Document:

Unassociated Document

    Addendum
to the Shipbuilding Contract

    of
one AHTS Vessel Fincantieri Hull No. 6172

    

    

    This
Addendum is made and entered into on this 22nd of June
2010 between:

    

    
      	
              1.

            	
              FINCANTIERI
      — Cantieri Navali Italiani, S.p.A., a company organized and existing under
      the laws of the Republic of Italy, with Naval Vessel Business Unit located
      at Via Cipro 11, 16129 Genoa,
Italy,

            

    

    

    hereinafter
referred to as “FINC”

    

    and

    

    
      	
              2.

            	
              ATL
      Offshore GmbH & Co. "ISLE OF NEUWERK" KG, a company organized and
      existing under the laws of the Federal Republic of Germany and having
      their principal place of business at Neue Strasse 24, Leer,
      Germany,

            

    

    

    hereinafter
called “the Buyer”

    

    and

    

    together
referred as “the Parties”

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    WHEREAS

    

    
      	
               
      

            	
              A)

            	
              The
      Parties have entered into a Shipbuilding Contract dated 20/03/2007 as from
      time to time supplemented and amended (the “Shipbuilding Contract”) for
      the construction of one AHTS Vessel bearing FINC Hull No. 6172 (“the
      Vessel”); and

            

    

    

    
      	
               
      

            	
              B)

            	
              A
      Technical Statement of Delivery has been concluded between the parties on
      9th of June 2010 in respect of hull numbers 6173, 6172 and 6169
      and

            

    

    

    
      	
               
      

            	
              C)

            	
              The
      Parties wish to re-schedule outstanding pre-delivery instalments and the
      contractual delivery date.

            

    

    

    The
Parties therefore now agree as follows:

    

    
      	
              1.

            	
              The
      delivery date of the Vessel according to the Shipbuilding Contract shall
      be amended. Delivery shall take place on the earliest possible date agreed
      between the parties within second half of June
  2010.

            

    

    

    
      	
              2.

            	
              The
      Buyer agrees to bear the risk of accidental loss or damage (other than
      loss or damage caused by gross negligence or willful misconduct of FINC)
      for the Vessel between the date on which the parties hereby conventionally
      agree that the Vessel is ready for delivery – being the date agreed in the
      above mentioned Technical Statement of Delivery, the 19th
      of June 2010 – and the actual delivery date.  However, FINC to
      take out the respective insurance cover until the Vessel will be actually
      delivered to the Buyer. Usual maintenance activities, pier availability,
      surveillance, insurance and fireguard shall be provided by FINC at a cost
      of EUR 3,285.00 per day. After delivery, a period of ten days will be free
      of charge, and in case an exceeding stay at pier is required, the parties
      will agree the applicable rate. The respective costs shall be reimbursed
      by the Buyer in accordance with the previous practice between the Parties.
      Any outstanding predelivery instalment under the Shipbuilding Contract is
      deferred to the day of the actual delivery of the Vessel and will be paid
      to FINC together with the delivery
instalment.

            

    

    

    
      	
              3.

            	
              The
      Buyer shall pay interest in the amount of 6-month EURIBOR plus
      2%

            

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    
 

    
      	
               
      

            	
              (i)

            	
              for
      an amount of EUR 2,100,000.00 for a period of April 26, 2007 until May 9,
      2007; and

            

    

    

    
      	
               
      

            	
              (ii)

            	
              for
      an amount of EUR 2,203,800 for a period of March 21, 2008 until April 16,
      2008; and

            

    

    

    
      	
               
      

            	
              (iii)

            	
              for
      an amount of EUR 4,223,900.00 for a period of July 17, 2009 until actual
      delivery of the Vessel; and

            

    

    

    
      	
               
      

            	
              (iv)

            	
              for
      an amount of EUR 4,365,407.50 for a period of December 29, 2010 until
      actual delivery of the Vessel; and

            

    

    

    
      	
               
      

            	
              (v)

            	
              for
      an amount of EUR 29,688,107.50 for a period of counting from the time of
      readiness for delivery in accordance with paragraph 2 above until actual
      delivery of the Vessel.

            

    

    

    The
interests shall be due upon presentation of the relevant invoice together with
evidence of the interest rate applied.

    

    For the
avoidance of doubt, the interest described herein is not to be considered as
default interest but as FINC’s compensation for the deferral of instalments
under the Shipbuilding Contract.

    

    
      	
              4.

            	
              All
      other terms and conditions to remain
unchanged.

            

    

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    
      

         

        
          
            
              	 	      
                      on
      behalf of the Buyer:

                      

                      /s/ Niels
      Roggemann

                      Niels
      Roggemann

                      

                      

                      

                      on
      behalf of FINCANTIERI -- Cantieri Navali Italiani S.p.A.

