Document:

First Amendment to the Revolving Credit Agreement

 Exhibit 4.3 
 FIRST AMENDMENT 
 This FIRST AMENDMENT
(this “Amendment”) dated as of September 30, 2009, effective as of August 4, 2009, is among SEAHAWK DRILLING, INC., a Delaware corporation (the “Borrower”), certain Subsidiaries of the Borrower party
hereto (the “Guarantors”), the Lenders party hereto, and NATIXIS, NEW YORK BRANCH, in its capacity as administrative agent for the Lenders (in such capacity, the “Administrative Agent”). 
 WHEREAS, the Borrower, the Guarantors, the Lenders and the Administrative Agent are parties to the Credit Agreement dated as
of August 4, 2009 (the “Credit Agreement”); 
 WHEREAS, the parties hereto have agreed to
make certain amendments to the Credit Agreement as provided for herein, subject to the conditions herein; 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements, representations and warranties set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto hereby agree as follows: 
 AGREEMENT 
 Section 1. Defined Terms. Unless otherwise defined in this Amendment, each capitalized term used in this
Amendment has the meaning given such term in the Credit Agreement. 
 Section 2. Amendments to the Credit
Agreement. 
     (a) Section 3.02(a)(xiii)(C) of the Credit Agreement is
hereby amended by replacing the text “López Velarde, Heftye y Soria, S.C.” with the text “Gardere, Arena y Asociados, S.C.”. 
     (b) Section 5.13(a)(ii) of the Credit Agreement is hereby amended by replacing the text “3.01” with the text “3.02”. 
     (c) Schedule 6.01 of the Credit Agreement is hereby amended to conform in its entirety to Schedule
6.01 attached to this Amendment. 
 Section 3. Conditions Precedent. This Amendment shall be
effective as of August 4, 2009 when the Administrative Agent has received, on behalf of itself and the Lenders, counterparts to this Amendment duly executed by the Borrower and the Required Lenders. 

 Section 4. Representations and Warranties. The Borrower
represents and warrants that, as of the date of this Amendment: 
     (a) The execution,
delivery and performance by each Loan Party of the Credit Agreement, as amended by this Amendment, is within the requisite corporate or equivalent power and authority of such Loan Party. 
     (b) The execution, delivery, and performance by each Loan Party of this Amendment and the
consummation of the transactions contemplated hereby (i) have been duly authorized by all necessary corporate or equivalent action, (ii) do not and will not (A) violate the terms of such Loan Party’s certificate of incorporation,
bylaws or other applicable organizational documents, (B) violate in any material respect any Legal Requirement applicable to such Loan Party, (C) constitute a default under, or result in any breach of, or creation of, any Lien under (other
than the Loan Documents) the provisions of any indenture, loan agreement or other material agreement to which such Loan Party is a party or is subject, or by which it, or its Property, is bound or (D) violate any order, injunction, writ or
decree of any Governmental Authority or any arbitral award to which such Person or its property is subject. 
     (c) This Amendment constitutes the legal, valid and binding obligation of each of the Loan Parties, enforceable against such Loan Party in accordance with its terms, except as such enforceability may be limited by
any applicable Bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium, or similar law affecting creditors’ rights generally or general principles of equity. 
     (d) After giving effect to this Amendment, the representations and warranties contained in
Article IV of the Credit Agreement and in each other Loan Document are true and correct in all material respects (other than those representations and warranties that are subject to a materiality qualifier, in which case such representations
and warranties shall be true and correct in all respects), 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
(other than those representations and warranties that are subject to a materiality qualifier, in which case such representations and warranties are true and correct in all respects as of such earlier date), on and as of the date first written above.

