Document:

Exhibit 4.7

 

 

 

administrative
services AGREEMENT

 

between

 

Hoegh LNG Services
Ltd

 

AND

 

Höegh LNG
AS

 

 

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	Section 1.	Definitions	1
	 	 	 
	Section 2.	General	3
	 	 	 
	Section 3.	Subcontracting	3
	 	 	 
	Section 4.	Covenants	3
	 	 	 
	Section 5.	Exclusivity	4
	 	 	 
	Section 6.	Confidential Information	4
	 	 	 
	Section 7.	VAT	4
	 	 	 
	Section 8.	General Relationship Between the Parties	4
	 	 	 
	Section 9.	Indemnity	5
	 	 	 
	Section 10.	Term and Termination	5
	 	 	 
	Section 11.	Subcontractor Costs and Expenses Upon Termination	6
	 	 	 
	Section 12.	Surrender of Books and Records	6
	 	 	 
	Section 13.	Entire Agreement	6
	 	 	 
	Section 14.	Severability	6
	 	 	 
	Section 15.	Law and Arbitration	6
	 	 	 
	Section 16.	Notice	8
	 	 	 
	Section 17.	Variation	8
	 	 	 
	Section 18.	Waiver	8
	 	 	 
	Section 19.	Assignment	8
	 	 	 
	Section 20.	Third Parties	8
	 	 	 
	Section 21.	Counterparts	8

 

Schedule A     —         Administrative Services

 

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ADMINISTRATIVE
SERVICES AGREEMENT

 

THIS ADMINISTRATIVE SERVICES
AGREEMENT is entered into on, and effective as of, 2 July, 2014 (this “Agreement”), between Hoegh
LNG Services Ltd, a company limited by shares registered in England and Wales with company number 9058496 and a wholly owned
subsidiary of the Operating Company (as defined below) (“Höegh UK”), and Höegh LNG AS, a Norwegian
private limited liability company (“Höegh Norway”), each a “Party” and
collectively, the “Parties.”

 

RECITALS:

 

		1.	Höegh LNG Partners LP, a Marshall Islands limited
partnership whose common units representing limited partner interests in it will be listed and traded on the New York Stock Exchange
(the “MLP”), and Höegh LNG Partners Operating LLC, a Marshall Islands limited liability company
and wholly owned subsidiary of the MLP (the “Operating Company”), are holding entities that indirectly
own interests in FSRUs and LNG carriers and require certain administrative services in connection with the management of the group.

 

		2.	Pursuant to an Administrative Services Agreement, dated
on or about the same date as this Agreement, among the MLP, the Operating Company and Höegh UK, as amended from time to time
(the “MLP Administrative Services Agreement”), the MLP and the Operating Company have engaged Höegh
UK to provide, or procure the provision of, administrative services to the MLP and the Operating Company.

 

		3.	Pursuant to the MLP Administrative Services Agreement,
Höegh UK may, as authorized from time to time by the MLP and the Operating Company, subcontract to Höegh Norway the
Administrative Services.

 

		4.	Höegh UK wishes to engage Höegh Norway to provide,
or procure the provision of, the Administrative Services on the terms set out herein.

 

In consideration of the
premises and the covenants, conditions and agreements contained herein, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

 

Section 1.          Definitions.
As used in this Agreement, the following terms have the respective meanings set forth below:

 

“Administrative
Services” means the services described in Schedule A, as delegated to Höegh Norway from time to
time.

 

“Agreement”
has the meaning given such term in the introduction to this Agreement.

 

“Board”
means the Board of Directors of the MLP.

 

    	 

    	 

    

 

“Change of Control”
means, with respect to any entity, an event in which securities of any class entitling the holders thereof to elect a majority
of the members of the board of directors or other similar governing body of the entity are acquired, directly or indirectly, by
a “person” or “group” (within the meaning of Section 13(d) or 14(d)(2)
of the Securities Exchange Act of 1934, as amended), who did not immediately before such acquisition own securities of the entity
entitling such person or group to elect such majority (and for the purpose of this definition, any such securities held by another
person who is related to such person are deemed to be owned by such person).

 

“Closing Date”
means the closing date of the initial public offering of the MLP.

 

“Dispute”
has the meaning given such term in Section 15.

 

“General Partner”
means Höegh LNG GP LLC, a Marshall Islands limited liability company and the general partner of the MLP.

 

“Höegh Norway”
has the meaning given such term in the introduction to this Agreement.

 

“Höegh UK”
has the meaning given such term in the introduction to this Agreement.

 

“LCIA”
has the meaning given such term in Section 15.

 

“LIBOR”
means the London Interbank Offered Rate.

 

“MLP”
has the meaning given such term in the recitals to this Agreement.

 

“MLP Agreement”
means the First Amended and Restated Agreement of Limited Partnership of the MLP, dated as of the Closing Date, as from time to
time amended.

 

“Operating Company”
means Höegh LNG Partners Operating LLC, a Marshall Islands limited liability company and wholly owned subsidiary of the MLP.

 

“Partnership
Group” means the MLP, the General Partner and the subsidiaries of the MLP.

 

“Party”
or “Parties” has the meaning given such term in the introduction to this Agreement.

 

“Person”
means an individual, corporation, partnership, joint venture, trust, limited liability company, unincorporated organization or
any other entity.

 

“Subcontractor
Costs and Expenses” has the meaning given such term in Section 3(b).

 

“Subcontractor
Due Date” has the meaning given such term in Section 3(e).

 

“Subcontractor
Services Fees” has the meaning given such term in Section 3(c).

 

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“Tribunal”
has the meaning given such term in Section 15.

 

“Unitholders”
means holders of common units representing limited partnership interests in the MLP.

 

“VAT”
means value added, goods, sales or any similar tax.

 

Section 2.         General.
Höegh Norway shall provide, or procure the provision of, the Administrative Services to Höegh UK (acting reasonably)
and subject to the supervision of the board of directors of Höegh UK. Höegh Norway may not subcontract all or part of
the Administrative Services, save that it may subcontract all or such portion of the Administrative Services as it deems advisable
or appropriate in its sole discretion, with the prior written consent of Höegh UK, to any other Person.

 

Section 3.         Subcontracting.
If Höegh UK and Höegh Norway agree that Höegh Norway shall perform certain of the Administrative Services, the terms
of such subcontracting arrangement will be as follows: 

 

(a)      Höegh
Norway shall comply with the covenants set out in Section 4, Section 5 and Section 12;

 

(b)      Höegh
UK shall reimburse Höegh Norway on a monthly basis in arrears for all costs and expenses reasonably incurred by Höegh
Norway (the “Subcontractor Costs and Expenses”) in connection with the provision of the Administrative
Services for the preceding month;

 

(c)      Höegh
UK shall pay to Höegh Norway on a monthly basis in arrears a services fee equal to 3.00% of the Subcontractor Costs and Expenses
for the preceding month (the “Subcontractor Services Fees”);

 

(d)      within
20 days after the end of each calendar month, Höegh Norway shall submit to Höegh UK for payment an invoice covering
the Subcontractor Costs and Expenses and the Subcontractor Services Fees. Each invoice will contain such supporting detail as may
be reasonably required to validate such amounts due; and

 

(e)      Höegh
UK shall make payment owed pursuant to this Section 2 promptly upon receipt of each invoice (any such day on which
a payment is due, a “Subcontractor Due Date”). All invoices for the Subcontractor Costs and Expenses
and the Subcontractor Services Fees will be submitted in and paid in U.S. Dollars. All amounts not paid within 10 days
after the Subcontractor Due Date bear interest at the rate of 3.00% per annum above the three-month US$ LIBOR rate as at the Subcontractor
Due Date from such Subcontractor Due Date until the date payment is received in full by Höegh Norway.

