Document:

mdr-ex425_761.htm

 

Exhibit 4.25

Execution Version

THIRD SUPPLEMENTAL INDENTURE AND GUARANTEE

This Third Supplemental Indenture and Guarantee, dated as of January 27, 2017 (this “Supplemental Indenture” or “Guarantee”), among McDermott Asia Pacific Sdn. Bhd., a Malaysian company limited by shares (the “New Guarantor”), McDermott International, Inc., as the Issuer, each existing Guarantor under the Indenture referred to below, Wells Fargo Bank, National Association, as Trustee, paying agent and registrar under such Indenture and Wells Fargo Bank, National Association, as Collateral Agent under such Indenture.

W I T N E S S E T H:

WHEREAS, the Issuer, the Guarantors, the Trustee and the Collateral Agent have heretofore executed and delivered an Indenture, dated as of April 16, 2014 (as amended, supplemented, waived or otherwise modified, the “Indenture”), providing for the issuance of an unlimited aggregate principal amount of 8.000% Senior Secured Notes due 2021 of the Issuer (the “Notes”);

WHEREAS, Section 4.17 and Article X of the Indenture provides that the Issuer will cause any Restricted Subsidiary that guarantees any Indebtedness of the Issuer or any Guarantor under a Credit Facility to execute and deliver a Guarantee pursuant to which such Restricted Subsidiary will unconditionally Guarantee, on a joint and several basis, the full and prompt payment of the principal of, premium, if any, and interest on the Notes and all other obligations of the Issuer under the Indenture on the same terms and conditions as those set forth in the Indenture; and

WHEREAS, pursuant to Section 9.1(4) of the Indenture, the Trustee, the Collateral Agent, the Issuer and the Guarantors are authorized to execute and deliver this Supplemental Indenture to amend the Indenture, without the consent of any Holder, to add an additional Guarantor.

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the New Guarantor, the Issuer, the existing Guarantors, the Trustee and the Collateral Agent mutually covenant and agree for the equal and ratable benefit of the Holders as follows:

ARTICLE I

Definitions

SECTION 1.1 Defined Terms.  As used in this Supplemental Indenture, capitalized terms defined in the Indenture or in the preamble or recitals thereto are used herein as therein defined.  The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof.

ARTICLE II

Agreement to be Bound; Guarantee

SECTION 2.1 Agreement to be Bound.  The New Guarantor hereby becomes a party to the Indenture as a Guarantor and as such shall have all of the rights and be subject to all of the obligations and agreements of a Guarantor under the Indenture.  The New Guarantor agrees to be bound by all of the provisions of the Indenture applicable to a Guarantor and to perform all of the obligations and agreements of a Guarantor under the Indenture.

SECTION 2.2 Guarantee.  The New Guarantor hereby fully, unconditionally and irrevocably guarantees, as primary obligor and not merely as a surety, jointly and severally with each other Guarantor, to each Holder and the Trustee, the full and punctual payment when due, whether at maturity, by acceleration, by redemption or otherwise, of the Obligations of the Issuer pursuant to the Notes and the Indenture in accordance with Section 10.1(a) of the Indenture.

 

32613732

 

ARTICLE III

Miscellaneous

SECTION 3.1 Notices.  All notices and other communications to the New Guarantor shall be given as provided in the Indenture to the New Guarantor, at its address set forth below, with a copy to the Issuer as provided in the Indenture for notices to the Issuer.

c/o McDermott International, Inc.

P.O. Box 940519

Houston, Texas 77094-7519

Facsimile:  (281) 870-5755

Attention:  Liane K. Hinrichs

With a copy to:

Baker Botts L.L.P.

One Shell Plaza

910 Louisiana

Houston, Texas 77002-4995

Facsimile:  (713) 229-7738

Attention:  Ted W. Paris

SECTION 3.2 Parties.  Nothing expressed or mentioned herein is intended or shall be construed to give any Person, firm or corporation, other than the Holders and the Trustee, any legal or equitable right, remedy or claim under or in respect of this Supplemental Indenture or the Indenture or any provision herein or therein contained.

SECTION 3.3 Governing Law.  This Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York.

