmations, which are subject to the terms and conditions of, or
governed by, any form of master agreement published by the International Swaps and Derivatives
Association, Inc., any International Foreign Exchange Master Agreement, or any other master
agreement (any such master agreement, together with any related schedules, a “Master
Agreement”), including any such obligations or liabilities under any Master Agreement.

     “Swap Termination Value” means, in respect of any one or more Swap Contracts of a
Person, after taking into account the effect of any legally enforceable netting agreement relating
to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed
out and termination value(s) determined in accordance therewith, such termination value(s), and (b)
for any date prior to the date referenced in clause (a), the amount(s) determined as the
mark-to-market value(s) for such Swap Contracts, as determined based upon one or more mid-market or
other readily available quotations provided by any recognized dealer in such Swap Contracts (which
may include a Lender or any Affiliate of a Lender).

     “Swing Line” means the revolving credit facility made available by the Swing Line
Lender pursuant to Section 2.04.

     “Swing Line Borrowing” means a borrowing of a Swing Line Loan pursuant to Section
2.04.

     “Swing Line Lender” means Bank of America in its capacity as provider of Swing Line
Loans, or any successor swing line lender hereunder.

     “Swing Line Loan” has the meaning specified in Section 2.04(a).

     “Swing Line Loan Notice” means a notice of a Swing Line Borrowing pursuant to
Section 2.04(b), which, if in writing, shall be substantially in the form of Exhibit
B.

     “Swing Line Sublimit” means an amount equal to the lesser of (a) $10,000,000 and (b)
the Aggregate Commitments. The Swing Line Sublimit is part of, and not in addition to, the
Aggregate Commitments.

     “Taxes” means all present or future taxes, levies, imposts, duties, deductions,
withholdings, assessments, fees or other charges imposed by any Governmental Authority, including
any interest, additions to tax or penalties applicable thereto.

     “Threshold Amount” means $5,000,000.

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     “Total Outstandings” means the aggregate Outstanding Amount of all Revolving Credit
Loans, Swing Line Loans and L/C Obligations.

     “Transaction” means, collectively and without duplication, (a) the consummation of the
Restructuring, (b) the consummation of the IPO, (c) the entering into by the Loan Parties of the
Loan Documents to which they are intended to be a party, and (d) the payment of the fees and
expenses incurred in connection with the consummation of the foregoing.

     “Type” means, with respect to a Loan, its character as a Base Rate Loan or a
Eurodollar Rate Loan.

     “United States” and “U.S.” mean the United States of America.

     “Unreimbursed Amount” has the meaning specified in Section 2.03(c)(i).

     “Vessel Mortgage” means (i) the First Preferred Mortgage in substantially the form
attached hereto as Exhibit H-1, made by the Borrower in favor of the Administrative Agent
with respect to the Rider, (ii) the First Preferred Mortgage in substantially the form attached
hereto as Exhibit H-2, made by the Borrower in favor of the Administrative Agent with
respect to the Kestrel, (iii) the Deed of Covenants Collateral to Statutory Ship Mortgage in
substantially the forms attached hereto as Exhibit H-3, made in favor of the Administrative
Agent by, respectively, CDI Umbra LLC with respect to the Eclipse and CDI Proteus LLC with respect
to the Uncle John and the Mystic Viking, (iv) the Assignments of Insurances and Earnings executed
in connection therewith in substantially the forms attached hereto as Exhibit H-4 and (v)
any similar agreement provided in favor of the Administrative Agent.

     “Wholly Owned Subsidiary” means as to any Person, any other Person all of the Equity
Interests of which (other than, in the case of a Foreign Subsidiary, directors’ qualifying shares
or shares required by applicable law to be held by a Person other than the Parent or a Subsidiary)
is owned by such Person directly and/or through other Wholly Owned Subsidiaries.

     1.02 Other Interpretive Provisions. With reference to this Agreement and each other Loan
Document, unless otherwise specified herein or in such other Loan Document:

     (a) The definitions of terms herein shall apply equally to the singular and plural forms of
the terms defined. Whenever the context may require, any pronoun shall include the corresponding
masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be
deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to
have the same meaning and effect as the word “shall.” The word “or” is not exclusive. Unless the
context requires otherwise, (i) any definition of or reference to any agreement, instrument or
other document (including any Organization Document) shall be construed as referring to such
agreement, instrument or other document as from time to time amended, supplemented or otherwise
modified (subject to any restrictions on such amendments, supplements or modifications set forth
herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed
to include such Person’s successors and assigns, or if so specified herein, permitted assigns,
(iii) the words “herein,” “hereof” and “hereunder,” and words of similar import when used in any
Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any
particular provision thereof, (iv) all references in a Loan

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Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles
and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear,
(v) any reference to any law shall include all statutory and regulatory provisions consolidating,
amending, replacing or interpreting such law and any reference to any law or regulation shall,
unless otherwise specified, refer to such law or regulation as amended, modified or supplemented
from time to time, and (vi) the words “asset” and “property” shall be construed to have the same
meaning and effect and to refer to any and all tangible and intangible assets and properties,
including cash, securities, accounts and contract rights.

     (b) In the computation of periods of time from a specified date to a later specified date, the
word “from” means “from and including;” the words “to” and “until” each mean “to but excluding;”
and the word “through” means “to and including.”

     (c) Section headings herein and in the other Loan Documents are included for convenience of
reference only and shall not affect the interpretation of this Agreement or any other Loan
Document.

     1.03 Accounting Terms. (a) Generally. All accounting terms not specifically or
completely defined herein shall be construed in conformity with, and all financial data (including
financial ratios and other financial calculations) required to be submitted pursuant to this
Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect
from time to time, applied in a manner consistent with that used in preparing the Initial Financial
Statements, except as otherwise specifically prescribed herein.

     (b) Changes in GAAP. If at any time any change in GAAP would affect the computation
of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or
the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall
negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof
in light of such change in GAAP (subject to the approval of the Required Lenders); provided that,
until so amended, (i) such ratio or requirement shall continue to be computed in accordance with
GAAP prior to such change therein and (ii) the Borrower shall provide to the Administrative Agent
and the Lenders financial statements and other documents required under this Agreement or as
reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or
requirement made before and after giving effect to such change in GAAP.

     (c) Consolidation of Variable Interest Entities. All references herein to
consolidated financial statements of the Parent and its Subsidiaries or to the determination of any
amount for the Parent and its Subsidiaries on a consolidated basis or any similar reference shall,
in each case, be deemed to include each variable interest entity that the Parent is required to
consolidate pursuant to FASB Interpretation No. 46 — Consolidation of Variable Interest Entities:
an interpretation of ARB No. 51 (January 2003) as if such variable interest entity were a
Subsidiary as defined herein.

     1.04 Rounding. Any financial ratios required to be maintained by the Parent pursuant to this
Agreement shall be calculated by dividing the appropriate component by the other component,
carrying the result to one place more than the number of places by which such ratio

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is expressed herein and rounding the result up or down to the nearest number (with a
rounding-up if there is no nearest number).

     1.05 Times of Day. Unless otherwise specified, all references herein to times of day shall be
references to Central time (daylight or standard, as applicable).

     1.06 Letter of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of
Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at
such time; provided, however, that with respect to any Letter of Credit that, by
its terms or the terms of any Issuer Document related thereto, provides for one or more automatic
increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be
the maximum stated amount of such Letter of Credit after giving effect to all such increases,
whether or not such maximum stated amount is in effect at such time; and provided
further that in determining the amount of a Letter of Credit, effect shall be given to all
decreases thereof to the extent that, under the terms of such Letter of Credit, such decreases have
become permanently effective and are not susceptible to reinstatement.

ARTICLE II

THE COMMITMENTS AND CREDIT EXTENSIONS

     2.01 Loans. Subject to the terms and conditions set forth herein, each Lender severally
agrees to make loans (each such loan, a “Revolving Credit Loan”) to the Borrower from time
to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed
at any time outstanding the amount of such Lender’s Commitment; provided, however, that
after giving effect to any Revolving Credit Borrowing, (i) the Total Outstandings shall not exceed
the Revolving Credit Facility, and (ii) the aggregate Outstanding Amount of the Revolving Credit
Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C
Obligations, plus such Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line
Loans shall not exceed such Lender’s Revolving Credit Commitment. Within the limits of each
Lender’s Revolving Credit Commitment, and subject to the other terms and conditions hereof, the
Borrower may borrow under this Section 2.01, prepay under Sections 2.05 and
2.06, and reborrow under this Section 2.01. Revolving Credit Loans may be Base
Rate Loans or Eurodollar Rate Loans, as further provided herein.

     2.02 Borrowings, Conversions and Continuations of Loans.

     (a) Each Borrowing, each conversion of Loans from one Type to the other, and each continuation
of Eurodollar Rate Loans shall be made upon the Borrower’s irrevocable notice to the Administrative
Agent, which may be given by telephone. Each such notice must be received by the Administrative
Agent not later than 11:00 a.m. (i) three Business Days prior to the requested date of any
Borrowing of, conversion to or continuation of Eurodollar Rate Loans or of any conversion of
Eurodollar Rate Loans to Base Rate Loans, and (ii) on the requested date of any Borrowing of Base
Rate Loans. Each telephonic notice by the Borrower pursuant to this Section 2.02(a) must
be confirmed promptly by delivery to the Administrative Agent of a written Loan Notice,
appropriately completed and signed by a Responsible Officer of the Borrower. Each Borrowing of,
conversion to or continuation of Eurodollar Rate Loans shall be in a

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principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof. Except as
provided in Sections 2.03(c) and 2.04(c), each Borrowing of or conversion to Base
Rate Loans shall be in a principal amount of $2,500,000 or a whole multiple of $100,000 in excess
thereof. Each Loan Notice (whether telephonic or written) shall specify (i) whether the Borrower
is requesting a Borrowing, a conversion of Loans from one Type to the other, or a continuation of
Eurodollar Rate Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the
case may be (which shall be a Business Day), (iii) the principal amount of Loans to be borrowed,
converted or continued, (iv) the Type of Loans to be borrowed or to which existing Loans are to be
converted, and (v) if applicable, the duration of the Interest Period with respect thereto. If the
Borrower fails to specify a Type of Loan in a Loan Notice or if the Borrower fails to give a timely
notice requesting a conversion or continuation, then the applicable Loans shall be made as, or
converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective
as of the last day of the Interest Period then in effect with respect to the applicable Eurodollar
Rate Loans. If the Borrower requests a Borrowing of, conversion to, or continuation of Eurodollar
Rate Loans in any such Loan Notice, but fails to specify an Interest Period, it will be deemed to
have specified an Interest Period of one month.

     (b) Following receipt of a Loan Notice, the Administrative Agent shall promptly notify each
Lender of the amount of its Applicable Percentage of the applicable Loans, and if no timely notice
of a conversion or continuation is provided by the Borrower, the Administrative Agent shall notify
each Lender of the details of any automatic conversion to Base Rate Loans described in the
preceding subsection. Each Lender shall make the amount of its Loan available to the
Administrative Agent in immediately available funds at the Administrative Agent’s Office not later
than 2:00 p.m. on the Business Day specified in the applicable Loan Notice. Upon satisfaction of
the applicable conditions set forth in Section 4.02 (and, if such Borrowing is the initial
Credit Extension, Section 4.01), the Administrative Agent shall make all funds so received
available to the Borrower in like funds as received by the Administrative Agent either by (i)
crediting the account of the Borrower on the books of Bank of America with the amount of such funds
or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and
reasonably acceptable to) the Administrative Agent by the Borrower; provided, however, that if, on
the date the Loan Notice with respect to any Revolving Credit Borrowing is given by the Borrower,
there are L/C Borrowings outstanding, then the proceeds of such Borrowing, first, shall be applied
to the payment in full of any such L/C Borrowings, and second, shall be made available to the
Borrower as provided above.

     (c) Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted
only on the last day of an Interest Period for such Eurodollar Rate Loan. During the existence of
an Event of Default, no Loans may be requested as, converted to or continued as Eurodollar Rate
Loans without the consent of the Required Lenders.

     (d) The Administrative Agent shall promptly notify the Borrower and the Lenders of the
interest rate applicable to any Interest Period for Eurodollar Rate Loans upon determination of
such interest rate. At any time that Base Rate Loans are outstanding, the Administrative Agent
shall notify the Borrower and the Lenders of any change in Bank of America’s prime rate used in
determining the Base Rate promptly following the public announcement of such change.

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     (e) After giving effect to all Borrowings, all conversions of Loans from one Type to the
other, and all continuations of Loans as the same Type, there shall not be more than ten Interest
Periods in effect.

     2.03 Letters of Credit.

     (a) The Letter of Credit Commitment.

     (i) Subject to the terms and conditions set forth herein, (A) each L/C Issuer severally
agrees, in reliance upon the agreements of the Lenders set forth in this Section
2.03, (1) from time to time on any Business Day during the period from the Closing Date
until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of
the Borrower, and to amend or extend Letters of Credit previously issued by it, in
accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit
issued by it; and (B) the Lenders severally agree to participate in Letters of Credit issued
for the account of the Borrower and any drawings thereunder; provided that after
giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the
Total Outstandings shall not exceed the Revolving Credit Facility, (y) the aggregate
Outstanding Amount of the Revolving Credit Loans of any Lender, plus such Lender’s
Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such
Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not
exceed such Lender’s Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C
Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower
for the issuance or amendment of a Letter of Credit shall be deemed to be a representation
by the Borrower that the L/C Credit Extension so requested complies with the conditions set
forth in the proviso to the preceding sentence. Within the foregoing limits, and subject to
the terms and conditions hereof, the Borrower’s ability to obtain Letters of Credit shall be
fully revolving, and accordingly the Borrower may, during the foregoing period, obtain
Letters of Credit to replace Letters of Credit that have expired or that have been drawn
upon and reimbursed.

     (ii) No L/C Issuer shall issue any Letter of Credit, if:

     (A) subject to Section 2.03(b)(iii), the expiry date of such requested
Letter of Credit would occur more than twelve months after the date of issuance or
last extension, unless the Required Lenders have approved such expiry date; or

     (B) the expiry date of such requested Letter of Credit would occur after the
Letter of Credit Expiration Date, unless all the Lenders have approved such expiry
date.

     (iii) No L/C Issuer shall be under any obligation to issue any Letter of Credit if:

     (A) any order, judgment or decree of any Governmental Authority or arbitrator
shall by its terms purport to enjoin or restrain such L/C Issuer from issuing such
Letter of Credit, or any Law applicable to such L/C Issuer or any request or
directive (whether or not having the force of law) from any

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Governmental Authority with jurisdiction over such L/C Issuer shall prohibit,
or request that such L/C Issuer refrain from, the issuance of letters of credit
generally or such Letter of Credit in particular or shall impose upon such L/C
Issuer with respect to such Letter of Credit any restriction, reserve or capital
requirement (for which such L/C Issuer is not otherwise entitled to be compensated
hereunder) not in effect on the Closing Date, or shall impose upon such L/C Issuer
any unreimbursed loss, cost or expense which was not applicable on the Closing Date
and which such L/C Issuer in good faith deems material to it;

     (B) the issuance of such Letter of Credit would violate one or more policies of
such L/C Issuer applicable to letters of credit generally;

     (C) except as otherwise agreed by the Administrative Agent and such L/C Issuer,
such Letter of Credit is in an initial stated amount less than $100,000, in the case
of a commercial Letter of Credit, or $500,000, in the case of a standby Letter of
Credit;

     (D) such Letter of Credit is to be denominated in a currency other than
Dollars;

     (E) such Letter of Credit contains any provisions for automatic reinstatement
of the stated amount after any drawing thereunder; or

     (F) a default of any Lender’s obligations to fund under Section 2.03(c)
exists or any Lender is at such time a Defaulting Lender hereunder, unless such L/C
Issuer has entered into satisfactory arrangements with the Borrower or such Lender
to eliminate such L/C Issuer’s risk with respect to such Lender.

     (iv) No L/C Issuer shall amend any Letter of Credit if such L/C Issuer would not be
permitted at such time to issue such Letter of Credit in its amended form under the terms
hereof.

     (v) No L/C Issuer shall be under any obligation to amend any Letter of Credit if (A)
the L/C Issuer would have no obligation at such time to issue such Letter of Credit in its
amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit does
not accept the proposed amendment to such Letter of Credit.

     (vi) Each L/C Issuer shall act on behalf of the Lenders with respect to any Letters of
Credit issued by it and the documents associated therewith, and each L/C Issuer shall have
all of the benefits and immunities (A) provided to the Administrative Agent in Article
IX with respect to any acts taken or omissions suffered by such L/C Issuer in connection
with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents
pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used
in Article IX included such L/C Issuer with respect to such acts or omissions, and
(B) as additionally provided herein with respect to the L/C Issuers.

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     (b) Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of
Credit.

     (i) Each Letter of Credit shall be issued or amended, as the case may be, upon the
request of the Borrower delivered to the applicable L/C Issuer (with a copy to the
Administrative Agent) in the form of a Letter of Credit Application, appropriately completed
and signed by a Responsible Officer of the Borrower. Such Letter of Credit Application must
be received by the applicable L/C Issuer and the Administrative Agent not later than 11:00
a.m. at least two Business Days (or such later date and time as the Administrative Agent and
the applicable L/C Issuer may agree in a particular instance in their sole discretion) prior
to the proposed issuance date or date of amendment, as the case may be. In the case of a
request for an initial issuance of a Letter of Credit, such Letter of Credit Application
shall specify in form and detail satisfactory to the applicable L/C Issuer: (A) the proposed
issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the
amount thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary
thereof; (E) the documents, if any, to be presented by such beneficiary in case of any
drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary
in case of any drawing thereunder; and (G) such other matters as such L/C Issuer may
reasonably require. In the case of a request for an amendment of any outstanding Letter of
Credit, such Letter of Credit Application shall specify in form and detail satisfactory to
the applicable L/C Issuer (A) the Letter of Credit to be amended; (B) the proposed date of
amendment thereof (which shall be a Business Day); (C) the nature of the proposed amendment;
and (D) such other matters as such L/C Issuer may reasonably require. Additionally, the
Borrower shall furnish to the applicable L/C Issuer and the Administrative Agent such other
documents and information pertaining to such requested Letter of Credit issuance or
amendment, including any Issuer Documents, as such L/C Issuer or the Administrative Agent
may reasonably require.

     (ii) Promptly after receipt of any Letter of Credit Application, the applicable L/C
Issuer will confirm with the Administrative Agent (by telephone or in writing) that the
Administrative Agent has received a copy of such Letter of Credit Application from the
Borrower and, if not, such L/C Issuer will provide the Administrative Agent with a copy
thereof. Unless the applicable L/C Issuer has received written notice from any Lender, the
Administrative Agent or any Loan Party, at least one Business Day prior to the requested
date of issuance or amendment of the applicable Letter of Credit, that one or more
applicable conditions contained in Article IV shall not then be satisfied, then,
subject to the terms and conditions hereof, such L/C Issuer shall, on the requested date,
issue a Letter of Credit for the account of the Borrower or enter into the applicable
amendment, as the case may be, in each case in accordance with such L/C Issuer’s usual and
customary business practices. Immediately upon the issuance of each Letter of Credit, each
Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase
from the applicable L/C Issuer a risk participation in such Letter of Credit in an amount
equal to the product of such Lender’s Applicable Percentage times the amount of such
Letter of Credit.

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     (iii) If the Borrower so requests in any applicable Letter of Credit Application, the
applicable L/C Issuer may, in its sole and absolute discretion, agree to issue a Letter of
Credit that has automatic extension provisions (each, an “Auto-Extension Letter of
Credit”); provided that any such Auto-Extension Letter of Credit must permit
such L/C Issuer to prevent any such extension at least once in each twelve-month period
(commencing with the date of issuance of such Letter of Credit) by giving prior notice to
the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in
each such twelve-month period to be agreed upon at the time such Letter of Credit is issued.
Unless otherwise directed by the applicable L/C Issuer, the Borrower shall not be required
to make a specific request to such L/C Issuer for any such extension. Once an
Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have
authorized (but may not require) the applicable L/C Issuer to permit the extension of such
Letter of Credit at any time to an expiry date not later than the Letter of Credit
Expiration Date; provided, however, that such L/C Issuer shall not permit
any such extension if (A) such L/C Issuer has determined that it would not be permitted, or
would have no obligation, at such time to issue such Letter of Credit in its revised form
(as extended) under the terms hereof (by reason of the provisions of clause (ii) or (iii) of
Section 2.03(a) or otherwise), or (B) it has received notice (which may be by
telephone or in writing) on or before the day that is five Business Days before the
Non-Extension Notice Date (1) from the Administrative Agent that the Required Lenders have
elected not to permit such extension or (2) from the Administrative Agent, any Lender or the
Borrower that one or more of the applicable conditions specified in Section 4.02 is
not then satisfied, and in each such case directing such L/C Issuer not to permit such
extension.

     (iv) Promptly after its delivery of any Letter of Credit or any amendment to a Letter
of Credit to an advising bank with respect thereto or to the beneficiary thereof, the
applicable L/C Issuer will also deliver to the Borrower and the Administrative Agent a true
and complete copy of such Letter of Credit or amendment.

     (c) Drawings and Reimbursements; Funding of Participations.

     (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a
drawing under such Letter of Credit, the applicable L/C Issuer shall notify the Borrower and
the Administrative Agent thereof. Not later than 11:00 a.m. on the date of any payment by
the applicable L/C Issuer under a Letter of Credit (each such date, an “Honor
Date”), the Borrower shall reimburse such L/C Issuer through the Administrative Agent in
an amount equal to the amount of such drawing. If the Borrower fails to so reimburse such
L/C Issuer by such time, the Administrative Agent shall promptly notify each Lender of the
Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount”), and
the amount of such Lender’s Applicable Percentage thereof. In such event, the Borrower
shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans to be
disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to
the minimum and multiples specified in Section 2.02 for the principal amount of Base
Rate Loans, but subject to the amount of the unutilized portion of the Revolving Credit
Commitments and the conditions set forth in Section 4.02 (other than the delivery of
a Loan Notice and without giving effect to the

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Borrower’s failure to so reimburse such L/C Issuer as provided in this Section
2.03(c) as a Default for purposes of Section 4.02). Any notice given by an L/C
Issuer or the Administrative Agent pursuant to this Section 2.03(c)(i) may be given
by telephone if immediately confirmed in writing; provided that the lack of such an
immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

     (ii) Each Lender shall upon any notice pursuant to Section 2.03(c)(i) make
funds available to the Administrative Agent for the account of the applicable L/C Issuer at
the Administrative Agent’s Office in an amount equal to its Applicable Percentage of the
Unreimbursed Amount not later than 2:00 p.m. on the Business Day specified in such notice by
the Administrative Agent, whereupon, subject to the provisions of Section
2.03(c)(iii), each Lender that so makes funds available shall be deemed to have made a
Base Rate Loan to the Borrower in such amount. The Administrative Agent shall remit the
funds so received to the applicable L/C Issuer.

     (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a
Revolving Credit Borrowing of Base Rate Loans because the conditions set forth in
Section 4.02 (without giving effect to the Borrower’s failure to reimburse the
applicable L/C Issuer as provided in this Section 2.03(c) as a Default for purposes
of Section 4.02) cannot be satisfied or for any other reason, the Borrower shall be
deemed to have incurred from the applicable L/C Issuer an L/C Borrowing in the amount of the
Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable
on demand (together with interest) and shall bear interest at the Default Rate. In such
event, each Lender’s payment to the Administrative Agent for the account of such L/C Issuer
pursuant to Section 2.03(c)(ii) shall be deemed payment in respect of its
participation in such L/C Borrowing and shall constitute an L/C Advance from such Lender in
satisfaction of its participation obligation under this Section 2.03.

     (iv) Until each Lender funds its Revolving Credit Loan or L/C Advance pursuant to this
Section 2.03(c) to reimburse the L/C Issuer for any amount drawn under any Letter of
Credit, interest in respect of such Lender’s Applicable Percentage of such amount shall be
solely for the account of the applicable L/C Issuer.

     (v) Each Lender’s obligation to make Revolving Credit Loans or L/C Advances to
reimburse the respective L/C Issuers for amounts drawn under Letters of Credit, as
contemplated by this Section 2.03(c), shall be absolute and unconditional and shall
not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment,
defense or other right which such Lender may have against any L/C Issuer, the Borrower or
any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default,
or (C) any other occurrence, event or condition, whether or not similar to any of the
foregoing; provided, however, that each Lender’s obligation to make Loans
pursuant to this Section 2.03(c) is subject to the conditions set forth in
Section 4.02 (other than delivery by the Borrower of a Loan Notice and without
giving effect to the Borrower’s failure to reimburse the applicable L/C Issuer as provided
in this Section 2.03 as a Default for purposes of Section 4.02). No such
making of an L/C Advance shall relieve or otherwise impair the obligation of the Borrower to
reimburse the applicable

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L/C Issuer for the amount of any payment made by such L/C Issuer under any Letter of
Credit issued by it, together with interest as provided herein.

     (vi) If any Lender fails to make available to the Administrative Agent for the account
of the applicable L/C Issuer any amount required to be paid by such Lender pursuant to the
foregoing provisions of this Section 2.03(c) by the time specified in Section
2.03(c)(ii), such L/C Issuer shall be entitled to recover from such Lender (acting
through the Administrative Agent), on demand, such amount with interest thereon for the
period from the date such payment is required to the date on which such payment is
immediately available to such L/C Issuer at a rate per annum equal to the greater of the
Federal Funds Rate and a rate determined by such L/C Issuer in accordance with banking
industry rules on interbank compensation, plus any administrative, processing or similar
fees customarily charged by such L/C Issuer in connection with the foregoing. If such
Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall
constitute such Lender’s Loan included in the relevant Borrowing or L/C Advance in respect
of the relevant L/C Borrowing, as the case may be. A certificate of the applicable L/C
Issuer submitted to any Lender (through the Administrative Agent) with respect to any
amounts owing under this clause (vi) shall be conclusive absent manifest error.

     (d) Repayment of Participations.

     (i) At any time after the applicable L/C Issuer has made a payment under any Letter of
Credit and has received from any Lender such Lender’s L/C Advance in respect of such payment
in accordance with Section 2.03(c), if the Administrative Agent receives for the
account of such L/C Issuer any payment in respect of the related Unreimbursed Amount or
interest thereon (whether directly from the Borrower or otherwise, including proceeds of
Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will
distribute to such Lender its Applicable Percentage thereof in the same funds as those
received by the Administrative Agent.

     (ii) If any payment received by the Administrative Agent for the account of an L/C
Issuer pursuant to Section 2.03(c)(i) is required to be returned under any of the
circumstances described in Section 10.05 (including pursuant to any settlement
entered into by the applicable L/C Issuer in its discretion), each Lender shall pay to the
Administrative Agent for the account of the applicable L/C Issuer its Applicable Percentage
thereof on demand of the Administrative Agent, plus interest thereon from the date of such
demand to the date such amount is returned by such Lender, at a rate per annum equal to the
Federal Funds Rate from time to time in effect. The obligations of the Lenders under this
clause shall survive the payment in full of the Obligations and the termination of this
Agreement.

     (e) Obligations Absolute. The obligation of the Borrower to reimburse the respective
L/C Issuer for each drawing under each Letter of Credit issued by it and to repay each L/C
Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in
accordance with the terms of this Agreement under all circumstances, including the following:

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     (i) any lack of validity or enforceability of such Letter of Credit, this Agreement, or
any other Loan Document;

     (ii) the existence of any claim, counterclaim, setoff, defense or other right that the
Borrower or any Subsidiary may have at any time against any beneficiary or any transferee of
such Letter of Credit (or any Person for whom any such beneficiary or any such transferee
may be acting), such L/C Issuer or any other Person, whether in connection with this
Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement
or instrument relating thereto, or any unrelated transaction;

     (iii) any draft, demand, certificate or other document presented under such Letter of
Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any
statement therein being untrue or inaccurate in any respect; or any loss or delay in the
transmission or otherwise of any document required in order to make a drawing under such
Letter of Credit;

     (iv) any payment by such L/C Issuer under such Letter of Credit against presentation of
a draft or certificate that does not strictly comply with the terms of such Letter of
Credit; or any payment made by such L/C Issuer under such Letter of Credit to any Person
purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of
creditors, liquidator, receiver or other representative of or successor to any beneficiary
or any transferee of such Letter of Credit, including any arising in connection with any
proceeding under any Debtor Relief Law; or

     (v) any other circumstance or happening whatsoever, whether or not similar to any of
the foregoing, including any other circumstance that might otherwise constitute a defense
available to, or a discharge of, the Borrower or any Subsidiary.

