Document:

ex10-2.htm

Exhibit 10.2

 

	

 

 

ADDENDUM No 4
to a
NOK 600,000,000 

 

Multi-Currency Revolving Credit Facility Agreement
originally dated 27 December 2012, and as amended by an 

 

Amendment and Restatement Agreement 

 

dated 23 October 2014

 

This Addendum No. 4 (the “Addendum”) is made on 10 March 2016 between:

 

	
(i)
	
GulfMark Rederi AS of Strandgata 5, 4307 Sandnes, Norway, organisation no. 979 212 658, as borrower (the “Borrower”);

 

	
(ii)
	
The banks and financial institutions listed in Schedule 1 of the Agreement (as defined below), as lenders (together, the “Lenders”);

 

	
(iii)
	
DNB BANK ASA of Solheimsgaten 7C, N-5058 Bergen, Norway, organisation number 984 851 006, as mandated lead arranger (the “Arranger”); and

 

	
(iv)
	
DNB BANK ASA of Solheimsgaten 7C, N-5058 Bergen, Norway, organisation number 984 851 006, as bookrunner, facility and syndication agent (the “Agent”).

 

(The above mentioned hereinafter also referred to as the “Parties”).

 

WHEREAS:

 

	
A.
	
The Parties have entered into a NOK 600,000,000 Multi-Currency Revolving Credit Facility Agreement dated 27 December 2012, as amended by an Amendment and Restatement Agreement dated 23 October 2014, by an Addendum dated 13 February 2015, by an Addendum No. 2 dated 7 July 2015 and by an Addendum No. 3 dated 29 January 2016 (as amended from time to time, the “Agreement”), whereby the Lenders agreed to make available to the Borrower a revolving credit facility in the aggregate principal amount of up to NOK 600,000,000; 

 

	
B.
	
In Addendum No. 3 it was anticipated that the "New Vessels" (as defined therein) were owned by the Borrower. This Addendum is entered into to reflect that such vessels are owned by GulfMark UK Ltd., another entity within the Group, and that GulfMark UK Ltd. will be providing security for the Borrower's obligations under the Finance Documents. 

 

 

1

 

 

NOW IT IS HEREBY AGREED AS FOLLOWS:

 

1     definitions

 

In this Addendum, unless the context otherwise requires, terms defined in the Agreement shall bear the same meaning when used herein and in the preamble hereto. In addition, the following definitions shall apply:

 

“Agreement” means the Agreement as supplemented and amended by this Addendum. 

 

	
2
	
Effective date

 

The provisions of this Addendum shall take effect from the date of this Addendum.

 

	
3
	
amendments to the agreement

 

With effect from the Effective Date of this Addendum, the Agreement shall be amended in the following respect:

 

	
3.1
	
Definitions

 

	
3.1.1
	
Amended definitions

 

The Parties agree that the below definitions set out in Clause 1 shall be amended to read as follows; 

 

“Fleet Market Value” means the aggregate Market Value of the Vessels and the UK Vessels based on the most recent valuations.

 

“Market Value” means the fair market value of a Vessel or a UK Vessel (as the case may be) in NOK, being the average of the valuations of the vessel obtained from a minimum of two (2) Acceptable Brokers, such valuations to be made annually at the cost and expense of the Borrower, with or without physical inspection of the vessel (as the Agent may require) on the basis of a sale for prompt delivery for cash at arm’s length on normal commercial terms as between a willing buyer and seller, on an “as is, where is” basis, free of any existing charter or other contract of employment and/or pool arrangement. 

 

	
3.1.2
	
New definitions

 

The Parties agree that the following new definitions shall be added to Clause 1 (Definitions and Interpretation) of the Agreement:

 

"UK Guarantor" means GulfMark UK Ltd of 95 Aldwych, London, WC2B 4JF, United Kingdom, having company no. 02541716

 

"UK Insurance Assignment" means the first priority assignment, made in or more assignment agreements, of the UK Vessel Insurances to be made between the UK Guarantor and the Agent (on behalf of the Finance Parties) as security for the Borrower’s obligations under the Finance Documents, to be in form and substance satisfactory to the Agent (on behalf of the Finance Parties).

