Document:

Exhibit 10.10

 

THIS AGREEMENT is made on 27 October 2003 BETWEEN
(1)  NTL TRUST LTD a company
incorporated under the laws of Nevis and its assigns (the Sellers) and (2) MARINE GROUP INTERNATIONAL INC. of
Balboa Plaza Building, Of. 522, Panama, Republic of Panama and its assigns (the Buyers)

 

Recital of the background

1                                          The Sellers wish to sell and the Buyers wish to buy an ROV Abyssus
500 and the equipment and machinery relating to the said ROV (the ROV) presently lying on board the Motor
Vessel NORTHERN HORIZON in the port of Liverpool, United Kingdom for an agreed
price of USD 1,830,000 (one million eight hundred and thirty thousand United
States Dollars) (the Price).

Terms of the Agreement

2                                          The Buyers will pay the Price to the Sellers by way of exchange of
stock and loan notes.

3                                          The Buyers has had an opportunity to inspect the ROV which is sold
on a strictly “as is where is basis” and the Buyers have accepted the ROV
without inspection of the ROV and the sale is outright and definite subject
only to the terms and conditions of this Agreement.

4                                          The closing shall take place in London when in exchange of the
payment of the purchase price the Sellers shall deliver to the Buyers a bill of
sale dated no later than 31 December 2003 duly executed by the Sellers warranting
that the ROV is sold free of all encumbrances, mortgages, debts or claims,
except for a first mortgage specifically granted by the buyer to NTL Trust LTD,
but without any warranty as to condition duly notarially attested and legalised
by apostille or such other form of legalisation as the Buyers shall request
prior to the closing together with all technical and commercial papers relating
to the operation of the ROV which are in the Sellers’ possession.

5                                          At the time of delivery the Sellers and the Buyers shall sign and
deliver to each other a Protocol of Delivery and Acceptance confirming the date
and time of delivery of the ROV from the Sellers to the Buyers.

6                                          The ROV shall be at the Sellers’ risk and expense until it is
delivered to the Buyers, but subject to the terms and conditions of this
Agreement the ROV shall be delivered and taken over as it was at the time of
inspection, fair wear and tear excepted. 
The Buyers are fully aware of the age of the ROV and that it has not
been in recent use.

7                                          This Agreement shall be governed by and construed in accordance with
the laws of Nevis, and any dispute arising out of or in connection with this
Contract shall be referred to the courts in Nevis.

 

1

 

IN WITNESS whereof the parties have executed
this Agreement as a Deed on the date set out above

 

	
  /s/ Joan Nesbitt

  	
   

  
	
   

  
	
  Signed as its deed on behalf of the Sellers

  NTL Trust Ltd

  In the presence of:

  
	
   

  
	
   

  
	
  Witness

  
	
   

  
	
   

  
	
  /s/ Sarah Nunez

  	
   

  
	
   

  
	
  Signed as its deed on behalf of the Buyers

  Marine Group International Inc.

  In the presence of:

  
	
   

  
	
   

  
	
  Witness

  

 

2Exhibit
10.11

 

DOCUMENT NO.
17

 

Attach as
Annex A – Copies of Documents 7 and 10.

 

Sign and date.

 

1

 

	
  THIS AGREEMENT is made
  the                       
  day
  of                                 
  2003

  

 

B E T W E E N:

 

(1)                                  HAWKLEY TRUST
(established on 15 June 1994 under the laws of Nevis, Leeward Islands with
registration no.T5) of  PO Box 582,
Charlestown, Nevis, Leeward Islands (hereinafter ‘Hawkley’);

 

and

 

(2)                                  OCEAN RESOURCES, INC. (a corporation incorporated on 14 April 1999 under the laws of
the State of Delaware, USA, with registered no. 3030709) of 2705 Canton Street,
Dallas, Texas, U.S.A. 75226 (hereinafter ‘Ocean’).

 

WHEREAS:

 

(A)                              Hawkley is the beneficial and registered owner of a loan note issued
by Marine Group International, Inc. (hereinafter ‘Marine’)  for the principal sum of USD 1,000,000 and
of a loan note issued by Marine for the principal sum of USD 1,230,000 copies
of which are attached hereto as Annex A (together ‘the Marine Notes’);

 

(B)                                Hawkley has agreed to sell the Marine Notes to Ocean on the terms
hereinafter set out.

 

NOW IT IS AGREED as
follows:

 

1.                                       Hawkley shall sell to Ocean and Ocean (relying on the warranties in
Clause 2) shall purchase from Hawkley the Marine Notes.

 

2.                                       Hawkley warrants and covenants with Ocean that:

 

(a)                                  Hawkley has the right to dispose of the Marine Notes on the terms
set out in this Agreement;

 

(b)                                 Hawkley shall (subject to Ocean paying the consideration set out in
Clause 4) do everything necessary to give Ocean full and unrestricted legal and
beneficial title to the Marine Notes; and

 

(c)                                  the Marine Notes shall be sold and transferred free from all
charges, liens, options and other encumbrances.

 

3.                                       Title to, beneficial ownership of, and any risk attaching to, the
Marine Notes shall pass on completion, and the Marine Notes shall be sold and
purchased together with all rights and benefits attached or accruing to them at
completion.

 

2

 

4.                                       The consideration for the sale of the Marine Notes shall be the
issue to Hawkley of 587,000 shares of Ocean preferred stock and 4,107,500
shares Ocean common stock, all such shares to be fully paid and non-assessable.