     The Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto
that is delivered to it and, in the event of any claim of noncompliance with the Borrower’s
instructions or other irregularity, the Borrower will immediately notify the applicable L/C Issuer.
The Borrower shall be conclusively deemed to have waived any such claim against the applicable L/C
Issuer and its correspondents unless such notice is given as aforesaid.

     (f) Role of L/C Issuer. Each Lender and the Borrower agree that, in paying any
drawing under a Letter of Credit, the applicable L/C Issuer shall not have any responsibility to
obtain any document (other than any sight draft, certificates and documents expressly required by
the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such
document or the authority of the Person executing or delivering any such document. None of any L/C
Issuer, the Administrative Agent, any of their respective Related Parties nor any correspondent,
participant or assignee of an L/C Issuer shall be liable to any Lender for (i) any action taken or
omitted in connection herewith at the request or with the approval of the Lenders or the Required
Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or
willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any
document or instrument related to any Letter of Credit or Issuer Document. The Borrower hereby
assumes all risks of the acts or omissions of any beneficiary or transferee

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with respect to its use of any Letter of Credit; provided, however, that this
assumption is not intended to, and shall not, preclude the Borrower’s pursuing such rights and
remedies as it may have against the beneficiary or transferee at law or under any other agreement.
None of any L/C Issuer, the Administrative Agent, any of their respective Related Parties nor any
correspondent, participant or assignee of an L/C Issuer shall be liable or responsible for any of
the matters described in clauses (i) through (v) of Section 2.03(e); provided,
however, that anything in such clauses or otherwise in any Loan Document to the contrary
notwithstanding, the Borrower may have a claim against the applicable L/C Issuer, and such L/C
Issuer may be liable to the Borrower, to the extent, but only to the extent, of any direct, as
opposed to consequential or exemplary, damages suffered by the Borrower which the Borrower proves
were caused by such L/C Issuer’s willful misconduct or gross negligence or such L/C Issuer’s
willful failure to pay under any Letter of Credit issued by it after the presentation to it by the
beneficiary of a sight draft, certificate(s) or other documents strictly complying with the terms
and conditions of a Letter of Credit. In furtherance and not in limitation of the foregoing, an
L/C Issuer may accept documents that appear on their face to be in order, without responsibility
for further investigation, regardless of any notice or information to the contrary, and the
applicable L/C Issuer shall not be responsible for the validity or sufficiency of any instrument
transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or
benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or
ineffective for any reason.

     (g) Cash Collateral. Within two Business Days following the request of the
Administrative Agent, (i) if an L/C Issuer has honored any full or partial drawing request under
any Letter of Credit and such drawing has resulted in an L/C Borrowing, or (ii) if, as of the
Letter of Credit Expiration Date, any L/C Obligation for any reason remains outstanding, the
Borrower shall, in each case, immediately Cash Collateralize the then Outstanding Amount of all L/C
Obligations. Sections 2.06 and 8.02(c) set forth certain additional requirements
to deliver Cash Collateral hereunder. For purposes of this Section 2.03, Section
2.06 and Section 8.02(c), “Cash Collateralize” means to pledge and deposit with or
deliver to the Administrative Agent, for the benefit of the L/C Issuers and the Lenders, as
collateral for the L/C Obligations, cash or deposit account balances pursuant to documentation in
form and substance reasonably satisfactory to the Administrative Agent and the L/C Issuers (which
documents are hereby consented to by the Lenders). Derivatives of the term “Cash Collateralize”
have corresponding meanings. The Borrower hereby grants to the Administrative Agent, for the
benefit of the L/C Issuer and the Lenders, a security interest in all such cash, deposit accounts
and all balances therein and all proceeds of the foregoing. Cash Collateral shall be maintained in
blocked deposit accounts, which may be interest-bearing at the Borrower’s election, at Bank of
America.

     (h) Applicability of ISP and UCP. Unless otherwise expressly agreed by the applicable
L/C Issuer and the Borrower when a Letter of Credit is issued by such L/C Issuer, (i) the rules of
the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the Uniform Customs and
Practice for Documentary Credits, as most recently published by the International Chamber of
Commerce at the time of issuance shall apply to each commercial Letter of Credit.

     (i) Letter of Credit Fees. The Borrower shall pay to the Administrative Agent for the
account of each Lender in accordance with its Applicable Percentage a Letter of Credit fee (the

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“Letter of Credit Fee”) (i) for each commercial Letter of Credit equal to the
Applicable Margin times the daily amount available to be drawn under such Letter of Credit, and
(ii) for each standby Letter of Credit equal to the Applicable Margin times the daily amount
available to be drawn under such Letter of Credit. For purposes of computing the daily amount
available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be
determined in accordance with Section 1.06. Letter of Credit Fees shall be (i) due and
payable on the first Business Day after the end of each March, June, September and December,
commencing with the first such date to occur after the issuance of such Letter of Credit, on the
Letter of Credit Expiration Date and thereafter on demand and (ii) computed on a quarterly basis in
arrears. If there is any change in the Applicable Margin during any quarter, the daily amount
available to be drawn under each standby Letter of Credit shall be computed and multiplied by the
Applicable Margin separately for each period during such quarter that such Applicable Margin was in
effect. Notwithstanding anything to the contrary contained herein, upon the request of the
Required Lenders, while any Event of Default exists, all Letter of Credit Fees shall accrue at the
Default Rate.

     (j) Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer. The
Borrower shall pay directly to the applicable L/C Issuer for its own account a fronting fee (i)
with respect to each Letter of Credit issued by such Issuing Lender, at a rate of 12.5 basis points
per annum, computed (a) with respect to each commercial Letter of Credit on the amount of such
Letter of Credit, and payable upon the issuance thereof, and (b) with respect to each standby
Letter of Credit, on the daily amount available to be drawn under such Letter of Credit on a
quarterly basis in arrears, and due and payable on the first Business Day after the end of each
March, June, September and December, commencing with the first such date to occur after the
issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand
and (ii) with respect to any amendment of a commercial Letter of Credit increasing the amount of
such Letter of Credit, at a rate separately agreed between the Borrower and the applicable L/C
Issuer, computed on the amount of such increase, and payable upon the effectiveness of such
amendment. For purposes of computing the daily amount available to be drawn under any Letter of
Credit, the amount of such Letter of Credit shall be determined in accordance with Section
1.06. In addition, the Borrower shall pay directly to the applicable L/C Issuer for its own
account the customary issuance, presentation, amendment and other processing fees, and other
standard costs and charges, of such L/C Issuer relating to letters of credit as from time to time
in effect, effective schedules of which will be provided to the Borrower upon its request. Such
customary fees and standard costs and charges are due and payable within 30 days of demand therefor
and are nonrefundable.

     (k) Conflict with Issuer Documents. In the event of any conflict between the terms
hereof and the terms of any Issuer Document, the terms hereof shall control.

     (l) Letters of Credit Issued for Guarantors. Notwithstanding that a Letter of Credit
issued or outstanding hereunder is in support of any obligations of, or is for the account of, a
Guarantor, the Borrower shall be obligated to reimburse the applicable L/C Issuer hereunder for any
and all drawings under such Letter of Credit. The Borrower hereby acknowledges that the issuance
of Letters of Credit for the account of Guarantors inures to the benefit of the Borrower.

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     2.04 Swing Line Loans.

     (a) The Swing Line. Subject to the terms and conditions set forth herein, the Swing
Line Lender agrees, in reliance upon the agreements of the other Lenders set forth in this
Section 2.04, to make loans (each such loan, a “Swing Line Loan”) to the Borrower
from time to time on any Business Day during the Availability Period in an aggregate amount not to
exceed at any time outstanding the amount of the Swing Line Sublimit, notwithstanding the fact that
such Swing Line Loans, when aggregated with the Applicable Percentage of the Outstanding Amount of
Revolving Credit Loans and L/C Obligations of the Lender acting as Swing Line Lender, may exceed
the amount of such Lender’s Revolving Credit Commitment; provided, however, that after giving
effect to any Swing Line Loan, (i) the Total Outstandings shall not exceed the Revolving Credit
Facility at such time, and (ii) the aggregate Outstanding Amount of the Revolving Credit Loans of
any Lender at such time, plus such Lender’s Applicable Percentage of the Outstanding Amount
of all L/C Obligations at such time, plus such Lender’s Applicable Percentage of the
Outstanding Amount of all Swing Line Loans at such time shall not exceed such Lender’s Revolving
Credit Commitment, and provided, further, that the Borrower shall not use the proceeds of any Swing
Line Loan to refinance any outstanding Swing Line Loan. Within the foregoing limits, and subject
to the other terms and conditions hereof, the Borrower may borrow under this Section 2.04,
prepay under Section 2.05, and reborrow under this Section 2.04. Each Swing Line
Loan shall be a Base Rate Loan. Immediately upon the making of a Swing Line Loan, each Lender
shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swing
Line Lender a risk participation in such Swing Line Loan in an amount equal to the product of such
Lender’s Applicable Percentage times the amount of such Swing Line Loan.

     (b) Borrowing Procedures. Each Swing Line Borrowing shall be made upon the Borrower’s
irrevocable notice to the Swing Line Lender and the Administrative Agent, which may be given by
telephone. Each such notice must be received by the Swing Line Lender and the Administrative Agent
not later than 1:00 p.m. on the requested borrowing date, and shall specify (i) the amount to be
borrowed, which shall be a minimum of $100,000, and (ii) the requested borrowing date, which shall
be a Business Day. Each such telephonic notice must be confirmed promptly by delivery to the Swing
Line Lender and the Administrative Agent of a written Swing Line Loan Notice, appropriately
completed and signed by a Responsible Officer of the Borrower. Promptly after receipt by the Swing
Line Lender of any telephonic Swing Line Loan Notice, the Swing Line Lender will confirm with the
Administrative Agent (by telephone or in writing) that the Administrative Agent has also received
such Swing Line Loan Notice and, if not, the Swing Line Lender will notify the Administrative Agent
(by telephone or in writing) of the contents thereof. Unless the Swing Line Lender has received
notice (by telephone or in writing) from the Administrative Agent (including at the request of any
Lender) prior to 2:00 p.m. on the date of the proposed Swing Line Borrowing (A) directing the Swing
Line Lender not to make such Swing Line Loan as a result of the limitations set forth in the
proviso to the first sentence of Section 2.04(a), or (B) that one or more of the applicable
conditions specified in Article IV is not then satisfied, then, subject to the terms and
conditions hereof, the Swing Line Lender will, not later than 4:00 p.m. on the borrowing date
specified in such Swing Line Loan Notice, make the amount of its Swing Line Loan available to the
Borrower at its office by crediting the account of the Borrower on the books of the Swing Line
Lender in immediately available funds.

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     (c) Refinancing of Swing Line Loans.

     (i) The Swing Line Lender at any time in its sole and absolute discretion may request,
on behalf of the Borrower (which hereby irrevocably authorizes the Swing Line Lender to so
request on its behalf), that each Lender make a Base Rate Revolving Credit Loan in an amount
equal to such Lender’s Applicable Percentage of the amount of Swing Line Loans then
outstanding. Such request shall be made in writing (which written request shall be deemed
to be a Loan Notice for purposes hereof) and in accordance with the requirements of
Section 2.02, without regard to the minimum and multiples specified therein for the
principal amount of Base Rate Loans, but subject to the unutilized portion of the Revolving
Credit Facility and the conditions set forth in Section 4.02. The Swing Line Lender
shall furnish the Borrower with a copy of the applicable Loan Notice promptly after
delivering such notice to the Administrative Agent. Each Lender shall make an amount equal
to its Applicable Percentage of the amount specified in such Loan Notice available to the
Administrative Agent in immediately available funds for the account of the Swing Line Lender
at the Administrative Agent’s Office not later than 2:00 p.m. on the day specified in such
Loan Notice, whereupon, subject to Section 2.04(c)(ii), each Lender that so makes
funds available shall be deemed to have made a Base Rate Revolving Credit Loan to the
Borrower in such amount. The Administrative Agent shall remit the funds so received to the
Swing Line Lender.

     (ii) If for any reason any Swing Line Loan cannot be refinanced by such a Revolving
Credit Borrowing in accordance with Section 2.04(c)(i), the request for Base Rate
Revolving Credit Loans submitted by the Swing Line Lender as set forth herein shall be
deemed to be a request by the Swing Line Lender that each of the Lenders fund its risk
participation in the relevant Swing Line Loan and each Lender’s payment to the
Administrative Agent for the account of the Swing Line Lender pursuant to Section
2.04(c)(i) shall be deemed payment in respect of such participation.

     (iii) If any Lender fails to make available to the Administrative Agent for the account
of the Swing Line Lender any amount required to be paid by such Lender pursuant to the
foregoing provisions of this Section 2.04(c) by the time specified in Section
2.04(c)(i), the Swing Line Lender shall be entitled to recover from such Lender (acting
through the Administrative Agent), on demand, such amount with interest thereon for the
period from the date such payment is required to the date on which such payment is
immediately available to the Swing Line Lender at a rate per annum equal to the greater of
the Federal Funds Rate and a rate determined by the Swing Line Lender in accordance with
banking industry rules on interbank compensation, plus any administrative, processing or
similar fees customarily charged by the Swing Line Lender in connection with the foregoing.
If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid
shall constitute such Lender’s Loan included in the relevant Borrowing or funded
participation in the relevant Swing Line Loan, as the case may be. A certificate of the
Swing Line Lender submitted to any Lender (through the Administrative Agent) with respect to
any amounts owing under this clause (iii) shall be conclusive absent manifest error.

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     (iv) Each Lender’s obligation to make Revolving Credit Loans or to purchase and fund
risk participations in Swing Line Loans pursuant to this Section 2.04(c) shall be
absolute and unconditional and shall not be affected by any circumstance, including (A) any
setoff, counterclaim, recoupment, defense or other right which such Lender may have against
the Swing Line Lender, the Borrower or any other Person for any reason whatsoever, (B) the
occurrence or continuance of a Default, or (C) any other occurrence, event or condition,
whether or not similar to any of the foregoing; provided, however, that each
Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c)
is subject to the conditions set forth in Section 4.02. No such funding of risk
participations shall relieve or otherwise impair the obligation of the Borrower to repay
Swing Line Loans, together with interest as provided herein.

     (d) Repayment of Participations.

     (i) At any time after any Lender has purchased and funded a risk participation in a
Swing Line Loan, if the Swing Line Lender receives any payment on account of such Swing Line
Loan, the Swing Line Lender will distribute to such Lender its Applicable Percentage thereof
in the same funds as those received by the Swing Line Lender.

     (ii) If any payment received by the Swing Line Lender in respect of principal or
interest on any Swing Line Loan is required to be returned by the Swing Line Lender under
any of the circumstances described in Section 10.05 (including pursuant to any
settlement entered into by the Swing Line Lender in its discretion), each Lender shall pay
to the Swing Line Lender its Applicable Percentage thereof on demand of the Administrative
Agent, plus interest thereon from the date of such demand to the date such amount is
returned, at a rate per annum equal to the Federal Funds Rate. The Administrative Agent
will make such demand upon the request of the Swing Line Lender. The obligations of the
Lenders under this clause shall survive the payment in full of the Obligations and the
termination of this Agreement.

     (e) Interest for Account of Swing Line Lender. The Swing Line Lender shall be
responsible for invoicing the Borrower for interest owing on the Swing Line Loans. Until each
Lender funds its Base Rate Revolving Credit Loan or risk participation pursuant to this Section
2.04 to refinance such Lender’s Applicable Percentage of any Swing Line Loan, interest in
respect of such Applicable Percentage shall be solely for the account of the Swing Line Lender.

     (f) Payments Directly to Swing Line Lender. The Borrower shall make all payments of
principal and interest owing in respect of the Swing Line Loans directly to the Swing Line Lender.

     2.05 Optional Prepayments.

     (a) The Borrower may, upon notice to the Administrative Agent, at any time or from time to
time voluntarily prepay Loans in whole or in part without premium or penalty; provided that (i)
such notice must be received by the Administrative Agent not later than 12:00 p.m. (A) three
Business Days prior to any date of prepayment of Eurodollar Rate Loans and (B) on

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the date of prepayment of Base Rate Loans; (ii) any prepayment of Eurodollar Rate Loans shall
be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof; and
(iii) any prepayment of Base Rate Loans shall be in a principal amount of $2,500,000 or a whole
multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount
thereof then outstanding. Each such notice shall specify the date and amount of such prepayment
and the Type(s) of Loans to be prepaid and, if Eurodollar Rate Loans are to be prepaid, the
Interest Period(s) of such Loans. The Administrative Agent will promptly notify each applicable
Lender of its receipt of each such notice, and of the amount of such Lender’s Applicable Percentage
of such prepayment. If such notice is given by the Borrower, the Borrower shall make such
prepayment and the payment amount specified in such notice shall be due and payable on the date
specified therein. Any prepayment of a Eurodollar Rate Loan shall be accompanied by all accrued
interest on the amount prepaid, together with any additional amounts required pursuant to
Section 3.05. Each such prepayment shall be applied to the Facility in the manner
indicated by the Borrower and to the Loans of the Lenders in accordance with their respective
Applicable Percentages.

     (b) The Borrower may, upon notice to the Swing Line Lender (with a copy to the Administrative
Agent), at any time or from time to time, voluntarily prepay Swing Line Loans in whole or in part
without premium or penalty; provided that (i) such notice must be received by the Swing
Line Lender and the Administrative Agent not later than 1:00 p.m. on the date of the prepayment,
and (ii) any such prepayment shall be in a minimum principal amount of $100,000. Each such notice
shall specify the date and amount of such prepayment. If such notice is given by the Borrower, the
Borrower shall make such prepayment and the payment amount specified in such notice shall be due
and payable on the date specified therein.

     2.06 Mandatory Prepayments. If at any time the Total Outstandings exceed the Revolving Credit
Facility, the Borrower shall immediately prepay Revolving Credit Loans, Swing Line Loans or Cash
Collateralize the L/C Obligations, or any combination of the foregoing, in an aggregate amount
equal to such excess; provided, however, that the Borrower shall not be required to Cash
Collateralize the L/C Obligations pursuant to this Section 2.06 unless after the prepayment
in full of the Revolving Credit Loans and the Swing Line Loans the Total Outstandings exceed the
Revolving Credit Facility at such time. Any prepayment of a Loan pursuant to this Section
2.06 shall be accompanied by all accrued interest thereon, together with any additional amounts
required pursuant to Section 3.05. Upon the drawing of any Letter of Credit that has been
Cash Collateralized, the funds held as Cash Collateral shall be applied (without any further action
by or notice to or from the Borrower or any other Loan Party) to reimburse the applicable L/C
Issuer or the Lenders, as applicable.

     2.07 Termination or Reduction of Commitments. The Borrower may, upon notice to the
Administrative Agent, terminate the Revolving Credit Facility, the Letter of Credit Sublimit or the
Swing Line Sublimit, or any combination of them, as the case may be, or at any time or from time to
time permanently reduce the Revolving Credit Facility, the Letter of Credit Sublimit or the Swing
Line Sublimit, or any combination of them, as the case may be; provided that (i) any such
notice shall be received by the Administrative Agent not later than 11:00 a.m. three Business Days
prior to the date of termination or reduction, (ii) any such partial reduction shall be in an
aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof, (iii) the
Borrower shall not terminate or reduce the Revolving Credit Facility if, after

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giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings
would exceed the Revolving Credit Facility, and (iv) if, after giving effect to any reduction of
the Revolving Credit Facility, the Letter of Credit Sublimit or the Swing Line Sublimit exceeds the
amount of the Revolving Credit Facility, such Sublimit shall be automatically reduced by the amount
of such excess. The Administrative Agent will promptly notify the Lenders of any such notice of
termination or reduction of the Revolving Credit Facility. Any reduction of the Revolving Credit
Facility shall be applied to the Revolving Credit Commitment of each Lender according to its
Applicable Percentage. All fees accrued until the effective date of any termination of the
Revolving Credit Facility shall be paid on the effective date of such termination.

     2.08 Repayment of Loans.

     (a) The Borrower shall repay to the Lenders on the Revolving Credit Maturity Date the
aggregate principal amount of Revolving Credit Loans outstanding on such date.

     (b) The Borrower shall repay each Swing Line Loan on the earlier to occur of (i) the date five
Business Days after such Loan is made and (ii) the Revolving Credit Maturity Date.

     2.09 Interest.

     (a) Subject to the provisions of subsection (b) below, (i) each Eurodollar Rate Loan shall
bear interest on the principal amount thereof from time to time outstanding for each Interest
Period at a rate per annum equal to the Eurodollar Rate for such Interest Period plus the
Applicable Margin; (ii) each Base Rate Loan shall bear interest on the principal amount thereof
from time to time outstanding from the applicable borrowing date and until repaid at a rate per
annum equal to the Base Rate plus the Applicable Margin; and (iii) each Swing Line Loan shall bear
interest on the principal amount thereof from time to time outstanding from the applicable
borrowing date and until repaid at a rate per annum equal to the Base Rate plus the Applicable
Margin for Base Rate Loans.

     (b) (i) If any amount of principal of any Loan is not paid when due (without regard to any
applicable grace periods), whether at stated maturity, by acceleration or otherwise, such amount
from time to time outstanding shall thereafter bear interest at a fluctuating interest rate per
annum at all times thereafter until paid equal to the Default Rate to the fullest extent permitted
by applicable Laws.

     (ii) If any amount (other than principal of any Loan) payable by the Borrower under any
Loan Document is not paid when due (without regard to any applicable grace periods), whether
at stated maturity, by acceleration or otherwise, then upon the request of the Required
Lenders, such amount shall thereafter bear interest at a fluctuating interest rate per annum
at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

     (iii) Upon the request of the Required Lenders, while any Event of Default exists, the
Borrower shall pay interest on the principal amount of all outstanding Obligations hereunder
at a fluctuating interest rate per annum at all times equal to the Default Rate to the
fullest extent permitted by applicable Laws.

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     (iv) Accrued and unpaid interest on past due amounts (including interest on past due
interest) shall be due and payable upon demand.

     (c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date
applicable thereto and at such other times as may be specified herein. Interest hereunder shall be
due and payable in accordance with the terms hereof before and after judgment, and before and after
the commencement of any proceeding under any Debtor Relief Law.

     2.10 Fees. In addition to certain fees described in subsections (i) and (j) of Section
2.03:

     (a) Commitment Fee. The Borrower shall pay to the Administrative Agent for the
account of each Lender in accordance with its Applicable Percentage, a commitment fee equal to the
Applicable Margin times the actual daily amount by which the Revolving Credit Facility exceeds the
sum of (i) the Outstanding Amount of Revolving Credit Loans and (ii) the Outstanding Amount of L/C
Obligations. The commitment fee shall accrue at all times during the Availability Period,
including at any time during which one or more of the conditions in Article IV is not met,
and shall be due and payable quarterly in arrears on the last Business Day of each March, June,
September and December, commencing with the first such date to occur after the Closing Date, and on
the last day of the Availability Period. The commitment fee shall be calculated quarterly in
arrears, and if there is any change in the Applicable Margin during any quarter, the actual daily
amount shall be computed and multiplied by the Applicable Margin separately for each period during
such quarter that such Applicable Margin was in effect.

     (b) Other Fees.

     (i) The Borrower shall pay to the Arranger, any joint book runner, and the
Administrative Agent for their own respective accounts fees in the amounts and at the times
specified in the Fee Letter. Such fees shall be fully earned when paid and shall not be
refundable for any reason whatsoever.

     (ii) The Borrower shall pay to the Lenders such fees as shall have been separately
agreed upon in writing in the amounts and at the times so specified. Such fees shall be
fully earned when paid and shall not be refundable for any reason whatsoever.

     2.11 Computation of Interest and Fees. All computations of interest for Base Rate Loans when
the Base Rate is determined by Bank of America’s “prime rate” shall be made on the basis of a year
of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees
and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in
more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year).
Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a
Loan, or any portion thereof, for the day on which the Loan or such portion is paid,
provided that any Loan that is repaid on the same day on which it is made shall, subject to
Section 2.13(a), bear interest for one day. Each determination by the Administrative Agent
of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent
manifest error.

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     2.12 Evidence of Debt.

     (a) The Credit Extensions made by each Lender shall be evidenced by one or more accounts or
records maintained by such Lender and by the Administrative Agent in the ordinary course of
business. The accounts or records maintained by the Administrative Agent and each Lender shall be
conclusive absent manifest error of the amount of the Credit Extensions made by the Lenders to the
Borrower and the interest and payments thereon. Any failure to so record or any error in doing so
shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any
amount owing with respect to the Obligations. In the event of any conflict between the accounts
and records maintained by any Lender and the accounts and records of the Administrative Agent in
respect of such matters, the accounts and records of the Administrative Agent shall control in the
absence of manifest error. Upon the request of any Lender made through the Administrative Agent,
the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note,
which shall evidence such Lender’s Loans in addition to such accounts or records. Each Lender may
attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and
maturity of its Loans and payments with respect thereto.

     (b) In addition to the accounts and records referred to in subsection (a), each Lender and the
Administrative Agent shall maintain in accordance with its usual practice accounts or records
evidencing the purchases and sales by such Lender of participations in Letters of Credit and Swing
Line Loans. In the event of any conflict between the accounts and records maintained by the
Administrative Agent and the accounts and records of any Lender in respect of such matters, the
accounts and records of the Administrative Agent shall control in the absence of manifest error.

     2.13 Payments Generally; Administrative Agent’s Clawback.

     (a) General. All payments to be made by the Borrower shall be made without condition
or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly
provided herein, all payments by the Borrower hereunder shall be made to the Administrative Agent,
for the account of the respective Lenders to which such payment is owed, at the Administrative
Agent’s Office in Dollars and in immediately available funds not later than 3:00 p.m. on the date
specified herein. The Administrative Agent will promptly distribute to each Lender its Applicable
Percentage (or other applicable share as provided herein) of such payment in like funds as received
by wire transfer to such Lender’s Lending Office. All payments received by the Administrative
Agent after 3:00 p.m. shall be deemed received on the next succeeding Business Day and any
applicable interest or fee shall continue to accrue. If any payment to be made by the Borrower
shall come due on a day other than a Business Day, payment shall be made on the next following
Business Day, and such extension of time shall be reflected in computing interest or fees, as the
case may be.

     (b) (i) Funding by Lenders; Presumption by Administrative Agent. Unless the
Administrative Agent shall have received notice from a Lender prior to the proposed date of any
Borrowing of Eurodollar Rate Loans (or, in the case of any Borrowing of Base Rate Loans, prior to
1:00 p.m. on the date of such Borrowing) that such Lender will not make available to the
Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may

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assume that such Lender has made such share available on such date in accordance with
Section 2.02 (or, in the case of a Borrowing of Base Rate Loans, that such Lender has made
such share available in accordance with and at the time required by Section 2.02) and may,
in reliance upon such assumption, make available to the Borrower a corresponding amount. In such
event, if a Lender has not in fact made its share of the applicable Borrowing available to the
Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the
Administrative Agent forthwith on demand such corresponding amount in immediately available funds
with interest thereon, for each day from and including the date such amount is made available to
the Borrower to but excluding the date of payment to the Administrative Agent, at (A) in the case
of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined
by the Administrative Agent in accordance with banking industry rules on interbank compensation,
plus any administrative, processing or similar fees customarily charged by the Administrative Agent
in connection with the foregoing, and (B) in the case of a payment to be made by the Borrower, the
interest rate applicable to Base Rate Loans. If the Borrower and such Lender shall pay such
interest to the Administrative Agent for the same or an overlapping period, the Administrative
Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for
such period. If such Lender pays its share of the applicable Borrowing to the Administrative
Agent, then the amount so paid shall constitute such Lender’s Loan included in such Borrowing. Any
payment by the Borrower shall be without prejudice to any claim the Borrower may have against a
Lender that shall have failed to make such payment to the Administrative Agent.