SECTION 3.4 Service of Process.  Each of the Issuer and each non-U.S. Guarantor (including the New Guarantor) hereby appoints McDermott, Inc. as its agent for service of process in any suit, action or proceeding with respect to this Supplemental Indenture, the Indenture, the Notes or the Guarantees and for actions brought under federal or state securities laws brought in any federal or state court located in The City of New York.

SECTION 3.5 Severability Clause.  In case any provision in this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to the extent of such invalidity, illegality or unenforceability.

SECTION 3.6 Ratification of Indenture; Supplemental Indentures Part of Indenture; No Liability of Trustee.  Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect.  This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of a Note heretofore or hereafter authenticated and delivered shall be bound hereby.  Neither the Trustee nor the Collateral Agent makes any representation or warranty as to the validity or sufficiency of this Supplemental Indenture or the New Guarantor’s Guarantee

SECTION 3.7 Counterparts.  The parties hereto may sign one or more copies of this Supplemental Indenture in counterparts, all of which together shall constitute one and the same agreement.

SECTION 3.8 Headings.  The headings of the Articles and the sections in this Supplemental Indenture are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof.

[Signatures on following page]

 

 

2

 

IN WITNESS WHEREOF, the parties hereto have caused this Third Supplemental Indenture and Guarantee to be duly executed as of the date first above written.

 

	
MCDERMOTT INTERNATIONAL, INC.

	
 
	
 
	
 

	
By:
	
/s/ Katherine A. Murray

	
Name:
	
Katherine A. Murray
	
 

	
Title:
	
Vice President, Treasurer
	
 

 

	
NEW GUARANTOR:

	
 
	
 
	
 

	
MCDERMOTT ASIA PACIFIC SDN. BHD.

	
 
	
 
	
 

	
By:
	
/s/ Katherine A. Murray

	
Name:
	
Katherine A. Murray
	
 

	
Title:
	
Treasurer
	
 

 

	
EXISTING GUARANTORS:

	
 

	
J. Ray McDermott, S.A.

McDermott, Inc.

McDermott Investments, LLC

McDermott International Management, S. DE RL.

	
 
	
 
	
 

	
By:
	
/s/ Katherine A. Murray

	
Name:
	
Katherine A. Murray
	
 

	
Title:
	
Vice President, Treasurer
	
 

 

Signature Page to

Third Supplemental Indenture and Guarantee

 

 

			
	
Chartering Company (Singapore) Pte. Ltd.

	
DEEPSEA (AMERICAS) LLC

	
DEEPSEA (EUROPE) LIMITED

	
DEEPSEA (UK) LIMITED

	
DEEPSEA GROUP LIMITED

	
DEEPSEA (US) INCORPORATED

	
Eastern Marine Services, Inc.

	
Hydro Marine Services, Inc.

	
J. Ray Holdings, Inc.

	
International Vessels Ltd.

	
J. Ray McDermott Canada Holding, Ltd.

	
J. Ray McDermott Canada, Ltd.

	
J. Ray McDermott Engineering 

	
 
	
Services Private Limited

	
J. Ray McDermott Far East, Inc.

	
J. Ray McDermott Holdings, LLC

	
J. Ray McDermott International, Inc.

	
J. Ray McDermott Kazakhstan

	
 
	
limited liability partnership

	
J. Ray McDermott Logistic Services PVT. Limited

	
J. RAY MCDERMOTT (NORWAY), AS

	
J. Ray McDermott (Qingdao) Pte. Ltd.

	
J. Ray McDermott Solutions, Inc.

	
J. Ray McDermott Technology, Inc.

	
J. Ray McDermott Underwater Services, Inc.

	
 
	
 
	
 

	
By:
	
/s/ Katherine A. Murray

	
Name:
	
Katherine A. Murray

	
Title:
	
Treasurer

 

Signature Page to

Third Supplemental Indenture and Guarantee

 

 

	
	
J. Ray McDermott West Africa Holdings, Inc.

	
J. Ray McDermott West Africa, Inc.

	
Malmac Sdn. Bhd.

	
McDermott Asia Pacific Pte. Ltd.