                      
 

                      /s/                                                                
      

                    

            

             

             

            
              
                 

              

              
                4Unassociated Document

    Addendum
to the Shipbuilding Contract

    of
one AHTS Vessel Fincantieri Hull No. 6173

    

    

    This
Addendum is made and entered into on this 25th of June
2010 between:

    

    
      	
              1.

            	
              FINCANTIERI
      — Cantieri Navali Italiani, S.p.A., a company organized and existing under
      the laws of the Republic of Italy, with Naval Vessel Business Unit located
      at Via Cipro 11, 16129 Genoa,
Italy,

            

    

    

    hereinafter
referred to as “FINC”

    

    and

    

    
      	
              2.

            	
              ATL
      Offshore GmbH & Co. "ISLE OF SYLT" KG, a company organized and
      existing under the laws of the Federal Republic of Germany and having
      their principal place of business at Neue Strasse 24, Leer,
      Germany,

            

    

    

    hereinafter
called “the Buyer”

    

    and

    

    together
referred as “the Parties”

     

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    WHEREAS

    

    
      	
               
      

            	
              A)

            	
              The
      Parties have entered into a Shipbuilding Contract dated 30/01/2007 as from
      time to time supplemented and amended (the “Shipbuilding Contract”) for
      the construction of one AHTS Vessel bearing FINC Hull No. 6169 (“the
      Vessel”); and

            

    

    

    
      	
               
      

            	
              B)

            	
              A
      Technical Statement of Delivery has been concluded between the parties on
      9th of June 2010 in respect of hull numbers 6173, 6172 and 6169
      and

            

    

    

    
      	
               
      

            	
              C)

            	
              The
      Parties wish to re-schedule outstanding pre-delivery instalments and the
      contractual delivery date.

            

    

    

    The
Parties therefore now agree as follows:

    

    
      	
              1.

            	
              The
      delivery date of the Vessel according to the Shipbuilding Contract shall
      be amended. Delivery shall take place on the earliest possible date agreed
      between the parties within second half of July
  2010.

            

    

    

    
      	
              2.

            	
              The
      Buyer agrees to bear the risk of accidental loss or damage (other than
      loss or damage caused by gross negligence or willful misconduct of FINC)
      for the Vessel between the date on which the parties hereby conventionally
      agree that the Vessel is ready for delivery – being the date agreed in the
      above mentioned Technical Statement of Delivery, the 23rd
      of June 2010 – and the actual delivery date.  However, FINC to
      take out the respective insurance cover until the Vessel will be actually
      delivered to the Buyer. Usual maintenance activities, pier availability,
      surveillance, insurance and fireguard shall be provided by FINC at a cost
      of EUR 3,285.00 per day. After delivery, a period of ten days will be free
      of charge, and in case an exceeding stay at pier is required, the parties
      will agree the applicable rate. The respective costs shall be reimbursed
      by the Buyer in accordance with the previous practice between the Parties.
      Any outstanding predelivery instalment under the Shipbuilding Contract is
      deferred to the day of the actual delivery of the Vessel and will be paid
      to FINC together with the delivery
instalment.

            

    

    

    
      	
              3.

            	
              The
      Buyer shall pay interest in the amount of 6-month EURIBOR plus
      2%

            

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    
 

    
      	
               
      

            	
              (i)

            	
              for
      an amount of EUR 2,013,000.00 for a period of February 22, 2007 until
      March 14, 2007; and

            

    

    

    
      	
               
      

            	
              (ii)

            	
              for
      an amount of EUR 2,364,300 for a period of September 15, 2008 until
      September 26, 2008; and

            

    

    

    
      	
               
      

            	
              (iii)

            	
              for
      an amount of EUR 4,049,900.00 for a period of August 5, 2009 until actual
      delivery of the Vessel; and

            

    

    

    
      	
               
      

            	
              (iv)

            	
              for
      an amount of EUR 4,185,000.00 for a period of September 16, 2009 until
      actual delivery of the Vessel; and

            

    

    

    
      	
               
      

            	
              (v)

            	
              for
      an amount of EUR 28,727,145.00 for a period of counting from the time of
      readiness for delivery in accordance with paragraph 2 above until actual
      delivery of the Vessel.

            

    

    

    The
interests shall be due upon presentation of the relevant invoice together with
evidence of the interest rate applied.

    

    For the
avoidance of doubt, the interest described herein is not to be considered as
default interest but as FINC’s compensation for the deferral of instalments
under the Shipbuilding Contract.

    

    
      	
              4.

            	
              All
      other terms and conditions to remain
unchanged.

            

    

     

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    

       

      
        
          
            	 	      
                    on
      behalf of the Buyer:

                    

                    /s/ Niels
      Roggemann

                    Niels
      Roggemann

                    

                    

                    

                    on
      behalf of FINCANTIERI -- Cantieri Navali Italiani S.p.A.

                    

                    /s/                                                                
      

                  

          

        

      

       

    

     

    
      
         

      

      
        4

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