 

"UK Mortgages" means the first priority cross-collateralized mortgages and the declarations of pledge or deeds of covenants (as applicable) collateral thereto to be executed and recorded by the UK Guarantor against each of the UK Vessels in its respective registry in favour of the Agent (on behalf of the Finance Parties) as security for the Borrower’s obligations under the Finance Documents, in form and substance satisfactory to the Agent (on behalf of the Finance Parties)

 

 

2

 

 

"UK Vessels" means the vessels set out in Schedule 2B (UK Vessels). 

"UK Vessel Insurances” means, in relation to the UK Vessels, all policies and contracts of insurance (which expression includes all entries of the Vessels in a protection and indemnity or war risk association) which are from time to time during the Security Period in place or taken out or entered into by or for the benefit of the UK Guarantor (whether in the sole name of the UK Guarantor or in the joint names of the UK Guarantor and any other person) in respect of any UK Vessel or otherwise in connection with a UK Vessel and all benefits thereunder (including claims of whatsoever nature and return of premiums).

 

	
3.2
	
Schedules 

 

The Parties agree that Schedule 2 (Vessels) of the Agreement shall be amended so as to read in its entirety in the form of Schedule 2 (Vessels) attached hereto, and that a new Schedule 2B (UK Vessels) shall be added to the Agreement in the form as set out in Schedule 2B (UK Vessels) hereto.

 

	
3.3
	
Mandatory prepayment

 

The Parties agree that Clause 8.1 (Mandatory prepayment – Total Loss or sale) and Clause 8.2 (Mandatory prepayment – withdrawal of Security Interest) shall be amended in its entirety so as to read as follows:

 

"8.1 Mandatory prepayment – Total Loss or sale

 

If at any time after 13 March 2016, a Vessel or a UK Vessel is sold or becomes a Total Loss, and the Fleet Market Value after such sale or Total Loss is below 300% of the aggregate outstanding unpaid Loans under this Agreement, then the proceeds of such sale or total loss shall be applied towards the repayment of the outstanding Loans, to ensure that the Fleet Market Value again is above 300% of the aggregate outstanding Loans:

 

	
a)
	
in case of a sale, on or before the date on which the sale is completed by delivery of the relevant Vessel or UK Vessel to the buyer; or

 

	
b)
	
in the case of a Total Loss, on the earlier of the date falling ninety (90) days after the Total Loss Date and the receipt by the Agent (on behalf of the Finance Parties) of the proceeds of Insurance relating to such Total Loss (or in the event of a requisition for title of such Vessel or UK Vessel, immediately after the occurrence of such requisition of title).

 

If the Fleet Market Value is above 300% of the aggregate outstanding Loans under this Agreement following a sale or Total Loss, no prepayment shall be required. For the purpose of this Clause 8.1 the definition of Total Loss and Total Loss Date shall apply to each UK Vessel as well as each of the Vessels.

 

	 	
8.2
	
Mandatory prepayment – withdrawal of Security Interest

 

If the Security Interest over a Vessel or UK Vessel created by the Finance Documents is withdrawn or cancelled, such share of the Facility relating to that Vessel or UK Vessel proportionate to its Market Value shall be prepaid in full at the date of withdrawal or cancellation of such Security Interest."

 

	
3.4
	
Security

 

The Parties agree to amend Clause 17.1 (Security – Loans) to read as follows:

 

 

3

 

 

"17.1 Security – Loans 

 

The Borrower’s obligations and liabilities under this Agreement, including (without limitation) the Borrower’s obligation to repay the Loans together with all unpaid interest, default interest, commissions, charges, expenses and any other derived liability whatsoever of the Borrower towards the Lenders and the Agent in connection with this Agreement, shall at any time until all amounts due to the Lenders and the Agent hereunder have been paid and/or repaid in full, be secured by:

 

	 	
a)
	
the Parent Guarantee; 

 

	 	
b)
	
the Mortgages; 

 

	 	
c)
	
the Assignments of Insurances; 

 

	 	
d)
	
the Factoring Agreement; 

 

	 	
e)
	
the Earnings Account Pledge; 

 

	 	
f)
	
the UK Mortgages; and

 

	 	
g)
	
the UK Insurance Assignment. 

