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Exhibit 4.4    
    

         

  

 
  AMENDMENT LETTER    
    

	To:
	The
Financial Institutions set pit in Schedule I

	CC:
	Credit
Suisse First Boston (the Facility Agent) 

1
November 2004 

Dear
Sirs 

        We
refer to the US$1,000,000,000 multi-currency revolving credit agreement dated 17 November 2003 as amended on 10 December 2003 between, amongst others, yourselves and
ourselves (the Agreement). 

Background  

        Since our successful restructuring in late 2003, we have continued to make good progress in our core business areas of power and automation technologies resulting
in an improved credit profile for the company- We are grateful for your continued support. 

Proposed Amendments  

        In view of the above, we now wish to propose certain amendments to the Agreement pursuant to Clause 35 (Amendments and
Waivers). The effect of these amendments will be: 

	•
	to
reduce the commitment fee from the current level to the lower of 40 per cent of the Margin from time to time and 0.50 per cent per annum (Clause 12.1 (a));

	•
	to
remove the obligation on us to provide a Liquidity Plan (Clause 20.4); and

	•
	to
remove any restrictions on OUT ability to prepay, purchase or redeem any bonds or other capital market instruments (Clause 22.9). 

        These
amendments and certain consequential amendments (together the Amendments) are set out in Schedule 2 to this letter. We also
attach as Schedule 3, for ease of reference, blacklined extracts from the Agreement showing the Amendments- 

        Under
Clause 35 (Amendments and Waivers) of the Agreement, the proposed amendments will require the consent of all Lenders (as
defined in the Agreement). 

Amendment Fee and Execution Process  

        We are proposing to pay an amendment fee of 5 basis points (the Amendment Fee) to each Lender on its participation
under the Agreement on the Effective Date (as defined below). 

        In
order to approve the Amendments, please sign and return to us and to the Facility Agent the enclosed copies of this letter on or before 15
November 2004. The Amendments will be effective on 19 November 2004 (the Effective Date), if approved by all of
the Lenders (as defined in the Agreement) prior to that date. We will notify you promptly after the Effective Date whether or not we have received consent. 

        We
execute this letter on behalf of ourselves and as agent on behalf of the other Obligors. 

        Should
you have any questions, please contact either Urs Arnold (Phone: +41-43-3l7 6380) or Alex Hall (Phone: +41-43-317 3572) or the
Facility Agent, CSFB (Thomas Muoio, Phone: +44-20-7888 2128; Marc Pereira-Mendoza, Phone: +44-20-7888 7764). 

        Please
fax your completed consent to ABB (Fax: +41-43-317 3929) and to the attention of Paul Ronchi at CSFB (Fax: +44-20-7888 8398). 

 

        For
your information towards the end of this week you will also receive the quarterly covenant compliance information package for the existing Credit Facility, 

Yours
faithfully 

	

/s/ Dr. Alfred Storck
 Dr. Alfred Storck

Authorized signatory for	
 	

 	
 	

/s/ Urs Arnold
 Urs Arnold

Authorized signatory for
	 	 	 	 	 

ABB LTD

As
Obligors' Agent for and

on behalf of itself and the Obligors 

2

 

Form
of acknowledgement of the amendment letter 

We
agree to the Amendments outlined above. 

	

By:	
 	

 	
 	

 
	 	 	/s/ Banco Bilbao Vizcaya Argentaria
	 	 
	[INSERT NAME OF LENDER]	 	 
	 	 	 	 	 

	

/s/ Christopher Metherell
 Christopher Metherell

Global Relationship Manager	
 	

 	
 	

/s/ George Silva-Rozzi
 George Silva-Rozzi

Global Relationship Manager
	 	 	 	 	 

3

 

Form
of acknowledgement of the amendment letter 

We
agree to the Amendments outlined above. 

	

/s/ Roger Cosly
[INSERT NAME OF LENDER]	
 	

 	
 	

 
	Barclays Bank PLC	 	 	 	 
	 	 	 	 	 	 	 

4

 

Amendment Fee and Execution Process  

        We are proposing to pay an amendment fee of 5 basis points (the Amendment Fee) to each Lender on its participation under the Agreement on the Effective Date (as
defined below). 

        In
order to approve the Amendments, please sign and return to us and to the Facility Agent the enclosed copies of this letter on or before 15
November 2004. The Amendments will be effective on 19 November 2004 (the Effective Date), if approved by all of
the Lenders (as defined in the Agreement) prior to that date. We will notify you promptly after the Effective Date whether or not we have received consent. 

        We
execute this letter on behalf of ourselves and as agent on behalf of the other Obligors. 

        Should
you have any questions, please contact either Urs Arnold (Phone: +41-43-317 6380) or Alex Hall (Phone; +41-43-317 3572) or the
Facility Agent, CSFB (Thomas Muoio, Phone: +44-20-7888 2128; Marc Pereira-Mendoza, Phone: +44-20-7888 7764). 

        Please
fax your completed consent to ABB (Fax: +41-43-317 39290 and to the attention of Paul Ronehi at CSFB (Fax:
+44-20-7888-8398). 

        For
your information towards the end of this week you will also receive the quarterly covenant compliance information package for the existing Credit Facility. 

Yours
faithfully 

	

/s/ Dr. Alfred Storck
 Dr. Alfred Storck

Authorized signatory for	
 	

 	
 	

/s/ Urs Arnold
 Urs Arnold

Authorized signatory for
	 	 	 	 	 

ABB LTD

We
agree to the Amendments outlined above. 

Bayerische Hypo-und Vereinsbank AG  

	

/s/ Harold Stegmaier
 Harold Stegmaier

Senior Vice President	
 	

 	
 	

/s/ Thomas Pentenrieder
 Thomas Pentenrieder

Vice President
	 	 	 	 	 

5

 

Form
of acknowledgement of the amendment letter 

We
agree to the Amendments outlined above. 

	

By:	
 	

/s/  BNP PARIBAS SA      
	
 	

 	
 	

 
	[INSERT NAME OF LENDER]	 	 	 	 
	 	 	 	 	 	 	 

	

/s/ Bummound Heurdier
 Bummound Heurdier	
 	

 	
 	

/s/ Lionel Bordonier
 Lionel Bordonier
	 	 	 	 	 

6

 

Form
of acknowledgement of the amendment letter 

We
agree to the Amendments outlined above. 

	

By:	
 	

IXIS CORPORATE AND

INVESTMENT BANK
	
 	

 	
 	

 
	[INSERT NAME OF LENDER]	 	 	 	 
	 	 	 	 	 	 	 

	

/s/ Henri Malick
 Henri Malick

Managing Director for Financing Activities	
 	

 	
 	

 
	 	 	 	 	 

7

 

Form
of acknowledgement of the amendment letter 

We
agree to the Amendments outlined above. 

	

By:	
 	

Citibank, N.A.            4 Nov. 2004
	
 	

 	
 	

 
	[INSERT NAME OF LENDER]	 	 	 	 
	 	 	 	 	 	 	 

	

/s/ Timo Vatto
 Timo Vatto

Managing Director	
 	

 	
 	

 
	 	 	 	 	 

8

 

Form
of acknowledgement of the amendment letter 

We
agree to the Amendments outlined above. 

	

By:	
 	

COMMERZBANK        12 Nov. 2004
	
 	

 	
 	

 
	[INSERT NAME OF LENDER]	 	 	 	 
	 	 	 	 	 	 	 

	

/s/ Wohwen Czaja
 Wohwen Czaja	
 	

 	
 	

 
	 	 	 	 	 

9

   

  

	To:	 	ABB Ltd.

Attn. Urs Arnold/Alex Hall

Fax: +41-43 317 3929
	

Cc:	
 	

Credit Suisse First Boston (the Facility Agent)

Attn. Paul Ronchi

Fax: +44-207-888-8398
	

Date:	
 	

3 November 2004

Re: ABB Ltd.—USD 1,000,000,000 Multi-Currency Revolving Credit Agreement  

        We refer to the Amendment Letter dated 1 November 2004 and are pleased to confirm that we agree to the Amendments outlined therein. 

	

CREDIT SUISSE FIRST BOSTON	
 	

 
	

/s/  Christopher Roder      
 Christopher Roder	
 	

/s/  Clems Kramer      
 Clems Kramer

10

 

  

Form
of acknowledgement of the amendment letter 

We
agree to the Amendments outlined above. 

	

 	
 	

 
	By: Deutsche Bank Luxembourg S.A.
[INSERT NAME OF LENDER]	 	 
	

/s/  A. Schneider      
 A. Schneider	
 	

/s/  N. Hibberd      
 N. Hibberd

11

 

  

Fax
+41 43 317 3929 

CSFB

Paul Ronchi

Fax +44 20 7888 8398 

	Our ref.	 	Your ref.	 	Date

Oslo, November 9th 2004

AMENDMENT LETTER  

        We agree to the Amendments outlined above. 