 

5.                                       Completion shall take place
at                              on                                                                                     2003,
when:

 

(a)                                  Hawkley shall deliver the Marine Notes to Ocean together with signed
documents of transfer and procure that Ocean is registered as owner of the
Marine Notes on the records of Marine; and

 

(b)                                 Ocean shall issue to Hawkley and register Hawkley as owner of
587,000 shares of Ocean preferred stock and 4,107,500 Ocean common stock,  all such shares to be fully paid and
non-assessable.

 

6.                                       This Agreement constitutes the entire agreement between the parties
in relation to the sale and purchase of the Marine Notes and supersedes any
previous agreement between the parties in relation to such matter.

 

7.                                       This Agreement and any dispute or claim arising out of or in connection
with it shall be governed by and construed in accordance with the laws of the
State of Texas, U.S.A.

 

8.                                       All disputes and claims arising out of or relating to this Agreement
shall be subject to the non-exclusive jurisdiction of the Texas courts, to
which the parties irrevocably submit.

 

IN WITNESS whereof the parties hereto
have executed this Agreement on the date first above written

 

 

	
  EXECUTED by

  	
  )

  	
  /s/ Joan
  Nesbitt

  	
   

  
	
  HAWKLEY
  TRUST

  	
  )

  
	
   

  	
   

  
	
   

  	
   

  
	
  EXECUTED by
  OCEAN

  	
  )

  	
  /s/ Dennis
  McLaughlin

  	
   

  
	
  RESOURCES,
  INC.

  	
  )

  

 

3Exhibit
10.12

 

DOCUMENT NO.
20

 

Attach as
Annex A – Copy of Document 4.

 

Attach as
Annex B – Copy of Document 21 unsigned.

 

Attach as
Annex C – Copy of Document 24 unsigned.

 

Sign and date.

 

1

 

THIS AGREEMENT is made
the                         day
of October 2003

 

B E T W E E N:

 

(1)                                  ARGENT CAPITAL, LLC (a limited liability company incorporated on 29 February 2000
under the laws of Nevis, Leeward Islands, with registered no.L2400) of PO Box
590, Charlestwon, Nevis, Leeward Islands (hereinafter ‘Argent’);

 

and

 

(2)                                  OCEAN RESOURCES, INC. (a corporation incorporated on 14 April 1999 under the laws of
the State of Delaware, USA with registered no. 3030709) of 2705 Canton street,
Dallas, Texas, U.S.A. 75226 (hereinafter ‘Ocean’).

 

WHEREAS:

 

(A)                              Argent is the beneficial and registered owner of the entire
membership interest in Marine Group International, Inc. (a corporation
incorporated on 15 October 2003 under the laws of Panama, under registered
no.8064) (hereinafter ‘the Interest’);

 

(B)                                Argent has agreed to sell the Interest to Ocean on the terms
hereinafter set out; and

 

(C)                                Argent is the beneficial and registered owner of a Loan Note for USD
350,000 issued by Ocean, a copy of which is attached hereto as Annex A (‘the
350 OCRI Note’).

 

NOW IT IS AGREED as
follows:

 

1.                                       Argent shall sell to Ocean and Ocean (relying on the warranties in
Clause 2) shall purchase from Argent the Interest.

 

2.                                       Argent warrants and covenants with Ocean that:

 

(a)                                  Argent has the right to dispose of the Interest on the terms set out
in this Agreement;

 

(b)                                 Argent shall (subject to Ocean paying the consideration set out in
Clause 4) do everything necessary to give Ocean full and unrestricted legal and
beneficial title to the Interest; and

 

(c)                                  the Interest shall be sold and transferred free from all charges,
liens, options and other encumbrances.

 

3.                                       Title to, beneficial ownership of, and any risk attaching to, the
Interest shall pass on completion, and the Interest shall be sold and purchased
together with all rights and benefits attached or accruing to it at completion.

 

2

 

4.                                       The consideration for the sale of the Interest shall be the sum of
USD 600,000 which shall be satisfied by the issue by OCRI to Argent of a Loan
Note in the form of the draft attached hereto as Annex B, (‘the 600 OCRI
Note’).

 

5.                                       Completion shall take place
at                                        on                                                                               2003,
when:

 

(a)                                  Argent shall deliver to OCRI the title documents relating to the
Interest together with the signed necessary document of transfer and shall
procure that OCRI is registered as owner of the Interest on the records of
Marine Group International, Inc.; and

 

(b)                                 OCRI shall issue and deliver to Argent the 600 OCRI Note.

 

6.                                       As soon as practicable thereafter Argent shall deliver to OCRI the
350 OCRI Note and the 600 OCRI Note for consolidation, and provision of
security, and OCRI shall in exchange issue and deliver to Argent a Loan Note
for USD 950,000 in the form of the draft attached hereto as Annex C.

 

7.                                       This Agreement constitutes the entire agreement between the parties
in relation to the sale and purchase of the Interest and supersedes any
previous agreement between the parties in relation to such matter.

 

8.                                       This Agreement and any dispute or claim arising out of or in
connection with it shall be governed by and construed in accordance with the
laws of the State of Texas, U.S.A.

 

9.                                       All disputes and claims arising out of or relating to this Agreement
shall be subject to the non-exclusive jurisdiction of the Texas courts, to
which the parties irrevocably submit.

 

IN WITNESS whereof the parties hereto
have executed this Agreement on the date first above written

 

 

	
  EXECUTED by
  ARGENT

  	
  )

  	
  /s/ Cordelia
  Browne

  	
   

  
	
  CAPITAL, LLC

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXECUTED by
  OCEAN

  	
  )

  	
  /s/ Dennis
  McLaughlin

  	
   

  
	
  RESOURCES,
  INC.

  	
  )

  	
   

  

 

3

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