	
MCDERMOTT BLACKBIRD HOLDINGS, LLC

	
McDermott Caspian Contractors, Inc.

	
McDermott Eastern Hemisphere, Ltd.

	
McDermott Engineering, LLC

	
McDermott Far East, Inc.

	
MCDERMOTT FINANCE L.L.C.

	
McDermott Gulf Operating Company, Inc. 

	
McDermott International  Investments Co., Inc.

	
McDermott International Trading Co., Inc. 

	
McDermott International Vessels, Inc.

	
McDermott Marine Construction Limited

	
McDermott Middle East, Inc.

	
McDermott Offshore Services Company, Inc.

	
McDermott Old JV Office, Inc.

	
McDermott Overseas, Inc.

	
mcdermott subsea, inc.

	
McDermott Subsea Engineering, Inc.

	
North Atlantic Vessel, Inc.

	
OPI Vessels, Inc.

	
SparTEC, Inc.

 

	
By:
	
/s/ Katherine A. Murray

	
Name:
	
Katherine A. Murray

	
Title:
	
Treasurer

 

Signature Page to

Third Supplemental Indenture and Guarantee

 

 

	
J. Ray McDermott Investments B.V.

	
J. Ray McDermott (Luxembourg), S.ar.L.

	
J. Ray McDermott (Nigeria) LIMITED

	
McDermott Holdings (U.K.) Limited

	
McDermott International B.V.

	
McDermott International Marine 

	
 
	
Investments N.V.
	
 

	
Mc Dermott Overseas Investment Co. N.V.

	
McDermott Servicos Offshore do Brasil Ltda.

	
PT. Baja Wahana Indonesia

	
Singapore Huangdao Pte. Ltd.

	
Varsy International N.V.

	
ELDRIDGE PTE. LTD.

	
 
	
 
	
 

	
By:
	
/s/ Liane K. Hinrichs

	
Name:  
	
Liane K. Hinrichs
	
 

	
Title:
	
Authorized Person
	
 

 

Signature Page to

Third Supplemental Indenture and Guarantee

 

 

	
J. Ray McDermott de Mexico, S.A. de C.V.

McDermott Marine Mexico, S.A. de C.V.

Servicios Profesionales de Altamira, S.A. de C.V.

Servicios de Fabricacion de Altamira, S.A. de C.V.

	
 
	
 
	
 

	
By:
	
/s/ Ana Laura Mendez Burkart

	
Name: 
	
Ana Laura Mendez Burkart
	
 

	
Title:
	
Attorney-in-fact
	
 

 

Signature Page to

Third Supplemental Indenture and Guarantee

 

 

	
EXECUTED AND DELIVERED

	
as deed on behalf of

	
J. Ray McDermott International Vessels, Ltd.

	
 
	
 
	
 

	
By:
	
/s/ Katherine A. Murray

	
Name:
	
Katherine A. Murray
	
 

	
Title:
	
Treasurer
	
 

	
 
	
 
	
 

	
Witnessed

	
 
	
 
	
 

	
By:
	
/s/ Robert E. Stumpf 

	
Name:
	
Robert E. Stumpf
	
 

	
Title:
	
Assistant Secretary
	
 

	
 
	
 
	
 

	
EXECUTED AND DELIVERED

	
as deed on behalf of

	
McDermott Cayman Ltd.

	
 
	
 
	
 

	
By:
	
/s/ Katherine A. Murray

	
Name:
	
Katherine A. Murray
	
 

	
Title:
	
Treasurer
	
 

	
 
	
 
	
 

	
Witnessed

	
 
	
 
	
 

	
By:
	
/s/ Robert E. Stumpf 

	
Name:
	
Robert E. Stumpf
	
 

	
Title:
	
Assistant Secretary
	
 

	
 
	
 
	
 

	
EXECUTED AND DELIVERED

	
as deed on behalf of

	
Offshore Pipelines INTERNATIONAL, Ltd.