Yours
faithfully

on behalf of DnB NOR Bank ASA 

	

/s/  J. Morten Kreutz      
 J. Morten Kreutz

Senior Vice President	
 	

/s/  Kristi Birkeland      
 Kristi Birkeland

Vice President

12

 

  

Form
of acknowledgement of the amendment letter 

We
agree to the Amendments outlined above. 

	

By: Dresdner Bank Luxembourg S.A.
[INSERT NAME OF LENDER]	
 	

 
	

/s/  C. Kogge      
 C. Kogge

Sous-Directeur	
 	

/s/  J. Schirra      
 J. Schirra

Fondé de Pouvoirs Principal

13

 

Form
of acknowledgement of the amendment letter 

We
agree to the Amendments outlined above. 

	

By: HSBC BANK PLC
[INSERT NAME OF LENDER]	
 	

 
	

/s/  Per Orov Synneman      
 Per Orov Synneman	
 	

 

14

 

Form
of acknowledgement of the amendment letter 

We
agree to the Amendments outlined above. 

	

By: POUR ING
[INSERT NAME OF LENDER]	
 	

 
	

/s/  Nick Smit      
 Nick Smit

Attaché à la Direction	
 	

/s/  Yves Adler      
 Yves Adler

Director Adjoint

15

 

Form
of acknowledgement of the amendment letter 

We
agree to the Amendments outlined above. 

	

By: KBC Bank
[INSERT NAME OF LENDER]	
 	

 
	

/s/  Herlinda Wouters      
 Herlinda Wouters

Global Relationship Manager

Multinationals

KBC Bank NV	
 	

/s/  Guy Snoeks      
 Guy Snoeks

General Manager IBB

16

 

Form
of acknowledgement of the amendment letter 

We
agree to the Amendments outlined above. 

	

By:
[INSERT NAME OF LENDER]	
 	

 

Nordea
Bank AB (publ)

(a company which by a merger completed and registered on 1 March 2004 has acquired and taken over all assets and rights of Nordea Bank Sweden AB (publ) and assumed all the liabilities and
obligations of Nordea Bank Sweden AB (publ)) 

	

/s/  Arne Ljung      
 Arne Ljung	
 	

/s/  Cecilia Murray      
 Cecilia Murray

17

 

Agency
Operations Unit

Samba Financial Group

P.O. Box 839

Riyadh 11421

kingdom of Saudi Arabia

Tol. +968-1-211 7421/7456

Fax +965-1-1211 7488

Telex: 400135 AM8A SJ 

	9th November 2004	 	Total No. of pages including this page—1
	

To: ABB Ltd., Zurich	
 	

Fax +41 43 317 3929
	Attn: Alfred Stock/Urs Arnold	 	 
	

cc: Credit Suisse First Boston, London	
 	

Fax +44-20—7888 8398
	Attn: Paul Ronchi	 	 
	

cc: Hasan Ali/Khalid Al-Gwaiz (in-house)	
 	

 

	Re:
	ABB Ltd $1.0 Billion Multi-currency Revolving Credit Agreement dated 17/11/03 (the "Agreement")

Dear
Sirs, 

        We
refer to your letter dated 1st November 2004 requesting the lenders' approval to amend certain provision of the Agreement and, in response, are pleased to advise you of Samba
Financial Group's approval to the Amendments proposed, specifically the: 

	1.
	reduction
of commitment fee to the lower of 40 percent of the Margin from time to time and 0.50 percent per annum (Cl. 12.1(a));

	2.
	termination
of ABB Ltd.'s undertaking to provide a Liquidity Plan (Cl. 20.4); and

	3.
	deletion
of any restriction on ABB Ltd.'s ability to prepay, purchase or redeem any bonds or other capital market instruments (Cl. 22.9). 

provided
other terms of the Agreement not affecting any of these amendments shall remain in full force and effect. 

        As
requested we attach the form for acknowledging our agreement duly signed by our authorized officers. 

	Yours faithfully,	 	 
	

Samba Financial Group

By:	
 	

 
	

/s/  Hortendio Taeza      
 Hortendio Taeza

Assistant General manager

Head of Agency Operation Unit	
 	

/s/  Hasan Ali      
 Hasan Ali

RM EXT 7536

18

 

  

Form
of acknowledgement of the amendment letter 

We
agree to the Amendments outlined above. 

	/s/  Ulla S. Nilsson      
 Ulla S. Nilsson

Skandinaviska Enskilda Banken AB (Publ)	 	/s/  Martin Lindeberg      
 Martin Lindeberg

19

   Svenska Handelsbanken
  Division Handelsbanken Markets 

ABB

Attn: Urs Arnold

Fax No. +41 43 317 3929

Date: November 10, 2004 

CSFB

Attn: Paul Ronchi

Fax No. +44 20 7888 8398

Date November 10, 2004 

Dear
Sirs, 

Re:
ABB Ltd USD 1,000,000,000 multi-currency revolving credit agreement dated 17 November 2003 as amended on 10 December 2003. 

We
hereby agree to the Amendments outlined in your letter dated 1 November 2004 

	Yours faithfully	 	 
	

/s/  Anders Almberg      
 Anders Almberg

For and on behalf of Svenska

Handelsbanken AB (publ)	
 	

/s/  Mona Jöhnk      
 Mona Jöhnk

20

  

 
 

SCHEDULE 1    
    
    FINANCIAL INSTITUTIONS    
    

	

Barclays Bank plc	
 	

 
	

Bayerische Hypo- und Vereinsbank AG	
 	

 
	

BNP Paribas SA	
 	

 
	

Citibank, N.A.	
 	

 
	

Commerzbank Aktiengesellschaft	
 	

 
	

Credit Suisse First Boston	
 	

 
	

Deutsche Bank Luxembourg S.A.	
 	

 
	

Dresdner Bank Luxembourg S.A.	
 	

 
	

HSBC Bank Plc	
 	

 
	

Nordea Bank Sweden AB (Publ)	
 	

 
	

Skandinaviska Enskilda Banken AB (Publ)	
 	

 
	

Svenska Handelsbanken AB (Publ)	
 	

 
	

Banco Bilbao Vizcaya Argentaria S.A.	
 	

 
	

CDC IXIS	
 	

 
	

Den Norske Bank ASA	
 	

 
	

ING Belgium NV	
 	

 
	

KBC Bank NV	
 	

 
	

Saudi American Bank	
 	

 

21

  

 
 

SCHEDULE 2
  
    AMENDMENTS TO THE $1,000,000,000 MULTI-CURRENCY REVOLVING
  CREDIT AGREEMENT    
    

1.     Commitment Fee (Clause 12)  

Paragraph (s)
of Clause 12.1 will be amended to read as follows: 

"(a)
ABB shall pay to the Facility Agent (for the account of each Lender) a commitment fee in the Base Currency computed al the rate of the lower of 40 per cent. of the Margin from time to time and
0.50 per cent. per annum on that Lender's Available Commitment for the Availability Period." 

2.     Provision of Liquidity Plan (Clause 20)  

	(a)
	Principal
amendment 

"ABB shall supply to the Facility Agent (in sufficient copies for all the Lenders), on or prior to 1 December of each financial year ending after 31 December 2003 an
updated Business Plan (in respect of financial years ending in 2005 and 2006 for the Business Plan delivered on or prior to 1 December 2004 and in respect of the financial year ending in 2006
for the Business Plan delivered on or prior to 1 December 2005)."

	(b)
	Consequential
amendments:

	(i)
	The
reference to Clause 20.4 in the definition of "Business Plan" will be amended to read "Clause 20.4 (Business
Plan)".

	(ii)
	The
definition of "Liquidity Plan" will be deleted.

	(iii)
	The
heading of Clause 19.11 will be amended to read "Financial Statements" and paragraph (f) of this
Clause will be deleted.

	(iv)
	Paragraph (b)
of Clause 19.19 (Repetition) will be deleted and paragraph (c) will be amended to
read: 

"(b)  [Intentionally deleted.]

(c)  The representation and warranty in paragraph (b) of Clause 19.10 (No misleading information) is deemed to be made by ABB on the day each Business
Plan is delivered to the Facility Agent pursuant to Clause 20.4 (Business Plan)."

	(v)
	Paragraph (a)(ii) of
Clause 20.3 and the word "; and" at the end of paragraph (a)(i) will be deleted,
Paragraph (a)(i) will be renumbered accordingly.

	(vi)
	The
definition of "Net Debt" in Clause 21.1 will be amended to read as follows: 

"Net Debt means Total Gross Debt less cash available in group treasury operations."