 

Section 4.         Covenants.
During the term of this Agreement, Höegh Norway shall:

 

(a)      perform,
or procure the performance of, the Administrative Services in a diligent manner;

 

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(b)      retain,
or procure at all times the retention by any Person to whom performance of the Administrative Services is subcontracted
from time to time of, sufficiently qualified staff to provide the Administrative Services;

 

(c)      keep,
and procure the keeping by any Person to whom performance of the Administrative Services is subcontracted of, full and proper books,
records and accounts showing clearly all transactions relating to the provision of the Administrative Services in accordance with
established general commercial practices and in accordance with U.S. generally accepted accounting principles, and provide or procure
access to Höegh UK and its representatives to audit and examine such books, records and accounts at any time during
customary business hours; and

 

(d)      comply,
and procure the compliance by any Person to whom performance of the Administrative Services is subcontracted, with all laws and
regulations applicable to the Parties, including, but not limited to, the U.S. Foreign Corrupt Practices Act 1977 and the
U.K. Bribery Act 2010 and any other anti-corruption legislation.

 

Section 5.         Exclusivity.
Höegh Norway and its employees shall not, without the prior written consent of Höegh UK (not to be unreasonably withheld
or delayed), provide services of a nature similar to the Administrative Services to any other Person other than Höegh LNG
Holdings Ltd. or its subsidiaries.

 

Section 6.         Confidential
Information. Höegh Norway shall, and shall procure that any Person to whom performance of any of the Administrative Services
is subcontracted, keep confidential, all information it has acquired or developed in the course of providing the Administrative
Services.

 

Section 7.         VAT.

 

(a)      All
amounts payable under this Agreement are deemed to be exclusive of VAT, which will be payable upon receipt of a valid VAT invoice,
if subject to VAT.

 

(b)      Where
this Agreement requires one Party to reimburse another for any costs or expenses, the payer shall, at the same time, pay the payee
all VAT incurred by the payee in respect of those costs or expenses. The amount payable will be the amount that the payee reasonably
determines is the amount that neither it, nor any other member of any group of which it is a member for VAT purposes, is entitled
to recover from the relevant tax authority in respect of the VAT.

 

Section 8.          General
Relationship Between the Parties. Höegh Norway and any subcontractors shall perform the Administrative Services as independent
contractors and the Parties do not intend, and nothing herein will be interpreted so as, to create a partnership or joint venture
relationship or agency relationship between Höegh Norway and any one or more of the MLP, the Operating Company, the General
Partner or any other member of the Partnership Group. Nothing in this Agreement creates any employment relationship between the
MLP, on the one hand, and any other Person performing the Administrative Services, on the other.

 

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Section 9.         Indemnity.
Höegh UK shall indemnify and hold harmless any Person to whom provision of the Administrative Services is subcontracted in
accordance with the terms of this Agreement (including any subcontractors of Höegh Norway) and their officers, employees and
agents against all actions, proceedings, claims, demands or liabilities that may be brought against them due to the performance
of the Administrative Services, including, without limitation, all actions, proceedings, claims, demands or liabilities brought
under the environmental laws of any jurisdiction, and against and in respect of all costs and expenses (including legal costs and
expenses on a full indemnity basis) they may suffer or incur due to defending or settling same; provided, however, that such indemnity
excludes any or all losses, actions, proceedings, claims, demands, costs, damages, expenses and liabilities whatsoever to the extent
that they are caused by or due to the fraud, willful misconduct or gross negligence of such subcontractor or its officers, employees
or agents. Any such subcontractor and each of its officers, employees and agents may enforce the provisions of this Section 9
in accordance with the provisions of the Contracts (Rights of Third Parties) Act 1999.

 

Section 10.       Term
and Termination. This Agreement terminates on the fifth anniversary of the date at the head of this Agreement or if terminated:

 

(a)       by
the board of directors of Höegh UK upon 90 days’ written notice for any reason in its sole discretion; or

 

(b)      by
the board of directors of Höegh Norway upon 90 days’ written notice if:

 

(i)          there
is a Change of Control of the MLP or the General Partner;

 

(ii)         a
receiver is appointed for all or substantially all of the property of the MLP;

 

(iii)        an
order is made to wind up the MLP;

 

(iv)        a
final judgment, order or decree that materially and adversely affects the ability of the MLP or the Operating Company to perform
under the MLP Administrative Services Agreement will have been obtained or entered against the MLP or the Operating Company, and
such judgment, order or decree will not have been vacated, discharged or stayed;

 

(v)         the
MLP or the Operating Company makes a general assignment for the benefit of its creditors, files a petition in bankruptcy or for
liquidation, is adjudged insolvent or bankrupt, commences any proceeding for a reorganization or arrangement of debts, dissolution
or liquidation under any law or statute or of any jurisdiction applicable thereto or if any such proceeding is commenced;

 

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(vi)        a
final judgment, order or decree that materially and adversely affects the ability of Höegh UK to perform under this Agreement
will have been obtained or entered against Höegh UK, and such judgment, order or decree will not have been vacated, discharged
or stayed; or

 

(vii)       Höegh
UK makes a general assignment for the benefit of its creditors, files a petition in bankruptcy or for liquidation, is adjudged
insolvent or bankrupt, commences any proceeding for a reorganization or arrangement of debts, dissolution or liquidation under
any law or statute or of any jurisdiction applicable thereto or if any such proceeding is commenced.

 

Any termination of this Agreement
is without prejudice to any accrued rights and liabilities of any Party subsisting as at the date of termination. Notwithstanding
the termination of this Agreement, the provisions of Section 6, Section 9, Section 10, Section 11,
Section 12, Section 13, Section 14, Section 15, Section 17, Section 18
and Section 19 shall survive the termination and will remain in force and binding on the Parties.

 

Section 11.       Subcontractor
Costs and Expenses Upon Termination. Upon termination of this Agreement in accordance with Section 10, Höegh
UK shall be obligated to pay any and all amounts payable pursuant to Section 3 for the applicable Administrative Services
provided prior to the time of termination.

 

Section 12.       Surrender
of Books and Records. Upon termination of this Agreement, Höegh Norway shall forthwith surrender to Höegh UK, or
procure the surrender to Höegh UK, of any and all books, records, documents and other property relating to this Agreement
and to the business, finance, technology, trademarks or affairs of the MLP and any member of the Partnership Group (including Höegh
UK) and, except as required by law, shall not retain any copies of same.

 

Section 13.       Entire
Agreement. This Agreement constitutes the entire agreement of the Parties relating to the matters contained herein, superseding
all prior contracts or agreements, whether oral or written, relating to the matters contained herein.

 

Section 14.       Severability.
If any provision of this Agreement or the application thereof to any Person or circumstance is held invalid or unenforceable to
any extent, the remainder of this Agreement and the application of such provision to other Persons or circumstances will not be
affected thereby and will be enforced to the greatest extent permitted by law.

 

Section 15.       Law
and Arbitration. This Agreement (including the agreement as to arbitration contained herein) and any dispute or claim arising
out of or in connection with it (including disputes as to regarding its existence, validity or termination) or its subject matter
or formation (including non-contractual disputes or claims) (a “Dispute”) will be governed by, and construed
in accordance with, the substantive laws of England and Wales without reference to any choice of law principle that would result
in the application of any other law.

 

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The Parties specifically
acknowledge that the terms of this Agreement represent their sole and express intent, to the exclusion of any other intent, and
they specifically disclaim the application of any provision of the applicable law, legal doctrine or principle that would permit
variance or avoidance of these terms.