     (e) After giving effect to this Amendment, no event has occurred and is continuing
which constitutes a Default, an Event of Default or both. 
 Section 5. Reaffirmation of Guaranty and
Liens. 
     (a) Each Guarantor (i) has consented and agreed to the Credit
Agreement, as amended hereby, (ii) has reviewed the Amendment, (iii) waives any defense arising by reason of any disability, lack of organizational authority or power, or other defense of the Borrower or any other guarantor of the
Obligations, and (iv) agrees that according to and subject to its terms the Guaranty by such Guarantors, as amended hereby, will continue in full force and effect to guaranty the Obligations under the Loan Documents, as the same may be amended,
supplemented, or otherwise modified, and such other amounts in accordance with the terms of the Guaranty. 
  

 2 

     (b) The Loan Parties (i) are party to certain
Security Documents securing and supporting the Obligations, (ii) have reviewed the Amendment and (iii) waive any defense arising by reason of any disability, lack of organizational authority or power, or other defense of such Loan Party,
and agrees that according to their terms the Security Documents to which the applicable Loan Party is a party will continue in full force and effect to secure the Obligations under the Loan Documents, as the same may be amended, supplemented, or
otherwise modified, and (iv) acknowledges, represents, and warrants that the liens and security interests created by the Security Documents are valid and subsisting and create a first priority perfected security interest subject to Permitted
Liens as amended herein. 
 Section 6. Effect on Credit Documents. 
     (a) Except as amended herein, the Credit Agreement, the Guaranties and the other Loan Documents
remain in full force and effect as originally executed, and nothing herein shall act as a waiver of any of the Administrative Agent’s or Lenders’ rights under the Loan Documents, as amended. 
     (b) This Amendment is a Loan Document for the purposes of the provisions of the other Loan
Documents. Without limiting the foregoing, any breach of representations, warranties, and covenants under this Amendment may be a Default or Event of Default under other Loan Documents. 
     (c) Upon and after the execution of this Amendment by each of the parties hereto, each reference in
the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement”,
“thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as modified hereby. 
 Section 7. Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York and the applicable laws of the United
States of America. 
 Section 8. Counterparts. This Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Transmission by facsimile of an
executed counterpart of this Amendment shall be deemed to constitute due and sufficient delivery of such counterpart. 
 [Signature pages follow] 
  

 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed by their duly authorized officers as of the first day and year written above. 
  

			
	BORROWER:
	
	SEAHAWK DRILLING, INC.
		
	By:	 	/s/ Giovanni Pacelli
	Name:	 	Giovanni Pacelli
	Title:	 	Vice President, Tax , and Treasurer
	
	GUARANTORS:
	
	PENINSULA DRILLING LLC
		
	By:	 	/s/ Giovanni Pacelli
	Name:	 	Giovanni Pacelli
	Title:	 	Vice President and Treasurer
	
	SEAHAWK DRILLING DE MEXICO LLC
		
	By:	 	/s/ Giovanni Pacelli
	Name:	 	Giovanni Pacelli
	Title:	 	Vice President and Treasurer
	
	SEAHAWK DRILLING LLC
		
	By:	 	/s/ Giovanni Pacelli
	Name:	 	Giovanni Pacelli
	Title:	 	Vice President and Treasurer
	
	SEAHAWK GLOBAL HOLDINGS LLC
		
	By:	 	/s/ Giovanni Pacelli
	Name:	 	Giovanni Pacelli
	Title:	 	Vice President and Treasurer

  

 Signature Page to First Amendment 

			
	ADMINISTRATIVE AGENT:
	
	NATIXIS, NEW YORK BRANCH, in its capacity as Administrative Agent
		
	By:	 	/s/ Timothy L. Polvado
	Name:	 	Timothy L. Polvado
	Title:	 	Senior Managing Director
		
	By:	 	/s/ Carlos L. Quinteros
	Name:	 	Carlos L. Quinteros
	Title:	 	Director
	
	LENDERS:
	
	NATIXIS, NEW YORK BRANCH
		
	By:	 	/s/ Timothy L. Polvado
	Name:	 	Timothy L. Polvado
	Title:	 	Senior Managing Director
		
	By:	 	/s/ Carlos L. Quinteros
	Name:	 	Carlos L. Quinteros
	Title:	 	Director

  

 Signature Page to First Amendment 

			
	CITIBANK, INC.
		