	(vii)
	The
definition of "Total Gross Debt" in Clause 21.1 will be amended by the deletion of the words commencing in line 3 ", as reported in
the latest available Liquidity Plan,"

	(viii)
	Paragraph (b) (iii)
of Schedule 11 (Form of Covenant Compliance Certificate) win be amended to read as follows: 

"(iii) Cash
available in group treasury operations was [    •    ]." 

3.     Prepayment of Group Facilities (Clause 22.9)  

The
text of Clause 22.9 will be deleted and will be replaced by the words "[Intentionally deleted.]" 

22

 
 
 

SCHEDULE 3
  
    EXTRACTS FROM THE AGREEMENT    
    

11.3 Alternative basis of interest or funding

	(a)
	If
a Market Disruption Event occurs and the Facility Agent or ABB so requires, the Facility Agent and ABB shall enter into negotiations (for a period of not more than thirty days)
with a view to agreeing a Substitute basis for determining the rate of interest.

	(b)
	My
alternative basis agreed pursuant to paragraph (a) above shall, with the prior Consent of the Majority Lenders and ABB, be binding on all Parties. 

11.4 Break Costs

	(a)
	The
relevant Borrower shall, within three Business Days of demand by a finance Party, pay to that Finance Party its Break Costs attributable to all or any part of an Advance or Unpaid
Sum being paid by that Borrower on a day other than the last day of an Interest Period for that Advance or Unpaid Sum.

	(b)
	Each
Lender shall, as soon as reasonably practicable after a demand by the Facility Agent, provide to ABB and the relevant Borrower a certificate (which shall constitute prima facie
non-binding evidence of the matters to which it refers) addressed to the Facility Agent, ABB and the relevant Borrower confirming the amount of its Break Costs for any Interest Period in
which they accrue and setting out the manner of computing such Break Costs. 

12.   FEES

12.1 Commitment Fee

	(a)
	ABB
shall pay to the Facility Agent (for the account of each Lender) a commitment fee in the Base currency computed at the rate of the lower of 40 per cent. of the Margin from time to
time and 0.50 per cent. per annum.

	(b)
	The
accrued commitment fee is payable on the last day of each successive period of three Months which ends during the Availability Period, on the last day of the Availability Period
and, if cancelled in full, on the cancelled amount of the relevant Lender's Commitment at the time the cancellation is effective. 

12.2 Utilisation Fee

	(a)
	ABB
shall pay to the Facility Agent (for the account of the Lenders pro rata to their portion of Total Outstandings) a utilisation fee in respect of the Total Outstandings calculated
using the rate per annum computed in accordance with the table set out in Schedule 4 (The Margin and Utilisation Fee) provided that:

	(i)
	on
any day that ABB has Credit Ratings from S&P and Moody's which are divergent from each other, the applicable rate per annum for such day shall be the average of the
rates applicable to the two Credit Ratings;

	(b)
	Each
Covenant Compliance Certificate shall be signed by two officers of ABB without personal liability. 

23

 

20.4 Business Plan

ABB
shall supply to the Facility Agent (in sufficient copies for all the Lenders), on or prior to 1 December of each financial year ending after 31 December 2003 an updated Business Plan (in
respect of financial years ending in 2005 and 2006 for the Business Plan delivered on or prior to 1 December 2004 and in respect of the financial year ending in 2006 for the Business Plan
delivered on or prior to 1 December 2005) 

20.5 Information: miscellaneous

        ABB
shall supply to the Facility Agent (in sufficient copies for all the Lenders, if the Facility Agent so requests): 

	(a)
	all
documents dispatched by it to its shareholders (or any class of them) Of its creditors generally at the same time as they are dispatched;

	(b)
	promptly
upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings or Environmental Claim which are current, threatened or pending against
one or more Group Companies and which could reasonably be expected to have a Material Adverse Effect;

	(c)
	promptly,
such further information regarding the financial condition, business and operations of any Group Company as any Finance Party (acting through the Facility Agent) may
reasonably request; and

	(d)
	promptly
upon becoming aware of a material development, details of the progress of the Combustion Engineering Inc Chapter XI filing and any change in the structure of the Group that
is material to the interests of the Lenders. 

20.6 Notification of default

	(a)
	ABB
and each Obligor snail notify the Facility Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence (unless that
Obligor is aware that a notification has already been provided by another Obligor).

	(b)
	If
any Lender considers in good faith that a Default is continuing, promptly upon a request by the Facility Agent, ABB shall supply to the Facility Agent a certificate signed by two
of its authorized signatories (without personal liability) on its behalf certifying that no Default is continuing (or if a Default is continuing, specifying the Default and the steps, if any, being
taken to remedy it). 

        "Base Currency" means Dollars. 

        "Base Currency Amount" means, in relation to an Advance, the amount specified in the Utilisation Request delivered by the relevant
Borrower for that Advance (or, if the amount requested is not denominated in the Base Currency, that amount converted into the Base Currency at the Facility Agent's Spot Rate of Exchange on the date
which is 3 Business Days before the Utilisation Date or, if later, on the date the Facility Agent receives the Utilisation Request) adjusted to reflect any repayment or prepayment of the Advance. 

        "Borrowers" means each Original Borrower and each Additional Borrower, provided that it
has not been released from its rights and obligations under this Agreement in accordance with Clause 25.3 (Resignation of Borrower), 

        "Break Costs" means the amount (if any) by which; 

24

 

	(a)
	the
interest (excluding the Margin), which a Lender should have received for the period from the date of receipt of all or any part of its participation in an Advance or Unpaid Sum to
the last day of the current Interest Period in respect of that Advance: or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period; 

        exceeds: 

	(b)
	the
amount which that Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received by it on deposit with a leading bank in the Relevant
Interbank Market for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period. 

        "Business Day" means: 

	(a)
	in
relation to any Advance, a day (other than a Saturday or Sunday) on which banks are open for general business in London, and:

	(i)
	(in
relation to any date for payment or purchase of a currency other than Euro) the principal financial centre of the country of that currency; or

	(ii)
	(in
relation to any date for payment or purchase of Euro) any TARGET Day; and

	(b)
	for
all other purposes, a day (other than a Saturday or Sunday) on which banks are open for general business in London. 

        "Business Plan" means the 3 year business plan (consisting of an income statement and balance sheet of the Group) dated 7
October 2003 prepared by ABB and as updated in accordance with Clause 20.4 (Business Plan) 

        "Lender" means; 

	(a)
	any
Original Lender; and

	(b)
	any
bank which has become a Party as a Lender in accordance with Clause 24 (Changes to the Lenders), 

        which
in each case has not ceased to be a Party in accordance with the terms of this Agreement. 

        "LIBOR" means, in relation to any Advance: 

	(a)
	the
applicable Screen Rate; or

	(b)
	(if
no Screen Rate is available for the currency or period of that Advance) the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Facility Agent
at its request quoted by the Reference Banks to leading banks in the London interbank market, 

as
of the Specified Time on the Quotation Day for the offering of deposits in the currency of that Advance and for a period comparable to the Interest Period for that Advance. 

        "Majority Lenders" means a Lender or Lenders whose Commitments aggregate 662/3% or more of the Total Commitments 

        "Mandatory Cost" means, the percentage rate per annum calculated by the Facility Agent in accordance with Schedule 9
(Mandatory Costs). 

25

 

        "Margin" means, at any time the rate per annum computed in accordance with the table set out in Schedule 4 (The Margin and
Utilisation Fee) provided that: 

	(a)
	on
any day that ABB has Credit Ratings from S&P and Moody's which are divergent from each other, the applicable rate per annum for such day shall be the average of the rates
applicable to the two Credit Ratings;

	(b)
	on
any day that only one of S&P or Moody's assigns a Credit Rating to ABB, the applicable rate per annum for such day shall be (he rate per annum for that Credit Rating; and

	(c)
	On
any day that neither S&P nor Moody's assigns a Credit Rating to ABB the applicable rate per annum for such day shall be 225 basis points per annum, 

        in
each case computed in accordance with the table set out in Schedule 4 (The Margin and Utilisation Fee). 

        "Material Adverse Effect" means a material adverse effect on: 

	(c)
	Nothing
has occurred or been omitted from the information provided by any Group Company in relation to the Information Package and no information has been given or withheld that
results in the information contained in the Information Package being untrue or misleading in any material respect as at the date of the relevant component of the Information Package.

	(d)
	All
written information supplied by a Group Company after the date hereof in connection herewith is considered in good faith by ABB to be true, complete and accurate in all material
respects as at the date it was given and is not misleading in any material respect as at such date. 