 

Any Dispute will be referred
to and finally resolved by arbitration under the rules of arbitration of the London Court of International Arbitration (the “LCIA”),
which rules are deemed to be incorporated herein. The seat (or legal place) of arbitration will be London, England. The language
of the arbitration will be English.

 

The tribunal (the “Tribunal”)
will consist of one arbitrator. The Parties shall jointly nominate the sole arbitrator within 30 days of the request for arbitration.
If the Parties fail to agree on the sole arbitrator within such time, the LCIA court shall appoint the arbitrator on an expedited
basis.

 

Any award will be final and
binding on the Parties and may be confirmed in, and judgment upon the award entered by, any court having jurisdiction. The Parties
hereby waive any reference to the courts under Sections 45 and 69 of the Arbitration Act 1996.

 

The Tribunal shall render
a final award in any arbitration within six months of the appointment of the Tribunal by the LCIA court. This time limit may
only be extended with the consent of the Parties or by the Tribunal for good cause shown, provided, that no award will be invalid
even if it is not rendered within the time period herein specified, or not rendered within any extended period. At the earliest
opportunity, the Tribunal shall, in consultation with the Parties, set out a procedural timetable for the service of pleadings
and evidence. Any pleading or evidence served otherwise than in compliance with such timetable will be struck out by the Tribunal,
unless the submitting Party shows good cause for the deviation and has been granted an appropriate extension by the Tribunal (ahead
of the expiration of the relevant deadline), bearing in mind the effect such extension will or may have on the case timetable.

 

The Parties agree that there
will be a presumption that there will be no disclosure or discovery of documents, save for the documents that each Party intends
to rely upon. To the extent that the Tribunal considers that it may be appropriate to order any document production beyond this,
it will be guided by the IBA Rules of the Taking of Evidence in International Commercial Arbitration in doing so.

 

The Parties agree that, if
any provision of this Agreement is not performed in accordance with its terms, irreparable damage may occur and, notwithstanding
this Section 15, the Party affected thereby is entitled to apply to the courts of England and Wales for an interim
injunction to prevent such breach, or continuing breach, of this Agreement and/or specific performance of the provisions hereof,
in addition to any other remedy available under English law, including those prescribed by Section 44 of the Arbitration Act
1996. The Parties agree that any application to the courts of England and Wales made hereunder is one of urgency, and legal proceedings
may be immediately commenced in the English courts, notwithstanding that the arbitration procedure prescribed in this Section 15
has not yet been initiated. Any injunction or order so issued will be enforceable in any court having jurisdiction over any Party.

 

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Section 16.           Notice.
Notice under this Agreement will be given (via hand delivery or facsimile) as follows:

 

If to Höegh UK:

 

Attn: Richard Tyrrell

Hoegh LNG Services Ltd

150 Minories

London, England, United Kingdom

EC3N 1LS

Telephone: +44 207 347 5396

Fax: +44 207 347 5405

 

If to Höegh Norway:

 

Attn: Vida Beemer

Höegh LNG AS

Drammensveien 134

0277 Oslo, Norway

Telephone: + 47 97 55 74 00

Fax: +47 97 55 74 01

 

Section 17.           Variation.
Any variation to this Agreement will not be effective unless it is made in writing and signed by all of the Parties; provided,
however, that any amendment to Schedule A must also be approved by the MLP.

 

Section 18.           Waiver.
The failure of either Party to enforce any term of this Agreement does not act as a waiver. Any waiver must be specifically stated
as such in writing.

 

Section 19.           Assignment.
No Party is permitted to assign or otherwise dispose of the benefit of this Agreement without the prior written consent of the
other Parties. This Agreement is binding upon and inure to the benefit of the Parties’ successors and assigns.

 

Section 20.           Third
Parties. Save as expressly provided by this Agreement, a Person who is not a Party has no right to enforce or to receive the
benefit of this Agreement under the Contracts (Rights of Third Parties) Act 1999. Notwithstanding the foregoing, the Parties may
terminate, rescind or agree to any variation, waiver or settlement under this Agreement without the consent of any other Person.

 

Section 21.           Counterparts.
This Agreement may be executed in any number of counterparts with the same effect as if all signatory Parties had signed the same
document. All counterparts are to be construed together and constitute one and the same instrument.

 

[THE REMAINDER OF THIS PAGE IS LEFT INTENTIONALLY
BLANK]

 

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IN WITNESS WHEREOF, the
Parties have executed this Agreement on, and effective as of, the date first above written.

 

	 	Hoegh LNG Services Ltd
	 	 	 
	 	By:	/s/ Richard Tyrrell
	 	 	Name: Richard Tyrrell
	 	 	Title:   CEO/CFO/Director
	 	 	 
	 	Höegh LNG AS
	 	 	 
	 	By:	/s/ Steffen Føreid
	 	 	Name: Steffen Føreid
	 	 	Title:   CFO

 

Signature
Page to the

Administrative
Services Agreement

between
Höegh UK and Höegh Norway

 

    	 

    	 

    

 

SCHEDULE A

 

ADMINISTRATIVE
SERVICES

 

Höegh Norway shall
provide, or subcontract the provision of, such of the following administrative services (the “Administrative Services”)
to Höegh UK, as the board of directors of Höegh UK may from time to time request and direct Höegh Norway to provide
pursuant to this Agreement:

 

(a)          Keep
and maintain at all times books, records and accounts that contain particulars of receipts and disbursements relating to the assets
and liabilities of the MLP, the Operating Company and Höegh UK, and such books, records and accounts will be kept pursuant
to normal commercial practices that permit the MLP and the Operating Company to prepare or cause to be prepared financial statements
in accordance with U.S. generally accepted accounting principles and in each case will also be in accordance with those financial
statements required to be kept by the MLP under applicable federal securities laws and regulations in the United States and as
the MLP and the Operating Company is required to keep and file under applicable foreign taxing regulations and the U.S. Internal
Revenue Code of 1986, as amended, and the regulations applicable with respect thereto, all as amended from time to time, provided
that any register of members of the MLP shall be kept outside the United Kingdom;

 

(b)          Assist
in preparing all such returns, filings and documents, for review and approval by the MLP and the Operating Company as may be required
under the MLP Agreement, as well as such other returns, filings, documents and instruments as may from time to time be requested
or instructed by the MLP and the Operating Company, and assist in filing such documents, as applicable, as directed by the MLP
and the Operating Company with the relevant authority, except that such returns, filings and documents may not be approved by Höegh
Norway;

 

(c)          Assist
in providing, or arranging for the provision of, advisory services to the MLP with respect to the MLP’s obligations under
applicable securities laws and regulations in the United States and assist in arranging for compliance by the MLP with continuous
disclosure obligations under applicable securities laws and regulations and the rules and regulations of the New York Stock Exchange,
the U.S. Securities and Exchange Commission and the Sarbanes–Oxley Act of 2002 and any other securities exchange upon which
the MLP’s securities are listed, including to assist in the preparation for review, approval and filing by the MLP of reports
and other documents with all applicable regulatory authorities, provided, that nothing herein permits or authorizes Höegh
Norway to act for or on behalf of the MLP in its relationship with regulatory authorities, except to the extent that specific authorization
may from time to time be given by the MLP;

 

(d)          Assist
in providing, or arranging for the provision of, or secure sufficient and necessary office space, equipment and personnel, including
all accounting, clerical, secretarial, corporate, administrative and information technology services, as may be reasonably necessary
for the performance of the MLP and the Operating Company’s business (outside the United Kingdom) (if any);

 

    	A-1

    	 

    

 