	By:	 	/s/ Robert Malleck
		 	      Robert Malleck
		 	      Director

  

 Signature Page to First Amendment 

			
	UBS LOAN FINANCE LLC
		
	By:	 	/s/ Marie Haddad
	Name:	 	Marie Haddad
	Title:	 	Associate Director
		
	By:	 	/s/ Mary E. Evans
	Name:	 	Mary E. Evans
	Title:	 	Associate Director

  

 Signature Page to First Amendment 

			
	ENCORE BANK, N.A.
		
	By:	 	/s/ J. David Webster
	Name:	 	J. David Webster
	Title:	 	Senior Vice President

  

 Signature Page to First Amendment 

 Schedule 6.01 
 Existing Liens 
 Liens on any license to use any
interest in and to all copyrights, inventions, applications, patents or any other form of intellectual property, and improvements thereon, as permitted under the General Agreement of Indemnity, dated as of June 23, 2009, granted by Seahawk
Drilling, Inc. in favor of the Zurich American Insurance Company and its Subsidiaries and Affiliates.Amendment No. 2 to the Master Lease Agreement

 Exhibit 10.57 
 AMENDMENT NO. 2 TO MASTER EQUIPMENT LEASE 
 AMENDMENT
NO. 2 TO MASTER EQUIPMENT LEASE, dated as of October 23, 2009 (this “Amendment”), among Wilmington Trust Company, a Delaware banking corporation, not in its individual capacity but solely as Owner Trustee
(“Lessor”), The Employees’ Retirement System of Alabama and The Teachers’ Retirement System of Alabama (collectively, the “Owner Participant”), and Wise Alloys LLC, a Delaware limited liability company
(“Lessee”). 
 RECITALS 
 A. The Lessee, Lessor and Owner Participant are parties to the Master Equipment Lease dated November 13, 2006, as amended by Amendment to Master Equipment Lease dated as of April 25, 2008 (the
“Amendment”) (the “Lease”). 
 B. The parties desire to amend the Lease as provided herein.

 For valuable consideration (receipt of which is hereby acknowledged), the parties hereto agree to amend the Lease as follows:

 Section 1. Definitions. Each capitalized term used herein and not otherwise defined has the meaning assigned thereto
in the Lease. 
 Section 2. Cancellation of the Additional Equity Investment Fee. Lessee, Owner Participant and Guarantor
were parties to the Fee Letter dated as of April 25, 2008 (the “Fee Letter”). Subject to the terms of the Fee Letter, Lessee agreed in the Amendment to pay, as Supplemental Rent under the Lease, an additional fee equal to
3% per annum on the unamortized portion of the Additional Equity Investment, as such term was defined in the Amendment (the “Additional Equity Investment Fee”). Lessee, Owner Participant and Guarantor agreed, pursuant to a
letter dated as of April 30, 2009 (the “Additional Equity Investment Fee Termination Letter”) that the Fee Letter and Lessee’s obligation to pay the Additional Equity Investment Fee terminated as of April 30, 2009.

 Section 3. Additional Equity Investment. 
 A. Subject to the terms and conditions hereof, the Owner Participant agrees to make a second additional equity investment in the Trust in an amount equal to $4,500,000 (the “Second Additional
Equity Investment”). 
 B. Subject to the terms and conditions hereof, as consideration for the Lessee’s agreement
to amend the Equipment Schedules as provided in Section 3 below, the Lessor will pay the Second Additional Equity Investment to the Lessee. 
 Amendment No. 2 to Master Equipment Lease 