19.1 Financial statements

	(a)
	Its
Original Financial Statements were prepared in accordance with GAAP consistently applied.

	(b)
	Its
Original Financial Statements fairly present in all material respects its financial condition and options (consolidated in the case of ABB and, where applicable, any other
Obligor) during the relevant financial year, 

26

  

	(c)
	Each
of the latest audited consolidated financial statements required to be delivered under Clause 20.1(a) fairly presents in all material respects the financial position of
the Group as at the date to which they were prepared and for the period then ended.

	(d)
	Each
of the latest set of consolidated financial statements required to be delivered under Clause 20.1(b) fairly presents in all material respects the financial condition of
the Group as at the date to which they were prepared and for the period then ended.The projections and forecasts contained in the Original Liquidity Plan are fair and based on assumptions considered
in good faith by ARB to be reasonable as at the date to which it was drawn up and the Original Liquidity Plan does not omit any information known to ABB which would make such projections and forecasts
materially misleading as at the date to which it Was drawn up, 

19.12 No Material Adverse Effect  

        Since June 2003: 

	(a)
	there
has been no material adverse change in any of the business, condition (financial or otherwise), operations, performance or properties of the Group (taken as a whole); and

	(b)
	no
event or circumstance Or series of events or circumstances whether related or not has occurred which has a Material Adverse Effect, 

will
be deemed to have represented and warranted to the Dutch Borrower that on such date it is a PMP. 

19.19 Repetition

	(a)
	The
representations and warranties in Clause 19.1 (Status) to Clause 19.6 (Governing law and
enforcement), 19.9 (No Default), paragraph (d) of Clause 19-10 (No misleading information), paragraphs
(0) and (d) of Clause 19.11 (Financial Statements) and Clause 19.13 (Pari passu
ranking) are deemed to be made by each Obligor by reference to the facts and circumstances then existing on the date of each Utilisation Request and the first day of each
Interest Period.

	(b)
	[Intentionally
deleted.]

	(c)
	The
representation and warranty y in paragraph (b) of Clause 19.10 (No misleading information) is deemed to be made by
ABB on the day each Business Plan is delivered to the Facility Agent pursuant to Clause 20.4 (Business Plan). 

20.   INFORMATION UNDERTAKINGS

        The
undertakings in this Clause 20 remain in force from the date of this Agreement for 90 long as any amount is outstanding under the Finance; Documents or any Commitment is in
force. 

20.1 Financial statements

	(a)
	ABB
and each other Obligor shall supply to the Facility Agent in sufficient copies for all the Lender, as soon as the same become available, but in any event within 120 days
after the end of each of its financial years in the case of ABB and within 150 days in the case of each other Obligor its statutory unconsolidated annual statements for that financial year.

	(b)
	ABB
shall supply [(I the Facility Agent in sufficient copies for all the Lenders, as soon as the same become available, but in any event before the date falling
120 days after the end of each of its financial years, its audited consolidated annual statements 

27

 

	(c)
	ABB
shall supply to tile Facility Agent in sufficient copies for all the Lenders, as soon as the same become available, but in any event within 4S days after the end of each quarter
of each of its financial years (except the fourth quarter) its consolidated financial statements far that quarter. 

20.2 Requirements as to financial statements

	(a)
	Each
set of financial statements delivered by an Obligor pursuant to Clause 20.1 (Financial statements) shall be certified
without personal liability by a director of the relevant company as fairly representing its financial condition as at the date at which those financial statements were drawn up.

	(b)
	Each
set of financial statements delivered pursuant to Clause 20.l (Financial statements) shall be prepared using GAAP.

	(c)
	Each
set of financial statements of an Obligor delivered Pursuant to Clause 20.1 (Financial statements) shall be prepared using
GAAP, and accounting practices and financial reference periods consistent with those applied in the preparation of the; Original Financial Statements unless, in relation to any set of financial
statements, ABB or the relevant Obligor notifies the Facility Agent that there has been a change in GAAP, or its accounting practices or reference periods and the relevant Obligor in consultation with
its auditors delivers to the Facility Agent:

	(i)
	a
description of any change necessary for those consolidated financial statements to reflect the GAAP, accounting practices and reference periods upon which that
Obligor's Original Financial Statements were prepared; and

	(ii)
	in
respect of changes affecting the consolidated accounts of the Group, sufficient information, in form and substance as maybe reasonably required by the Facility
Agent, to enable the Lenders to determine: whether Clause 21 (Financial covenants) has been complied with and make an accurate comparison between
the financial position indicated in those financial statements and that Obligor's Original Financial Statements. 

Any
reference in this Agreement to those financial statements shall be construed as a reference to those, financial statements as adjusted to reflect the basis upon which the Original Financial
Statements were prepared. 

20.3 Covenant Compliance Certificate

	(a)
	ABB
shall supply to the Facility Agent, with each set of financial statements delivered by ABB pursuant to paragraph (b) or (c) of Clause 20.1
(Financial Statements), a Covenant Compliance Certificate setting out (in reasonable detail) computations as to compliance with Clause 21.2
(Financial Statements) and Clause 21.3 (Restriction on Subsidiary Indebtedness) as at the date as
at which those financial statements were drawn up 

provided that, at any time on and following the Trigger Date, a Covenant Compliance Certificate will only be required to be delivered with each set of
financial statements delivered by ABB pursuant to paragraph (b) of Clause 20.1 (Financial Statements) and with each set of financial
statements delivered by ABB pursuant to paragraph (c) of Clause 20.1 (Financial Statement) that relate to the end of the second quarter in
any financial year). 

	(d)
	charges
or credits in respect of employee share plans and other employee incentive arrangements (including the "management incentive plan") which are (in each case) in place as at the
date hereof; 

28

 

	(e)
	impairments
or write offs relating to marketable securities classified as available for sale and held by group insurance or reinsurance companies; and

	(f)
	gains
or losses arising by reasons of disposals (such as the sale of businesses, long term assets, equity investments and including the abandonment/liquidation of businesses)
occurring after 30 June 2003. 

        "Net Debt" means Total Gross Debt less cash available in group treasury operations 

        "Quarter Date" means the last day of each Relevant Period. 

        "Relevant
Period" means each period of twelve months ending on the last day of ABB's financial year and each period of twelve months ending on the last day of each quarter of ABB's
financial year. 

        "Total Gross Debt" means the aggregate short-term borrowings and current maturities on long-term borrowings and
long-term borrowings in each case as reflected in ABB's consolidated balance sheet as of the 1st day of the Relevant Period plus, the obligation of members of the Group to make cash
payments to the Asbestos Trusts plus (without double counting) the aggregate net proceeds of any Securitisation to the extent that the aggregate net proceeds thereof for the Group at any time exceed
$650,000,000 (excluding any amount of such cash proceeds that are not freely transferable under applicable law and regulation to the group treasury operations as disclosed in the Covenant Compliance
Certificate) on the last day of the Relevant Period excluding the impact of changes in US GAAP or the application thereof effective after 30 June: 2003 and further excluding any changes from 30
June 2003 in the market valuation of derivatives embedded in the $968,000,000 convertible bond issued by a member of the Group and the related amortisation of discount on issuance resulting
from the bifurcation of the embedded derivatives in such bond. 

        "Total Gross Interest" means, in respect of any Relevant Period, the interest expense for financial liabilities and costs of the
securitisation programmes of the Group as reflected in ABB's consolidated income statement (excluding items considered as other finance expense, such as, but not limited to any fees, taxes or
commissions, foreign exchange: gains or losses, gains or losses On marketable securities, gains or losses on derivatives, the effects arising from the bifurcation of toe embedded derivatives in
respect of the $968,000,000 convertible bond issued by a member of the Group and charges or credits in relation to management incentive plans). 

21.2 Financial Condition

        ABB
shall ensure that: 

	(a)
	The
ratio of EBITDA to Total Gross Interest for each Relevant Period ended on each Quarter Date specified below (or, after the Trigger Date, each Relevant 

29

 

 
 

SCHEDULE 11
  
    FORM OF COVENANT COMPLIANCE CERTIFICATE    
    

To:
Credit Suisse First Boston as Facility Agent 

From:
ABB Ltd 

Dated:

Dear
Sirs 

        ABB Ltd
$1,000,000,000 Multicurrency Revolving Credit Agreement dated [sp2f] (the "Agreement") 

        We
refer to the Agreement. This is a Covenant Compliance Certificate delivered with the consolidated accounts of ABB dated [31 March, 30 June, 30 September]
[2003] (the "Reference Date"). Terms defined in the Agreement have the same meaning when used in this Covenant Compliance
Certificate unless given a different meaning. 

        We
confirm that: 

	(a)
	EBITDA; Total Gross Interest 

In
respect of the Relevant Period ending on the Reference Date: 

	(i)
	EBITDA
was [    ].