(e)          Assist
in arranging for the provision of such audit, accounting, legal, insurance and other professional services as are reasonably required
by the MLP and the Operating Company from time to time in connection with the discharge of its responsibilities under the MLP Agreement
(including the review of quarterly and annual reports), to the extent such advice and analysis can be reasonably provided or arranged
by Höegh Norway, provided, that nothing herein permits or authorizes Höegh Norway to select the auditor of the MLP and
the Operating Company, which will be selected in accordance with the provisions for the appointment of the auditor pursuant to
the MLP Agreement or as otherwise required by law governing the MLP, or to communicate with the auditor other than in the ordinary
course of making such books and records available for review as the auditor may require and to respond to queries from the auditor
with respect to the accounts and statements that Höegh Norway has assisted to prepare or arrange, and in particular Höegh
Norway shall not have any of the authorities, rights or responsibilities of the audit committee of the Board, but shall assist
to provide, or arrange for the provision of, information to such committee as may from time to time be required or requested, and
provided further, that nothing herein entitles Höegh Norway to retain legal counsel for the MLP unless such selection is specifically
approved by the Board;

 

(f)          Assist
in providing, or arranging for the provision of, such administrative and clerical services as may be required by the MLP and the
Operating Company to support and assist the MLP in considering any future acquisitions or divestments of assets of the MLP and
for the integration of any businesses or assets acquired by the MLP (other than acquisitions from Höegh LNG Holdings Ltd.
and its subsidiaries), all in accordance with the direction and under the supervision of Höegh UK;

 

(g)          Assist
in providing technical information, describing business cases, drafting information memoranda and performing calculations for the
purpose of the financing of possible investments, and such other assistance as may be required from time to time of similar nature
or in project development; and

 

(h)          Assist
in providing consultancy on insurance matters, both in respect of arranging suitable cover and settling claims, and coordinating
legal services.

 

For the avoidance of doubt,
no other services may be subcontracted by Höegh UK to Höegh Norway save as set out in this Schedule A.

 

    	A-2Exhibit 4.16.1

  

SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL
TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH FIVE ASTERISKS (*****).

 

AMENDMENT NO. 1

 

Dated 23 February 2015

to

 

SRV LNG CARRIER

 

TIME CHARTERPARTY

 

(HULL 1688 / GDF SUEZ NEPTUNE)

between

SRV JOINT GAS LTD.

 

and

GDF SUEZ LNG SUPPLY SA

dated 20 March 2007

 

    	EXECUTION VERSION	 	1

    	 

    

  

This amendment
(the “Amendment No. 1”) to the Charter (as defined in Recital A below) is made on this 23 of February
2015, and forms an integral part of the Charter.

 

BY AND BETWEEN:

 

		(i)	SRV Joint Gas Ltd., a corporation organized and existing under the laws of Cayman Island
(the “Owner”); and

 

		(ii)	GDF SUEZ LNG Supply SA (ex GDF SUEZ Global LNG Supply SA), a corporation organized and existing
under the laws of Luxembourg (the “Charterer”);

 

(each a “Party” and
together the “Parties”).

 

WHEREAS

 

		(A)	The Owner and the Charterer are Parties to an SRV LNG Carrier Time Charterparty dated 20 March
2007, as novated and/or amended from time to time, (the “Charter”), whereby the Owner has agreed to let and
the Charterer has agreed to hire the use and service of a Shuttle and Regasification Vessel being built by Samsung Heavy Industries
Co. Ltd. (Hull no. 1688) (the “Vessel”);

 

		(B)	The Parties have agreed to make certain amendments to the Charter as set out below.

 

NOW THEREFORE the Parties agree
as follows:

 

		1.	Definitions and Interpretation

 

		(a)	In this Amendment No. 1 “Effective Date” means the date on which this Amendment
No. 1 has been signed by both Parties. Unless otherwise expressly provided or unless the context otherwise requires, words and
expressions shall have the meanings given to them in the Charter.

 

		(b)	References in this Amendment No. 1 to Clauses are, unless otherwise specified, references to clauses
of this Amendment No. 1.

 

		(c)	Clause headings are for ease of reference only.

 

		2.	Effectiveness of Amendment No. 1 and amendment of the Charter

 

		(a)	This Amendment No. 1 shall take effect in all respects
on and from the Effective Date.

 

    	EXECUTION VERSION	 	2

    	 

    

  

		(b)	The Parties specifically agree that the terms of the Charter shall continue to apply, provided
that this Amendment No. 1 shall be deemed to form an integral part of, and shall be read as one with, the Charter, and that, with
effect from the Effective Date, the terms and conditions contained in this Amendment No. 1, to the extent set out in Clause 3 below,
shall amend and/or replace, as the case may be, the terms of the Charter.

 

		(c)	The Parties further agree that, save as amended by the provisions of this Amendment No. 1 as provided
for in Sub-clause 2(b) above, all other provisions of the Charter, including in particular, the Schedules thereto, shall remain
in full force and effect save that, with effect from the Effective Date:

 

		(i)	Schedule I to the Charter (Main Particulars of Vessel/Gas Form C), including Appendix I
(Vessel Performance Standards) to Schedule I, shall be amended and replaced;

 

		(ii)	Schedule III to the Charter (Hire Rate and Adjustments) shall be amended and, in the case
of Attachment 3 to that Schedule, replaced; and

 

		(iii)	Schedule IV to the Charter (Insurance) shall be amended,

 

each as provided for
in, and in accordance with, Clause 4 below.

 

		3.	Amendments to the Charter

 

The Parties hereby agree that:

 

		(a)	The name of the ”Charterer” whenever it appears in the Charter shall be, and
is hereby amended, from ”Suez LNG Trading SA” to “GDF Suez LNG Supply SA”.

 

		(b)	Paragraph b) of Clause 5 of the Charter shall be amended by deleting the words from “Except
when insurance can be obtained in relation to such transfer operations or unless mutually agreed [...]” until “to
the actual fault or privity of Owner”.

 

		(c)	A new paragraph (d) shall be inserted in Clause 5 of the Charter as follows:

 

“ d)

(i) Charterer shall have the
option to transfer cargo by Ship-To-Ship transfer between the Vessel and another standard LNG/c or regasification vessel, (each
of the two vessels involved in the transfer being an “Approved Vessel”), subject to following terms and conditions:

 

“STS Transfer”
shall mean the transfer of the cargo of the Vessel either to or from an Approved Vessel moored alongside the Vessel;

 

“STS Equipment”
shall mean the equipment necessary, including without limitation, all hoses and an adequate fendering system, to perform the STS
Transfer;

 

    	EXECUTION VERSION	 	3

    	 

    

  

SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL
TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH FIVE ASTERISKS (*****).

 

“Storage Place”
shall mean either an Approved Vessel or a safe place for storage of the Equipment designated by Charterer; 

 

(ii) The STS Transfer shall
be carried out subject to Owner’s consent, such consent not to be unreasonably withheld or delayed providing a risk assessment
has been carried out to the reasonable satisfaction of Owner and Charterer. 

 

(iii) The STS Transfer shall
be carried out at Charterer’s risk, cost and expense and Charterer shall provide a safe area for the conduct of the STS Transfer
where the Vessel can safely proceed to, lie and depart from, always afloat but always subject to the Master’s approval.

 

(iv) Owner shall have the right
to inspect the intended receiving or delivery vessel(s). In the event that Owner conducts a physical inspection of the intended
receiving vessel(s) prior to giving approval, any reasonable delays, costs or expenses resulting from such inspection shall be
for Charterer’s account;

 

(v) Unless otherwise agreed,
Owner is not responsible for the provision, maintenance, repair or transportation of the STS Equipment. Charterer agrees to make
arrangements in respect thereof with the Owner;

 

(vi) All time used in STS Transfer
or preparation for STS Transfer, whether or not they are discontinued, shall count as time on hire, including time lost as a result
of transportation or delays in transportation of or loss of or damage to the STS Equipment or Vessel for any reason whatsoever,
and all time used for repair of STS Equipment or the Vessel caused by ship-to-ship operations. The performance warranties contained
in Clause 27 shall not apply in the case of such ship-to-ship operations;

 

(vii) Prior Notice: Charterer
shall give Owner at least ***** working days prior notice in writing of its intention to carry out such ship-to-ship operation.