     (ii) Payments by Borrower; Presumptions by Administrative Agent. Unless the
Administrative Agent shall have received notice from the Borrower prior to the date on which
any payment is due to the Administrative Agent for the account of the Lenders or an L/C
Issuer hereunder that the Borrower will not make such payment, the Administrative Agent may
assume that the Borrower has made such payment on such date in accordance herewith and may,
in reliance upon such assumption, distribute to the Lenders or the applicable L/C Issuer, as
the case may be, the amount due. In such event, if the Borrower has not in fact made such
payment, then each of the Lenders or the applicable L/C Issuer, as the case may be,
severally agrees to repay to the Administrative Agent forthwith on demand the amount so
distributed to such Lender or such L/C Issuer, in immediately available funds with interest
thereon, for each day from and including the date such amount is distributed to it to but
excluding the date of payment to the Administrative Agent, at the greater of the Federal
Funds Rate and a rate determined by the Administrative Agent in accordance with banking
industry rules on interbank compensation.

     A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount
owing under this subsection (b) shall be conclusive, absent manifest error.

     (c) Failure to Satisfy Conditions Precedent. If any Lender makes available to the
Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing
provisions of this Article II, and such funds are not made available to the Borrower by the
Administrative Agent because the conditions to the applicable Credit Extension set forth in
Article IV are not satisfied or waived in accordance with the terms hereof, the
Administrative

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Agent shall return such funds (in like funds as received from such Lender) to such Lender,
without interest.

     (d) Obligations of Lenders Several. The obligations of the Lenders hereunder to make
Loans, to fund participations in Letters of Credit and Swing Line Loans and to make payments
pursuant to Section 10.04(c) are several and not joint. The failure of any Lender to make
any Loan, to fund any such participation or to make any payment under Section 10.04(c) on
any date required hereunder shall not relieve any other Lender of its corresponding obligation to
do so on such date, and no Lender shall be responsible for the failure of any other Lender to so
make its Loan, to purchase its participation or to make its payment under Section 10.04(c).

     (e) Funding Source. Nothing herein shall be deemed to obligate any Lender to obtain
the funds for any Loan in any particular place or manner or to constitute a representation by any
Lender that it has obtained or will obtain the funds for any Loan in any particular place or
manner.

     2.14 Sharing of Payments by Lenders. If any Lender shall, by exercising any right of setoff
or counterclaim or otherwise, obtain payment in respect of (a) Obligations due and payable to such
Lender hereunder and under the other Loan Documents at such time in excess of its ratable share
(according to the proportion of (i) the amount of such Obligations due and payable to such Lender
at such time to (ii) the aggregate amount of the Obligations due and payable to all Lenders
hereunder and under the other Loan Documents at such time) of payments on account of the
Obligations due and payable to all Lenders hereunder and under the other Loan Documents at such
time obtained by all the Lenders at such time or (b) Obligations owing (but not due and payable) to
such Lender hereunder and under the other Loan Documents at such time in excess of its ratable
share (according to the proportion of (i) the amount of such Obligations owing (but not due and
payable) to such Lender at such time to (ii) the aggregate amount of the Obligations owing (but not
due and payable) to all Lenders hereunder and under the other Loan Documents at such time) of
payment on account of the Obligations owing (but not due and payable) to all Lenders hereunder and
under the other Loan Documents at such time obtained by all of the Lenders at such time then the
Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact,
and (b) purchase (for cash at face value) participations in the Loans and subparticipations in L/C
Obligations and Swing Line Loans of the other Lenders, or make such other adjustments as shall be
equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in
accordance with the aggregate amount of Obligations then due and payable to the Lenders or owing
(but not due and payable) to the Lenders, as the case may be, provided that:

     (i) if any such participations or subparticipations are purchased and all or any
portion of the payment giving rise thereto is recovered, such participations or
subparticipations shall be rescinded and the purchase price restored to the extent of such
recovery, without interest; and

     (ii) the provisions of this Section shall not be construed to apply to (x) any payment
made by the Borrower pursuant to and in accordance with the express terms of this Agreement
or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a
participation in any of its Loans or subparticipations in L/C

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Obligations or Swing Line Loans to any assignee or participant, other than to the
Borrower or any Subsidiary thereof (as to which the provisions of this Section shall apply).

     The Borrower consents to the foregoing and agrees, to the extent it may effectively do so
under applicable law, that any Lender acquiring a participation pursuant to the foregoing
arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to
such participation as fully as if such Lender were a direct creditor of the Borrower in the amount
of such participation.

     2.15 Increase of Commitments.

     (a) Increase. Upon the consummation of the IPO, the Aggregate Commitments shall
automatically increase by $100,000,000, subject to satisfaction of the conditions below. Such
increase shall become effective on the first Business Day following the date of the IPO (the
“Increase Effective Date”). The Administrative Agent shall promptly notify the Lenders of
the Increase Effective Date.

     (b) Conditions to Effectiveness of Increase. The effectiveness of such increase is
subject to the satisfaction of each of the following conditions precedent:

     (i) the Borrower shall have delivered to the Administrative Agent (A) the notice and
Certificate required by Section 6.03(f) and (B) a certificate of each of the Parent
and the Borrower, certifying that, before and after giving effect to such increase, (y) the
representations and warranties contained in Article V and the other Loan Documents
are true and correct in all material respects on and as of the Increase Effective Date,
except to the extent that such representations and warranties specifically refer to an
earlier date, in which case they are true and correct in all material respects as of such
earlier date, and except that for purposes of this Section 2.15, the representations
and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed
to refer to the most recent statements furnished pursuant to clauses (a) and (b),
respectively, of Section 6.01, with references therein to “combined” being deemed to
be references to “consolidated”, and (z) no Default exists; and

     (ii) Commitments for the entire amount of such increase, which have been received from
Eligible Assignees, shall be confirmed in writing by such Eligible Assignees upon review of
the applicable Loan Documents, and the Administrative Agent shall have received a joinder
agreement, in form and substance satisfactory to the Administrative Agent and its counsel,
from each Eligible Assignee becoming a Lender in connection with such increase, duly
executed by such Lender.

     (c) Ratability. Unless otherwise agreed by the Administrative Agent and all Lenders,
the Borrower shall prepay any Loans outstanding on the Increase Effective Date (and pay any
additional amounts required pursuant to Section 3.05) to the extent necessary to keep the
outstanding Loans ratable with any revised Applicable Percentages arising from any nonratable
increase in the Commitments under this Section or the addition of new Lenders under this Section.

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     (d) Conflicting Provisions. This Section shall supersede any provisions in
Section 2.13 or 10.01 to the contrary.

ARTICLE III

TAXES, YIELD PROTECTION AND ILLEGALITY

     3.01 Taxes.

     (a) Payments Free of Taxes. Any and all payments by or on account of any obligation
of the Borrower hereunder or under any other Loan Document shall be made free and clear of and
without reduction or withholding for any Indemnified Taxes or Other Taxes, provided that if the
Borrower shall be required by applicable law to deduct any Indemnified Taxes (including any Other
Taxes) from such payments, then (i) the sum payable shall be increased as necessary so that after
making all required deductions (including deductions applicable to additional sums payable under
this Section) the Administrative Agent, Lender or L/C Issuer, as the case may be, receives an
amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower
shall make such deductions and (iii) the Borrower shall timely pay the full amount deducted to the
relevant Governmental Authority in accordance with applicable law.

     (b) Payment of Other Taxes by the Borrower. Without limiting the provisions of
subsection (a) above, the Borrower shall timely pay any Other Taxes to the relevant Governmental
Authority in accordance with applicable law.

     (c) Indemnification by the Borrower. The Borrower shall indemnify the Administrative
Agent, each Lender and each L/C Issuer, within 10 days after demand therefor, for the full amount
of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or
asserted on or attributable to amounts payable under this Section) paid by the Administrative
Agent, such Lender or such L/C Issuer, as the case may be, and any penalties, interest and
reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified
Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered to the Borrower
by a Lender or an L/C Issuer (with a copy to the Administrative Agent), or by the Administrative
Agent on its own behalf or on behalf of a Lender or an L/C Issuer, shall be conclusive absent
manifest error.

     (d) Evidence of Payments. As soon as practicable after any payment of Indemnified
Taxes or Other Taxes by the Borrower to a Governmental Authority, the Borrower shall deliver to the
Administrative Agent the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment, a copy of the return reporting such payment or other evidence of
such payment reasonably satisfactory to the Administrative Agent.

     (e) Status of Lenders. Any Foreign Lender that is entitled to an exemption from or
reduction of withholding tax under the law of the jurisdiction in which the Borrower is resident
for tax purposes, or any treaty to which such jurisdiction is a party, with respect to payments
hereunder or under any other Loan Document shall deliver to the Borrower (with a copy to the

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Administrative Agent), at the time or times prescribed by applicable law or reasonably
requested by the Borrower or the Administrative Agent, such properly completed and executed
documentation prescribed by applicable law as will permit such payments to be made without
withholding or at a reduced rate of withholding. In addition, any Lender, if requested by the
Borrower or the Administrative Agent, shall deliver such other documentation prescribed by
applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable
the Borrower or the Administrative Agent to determine whether or not such Lender is subject to
backup withholding or information reporting requirements.

     Without limiting the generality of the foregoing, in the event that the Borrower is resident
for tax purposes in the United States, any Foreign Lender shall deliver to the Borrower and the
Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior
to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to
time thereafter upon the request of the Borrower or the Administrative Agent, but only if such
Foreign Lender is legally entitled to do so), whichever of the following is applicable:

     (i) duly completed copies of Internal Revenue Service Form W-8BEN claiming eligibility
for benefits of an income tax treaty to which the United States is a party,

     (ii) duly completed copies of Internal Revenue Service Form W-8ECI,

     (iii) in the case of a Foreign Lender claiming the benefits of the exemption for
portfolio interest under Section 881(c) of the Code, (x) a certificate to the effect that
such Foreign Lender is not (A) a “bank” within the meaning of Section 881(c)(3)(A) of the
Code, (B) a “10 percent shareholder” of the Borrower within the meaning of Section
881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in Section
881(c)(3)(C) of the Code and (y) duly completed copies of Internal Revenue Service Form
W-8BEN, or

     (iv) any other form prescribed by applicable law as a basis for claiming exemption from
or a reduction in United States Federal withholding tax duly completed together with such
supplementary documentation as may be prescribed by applicable law to permit the Borrower to
determine the withholding or deduction required to be made.

     (f) Treatment of Certain Refunds. If the Administrative Agent, any Lender or any L/C
Issuer determines, in its sole discretion, that it has received a refund of any Taxes or Other
Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has
paid additional amounts pursuant to this Section, it shall pay to the Borrower an amount equal to
such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the
Borrower under this Section with respect to the Taxes or Other Taxes giving rise to such refund),
net of all out-of-pocket expenses of the Administrative Agent, such Lender or such L/C Issuer, as
the case may be, and without interest (other than any interest paid by the relevant Governmental
Authority with respect to such refund), provided that the Borrower, upon the request of the
Administrative Agent, such Lender or such L/C Issuer, agrees to repay the amount paid over to the
Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental
Authority) to the Administrative Agent, such Lender or

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the L/C Issuer in the event the Administrative Agent, such Lender or such L/C Issuer is
required to repay such refund to such Governmental Authority. This subsection shall not be
construed to require the Administrative Agent, any Lender or any L/C Issuer to make available its
tax returns (or any other information relating to its taxes that it deems confidential) to the
Borrower or any other Person.

     3.02 Illegality. If any Lender determines that any Change in Law has made it unlawful, or
that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable
Lending Office to make, maintain or fund Eurodollar Rate Loans, or to determine or charge interest
rates based upon the Eurodollar Rate, or any Governmental Authority has imposed material
restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars
in the London interbank market, then, on notice thereof by such Lender to the Borrower through the
Administrative Agent, any obligation of such Lender to make or continue Eurodollar Rate Loans or to
convert Base Rate Loans to Eurodollar Rate Loans shall be suspended until such Lender notifies the
Administrative Agent and the Borrower that the circumstances giving rise to such determination no
longer exist. Upon receipt of such notice, the Borrower shall, upon demand from such Lender (with
a copy to the Administrative Agent), prepay or, if applicable, convert all Eurodollar Rate Loans of
such Lender to Base Rate Loans, either on the last day of the Interest Period therefor, if such
Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if
such Lender may not lawfully continue to maintain such Eurodollar Rate Loans. Upon any such
prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or
converted.

     3.03 Inability to Determine Rates. If the Required Lenders determine that for any reason in
connection with any request for a Eurodollar Rate Loan or a conversion to or continuation thereof
that (a) Dollar deposits are not being offered to banks in the London interbank eurodollar market
for the applicable amount and Interest Period of such Eurodollar Rate Loan, (b) adequate and
reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period
with respect to a proposed Eurodollar Rate Loan, or (c) the Eurodollar Rate for any requested
Interest Period with respect to a proposed Eurodollar Rate Loan does not adequately and fairly
reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly so
notify the Borrower and each Lender. Thereafter, the obligation of the Lenders to make or maintain
Eurodollar Rate Loans (i) in respect to the applicable amount and Interest Period referred to in
the preceding clause (a), or (ii) in the circumstances referred to in the preceding clauses (b) and
(c), shall be suspended until the Administrative Agent (upon the instruction of the Required
Lenders) revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending
request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans or, failing
that, will be deemed to have converted such request into a request for a Borrowing of Base Rate
Loans in the amount specified therein.

     3.04 Increased Costs; Reserves on Eurodollar Rate Loans.

     (a) Increased Costs Generally. If any Change in Law shall:

     (i) impose, modify or deem applicable any reserve, special deposit, compulsory loan,
insurance charge or similar requirement against assets of, deposits with

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or for the account of, or credit extended or participated in by, any Lender (except any
reserve requirement contemplated by Section 3.04(e)) or any L/C Issuer;

     (ii) subject any Lender or any L/C Issuer to any tax of any kind whatsoever with
respect to this Agreement, any Letter of Credit, any participation in a Letter of Credit or
any Eurodollar Rate Loan made by it, or change the basis of taxation of payments to such
Lender or such L/C Issuer in respect thereof (except for Indemnified Taxes or Other Taxes
covered by Section 3.01 and the imposition of, or any change in the rate of, any
Excluded Tax payable by such Lender or such L/C Issuer); or

     (iii) impose on any Lender or any L/C Issuer or the London interbank market any other
condition, cost or expense affecting this Agreement or Eurodollar Rate Loans made by such
Lender or any Letter of Credit or participation therein;

and the result of any of the foregoing shall be to increase the cost to such Lender of making or
maintaining any Eurodollar Rate Loan (or of maintaining its obligation to make any such Loan), or
to increase the cost to such Lender or such L/C Issuer of participating in, issuing or maintaining
any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of
Credit), or to reduce the amount of any sum received or receivable by such Lender or such L/C
Issuer hereunder (whether of principal, interest or any other amount) then, upon request of such
Lender or such L/C Issuer, the Borrower will pay to such Lender or such L/C Issuer, as the case may
be, such additional amount or amounts as will compensate such Lender or such L/C Issuer, as the
case may be, for such additional costs incurred or reduction suffered.

     (b) Capital Requirements. If any Lender or any L/C Issuer determines that any Change
in Law affecting such Lender or such L/C Issuer or any Lending Office of such Lender or such
Lender’s or such L/C Issuer’s holding company, if any, regarding capital requirements has or would
have the effect of reducing the rate of return on such Lender’s or such L/C Issuer’s capital or on
the capital of such Lender’s or such L/C Issuer’s holding company, if any, as a consequence of this
Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of
Credit held by, such Lender, or the Letters of Credit issued by such L/C Issuer, to a level below
that which such Lender or such L/C Issuer or such Lender’s or such L/C Issuer’s holding company
could have achieved but for such Change in Law (taking into consideration such Lender’s or such L/C
Issuer’s policies and the policies of such Lender’s or such L/C Issuer’s holding company with
respect to capital adequacy), then from time to time the Borrower will pay to such Lender or such
L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or
such L/C Issuer or such Lender’s or such L/C Issuer’s holding company for any such reduction
suffered.

     (c) Certificates for Reimbursement. A certificate of a Lender or an L/C Issuer
setting forth the amount or amounts necessary to compensate such Lender or such L/C Issuer or its
holding company, as the case may be, as specified in subsection (a) or (b) of this Section and
delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such
Lender or such L/C Issuer, as the case may be, the amount shown as due on any such certificate
within 10 days after receipt thereof. Upon request by the Borrower, a Lender or L/C Issuer shall
also provide a certificate that such Lender or L/C Issuer is generally requesting such

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compensation from other borrowers which such Lender or L/C Issuer deems similarly-situated to
the Borrower.

     (d) Delay in Requests. Failure or delay on the part of any Lender or any L/C Issuer
to demand compensation pursuant to the foregoing provisions of this Section shall not constitute a
waiver of such Lender’s or such L/C Issuer’s right to demand such compensation, provided that the
Borrower shall not be required to compensate a Lender or an L/C Issuer pursuant to the foregoing
provisions of this Section for any increased costs incurred or reductions suffered more than nine
months prior to the date that such Lender or such L/C Issuer, as the case may be, notifies the
Borrower of the Change in Law giving rise to such increased costs or reductions and of such
Lender’s or such L/C Issuer’s intention to claim compensation therefor (except that, if the Change
in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period
referred to above shall be extended to include the period of retroactive effect thereof).

     (e) Reserves on Eurodollar Rate Loans. The Borrower shall pay to each Lender, as long
as such Lender shall be required to maintain reserves with respect to liabilities or assets
consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency
liabilities”), additional interest on the unpaid principal amount of each Eurodollar Rate Loan
equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by
such Lender in good faith, which determination shall be conclusive), which shall be due and payable
on each date on which interest is payable on such Loan, provided the Borrower shall have received
at least 10 days’ prior notice (with a copy to the Administrative Agent) of such additional
interest from such Lender. If a Lender fails to give notice 10 days prior to the relevant Interest
Payment Date, such additional interest shall be due and payable 10 days from receipt of such
notice.

     3.05 Compensation for Losses. Upon demand of any Lender (with a copy to the Administrative
Agent) from time to time, the Borrower shall promptly compensate such Lender for and hold such
Lender harmless from any loss, cost or expense incurred by it as a result of:

     (a) any continuation, conversion, payment or prepayment of any Loan other than a Base Rate
Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary,
mandatory, automatic, by reason of acceleration, or otherwise);

     (b) any failure by the Borrower (for a reason other than the failure of such Lender to make a
Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the date or in
the amount notified by the Borrower; or

     (c) any assignment of a Eurodollar Rate Loan on a day other than the last day of the Interest
Period therefor as a result of a request by the Borrower pursuant to Section 10.13;

including any loss of anticipated profits and any loss or expense arising from the liquidation or
reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the
deposits from which such funds were obtained. The Borrower shall also pay any customary
administrative fees charged by such Lender in connection with the foregoing.

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For purposes of calculating amounts payable by the Borrower to the Lenders under this Section
3.05, each Lender shall be deemed to have funded each Eurodollar Rate Loan made by it at the
Eurodollar Rate for such Loan by a matching deposit or other borrowing in the London interbank
eurodollar market for a comparable amount and for a comparable period, whether or not such
Eurodollar Rate Loan was in fact so funded.

     3.06 Mitigation Obligations; Replacement of Lenders.

     (a) Designation of a Different Lending Office. If any Lender requests compensation
under Section 3.04, or the Borrower is required to pay any additional amount to any Lender
or any Governmental Authority for the account of any Lender pursuant to Section 3.01, or if
any Lender gives a notice pursuant to Section 3.02, then such Lender shall use reasonable
efforts to designate a different Lending Office for funding or booking its Loans hereunder or to
assign its rights and obligations hereunder to another of its offices, branches or affiliates, if,
in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce
amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the
future, or eliminate the need for the notice pursuant to Section 3.02, as applicable, and
(ii) in each case, would not subject such Lender to any unreimbursed cost or expense and would not
otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable
costs and expenses incurred by any Lender in connection with any such designation or assignment.

     (b) Replacement of Lenders. If any Lender requests compensation under Section
3.04, or gives a notice pursuant to Section 3.02 (which notice is not given by other
similarly situated Lenders) and does not subsequently designate a different Lending Office or
assign its rights and obligations hereunder to another of its offices, branches or affiliates as
provided above, or if the Borrower is required to pay any additional amount to any Lender or any
Governmental Authority for the account of any Lender pursuant to Section 3.01, the Borrower
may replace such Lender in accordance with Section 10.13.

     3.07 Survival. All of the Borrower’s obligations under this Article III shall survive
termination of the Aggregate Commitments and repayment of all other Obligations hereunder.

ARTICLE IV

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

     4.01 Conditions of Initial Credit Extension. The obligation of each L/C Issuer and each
Lender to make its initial Credit Extension hereunder is subject to satisfaction of the following
conditions precedent:

     (a) The Administrative Agent’s receipt of the following, each of which shall be originals or
either copies transmitted by electronic transmission or telecopies (followed, in each case,
promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer
of the signing Loan Party, each dated the Closing Date (or, in the case of certificates of
governmental officials, a recent date before the Closing Date) and each in form and substance
satisfactory to the Administrative Agent and each of the Lenders:

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     (i) executed counterparts of this Agreement and of the Guaranty made by Helix;

     (ii) a Note executed by the Borrower in favor of each Lender requesting a Note;

     (iii) an incumbency certificate executed by the Responsible Officer(s) of each Loan
Party evidencing the identity, authority and capacity of each Responsible Officer authorized
to act as a Responsible Officer in connection with each Loan Document to which such Loan
Party is a party;

     (iv) copies, certified by the Secretary or Assistant Secretary (or other appropriate
Responsible Officer) of the applicable Loan Party, of all resolutions and other appropriate
authorizing actions taken or to be taken by or on behalf of each Loan Party authorizing and
approving the execution, delivery and performance of all Loan Documents to which such Loan
Party is a party, which resolutions or authorizing actions have not been revoked, modified,
amended or rescinded and are in full force and effect as of the Closing Date;

     (v) such Organizational Documents, certified by the Secretary or Assistant Secretary
(or other appropriate Responsible Officer) of the applicable Loan Party, and/or certificates
of good standing or similar certificates or instruments as the Administrative Agent may
reasonably require to evidence that each Loan Party is duly organized or formed, and that
the Borrower and each Guarantor is validly existing, in good standing and (if applicable)
qualified to engage in business in each jurisdiction where its ownership, lease or operation
of properties or the conduct of its business requires such qualification, except to the
extent that failure to do so could not reasonably be expected to have a Material Adverse
Effect;

     (vi) a favorable legal opinion of (A) Fulbright & Jaworski L.L.P., counsel to the Loan
Parties, (B) General Counsel of the Parent and (C) General Counsel of Helix, each addressed
to the Administrative Agent and each Lender, as to such matters concerning the Loan Parties
(or any of them) and the Loan Documents as the Administrative Agent may reasonably request;

     (vii) a certificate of a Responsible Officer of each Loan Party either (A) attaching
copies of all material consents, licenses and approvals required to be obtained by any Loan
Party in connection with the execution, delivery and performance by such Loan Party and the
validity against such Loan Party of the Loan Documents to which it is a party, and such
consents, licenses and approvals shall be in full force and effect, or (B) stating that no
such consents, licenses or approvals are so required;

     (viii) a certificate signed by a Responsible Officer of each of the Parent and the
Borrower certifying that the conditions specified in Sections 4.02(a) and
(b) have been satisfied; and

     (ix) evidence that all insurance required to be maintained pursuant to the Loan
Documents has been obtained and is in effect.

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     (b) The Lenders shall have received, in form and substance satisfactory to each of them, such
financial, business and other information regarding each of the Borrower, Helix, the Parent, and
their respective Subsidiaries and businesses as they shall have requested, including, if so
requested, information as to possible contingent liabilities, tax matters, collective bargaining
agreements, and other arrangements with employees, the Initial Financial Statements (which shall
not be deemed released until the consummation of the Restructuring) or other historical financial
statements, as applicable, of the Borrower, Helix, the Parent, and their respective Subsidiaries
for the fiscal years ended 2003, 2004, and 2005 as requested by the Administrative Agent;

     (c) [Intentionally left blank];

     (d) The Lenders shall be reasonably satisfied (i) with the pro forma capital and ownership
structure and the shareholder arrangements of the Borrower and each of the Guarantors, including,
without duplication of any other requirement of this Section 4.01, the charter and bylaws
of the Borrower and each such Guarantor and each agreement or instrument relating thereto, and (ii)
the final material terms and conditions of the Transaction, including without limitation (A) all
tax aspects thereof and (B) anticipated sources and uses of funds associated with the consummation
of the Transaction;

     (e) There shall not have occurred a material adverse change in the business, assets,
properties, liabilities (actual and contingent), operations, condition (financial or otherwise) or
prospects of any of (i) the Borrower, individually, (ii) the Parent and its Subsidiaries, taken as
a whole, or (iii) Helix and its Subsidiaries, taken as a whole, since December 31, 2005;

     (f) The Lenders shall have received certification as to the financial condition and Solvency
of each of (i) the Borrower, individually, and (ii) Helix and its Subsidiaries from the chief
financial officer of the appropriate entities, in each case, both before and after giving effect to
the consummation of the Restructuring (to the extent not completed as of the Closing Date) and the
incurrence of indebtedness related thereto;

     (g) [Intentionally left blank];

     (h) Except with respect to the effectiveness of the registration statement applicable to the
IPO, receipt of all consents and approvals of Governmental Authorities, shareholders and third
parties (including Hart-Scott-Rodino clearance) and approvals necessary in connection with the
Transaction and the related financings and other transactions contemplated hereby;

     (i) The Administrative Agent shall be satisfied that all Loans made by the Lenders to the
Borrower shall be in full compliance with the Federal Reserve’s margin regulations;

     (j) The Administrative Agent shall be reasonably satisfied that the amount of committed
financing available to the Parent and its Subsidiaries shall be sufficient to meet the reasonably
expected ongoing financial needs of the Parent and its Subsidiaries after giving effect to the
Restructuring, and there shall be no less than $25,000,000 of availability under the Revolving
Credit Facility and/or unrestricted cash on-hand of the Borrower and its Subsidiaries as of the
Closing Date (and for purposes of this clause (j), cash on-hand will not be deemed “restricted”
solely by reason of any Lien thereon or on any deposit account in which it is

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maintained, or other restriction with respect thereto, which, in either case, is in favor of
the Administrative Agent or any Lender), after giving effect to all Borrowings made and Letters of
Credit issued (or deemed issued) under the Revolving Credit Facility on the Closing Date. The
Administrative Agent shall be satisfied with the amount, terms, conditions and holders of all
intercompany indebtedness and all Indebtedness and other material liabilities owing to third
parties to be outstanding on and after the Closing Date;

     (k) The Lenders shall be reasonably satisfied with all applicable environmental information;

     (l) The Lenders shall be reasonably satisfied that (i) the Parent and its Subsidiaries will be
able to meet its obligations under all employee and retiree welfare plans as they are reasonably
expected to accrue and mature, (ii) the employee benefit plans of the Parent and its ERISA
Affiliates are, in all material respects, funded in accordance with the minimum statutory
requirements, (iii) no “reportable event” (as defined in Section 4043(c) of ERISA, but excluding
events for which reporting has been waived) has occurred as to any such employee benefit plan and
(iv) no termination of, or withdrawal from, any such employee benefit plan has occurred or is
contemplated that could reasonably be expected to result in a liability that is material to the
Parent and its Subsidiaries taken as a whole (giving effect to the Restructuring);

     (m) [Intentionally left blank];

     (n) The Lenders shall have received pro forma forecasts prepared by management of the Parent,
in form and substance satisfactory to the Lenders and based upon such assumptions, information,
qualifications and other matters as the Parent’s management may have reasonably relied in good
faith, of consolidated balance sheets, income statements and cash flow statements of the Parent, on
a quarterly basis for the Parent’s 2006 fiscal year, and on an annual basis for the Parent’s fiscal
years 2007 through and including 2009;

     (o) [Intentionally left blank];

     (p) [Intentionally left blank];

     (q) [Intentionally left blank];

     (r) The Administrative Agent shall have received, in form and substance reasonably
satisfactory to the Administrative Agent and each of the Lenders, such other assurances,
certificates, documents, consents or opinions as the Administrative Agent, any L/C Issuer, the
Swing Line Lender or the Required Lenders reasonably may require and timely request;

     (s) Any fees required to be paid on or before the Closing Date shall have been paid unless the
receipt thereof on or before the Closing Date is or has been waived by the recipient thereof;

     (t) The Borrower shall have paid all reasonable fees, charges and disbursements of counsel to
the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the
extent invoiced in a reasonably detailed statement and received by the Borrower prior to or at a
reasonable time on the Closing Date, plus such additional amounts of such fees,

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charges and disbursements as shall constitute its reasonable estimate of such reasonable fees,
charges and disbursements incurred or to be incurred by it through the closing proceedings
(provided that such estimate shall not thereafter preclude a final settling of accounts
between the Borrower and the Administrative Agent); and

     (u) The Closing Date shall have occurred on or before November 20, 2006.