 

The Borrower undertakes to ensure that the above Security Documents are being duly executed by the parties thereto in favour of the Agent (on behalf of the Finance Parties) on or about the date of this Agreement (or such later date accepted by the Agent (on behalf of the Finance Parties), legally valid and in full force and effect, and to execute or cause the execution of such further documentation as the Agent may reasonable require in order for the relevant Finance Parties to maintain the security position envisaged hereunder."

 

	 	
3.5
	
Event of Default

 

The Parties agree to add a new Clause 23.1.15 (UK Guarantor) as follows:

 

"
23.1.15 UK Guarantor

a) The UK Guarantor does not comply with any provision of the Finance Documents to which it is a party. No Event of Default under this paragraph a) will occur if the failure to comply is capable of remedy and is remedied within ten (10) Business Days of the Agent giving notice to the Borrower or the Borrower becoming aware of the failure to comply; 

b) Any representation or statement made or deemed to be made by the UK Guarantor in a Finance Document proves to be incorrect or misleading in any material respect when made or deemed to be made; or 

 

c) The UK Guarantor becomes subject to any event described in Clause 23.1.6 (Insolvency) a) or c), Clause 23.1.7 (Insolvency proceedings) or Clause 23.1.8 (Creditor's process)."

 

	
4
	
continued force and effect

 

Except as set out in this Addendum, the Agreement shall continue in full force and effect, and the Agreement and this Addendum shall be read and construed as one instrument. Further, the Borrower confirms that the Security Documents will continue in full force and effect, and extend to the liabilities and obligations of the Borrower and the Parent Guarantor under the Agreement as amended by this Addendum. 

 

 

4

 

 

	
5
	
conditions SUBSEQUENT

 

	
5.1
	
Within 14 March 2016

 

Latest within 14 March 2016, the Borrower shall deliver to the Agent the following documents or evidence of facts (as the case may be) in a form and substance satisfactory to the Agent: 

 

	
5.1.1
	
Miscellaneous

 

	
a)
	
Certificate of Incorporation of the Borrower;

 

	
b)
	
Articles of Association of the Borrower;

 

	
c)
	
Resolutions passed at a board meeting of the Borrower evidencing the approval of the terms of an addendum or amendment to the Agreement containing the terms set forth in this Addendum and Addendum No. 3, and the authorisation of its appropriate officer or officers or other representatives to execute this Addendum and Addendum No. 3; 

 

	
d)
	
Certificate of Incorporation of the UK Guarantor;

 

	
e)
	
Articles of Association of the UK Guarantor;

 

	
f)
	
Secretary's certificate of the UK Guarantor; 

 

	
g)
	
Resolutions passed at a board meeting and shareholders meeting of the UK Guarantor evidencing the approval of the terms of this Addendum, including the UK Mortgages and the UK Insurance Assignment, and the authorisation of its appropriate officer or officers or other representatives to execute this Addendum, the UK Mortgages and the UK Insurance Assignment; 

 

	
h)
	
Relevant constitutional documents in respect of the Parent Guarantor as requested by Norton Rose Fulbright US LLP for the purpose of issuing their legal opinion as set out in item (g) below;

 

	
i)
	
Resolutions passed at a board meeting of the Parent Guarantor evidencing the approval of the terms of an addendum or amendment to the Agreement containing the terms set forth in this Addendum and Addendum No. 3, and the authorisation of its appropriate officer or officers or other representatives to execute this Addendum and Addendum No. 3; 

 

	
j)
	
A legal opinion as regards Norwegian Law matter, issued by Advokatfirmaet Thommessen AS; and

 

	
k)
	
A legal opinion as regards laws of the State of Delaware issued by Norton Rose Fulbright US LLP

 

	
l)
	
A legal opinion as regards English Law matter, issued by Ince & Co.