 

(viii) Authorities: Charterer
shall obtain any and all relevant permissions from proper authorities to perform STS Transfer and all expenses, including any taxes,
in this connection shall be for Charterer’s account.

 

(ix) Any STS Transfer shall
be carried out in conformity with the provisions of the latest published edition of the SIGTTO Ship-to-Ship Transfer Guide (Liquefied
Natural Gas), if and when adopted and as amended from time to time, but always at the discretion of the Vessel’s Master and
if the Master, at any time, considers that the STS Transfer is or may become unsafe, then he may order them to be discontinued.
If the Owner is obliged to extend its existing insurance policies to cover STS Transfer or incur any other additional cost/expense,
the Charterer shall reimburse the Owner for any additional premium or cost/expense incurred.

 

(x) Owner shall not be liable
for damage sustained to the vessel receiving the transfer or delivering the transfer unless such damage was caused by the Owner’s
gross negligence.” 

 

    	EXECUTION VERSION	 	4

    	 

    

  

		(d)	Paragraph (n) of Clause 10 of the Charter shall be, and
is hereby amended, by correcting the reference to “paragraph 1.1(f) of Schedule III” in the last sentence of
Clause 10(n) to read “paragraph 1.1(e) of Schedule III” such that the last sentence of Clause 10(n) reads as
follows:

 

“Unless otherwise agreed,
the Fixed Element shall be adjusted in accordance with paragraph 1.1(e) of Schedule III by the amount of all cost incurred, or
(as the case may be) all savings realized, by Owner as a result of such change orders.”

 

		(e)	Clause 27(a)(iii) of the Charter shall be, and is hereby amended, by replacing “0,15%”
with “0,16%” so that clause 27(a)(iii) reads as follows:

 

“a maximum average daily
boil-off of no more than 0,16% of the Vessel’s total cargo capacity measured on a laden voyage basis and no more than 0,10%
of the Vessel’s total cargo capacity measured on a ballast voyage basis; and”

 

		(f)	Clause 60(a) (Notices) of the Charter shall be, and is hereby amended, so that the addresses
and other contact details appearing read as follows:

 

“Notice to Charterer:

 

GDF SUEZ LNG SUPPLY SA

65 avenue de la Gare

L-1611 Luxembourg

Grand Duchy of Luxembourg

Tel: +352 26 48 43 03

Fax: +352 26 48 43 13 

Attn: Managing Director

 

With a copy to: 

 

GDF SUEZ SA 

1 place Samuel de Champlain

Faubourg de L'Arche

92930 Paris La Défense
Cedex

Facsimile: +33 1 56 65 46
87

Phone: +33 1 56 65 45 81

Attn: Executive Vice-President
Shipping

 

Notice to Owner:

 

SRV Joint Gas Ltd.

c/o Höegh LNG AS

Drammensveien 134

P.O. Box 4 Skøyen

0212 Oslo, Norway

Fax: +47 97 55 74 01

 

    	EXECUTION VERSION	 	5

    	 

    

  

Attn: Head of Commercial
Management

Email: operation@hoeghlng.com

 

With a copy to:

 

Mitsui O.S.K. Lines, Ltd.

1-1, Toranomon 2-Chome,
Minato-ku

Tokyo 105-8688, Japan

Fax: +81-3-3587-7737

Attn: General Manager, LNG
Carrier Division

Email: lgcmo@mail.mol.co.jp”.

 

		(g)	Clause 74(b) (Safety Management) of the Charter shall be, and is hereby amended, by replacing the
word “monthly” with the word “quarterly” so that clause 74(b) reads as follows:

 

“Owner shall submit
to Charterer a quarterly written report detailing all accidents/incidents (including casualties suffered by her crew and any other
personnel on board) and environmental reporting requirements, and in regard to maintenance of and repairs to the Vessel”.

 

		4.	Amendments to/Replacements of Schedules to the Charter

 

The Parties hereby agree that:

 

		(a)	Schedule 1 to the Charter shall be replaced by the “Main Particulars of Vessel/Updated
Gas Form C” attached hereto as Schedule 1. For the avoidance of doubt, Appendix I to Schedule 1 (Vessel Performance
Standards) to the Charter shall remain unchanged, subject to sub-clause (c) below.

 

		(b)	A new Appendix II to Schedule 1 to the Charter shall be inserted describing the additional equipment,
including their respective specifications, that Charterer has ordered and paid for or will pay for, including but not limited to
a minimum send-out compressor (the “MSO”) and a low capacity regas pump skid (hereinafter referred to as the
“Additional Equipment”). The Additional Equipment will be transferred from the Charterer (or a company nominated
by the Charterer) to the Owner pursuant to the terms and conditions of an ownership transfer agreement to be entered into by Charterer
(or a company nominated by the Charterer) and Owner on the same date as the Effective Date. From such Effective Date, the Additional
Equipment shall be part of the Vessel’s equipment for purposes of interpretation of the Charter, including but not limited
to the provisions related to maintenance, performance, liabilities and insurance. Notwithstanding the above, Owner shall operate
and maintain the MSO prudently and in accordance with the instructions of the supplier of the MSO, but Owner shall have no obligations
or liabilities for the performance of the MSO.

 

    	EXECUTION VERSION	 	6

    	 

    

  

		(c)	Paragraph 11(b) of Appendix I to Schedule 1 to the Charter (Adjustment of Normal Performance) shall
be, and is hereby amended, so that Paragraph 11(b) of Appendix 1 to Schedule I read as follows:

 

“Upon the Vessel’s
Actual Discharge Rate being higher than 250 mmscf/day during continuous regasification of LNG and discharge of gas over a 24 (twenty-four)
hour period, such Actual Discharge Rate shall immediately replace the current Normal Performance of 250 mmscf/day and be formalised
by signature of an addendum to the Charter.  

 

From that time on, in each
case where the Actual Discharge Rate is higher than then-current Normal Performance during continuous regasification of LNG and
discharge of gas over a twenty-four (24) hour period without any unplanned shutdown in the twenty four (24) hour period, the Actual
Discharge Rate shall immediately replace the then-current Normal Performance until subsequently re-adjusted, but such adjustment
shall at all times not exceed 450 mmscf/day or 600 mmscf/day, depending on the month during which a discharge is taking place as
set out in paragraph 11 c) below.” 

 

		(d)	Paragraph 1.2(a) of Schedule III (Hire Rate and Adjustments) to the Charter shall be amended
by adding the words “and excluding also the extra cost associated with the US crew requirement” after the words
“but excluding regular drydocking” such that the second sentence reads as follows:

 

			“The operating costs, subject to annual approval by Charterer, shall be included in the
Hire Rate on a cost-pass-through basis including general maintenance work (but excluding regular drydocking and excluding also
the extra cost associated with the US crew requirement).”

 

			and shall further be amended so that the last sentence of paragraph 1.2 (a) reads as follows:

 

			“Regular drydocking and the extra cost associated with the US crew requirement, whilst
also paid by Charterer on a pass-through basis, shall not be included in the Hire Rate but shall be invoiced separately in accordance
with paragraph 1.2(e).”