 C. Subject to the terms and conditions hereof, as consideration for the Owner
Participant’s agreement to make the Second Additional Equity Investment in the Trust, Lessee will pay the Owner Participant a fee equal to 0.25% of the Second Additional Equity Investment. 
 Section 4. Amendment of Equipment Schedules. Equipment Schedule No. 1, dated as of November 13, 2006, as previously
amended, and Equipment Schedule No. 2, dated as of January 3, 2007, as previously amended, will be amended as provided in Exhibit A and Exhibit B hereto, respectively. 
 Section 5. Closing Conditions. 
 A. The Owner Participant’s obligation to make the Second Additional Equity Investment in the Trust and Lessor’s obligations to pay the Second Additional Equity Investment to Lessee shall be
conditioned upon and subject to the receipt by Owner Participant and Lessor on or prior to the date hereof of the following, in form and substance reasonably satisfactory to Owner Participant and Lessor: 
 (i) a certificate of a Responsible Officer of Lessee dated as of the date hereof, certifying on behalf of Lessee that to the knowledge of
such officer, after due inquiry, (a) no Default or Potential Default has occurred and is continuing under the Lease, (b) no event of default or event which with the giving of notice or the passage of time or both would become an event of
default has occurred and is continuing under any material agreement, contract, lease, license, instrument or other arrangement to which the Lessee is a party, and (c) Lessor continues to have title to the equipment listed in Equipment Schedule
No. 1 and Equipment Schedule No. 2 free and clear of any Liens other than Permitted Liens or, should Lessor’s interest in the equipment be determined to create a security interest in accordance with Section 27(e) of the Lease,
continues to have a perfected first priority security interest in the Equipment listed in Equipment Schedule No. 1 and Equipment Schedule No. 2; 
 (ii) a certificate of a Responsible Officer of Guarantor, dated as of the date hereof, certifying on behalf of Guarantor that the Guaranty remains in full force and effect, that the Guarantor consents to
this Amendment and that the Obligations, as defined in the Guaranty, cover all of the obligations of the Lessee under the Lease as amended by this Amendment; and 
 (iii) all such other documents, instruments and other actions as Owner Participant or Lessor may reasonably request in connection with the consummation of the transactions contemplated herein and
consistent with the terms hereof shall be complete and reasonably satisfactory to each of Owner Participant and Lessor. 
 B.
Lessee’s obligations to amend the Lease and the Equipment Schedules shall be conditioned upon and subject to the receipt by Lessee on or prior to the date hereof of the following in form and substance reasonably satisfactory to Lessee:

 (i) funds in the aggregate amount equal to the Second Additional Equity Investment have been paid to Lessee or as Lessee
shall direct in the manner provided in Section 3 of the Lease; 
  

 2 
 Amendment No. 2 to Master Equipment Lease 

 (ii) execution and delivery of this Amendment by Owner Participant and Lessor and execution
and delivery of the amendments to the Equipment Schedules described in Section 4 by Lessor; and 
 (iii) all such other
documents, instruments and other actions as Lessee may reasonably request in connection with the consummation of the transactions contemplated herein and consistent with the terms hereof shall be complete and satisfactory to Lessee. 
 Section 6. Effective Date. The amendments and additions made by this Amendment shall be effective from and after the date first
written above. 
 Section 7. Covenants of Lessee. 
 A. Appraisal. Lessee hereby covenants and agrees to provide Lessor and Owner Participant with an appraisal of the Equipment listed on
Equipment Schedule No. 1 and Equipment Schedule No. 2, dated as of a recent date, not more than fourteen (14) days following the Effective Date. In the event the remaining total amount of Basic Rent under Annex B-1 of each of
Equipment Schedule No. 1 and Equipment Schedule No. 2 exceeds the appraised value of the Equipment listed on Equipment Schedule No. 1 and Equipment Schedule No. 2, then Lessee hereby covenants and agrees to prepay the excess
Basic Rent to Lessor within ten (10) days of receipt of such appraisal. 
 B. Attorneys’ Fees. Lessee hereby
covenants and agrees to pay on demand any and all attorneys’ fees, expenses and costs of Owner Participant in connection with the Owner Participant’s due diligence with respect to, negotiation of and entry into this Amendment and any such
fees incurred by Owner Participant in connection with the enforcement of Lessee’s obligations under this Amendment or the Lease. 
 Section 8. General. 
 A. Ratification of Lease. Except as expressly modified and superseded by this
Amendment, the Lease is ratified and confirmed in all respects and shall continue in full force and effect. 
 B.
Counterparts. This Amendment may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a
signature page to this Amendment by telecopier or email shall be as effective as delivery of a manually executed counterpart of this Amendment. 
 C. Successors and Assigns; Third Parties. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective permitted successors and assigns. No third party
beneficiaries are intended in connection with this Amendment. 
 D. Severability. If any term or provision of this
Amendment shall be deemed prohibited by or invalid under any Applicable Law, such provision shall be invalidated without affecting the remaining provisions of this Amendment or the Lease, respectively. 
  