 

 

5

 

 

	
5.1.2
	
Vessel documents

 

In respect of each UK Vessel (excluding MV "Highland Defender"): 

 

	
a)
	
The UK Mortgage in respect of the UK Vessel, and any Deed of Covenants collateral thereto (as applicable), duly executed on behalf of the UK Guarantor;

 

	
b)
	
The UK Insurance Assignment; 

 

	
c)
	
Notice of Assignment of UK Vessel Insurances in respect of the UK Vessel and, if applicable, the insurer’s acknowledgement thereof;

 

	
d)
	
Evidence (by way of transcript of registry) that the UK Vessel is registered in the name of the UK Vessel in the United Kingdom Ship Registry or other acceptable registry (as applicable), that the UK Mortgage has been executed and recorded with its intended first priority against the UK Vessel, and that no other encumbrances, maritime liens, mortgages or debts whatsoever are registered against the UK Vessel;

 

	
e)
	
An updated class certificate and class status report related to the UK Vessel from the relevant classification society, confirming that the UK Vessel is classed with the highest class, free of extensions and overdue recommendations, except (as to any of the foregoing) to the extent that the UK Vessel is laid up or stacked;

 

	
f)
	
Such certificates of insurance and/or insurance policies or cover notes as may be reasonably necessary to evidence that insurance cover has been taken out in respect of the UK Vessel in accordance with the terms of the Finance Documents, and that the Agent’s (on behalf of the Finance Parties) Security Interest in the insurance policies have been noted in accordance with the relevant notices as required under the UK Insurance Assignment;

 

	
g)
	
Copy of any commercial management agreement for the UK Vessel;

 

	
h)
	
Copy of any technical management agreement for the UK Vessel;

 

	
i)
	
The UK Vessel’s current SMC;

 

	
j)
	
The relevant technical manager’s current DOC;

 

	
k)
	
The ISPS certificate for the UK Vessel; 

 

	
l)
	
Evidence of the Market Value of the UK Vessel; 

 

	
m)
	
A satisfactory insurance report from an independent insurance consultant in relation to the UK Vessel Insurances; and

 

	
n)
	
Legal Opinion(s) satisfactory to the Agent (on behalf of the Finance Parties) covering the UK Mortgages and the UK Insurance Assignment (to the extent not covered by 5.1.1).

 

	
5.2
	
Latest by 30 July 2016

 

For the UK Vessel "Highland Defender" each of the documents or evidence of facts (as the case may be) listed in Clause 5.1.2 (Vessel documents) shall be delivered latest by 30 July 2016 in a form and substance satisfactory to the Agent, or, if an extension is required to comply with the current charterparty of "Highland Defender", latest by 31 August 2016. 

 

 

6

 

 

	
6
	
Governing law and jurisdiction

 

This Addendum shall be governed by and construed in accordance with Norwegian Law, and Clause 31 of the Agreement (Governing Law and Enforcement) applies to this Addendum and any disputes that may arise in relation hereto. 

By its signature hereon, the Borrower accepts its appointment as process agent for the Parent Guarantor and UK Guarantor in Norway.

 

This Addendum has been executed in three copies.

 

* * *

 

 

 

 

 

SIGNATORIES:

 

The Borrower:

GulfMark Rederi AS 

By: /s/ Quintin Kneen                                                 

Name: Quintin Kneen

Title: Director

 

 

 

The Lenders: 

DNB Bank ASA

 

By: /s/ Bjorn Urtegaard                                              

 

Name: Bjorn Sande Urtegaard

Title: Attorney in fact

 

 

The Agent and Arranger:

DNB Bank ASA

 

By: /s/ Bjorn Urtegaard                                             

Name: Bjorn Sande Urtegaard

Title: Attorney in fact

 

 

7

 

 

The content of this Addendum is duly acknowledged and agreed, and capitalized terms used herein have the meaning set forth therefor in the Agreement. Furthermore the undersigned confirms as Parent Guarantor that the Parent Guarantee, and any other Finance Document to which the undersigned is a party, shall remain in full force and effect.

 

The Parent Guarantor:

GulfMark Offshore, Inc.