 

		(e)	Paragraph 1.2(b) of Schedule III (Hire Rate and Adjustments) to the Charter shall be amended
by replacing the words “August 30” in the sentence reading “Thereafter, not later than August 30 of
each subsequent calendar year during the Term, Owner and Charterer shall meet for the purposes of establishing such estimated costs
with respect to that year” with the words “October 15” such that the aforementioned sentence reads
as follows:

 

“Thereafter, not later
than October 15 of each subsequent calendar year during the Term, Owner and Charterer shall meet for the purposes of establishing
such estimated costs with respect to that year.”

 

    	EXECUTION VERSION	 	7

    	 

    

 

SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL
TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH FIVE ASTERISKS (*****).

 

		(f)	Paragraph 1.2(c)(ii) of Schedule III (Hire Rate and Adjustments) to the Charter shall be
amended by:

 

		(i)	adding the words “(except the extra cost associated with the US crew requirement to which
paragraph 1.2(e) shall apply)” after the words “the manning component of the Variable Element in paragraph 1.2”;

 

		(ii)	replacing the words “a complement of fifteen (15) European and/or American officers and
fourteen (14) European, American and/or Filipino crew” with the words “a complement of thirteen (13) European
and/or American officers and fifteen (15) European, American and/or Filipino crew”; and

 

		(iii)	replacing the words “Total Crew: twenty-nine (29) (excluding cadets)” with the
words “Total Crew: twenty-eight (28) (excluding trainees and cadets)”.

 

		(g)	Paragraph 1.2(c)(iii) of Schedule III (Hire Rate and Adjustments) to the Charter shall be
deleted and replaced in its entirety by the following paragraph :

 

			“Insurance - which shall cover all net insurance premiums paid with respect to the Vessel
for Reimbursable Insurances and any other insurance requested by Charterer pursuant to Schedule IV (save for any extra premium
incurred as a result of conditions of use not ordinarily covered by any insurer, club or association or as a result of trading
in a war risk area in accordance with Clause 37 of the Charter, which shall be invoiced to Charterer pursuant to paragraph 6 of
Schedule IV and shall not be included in the Variable Element of hire)”.

 

		(h)	A new paragraph 1.2(e) of Schedule III (Hire Rate and Adjustments) to the Charter shall
be inserted to read as follows:

 

			“The extra cost, if any, associated with the US crew requirement shall be invoiced to
Charterer at the end of each calendar quarter for that calendar quarter (or part thereof) and such cost shall be paid by Charterer
no later than ***** days after receipt of each invoice (and each such amount due from Charterer may include interest (at LIBOR)
from the time such costs are actually incurred by Owner to the time such costs are reimbursed by Charterer)”.

 

		(i)	Paragraph 2.4(c) of Schedule III to the Charter shall be amended by replacing the words “within
***** days of the completion of the applicable audit” with the words “within ***** days of the completion of
the applicable audit”.

			

		(j)	Attachment 3 to Schedule III to the Charter shall be replaced by the updated “Depot spare
part list” as set out in the updated Attachment 3 to Schedule III to the Charter set forth in Schedule 2 hereto.

 

    	EXECUTION VERSION	 	8

    	 

    

  

		(k)	Paragraph 6 of Schedule IV (Insurance) to the Charter shall be amended by adding the words
“save for any extra premium incurred as a result of conditions of use not ordinarily covered by any insurer, club or association
or as a result of trading in a war risk area in accordance with Clause 37 of the Charter, which shall be invoiced to Charterer
on a pass-through basis upon such extra premium being incurred by Owner (and such amount due from Charterer may include interest
(at LIBOR) from the time such extra premiums are actually incurred by Owner to the time such extra premiums are reimbursed by Charterer)”
after the words “(i.e. part of the Insurance category under the Variable Element)” such that that sentence reads
as follows:

 

			“Reimbursable Insurances shall be the insurance for which Owner is reimbursed as provided
in Schedule III of the Charter (i.e. part of the Insurance category under the Variable Element) save for any extra premium incurred
as a result of conditions of use not ordinarily covered by any insurer, club or association or as a result of trading in a war
risk area in accordance with Clause 37 of the Charter, which shall be invoiced to Charterer on a pass-through basis upon such extra
premium being incurred by Owner (and such amount due from Charterer may include interest (at LIBOR) from the time such extra premiums
are actually incurred by Owner to the time such extra premiums are reimbursed by Charterer).”

 

		(l)	Paragraph 12 of Schedule IV (Insurance) to the Charter shall be amended by inserting the
words “with Charterer’s prior consent” after the words “At least annually during the Term, Owner
shall deliver to Charterer”.

 

		5.	Law

 

This Amendment No. 1 shall be governed
by and construed in accordance with the laws of England and any disputes arising out of or by virtue of this Amendment No. 1 shall
be referred to arbitration as provided for in Clause 53 (Law and Arbitration) of the Charter. The provisions of Clause 53
(Law and Arbitration) of the Charter shall be deemed to be incorporated herein and to apply, mutatis mutandis, to
this Amendment No. 1.

 

		6.	Counterparts

 

This Amendment No. 1 may be executed in
any number of counterparts and by the Parties on separate counterparts, each of which, when so executed, shall be an original and
all such counterparts shall together constitute one and the same instrument.

 

		7.	Miscellaneous 

 

		(a)	The provisions of Clause 60 (Notices) of the Charter, as amended by Clause 3(f) above, shall
be deemed to be incorporated herein and to apply hereto.

 

		(b)	Each Party shall be responsible for its own costs and expenses in connection with the preparation,
negotiation and execution of this Amendment No. 1.

 

    	EXECUTION VERSION	 	9

    	 

    

  

		(c)	To the extent that this Amendment No. 1 is inconsistent in any way with the terms of the Charter,
the Regas Acceptance Tests Certificate and Side Letter dated 30 November 2010, the terms of this Amendment No. 1 shall take priority
over and operate to the exclusion of the inconsistent terms of the Charter, the Regas Acceptance Tests Certificate and Side Letter
dated 30 November 2010.

 

		(d)	The execution by each Party of this Amendment No. 1 shall be without prejudice to, and shall not
be construed as a waiver of, any rights which may have accrued to that Party under the Charter or otherwise.

 

IN WITNESS WHEREOF the Parties have
duly executed this Amendment No. 1 in duplicate as of the date above first written.

 

	For and on behalf of Charterer:	 	Witness
	 	 	 
	/s/ Francis Bretnacher	 	/s/ Gilles Billet
	Name: Francis Bretnacher	 	Gilles Billet
	Title: Managing Director	 	Director

 

	For and on behalf of Charterer:	 	Witness
	 	 	 
	/s/ Guy-Hubert De Sola	 	/s/ illegible Signature
	Name: Guy-Hubert De Sola	 	 
	Title: Director	 	 

 

	For and on behalf of Owner:	 	Witness
	 	 	 
	/s/ Marthe Solaas	 	/s/ illegible Signature
	Name: Marthe Solaas	 	 
	Title: Attorney-in-fact	 	 

 

	For and on behalf of Owner:	 	Witness
	 	 	 
	Name:	 	Title:

 

    	EXECUTION VERSION	 	10

    	 

    

  

Schedule 1

 

MAIN
PARTICULARS OF VESSEL / UPDATED GAS FORM C

 

		1.1	PREAMBLE

 

	Ship’s name	GDF SUEZ NEPTUNE
	Owner	SRV Joint Gas Ltd.
	Flag - Registry	NIS
	Builder	Samsung Heavy Industries Co., Ltd, Korea
	Delivery	30 November 2009 
	Class	
        XDet Norske
        Veritas, + A1Tanker for Liquefied

        gas, ship type 2G (Membrane tank, Maximum

        pressure 25 kPa, Minimum temperature –

        163degC), NAUTICUS (Newbuilding) PLUS-2, CSA-

        2, COAT-2, CLEAN E0, F-AMC, ICS, TMON, DYNPOS

        -AUT, STL, BIS, NAUT-AW

 