	(ii)
	Total
Gross Interest was [    ]. 

Therefore
the ratio of EBITDA to Total Gross Interest in respect of such period was [    ]: [    ] and the covenant contained in
paragraph 21.2(a) of Clause 21 (Financial Covenants) [has/has not] been complied with. 

	(b)
	Net Debt of the Group 

	(i)
	Short-term
borrowings of the Group on the Refinance Date were [    ].

	(ii)
	Short-term
borrowings of the Group on the Refinance Date were [    ].

	(iii)
	Cash
available in group treasury operations was [    •    ].

	(iv)
	Total
Gross Debt was [            ]. 

Therefore
the ratio of Net Debt to EBITDA in respect of such period was [    ]:[    ] and the covenant contained in
paragraph 21.2(b) of Clause 21 (Financial Covenants) [has/has not] been complied with. 

	(c)
	Consolidated Net Worth 
	(i)
	Consolidated
Net Worth en the Reference Date was [    ]. 

Provided that any acquisition or other transaction that would not be permitted because of the limitation set out in paragraph (8) above may be
made if details thereof have been provided to the Lenders and the Majority Lenders have not objected in writing to such acquisition or other transaction within 30 Business Days; 

	(ii)
	at
any time after the Trigger Date, in circumstances where two authorized signatories of ABB have certified in writing to the Lenders that on a historic basis for the
most recent Quarter Date prior to such acquisition or other transaction and looking forward for each Date falling on 30 June and 31 December during the term of the Facility on a pro forma 

30

 

basis,
such acquisition or other transaction would not give rise to a breach of Clause 21.2 (Financial Condition); 

	(iii)
	to
a solvent reorganization not affecting the Obligors or any security contemplated or granted pursuant to the Agreed Form Pledges;

	(iv)
	to
JVs entered into by Group Companies provided the formation of such JV is pursuant to the core business of the Group and consistent with the ordinary business
practices of me Group as at the date hereof. 

22.7 Change of business

        ABB
shall procure that no change is made to the business of the Group which would result in the core business of the Group, taken as a whole, being something other than the business of
power and automation technology. 

22.8 Insurance

        Each
Obligor shall (and ABB shall ensure that each Group Company win) maintain insurances on and in relation to its business and assets with reputable underwriters or insurance companies
against those risks and to the extent as is usual for companies carrying on the same or substantially similar business in the relevant jurisdiction and taking into account the availability of
insurance generally. 

22.9 [Intentionally deleted] 

22.10 Restrictions on making loans and guarantees

	(a)
	ABB
shall Dot (and shall ensure that no other Group Company shall) after the date of this Agreement make any loans or grant any credit or other financial accommodation (but excluding
for the avoidance of doubt its own bank deposits) to or for the benefit of any person or grant any guarantee or Indemnity in respect of the financial obligations or liabilities of any other person.

	(b)
	Paragraph (a)
above does not apply to: 

31

QuickLinks

Exhibit 4.4

AMENDMENT LETTER

SCHEDULE 1 FINANCIAL INSTITUTIONS

SCHEDULE 2 AMENDMENTS TO THE $1,000,000,000 MULTI-CURRENCY REVOLVING CREDIT AGREEMENT

SCHEDULE 3 EXTRACTS FROM THE AGREEMENT

SCHEDULE 11 FORM OF COVENANT COMPLIANCE CERTIFICATEQuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 4.8    
    

 
  EXECUTION COPY    
    

 
 

SETTLEMENT AGREEMENT AND AMENDMENT    
    

        SETTLEMENT AGREEMENT AND AMENDMENT (this "Settlement"), dated as of February 9, 2005, between ABB Handels-
und Verwaltungs AG, a company incorporated under the laws of Switzerland ("ABB"), and Vetco Limited (registered number 4765054) (formerly known as
Laradew Limited), a company incorporated under the laws of England and Wales ("Purchaser"). 

        WHEREAS,
ABB and Purchaser entered into a Stock and Asset Purchase Agreement, dated as of January 16, 2004 (as amended, the "Purchase Agreement"; capitalized terms used in this
Settlement and not otherwise defined herein shall have the meanings assigned to such terms in the Purchase Agreement), under which Purchaser agreed to purchase or cause to be purchased from ABB and
certain of its Affiliates the OGP Shares and the Purchased Assets and to assume or cause to be assumed the Assumed Liabilities, in each case at the Closing; 

        WHEREAS,
the Closing occurred on July 12, 2004; 

        WHEREAS,
on September 24, 2004, Purchaser delivered to ABB the Purchase Price Documentation pursuant to Section 2.10(a) of the Purchase Agreement; 

        WHEREAS,
by agreement of the Parties, ABB's time to deliver a Dispute Notice pursuant to Section 2.10(b) of the Purchase Agreement was extended to November 24, 2004; 

        WHEREAS,
on November 23, 2004, ABB delivered its Dispute Notice to Purchaser pursuant to Section 2.10(b)(ii) of the Purchase Agreement; and 

        WHEREAS,
ABB and Purchaser have agreed, among other things, to settle all claims relating to the Post-Closing Adjustment pursuant to Section 2.10 of the Purchase
Agreement and certain related matters; 

        NOW,
THEREFORE, in consideration of the premises and the mutual agreements and covenants hereinafter set forth, ABB and Purchaser hereby agree as follows: 

        1.    Payments.    (a) Post-Closing Adjustment.
Within three Business Days following the execution and delivery of this Settlement, ABB shall pay to Purchaser, by electronic transfer of immediately available funds to Purchaser's Bank Account in the
manner provided by Section 2.04(b) of the Purchase Agreement, US$29,470,000. This payment by ABB and the acceptance thereof by Purchaser is in complete and final settlement of all of ABB's and
Purchaser's rights and obligations pursuant to Section 2.10 of the Purchase Agreement, including with respect to the Purchase Price Adjustment and the Final Intercompany Settlement Payment. 

        (b)    Other Payment.    In addition to the payment identified in Section 1(a) of this Settlement ABB shall,
within three Business Days following the execution and delivery of this Settlement, pay to Purchaser, by electronic transfer of immediately available funds to Purchaser's Bank Account in the manner
provided by Section 2.04(b) of the Purchase Agreement, US$8,322,887.39 in settlement of certain of the matters identified in column 1(b) of Annex 1 (being US$10,678,089.09 less
US$2,355,201.70). The payment made pursuant to this Section 1(b) is deemed to be made in accordance with Section 5.10(b) of the Purchase Agreement. 

        2.    Final Effective Date Balance Sheet.    The worksheet entitled "Star 1 & 2 BS by Unit!" within the Excel
workbook entitled "ENA June D&T v1.0.xls" (the "ENA Balance Sheet") is hereby deemed to be the Effective Date Balance Sheet for all purposes under the
Purchase Agreement. The ENA Balance Sheet, adjusted to reduce Net Assets by the amount set forth in Section 1(a) of this Settlement (the "Net Asset
Reduction") and to allocate the Net Asset Reduction in the manner agreed between the parties, is hereby deemed to be the Final Effective Date Balance Sheet for all purposes
under the Purchase Agreement. A copy of the Final Effective Date Balance Sheet is attached hereto as Annex 2. 

 

        3.    Settlement of Certain Matters.    The following items shall be settled as set forth below: 

        (a)    Kizomba A Receivables; Lummus Global Back Charges [Steps 1 and 2].    Purchaser and ABB
agree the following with respect to matters arising under that certain 2001 agreement (the "Kizomba A Agreement") between ABB Lummus Global Inc.
("Lummus Global") and ABB Vetco Gray Inc. ("Vetco Gray"): 

        (i)    Purchaser
hereby acknowledges that it accepts the payments tendered by Lummus Global in respect of the invoices under the Kizomba A Agreement listed in Annex 3 on the
dates and in the amounts set out in such Annex in full satisfaction of such invoices and Purchaser hereby waives and releases any claim it may have that Lummus Global is in breach of its payment
obligations with respect to any of such invoices listed as having been paid prior to the date hereof, including any claim related to deductions from invoiced amounts made by Lummus Global in respect
of Back Charges (as hereafter defined). More particularly: 

        a.    Purchaser
hereby acknowledges that it accepts the payment tendered by Lummus Global on December 17, 2004 in the amount of US$430,858.20 in full satisfaction of
Invoice No. P2045 originally issued by Vetco Gray on May 28, 2004 in the aggregate amount of US$2,389,745.59; 

        b.    Purchaser
hereby acknowledges that it accepts the payments tendered by Lummus Global on various dates in the aggregate amount of US$143,952.50 in full satisfaction of
Vetco Gray Invoice Nos. P2001, P2027, P2028 and P2041; 

        c.    Purchaser
hereby acknowledges that it accepts the payment tendered by Lummus Global on January 21, 2005 in the amount of US$1,194,391 in full satisfaction of
Invoice No. P2046 originally issued by Vetco Gray on May 28, 2004 in the aggregate amount of US$1,463,241 and Purchaser also acknowledges that the amount of such payment reflects an offset
against the original invoice amount in the amount of US$268,850 in respect of certain air freight charges paid by Lummus Global under the Kizomba A Agreement and triggered by a critical path delay on
the part of Vetco Gray subsequent to the Effective Date; and 

        d.    Purchaser
hereby waives and releases any claim it may have that Lummus Global is in breach of its payment obligations with respect to the invoices specified in paragraphs
a, b and c above. 

        e.    Notwithstanding
anything contained in this Section 3(a)(i) to the contrary, the waivers, releases and acknowledgements contained in this
Section 3(a)(i) with respect to Vetco Gray Invoice Nos. P2031, P2044, P2055, 72S07626, 517731, 308110 and 71S35761, issued on various dates, shall be conditional upon receipt by
Purchaser or a Purchaser Affiliate of the amount set forth in Section 3(a)(v) of this Settlement. 