 3 
 Amendment No. 2 to Master Equipment Lease 

 E. Entire Agreement. This Amendment, together with the Lease, the Equipment Schedules
and the other Operative Documents, contains the entire and exclusive agreement of the parties hereto with reference to the matters discussed herein and therein. This Amendment supersedes all prior drafts and communications with respect thereto.

 F. Governing Law. This Amendment shall be governed by and construed in accordance with the internal laws of the State
of Alabama without regard to the conflict of laws principles thereto. 
 [Signatures on Following Page] 
  

 4 
 Amendment No. 2 to Master Equipment Lease 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 2 to Master
Equipment Lease to be duly executed as of the day and year first above written. 
  

					
	 WILMINGTON TRUST COMPANY, not in
 its individual capacity, but solely as Owner Trustee

		
	By:	 	 /S/    JOSE L.
PAREDES        

		 	Name:	 	Jose L. Paredes
		 	Title:	 	Assistant Vice President
	
	THE EMPLOYEES’ RETIREMENT SYSTEM OF ALABAMA
		
	By:	 	 /S/    DR.
DAVID G. BRONNER        

		 	Name:	 	Dr. David G. Bronner
		 	Title:	 	Chief Executive Officer
	
	THE TEACHERS’ RETIREMENT SYSTEM OF ALABAMA
		
	By:	 	 /S/    DR.
DAVID G. BRONNER        

		 	Name:	 	Dr. David G. Bronner
		 	Title:	 	Chief Executive Officer
	
	WISE ALLOYS LLC
		
	By:	 	 /S/    ALEX
GODWIN        

		 	Name:	 	Alex Godwin
		 	Title:	 	CFO

  

 5 
 Amendment No. 2 to Master Equipment Lease 

 Exhibit A 
 Amendment No. 2 to Equipment Schedule No. 1 amending Equipment Schedule No. 1 dated as of November 13, 2006, as
previously amended (“Equipment Schedule No. 1”) between Wise Alloys LLC as Lessee (“Lessee”) and Wilmington Trust Company, not in its individual capacity, but solely as Owner Trustee (“Lessor”). 
 Equipment Schedule No. 1 is hereby amended as follows: 
 A. Section 3 is amended by deleting Annex B-1 attached to Equipment Schedule No. 1 and substituting in lieu thereof Annex B-1 attached hereto. 
 B. Section 7 is amended by deleting Annex B-2 attached to Equipment Schedule No. 1 and substituting in lieu thereof Annex B-2
attached hereto. 
 DATE OF EXECUTION: October 23, 2009 
  

					
	WISE ALLOYS LLC
		
	By:	 	 /S/    ALEX
GODWIN        

		 	Name:	 	Alex Godwin
		 	Title:	 	CFO
	
	WILMINGTON TRUST COMPANY, not in its individual capacity, but solely as Owner Trustee
		
	By:	 	 /S/    JOSE L.
PAREDES        

		 	Name:	 	Jose L. Paredes
		 	Title:	 	Assistant Vice President

  