	GRT/NRT
	International	97,100
	Suez	98,727.21

 

	Is vessel approved?
	USCG	Yes
	IMO	Yes

 

		1.2	HULL

 

	 	Meters	Feet
	LOA	283.0611	928,54
	LBP	270.04	885.83
	Breadth	43.40	142.39
	Depth	26.00	85.30
	Keel to highest point	55.3	181.4
	Air draught (folded mast)	40.4	132.5
	Assumed ballast draught	9.6	31.5

 

	Summer Load Line	12.4 m	Corresponding deadweight	80,857mt

 

    	EXECUTION VERSION	 	11

    	 

    

  

	TPC at design draft  11.4 m	100.3 mt/cm

 

	Mean draft with full bunkers and full cargo
	 
	Specific Gravity	Mean draft	Corresponding DW
	0.47 mt/m^3	11.64 m	73,143 mt

 

	Communication equipment
	International call sign	LADV7
	Radio station	257356000
	Satcom B	
        764876384

        764876385

        764876386

	- Telephone/telex	
        +441224347218
        (IP)

        + 47 94508198 (Cell)

         

	- Telefax	
        764876387

         

	Satcom C Telex	425735610 / 425735611

 

1.3MACHINERY

 

	Main Engine
	Type	
        Wartsila: 12V50DF x 3 units

        Wartsila: 6L50DF x 1 unit

	Max Cont.	3 x 11,400 kW + 1 x 5,700 kW
	Grade fuel used	
        Marine diesel oil (ISO 8217:1996, DMB)
        ,

        Boil-off gas

        Heavy Fuel Oil (Low Sulphur <1.5% m/m)

 

	Other machinery
	Propeller	1 Fixed Pitch, 
	Bow Thrusters	
        2,000 kW x 2 units 

        6.6 kV, Controllable Pitch, 4-bladed,
        Ni-Al-Bronze

	Stern Thrusters	
        1,200 kW x 2 units 

        6.6 kV, Controllable Pitch, 4-bladed,
        Ni-Al-Bronze

 

    	EXECUTION VERSION	 	12

    	 

    

  

SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL
TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH FIVE ASTERISKS (*****).

 

	Speed/Consumption (propulsion power only)
	Guaranteed speed (Round trip, Beaufort Force 5) 	19.5 knots 
	Average consumption on guaranteed speed	
        ***** tons MDO/day (main engine)

        ***** tons HFO/day (main engine)

 

	Permanent bunkers capacity
	HFO	4,311,3 m3	MDO/MGO    	1,398,6 m3
	 	 	TOTAL	5,719 m3

 

1.4CARGO INSTALLATION

 

	
         Transportable products
and respective quantities *)

	

Tank

No.	20 °C

100%

M3	-163 °C

98.5 %

M3	
        -163 °C

        

        98.5%

        MT

        S.G. 0.47
	
        -163°C

        70%H

        M3
	
        -163°C

        70%H

        m
	
        -163°C

        10% H

        M3
	
        -163°C

        10%H

        m

	1	19,375	19,084	8,969	13,192	19.275	1,488	2.754
	2	41,882	41,254	19,389	31,222	19.268	3,944	2.753
	3	41,883	41,255	19,390	31,221	19.265	3,944	2.752
	4	41,897	41,269	19,396	31,234	19.270	3,946	2.753
	Total	145,037	142,862	67,145	106,869	 	13,322	 

 

(Please Note that Heights and Volume for 10 % and 70%
of Tank Height were calculated from Cargo Tank Gauging Tables) ( off 100% range of the tank )

 

*) Approx. figures per 1 July 2009 based on a cargo specific
gravity of 470 kg/m^3

 

The cargo tank system is GTT Mark III, reinforced to all cargo
tank area except tank bottom in accordance with GTT document N500 CR009.

 

	Scantlings of the cargo tanks are based on a maximum density of cargo of 500 kg/m3.

 

	Tank working pressure
	Maximum pressure	25 kPa gauge
	Minimum pressure	-1 kPa gauge
	Minimum temperature acceptable in tanks	-163oC

 

    	EXECUTION VERSION	 	13

    	 

    

  

	Acceptable cargo filling levels 
	Lower criteria	Below 10% of cargo tank height
	Upper criteria	Above 70% of cargo tank height

 

	Loading & discharging time for LNG	12 hours, excluding time for connecting, disconnecting, cooling down, topping up and custody transfer measurement

 

		1.5	CARGO MACHINERY

 

	
         Cargo pumps
	1,700 m^3/h @155 mlc x 8 units
	Cargo pump location	2 in each cargo tank
	Max permissible specific gravity	500 kg/m
	Time for discharging full cargo using all cargo pumps against no backpressure	12 hours, excluding time for connecting, disconnecting, cooling down, topping up and custody transfer measurement 
	Unpumpable cargo volume	 491   m3
	Heel LNG for cooling down	500 m^3
	Fuel LNG for ballast voyage	3,300 m^3
	Cargo remaining onboard in cargo tanks after completion pumping	3,841 m^3
	Spray pumps	50m^3/h @145 mlc x 4 units
	Fuel Gas Pumps	
        40m3/h@215mlc x 2 units

        Located in tank No. 3 and 4

	Emergency cargo pump/ LNG Feed Pump	
        650m^3/h @155 mlc x 3 units

        Located in tank No. 2, 3 and 4

 

	High duty cargo compressor	32,000 m^3/h x 2 units 
	Low duty cargo compressor	4,350 m^3/h x 2 units
	Nitrogen plant	120 Nm^3 x 2 units
	Inert gas plant	14,000 Nm^3/h x 1 unit

 

    	EXECUTION VERSION	 	14

    	 

    

  

	
        Composition of inert gas 

         

	Carbon dioxide, CO2	Max 14% by volume
	Oxygen max., O2	1.0% by volume
	Carbon monoxide max. ; CO	100 ppm
	HC	0%
	Soot	Bacharach 0
	Sulphur oxides max., Sox	10 ppm
	Nitrogen oxides max. ; NOx	100 ppm
	Remainder	N2, H2, Air
	Dewpoint	-45oC at atm.
	Grade fuel used	DMA:  ISO 8217
	Discharge pressure	Max. 25 kPaG

 

	State if any shore supply of liquid nitrogen may be required   NO
	May be required for purging of tanks and insulation spaces  
	What quantity?	 

 

	Gas freeing
	Can this operation be carried out at sea?	Yes

  

	Heaters
	Cargo Vapor Heater (warm-up)	16,939 kg/h x 2 units (-117oC to  0oC)
	Cargo Vapor Heater (boil-off)	4,621 kg/h x 2 units (-140oC to 45oC)

 

	Guaranteed boil-off rates
	Laden condition	0.16% / 24h
	Ballast condition	0.10% / 24h

 

	 Fuel Gas Vaporizers
	LNG vaporizer	23,970 kg/h x 1 unit
	Forcing vaporizer	5,800 kg/h x 1 unit

 

    	EXECUTION VERSION	 	15

    	 

    

  

		1.6	MEASURING APPARATUS

 

	
          
	Type and location	Number
	
        Primary level gauge system

        Secondary level gauge system
	
        Radar sensor, top of each tank

        Radar sensor
	
        4

        4

	Cargo temperature	
        Temperature Sensor;

        Vapor space at liquid dome +

        Liquid space (0,10,50,95%) on tank bottom and pump column
	
        40

        2 x 5 in each tank

	Absolute pressure transmitter	Vapor dome of each tank	4 

 