     Without limiting the generality of the provisions of Section 9.04, for purposes of
determining compliance with the conditions specified in this Section 4.01, each Lender that
has signed this Agreement shall be deemed to have consented to, approved or accepted or to be
satisfied with, each document or other matter required thereunder to be consented to or approved by
or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received
notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

     4.02 Conditions to all Credit Extensions. The obligation of each Lender to honor any Request
for Credit Extension (other than, for the avoidance of doubt, a Loan Notice requesting only a
conversion of Loans to the other Type, or a continuation of Eurodollar Rate Loans) is subject to
the following conditions precedent:

     (a) The representations and warranties of the Parent, the Borrower, and each other Loan Party
contained in Article V or any other Loan Document, or which are contained in any document
furnished at any time under or in connection herewith or therewith, shall be true and correct in
all material respects on and as of the date of such Credit Extension, except to the extent that
such representations and warranties specifically refer to an earlier date, in which case they shall
be true and correct in all material respects as of such earlier date, and except that for purposes
of this Section 4.02, the representations and warranties contained in subsections (a) and
(b) of Section 5.05 shall be deemed to refer to the most recent statements furnished
pursuant to clauses (a) and (b), respectively, of Section 6.01, with references therein to
“combined” being deemed to be references to “consolidated”.

     (b) No Default shall exist, or would result from such proposed Credit Extension or from the
application of the proceeds thereof.

     (c) The Administrative Agent and, if applicable, the applicable L/C Issuer or the Swing Line
Lender shall have received a Request for Credit Extension in accordance with the requirements
hereof.

     Each Request for Credit Extension (other than, for the avoidance of doubt, a Loan Notice
requesting only a conversion of Loans to the other Type or a continuation of Eurodollar Rate Loans)
submitted by the Borrower shall be deemed to be a representation and warranty that the conditions
specified in Sections 4.02(a) and (b) have been satisfied on and as of the date of
the applicable Credit Extension.

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ARTICLE V

REPRESENTATIONS AND WARRANTIES

     Each of the Parent and the Borrower represents and warrants to the Administrative Agent and
the Lenders that:

     5.01 Existence, Qualification and Power. Each Loan Party and each Subsidiary thereof (a) is
duly organized or formed, validly existing and, if applicable, in good standing under the Laws of
the jurisdiction of its incorporation or organization, (b) has all requisite corporate or
equivalent power and authority and all requisite governmental licenses, authorizations, consents
and approvals to (i) own or lease its assets and carry on its business as now conducted and (ii)
execute, deliver and perform its obligations under the Loan Documents to which it is a party, and
(c) is duly qualified and is licensed and, if applicable, in good standing under the Laws of each
jurisdiction where its ownership, lease or operation of its properties or the conduct of its
business requires such qualification or license; except in each case referred to in clause (b)(i),
or (c), to the extent that failure to do so could not reasonably be expected to have a Material
Adverse Effect.

     5.02 Authorization; No Contravention. The execution, delivery and performance by each Loan
Party of each Loan Document to which such Person is party, have been duly authorized by all
necessary corporate or equivalent action, and do not and will not (a) violate the terms of any of
such Person’s Organizational Documents; (b) conflict with or result in any breach of or default
(however denominated) under, or the creation of any Lien under, or require any payment to be made
under any security issued by, or any loan agreement, indenture or other material agreement to which
such Person is a party or which is binding on its properties; (c) violate any order, injunction,
writ or decree of any Governmental Authority or any arbitral award to which such Person or its
property is subject; or (d) violate any Law applicable to it.

     5.03 Governmental Authorization; Other Consents. No approval, consent, exemption,
authorization, or other action by, or notice to, or filing with, any Governmental Authority or any
other Person is necessary or required to be made by any Loan Party in connection with (a) the
execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or
any other Loan Document, or, except with respect to the effectiveness of the registration statement
applicable to the IPO, for the consummation of the Transaction, (b) the grant by any Loan Party of
the Liens granted by it pursuant to the Security Documents to which it is a party or (c) following
delivery of the Security Documents pursuant to Section 6.13, the perfection or maintenance
of the Liens created under the Security Documents to which it is a party except for (i) such
authorizations, approvals, actions, notices and filings which have been duly obtained, taken, given
or made and are in full force and effect, and (ii) filings or other requisite actions necessary to
perfect or establish the priority of Liens created under the Security Documents, to the extent not
required by such Security Documents.

     5.04 Binding Effect. This Agreement has been, and each other Loan Document, when delivered
hereunder, will have been, duly executed and delivered by each Loan Party that is party thereto.
This Agreement constitutes, and each other Loan Document when so delivered will constitute, a
legal, valid and binding obligation of each Loan Party that is a party hereto or

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thereto, as the case may be, enforceable against such Loan Party in accordance with its terms,
except as such enforcement may be limited by Debtor Relief Laws and similar Laws affecting
creditors’ rights generally or providing relief for debtors and subject to general principles of
equity.

     5.05 Financial Statements; No Material Adverse Effect; No Internal Control Event.

     (a) The Initial Financial Statements (i) were prepared in accordance with GAAP consistently
applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii)
fairly presents the combined financial condition of the Parent and its Subsidiaries as of the date
thereof and their combined results of operations for the period covered thereby in accordance with
GAAP consistently applied throughout the period covered thereby, except as otherwise expressly
noted therein; and (iii) show all material indebtedness and other liabilities, direct or
contingent, of the Parent and its Subsidiaries as of the date thereof, including any such
liabilities for taxes, material commitments and Indebtedness; provided that the making of the
representation and warranty in this Section 5.05(a) is postponed until, and is made on and
after, the consummation of the Restructuring.

     (b) The unaudited combined balance sheet of the Parent and its Subsidiaries dated September
30, 2006, and the related combined statements of income or operations, shareholders’ equity and
cash flows for the fiscal quarter ended on that date (i) were prepared in accordance with GAAP
consistently applied throughout the period covered thereby, except as otherwise expressly noted
therein, and (ii) fairly present the combined financial condition of the Parent and its
Subsidiaries as of the date thereof and their combined results of operations for the period covered
thereby, subject, in the case of clauses (i) and (ii), to the absence of footnotes and to normal
year-end audit adjustments; provided that the making of the representation and warranty in this
Section 5.05(b) is postponed until, and is made on and after, the consummation of the
Restructuring.

     (c) [Intentionally left blank.]

     (d) Since the date of the most recent financial statements furnished pursuant to Section
6.01(a) (or, until the date of the initial delivery of financial statements pursuant to such
Section, since the date of the Initial Financial Statements), there has been no event or
circumstance, either individually or in the aggregate, that has had or could reasonably be expected
to have a Material Adverse Effect.

     (e) To the best knowledge of the Parent, no Internal Control Event exists or has occurred
since the date of the Initial Financial Statements that has resulted in or could reasonably be
expected to result in a misstatement in any material respect, in any material financial information
delivered or to be delivered to the Administrative Agent or the Lenders, of (i) covenant compliance
calculations provided hereunder or (ii) the assets, liabilities, financial condition or results of
operations of the Parent and its Subsidiaries on a consolidated basis.

     (f) The consolidated forecasted balance sheet and statements of income and cash flows of the
Parent and the Borrower and their respective Subsidiaries delivered pursuant to

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Section 4.01 or Section 6.01(c) were prepared in good faith on the basis of
the assumptions stated therein, which assumptions were reasonable in light of the conditions
existing when made and, and represented, at the time of delivery, the Parent’s or the Borrower’s,
as applicable, good faith best estimate of its future financial condition and performance.

     5.06 Litigation. There are no actions, suits, proceedings, claims or disputes pending or, to
the knowledge of the Parent or the Borrower threatened, at law, in equity, in arbitration or before
any Governmental Authority, by or against the Parent, the Borrower or any of their Subsidiaries or
against any of their properties or revenues that (a) purport to affect or pertain to this Agreement
or any other Loan Document, or any of the transactions contemplated hereby, or (b) either
individually or in the aggregate, if determined adversely to such Loan Party, could reasonably be
expected to have a Material Adverse Effect.

     5.07 No Default. Neither any Loan Party nor any Subsidiary thereof is in default under, or in
breach of, any Contractual Obligation to which it is a party or by which it is bound that could,
either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
No Default has occurred and is continuing or would result from the consummation of the transactions
contemplated by this Agreement or any other Loan Document.

     5.08 Ownership of Property; Liens. Each of the Parent and the Borrower and their Subsidiaries
has good and defensible title to, or valid leasehold interests in, all real property necessary or
used in the ordinary conduct of its business, except for such defects in title as could not,
individually or in the aggregate, reasonably be expected to materially detract from the value
thereof to, or the use thereof in, the business of the Parent, the Borrower and their Subsidiaries.
The property of the Parent, the Borrower and their Subsidiaries is subject to no Liens, other than
Liens permitted by Section 7.01.

     5.09 Environmental Compliance.

     (a) The Parent, the Borrower and their Subsidiaries are in compliance with all applicable
Environmental Laws, and have no liability under any Environmental Laws, except for such
non-compliance or liability which would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect.

     (b) The Parent, the Borrower and their Subsidiaries hold all Environmental Permits (each of
which is in full force and effect) necessary for the operation of its business and for the use of
any property owned, leased, or otherwise operated by them, except for such Environmental Permits
the failure to hold which would not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect.

     (c) There (i) are no pending or, to the knowledge of the Parent or the Borrower, threatened,
claims against the Parent, the Borrower or any of their Subsidiaries under any Environmental Laws,
and, (ii) neither the Parent nor the Borrower, nor any of their Subsidiaries has received any
written notice of alleged non-compliance with applicable Environmental Laws or Environmental
Permits which, in each case, would, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect.

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     5.10 Insurance. The properties of the Parent, the Borrower and their Subsidiaries are insured
with financially sound and reputable insurance companies not Affiliates of the Parent, in such
amounts, with such deductibles and covering such risks as are customarily carried by companies
engaged in similar businesses and owning similar properties in localities where the Parent, the
Borrower or the applicable Subsidiary operates, except to the extent that reasonable self insurance
meeting the same standards is maintained with respect to such risks.

     5.11 Taxes. The Parent, the Borrower and their Subsidiaries have filed all Federal, state and
other material tax returns and reports required to be filed, and have paid all Federal, state and
other material taxes, assessments, fees and other governmental charges levied or imposed upon them
or their properties, income or assets otherwise due and payable, except those which are being
contested in good faith by appropriate proceedings diligently conducted and for which adequate
reserves have been provided in accordance with GAAP. There is no proposed tax assessment against
the Parent, the Borrower or any of their Subsidiaries that would, if made, have a Material Adverse
Effect. Except as set forth on Schedule 5.11, neither any Loan Party nor any Subsidiary
thereof is party to any tax sharing agreement with any Person that is not a Loan Party or
Subsidiary thereof.

     5.12 ERISA Compliance.

     (a) Except where the failure to comply therewith, either individually or in the aggregate,
could not reasonably be expected to have a Material Adverse Effect, each Plan is in compliance with
applicable Laws. Except as could not reasonably be expected to have a Material Adverse Effect, the
Parent, the Borrower and each ERISA Affiliate have made all required contributions to each Plan
subject to Section 4.12 of the Code and no application for a funding waiver or an extension of any
amortization period pursuant to Section 412 of the Code has been made with respect to any Pension
Plan.

     (b) There are no pending or, to the best knowledge of the Parent or the Borrower, threatened
claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that
could reasonably be expected to have a Material Adverse Effect. There has been no prohibited
transaction or violation of the fiduciary responsibility rules with respect to any Plan that has
resulted or could reasonably be expected to result in a Material Adverse Effect.

     (c) (i) No ERISA Event has occurred that would reasonably be expected to result in an Event of
Default and (ii) in each case except as could not reasonably be expected to have a Material Adverse
Effect, either individually or in the aggregate, (A) neither the Parent, the Borrower nor any ERISA
Affiliate has incurred any liability under Title IV of ERISA with respect to any Pension Plan
(other than premiums due and not delinquent under Section 4007 of ERISA), (B) neither the Parent,
the Borrower nor any ERISA Affiliate has incurred any liability (and no event has occurred which,
with the giving of notice under Section 4219 of ERISA, would result in such liability) under
Section 4201 or 4243 of ERISA with respect to a Multiemployer Plan, and (C) neither the Parent, the
Borrower nor any ERISA Affiliate has engaged in a transaction that is subject to Section 4069 or
4212(c) of ERISA.

     (d) The aggregate actuarial present value of accumulated plan benefit liabilities of each
Pension Plan (determined utilizing the assumptions specified for funding purposes in the

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most recent actuarial valuation for each such Pension Plan) did not, as of the end of the most
recent plan year, exceed the aggregate fair market value of the assets of such Pension Plan by an
amount that is material to the Parent and its Subsidiaries, taken as a whole. The aggregate
actuarial present value of all accumulated post-retirement benefit obligations of the Parent and
its ERISA Affiliates (determined utilizing the assumptions used for purposes of Statement of
Financial Accounting Standards No. 106) under Plans which are welfare benefit plans (as defined in
Section 3(1) of ERISA), as of the most recent valuation dates reflected in the Parent’s annual
financial statements contained in the Parent’s most recent Form 10-K (or, prior to delivery by the
Parent of its initial 10-K, contained in the Initial Financial Statements), are reflected on such
financial statements in accordance with the Statement of Financial Accounting Standards No. 106.

     5.13 Subsidiaries; Equity Interests. As of the Closing Date, the Parent and the Borrower have
no Subsidiaries other than those specifically disclosed in Part (a) of Schedule 5.13, and
all of the outstanding Equity Interests in such Subsidiaries have been validly issued, are fully
paid and nonassessable and are owned by a Loan Party in the amounts specified on Part (a) of
Schedule 5.13 free and clear of all Liens (other than those created under the Security
Documents and any applicable Permitted Liens). As of the Closing Date, the Parent and the Borrower
have no equity investments in any other corporation or entity other than those specifically
disclosed in Part(b) of Schedule 5.13. All of the outstanding Equity Interests in the
Parent have been validly issued and are fully paid and nonassessable.

     5.14 Margin Regulations; Investment Company Act; Public Utility Holding Company Act.

     (a) The Borrower is not engaged and will not engage, principally or as one of its important
activities, in the business of purchasing or carrying margin stock (within the meaning of
Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying
margin stock. Following the application of the proceeds of each Borrowing or drawing under each
Letter of Credit, not more than 25% of the value of the assets (either of the Borrower only or of
the Borrower and its Subsidiaries on a consolidated basis) subject to the provisions of Section
7.01 or Section 7.05 or subject to any restriction contained in any agreement or
instrument between the Borrower and any Lender or any Affiliate of any Lender relating to
Indebtedness and within the scope of Section 8.01(e) will be margin stock.

     (b) None of the Parent, any Person Controlling the Parent, or any Subsidiary is or is required
to be registered as an “investment company” under the Investment Company Act of 1940.

     5.15 Disclosure. The Parent and the Borrower have disclosed to the Administrative Agent and
the Lenders all agreements, instruments and corporate or other restrictions to which either of them
or any of their Subsidiaries is a party or by which it is bound, and all other matters known to
either of them, that, individually or in the aggregate, could, if breached or violated by, enforced
against, or adversely determined in relation to, the Parent, the Borrower or any of their
Subsidiaries, reasonably be expected to result in a Material Adverse Effect. No report, financial
statement, certificate or other information furnished (whether in writing or orally) by or on
behalf of any Loan Party to the Administrative Agent or any Lender in connection with the

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transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder
or under any other Loan Document (in each case, as modified or supplemented by other information so
furnished) contains any material misstatement of fact or omits to state any material fact necessary
to make the statements therein, in the light of the circumstances under which they were made, not
misleading; provided that, with respect to projected financial information, the Borrower
represents only that such information was prepared in good faith based upon assumptions believed to
be reasonable at the time.

     5.16 Compliance with Laws. Each of the Parent, the Borrower and their Subsidiaries is in
compliance in all material respects with the requirements of all Laws and all orders, writs,
injunctions and decrees binding on it or to its properties, except in such instances in which (a)
such requirement of Law or order, writ, injunction or decree is being contested in good faith by
appropriate proceedings diligently conducted or (b) the failure to comply therewith, either
individually or in the aggregate, could not reasonably be expected to have a Material Adverse
Effect.

     5.17 Taxpayer Identification Number. As of the Closing Date, the Borrower’s true and correct
U.S. taxpayer identification number is set forth on Schedule 10.02, and after the Closing
Date, as disclosed by the Borrower in writing to the Administrative Agent.

     5.18 Intellectual Property; Licenses, Etc. The Parent, the Borrower and their Subsidiaries
own, or possess the right to use, all of the trademarks, service marks, trade names, copyrights,
patents, patent rights, franchises, licenses and other intellectual property rights (collectively,
“IP Rights”) that are reasonably necessary for the operation of their respective
businesses, without conflict with the rights of any other Person unless such failure to own or
possess the right to use such IP Rights would not reasonably be expected to have a Material Adverse
Effect. To the best knowledge of the Parent and the Borrower, no slogan or other advertising
device, product, process, method, substance, part or other material now employed, or now
contemplated to be employed, by the Parent, the Borrower or any of their Subsidiaries infringes
upon any rights held by any other Person in a manner that would reasonably be expected to have a
Material Adverse Effect. No claim or litigation regarding any of the foregoing is pending or, to
the best knowledge of the Parent or the Borrower, threatened, against the Parent, the Borrower or
any of their Subsidiaries, or their use thereof, which, either individually or in the aggregate,
could reasonably be expected to have a Material Adverse Effect.

     5.19 Intentionally Left Blank.

     5.20 Solvency. Each Loan Party is, individually and together with its Subsidiaries on a
consolidated basis, Solvent.

     5.21 Off-Balance Sheet Liabilities. Neither the Parent nor the Borrower, nor any of their
Subsidiaries has any liability in respect of any Off-Balance Sheet Liabilities.

     5.22 Casualty, Etc. Neither the businesses nor the properties of any Loan Party or
any of its Subsidiaries are affected by any fire, explosion, accident, strike, lockout or other
labor dispute, drought, storm, hail, earthquake, embargo, act of God or of the public enemy or
other

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casualty (whether or not covered by insurance) that, either individually or in the aggregate,
could reasonably be expected to have a Material Adverse Effect.

ARTICLE VI

AFFIRMATIVE COVENANTS

     So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation
hereunder shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding,
each of the Parent and the Borrower shall, and shall (except in the case of the covenants set forth
in Sections 6.01, 6.02, and 6.03) cause each of its Subsidiaries to:

     6.01 Financial Statements. Deliver to the Administrative Agent and each Lender:

     (a) as soon as available, but in any event within 90 days after the end of each fiscal year of
the Parent, a consolidated balance sheet of the Parent and its Subsidiaries as at the end of such
fiscal year, and the related consolidated statements of income or operations, shareholders’ equity
and cash flows for such fiscal year, setting forth in each case in comparative form the figures for
the previous fiscal year, all prepared in accordance with GAAP, audited and accompanied by (i) a
report and opinion of a Registered Public Accounting Firm of nationally recognized standing
selected by the Parent and reasonably acceptable to the Required Lenders, which report and opinion
shall be prepared in accordance with generally accepted auditing standards and applicable
Securities Laws and shall not be subject to any “going concern” or like qualification or exception
or any qualification or exception as to the scope of such audit or with respect to the absence of
any material misstatement and (ii) an opinion of such Registered Public Accounting Firm
independently assessing the Parent’s internal controls over financial reporting in accordance with
Item 308 of SEC Regulation S-K, PCAOB Auditing Standard No. 2, and Section 404 of Sarbanes-Oxley,
in each case, so long as the foregoing are in effect and so long as therein required and applicable
to the Parent, and expressing a conclusion that contains no statement that there is a material
weakness in such internal controls, except for such material weaknesses as to which the Required
Lenders do not object;

     (b) as soon as available, but in any event within 45 days after the end of each of the first
three fiscal quarters of each fiscal year of the Parent, commencing with the first of such fiscal
quarters ending immediately following the consummation of the IPO, a consolidated balance sheet of
the Parent and its Subsidiaries as at the end of such fiscal quarter, and the related consolidated
statements of income or operations and cash flows for such fiscal quarter and for the portion of
the Parent’s fiscal year then ended, setting forth (if available for the applicable fiscal periods
that ended prior to the consummation of the IPO) in each case in comparative form the figures for
the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the
previous fiscal year, all in reasonable detail, certified by a Responsible Officer of the Parent as
fairly presenting the financial condition, results of operations, shareholders’ equity and cash
flows of the Parent and its Subsidiaries in accordance with GAAP, subject only to normal year-end
audit adjustments and the absence of footnotes;

     (c) as soon as available, but in any event within 30 days following the end of each fiscal
year of the Parent (i) forecasts prepared by management of the Parent, in form reasonably

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satisfactory to the Administrative Agent and the Required Lenders, of consolidated balance
sheets and statements of income or operations and cash flows of the Parent and its respective
Subsidiaries for each of the immediately succeeding three years and (ii) the business plan of the
Parent and its respective Subsidiaries for the immediately following fiscal year; and

As to any information contained in materials furnished pursuant to Section 6.02(c), the
Parent shall not be separately required to furnish such information under clause (a) or (b) above,
but the foregoing shall not be in derogation of the obligation of the Parent to furnish the
information and materials described in clauses (a) and (b) above at the times specified therein.

     6.02 Certificates; Other Information. Deliver to the Administrative Agent and each Lender
(except as provided in Section 6.02(a)):

     (a) concurrently with the delivery of the financial statements referred to in Sections
6.01(a) and (b), a duly completed Compliance Certificate signed by a Responsible
Officer of the Parent and delivered to the Administrative Agent;

     (b) promptly after any request by the Administrative Agent or any Lender, copies of any
detailed audit reports, management letters or recommendations submitted to the board of directors
(or the audit committee of the board of directors) of the Parent or the Borrower by independent
accountants in connection with the accounts or books of the Parent or any Subsidiary, or any audit
of any of them;

     (c) promptly after the same are publicly available, copies of each annual report, proxy or
financial statement or other report or communication sent to the stockholders of the Parent, and
copies of all annual, regular, periodic and special reports and registration statements which the
Parent may file or be required to file with the SEC under Section 13 or 15(d) of the Securities
Exchange Act of 1934, and not otherwise required to be delivered to the Administrative Agent
pursuant hereto;

     (d) promptly after the furnishing thereof, copies of any statement or report furnished to any
holder of debt securities of any Loan Party or any Subsidiary thereof pursuant to the terms of any
indenture, loan or credit or similar agreement and not otherwise required to be furnished to the
Lenders pursuant to Section 6.01 or any other clause of this Section 6.02;

     (e) promptly, and in any event within five Business Days after receipt thereof by any Loan
Party or any Subsidiary thereof, copies of each notice or other correspondence received from the
SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation or
possible investigation or other inquiry by such agency regarding financial or other operational
results of any Loan Party or any Subsidiary thereof; and

     (f) promptly, such additional information regarding the business, financial or corporate
affairs of the Parent or any Subsidiary, or compliance with the terms of the Loan Documents, as the
Administrative Agent or any Lender may from time to time reasonably request.

     Documents required to be delivered pursuant to Section 6.01(a) or (b) or
Section 6.02(b), (c), (d), or (e) (to the extent any such documents
are included in materials otherwise filed with

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the SEC) may be delivered electronically and if so delivered, shall be deemed to have been
delivered on the date (i) on which the Parent posts such documents, or provides a link thereto on
the Parent’s website on the Internet at the website address listed on Schedule 10.02; or
(ii) on which such documents are posted on the Parent’s behalf on an Internet or intranet website,
if any, to which each Lender and the Administrative Agent have access (whether a commercial,
third-party website or whether sponsored by the Administrative Agent); provided that: (i)
the Parent shall, upon request of the Administrative Agent, deliver paper copies of such documents
to the Administrative Agent for any Lender that requests paper copies until the Administrative
Agent notifies the Parent to cease delivering paper copies and (ii) the Parent shall notify the
Administrative Agent (by telecopier or electronic mail) of the posting by it of any such documents
and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft
copies) of such documents. Notwithstanding anything contained herein, in every instance the Parent
shall be required to provide paper copies of the Compliance Certificates required by Section
6.02(a) to the Administrative Agent. Except for such Compliance Certificates, the
Administrative Agent shall have no obligation to request the delivery or to maintain copies of the
documents referred to above, and in any event shall have no responsibility to monitor compliance by
the Parent with any such request for delivery, and each Lender shall be solely responsible for
requesting delivery to it or maintaining its copies of such documents.

     The Parent hereby acknowledges that (a) the Administrative Agent and/or the Arranger will make
available to the Lenders and the L/C Issuers materials and/or information provided by or on behalf
of the Borrower and/or the Parent hereunder (collectively, “Parent Materials”) by posting
the Parent Materials on IntraLinks or another similar electronic system (the “Platform”)
and (b) certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to
receive material non-public information with respect to the Parent or its securities) (each, a
“Public Lender”). The Parent hereby agrees that (w) all Parent Materials that are to be
made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a
minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x)
by marking Parent Materials “PUBLIC,” the Parent shall be deemed to have authorized the
Administrative Agent, the Arranger, the L/C Issuers and the Lenders to treat such Parent Materials
as not containing any material non-public information (although it may be sensitive or proprietary)
with respect to the Parent or its securities for purposes of United States Federal and state
securities laws (provided, however, that to the extent such Parent Materials
constitute Information, they shall be treated as set forth in Section 10.07); (y) all
Parent Materials so marked “PUBLIC” are permitted to be made available through a portion of the
Platform designated “Public Investor;” and (z) the Administrative Agent and the Arranger shall be
entitled to treat any Parent Materials that are not so marked “PUBLIC” as being suitable only for
posting on a portion of the Platform not designated “Public Investor.”