        (ii)    The
amount to be paid by ABB to Purchaser pursuant to Section 1(b) of this Settlement includes an amount equal to US$1,958,887.39 with respect to the deduction
made by Lummus Global from its December 17, 2004 remittance to Vetco Gray to satisfy Lummus Global's Invoice No. G9-4-901 for recovery of certain Back Charges that
Lummus Global claimed were due from Vetco Gray. 

        (iii)    The
parties shall cause Lummus Global and Vetco Gray to use their reasonable best efforts to reach a settlement with the ABB/Grootint B.V. Joint Venture (the
"Joint Venture") on outstanding change orders Nos. 1 through 69 as soon as practicable after the date of this Settlement. Any amounts up to and
including US$5,500,000 paid to Vetco Gray by the Joint Venture after the Effective Date in respect of such change orders shall be promptly 

2

 

paid
by Vetco Gray to Lummus Global; any amounts in excess of US$5,500,000 shall be retained by Vetco Gray; 

        (iv)    ABB
represents that it is not aware of, and that Lummus Global has informed ABB that neither Lummus Global nor the Joint Venture has incurred, any costs or expenses
(other than those referenced above) as a result of the failure by Vetco Gray to deliver on a timely basis goods or services required to be delivered by Vetco Gray pursuant to the Kizomba A Agreement
which it believes are subject to reimbursement by Vetco Gray ("Back Charges"). Notwithstanding such acknowledgement, if there are any additional Back
Charges incurred by reason of delays occurring prior to the Effective Date, ABB will reimburse the Purchaser for such Back Charges; and 

        (v)    From
and after the date hereof Lummus Global will pay pursuant to the terms of the Kizomba A Agreement an amount equal to US$5,430,129.26. Such amount shall be paid in
full promptly after the achievement of milestones 10 and 11 in accordance with the Kizomba A Agreement. In the event Lummus Global fails to make such payment as required, ABB shall hereby guarantee
the payment obligations of Lummus Global relating to such payment and will make any such payment on Lummus Global's behalf promptly after receiving written notice of such failure to pay from Purchaser
or a Purchaser Affiliate. In the event that Lummus Global makes a payment described in this Section 3(a)(v) and any part of such payment is subsequently paid by Purchaser or a Purchaser
Affiliate for or on behalf of the creditors of Lummus Global as required by the application to Lummus Global of any bankruptcy, insolvency or similar creditors' rights law (such payment being a
"Clawback Amount"), ABB will pay to Purchaser an amount equal to such Clawback Amount promptly following receipt of a notice of the payment by Purchaser
or a Purchaser Affiliate of such Clawback Amount (together with evidence of such Clawback Amount in a form reasonably satisfactory to ABB). 

        (b)    Intercompany Amounts [Steps 3 and 12].    (i) The amount to be paid by ABB to
Purchaser pursuant to Section 1(b) of this Settlement includes an amount equal to US$5,517,000 in respect of the aggregate of the amounts set forth on Annex 4. 

        (ii)    The
amount to be paid by ABB to Purchaser pursuant to Section 1(b) of this Settlement has been reduced by US$190,000 to reflect the settlement, on a net basis,
of additional Intra-Group Trading Amounts reflected on the Final Effective Date Balance Sheet. 

        (iii)    Except
to the extent paid or payable pursuant to this Settlement, neither ABB nor any of its Affiliates, on the one hand, nor Purchaser nor any of its Affiliates, on
the other hand, shall be liable to the other with respect to any obligation attributable to Intra-Group Trading Amounts as of the Effective Date. For the avoidance of doubt and for purposes of this
Section 3(b), any Intra-Group Trading Amount shall include only such amounts arising on or prior to the Effective Date. 

        (iv)    In
the event that ABB or any ABB Affiliate or Purchaser or any Purchaser Affiliate pays an Intra Group Trading Amount that is settled pursuant to this
Section 3(b), such payment shall be promptly reimbursed by the payee thereof. 

        (c)    Trademark Fees, Management Fees and Research and Development Fees [Step 4].    Neither
Purchaser, any OGP Purchaser nor any OGP Subsidiary shall be liable for any fees due to ABB Asea Brown Boveri Ltd. or any of its Affiliates in connection with any agreement for the maintenance
of the ABB trademark, the provision of management services or the provision of research and development facilities or services; provided, however, that
Purchaser and its Affiliates shall remain liable for all fees due to ABB or any of its Affiliates for services provided after the Closing Date either (i) pursuant to the Transition Services
Agreement or (ii) otherwise at the 

3

 

request
of the OGP Business, in each case in accordance with the terms of the underlying agreements. 

        (d)    Pension Back Charges [Step 5].    The amount to be paid by ABB to Purchaser pursuant to
Section 1(b) of this Settlement includes an amount equal to US$496,000 with respect to amounts due to the ABB Plan in the UK (the "ABB UK Plan")
and an amount equal to US$137,000 with respect to amounts paid by Purchaser during the period from July 1, 2004 through the Closing Date to the ABB Retiree Medical Plan. Purchaser hereby
confirms that Purchaser has paid US$496,000 to the ABB UK Plan and the US$137,000 referred to above to the ABB Retiree Medical Plan. For the avoidance of doubt, this does not in any way reduce ABB's
obligations pursuant to Sections 6.05, 6.06 and 6.10 of the Purchase Agreement. 

        (e)    U.S. Workers Compensation Back Charges [Steps 6 and 20].    The Parties acknowledge
that the Final Effective Date Balance Sheet includes a consolidated provision in the amount of US$1,992,000 in respect of certain workers compensation claims in the United States reflected on the ENA
Balance Sheet. ABB hereby waives any right that it or any of its Affiliates may have to charge any other amounts to Purchaser or any of its Affiliates with respect to any amount paid by ABB or any of
its Affiliates with respect to a workers compensation claim in the United States known to any Seller as of the Effective Date that is not reflected on the ENA Balance Sheet and the Parties acknowledge
that the retrospective premium adjustment under workers compensation insurance with a valuation date of September 30, 2004 is US$271,536 which is hereby waived;  provided that except for such waived
amount nothing in this Section 3(e) shall prejudice the rights or obligations of either Party under
Section 5.12 of the Purchase Agreement. 

        (f)    Other Pre-Closing Intercompany Costs [Step 7].    ABB, on behalf of itself
and its Affiliates, hereby waives all claims for reimbursement of expenses in the aggregate amount of US$1,305,000 incurred by the OGP Business prior to the Closing Date for the benefit of Purchaser
relating to the attendance by management of the OGP Business at certain business functions throughout the world, the replacement of company signs and the order of business stationery and other
materials. 

        (g)    Transfer of GE Lease for Subsea Intervention Tools [Step 8].    In connection with
obtaining the consent of General Electric Structured Finance ("GE Capital") to the assignment to an affiliate of Purchaser of that certain lease
agreement (the "Leaseback Agreement") between GE Capital and ABB AS (which consent has been obtained), ABB has guaranteed the payment of all remaining
amounts due to GE Capital from such affiliate of Purchaser under the Leaseback Agreement. 

        (h)    MMOI Australia Non-Trade Payables [Step 9].    For the avoidance of doubt,
the Final Effective Date Balance Sheet does not reflect any adjustment to the Effective Date Balance Sheet with respect to amounts of equity mis-reported as non-trade payables
of ABB Vetco Gray Australia Pty Ltd. and EPT (PNG) Ltd. The amount to be paid by ABB to Purchaser pursuant to Section 1(b) of this Settlement includes an amount equal to
US$404,000 in settlement of proposed adjustments to the Effective Date Balance Sheet with respect to amounts due to the OGP Business from ABB. 