 Exhibit A to 
 Amendment No. 2 to Master Equipment Lease 

 Annex B-1 to 
 Amendment No. 2 to 
 Equipment Schedule No. 1

 SCHEDULE OF BASIC RENT 
  

				
	 Rent Payment Date
	  	% of
Lessor’s Cost	 
		
	10/25/2009	  	—  	  
	11/25/2009	  	1.71	% 
	12/25/2009	  	1.71	% 
	1/25/2010	  	1.71	% 
	2/25/2010	  	1.71	% 
	3/25/2010	  	1.71	% 
	4/25/2010	  	1.71	% 
	5/5/2010	  	96.11	% 
		  	 	 
		  	106.38	% 

  

 Annex B-1 

 Annex B-2 to 
 Amendment No. 2 to 
 Equipment Schedule No. 1

 SCHEDULE OF STIPULATED LOSS VALUES 
  

				
	 Rent Payment Date
	  	Stipulated Loss Value	 
		
	10/25/2009	  	100.00	% 
	11/25/2009	  	99.19	% 
	12/25/2009	  	98.38	% 
	1/25/2010	  	97.56	% 
	2/25/2010	  	96.73	% 
	3/25/2010	  	95.89	% 
	4/25/2010	  	95.05	% 
	5/5/2010	  	0.00	% 

  

 Annex B-2 

 Exhibit B 
 Amendment No. 2 to Equipment Schedule No. 2 amending Equipment Schedule No. 2 dated as of January 3, 2007, as previously
amended (“Equipment Schedule No. 2”) between Wise Alloys LLC as Lessee (“Lessee”) and Wilmington Trust Company, not in its individual capacity, but solely as Owner Trustee (“Lessor”). 
 Equipment Schedule No. 2 is hereby amended as follows: 
 A. Section 3 is amended by deleting Annex B-1 attached to Equipment Schedule No. 2 and substituting in lieu thereof Annex B-1 attached hereto. 
 B. Section 7 is amended by deleting Annex B-2 attached to Equipment Schedule No. 2 and substituting in lieu thereof Annex B-2
attached hereto. 
 DATE OF EXECUTION: October 23, 2009 
  

					
	
	WISE ALLOYS LLC
		
	By:	 	 /S/    ALEX
GODWIN        

		 	Name:	 	Alex Godwin
		 	Title:	 	CFO
	
	WILMINGTON TRUST COMPANY, not in its individual capacity, but solely as Owner Trustee
		
	By:	 	 /S/    JOSE L.
PAREDES

		 	Name:	 	Jose L. Paredes
		 	Title:	 	Assistant Vice President

  

 Exhibit B to 
 Amendment No. 2 to Master Equipment Lease 

 Annex B-1 to 
 Amendment No. 2 to 
 Equipment Schedule No. 2

 SCHEDULE OF BASIC RENT 
  

				
	 Rent Payment Date
	  	% of
Lessor’s Cost	 
		
	10/25/2009	  	—  	  
	11/25/2009	  	1.71	% 
	12/25/2009	  	1.71	% 
	1/25/2010	  	1.71	% 
	2/25/2010	  	1.71	% 
	3/25/2010	  	1.71	% 
	4/25/2010	  	1.71	% 
	5/5/2010	  	96.11	% 
		  	 	 
		  	106.38	% 

  

 Annex B-1 

 Annex B-2 to 
 Amendment No. 2 to 
 Equipment Schedule No. 2

 SCHEDULE OF STIPULATED LOSS VALUES 
  

				
	 Rent Payment Date
	  	Stipulated Loss Value	 
		
	10/25/2009	  	100.00	% 
	11/25/2009	  	99.19	% 
	12/25/2009	  	98.38	% 
	1/25/2010	  	97.56	% 
	2/25/2010	  	96.73	% 
	3/25/2010	  	95.89	% 
	4/25/2010	  	95.05	% 
	5/5/2010	  	0.00	% 

  

 Annex B-2

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