     6.03 Notices. Promptly notify the Administrative Agent and each Lender:

     (a) of the occurrence of any Default;

     (b) of any occurrence or event that has resulted or could reasonably be expected to result in
a Material Adverse Effect, including, if any of the same resulted in or could be reasonably be
expected to result in a Material Adverse Effect, (i) breach or non-performance of, or any default
under, a Contractual Obligation of the Parent or any Subsidiary; (ii) any dispute,

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litigation, investigation, proceeding or suspension between the Parent or any Subsidiary and
any Governmental Authority; or (iii) the commencement of, or any material development in, any
litigation or proceeding affecting the Parent or any Subsidiary, including pursuant to any
applicable Environmental Laws;

     (c) of the occurrence of any ERISA Event, upon the Parent or the Borrower obtaining knowledge
thereof;

     (d) of any material change in accounting policies or financial reporting practices by the
Parent and the Subsidiaries taken as a whole;

     (e) of the determination by the Registered Public Accounting Firm providing the opinion
required under Section 6.01(a)(ii) (in connection with its preparation of such opinion) or
the Parent’s determination at any time of the occurrence or existence of any Internal Control
Event; and

     (f) of the consummation of the Restructuring, the IPO and any subsequent public offering of
Equity Interests of the Parent, each such notice to be delivered to the Administrative Agent not
less than five Business Days after the occurrence of such event.

     Each notice pursuant to this Section 6.03 other than Section 6.03(f) shall be
accompanied by a statement of a Responsible Officer of the Parent or the Borrower setting forth
details of the occurrence referred to therein and stating what action the Parent or the Borrower
has taken and proposes to take with respect thereto. Each notice pursuant to Section
6.03(a) shall describe with particularity any and all provisions of this Agreement and any
other Loan Document that have been breached. The notice of the IPO pursuant to Section 6.03(f)
shall be accompanied by a certificate signed by a Responsible Officer of the Parent certifying
a calculation of the pro forma Consolidated Leverage Ratio as of the last day of the fiscal quarter
of the Parent most recently ended prior to the date of the IPO for which financial information is
provided in the Form S-1 (as amended) as previously filed with the SEC in connection with the IPO,
giving pro forma effect to Transaction (including the $100,000,000 Borrowing to be made on or about
the date of the IPO).

     6.04 Payment of Obligations. Pay and discharge as the same shall become due and payable, all
its obligations and liabilities, including (a) all tax liabilities, assessments and governmental
charges or levies upon it or its properties or assets, unless the same are being contested in good
faith by appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP
are being maintained by the Parent, the Borrower or such Subsidiary; (b) all lawful claims which,
if unpaid, would by law become a Lien upon its property; and (c) all Indebtedness, as and when due
and payable, but subject to any subordination provisions contained in any instrument or agreement
evidencing such Indebtedness.

     6.05 Preservation of Existence, Etc. (a) Preserve, renew and maintain in full force and
effect its legal existence and good standing under the Laws of the jurisdiction of its organization
except in a transaction permitted by Section 7.04 or 7.05; (b) take all reasonable
action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable
in the normal conduct of its business, except to the extent that failure to do so could not
reasonably

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be expected to have a Material Adverse Effect; and (c) preserve or renew all of its registered
patents, trademarks, trade names and service marks, the non-preservation of which could reasonably
be expected to have a Material Adverse Effect.

     6.06 Maintenance of Properties. (a) Maintain, preserve and protect all of its material
properties and equipment necessary in the operation of its business in good working order and
condition, ordinary wear and tear excepted; and (b) make all necessary repairs thereto and renewals
and replacements thereof, in each case, except where the failure to do so could not reasonably be
expected to have a Material Adverse Effect.

     6.07 Maintenance of Insurance. Maintain with financially sound and reputable insurance
companies not Affiliates of the Parent, insurance with respect to its properties and business
against loss or damage of the kinds customarily insured against by Persons engaged in the same or
similar business, of such types and in such amounts as are customarily carried under similar
circumstances by such other Persons and providing for not less than 30 days’ prior notice to the
Administrative Agent of termination, lapse or cancellation of such insurance, except to the extent
reasonable self insurance meeting the same standards is maintained. Each Loan Party shall cause
the Administrative Agent to be named at all times after the IPO as loss payee in respect of each
property or casualty insurance policy that such Loan Party is required to maintain under this
Section with respect to the Collateral, and at all times as an additional insured party in respect
of each liability insurance policy that such Loan Party is required to maintain under this Section.

     6.08 Compliance with Laws. Comply in all material respects with the requirements of all Laws
and all orders, writs, injunctions and decrees applicable to it or to its business or property,
except in such instances in which (a) such requirement of Law or order, writ, injunction or decree
is being contested in good faith by appropriate proceedings diligently conducted; or (b) the
failure to comply therewith could not reasonably be expected to have a Material Adverse Effect.

     6.09 Books and Records. (a) Maintain proper books of record and account, in which full, true
and correct entries in conformity with GAAP consistently applied shall be made of all financial
transactions and matters involving the assets and business of the Parent, the Borrower or such
Subsidiary, as the case may be; and (b) maintain such books of record and account in material
conformity with all applicable requirements of any Governmental Authority having regulatory
jurisdiction over the Parent, the Borrower or such Subsidiary, as the case may be.

     6.10 Inspection Rights. Permit representatives of the Administrative Agent and each Lender to
visit and inspect its properties, to examine its corporate, financial and operating records, and
make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with
its directors, officers, and independent public accountants, all at such reasonable times during
normal business hours and as often as may be reasonably desired, upon reasonable advance notice to
the Parent or the Borrower, as applicable, and subject to applicable safety standards, applicable
privilege and confidentiality restrictions, and restrictions of owners of such records or
properties who are neither the Parent nor any Subsidiary; provided, however, that
when an Event of Default exists the Administrative Agent or any Lender (or any of their

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respective representatives or independent contractors) may do any of the foregoing at the
expense of the Borrower at any time during normal business hours and without advance notice.

     6.11 Use of Proceeds. Use the proceeds of each of the initial Revolving Credit Loans and
Revolving Credit Loans to be made on or around the date of the IPO for a dividend to Helix in
accordance with Section 7.06(a), and use of the proceeds of all other Revolving Credit
Loans and use the Letters of Credit to provide ongoing working capital and for other general
corporate purposes of the Parent and its Subsidiaries not in violation of any Law or of any Loan
Document.

     6.12 Material Contracts. Perform and observe all the terms and provision of each Material
Contract to be performed and observed by it, maintain each such Material Contract in full force and
effect and enforce each such Material Contract in accordance with its terms, except, in any case
described in this Section 6.12, where the failure to do so, either individually or in the
aggregate, would not reasonably be expected to have a Material Adverse Effect.

     6.13 Collateral; etc.

     (a) With respect to any property (other than any Excluded Property) acquired pursuant to, or
after the consummation of, the IPO by any Loan Party, including without limitation pursuant to
Section 7.02(h), and any property that ceases to be Excluded Property promptly (i) execute
and deliver to the Administrative Agent such amendments or addendums to the Security Documents or
such other documents as the Administrative Agent reasonably deems necessary to grant to the
Administrative Agent, for the benefit of the Secured Parties, a security interest in such property
and (ii) take all actions necessary to grant to the Administrative Agent, for the benefit of the
Secured Parties, a perfected first priority security interest in such property (subject only to
applicable Permitted Liens), including without limitation, the filing of Uniform Commercial Code
financing statements in such jurisdictions as may be required by the Security Documents or by law
or as may be reasonably requested by the Administrative Agent, in each case within a reasonable
time following the applicable requests of the Administrative Agent and receipt of applicable
documents, if any.

     (b) With respect to any new Subsidiary (other than, (y) a Subsidiary that, promptly upon its
formation incurs Indebtedness pursuant to Section 7.03(h), to the extent such Subsidiary is
prohibited under the documents governing such Indebtedness from taking any of the following actions
and (z) in the case of clause (iii) below, a Foreign Subsidiary, and in the case of all clauses
below, an Immaterial Foreign Subsidiary or an Excluded Foreign Subsidiary) created or acquired
pursuant to, or after the consummation of, the IPO, including without limitation pursuant to
Section 7.02(h), (which, for the purposes of this paragraph, shall include any existing
Subsidiary that ceases to be an Immaterial Foreign Subsidiary or an Excluded Foreign Subsidiary),
by any Loan Party, promptly (i) execute and deliver to the Administrative Agent such amendments or
addendums to the Security Documents as the Administrative Agent deems necessary to grant to the
Administrative Agent, for the benefit of the Secured Parties, a perfected first priority security
interest in the Equity Interests of such new Subsidiary that is owned by such Loan Party (subject
only to applicable Permitted Liens), (ii) deliver to the Administrative Agent the certificates (if
any) representing such Equity Interests, together with undated stock powers or share transfer
forms, in blank, executed and delivered by a duly authorized officer of the applicable Loan Party,
(iii) cause such new Subsidiary (A) to become a party to the Guaranty

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and the Security Documents and (B) to take such actions necessary to grant to the
Administrative Agent for the benefit of the Secured Parties a perfected first priority security
interest in the collateral described in the Security Documents with respect to such new Subsidiary
(subject only to applicable Permitted Liens), including, without limitation, the filing of Uniform
Commercial Code financing statements in such jurisdictions as may be required by the Security
Documents or by law or as may be reasonably requested by the Administrative Agent, and (iv) if
requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating
to the matters described above, which opinions shall be in form and substance, and from counsel,
reasonably satisfactory to the Administrative Agent, in each case within a reasonable time
following the applicable requests of the Administrative Agent and receipt of applicable documents,
if any.

     (c) With respect to (i) any new Excluded Foreign Subsidiary (other than an Immaterial Foreign
Subsidiary) created or acquired pursuant to, or after the consummation of, the IPO by any Loan
Party, including without limitation pursuant to Section 7.02(h), and (ii) any Excluded
Foreign Subsidiary of a Loan Party which Subsidiary is existing on the date of the consummation of
the IPO but whose Equity Interests are not subject to a Foreign Pledge Agreement, if such Excluded
Foreign Subsidiary ceases to be an Immaterial Foreign Subsidiary, promptly (A) execute and deliver
to the Administrative Agent such amendments or addendums to the Security Documents or such other
documents as the Administrative Agent deems necessary and requests in order to grant to the
Administrative Agent, for the benefit of the Secured Parties, a perfected first priority security
interest (subject only to applicable Permitted Liens) in the Equity Interests of such Subsidiary
that is owned by the applicable Loan Party, (provided that in no event shall more than 66% of the
total outstanding Equity Interests of any such Excluded Foreign Subsidiary be required to be so
pledged), and (B) deliver to the Administrative Agent the certificates (if any) representing such
Equity Interests, together with undated stock powers or share transfer forms, in blank, executed
and delivered by a duly authorized officer of the applicable Loan Party, and take such other action
as may be necessary or, in the reasonable opinion of the Administrative Agent, desirable to perfect
the Lien of the Administrative Agent thereon, and (C) if requested by the Administrative Agent,
deliver to the Administrative Agent legal opinions relating to the matters described above, which
opinions shall be in form and substance, and from counsel, reasonably satisfactory to the
Administrative Agent, in each case within a reasonable time following the applicable requests of
the Administrative Agent and the receipt of any applicable documents.

     (d) Concurrently with the consummation of the IPO, the Parent and the Borrower shall, and
shall cause their Subsidiaries (other than any Excluded Foreign Subsidiary) to grant to the Agent,
for the benefit of the Secured Parties, a security interest in the collateral described in the
Security Documents (other than the Singapore Pledge Agreement). The Parent and the Borrower shall,
concurrently with the consummation of the IPO (i) (A) execute and deliver and cause their
Subsidiaries (other than any Excluded Foreign Subsidiaries) to execute and deliver the Guaranties
(in the case of the Parent and the Subsidiaries other than the Borrower), the Security Agreement,
the Vessel Mortgages, and any other applicable Security Documents theretofore requested by the
Administrative Agent and (B) take such additional actions necessary and theretofore requested by
the Administrative Agent to grant to the Administrative Agent for the benefit of the Secured
Parties a perfected first priority security interest (subject only to applicable Permitted Liens)
in the collateral described in the Security Documents (other than the

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Singapore Pledge Agreement) with respect to the Parent, the Borrower and such Subsidiaries,
and (ii) deliver to the Administrative Agent (A) legal opinions relating to the matters described
above, which opinions shall be in form and substance, and from counsel, and reasonably satisfactory
to the Administrative Agent, and (B) certification as to the financial condition and Solvency of
the Parent and its Subsidiaries, giving effect to the consummation of the Transaction and the
incurrence of indebtedness related thereto.

     (e) As promptly as practicable after the consummation of the IPO, but in any event prior to
March 31, 2007, the Parent shall cause CDI Janus Holdings, Inc. (or other applicable Subsidiary) to
(A) execute and deliver to the Administrative Agent the Singapore Pledge Agreement and (B) deliver
to the Administrative Agent the certificates (if any) representing the applicable Equity Interests,
together with undated stock powers or share transfer forms, in blank, executed and delivered by a
duly authorized officer of the applicable Loan Party, and take such other action as may be
necessary or, in the reasonable opinion of the Administrative Agent, desirable to perfect the Lien
of the Administrative Agent thereon, and (C) if requested by the Administrative Agent, deliver to
the Administrative Agent legal opinions relating to the matters described above, which opinions
shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative
Agent, in each case within a reasonable time following the applicable requests of the
Administrative Agent and the receipt of any applicable documents.

     6.14 Governmental Authorizations. If any filing, notice to, registration with, or consent or
other action of any Governmental Authority is required to be made or obtained by the Parent, the
Borrower or any of the Subsidiaries under Law applicable to any of them to permit any Foreign
Subsidiary to make payments on any intercompany note made by it or any Restricted Payments to any
other Subsidiary or the Borrower or the Parent, as applicable, promptly take such actions as are
reasonably necessary to obtain permission for such Foreign Subsidiary to make such note payments or
Restricted Payments without further Governmental Authority approval.

     6.15 Compliance with Environmental Laws. In each case, to the extent that the failure to do
or cause to be done any of the following actions would reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect: (i) comply, and cause all lessees and other
Persons operating or occupying its properties to comply, in all material respects, with all
applicable Environmental Laws and Environmental Permits; (ii) obtain and renew all Environmental
Permits necessary for its operations and properties; and (iii) conduct any investigation, study,
sampling and testing, and undertake any cleanup, removal, remedial or other action necessary to
remove and clean up all Hazardous Materials from any of its properties, in accordance with the
requirements of all Environmental Laws; provided, however, that neither the Parent,
the Borrower nor any of the Subsidiaries shall be required to undertake any such cleanup, removal,
remedial or other action to the extent that its obligation to do so is being contested in good
faith and by proper proceedings and appropriate reserves are being maintained with respect to such
circumstances in accordance with GAAP.

     6.16 Further Assurances. Promptly upon request by, and receipt of any applicable information
and documents from, the Administrative Agent, or any Lender through the Administrative Agent, (a)
correct any material defect or error that may be discovered in any Loan Document or in the
execution, acknowledgment, filing or recordation thereof, and (b) do,

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execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any
and all such further acts, deeds, certificates, assurances and other instruments as the
Administrative Agent, or any Lender through the Administrative Agent, may reasonably require from
time to time in order to (i) carry out more effectively the purposes of the Loan Documents, (ii) to
the fullest extent permitted by applicable law, subject any Loan Party’s or any of its
Subsidiaries’ properties, assets, rights or interests to the Liens now or hereafter intended to be
covered by any of the Security Documents, (iii) perfect and maintain the validity, effectiveness
and priority of any of the Security Documents and any of the Liens intended to be created
thereunder and (iv) assure, convey, grant, assign, transfer, preserve, protect and confirm more
effectively unto the Secured Parties the rights granted or now or hereafter intended to be granted
to the Secured Parties under any Loan Document or under any other instrument executed in connection
with any Loan Document to which any Loan Party or any of its Subsidiaries is or is to be a party,
and cause each of its Subsidiaries to do so.

ARTICLE VII

NEGATIVE COVENANTS

     So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation
hereunder shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding,
each of the Parent and the Borrower shall not, nor shall either permit any of its Subsidiaries to
(except, with respect to Sections 7.02, 7.04, 7.05, and 7.08, as
may be necessary to effect the consummation of each of the IPO and the Restructuring), directly or
indirectly:

     7.01 Liens. Create, incur, assume or permit to exist any Lien upon any of its property,
assets or revenues, whether now owned or hereafter acquired, other than the following:

     (a) Liens created pursuant to any Loan Document;

     (b) Liens existing on the date hereof and listed on Schedule 7.01 and any renewals or
extensions thereof, provided that (i) neither the property nor the description of the property
covered thereby is changed other than as a result of Maintenance Capital Expenditures, (ii) the
amount secured or benefited thereby is not increased other than as contemplated by Section
7.03(b), (iii) the direct or any contingent obligor with respect thereto is not changed other
than in a transaction that is not prohibited by Section 7.04, and (iv) any renewal or
extension of the obligations secured or benefited thereby is permitted by Section 7.03(b);

     (c) Liens for taxes, assessments, other governmental charges or levies not yet due or which
are being contested in good faith and by appropriate proceedings diligently conducted, if adequate
reserves with respect thereto are maintained on the books of the applicable Person in accordance
with GAAP;

     (d) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s, vendors’, landlords’,
or other like Liens, including common law maritime Liens or Liens under the Federal Maritime Lien
Act or similar state statutes, arising in the ordinary course of business for amounts which are not
overdue for a period of more than 30 days or which are being contested in good

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faith and by appropriate proceedings diligently conducted, if adequate reserves in accordance
with GAAP with respect thereto are maintained on the books of the applicable Person;

     (e) pledges or deposits in the ordinary course of business in connection with workers’
compensation, unemployment insurance and other social security legislation, other than any Lien
imposed by ERISA;

     (f) deposits to secure the performance of bids, trade contracts and leases (other than
Indebtedness), statutory obligations, surety and appeal bonds, performance bonds and other
obligations of a like nature incurred in the ordinary course of business;

     (g) easements, rights-of-way, restrictions and other similar encumbrances affecting real
property which, in the aggregate, are not substantial in amount, and which do not materially
detract from the value of the property subject thereto or materially interfere with the ordinary
conduct of the business of the applicable Person;

     (h) Liens securing judgments for the payment of money not constituting an Event of Default
under Section 8.01(h);

     (i) Liens securing Indebtedness permitted under Section 7.03(e); provided that
(i) such Liens do not at any time encumber any property other than the property financed by such
Indebtedness and (ii) the principal amount of the Indebtedness secured thereby does not exceed the
cost or fair market value, whichever is lower, of the property being acquired on the date of
acquisition;

     (j) [Intentionally left blank];

     (k) [Intentionally left blank];

     (l) [Intentionally left blank];

     (m) Liens on leasehold interests of the Parent, the Borrower or any Subsidiary created by the
lessor of the applicable leased premises in favor of a mortgagee of such premises;

     (n) prior to the consummation of the IPO, Liens existing on the date hereof securing
obligations with respect to the Helix Credit Agreement;

     (o) Liens for salvage or general average for amounts which are not delinquent or which are
being contested in good faith and by appropriate proceedings diligently conducted, if adequate
reserves with respect thereto are maintained on the books of the applicable Person in accordance
with GAAP;

     (p) Liens incurred in the ordinary course of business of the Parent, the Borrower or any
Subsidiary arising from vessel chartering, operations, drydocking, maintenance, the furnishing of
supplies or fuel to vessels and crews wages, in each case (i) of a maritime lien nature and (ii)
for amounts which are not delinquent or which are being contested in good faith and by appropriate
proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the
books of the applicable Person in accordance with GAAP;

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     (q) Liens on the property or assets of a Person which becomes a Subsidiary after the date
hereof securing Indebtedness permitted by Section 7.03(n); provided that (i) such
Liens existed at the time such Person became a Subsidiary and were not created in anticipation
thereof, (ii) no such Lien is spread to cover any additional property or assets after the time such
Person becomes a Subsidiary, and (iii) the amount of Indebtedness secured thereby is not increased;

     (r) Liens securing Indebtedness (other than Guaranties) permitted under Section
7.03(h); provided that (i) such Liens do not at any time encumber any property other than the
property financed by such indebtedness and (ii) the principal amount of the Indebtedness secured
thereby does not exceed the amount of the costs and expenses of engineering, procurement,
construction, and financing of the applicable asset;

     (s) Liens in favor of a banking or brokerage institution arising by operation of law or
otherwise encumbering deposits or securities (including the right of set-off) held by such
institution, in each case which arise in the ordinary course of business in connection with the
provision of deposit or security account services and are within the general parameters customary
in the banking or brokerage industry; and

     (t) Liens not otherwise permitted by any other clause of this Section 7.01,
encumbering assets other than vessels, which secure Indebtedness in an aggregate outstanding
principal amount not exceeding $10,000,000 at any time.

     7.02 Investments. Make any Investments, except:

     (a) Investments existing on the date hereof and listed on Schedule 7.02;

     (b) Investments held by the Parent, the Borrower or such Subsidiary in the form of Cash
Equivalents;

     (c) Investments consisting of loans or advances to officers, directors and employees of the
Parent, the Borrower and Subsidiaries in an aggregate amount not to exceed $5,000,000 at any time
outstanding, for ordinary business purposes;

     (d) Investments of the Parent or the Borrower in the Parent, the Borrower or any Subsidiary
Guarantor or in any Person that becomes a Subsidiary Guarantor contemporaneously with such
Investment, and Investments of any Subsidiary in the Parent or the Borrower or in another
Subsidiary Guarantor or in any Person that becomes a Subsidiary Guarantor substantially
contemporaneously with the making of such Investment;

     (e) Investments (i) consisting of extensions of credit in the nature of accounts receivable or
notes receivable arising from the grant of trade credit in the ordinary course of business, and
(ii) received in satisfaction or partial satisfaction thereof from financially troubled customers
and suppliers to the extent reasonably necessary in order to prevent or limit loss or received in
connection with the bankruptcy or reorganization of its customers and suppliers;

     (f) (i) Guarantees permitted by Section 7.03, and (ii) Guarantees by the Parent, the
Borrower or any Subsidiary for the performance or payment obligations of the Parent, the

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Borrower or any Wholly Owned Subsidiary, which obligations were incurred in the ordinary
course of business and do not constitute Indebtedness;

     (g) Investments in joint ventures, if each of the following conditions is satisfied: (i)
immediately before and after giving effect to such Investment, no Default shall have occurred and
be continuing, (ii) the aggregate amount of each such Investment shall not exceed $25,000,000, and
(iii) the aggregate amount of all such Investments, net of the aggregate amount of consideration
received from the Dispositions of all Investments theretofore made pursuant to this Section
7.02(g), shall not exceed, $50,000,000 on a cumulative basis since the Closing Date;

     (h) Investments as a result of Acquisitions, if each of the following conditions is satisfied:
(i) immediately before and after giving effect to such Acquisition, no Default shall have occurred
and be continuing, (ii) the aggregate amount of Acquisition Consideration for all Acquisitions
during any fiscal year of the Parent shall not exceed $100,000,000, (iii) the aggregate amount of
Acquisition Consideration for all Acquisitions, on a cumulative basis since the Closing Date, shall
not exceed $250,000,000, (iv) such Acquisition shall not be opposed by the board of directors or
similar governing body of the Person or assets being acquired, (v) the acquired Person or assets
are in substantially the same business as the Parent or any of its Subsidiaries or any business
reasonably related or incidental thereto and (vi) the Parent or the Borrower complies (or causes
compliance with) all requirements of Section 6.13 with respect to the acquired Person or
assets;

     (i) cash Investments consisting of Capital Expenditures permitted pursuant to Section
7.12;

     (j) Investments in any Person to the extent such Investment represents the non-cash portion of
consideration received for a Disposition of any property that was made pursuant to and in
compliance with Section 7.05;

     (k) following the IPO, any Investments received solely in exchange for Equity Interests
consisting of common stock of the Parent (excluding any Equity Interests that would constitute
Indebtedness);

     (l) Swap Contracts conforming to the description in Section 7.03(d);

     (m) Investments consisting of intercompany Indebtedness permitted to be incurred under, and
complying with the requirements of, Section 7.03; and

     (n) Investments not otherwise permitted by any other clause of this Section 7.02 which
do not exceed, in the aggregate, $30,000,000 on a cumulative basis since the Closing Date.

Notwithstanding anything in this Section 7.02 or elsewhere in this Agreement to the
contrary, in no event shall aggregate Investments in all Subsidiaries that are neither Loan Parties
nor Foreign Subsidiaries whose Equity Interests are pledged pursuant to a Foreign Pledge Agreement,
including Investments as a result of Acquisitions, exceed $15,000,000.

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     7.03 Indebtedness. Create, incur, assume or permit to exist any Indebtedness, except:

     (a) Indebtedness under the Loan Documents;

     (b) Indebtedness existing on the date hereof and listed on Schedule 7.03 and any
refinancings, refundings, renewals or extensions thereof; provided that (i) the amount of such
Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension
except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and
expenses reasonably incurred, in connection with such refinancing, refunding, renewal or extension
and by an amount equal to any existing commitments unutilized thereunder, (ii) the terms relating
to principal amount, amortization, maturity, collateral (if any), and other material terms taken as
a whole, of any such refinancing, refunding, renewal or extending Indebtedness, and of any
agreement entered into and of any instrument issued in connection therewith, are no more
restrictive in any material respect to the Loan Parties than the terms of any agreement or
instrument governing the Indebtedness being refinanced, refunded, renewed or extended and the
interest rate applicable to any such refinancing, refunding, renewing or extending Indebtedness
does not exceed the range of the market interest rates then available to the obligor thereunder for
comparable transactions, and (iii) if such Indebtedness is subordinated to the Obligations, the
terms relating to subordination of any such refinancing, refunding, renewal or extending
Indebtedness are no less favorable to the Lenders than the terms of any agreement or instrument
governing the Indebtedness being refinanced, refunded, renewed or extended;

     (c) Guarantees of the Parent, the Borrower or any Subsidiary in respect of (i) Indebtedness
otherwise permitted hereunder and (ii) Indebtedness of joint ventures in which such Person owns
Equity Interests in an aggregate amount not to exceed $25,000,000;

     (d) obligations (contingent or otherwise) of the Parent, the Borrower or any Subsidiary
existing or arising under any Swap Contract, provided that (i) such obligations are (or were)
entered into by such Person in the ordinary course of business for the purpose of directly
mitigating risks associated with liabilities, commitments, investments, assets, or property held or
reasonably anticipated by such Person, or changes in the value of securities issued by such Person,
and not for purposes of speculation or taking a “market view” and (ii) such Swap Contract does not
contain any provision exonerating the non-defaulting party from its obligation to make payments on
outstanding transactions to the defaulting party other than as a result of offset or similar
rights;

     (e) Indebtedness in respect of capital leases, and purchase money obligations for fixed or
capital assets within the limitations set forth in Section 7.01(i); provided,
however, that the aggregate amount of all such Indebtedness at any one time outstanding
shall not exceed $15,000,000, and refinancings, refundings, extensions and renewals of any such
Indebtedness; provided that (i) the amount of such Indebtedness is not increased at
the time of such refinancing, refunding, renewal or extension except by an amount equal to a
reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in
connection with such refinancing, refunding, renewal or extension, (ii) the terms relating to
principal amount, amortization, maturity, collateral (if any), and other material terms taken as a
whole, of any such refinancing, refunding, renewal or extending Indebtedness, and of any agreement
entered into and of any instrument issued in connection therewith, are no more restrictive in any
material

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respect to the Loan Parties than the terms of any agreement or instrument governing the
Indebtedness being refinanced, refunded, renewed or extended and the interest rate applicable to
any such refinancing, refunding, renewing or extending Indebtedness does not exceed the range of
the market interest rates then available to the obligor thereunder for comparable transactions, and
(iii) if such Indebtedness is subordinated to the Obligations, the terms relating to subordination
of any such refinancing, refunding, renewal or extending Indebtedness are no less favorable to the
Lenders than the terms of any agreement or instrument governing the Indebtedness being refinanced,
refunded, renewed or extended;

     (f) unsecured Indebtedness in an aggregate principal amount not to exceed $10,000,000 at any
time outstanding;

     (g) [Intentionally left blank];

     (h) Indebtedness incurred by a Wholly Owned Subsidiary of the Parent for the construction of a
vessel, provided that (i) such Subsidiary is a Domestic Subsidiary created for the purpose of
constructing and owning such vessel and owns no other material assets, (ii) such Subsidiary is the
sole owner of such vessel, (iii) neither the Parent nor any of its other Subsidiaries (A) provides
credit support of any kind (including any undertaking, agreement or instrument that would
constitute Indebtedness) for such Indebtedness or (B) is directly or indirectly liable as a
guarantor or otherwise of such Indebtedness, except that the Parent or any Subsidiary may provide
an unsecured Guarantee in favor of the United States Maritime Administration with respect to any
such Indebtedness Guaranteed by the United States Maritime Administration, (iv) all expenditures
with respect to the construction of the vessel are made in compliance with Section 7.12;
and (v) the aggregate amount of all such Indebtedness incurred pursuant to this Section
7.03(h) shall not exceed $50,000,000 on a cumulative basis since the Closing Date;

     (i) in the case of the Parent, the Borrower or any Subsidiary which is a Loan Party,
Indebtedness owed to the Parent, the Borrower or any other Loan Party, provided that in each case
such Indebtedness shall (i) be permitted by Section 7.02 and (ii) be subordinated to the
Obligations on the terms set forth on Annex I to Schedule 7.03, or on other terms
reasonably acceptable to the Administrative Agent;

     (j) prior to the consummation of the IPO, Guarantees in respect of the Helix Credit Agreement;

     (k) [Intentionally left blank];

     (l) [Intentionally left blank];

     (m) [Intentionally left blank]; and

     (n) Indebtedness of a Person which becomes a Subsidiary after the date hereof in an aggregate
outstanding principal amount not exceeding, together with all the aggregate outstanding principal
amount of all other Indebtedness pursuant to this Section 7.03(n), $20,000,000 at any time,
provided that (i) such indebtedness existed at the time such Person became a Subsidiary and
was not created in anticipation thereof, (ii) neither the Parent, the

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Borrower nor any of its other Subsidiaries (A) provides credit support of any kind (including
any undertaking, agreement or instrument that would constitute Indebtedness) for such Indebtedness
or (B) is directly or indirectly liable as a guarantor or otherwise of such Indebtedness, and (iii)
immediately after giving effect to the acquisition of such Person by the Parent, the Borrower or
any of its Subsidiaries no Default or Event of Default shall have occurred and be continuing.