        (i)    Transfer of Kazakhstan Assets [Step 10].    ABB shall use its reasonable best efforts
to facilitate the consummation of the transactions contemplated by the Purchase Agreement with respect to Kazakhstan and the Asset Sale and Purchase Agreement, dated July 12, 2004, between ABB
(???????) Kazakhstan LLP ("ABB Kazakhstan") and Vetco Aibel Kazakhstan LLP (formerly Vetco International Kazakhstan, Limited Liability Partnership), as
amended. 

        (j)    Charges under TCO Contract [Step 11].    Purchaser acknowledges that the amount paid by
ABB pursuant to Section 3(b)(i) of this Settlement has been reduced by US$1,153,000 to account for costs incurred by ABB Kazakhstan related to the performance of wellhead maintenance and 

4

 

other
related services at the Tengizchevroil facility on the Tengiz field pursuant to the agreement, dated on or about 2001, between Tengizchevroil LLP and ABB Kazakhstan (the
"TCO Contract") and reflected on the ENA Balance Sheet for the period through the Effective Date. Neither Purchaser nor any OGP Purchaser shall
otherwise have any liability to ABB or any of the Sellers for any additional costs incurred by ABB Kazakhstan prior to the Effective Date for the performance of wellhead maintenance and other related
services at the Tengizchevroil facility on the Tengiz field pursuant to the TCO Contract. Neither ABB nor any of its Affiliates shall have any liability to Purchaser or any Purchaser Affiliate for any
additional costs incurred by Purchaser or any Purchaser Affiliate prior to the Effective Date under or in connection with the TCO Contract (including for the avoidance of doubt costs incurred in
relation to taxes or social security charges in connection with personnel). 

        (k)    Access to E&Y and KPMG Workpapers; Consolidation Schedules and Associated Workpapers; Provision of Services by Lars-Olov Ekholm
[Step 13].    ABB (i) hereby consents to the member practices of Ernst & Young Global
("E&Y") and KPMG Global ("KPMG") granting Purchaser and Purchaser's accountants and auditors access to
E&Y's and KPMG's workpapers related to the OGP Business for the years 2000 through 2002 and (ii) shall grant Purchaser and Purchaser's accountants and auditors access to those consolidation
schedules (setting out the consolidated profit and loss, balance sheet, and cash flow (if previously prepared) and the associated workpapers ancillary to their production) related to the OGP Business
for the years 2000 through 2003 and the first six months of 2004, in each case which are in ABB's possession; provided that in each case such access is
subject to Purchaser and Purchaser's accountants and auditors executing usual and customary nondisclosure and hold harmless agreements which, to the extent possible, will be in a form substantially
similar to the agreements executed by Deloitte & Touche Tohmatsu in connection with the due diligence it conducted in connection with the transaction contemplated by the Purchase Agreement. ABB
hereby consents to Lars-Olov Ekholm consulting with and providing services to Purchaser and Purchaser's accountants and auditors with regard to the OGP Business for the years 2000 through
2004. 

        (l)    Allocation of Purchase Price [Step 14].    Pursuant to Section 2.04(c) of the
Purchase Agreement, Exhibit C to the Purchase Agreement is hereby amended and restated as set forth in Annex 5 attached hereto. 

        (m)    Indemnified Projects [Step 16].    The Estimated Indemnified Project Loss Provisions
required to be identified pursuant to Section 9.06(c) of, and Section 3.7 of Exhibit E to, the Purchase Agreement aggregate US$89,301,000, comprised of the following amounts with
respect to each Indemnified Project: 

	(i)	 	Bonga (Subsea Equipment & Umbilicals)	 	US$34,480,000	 
	(ii)	 	Corrib Project	 	US$2,195,000	 
	(iii)	 	ABO Project

(such amount being a gain)	 	(US$2,069,000	)
	(iv)	 	Workover Trees	 	US$4,900,000	 
	(v)	 	Marlim Manifolds	 	US$34,725,000	 
	(vi)	 	Caratinga Trees	 	US$9,607,000	 
	(vii)	 	Petrobras Riser Joints (Gas Fill)	 	US$86,000	 
	(viii)	 	2,500m Horizontal Trees for Roncador Field	 	US$5,377,000	 

        For
the avoidance of doubt, the foregoing amounts shall be the values of "Element [A]" in the formulas specified in Section 9.06(d)(ii) and
(iii) of the Purchase Agreement. 

        (n)    Brazilian Lease Extension [Step 17]. With respect to the sublease from ABB Ltda. to ABB
Óleo e Gás Ltda. of certain premises in São Paolo, Brazil (the "Brazil Sublease") forming 

5

 

part
of the premises covered by the head lease held by ABB Ltda. (the "Brazil Head Lease"), in the event that ABB Ltda. shall agree to a
reduction in the size of the premises leased under the Brazil Head Lease, ABB shall pay to Purchaser an amount equal to Purchaser's pro rata portion (based upon the proportion that the reduction of
the size of the premises leased under the Brazil Sublease bears to the reduction of the size of the premises leased under the Brazil Head Lease) of any compensation paid by the Brazil Head Lease
lessor to ABB Ltda. in connection with such reduction. ABB shall use reasonable best efforts to keep Purchaser informed as to the status of any negotiations relating to any reduction to the
size of the premises leased pursuant to the Brazil Head Lease. 

        (o)    Compliance Related Fees [Step 19].    ABB shall pay all fees related to the Compliance
Review incurred prior to July 12, 2004 by firms engaged by or on behalf of ABB or members of the management team of the OGP Business; provided
that ABB shall not be liable for such fees to the extent they exceed US$334,000; provided further that the foregoing obligation shall not apply to fees
incurred by Clifford Chance LLP, Deloitte & Touche Tohmatsu or Cadwalader, Wickersham & Taft LLP. 

        (p)    Congo VAT Claim [Step 21].    ABB shall use reasonable best efforts to provide, or
cause to be provided, such assistance to Purchaser as Purchaser may reasonably request in connection with Purchaser's defense of that certain US$460,000 claim for value added taxes made by Coraf, a
Congolese government-owned refinery, against the Congo branch of ABB Process Solutions & Services SPA. 

        (q)    Congo Redundancy Claim Documentation [Step 22].    ABB shall use reasonable best
efforts to provide, or cause to be provided, such assistance to Purchaser as Purchaser may reasonably request in connection with Purchaser's defense of certain claims made by former employees made
redundant during the period from 2000 to 2003 against the Congo branch of ABB Process Solutions & Services SPA. 

        (r)    Improvements to Information Flow [Step 23].    ABB shall use reasonable best efforts to
provide such assistance to Purchaser as Purchaser may reasonably request with regard to the flow of information to facilitate other work streams related to Norwegian pension data and to clarify
treatment of the following matters: adjustment to reflect increase of 1.5% to pensions in payment; liabilities and provisions related to expatriates; employees on secondment; salary adjustments at
January 1, 2004; retirees in Nordea; effect of 2004 salary negotiations with the engineering union NITO, and transfer of retirees. In agreeing to provide such information ABB does not concede
that any of such information is relevant to the determination of any amounts payable pursuant to Article VI of the Purchase Agreement. 

        (s)    Compliance Information Access.    Notwithstanding any prior agreements to the contrary between Purchaser and
ABB, in connection with the audits of prior period financial statements and/or the proposed initial public offering (as appropriate) of Vetco International Limited (f/k/a Pixiegrove Limited)
("Vetco International") or its ultimate parent, KPMG (acting in its capacity as registered independent auditor of Vetco International), Baker Botts LLP
(acting in its capacity as counsel to Vetco International in connection with such proposed initial public offering of its or its ultimate parent's securities) and Andrews Kurth LLP (acting in its
capacity as counsel to the underwriters for Vetco International in connection with a proposed initial public offering of its or its ultimate parent's securities) shall be permitted access to
information relating to the results and findings of the Compliance Review, including work products of Cadwalader, Wickersham & Taft LLP, Deloitte & Touche Tohmatsu and
PricewaterhouseCoopers; provided that such access is subject to each of KPMG, Baker Botts LLP and Andrews Kurth LLP executing a reasonable and customary
non-disclosure agreement, including reasonable and customary hold harmless provisions. 