	
 
	
 
	
 

	
By:
	
/s/ Katherine A. Murray

	
Name:
	
Katherine A. Murray
	
 

	
Title:
	
Treasurer
	
 

	
 
	
 
	
 

	
Witnessed

	
 
	
 
	
 

	
By:
	
/s/ Robert E. Stumpf 

	
Name:
	
Robert E. Stumpf
	
 

	
Title:
	
Assistant Secretary
	
 

Signature Page to

Third Supplemental Indenture and Guarantee

 

 

	
Executed by J. Ray McDermott (Aust.) Holding Pty. Limited. ACN 002 797 668 acting by the following persons or, if the seal is affixed, witnessed by the following persons in accordance with s127 of the Corporations Act 2001:
	
 

	
 
	
 

	
/s/ Hugh John Cuthbertson

Signature of director
	
/s/ G. Deacon Powell

Signature of director/company secretary

	
 
	
 

	
Hugh John Cuthbertson

Name of director (print)
	
G. Deacon Powell

Name of director/company secretary (print)

	
 
	
 

	
Executed by McDermott Australia Pty. Ltd. ACN 002 736 352 acting by the following persons or, if the seal is affixed, witnessed by the following persons in accordance with s127 of the Corporations Act 2001:
	
 

	
 
	
 

	
/s/ Hugh John Cuthbertson

Signature of director
	
/s/ G. Deacon Powell

Signature of director/company secretary

	
 
	
 

	
Hugh John Cuthbertson

Name of director (print)
	
G. Deacon Powell

Name of director/company secretary (print)

 

Signature Page to

Third Supplemental Indenture and Guarantee

 

 

	
WELLS FARGO BANK, NATIONAL 

ASSOCIATION, as Trustee

	
 
	
 
	
 

	
By:
	
/s/ Patrick T. Giordano

	
Name:
	
Patrick T. Giordano
	
 

	
Title:
	
Vice President
	
 

	
 
	
 
	
 

	
WELLS FARGO BANK, NATIONAL 

ASSOCIATION, as Collateral Agent

	
 
	
 
	
 

	
By:
	
/s/ Patrick T. Giordano

	
Name:
	
Patrick T. Giordano
	
 

	
Title:
	
Vice President
	
 

 

Signature Page to

Third Supplemental Indenture and Guaranteemdr-ex426_1384.htm

 

Exhibit 4.26

Execution Version

ASSUMPTION AGREEMENT

This Assumption Agreement dated as of February 15, 2017 (this “Assumption Agreement”), is made by McDermott (Amazon Chartering), Inc., a Panamanian corporation (the “Additional Grantor”), in favor of Crédit Agricole Corporate and Investment Bank (“CA CIB”), as administrative agent (in such capacity and together with its successors in such capacity, the “Administrative Agent”) for the Lenders and the Issuers and collateral agent (in such capacity and together with its successors in such capacity, the “Collateral Agent”) for the Secured Parties.

WHEREAS, McDermott International, Inc., a Panamanian corporation (the “Parent”) and McDermott Finance L.L.C., a Delaware limited liability company (the “Term Borrower”), entered into the Credit Agreement dated April 16, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), with the Lenders, the Issuers and CA CIB, as administrative agent for the Lenders and the Issuers and collateral agent for the Secured Parties.  Terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement.

WHEREAS, in connection with the Credit Agreement, the Parent, the Term Borrower and certain of their Subsidiaries (other than the Additional Grantor) have entered into the First Lien Pledge and Security Agreement dated as of April 16, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “Pledge and Security Agreement”), in favor of the Collateral Agent and the Administrative Agent for the benefit of the Secured Parties;

WHEREAS, the Credit Agreement requires the Additional Grantor to become a party to the Pledge and Security Agreement as a Grantor (as defined in the Pledge and Security Agreement) and a Guarantor thereunder; and

WHEREAS, the Additional Grantor has agreed to execute and deliver this Assumption Agreement in order to become a party to the Pledge and Security Agreement as a Grantor and a Guarantor thereunder;

NOW, THEREFORE, IT IS AGREED:

1. Pledge and Security Agreement.  By executing and delivering this Assumption Agreement, the Additional Grantor, as provided in Section 8.14 of the Pledge and Security Agreement, hereby becomes a party to the Pledge and Security Agreement as a Grantor and a Guarantor thereunder with the same force and effect as if originally named therein as a Grantor and a Guarantor.  In accordance with the terms of the Pledge and Security Agreement and without limiting the generality of the foregoing, the Additional Grantor hereby expressly (a) assumes all obligations and liabilities of a Grantor and a Guarantor under the Pledge and Security Agreement; (b) guarantees the Borrowers’ Obligations pursuant to Section 2 of the Pledge and Security Agreement; and (c) grants to the Collateral Agent, for the ratable benefit of the Secured Parties, a security interest in the Additional Grantor’s right, title and interest in and to the Collateral (as defined in the Pledge and Security Agreement), wherever located and whether now owned or at any time hereafter acquired by the Additional Grantor or in which the Additional Grantor now has or at any time in the future may acquire any right, title or interest, as security for the prompt and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of the Additional Grantor’s Obligations. The information set forth in Annex 1 hereto is hereby added to the information set forth in Schedules 4.3, 4.4 and 4.7 to the Pledge and Security Agreement.  The Additional Grantor hereby makes each of the representations and warranties contained in Section 4 of the Pledge and Security Agreement (as supplemented by, and after giving effect to, this Assumption Agreement and the Schedules attached hereto) as of the date hereof. 

2. GOVERNING LAW.  THIS ASSUMPTION AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO ITS CONFLICTS OF LAWS PROVISIONS.

[Remainder of this page intentionally left blank]

 

 

 

 

IN WITNESS WHEREOF, the undersigned has caused this Assumption Agreement to be duly executed and delivered as of the date first above written.

	
MCDERMOTT (AMAZON CHARTERING), INC.

	
 

	
By:
	
 
	
  /s/ Katherine A. Murray

	
Name:
	
 
	
Katherine A. Murray

	
Title:
	
 
	
Treasurer

Signature Page to

Assumption Agreement (First Lien)

 

Acknowledged and Accepted:

 

	
J. RAY MCDERMOTT, S.A.

	
 

	
By:
	
 
	
/s/ Katherine A. Murray

	
Name:
	
 
	
Katherine A. Murray

	
Title:
	
 
	
Vice President, Treasurer

 

 

 

Signature Page to

Assumption Agreement (First Lien)

 

Annex 1

Supplemental Schedules

(See Attached.)

 

SCHEDULE 4.3

TO PLEDGE AND SECURITY AGREEMENT

 

PERFECTED FIRST PRIORITY LIENS

 

UCC Filings

 

A UCC1 Financing Statement listing the Additional Grantor, as debtor, and the Collateral Agent, as secured party, should be filed in the governmental office set forth below.  The UCC1 Financing Statement will need to include a description of the Collateral that complies with Section 9-504 of the Uniform Commercial Code.

 

	
Grantor
	
Jurisdiction of Filing

	
McDermott (Amazon Chartering), Inc. 
	
Texas Secretary of State

Washington, D.C. Recorder of Deeds

 

 

 

 

SCHEDULE 4.4

TO PLEDGE AND SECURITY AGREEMENT

 

Name; Jurisdiction of Organization, etc.

 

	
Exact Legal Name of

Grantor
	
Type of

Organization
	
Jurisdiction of

Organization
	
Organizational

Identification

Number
	
Chief Executive Office

	
McDermott (Amazon Chartering), Inc. 
	
Corporation

 
	
Panama

 
	
155643161-2-2017

 
	
757 N. Eldridge Parkway

Houston, Texas 77079

 

Prior Names during last 5 years:

 

None.

 

Prior Addresses during last 5 years:

 

None.

 

SCHEDULE 4.7

TO PLEDGE AND SECURITY AGREEMENT

investment PROPERTY

Pledged Stock: 

 

	
Grantor
	
Issuer
	
Type of

Organization
	
# of Shares

Owned
	
Total Shares

Outstanding
	
% of Interest

Pledged
	
Certificate

No.
	
Par Value

	
J. Ray McDermott, S.A. 
	
McDermott (Amazon Chartering), Inc. 
	
Corporation
	
1,000 shares
	
1,000 shares
	
100%
	
1
	
US$1.00

 

Pledged Trust Interests:

 

None.

 

Pledged Notes:

 

None.

 

Pledged Commodities Contracts:

 

None.

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