     7.04 Fundamental Changes. Other than (i) a merger of the Parent, the Borrower or a Domestic
Subsidiary to effectuate a reincorporation or statutory conversion in another state of the United
States or (ii) a statutory conversion in any state of the United States, in either case upon at
least 30 days’ prior written notice to the Administrative Agent, merge, dissolve, liquidate,
consolidate with or into another Person, or Dispose of (whether in one transaction or in a series
of related transactions) all or substantially all of its assets (whether now owned or hereafter
acquired) to or in favor of any Person, except that, so long as no Default exists or would result
therefrom:

     (a) any Subsidiary may merge with or dissolve into (i) the Parent or the Borrower,
provided that the Parent or the Borrower, as applicable, shall be the continuing or
surviving Person, or (ii) any one or more other Subsidiaries, provided that when any Subsidiary
Guarantor is merging with or dissolving into another Subsidiary, the Subsidiary Guarantor shall be
the continuing or surviving Person;

     (b) any Subsidiary may Dispose of all or substantially all of its assets (upon voluntary
liquidation or otherwise) to the Parent or the Borrower or to another Subsidiary, and may
thereafter liquidate or dissolve if applicable; provided that if the transferor in such a
transaction is a Subsidiary Guarantor, then the transferee must either be the Parent, the Borrower
or a Subsidiary Guarantor;

     (c) the Parent or the Borrower or any of the Subsidiaries may merge with another Person to
effectuate an Acquisition permitted by Section 7.02(h); provided that the Parent,
the Borrower or the applicable Subsidiary is the acquiring or surviving entity (or, with respect to
any merger by a Subsidiary other than the Borrower, the surviving entity becomes a Subsidiary in
the transaction); and provided further that if such merging Subsidiary is a
Guarantor, the surviving entity becomes a Guarantor and complies with the requirements for new
Guarantors under Section 6.13; and

     (d) the Parent or any Subsidiary may Dispose of all of the Equity Interests of any Subsidiary
in accordance with Section 7.05(n).

     7.05 Dispositions. Make any Disposition or enter into any agreement to make any Disposition,
except (without duplication):

     (a) Dispositions of obsolete, surplus or worn out property or property that is no longer used
or useful for the business of the Parent, the Borrower or any Subsidiary, whether now owned or
hereafter acquired, in each case in the ordinary course of business;

     (b) Dispositions of inventory and Cash Equivalents, charters of vessels, and leases of
equipment, in each case in the ordinary course of business;

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     (c) Dispositions of property to the Parent, the Borrower or a Wholly Owned Subsidiary;
provided that if the transferor of such property is the Parent, the Borrower, or a Subsidiary
Guarantor, the transferee thereof must either be the Parent, the Borrower or a Subsidiary
Guarantor;

     (d) (i) Dispositions permitted by Section 7.04, and (ii) Restricted Payments permitted
by Section 7.06;

     (e) [Intentionally left blank];

     (f) [Intentionally left blank];

     (g) [Intentionally left blank];

     (h) the Disposition of assets received pursuant to Section 7.02(e)(ii);

     (i) the grant in the ordinary course of business of any non-exclusive license of patents,
trademarks, registrations therefor and other similar intellectual property;

     (j) any Disposition of assets pursuant to (i) a condemnation, appropriation, seizure or
similar taking or proceeding by a Governmental Authority or (ii) the requirement of, or at the
direction of, a Governmental Authority;

     (k) [Intentionally left blank];

     (l) Dispositions of assets, other than Collateral, constituting non-cash contributions to a
joint venture to the extent such Investment is permitted pursuant to Section 7.02(g) (for
the purpose of determining compliance with the limitations of such Section, the assets shall be
valued at the value attributed thereto in the applicable joint venture agreement or, if greater,
fair market value);

     (m) The exchange of any vessel (other than a vessel that is subject to a Vessel Mortgage) for
any vessel of equivalent value (including any cash or Cash Equivalents necessary in order to
achieve an exchange of equivalent value);

     (n) The Parent or any Subsidiary may Dispose of (including by means of a merger of such
Subsidiary) the Equity Interests of a Subsidiary (other than the Borrower); provided that (i) no
less than all of the Equity Interests of the Parent and its Subsidiaries in the applicable
Subsidiary are Disposed of concurrently, (ii) all such Dispositions shall be made for fair market
value and (iii) the Subsidiary so Disposed of shall not, on an aggregate basis with all other
Subsidiaries Disposed of pursuant to this Section 7.05(n), account for (y) assets having an
aggregate book value of greater than 5% of the consolidated total assets of the Parent and its
Subsidiaries or (z) Consolidated EBITDA exceeding 5% of the Consolidated EBITDA of the Parent, in
each case determined as of the end of the fiscal quarter most recently ended;

     (o) The granting of any Lien permitted hereunder and dispositions of property subject to any
such Lien that is transferred to the lienholder or its designee in satisfaction or settlement of
such lienholder’s claim;

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     (p) Dispositions of assets (other than a vessel that is subject to a Vessel Mortgage) not
otherwise permitted under this Section 7.05; provided that (i) at the time of such
Disposition, no Default shall exist or would result from such Disposition and (ii) the aggregate
book value of all assets Disposed of in reliance on this clause (p) from and after the Closing
Date, together with the aggregate book value of the assets of all Subsidiaries Disposed of pursuant
to clause (n) above since the Closing Date, shall not exceed 10% of the total book value of all
assets of the Parent and its Subsidiaries as of the end of the most recent fiscal quarter of the
Parent;

provided, however, that any Disposition pursuant to clauses (a) through (d),
(j)(ii), (m), (n) and (p) shall be for fair market value.

For purposes of determining compliance with this Section 7.05, the fair market value of any
property Disposed of for consideration not consisting entirely of cash shall be the sum of the cash
portion of the consideration, if any, and the fair market value of the non-cash portion of the
consideration, as reasonably determined by the Parent in good faith.

     7.06 Restricted Payments. Declare or make, directly or indirectly, any Restricted Payment, or
incur any obligation (contingent or otherwise) to do so, except that:

     (a) (i) the Borrower may declare and make (A) a one-time Restricted Payment to Helix from and
with the proceeds of its initial Revolving Credit Loans, in an amount not to exceed $100,000,000
and (B) a one-time Restricted Payment to CDI Prometheus Holdings, Inc. from and with the proceeds
of Revolving Credit Loans made on or about the date of the IPO, in an amount not to exceed
$100,000,000 (such dividend, the “IPO Borrowing Dividend”) provided that there
shall be no less than $25,000,000 of availability under the Revolving Credit Facility and/or
unrestricted cash on-hand of the Borrower and its Subsidiaries as of the date of such Restricted
Payment (and for purposes of this clause (B), cash on-hand will not be deemed “restricted” solely
by reason of any Lien thereon or on any deposit account in which it is maintained, or other
restriction with respect thereto, which, in either case, is in favor of the Administrative Agent or
any Lender), after giving effect to the making of such Restricted Payment and all Borrowings made
and Letters of Credit issued (or deemed issued) under the Revolving Credit Facility on such date,
(ii) CDI Prometheus Holdings, Inc. may declare and make a one-time Restricted Payment to the Parent
of the IPO Borrowing Dividend, and (iii) the Parent may declare and make (A) a one-time Restricted
Payment to Helix of the IPO Borrowing Dividend and (B) a one-time Restricted Payment to Helix from
and with its proceeds from the IPO;

     (b) each Subsidiary may declare and make Restricted Payments to the Parent, the Borrower, the
Guarantors and any other Person that owns an Equity Interest in such Subsidiary, ratably according
to their respective holdings of the type of Equity Interest in respect of which such Restricted
Payment is being made;

     (c) the Parent, the Borrower and each Subsidiary may declare and make dividend payments or
other distributions payable solely in the common stock or other common Equity Interests of such
Person; and

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     (d) so long as no Default shall have occurred and be continuing (i) the Parent, the Borrower
and each Subsidiary may purchase, redeem or otherwise acquire Equity Interests issued by it with
the proceeds received from the substantially concurrent issue of new shares of its common stock or
other common Equity Interests and (ii) the Parent may purchase, redeem or otherwise acquire Equity
Interests issued by it provided that with respect to this clause (ii) the aggregate price
paid for all such purchased, redeemed, or otherwise acquired Equity Interests after the Closing
Date may not exceed, on a cumulative basis since the Closing Date, $25,000,000.

     7.07 Change in Nature of Business. Engage in any material line of business substantially
different from those lines of business conducted by the Parent, the Borrower and the Subsidiaries
on the date hereof or any business reasonably related or incidental thereto.

     7.08 Transactions with Affiliates. Enter into any transaction of any kind with any Affiliate
of the Parent, whether or not in the ordinary course of business, other than on fair and reasonable
terms substantially as favorable to the Parent, the Borrower or such Subsidiary as would be
obtainable by the Parent, the Borrower or such Subsidiary at the time in a comparable arm’s length
transaction with a Person other than an Affiliate, provided that the foregoing restriction
shall not apply to transactions as follows: (i) transactions between or among the Parent, the
Borrower and any Subsidiary Guarantor or between and among any Subsidiary Guarantors; (ii) any
Restricted Payment permitted by Section 7.06; (iii) Investments permitted under Section
7.02(d); (iv) loans and advances permitted under Section 7.02(c) and Guarantees
permitted under Section 7.02(f); (v) the performance of employment, equity award, equity
option or equity appreciation agreements, plans or other similar compensation or benefit plans or
arrangements (including vacation plans, health and insurance plans, deferred compensation plans and
retirement or savings plans) entered into by the Parent, the Borrower or any Subsidiary in the
ordinary course of its business with its employees, officers and directors; (vi) the performance of
any agreement set forth under Schedule 7.08 and as in effect on the date hereof or as
otherwise in a form as provided on such Schedule; and (vii) fees and compensation to, and indemnity
provided on behalf of, officers, directors, and employees of the Parent, the Borrower or any
Subsidiary in their capacity as such, to the extent such fees and compensation are customary.

     7.09 Burdensome Agreements. Except for restrictions and conditions (1) imposed by Law, (2)
existing on the date hereof, together with each extension, renewal, amendment or modification to
the extent it does not expand the scope of any such restriction or condition or otherwise make the
same more restrictive, (3) of a customary nature contained in agreements relating to the
Disposition of a Subsidiary otherwise permitted under this Agreement pending such Disposition,
provided such restrictions and conditions apply only to the Subsidiary that is to be
Disposed of, (4) contained in joint venture agreements or other similar agreements entered into in
the ordinary course of business in respect to the Disposition or distribution of assets of such
joint venture or (5) prior to the consummation of the IPO, to the extent the Parent or any of its
Subsidiaries is a Subsidiary of Helix, contained in the Helix Credit Agreement or a loan document
related thereto, enter into any Contractual Obligation (other than this Agreement or any other Loan
Document, or any related document, instrument or agreement) that (a) limits the ability (i) of any
Subsidiary to make Restricted Payments to the Parent, the Borrower or any Guarantor or to otherwise
transfer property to the Parent, the Borrower or any Guarantor, (ii) of

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any Subsidiary to Guarantee the Indebtedness of the Parent or the Borrower or (iii) of the
Parent, the Borrower or any Subsidiary to create, incur, assume or permit to exist Liens on its
property to secure the Obligations; provided, however, that this clause (iii) shall
not (A) prohibit any negative pledge incurred or provided in favor of any holder of a Lien
permitted by Section 7.01(f), (i), (q), (r), (s) or
(t) and secured Indebtedness permitted under Section 7.03(e), (h), or
(n) solely to the extent any such negative pledge relates to the property financed by or
the subject of such Indebtedness and (B) apply to customary provisions in leases, licenses and
similar contracts restricting the assignment, encumbrance, sub-letting or transfer thereof; or (b)
requires the grant of a Lien to secure an obligation of such Person if a Lien is granted to secure
another obligation of such Person.

     7.10 Use of Proceeds. Use the proceeds of any Credit Extension, whether directly or
indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock
(within the meaning of Regulation U of the FRB) or to extend credit to others for the purpose of
purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose.

     7.11 Financial Covenants.

     (a) Consolidated Fixed Charge Coverage Ratio. Permit the Consolidated Fixed Charge
Coverage Ratio as of the end of any fiscal quarter of the Parent to be less than 1.25 to 1.00.

     (b) Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio as of the end
of any fiscal quarter of the Parent to be greater than 3.00 to 1.00.

For purposes of calculating the Consolidated Leverage Ratio for the period ending September 30,
2006 only, the EBITDA of the Parent and its Subsidiaries for the period ending December 31, 2005
shall be included on a pro forma basis for such period in the amount set forth on Schedule
7.11.

     7.12 Capital Expenditures. Make or become legally obligated to make any Capital Expenditure,
except for Capital Expenditures in the ordinary course of business not exceeding, in the aggregate
for the Parent, the Borrower and the Subsidiaries during each fiscal year $65,000,000;
provided however that so long as no Default has occurred and is continuing or would result
from such expenditure, any portion of any amount set forth above, if not expended in the fiscal
year for which it is permitted above, may be carried over for expenditure in the next following
fiscal year; and provided further that if any such amount is so carried over, it will be
deemed used in the applicable subsequent fiscal year before the $65,000,000 permitted above for
such fiscal year.

     7.13 Amendment of Organizational Documents. Amend any of its Organizational Documents other
than any such amendment (a) made solely in connection with a transaction that is otherwise
permitted under this Agreement and (b) that would not reasonably be expected to have a Material
Adverse Effect.

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     7.14 Accounting Changes. Make any change in (a) accounting policies or reporting practices,
except (i) as required or permitted by GAAP or (ii) as the Parent reasonably deems necessary to
comply with any Law, or (b) fiscal year.

     7.15 Prepayments, Etc. of Indebtedness. Make any payment in violation of any subordination
terms of any Indebtedness for borrowed money, or prepay, redeem, purchase, defease or otherwise
satisfy or make any unscheduled payment, in each case, prior to the scheduled maturity thereof in
any manner (whether directly or indirectly) any Indebtedness for borrowed money, other than (i)
intercompany Indebtedness, (ii) Indebtedness in connection with a refinancing, refunding, extension
or renewal to the extent such refinancing, refunding, extension or renewal is permitted by
Section 7.03(b), or (e), (iii) Indebtedness under Swap Contracts permitted by
Section 7.03(d), (iv) secured Indebtedness that becomes due as a result of the Disposition
of the property securing such Debt to the extent that such Disposition is permitted by Section
7.05, and (v) payments in respect of the Obligations and (vi) prior to the consummation of the
IPO, payments pursuant to Section 2.06 of the Helix Credit Agreement in respect of the
“Obligations” (as defined in the Helix Credit Agreement).

     7.16 Partnerships, Etc. Become a general partner in any general or limited partnership or
joint venture, other than (i) any such interest in any Subsidiary which is, directly or indirectly,
a Wholly Owned Subsidiary of the Parent or (ii) pursuant to an Investment permitted by Section
7.02 (a), or (g).

     7.17 [Intentionally left blank.]

     7.18 Off-Balance Sheet Liabilities. Create, incur, assume or suffer to exist any Off-Balance
Sheet Liabilities.

ARTICLE VIII

EVENTS OF DEFAULT AND REMEDIES

     8.01 Events of Default. Any of the following shall constitute an Event of Default:

     (a) Non-Payment. The Borrower or any other Loan Party fails to pay (i) when and as
required to be paid herein, any amount of principal of any Loan or any L/C Obligation, or (ii)
within three days after the same becomes due, any interest on any Loan or on any L/C Obligation, or
any fee due hereunder, or (iii) within five days after the same becomes due, any other amount
payable hereunder or under any other Loan Document; or

     (b) Specific Covenants. Any Loan Party fails to perform or observe any term, covenant
or agreement contained in any of Section 6.01, 6.03, 6.05 (with respect to
the Parent or the Borrower) 6.10, or Article VII; or

     (c) Other Defaults. Any Loan Party fails to perform or observe any other covenant or
agreement (not specified in subsection (a) or (b) above) contained in any Loan Document on its part
to be performed or observed and such failure continues unremedied for 30 days after the earlier of
(i) the date on which the Parent, the Borrower or such Loan Party obtains, or

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reasonably should have had, knowledge of such failure and (ii) the date on which the Parent,
the Borrower or such Loan Party receives notice thereof from the Administrative Agent; or

     (d) Representations and Warranties. Any representation, warranty, certification or
statement of fact made or deemed made by or on behalf of the Parent, the Borrower or any other Loan
Party herein, in any other Loan Document, or in any document delivered in connection herewith or
therewith shall be incorrect or misleading in any material respect when made or deemed made; or

     (e) Cross-Default. (i) The Parent, the Borrower or any Subsidiary (A) fails to make
any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or
otherwise) in respect of any Indebtedness or Guarantee (other than Indebtedness hereunder and
Indebtedness under Swap Contracts) having an aggregate principal amount (including undrawn
committed or available amounts and including amounts owing to all creditors under any combined or
syndicated credit arrangement) of more than the Threshold Amount, or (B) fails to observe or
perform any other agreement or condition relating to any such Indebtedness or Guarantee or
contained in any instrument or agreement evidencing, securing or relating thereto, or any other
event occurs, the effect of which default or other event is to cause, or to permit the holder or
holders of such Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or
agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the
giving of notice if required, such Indebtedness to be demanded or to become due or to be
repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase,
prepay, defease or redeem such Indebtedness to be made, in each case prior to its stated maturity,
or such Guarantee to become payable or cash collateral in respect thereof to be demanded; or (ii)
there occurs under any Swap Contract an Early Termination Date (as defined in such Swap Contract)
resulting from (A) any event of default under such Swap Contract as to which the Parent, the
Borrower or any Subsidiary is the Defaulting Party (as defined in such Swap Contract) or (B) any
Termination Event (as so defined) under such Swap Contract as to which the Parent, the Borrower or
any Subsidiary is an Affected Party (as so defined) and, in either event, the Swap Termination
Value owed by the Parent, the Borrower or such Subsidiary as a result thereof is greater than the
Threshold Amount; or

     (f) Insolvency Proceedings, Etc. (i) Any Loan Party or any of its Subsidiaries
institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes
an assignment for the benefit of creditors, or applies for or consents to the appointment of any
receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or
for all or any material part of its property; or (ii) any receiver, trustee, custodian,
conservator, liquidator, rehabilitator or similar officer is appointed without the application or
consent of such Person and the appointment continues undischarged or unstayed for 60 calendar days;
or (iii) any proceeding under any Debtor Relief Law relating to any such Person or to all or any
material part of its property is instituted without the consent of such Person and continues
undismissed or unstayed for 60 calendar days, or an order for relief is entered in any such
proceeding; or

     (g) Inability to Pay Debts; Attachment. (i) The Parent, the Borrower or any
Subsidiary becomes unable or admits in writing its inability or fails generally to pay its debts as
they become due, or (ii) any writ or warrant of attachment or execution or similar process is

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issued or levied against all or any material part of the property of any such Person and is
not released, vacated or fully bonded within 30 days after its issue or levy; or

     (h) Judgments. There is entered against the Parent, the Borrower or any Subsidiary
one or more final judgments or orders for the payment of money in an aggregate amount (as to all
such judgments or orders) exceeding the Threshold Amount (to the extent not covered by independent
third-party insurance as to which the insurer does not dispute coverage), and (i) enforcement
proceedings are commenced by any creditor upon such judgment or order, or (ii) there is a period of
30 consecutive days during which a stay of enforcement of such judgment, by reason of a pending
appeal or otherwise, is not in effect; or

     (i) ERISA. (i) An ERISA Event occurs that, when taken together with all other ERISA
Events that have occurred, could reasonably be expected to subject the Parent, the Borrower or any
Subsidiary to liability individually or in the aggregate in excess of the Threshold Amount, or (ii)
the Borrower or any ERISA Affiliate fails to pay when due, after the expiration of any applicable
grace period, any installment payment with respect to its withdrawal liability under Section 4201
of ERISA under a Multiemployer Plan in an aggregate amount in excess of the Threshold Amount; or

     (j) Invalidity of Loan Documents. Any Loan Document, at any time after its execution
and delivery and for any reason other than as expressly permitted hereunder or thereunder or
satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Loan
Party or any other Person contests in any manner the validity or enforceability of any Loan
Document; or any Loan Party denies that it has any or further liability or obligation under any
Loan Document, or purports to revoke, terminate or rescind any Loan Document;

     (k) Change of Control. There occurs any Change of Control; or

     (l) IPO. (i) a live roadshow has not launched (which shall consist of, at a minimum,
the printing and delivery to potential investors of a preliminary prospectus regarding the IPO, the
scheduling of meetings among the Parent’s senior management and investment advisors and potential
investors for the purpose of soliciting indications of interest to purchase shares offered in the
IPO, and the commencement of such meetings) on or before November 30, 2006 or (ii) either the IPO
or the Restructuring shall have not been consummated, in all material respects as described in the
Form S-1 as previously filed with the SEC in connection with the IPO (including any amendments
thereto prior to the date of this Agreement), on or before December 31, 2006.

     8.02 Remedies Upon Event of Default. If any Event of Default occurs and is continuing, the
Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders,
take any or all of the following actions:

     (a) declare the commitment of each Lender to make Loans and any obligation of the L/C Issuers
to make L/C Credit Extensions to be terminated, whereupon such commitments and obligation shall be
terminated;

     (b) declare the unpaid principal amount of all outstanding Loans, all interest accrued and
unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan

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Document to be immediately due and payable, without presentment, demand, protest or other
notice of any kind, all of which are hereby expressly waived by the Borrower;

     (c) require that the Borrower Cash Collateralize the L/C Obligations (in an amount equal to
the then Outstanding Amount thereof); and

     (d) exercise on behalf of itself, the Lenders and the L/C Issuers all rights and remedies
available to it, the Lenders and the L/C Issuers under the Loan Documents;

provided, however, that upon the occurrence of an actual or deemed entry of an
order for relief with respect to the Borrower under the Bankruptcy Code of the United States, the
obligation of each Lender to make Loans and any obligation of the L/C Issuers to make L/C Credit
Extensions shall automatically terminate, the unpaid principal amount of all outstanding Loans and
all interest and other amounts as aforesaid shall automatically become due and payable, and the
obligation of the Borrower to Cash Collateralize the L/C Obligations as aforesaid shall
automatically become effective, in each case without further act of the Administrative Agent or any
Lender.

     8.03 Application of Funds. After the exercise of remedies provided for in Section
8.02 (or after the Loans have automatically become immediately due and payable and the L/C
Obligations have automatically been required to be Cash Collateralized as set forth in the proviso
to Section 8.02), any amounts received on account of the Obligations shall be applied by
the Administrative Agent in the following order:

     First, to payment of that portion of the Obligations constituting fees, indemnities,
expenses and other amounts (including fees, charges and disbursements of counsel to the
Administrative Agent and amounts payable under Article III) payable to the Administrative
Agent in its capacity as such;

     Second, to payment of that portion of the Obligations constituting fees, indemnities
and other amounts (other than principal, interest, commitment fees and Letter of Credit Fees)
payable to the Lenders and the L/C Issuers (including fees, charges and disbursements of counsel to
the respective Lenders and L/C Issuers and amounts payable under Article III), ratably
among them in proportion to the respective amounts described in this clause Second payable
to them;

     Third, to payment of that portion of the Obligations constituting accrued and unpaid
Letter of Credit Fees, commitment fees and interest on the Loans, L/C Borrowings and other
Obligations, ratably among the Lenders and the L/C Issuers in proportion to the respective amounts
described in this clause Third payable to them;

     Fourth, to payment of that portion of the Obligations constituting unpaid principal of
the Loans, L/C Borrowings and Obligations with respect to Secured Hedge Agreements, ratably among
the Lenders, the L/C Issuers and the Hedge Banks in proportion to the respective amounts described
in this clause Fourth held by them;

     Fifth, to the Administrative Agent for the account of the L/C Issuers, to Cash
Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of

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Letters of Credit, ratably among the L/C Issuers in proportion to the respective amounts
described in this clause Fifth held by them;

     Sixth, to payment of Obligations with respect to Secured Cash Management Agreements,
ratably among the Cash Management Banks in proportion to the respective amounts described in this
clause Sixth held by them; and

     Last, the balance, if any, after all of the Obligations have been indefeasibly paid in
full, to the Borrower or as otherwise required by Law.

Subject to Section 2.03(c), amounts used to Cash Collateralize the aggregate undrawn amount
of Letters of Credit pursuant to clause Fifth above shall be applied to satisfy drawings
under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral
after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be
applied to the other Obligations, if any, in the order set forth above.

ARTICLE IX

ADMINISTRATIVE AGENT

9.01 Appointment and Authority.

     (a) Each of the Lenders and the L/C Issuers hereby irrevocably appoints Bank of America to act
on its behalf as the Administrative Agent hereunder and under the other Loan Documents and
authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers
as are delegated to the Administrative Agent by the terms hereof or thereof, together with such
actions and powers as are reasonably incidental thereto. The provisions of this Article are solely
for the benefit of the Administrative Agent, the Lenders and the L/C Issuers, and neither the
Borrower nor any other Loan Party shall have rights as a third party beneficiary of any of such
provisions.