By: /s/ Quintin Kneen                                                

Name: Quintin Kneen
Title: President

 

 

 

The content of this Addendum is duly acknowledged and agreed

 

 

The UK Guarantor:

GulfMark UK Ltd.

By: /s/ Quintin Kneen                                                

Name: Quintin Kneen
Title: Director

 

8

 

 

SCHEDULE 2
Vessels

 

	

vessel NAME

 
	

TYPE
	

built
	

imo no. 

	

“North CRUYS”

 
	

PSV
	

2014
	

9654098

	

“North Pomor“

 
	

PSV
	

2013
	

9643465

	

“North Purpose”

 
	

PSV
	

2009
	

9439462

	

“North Promise”

 
	

PSV
	

2007
	

9364033 

	

Hull no 131 under 

construction at SImek AS1

 

 
	

PSV
	

Expected 

delivery:

1Q2017
	  

 

1 Subject to delivery of the Newbulding, and in any event not effective as an addition to this schedule until the Delivery Date with respect thereto as set forth herein above.

 

 

9

 

 

SCHEDULE 2B
UK Vessels

 

	

vessel NAME

 
	

TYPE
	

built
	

imo no. 

	

"HIGHLAND DEFENDER"

 
	

PSV
	

2013
	

9639335

	

"HIGHLAND GUARDIAN"

 
	

PSV
	

2013
	

9639347

	

"HIGHLAND KNIGHT"

 
	

PSV
	

2013
	

9643855

	

"HIGHLAND PRINCESS"

 
	

PSV
	

2014
	

9643867

 

10ex10-3.htm

Exhibit 10.3

 

 

FOURTH AMENDMENT AGREEMENT

 

dated March________, 2016

 

between

 

(1)     GULFMARK AMERICAS, INC.

as Original Borrower

 

 

(2)     GULFMARK OFFSHORE, INC.

as Parent and Original Guarantor

 

 

(3)     GULFMARK MANAGEMENT, INC.

 

 

(4) THE ROYAL BANK OF SCOTLAND PLC
as Agent

 

 

 

_________________________________________________________________________________

 

Relating to a US$100,000,000 Multicurrency Facility Agreement

originally dated 26 September 2014 (as amended on each of 13 February 2015, 2 July 2015 and 22 December 2015)

_________________________________________________________________________________

 

 

 

	

 

Pinsent Masons LLP

13 Queen's Road

Aberdeen

AB15 4YL

Tel: +44 (0)1224 377900

Fax: +44 (0)1224 377901

Web Site: http://www.pinsentmasons.com

67487222

 

 

 

 

 

THIS FOURTH AMENDMENT AGREEMENT is made on ________ March 2016 (the "Agreement") between:

 

	
(1)
	
GULFMARK AMERICAS, INC., a company incorporated in Delaware with charter number 4071108 (the " Original Borrower"); 

 

	
(2)
	
GULFMARK OFFSHORE, INC., a company incorporated in Delaware with charter number 2689611 (the "Parent" and "Original Guarantor");

 

	
(3)
	
GULFMARK MANAGEMENT, INC., a company incorporated in Delaware with charter number 4386616 ("GMI"); and

 

	
(4)
	
THE ROYAL BANK OF SCOTLAND PLC as agent of the other Finance Parties (the "Agent".

 

IT IS AGREED AS FOLLOWS:-

 

 

	
1.
	
INTERPRETATION

 

	
1.1
	
Definitions

 

Unless otherwise defined in this Agreement or the context otherwise requires, terms defined in the Facility Agreement (as defined below) (whether expressly or by incorporation) shall have the same meaning when used in this Agreement. In addition:

 

"Effective Date" has the meaning given in clause 3 below; and

 

"Facility Agreement" means the $100,000,000 Multicurrency Facility Agreement entered into between, inter alia, the Original Borrower and the Agent originally dated 26 September 2014, as the same has been amended on each of the First Amendment Date, the Second Amendment Date and the Third Amendment Date and otherwise prior to the date hereof.