6

 

        (t)    Briarpark Lease Extension.    With respect to the Sublease dated July 30, 2004 from ABB Inc. to
Vetco Gray Inc. of certain premises (the "Briarpark Premises") in Briarpark, Houston, Texas, U.S.A. (the "U.S.
Sublease"), forming part of the premises covered by the head lease dated June 6, 1998 held by ABB Inc. from SV Westchase AB Limited Partnership, ABB shall cause
ABB, Inc. to amend the U.S. Sublease (subject to obtaining the requisite consent of the prime lessor, which consent ABB shall use reasonable best efforts to obtain), to grant to Vetco
Gray Inc. the option to extend the U.S. Sublease for an additional year (through July 31, 2007) by giving ABB Inc. notice of exercise of such option on or prior to
January 31, 2006 (the "Extended Sublease"). The Basic Rent and Operating Expenses per month (each as defined in the U.S. Sublease) for the
Extended Sublease shall be equal to one hundred and ten percent (110%) of the Basic Rent and Operating Expenses for the final month of the initial term of the U.S. Sublease. 

        (u)    Erik Fougner Service Agreement.    Purchaser hereby confirms that its indirect parent company, Vetco
International has served a notice on Erik Fougner terminating his employment with Purchaser, as there is no long-term role for Mr. Fougner with the Vetco International group. ABB
therefore hereby agrees to procure that ABB Oil, Gas and Petrochemicals Management Limited ("ABB OGP") will pay Mr. Fougner all benefits to which
he is entitled (after any legally required deductions and applicable withholding taxes) pursuant to his service agreement with that entity dated January 14, 2003 (as amended) within
30 days of receipt of a written notice from Purchaser or a Purchaser Affiliate confirming: (i) the date of termination of employment with Purchaser and Mr. Fougner's tax residency
at such date, (ii) that the termination was not for cause, (iii) what (if any) severance or similar payment as a result of such termination has or will be paid; and (iv) that
there is no other employment relationship between Mr. Fougner and Purchaser or any Purchaser Affiliate. 

        4.    Waiver of Deferred Consideration.    ABB hereby waives its right to the Deferred Consideration provided for in
Section 2.04(a) of the Purchase Agreement. 

        5.    Amendments to Section 9.06 of the Purchase Agreement.    (a) Section 9.06 of the Purchaser
Agreement is hereby amended as follows: 

        (i)    Solely
for the purposes of Section 9.06 of the Purchase Agreement, the term "Closing Accounting Principles" shall mean the accounting policies, principles,
practices, evaluation and translation rules and procedures, methods and bases adopted by the OGP Business in calculating the amount set forth in the "Net
Result" row in the "Total per Project Reports" column (or "Project Report" column where only one reporting unit is involved) of
the unaudited project status reports for the Indemnified Projects as at June 30, 2004, copies of which are attached hereto as Annex 6; 

        (ii)    Section 9.06(b)(iv) of
the Purchase Agreement is amended by inserting the words "prepared in accordance with the Closing Accounting Principles" after the
words "deliver to ABB monthly statements"; 

        (iii)    The
reference to "at least once each calendar month" in Section 9.06(b)(iii) of the Purchase Agreement shall be replaced by "once every second month"
commencing March 2005. 

        (iv)    The
reference to "and every six months thereafter" in Section 9.06(d)(iii) of the Purchase Agreement is replaced by "in respect of every six months
thereafter, within one calendar month of the end of such six month period". 

	
(b)
	With
respect to the formulas set forth in Section 9.06(d)(ii) and (iii) of the Purchase Agreement for calculation of Net Position and Net Stage
Position, respectively, if the amount of the Indemnified Project Loss or Stage Estimate, as applicable, for the Indemnified Project referred to as Bonga (Subsea Equipment and Umbilicals) in
Section 9.06 of the Disclosure 

7

 

Schedule
(the "Bonga Project") otherwise includable in "Element [C]" of such formula exceeds US$39,480,000, then the amount
attributable to the Bonga Project included in "Element [C]" of such formula shall be reduced by the amount by which the amount of the Indemnified Project Loss or Stage
Estimate, as applicable, exceeds US$39,480,000; provided that the amount of any such reduction shall not exceed US$5,000,000. 

        6.    Section 5.30 of the Purchase Agreement.    From and after the date of this Settlement, Purchaser shall
have no further obligation to make any payments to ABB pursuant to Section 5.30 of the Purchase
Agreement; provided that nothing in this Section 6 shall prejudice the rights or obligations of either Party under Section 9.06 of the
Purchase Agreement. 

        7.    Releases.    ABB hereby releases and forever discharges Purchaser, and Purchaser hereby releases and forever
discharges ABB, and their respective directors, officers, employees, predecessors, successors, affiliates, subsidiaries, agents and attorneys and the shareholders of their respective ultimate holding
companies and such holding companies' respective directors, officers, employees, predecessors, successors, affiliates, subsidiaries, agents and attorneys (collectively the
"Releasees") from any and all actions, causes of action, suits, debts, dues, sums of money, accounts, reckonings, bonds, bills, specialties,
controversies, variances, trespasses, damages, judgments, executions, claims and demands whatsoever and howsoever arising, whether in law or in equity, whether known or unknown, contingent or
otherwise, which ABB or Purchaser now has, ever had or hereafter can, shall or may have against Purchaser or ABB, as the case may be, and/or its respective Releasees for, upon or by reason of any
matter, cause or thing arising out of or related to (i) any breach or alleged breach of Section 2.10 of the Purchase Agreement, (ii) any breach or alleged breach of
Section 9.06 of the Purchase Agreement prior to or as at the date hereof, including, in the case of the ABB release, any of the allegations that were asserted by ABB in its Notice of Dispute
pursuant to Section 11.12(b) of the Purchase Agreement dated November 29, 2004. 

        8.    Settlement Effect on Representations and Warranties.    No Purchaser Indemnified Party shall be entitled to
assert any Warranty Claim against ABB pursuant to Section 9.03(a)(i) based on facts, events or circumstances that (i) constitute any part of the basis for any accounting entry
made by Purchaser that was rejected by ABB in the Dispute Notice or (ii) constitute any part of the basis for any of the accounting entries included by Purchaser and reflected in the Purchase
Price Documentation and set forth on Annex 7 attached hereto. For the avoidance of doubt, this Section 8 shall only apply to the ability of a Purchaser Indemnified Party to assert any rights
pursuant to Section 9.03(a)(i) of the Purchase Agreement and shall not, inter alia, restrict the ability of a Purchaser Indemnified Party to assert its rights in connection with any
other provision of Section 9. 

        9.    Confidentiality.    The Parties agree that neither they nor their counsel shall disclose the existence or terms
of this Settlement to any person or entity, except as required by law or regulation, without the express and prior written consent of all of the Parties. For avoidance of doubt, this Section 9
shall not act to prevent either party from sharing this Settlement with its professional advisers or performing necessary financial reporting in accordance with applicable laws and GAAP. 

        10.    Advice of Counsel.    The Parties acknowledge that they have been advised by counsel concerning the contents
and effect of this Settlement, that they understand all of its provisions, and that they are entering into this Settlement knowingly and voluntarily. 

        11.    Authority to Sign.    The undersigned persons represent and warrant that they are duly authorized to sign this
Settlement on behalf of the person or entity on whose behalf they are listed as signing and that they have full and proper authority to bind such person or entity to all of the terms herein. 

        12.    Rule of Construction.    In the event that an ambiguity or a question of intent or interpretation arises, this
Settlement shall be construed as if drafted jointly by the Parties, and no presumption or 

8

 

burden
of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Settlement. 

        13.    Incorporation by Reference.    The provisions set forth in Sections 1.02, 11.02, 11.03, 11.04, 11.05, 11.06,
11.07, 11.08, 11.09, 11.11, 11.12, 11.14(a) and 11.15 of the Purchase Agreement shall be incorporated by reference herein as if set forth in full herein. 

        14.    Ratification of Purchase Agreement.    Except as expressly amended hereby, all of the terms of the Purchase
Agreement (including the representations and warranties contained in Articles III and IV therein and the indemnities in Article IX) shall remain the same and in full force and effect in
accordance with their terms and the Purchase Agreement, as expressly amended hereby, is hereby ratified and confirmed in all respects. 

        IN
WITNESS WHEREOF, each of the Parties hereto has caused this Settlement to be executed as of the date first written above by its respective officers thereunto duly authorized. 

	 	 	ABB HANDELS- UND VERWALTUNGS AG
	

 	
 	

By	

/s/  HANS ENHOERNING      
 Name: Hans Enhoerning

Title: Vice President
	

 	
 	

By	

/s/  ERIC ELZVIK      
 Name: Eric Elzvik

Title: Senior Vice President
	 	 	VETCO LIMITED

(FORMERLY LARADEW LIMITED
	

 	
 	
By	

/s/  JOHN ARNEY      
 Name: John Arney

Title: Director

9

QuickLinks

Exhibit 4.8

EXECUTION COPY

SETTLEMENT AGREEMENT AND AMENDMENT

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