     (b) The Administrative Agent shall also act as the “collateral agent” under the Loan
Documents, and each of the Lenders (in its capacities as a Lender, Swing Line Lender (if
applicable), potential Hedge Bank and potential Cash Management Bank) and the L/C Issuers hereby
irrevocably appoints and authorizes the Administrative Agent to act as the agent of such Lender and
such L/C Issuer for purposes of acquiring, holding and enforcing any and all Liens on Collateral
granted by any of the Loan Parties to secure any of the Obligations, together with such powers and
discretion as are reasonably incidental thereto. In this connection, the Administrative Agent, as
“collateral agent” and any co-agents, sub-agents and attorneys-in-fact appointed by the
Administrative Agent pursuant to Section 9.05 for purposes of holding or enforcing any Lien
on the Collateral (or any portion thereof) granted under the Security Documents, or for exercising
any rights and remedies thereunder at the direction of the Administrative Agent), shall be entitled
to the benefits of all provisions of this Article IX and Article X (including
Section 10.04(c), as though such co-agents, sub-agents and attorneys-in-fact were the
“collateral agent” under the Loan Documents) as if set forth in full herein with respect thereto.

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     9.02 Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have
the same rights and powers in its capacity as a Lender as any other Lender and may exercise the
same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall,
unless otherwise expressly indicated or unless the context otherwise requires, include the Person
serving as the Administrative Agent hereunder in its individual capacity. Such Person and its
Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other
advisory capacity for and generally engage in any kind of business with the Parent, the Borrower or
any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent
hereunder and without any duty to account therefor to the Lenders.

     9.03 Exculpatory Provisions. The Administrative Agent shall not have any duties or
obligations except those expressly set forth herein and in the other Loan Documents. Without
limiting the generality of the foregoing, the Administrative Agent:

     (a) shall not be subject to any fiduciary or other implied duties, regardless of whether a
Default has occurred and is continuing;

     (b) shall not have any duty to take any discretionary action or exercise any discretionary
powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan
Documents that the Administrative Agent is required to exercise as directed in writing by the
Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided
for herein or in the other Loan Documents), provided that the Administrative Agent shall not be
required to take any action that, in its opinion or the opinion of its counsel, may expose the
Administrative Agent to liability or that is contrary to any Loan Document or applicable law; and

     (c) shall not, except as expressly set forth herein and in the other Loan Documents, have any
duty to disclose, and shall not be liable for the failure to disclose, any information relating to
the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as
the Administrative Agent or any of its Affiliates in any capacity.

     The Administrative Agent shall not be liable for any action taken or not taken by it (i) with
the consent or at the request of the Required Lenders (or such other number or percentage of the
Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be
necessary, under the circumstances as provided in Sections 10.01 and 8.02) or (ii)
in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall
be deemed not to have knowledge of any Default unless and until notice describing such Default is
given to the Administrative Agent by the Parent, the Borrower, a Lender or the applicable L/C
Issuer.

     The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire
into (i) any statement, warranty or representation made in or in connection with this Agreement or
any other Loan Document, (ii) the contents of any certificate, report or other document delivered
hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance
of any of the covenants, agreements or other terms or conditions set forth herein or therein or the
occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this
Agreement, any other Loan Document or any other

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agreement, instrument or document or (v) the satisfaction of any condition set forth in
Article IV or elsewhere herein, other than to confirm receipt of items expressly required
to be delivered to the Administrative Agent.

     9.04 Reliance by Administrative Agent.

     The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for
relying upon, any notice, request, certificate, consent, statement, instrument, document or other
writing (including any electronic message, Internet or intranet website posting or other
distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated
by the proper Person. The Administrative Agent also may rely upon any statement made to it orally
or by telephone and believed by it to have been made by the proper Person, and shall not incur any
liability for relying thereon. In determining compliance with any condition hereunder to the
making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the
satisfaction of a Lender or an L/C Issuer, the Administrative Agent may presume that such condition
is satisfactory to such Lender or such L/C Issuer unless the Administrative Agent shall have
received notice to the contrary from such Lender or such L/C Issuer prior to the making of such
Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with legal
counsel (who may be counsel for the Borrower), independent accountants and other experts selected
by it, and shall not be liable for any action taken or not taken by it in accordance with the
advice of any such counsel, accountants or experts.

     9.05 Delegation of Duties. The Administrative Agent may perform any and all of its duties and
exercise its rights and powers hereunder or under any other Loan Document by or through any one or
more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such
sub-agent may perform any and all of its duties and exercise its rights and powers by or through
their respective Related Parties. The exculpatory provisions of this Article shall apply to any
such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and
shall apply to their respective activities in connection with the syndication of the credit
facilities provided for herein as well as activities as Administrative Agent.

     9.06 Resignation of Administrative Agent. The Administrative Agent may at any time give
notice of its resignation to the Lenders, the L/C Issuers and the Borrower. Upon receipt of any
such notice of resignation, the Required Lenders shall have the right, in consultation with the
Borrower, to appoint a successor, which shall be a bank with an office in the United States, or an
Affiliate of any such bank with an office in the United States. If no such successor shall have
been so appointed by the Required Lenders and shall have accepted such appointment within 30 days
after the retiring Administrative Agent gives notice of its resignation, then the retiring
Administrative Agent may on behalf of the Lenders and the L/C Issuers, appoint a successor
Administrative Agent meeting the qualifications set forth above; provided that if the
Administrative Agent shall notify the Borrower and the Lenders that no qualifying Person has
accepted such appointment, then such resignation shall nonetheless become effective in accordance
with such notice and (1) the retiring Administrative Agent shall be discharged from its duties and
obligations hereunder and under the other Loan Documents (except that in the case of any collateral
security held by the Administrative Agent on behalf of the Lenders or the L/C Issuers under any of
the Loan Documents, the retiring Administrative Agent shall continue to hold such collateral
security until such time as a successor

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Administrative Agent is appointed) and (2) all payments, communications and determinations
provided to be made by, to or through the Administrative Agent shall instead be made by or to each
Lender and the applicable L/C Issuer directly, until such time as the Required Lenders appoint a
successor Administrative Agent as provided for above in this Section. Upon the acceptance of a
successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and
become vested with all of the rights, powers, privileges and duties of the retiring (or retired)
Administrative Agent, and the retiring Administrative Agent shall be discharged from all of its
duties and obligations hereunder or under the other Loan Documents (if not already discharged
therefrom as provided above in this Section). The fees payable by the Borrower to a successor
Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed
between the Borrower and such successor. After the retiring Administrative Agent’s resignation
hereunder and under the other Loan Documents, the provisions of this Article and Section
10.04 shall continue in effect for the benefit of such retiring Administrative Agent, its
sub-agents and their respective Related Parties in respect of any actions taken or omitted to be
taken by any of them while the retiring Administrative Agent was acting as Administrative Agent.

     Any resignation by Bank of America as Administrative Agent pursuant to this Section shall also
constitute its resignation as L/C Issuer and Swing Line Lender. Upon the acceptance of a
successor’s appointment as Administrative Agent hereunder, (a) such successor shall succeed to and
become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer and
Swing Line Lender, (b) the retiring L/C Issuer and Swing Line Lender shall be discharged from all
of their respective duties and obligations hereunder or under the other Loan Documents, and (c) the
successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if
any, outstanding at the time of such succession or make other arrangements satisfactory to the
retiring L/C Issuer to effectively assume the obligations of the retiring L/C Issuer with respect
to such Letters of Credit.

     9.07 Non-Reliance on Administrative Agent and Other Lenders. Each Lender and each L/C Issuer
acknowledges that it has, independently and without reliance upon the Administrative Agent or any
other Lender or any of their Related Parties and based on such documents and information as it has
deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each
Lender and each L/C Issuer also acknowledges that it will, independently and without reliance upon
the Administrative Agent or any other Lender or any of their Related Parties and based on such
documents and information as it shall from time to time deem appropriate, continue to make its own
decisions in taking or not taking action under or based upon this Agreement, any other Loan
Document or any related agreement or any document furnished hereunder or thereunder.

     9.08 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the Book
Runners, Arrangers or Syndication or Documentation Agents, if any, listed on the cover page hereof
shall have any powers, duties or responsibilities under this Agreement or any of the other Loan
Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or an L/C
Issuer hereunder.

     9.09 Administrative Agent May File Proofs of Claim. In case of the pendency of any proceeding
under any Debtor Relief Law or any other judicial proceeding relative to any

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Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan or L/C
Obligation shall then be due and payable as herein expressed or by declaration or otherwise and
irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall
be entitled and empowered, by intervention in such proceeding or otherwise

     (a) to file and prove a claim for the whole amount of the principal and interest owing and
unpaid in respect of the Loans, L/C Obligations and all other Obligations that are owing and unpaid
and to file such other documents as may be necessary or advisable in order to have the claims of
the Lenders, the L/C Issuers and the Administrative Agent (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Lenders, the L/C Issuers and the
Administrative Agent and their respective agents and counsel and all other amounts due the Lenders,
the L/C Issuers and the Administrative Agent under Sections 2.03(i) and (j),
2.10 and 10.04) allowed in such judicial proceeding; and

     (b) to collect and receive any monies or other property payable or deliverable on any such
claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Lender and each L/C Issuer to make
such payments to the Administrative Agent and, in the event that the Administrative Agent shall
consent to the making of such payments directly to the Lenders and the L/C Issuers, to pay to the
Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and
advances of the Administrative Agent and its agents and counsel, and any other amounts due the
Administrative Agent under Sections 2.10 and 10.04.

     Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or
consent to or accept or adopt on behalf of any Lender or any L/C Issuer any plan of reorganization,
arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or any
L/C Issuer or to authorize the Administrative Agent to vote in respect of the claim of any Lender
of the L/C Issuer in any such proceeding.

     9.10 Collateral and Guaranty Matters. The Lenders and the L/C Issuers irrevocably authorize
the Administrative Agent, at its option and in its discretion,

     (a) to release any Lien on any property granted to or held by the Administrative Agent under
any Loan Document (i) upon termination of the Aggregate Commitments, payment in full of all
Obligations (other than contingent indemnification Obligations and any Obligations under any
Secured Cash Management Agreement or Secured Hedge Agreement which are not then due and payable),
and expiration or termination of all Letters of Credit, (ii) that is Disposed of or to be Disposed
of as part of or in connection with any Disposition permitted hereunder or under any other Loan
Document or (iii) subject to Section 10.01, if approved, authorized or ratified in writing
by the Required Lenders;

     (b) to subordinate any Lien on any property granted to or held by the Administrative Agent
under any Loan Document to the holder of any Lien on such property that is permitted by Section
7.01(i);

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     (c) to release any Guarantor from its obligations under the Loan Documents if such Person
ceases to be a Subsidiary as a result of a transaction permitted hereunder, and to release Helix
from its obligations under its Guaranty and the other Loan Documents upon consummation of the IPO
and delivery of the Guaranties and Security Documents and other items required by Section
6.13(d); and

     (d) to release any Liens, or to release any Guarantor from its obligations under the Loan
Documents, in each case in accordance with Section 10.17.

     Upon request by the Administrative Agent at any time, the Required Lenders will confirm in
writing the Administrative Agent’s authority to release or subordinate its interest in particular
types or items of property, or to release any Guarantor from its obligations under the applicable
Loan Documents pursuant to this Section 9.10.

ARTICLE X

MISCELLANEOUS

     10.01 Amendments, Etc. No amendment or waiver of any provision of this Agreement or any other
Loan Document, and no consent to any departure by the Parent, the Borrower or any other Loan Party
therefrom, shall be effective unless in writing signed by the Required Lenders and the Parent, the
Borrower or the applicable Loan Party, as the case may be, and acknowledged by the Administrative
Agent, and each such waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given; provided, however, that no such amendment, waiver
or consent shall:

     (a) waive any condition set forth in Section 4.01 or, in the case of the initial
Credit Extension, Section 4.02, without the written consent of each Lender, or amend,
modify or waive any condition precedent set forth in Section 4.02 to any Credit Extension
under the Revolving Credit Facility (including, without limitation, the waiver of an existing
Default or Event of Default required to be waived in order for such Credit Extension to be made)
without the consent of the Required Lenders;

     (b) extend or increase the Commitment of any Lender (or reinstate any Commitment terminated
pursuant to Section 8.02) without the written consent of such Lender;

     (c) postpone any date fixed by this Agreement or any other Loan Document for any payment or
mandatory prepayment of principal, interest, fees or other amounts due to the Lenders (or any of
them) hereunder or under any other Loan Document without the written consent of each Lender
entitled to such payment;

     (d) reduce the principal of, or the rate of interest specified herein on, any Loan or L/C
Borrowing, or (subject to clause (v) of the proviso immediately following clause (i) of this
Section 10.01) any fees or other amounts payable hereunder or under any other Loan Document
without the written consent of each Lender entitled to such amount; provided, however, that
only the consent of the Required Lenders shall be necessary (i) to amend the definition of “Default
Rate” or to waive any obligation of the Borrower to pay interest or Letter of Credit Fees at the
Default Rate or (ii) to amend any financial covenant hereunder (or any defined term used

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therein) even if the effect of such amendment would be to reduce the rate of interest on any
Loan or L/C Borrowing or to reduce any fee payable hereunder;

     (e) change (i) Section 2.14 or Section 8.03 in a manner that would alter the
pro rata sharing of payments required thereby without the written consent of each Lender;

     (f) change any provision of this Section or the definition of “Required Lenders” or any other
provision hereof specifying the number or percentage of Lenders required to amend, waive or
otherwise modify any rights hereunder or make any determination or grant any consent hereunder
without the written consent of each Lender;

     (g) release all or substantially all of the Collateral (other than as permitted by the Loan
Documents) in any transaction or series of related transactions, without the written consent of
each Lender;

     (h) release all or substantially all of the value of any Guaranty (other than as permitted by
the Loan Documents) without the written consent of each Lender;

     (i) impose any greater restriction on the ability of any Lender to assign any of its rights or
obligations hereunder without the written consent of the Required Lenders;

and, provided further, that (i) no amendment, waiver or consent shall, unless in
writing and signed by the applicable L/C Issuer in addition to the Lenders required above, affect
the rights or duties of such L/C Issuer under this Agreement or any Issuer Document relating to any
Letter of Credit issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless
in writing and signed by the Swing Line Lender in addition to the Lenders required above, affect
the rights or duties of the Swing Line Lender under this Agreement; (iii) no amendment, waiver or
consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders
required above, affect the rights or duties of the Administrative Agent under this Agreement or any
other Loan Document; (iv) Section 10.06(h) may not be amended, waived or otherwise modified
without the consent of each Granting Lender all or any part of whose Loans are being funded by an
SPC at the time of such amendment, waiver or other modification; and (v) the Fee Letter may be
amended, or rights or privileges thereunder waived, in a writing executed only by the parties
thereto. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any
right to approve or disapprove any amendment, waiver or consent hereunder or any other Loan
Document, nor shall a Defaulting Lender’s vote or status as a Lender be required in determining
majority, unanimity or other condition or effect of any vote, except that the Commitment of such
Lender may not be increased or extended without the consent of such Lender.

     If any Lender does not consent to a proposed amendment, waiver, consent or release with
respect to any Loan Document that requires the consent of each Lender and that has been approved by
the Required Lenders, the Borrower may replace such non-consenting Lender in accordance with
Section 10.13; provided that such amendment, waiver, consent or release can be
effected as a result of the assignment contemplated by such Section (together with all other such
assignments required by the Borrower to be made pursuant to this paragraph).

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     10.02 Notices; Effectiveness; Electronic Communication.

     (a) Notices Generally. Except in the case of notices and other communications
expressly permitted to be given by telephone (and except as provided in subsection (b) below), all
notices and other communications provided for herein shall be in writing and shall be delivered by
hand or overnight courier service, mailed by certified or registered mail or sent by telecopier or
other electronic transmission as follows, and all notices and other communications expressly
permitted hereunder to be given by telephone shall be made to the applicable telephone number, as
follows:

     (i) if to the Parent, the Borrower, the Administrative Agent, an L/C Issuer or the
Swing Line Lender, to the address, telecopier number, electronic mail address or telephone
number specified for such Person on Schedule 10.02; and

     (ii) if to any other Lender, to the address, telecopier number, electronic mail address
or telephone number specified in its Administrative Questionnaire.

Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall
be deemed to have been given when received; notices sent by telecopier shall be deemed to have been
given when sent (except that, if not given during normal business hours for the recipient, shall be
deemed to have been given at the opening of business on the next business day for the recipient).
Notices delivered through electronic communications to the extent provided in subsection (b) below,
shall be effective as provided in such subsection (b).

     (b) Electronic Communications. Notices and other communications to the Lenders and
the L/C Issuers hereunder may be delivered or furnished by electronic communication (including
e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative
Agent, provided that the foregoing shall not apply to notices to any Lender or any L/C Issuer
pursuant to Article II if such Lender or such L/C Issuer, as applicable, has notified the
Administrative Agent that it is incapable of receiving notices under such Article by electronic
communication. The Administrative Agent, the Parent or the Borrower may, in its discretion, agree
to accept notices and other communications to it hereunder by electronic communications pursuant to
procedures approved by it, provided that approval of such procedures may be limited to particular
notices or communications.

     Unless the Administrative Agent otherwise prescribes, (i) notices and other communications
sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement
from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement), provided that if such notice or other
communication is not sent during the normal business hours of the recipient, such notice or
communication shall be deemed to have been sent at the opening of business on the next business day
for the recipient, and (ii) notices or communications posted to an Internet or intranet website
shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as
described in the foregoing clause (i) of notification that such notice or communication is
available and identifying the website address therefor.

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     (c) The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT
PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE PARENT MATERIALS OR
THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE
PARENT MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY
OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR
FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE
PARENT MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its Related
Parties (collectively, the “Agent Parties”) have any liability to the Parent, the Borrower,
any Lender, any L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses
of any kind (whether in tort, contract or otherwise) arising out of the Parent’s, the Borrower’s or
the Administrative Agent’s transmission of Parent Materials through the Internet, except to the
extent that such losses, claims, damages, liabilities or expenses are determined by a court of
competent jurisdiction by a final and nonappealable judgment to have resulted from the gross
negligence or willful misconduct of such Agent Party; provided, however, that in no event shall any
Agent Party have any liability to the Parent, the Borrower, any Lender, any L/C Issuer or any other
Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct
or actual damages).

     (d) Change of Address, Etc. Each of the Parent, the Borrower, the Administrative
Agent, each L/C Issuer and the Swing Line Lender may change its address, telecopier or telephone
number for notices and other communications hereunder by notice to the other parties hereto. Each
other Lender may change its address, telecopier or telephone number for notices and other
communications hereunder by notice to the Borrower, the Administrative Agent, each other L/C Issuer
and the Swing Line Lender. In addition, each Lender agrees to notify the Administrative Agent from
time to time to ensure that the Administrative Agent has on record (i) an effective address,
contact name, telephone number, telecopier number and electronic mail address to which notices and
other communications may be sent and (ii) accurate wire instructions for such Lender.

     (e) Reliance by Administrative Agent, L/C Issuers and Lenders. The Administrative
Agent, the L/C Issuers and the Lenders shall be entitled to rely and act upon any notices
(including telephonic Loan Notices and Swing Line Loan Notices) purportedly given by or on behalf
of the Parent or the Borrower even if (i) such notices were not made in a manner specified herein,
were incomplete or were not preceded or followed by any other form of notice specified herein, or
(ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The
Borrower shall indemnify the Administrative Agent, each L/C Issuer, each Lender and the Related
Parties of each of them from all losses, costs, expenses and liabilities resulting from the
reliance by such Person on each notice purportedly given by or on behalf of the Parent or the
Borrower. All telephonic notices to and other telephonic communications with the Administrative
Agent made pursuant to this Agreement may be recorded by the Administrative Agent, and each of the
parties hereto hereby consents to such recording.

     10.03 No Waiver; Cumulative Remedies. No failure by any Lender, any L/C Issuer or the
Administrative Agent to exercise, and no delay by any such Person in exercising, any right,

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remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single
or partial exercise of any right, remedy, power or privilege hereunder preclude any other or
further exercise thereof or the exercise of any other right, remedy, power or privilege. The
rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any
rights, remedies, powers and privileges provided by law.

     10.04 Expenses; Indemnity; Damage Waiver.

     (a) Costs and Expenses. The Borrower shall pay (i) all reasonable out-of-pocket
expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees,
charges and disbursements of counsel for the Administrative Agent), in connection with the
syndication of the credit facilities provided for herein, the preparation, negotiation, execution,
delivery and administration of this Agreement and the other Loan Documents or any amendments,
modifications or waivers of the provisions hereof or thereof (whether or not the transactions
contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses
incurred by any L/C Issuer in connection with the issuance, amendment, renewal or extension of any
Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred
by the Administrative Agent, any Lender or any L/C Issuer (including the fees, charges and
disbursements of any counsel for the Administrative Agent, any Lender or any L/C Issuer) in
connection with the enforcement or protection of its rights (A) in connection with this Agreement
and the other Loan Documents, including its rights under this Section, or (B) in connection with
the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses
incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of
Credit.

     (b) INDEMNIFICATION BY THE BORROWER. THE BORROWER SHALL INDEMNIFY THE ADMINISTRATIVE
AGENT (AND ANY SUB-AGENT THEREOF), EACH LENDER AND EACH L/C ISSUER, AND EACH RELATED PARTY OF ANY
OF THE FOREGOING PERSONS (EACH SUCH PERSON BEING CALLED AN “INDEMNITEE”) AGAINST, AND HOLD EACH
INDEMNITEE HARMLESS FROM, ANY AND ALL LOSSES, CLAIMS, DAMAGES, LIABILITIES AND RELATED EXPENSES
(INCLUDING THE REASONABLE FEES, CHARGES AND DISBURSEMENTS OF ANY COUNSEL FOR ANY INDEMNITEE)
INCURRED BY ANY INDEMNITEE OR ASSERTED AGAINST ANY INDEMNITEE BY ANY THIRD PARTY OR BY THE BORROWER
OR ANY OTHER LOAN PARTY ARISING OUT OF, IN CONNECTION WITH, OR AS A RESULT OF (I) THE EXECUTION OR
DELIVERY OF THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR ANY AGREEMENT OR INSTRUMENT CONTEMPLATED
HEREBY OR THEREBY, THE PERFORMANCE BY THE PARTIES HERETO OF THEIR RESPECTIVE OBLIGATIONS HEREUNDER
OR THEREUNDER, THE CONSUMMATION OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, INCLUDING THE
TRANSACTION, OR, IN THE CASE OF THE ADMINISTRATIVE AGENT (AND ANY SUB-AGENT THEREOF) AND ITS
RELATED PARTIES ONLY, THE ADMINISTRATION OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, (II) ANY
LOAN OR LETTER OF CREDIT OR THE USE OR PROPOSED USE OF THE PROCEEDS THEREFROM (INCLUDING ANY
REFUSAL BY A L/C ISSUER TO HONOR A DEMAND FOR PAYMENT UNDER A LETTER OF CREDIT IF THE DOCUMENTS
PRESENTED IN CONNECTION WITH SUCH DEMAND DO NOT STRICTLY COMPLY WITH THE TERMS

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OF SUCH LETTER OF CREDIT), (III) ANY ACTUAL OR ALLEGED PRESENCE OR RELEASE OF HAZARDOUS
MATERIALS ON OR FROM ANY PROPERTY OWNED OR OPERATED BY THE BORROWER OR ANY OF ITS SUBSIDIARIES, OR
ANY ENVIRONMENTAL LIABILITY RELATED IN ANY WAY TO THE BORROWER OR ANY OF ITS SUBSIDIARIES, OR (IV)
ANY ACTUAL OR PROSPECTIVE CLAIM, LITIGATION, INVESTIGATION OR PROCEEDING RELATING TO ANY OF THE
FOREGOING, WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY, WHETHER BROUGHT BY A THIRD PARTY OR
BY THE PARENT, THE BORROWER OR ANY OTHER LOAN PARTY, AND REGARDLESS OF WHETHER ANY INDEMNITEE IS A
PARTY THERETO, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE
COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNITEE; PROVIDED THAT SUCH INDEMNITY SHALL
NOT, AS TO ANY INDEMNITEE, BE AVAILABLE TO THE EXTENT THAT SUCH LOSSES, CLAIMS, DAMAGES,
LIABILITIES OR RELATED EXPENSES (X) ARE DETERMINED BY A COURT OF COMPETENT JURISDICTION BY FINAL
AND NONAPPEALABLE JUDGMENT TO HAVE RESULTED FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH
INDEMNITEE OR (Y) RESULT FROM A CLAIM BROUGHT BY THE PARENT, THE BORROWER OR ANY OTHER LOAN PARTY
AGAINST AN INDEMNITEE FOR BREACH IN BAD FAITH OF SUCH INDEMNITEE’S OBLIGATIONS HEREUNDER OR UNDER
ANY OTHER LOAN DOCUMENT, IF THE BORROWER OR SUCH LOAN PARTY HAS OBTAINED A FINAL AND NONAPPEALABLE
JUDGMENT IN ITS FAVOR ON SUCH CLAIM AS DETERMINED BY A COURT OF COMPETENT JURISDICTION.

     (c) Reimbursement by Lenders. To the extent that the Borrower for any reason fails to
indefeasibly pay any amount required under subsection (a) or (b) of this Section to be paid by it
to the Administrative Agent (or any sub-agent thereof), any L/C Issuer or any Related Party of any
of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such
sub-agent), such L/C Issuer or such Related Party, as the case may be, such Lender’s Applicable
Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment
is sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss,
claim, damage, liability or related expense, as the case may be, was incurred by or asserted
against the Administrative Agent (or any such sub-agent) or such L/C Issuer in its capacity as
such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or
any such sub-agent) or such L/C Issuer in connection with such capacity. The obligations of the
Lenders under this subsection (c) are subject to the provisions of Section 2.13(d).

     (d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by
applicable law, neither the Parent nor the Borrower shall assert, and hereby waives, any claim
against any Indemnitee, on any theory of liability, for special, indirect, consequential or
punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as
a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated
hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of
the proceeds thereof. No Indemnitee referred to in subsection (b) above shall be liable for any
damages arising from the use by unintended recipients of any information or other materials
distributed to such unintended recipients by such Indemnitee through telecommunications,

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electronic or other information transmission systems in connection with this Agreement or the
other Loan Documents or the transactions contemplated hereby or thereby other than for direct or
actual damages resulting from the gross negligence or willful misconduct of such Indemnitee as
determined by a final and nonappealable judgment of a court of competent jurisdiction..

     (e) Payments. All amounts due under this Section shall be payable not later than ten
Business Days after demand therefor.

     (f) Survival. The agreements in this Section shall survive the resignation of the
Administrative Agent, the L/C Issuers and the Swing Line Lender, the replacement of any Lender, the
termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the
other Obligations.

     10.05 Payments Set Aside. To the extent that any payment by or on behalf of the Borrower is
made to the Administrative Agent, any L/C Issuer or any Lender, or the Administrative Agent, any
L/C Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such
setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential,
set aside or required (including pursuant to any settlement entered into by the Administrative
Agent, such L/C Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or any
other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a)
to the extent of such recovery, the obligation or part thereof originally intended to be satisfied
shall be revived and continued in full force and effect as if such payment had not been made or
such setoff had not occurred, and (b) each Lender and each L/C Issuer severally agrees to pay to
the Administrative Agent upon demand its applicable share (without duplication) of any amount so
recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such
demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from
time to time in effect. The obligations of the Lenders and the L/C Issuers under clause (b) of the
preceding sentence shall survive the payment in full of the Obligations and the termination of this
Agreement.

     10.06 Successors and Assigns.

     (a) Successors and Assigns Generally. The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby, except that neither the Parent nor the Borrower may assign or otherwise
transfer any of its rights or obligations hereunder without the prior written consent of the
Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its
rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the
provisions of subsection (b) of this Section, (ii) by way of participation in accordance with the
provisions of subsection (d) of this Section, (iii) by way of pledge or assignment of a security
interest subject to the restrictions of subsection (f) of this Section, or (iv) to an SPC in
accordance with the provisions of subsection (h) of this Section (and any other attempted
assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement,
expressed or implied, shall be construed to confer upon any Person (other than the parties hereto,
their respective successors and assigns permitted hereby, Participants to the extent provided in
subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related

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Parties of each of the Administrative Agent, the L/C Issuers and the Lenders) any legal or
equitable right, remedy or claim under or by reason of this Agreement.