		1.7	CARGO LINES

	Is vessel fitted with midship manifolds	Yes, 2
	Distance from cargo manifold to stem (FP)	132 m
	Distance from manifold to stern (AP)	138 m
	Height cargo manifold above deck	4.8 m
	Height manifold above working platform	1.4 m
	Height cargo manifold above waterline when light	21.2 m
	Height cargo manifold above waterline when loaded	19.4 m
	Distance manifold from ship’s rail	3.15 m
	Distance between loading and vapor return connections	3.0 m
	Is vessel fitted with stern discharge	No
	Is vessel fitted with fore discharge	No

 

	Dimension of lines
	 	Diameter	Flange size
	Liquid	400 mm	16”
	Vapour Line	400 mm	16”

 

	What reducers onboard
	Number	Diameter	Pressure rating
	3	16”/12”	10 kg/cm^2

 

    	EXECUTION VERSION	 	16

    	 

    

  

		1.8	LNG REGASIFICATION SYSTEM

 

	
         

        Liquid inlet conditions:

        Pressure

        Temperature

        Liquid volume flow

        Composition (mass %)
	
         

        5 bara

        -160oC (256oF)

        479.8 m^3/h x 3 units

        Typical Trinidad composition as given
        in Appendix I to Schedule 1, para 11 (c) 

	
        Gas outlet condition:

        Volume

        Pressure

        Temperature
	
         

        250 mmscuf/day x 3 units

        105 bar

        10 oC

	Capacity	
        210,000 kg/hr x 3 units

         

	LNG booster pump number	6 units
	LNG  booster pump  discharge pressure	120 bar
	LNG booster pump suction pressure	5 bar
	LNG booster pump temperature	-160°C
	 	 
	 	 
	Steam pressure from boilers (saturated)	28 kg/cm^2
	 	 
	LNG/brine Shell & Tube Heat exchanger	3 units
	Steam/brine PCHE	
        3 units

        Separate steam and condensate section
        each unit

	Brine circulation pump	680 m^3/h x 6 units

 

    	EXECUTION VERSION	 	17

    	 

    

  

		1.9	GAS METERING SYSTEM

 

	
         

        Ultrasonic Gas Metering System
	
        Ultrasonic gas flow meters x 2 units

        Pressure transmitters x 2 units

        Temperature transmitters x 2 units

	Gas Analyser System	
        Sample probe x 2 unit

        Gas chromatographs x 2 units

        Supplementary Gas Chromatograph x 1 unit

        Analyzer cabinet x 1 unit

	Metering Control System	
        Metering cabinet x 1 unit

        Flow computers x 2 units

        Supplementary flow computers x 2 units

 

		1.10	BALLAST SYSTEM

 

	
         

        Pumps
	Particular
	No.	Three (3)
	Type	Vertical single stage, centrifugal
	Prime mover	Electric motor
	Discharge rate	2,500 m3/h
	Total head	30 mwc (S.G.: 1.025)

 

		1.11	ODORANT INJECTION SYSTEM

 

	Odorant	Mercaptan Mixture
	Injection Rate	1.0lb/mmscf
	Injection Pumps	2 x 100%
	Injection Controllers	2 x 100%
	Injection Point	1
	Storage Tank	 

 

    	EXECUTION VERSION	 	18

    	 

    

  

		1.12	LIFTING DEVICE

 

	
         

        Location
	Aft	Amidships	fwd
	 	STB and Port	
        Manifold area

        Stb and Port
	Regas and STL area
	Number and lifting capacity	
        1 x 15 mt SWL (STB)

        1 x 5 mt SWL (Port)
	2 x 12 mt SWL	
        1 x 10 mt SWL (Hs < 0.5m)

        1 x 8 mt SWL (Hs < 1.0m)

	Max. distance from ship’s side of lifting hook	5 m	5 m	6 m

 

    	EXECUTION VERSION	 	19

    	 

    

  

Appendix II to Schedule I

 

List of Additional Equipment / Specifications

 

Will be provided as per as built documentation following completion
of modification works.

 

    	EXECUTION VERSION	 	20

    	 

    

  

SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN
REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL HAS BEEN SEPARATELY FILED WITH
THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH FIVE ASTERISKS (*****).

 

Schedule 2

 

UPDATED ATTACHMENT 3 TO SCHEDULE III
OF THE CHARTER

DEPOT SPARE PART LIST

 

	Item	Description	Cost
	1	Tail shaft with propeller nut	$*****
	Transport & handling (6,914 Euro)	$*****
	Insurance	$*****
	2	Propeller	$*****
	Transport & handling (59,094 Euro)	$*****
	Insurance (8,878 NOK)	$*****
	3	Main wheel with output shaft and both pinion gears w/shaft	$*****
	Transport & handling (18,595 Euro)	$*****
	Insurance	$*****
	4	One set of turbocharger rotor for 12V engines (26,613 GBP + 28,054 Euro) EuroEuro)	$*****
	Transport & handling	$*****
	Insurance	$*****
	5	Cargo pump, complete (15,100,000 JPY)	$*****
	Transport & handling	$*****
	Insurance	$*****
	6	LNG Booster pump	$*****
	Transport & handling (1,226 Euro)	$*****
	Insurance	$*****
	7	Regas feed pump	$*****
	Transport & handling	$*****
	Insurance	$*****
	8	Cargo spray pump (7,800,000 JPY)	$*****
	Transport & handling	$*****
	Insurance	$*****
	9	Fuel gas pump (8,200,000 JPY)	$*****
	Transport & handling	$*****
	Insurance	$*****
	10	Spares for frequency/speed converter and HV transformers (985,360 Euro)	$*****
	Transport & handling (Estimated 2.5 Euro/kg X 2000kg)	$*****
	Insurance	$*****
	11	Rotating parts for forced draft fan	$*****
	Transport & handling (Estimated)	$*****
	Insurance	$*****
	12	Boiler safety valves (one each size) (1,779,500 JPY)	$*****
	Transport & handling (653 Euro)	$*****
	Insurance	$*****
	13	Cargo safety valve incl. pilot valve (one each size) (356,451 NOK)	$*****
	Transport & handling (653+414 Euro)	$*****
	Insurance	$*****
	14	Manifold valve incl. actuator (liquid only) (33,078 Euro)	$*****
	Handling (640 Euro)	$*****
	Insurance	$*****

 

    	EXECUTION VERSION	 	21

    	 

    

  

SPECIFIC
TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL
HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE
WITH FIVE ASTERISKS (*****).

 

	15	Cargo pump discharge valve w/actuator (3,825,000 JPY)	$*****
	Transport & handling (414 Euro)	$*****
	Insurance	$*****
	16	Essential motors (HD/LD compressor motors only)	$*****
	Transport & handling (Estimated)	$*****
	Insurance	$*****
	17	Stern tube bearings (43,620 Euro)	$*****
	Handling (1,432 Euro)	$*****
	Insurance	$*****
	18	Hydraulic pump/motor for APL system (139,165 WOK)	$*****
	Transport & handling (Estimated)	$*****
	Insurance	$*****
	19	EPA equipment spares	$*****
	Transport & handling (Estimated)	$*****
	Insurance	$*****
	20	Various HGS/Regas skids (Estimated)	$*****
	Transport & handling (Estimated)	$*****
	Insurance	$*****
	21	STL. compartment spares (Estimated)	$*****
	Transport & handling (Estimated)	$*****
	Insurance	$*****
	22	Printed Circuit heater (112,000 GBP)	$*****
	Transport & handling (876 +215 Euro)	$*****
	insurance	$*****
	23	Gear Coupling (50,935 Euro)	$*****
	Transport & handling (Estimated 2,5 Euro/kg X 600kg)	$*****
	Insurance	$*****
	 	Total	$*****

 

    	EXECUTION VERSION	 	22

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