 

	
1.2
	
Incorporation 

 

The provisions of clauses 1.2 (Construction), 1.3 (Third Party Rights), 1.4 (Accounting Terms; GAAP), 41 (Notices), 43 (Partial Invalidity), 44 (Remedies and waivers), 45 (Amendments and Waivers) and 49 (Enforcement) of the Facility Agreement shall be incorporated into, and apply to, this Agreement, mutatis mutandis, as if the same had been set out in full herein. Except as otherwise expressly set forth herein, the Facility Agreement shall continue in full force and effect without amendment or modification thereto.

 

	
2.
	
AMENDMENTS 

 

From the Effective Date, the Facility Agreement shall be amended so that in clause 1.1 of the Facility Agreement, the definition of "Majority Lenders " shall be amended by deleting the current definition in its entirety and replacing it with the following:-

 

"Majority Lenders" means Lenders (unless there is only one Lender) whose Revolving Facility Commitments aggregate more than 60 per cent. (60%) of the Total Revolving Facility Commitments (or, if the Total Revolving Facility Commitments have been reduced to zero, aggregated more than 60 per cent. (60%) of the Total Revolving Facility Commitments immediately prior to that reduction)”;

 

	
3.
	
EFFECTIVE DATE

 

Clause 2 of this Agreement shall take effect on the date upon which the Agent gives written confirmation to the Parent that the Agent has received, in form and substance satisfactory to it, a copy of this Agreement executed by each Obligor, GMI and the Agent on behalf of each of the Lenders (the “Effective Date”).

 

 

 1

 

 

	
4.
	
LONGSTOP 

 

	
4.1
	
If the Effective Date has not occurred by 5pm, London time, on March 31, 2016, then this Agreement shall automatically terminate. 

 

	
4.2
	
The Agent shall promptly notify the Parent and the Lenders in writing of the occurrence of the Effective Date.

 

	
5.
	
GUARANTEE AND SECURITY

 

With effect from the Effective Date, each Obligor and GMI confirms that any security or guarantee created or given by it under the Finance Documents (including, in the case of each Obligor, under clause 25 (Guarantee and indemnity) of the Facility Agreement) will:

 

	
5.1
	
continue in full force and effect; and

 

	
5.2
	
extend to all liabilities and obligations of the Obligors arising under the Facility Agreement as amended by this Agreement.

 

	
6.
	
REPEATING OF REPRESENTATIONS

 

Each Obligor makes the Repeating Representations to each Finance Party on the date of this Agreement and on the Effective Date.

 

	
7.
	
FEES AND EXPENSES

 

The Original Borrower shall promptly on demand pay the Agent the amount of all out-of-pocket costs and expenses (including legal fees) reasonably incurred by it in connection with the entering into of this Agreement and the transactions contemplated thereby.

 

	
8.
	
FINANCE DOCUMENT

 

This Agreement is entered into pursuant to Clause 45 of the Facility Agreement (Amendments and Waivers) and the Agent and the Parent hereby designate this Agreement as a Finance Document for the purposes of the Facility Agreement and the other Finance Documents. 

 

	
9.
	
AGENT

 

The Agent, with the consent of all of the Lenders, enters into this Agreement on behalf of all the Finance Parties pursuant to and in accordance with clause 45.2.1 of the Facility Agreement.

 

	
10.
	
COUNTERPARTS

 

This Agreement may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement.

 

	
11.
	
GOVERNING LAW

 

This Agreement and any non-contractual obligation arising out of or connected with this Agreement are governed by English law.

 

 

 2

 

 

This Agreement has been entered into on the date stated at the beginning of this Agreement.

 

 

 3

 

 

SIGNATORIES

 

THE PARENT AND ORIGINAL GUARANTOR

 

GULFMARK OFFSHORE, INC.

 

By: /s/ J. Mitchell

 

 

 

THE ORIGINAL BORROWER

 

GULFMARK AMERICAS, INC.

 

By: /s/ J. Mitchell

 

 

 

GMI

 

GULFMARK MANAGEMENT, INC.

 

By: /s/ J. Mitchell

 

 

 

THE AGENT

 

THE ROYAL BANK OF SCOTLAND PLC

 

By: /s/ Nick Watkins
       Syndicated Loans Agency

 

 

4

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