     (b) Assignments by Lenders. Any Lender may at any time assign to one or more Eligible
Assignees all or a portion of its rights and obligations under this Agreement (including all or a
portion of its Commitment and the Loans (including for purposes of this subsection (b),
participations in L/C Obligations and in Swing Line Loans) at the time owing to it); provided that
any such assignment shall be subject to the following conditions:

     (i) Minimum Amounts.

     (A) in the case of an assignment of the entire remaining amount of the
assigning Lender’s Commitment and the Loans at the time owing to it, no minimum
amount need be assigned; and

     (B) in any case not described in subsection (b)(i)(A) of this Section, the
aggregate amount of the Commitment (which for this purpose includes Loans
outstanding thereunder) or, if the Commitment is not then in effect, the outstanding
principal balance of the Loans of the assigning Lender subject to each such
assignment, determined as of the date the Assignment and Assumption with respect to
such assignment is delivered to the Administrative Agent or, if “Trade Date” is
specified in the Assignment and Assumption, as of the Trade Date, shall not be less
than $5,000,000, unless each of the Administrative Agent and, so long as no Event of
Default has occurred and is continuing, the Borrower otherwise consents (each such
consent not to be unreasonably withheld or delayed); provided,
however, that concurrent assignments to members of an Assignee Group and
concurrent assignments from members of an Assignee Group to a single assignee (or to
an Eligible Assignee and members of its Assignee Group) will be treated as a single
assignment for purposes of determining whether such minimum amount has been met;

     (ii) Proportionate Amounts. Each partial assignment shall be made as an
assignment of a proportionate part of all the assigning Lender’s rights and obligations
under this Agreement with respect to the Loans or the Commitment assigned, except that this
clause (ii) shall not apply to the Swing Line Lender’s rights and obligations in respect of
Swing Line Loans;

     (iii) Required Consents. No consent shall be required for any assignment
except to the extent required by subsection (b)(i)(B) of this Section and, in addition:

     (A) the consent of the Borrower (such consent not to be unreasonably withheld
or delayed) shall be required unless (1) an Event of Default has occurred and is
continuing at the time of such assignment or (2) such assignment is to a Lender;

     (B) the consent of the Administrative Agent (such consent not to be
unreasonably withheld or delayed) shall be required for assignments in respect of
any Commitment if such assignment is to a Person that is not a Lender;

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     (C) the consent of the L/C Issuers (such consent not to be unreasonably
withheld or delayed) shall be required for any assignment that increases the
obligation of the assignee to participate in exposure under one or more Letters of
Credit (whether or not then outstanding); and

     (D) the consent of the Swing Line Lender (such consent not to be unreasonably
withheld or delayed) shall be required by any assignment of any Commitment.

     (iv) Assignment and Assumption. The parties to each assignment shall execute
and deliver to the Administrative Agent an Assignment and Assumption, together with a
processing and recordation fee in the amount of $3,500; provided, however,
that the Administrative Agent may, in its sole discretion, elect to waive such processing
and recordation fee in the case of any assignment. For the avoidance of doubt, no part of
any such processing and recordation fee shall be payable by or otherwise for the account of
any Loan Party, directly or indirectly. The Eligible Assignee, if it is not a Lender, shall
deliver to the Administrative Agent an Administrative Questionnaire.

     (v) No Assignment to Borrower. No such assignment shall be made to the
Borrower or any of the Borrower’s Affiliates or Subsidiaries.

     (vi) No Assignment to Natural Persons. No such assignment shall be made to a
natural person.

Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection (c)
of this Section, from and after the effective date specified in each Assignment and Assumption, the
Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the interest
assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by
such Assignment and Assumption, be released from its obligations under this Agreement (and, in the
case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations
under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be
entitled to the benefits of Sections 3.01, 3.04, 3.05, and 10.04
with respect to facts and circumstances occurring prior to the effective date of such assignment.
Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee
Lender. The assignor shall, if its entire Commitment was assigned, return the cancelled original
Note of such assignor to the Borrower following a request therefor. Any assignment or transfer by
a Lender of rights or obligations under this Agreement that does not comply with this subsection
shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such
rights and obligations in accordance with subsection (d) of this Section.

     (c) Register. The Administrative Agent, acting solely for this purpose as an agent of
the Borrower, shall maintain at the Administrative Agent’s Office a copy of each Assignment and
Assumption delivered to it and a register for the recordation of the names and addresses of the
Lenders, and the Commitments of, and principal amounts of the Loans and L/C Obligations owing to,
each Lender pursuant to the terms hereof from time to time (the “Register”). The

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entries in the Register shall be conclusive, and the Borrower, the Administrative Agent and
the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms
hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the
contrary. The Register shall be available for inspection by the Borrower and any Lender, at any
reasonable time and from time to time upon reasonable prior notice.

     (d) Participations. Any Lender may at any time, without the consent of, or notice to,
the Borrower or the Administrative Agent, sell participations to any Person (other than a natural
person, a competitor of the Borrower (as defined below), or the Borrower or any of the Borrower’s
Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s
rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or
the Loans (including such Lender’s participations in L/C Obligations and/or Swing Line Loans) owing
to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged,
(ii) such Lender shall remain solely responsible to the other parties hereto for the performance of
such obligations and (iii) the Borrower, the Administrative Agent, the Lenders and the L/C Issuers
shall continue to deal solely and directly with such Lender in connection with such Lender’s rights
and obligations under this Agreement. As used above, a “competitor” of the Borrower shall mean any
Person principally engaged in the business of providing contracting services to others with respect
to oil and/or gas exploration and production. The Borrower shall, upon request of any Lender,
advise such Lender as to whether the Borrower considers a proposed Participant to be a competitor.
Any such determination shall be made by the Borrower promptly and in good faith.

     Any agreement or instrument pursuant to which a Lender sells such a participation shall
provide that such Lender shall retain the sole right to enforce this Agreement and to approve any
amendment, modification or waiver of any provision of this Agreement; provided that such
agreement or instrument may provide that such Lender will not, without the consent of the
Participant, agree to any amendment, waiver or other modification described in the first proviso to
Section 10.01 that affects such Participant. Subject to subsection (e) of this Section,
the Borrower agrees that each Participant shall be entitled to the benefits of Sections
3.01, 3.04 and 3.05 to the same extent as if it were a Lender and had acquired
its interest by assignment pursuant to subsection (b) of this Section. To the extent permitted by
law, each Participant also shall be entitled to the benefits of Section 10.08 as though it
were a Lender, provided such Participant agrees to be subject to Section 2.14 as
though it were a Lender.

     (e) Limitations upon Participant Rights. A Participant shall not be entitled to
receive any greater payment under Section 3.01 or 3.04 than the applicable Lender
would have been entitled to receive with respect to the participation sold to such Participant,
unless the sale of the participation to such Participant is made with the Borrower’s prior written
consent, which consent shall constitute the express waiver by the Borrower of the foregoing
limitation. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled
to the benefits of Section 3.01 unless the Borrower is notified of the participation sold
to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with
Section 3.01(e) as though it were a Lender.

     (f) Certain Pledges. Any Lender may at any time pledge or assign a security interest
in all or any portion of its rights under this Agreement (including under its Note, if any) to
secure

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obligations of such Lender, including any pledge or assignment to secure obligations to a
Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any
of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party
hereto, and all costs, fees and expenses related to any such pledge, including the release thereof,
shall be for the sole account of such Lender (without, for the avoidance of doubt, direct or
indirect reimbursement from any Loan Party).

     (g) Electronic Execution of Assignments. The words “execution,” “signed,”
“signature,” and words of like import in any Assignment and Assumption shall be deemed to include
electronic signatures or the keeping of records in electronic form, each of which shall be of the
same legal effect, validity or enforceability as a manually executed signature or the use of a
paper-based recordkeeping system, as the case may be, to the extent and as provided for in any
applicable law, including the Federal Electronic Signatures in Global and National Commerce Act,
the New York State Electronic Signatures and Records Act, or any other similar state laws based on
the Uniform Electronic Transactions Act.

     (h) Special Purpose Funding Vehicles. Notwithstanding anything to the contrary
contained herein, any Lender (a “Granting Lender”) may grant to a special purpose funding
vehicle of such Granting Lender identified as such in writing from time to time by the Granting
Lender to the Administrative Agent and the Borrower (an “SPC”) the option to provide all or
any part of any Loan that such Granting Lender would otherwise be obligated to make pursuant to
this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPC to fund
any Loan, and (ii) if an SPC elects not to exercise such option or otherwise fails to make all or
any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the
terms hereof or, if it fails to do so, to make such payment to the Administrative Agent as is
required under Section 2.13(b)(ii). Each party hereto hereby agrees that (i) neither the
grant to any SPC nor the exercise by any SPC of such option shall increase the costs or expenses or
otherwise increase or change the obligations of the Borrower under this Agreement (including its
obligations under Section 3.04), (ii) no SPC shall be liable for any indemnity or similar
payment obligation under this Agreement for which a Lender would be liable, and (iii) the Granting
Lender shall for all purposes, including the approval of any amendment, waiver or other
modification of any provision of any Loan Document, remain the lender of record hereunder. The
making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the
same extent, and as if, such Loan were made by such Granting Lender. In furtherance of the
foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this
Agreement) that, prior to the date that is one year and one day after the payment in full of all
outstanding commercial paper or other senior debt of any SPC, it will not institute against, or
join any other Person in instituting against, such SPC any bankruptcy, reorganization, arrangement,
insolvency, or liquidation proceeding under the laws of the United States or any State thereof.
Notwithstanding anything to the contrary contained in this Section 10.06, any SPC may (i)
with notice to, but without prior consent of the Borrower and the Administrative Agent and with the
payment of a processing fee in the amount of $3,500 (which processing fee may be waived by the
Administrative Agent in its sole discretion), assign all or any portion of its right to receive
payment with respect to any Loan to its Granting Lender and (ii) disclose on a confidential basis
as provided herein any non-public information relating to its funding of Loans to any rating
agency, commercial paper dealer or provider of any surety or Guarantee or credit or liquidity
enhancement to such SPC.

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     (i) Resignation as L/C Issuer or Swing Line Lender after Assignment. Notwithstanding
anything to the contrary contained herein, if at any time Bank of America assigns all of its
Commitment and Loans pursuant to subsection (b) of this Section, Bank of America may, (i) upon 30
days’ notice to the Borrower and the Lenders, resign as an L/C Issuer and/or (ii) upon 30 days’
notice to the Borrower, resign as Swing Line Lender. In the event of any such resignation as an
L/C Issuer or Swing Line Lender, the Borrower shall be entitled to appoint from among the Lenders a
successor L/C Issuer or Swing Line Lender hereunder; provided, however, that no failure by the
Borrower to appoint any such successor shall affect the resignation of Bank of America as L/C
Issuer or Swing Line Lender, as the case may be. If Bank of America resigns as an L/C Issuer, it
shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect
to all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and
all L/C Obligations with respect thereto (including the right to require the Lenders to make Base
Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section
2.03(c)). If Bank of America resigns as Swing Line Lender, it shall retain all the rights of
the Swing Line Lender provided for hereunder with respect to Swing Line Loans made by it and
outstanding as of the effective date of such resignation, including the right to require the
Lenders to make Base Rate Loans or fund risk participations in outstanding Swing Line Loans
pursuant to Section 2.04(c). Upon the appointment of a successor L/C Issuer and/or Swing
Line Lender, (a) such successor shall succeed to and become vested with all of the rights, powers,
privileges and duties of the retiring L/C Issuer or Swing Line Lender, as the case may be, and (b)
the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit,
if any, issued by Bank of America outstanding at the time of such succession or make other
arrangements satisfactory to Bank of America to effectively assume the obligations of Bank of
America with respect to such Letters of Credit.

Additionally, if at any time any other Lender serving as an L/C Issuer hereunder assigns all of its
Commitment and Revolving Credit Loans pursuant to subsection (b) of this Section, such Lender
shall, upon 30 days’ notice to the Administrative Agent and the Borrower, resign as L/C Issuer. In
the event of any such resignation as L/C Issuer, the Borrower shall be entitled to appoint from
among the Lenders a successor L/C Issuer; provided, however, that no failure by the Borrower to
appoint any such successor shall affect the resignation of such Lender as L/C Issuer. If such
Lender resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of an
L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of
its resignation as an L/C Issuer and all L/C Obligations with respect thereto (including the right
to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts
pursuant to Section 2.03(c)). Upon the appointment of a successor L/C Issuer, (a) such
successor shall succeed to and become vested with all of the rights, powers, privileges and duties
of the retiring L/C Issuer, and (b) the successor L/C Issuer shall issue letters of credit in
substitution for the Letters of Credit, if any, issued by such retiring L/C Issuer and outstanding
at the time of such succession or make other arrangements satisfactory to such retiring L/C Issuer
to effectively assume the obligations of such retiring L/C Issuer with respect to such Letters of
Credit.

     10.07 Treatment of Certain Information; Confidentiality. Each of the Administrative Agent,
the Lenders and the L/C Issuers agrees to maintain the confidentiality of the Information (as
defined below), except that Information may be disclosed (a) to its Affiliates and to its and its
Affiliates’ respective partners, directors, officers, employees, agents, advisors

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and representatives (it being understood that the Persons to whom such disclosure is made will
be informed of the confidential nature of such Information and instructed to keep such Information
confidential), (b) to the extent requested by any regulatory authority purporting to have
jurisdiction over it (including any self-regulatory authority, such as the National Association of
Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any
subpoena or similar legal process (and in each such case, such Person shall, if permitted by law,
notify the Borrower of such occurrence as soon as reasonably practicable following the service of
any such process on such Person), (d) to any other party hereto, (e) in connection with the
exercise of any remedies hereunder or under any other Loan Document or any action or proceeding
relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or
thereunder, (f) subject to an agreement containing provisions substantially the same as those of
this Section, to (i) any assignee of or Participant in, or any prospective assignee of or
Participant in, any of its rights or obligations under this Agreement, (ii) any pledgee referred to
in Section 10.06(f), or (iii) any actual or prospective counterparty (or its advisors) to
any swap or derivative transaction relating to the Borrower and its obligations, (g) with the
consent of the Parent or the Borrower or (h) to the extent such Information (x) becomes publicly
available other than as a result of a breach of this Section or (y) becomes available to the
Administrative Agent, any Lender, any L/C Issuer or any of their respective Affiliates on a
nonconfidential basis from a source other than the Parent or the Borrower.

     For purposes of this Section, “Information” means all information received from the
Parent, the Borrower or any Subsidiary relating to the Borrower or any Subsidiary, or any Affiliate
of any of them, or any of their respective businesses, other than any such information that is
available to the Administrative Agent, any Lender or any L/C Issuer on a nonconfidential basis
prior to disclosure by the Parent, the Borrower or any Subsidiary, provided that, in the
case of information received from the Parent, the Borrower or any Subsidiary after the date hereof,
such information is clearly identified at the time of delivery as confidential. Any Person
required to maintain the confidentiality of Information as provided in this Section shall be
considered to have complied with its obligation to do so if such Person has exercised the same
degree of care to maintain the confidentiality of such Information as such Person would accord to
its own confidential information.

     Each of the Administrative Agent, the Lenders and the L/C Issuers acknowledges that (a) the
Information may include material non-public information concerning the Parent, the Borrower or a
Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of
material non-public information and (c) it will handle such material non-public information in
accordance with applicable Law, including Federal and state securities Laws.

     10.08 Right of Setoff. If an Event of Default shall have occurred and be continuing, each
Lender, each L/C Issuer and each of their respective Affiliates is hereby authorized at any time
and from time to time, to the fullest extent permitted by applicable law, to set off and apply any
and all deposits (general or special, time or demand, provisional or final, in whatever currency)
at any time held and other obligations (in whatever currency) at any time owing by such Lender,
such L/C Issuer or any such Affiliate to or for the credit or the account of the Borrower against
any and all of the obligations of the Borrower now or hereafter existing under this Agreement or
any other Loan Document to such Lender or such L/C Issuer, irrespective of

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whether or not such Lender or such L/C Issuer shall have made any demand under this Agreement
or any other Loan Document and although such obligations of the Borrower may be contingent or
unmatured or are owed to a branch or office of such Lender or such L/C Issuer different from the
branch or office holding such deposit or obligated on such indebtedness. The rights of each
Lender, each L/C Issuer and their respective Affiliates under this Section are in addition to other
rights and remedies (including other rights of setoff) that such Lender, such L/C Issuer or their
respective Affiliates may have. Each Lender and the L/C Issuer agrees to notify the Borrower and
the Administrative Agent promptly after any such setoff and application, provided that the
failure to give such notice shall not affect the validity of such setoff and application.

     10.09 Interest Rate Limitation. Notwithstanding anything to the contrary contained in any
Loan Document, the interest (including amounts not so denominated but deemed to be “interest” under
applicable law) charged, paid, collected, taken, reserved, or agreed to be paid under any Loan
Document shall not exceed the maximum amount or maximum rate of non-usurious interest permitted to
be contracted for, charged, collected, reserved, taken or received by applicable Law (the
“Maximum Amount and the “Maximum Rate”, as the case may be). If the Administrative
Agent, any L/C Issuer or any Lender shall contract for, charge, collect, reserve, take or receive
such interest in an amount that exceeds the Maximum Amount or calculated at the Maximum Rate, the
excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid
principal, refunded to the Borrower, and in no event shall any Person ever be liable for the
payment of unearned interest on, or in respect or as a part of, the Obligations. In determining
whether the interest contracted for, charged, collected, reserved, taken or received exceeds the
Maximum Amount or an amount calculated at the Maximum Rate, such Person may, to the extent
permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee,
or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c)
amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest
throughout the contemplated term of the Obligations hereunder.

     10.10 Counterparts; Integration; Effectiveness. This Agreement may be executed in
counterparts (and by different parties hereto in different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract.
This Agreement and the other Loan Documents constitute the entire contract among the parties
relating to the subject matter hereof and supersede any and all previous agreements and
understandings, oral or written, relating to the subject matter hereof. Except as provided in
Section 4.01, this Agreement shall become effective when it shall have been executed by the
Administrative Agent and when the Administrative Agent shall have received counterparts hereof
that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an
executed counterpart of a signature page of this Agreement by telecopy or electronic transmission
shall be effective as delivery of an original manually executed counterpart of this Agreement.

     10.11 Survival of Representations and Warranties. All representations and warranties made
hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or
in connection herewith or therewith shall survive the execution and delivery hereof and thereof.
Such representations and warranties have been or will be relied

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upon by the Administrative Agent and each Lender, regardless of any investigation made by the
Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative
Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit
Extension, and shall continue in full force and effect as long as any Loan or any other Obligation
hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding.

     10.12 Severability. If any provision of this Agreement or the other Loan Documents is held to
be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the
remaining provisions of this Agreement and the other Loan Documents shall not be affected or
impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the
illegal, invalid or unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the illegal, invalid or unenforceable provisions. The
invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.

     10.13 Replacement of Lenders. If any Lender requests compensation under Section 3.04
or gives a notice pursuant to Section 3.02 (which notice is not given by other similarly
situated Lenders) and does not subsequently designate a different Lending Office or assign its
rights and obligations hereunder to another of its offices, branches or affiliates as provided in
Section 3.06(a), or if the Borrower is required to pay any additional amount to any Lender
or any Governmental Authority for the account of any Lender pursuant to Section 3.01, if
any Lender is a Defaulting Lender, or if any other circumstance exists hereunder that gives the
Borrower the right to replace a Lender as a party hereto then the Borrower may, at its sole expense
and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign
and delegate, without recourse (in accordance with and subject to the restrictions contained in,
and consents required by, Section 10.06), all of its interests, rights and obligations
under this Agreement and the related Loan Documents to an assignee that shall assume such
obligations (which assignee may be another Lender, if a Lender accepts such assignment),
provided that:

     (a) the Borrower shall have paid to the Administrative Agent the assignment fee specified in
Section 10.06(b);

     (b) such Lender shall have received payment of an amount equal to the outstanding principal of
its Loans and L/C Advances, accrued interest thereon, accrued fees and all other amounts payable to
it hereunder and under the other Loan Documents (including any amounts under Section 3.05)
from the assignee (to the extent of such outstanding principal and accrued interest and fees) or
the Borrower (in the case of all other amounts);

     (c) in the case of any such assignment resulting from a claim for compensation under
Section 3.04, a notice pursuant to Section 3.02 (which notice is not given by other
similarly situated Lenders) not followed by the designation of a different Lending Office or
assignment to another office, branch or affiliate as provided in Section 3.06(a), or
payments required to be made pursuant to Section 3.01, such assignment will result in a
reduction in such compensation or payments thereafter; and

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     (d) such assignment does not conflict with applicable Laws.

     A Lender shall not be required to make any such assignment or delegation if, prior thereto, as
a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to
require such assignment and delegation cease to apply.

     10.14 Governing Law; Jurisdiction; Etc.

     (a) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF NEW YORK.

     (b) SUBMISSION TO JURISDICTION. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY
SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE
OF NEW YORK SITTING IN NEW YORK CITY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN
DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY LEGAL ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR
ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES
THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW
YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT.
EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE
CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER
MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY
RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR ANY L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY
ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR
ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

     (c) WAIVER OF VENUE. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE
LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY
OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE PARTIES
HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF
AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

     (d) SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS
IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02. NOTHING IN THIS AGREEMENT WILL AFFECT
THE RIGHT OF ANY

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PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

     10.15 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY
OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE
OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

     10.16 No Advisory or Fiduciary Responsibility. In connection with all aspects of each
transaction contemplated hereby, each of the Parent and the Borrower acknowledges and agrees that:
(i) the credit facilities provided for hereunder and any related arranging or other services in
connection therewith provided as of the date hereof are an arm’s-length commercial transaction
between the Borrower and its Affiliates, on the one hand, and the Administrative Agent and the
Arranger, on the other hand, and each of the Parent and the Borrower is capable of evaluating and
understanding and understands and accepts the terms, risks and conditions of the transactions
contemplated hereby and by the other Loan Documents (including any amendment, waiver or other
modification hereof or thereof); (ii) in connection with the process leading to such transaction,
the Administrative Agent and the Arranger each has acted solely as a principal and is not the
financial advisor, agent or fiduciary, for the Borrower or any of its Affiliates, stockholders,
creditors or employees or any other Person; (iii) neither the Administrative Agent nor the Arranger
has assumed or will assume an advisory, agency or fiduciary responsibility in favor of the Parent
or the Borrower with respect to any of the transactions contemplated hereby or the process leading
thereto, including with respect to any amendment, waiver or other modification hereof or of any
other Loan Document (irrespective of whether the Administrative Agent or the Arranger has advised
or is currently advising the Borrower or any of its Affiliates on other matters) and neither the
Administrative Agent nor the Arranger has any obligation to the Borrower or any of its Affiliates
with respect to the transactions contemplated hereby except those obligations expressly set forth
herein and in the other Loan Documents; (iv) the Administrative Agent and the Arranger and their
respective Affiliates may be engaged in a broad range of transactions that involve interests that
differ from those of the Borrower and its Affiliates, and neither the Administrative Agent nor the
Arranger has any obligation to disclose any of such interests by virtue of any advisory, agency or
fiduciary relationship; and (v) the Administrative Agent and the Arranger have not provided and
will not provide any legal, accounting, regulatory or tax advice with respect to any of the
transactions contemplated hereby (including any amendment, waiver or other modification hereof or
of any other Loan Document) and each of the Parent and the Borrower has consulted its own legal,
accounting, regulatory and tax advisors to the extent it has deemed appropriate. Each of the
Parent and the Borrower hereby

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waives and releases, to the fullest extent permitted by law, any claims that it may have
against the Administrative Agent and the Arranger with respect to any breach or alleged breach of
agency or fiduciary duty.

     10.17 Collateral and Guaranty Matters.

     (a) Liens granted to or held by the Administrative Agent under any Loan Document shall be
released as follows: (i) with respect to all such Liens, upon termination of the Aggregate
Commitments, payment in full of all Obligations (other than contingent indemnification Obligations
and any Obligations under any Secured Cash Management Agreement or Secured Hedge Agreement which
are not then due and payable), and expiration or termination of all Letters of Credit; (ii) with
respect to any Lien on property that is Disposed of or to be Disposed of as part of or in
connection with any Disposition permitted hereunder or under any other Loan Document, automatically
upon such Disposition thereof; and (iii) with respect to any other Lien, and subject to Section
10.01, upon approval, authorization or ratification in writing by the Required Lenders of such
release thereof.

     (b) Guarantors shall be released from their respective Obligations under the Loan Documents as
follows: (i) with respect to all Guarantors, upon termination of the Aggregate Commitments,
payment in full of all Obligations (other than contingent indemnification Obligations and any
Obligations under any Secured Cash Management Agreement or Secured Hedge Agreement which are not
then due and payable), and expiration or termination of all Letters of Credit (provided
that the foregoing release shall not apply to any obligations that expressly survive the
termination of the applicable Loan Document, repayment of the Obligations or termination of the
Aggregate Commitments); (ii) with respect to any Person that ceases to be a Subsidiary as a result
of a transaction permitted hereunder, automatically upon such Person so ceasing to be a Subsidiary,
(iii) with respect to Helix, Helix shall automatically be released from its Obligations under its
Guaranty and the other Loan Documents upon consummation of the IPO and delivery of the Guaranties
and Security Documents and other items required by Section 6.13(d), and (iv) with respect
to any other release of a Guarantor, and subject to Section 10.01, upon approval,
authorization or ratification in writing by the Required Lenders of such release thereof.

     (c) The Administrative Agent will, at the Borrower’s expense, timely execute and deliver such
documents and notices and take such other actions as the Borrower may reasonably request to
evidence the release of any Lien or Guarantor in accordance with this Section 10.17.

     10.18 USA PATRIOT Act Notice. Each Lender that is subject to the Act (as hereinafter defined)
and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the
Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56
(signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and
record information that identifies the Borrower, which information includes the name and address of
the Borrower and other information that will allow such Lender or the Administrative Agent, as
applicable, to identify the Borrower in accordance with the Act.

     10.19 ENTIRE AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL
AGREEMENT AMONG THE PARTIES AND

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MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS
OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

 

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     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as
of the date first above written.

	 	 	 	 	 
	 	CDI VESSEL HOLDINGS LLC

 	 
	 	By:  	/s/  G. Kregg Lunsford
 	 
	 	 	G. Kregg Lunsford 	 
	 	 	Vice President and Treasurer 	 
	 

Signature Page to Credit Agreement

 

 

	 	 	 	 	 
	 	CAL DIVE INTERNATIONAL, INC.

 	 
	 	By:  	/s/  G. Kregg Lunsford
 	 
	 	 	G. Kregg Lunsford 	 
	 	 	Vice President and Treasurer 	 
	 

Signature Page to Credit Agreement

 

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as 

Administrative Agent

 	 
	 	By:  	/s/  David A. Johanson
 	 
	 	 	David A. Johanson 	 
	 	 	Vice President 	 
	 

Signature Page to Credit Agreement

 

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as Lender, L/C 

Issuer and Swing Line Lender

 	 
	 	By:  	/s/  David A. Batson
 	 
	 	 	David A. Batson 	 
	 	 	Senior Vice President 	 
	 

Signature Page to Credit Agreement

 

 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.

 	 
	 	By:  	/s/  Dianne L. Russell
 	 
	 	Name:  	Dianne L. Russell 	 
	 	Title:  	Vice President 	 
	 

Signature Page to Credit Agreement

 

 

	 	 	 	 	 
	 	AMEGY BANK NATIONAL ASSOCIATION, 

as Lender and as Documentation Agent

 	 
	 	By:  	/s/  Paul W. Cole
 	 
	 	Name:  	Paul W. Cole 	 
	 	Title:  	Vice President 	 
	 

Signature Page to Credit Agreement

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