Document:

d859982_ex4-14.htm

    
EXHIBIT 4.14

    
 

    
      	
              C
      L I F F O R D

               

              C
      H A N C E

            	 
      	
              CLIFFORD
      CHANCE LLP

              ADVOCATEN
      SOLICITORS NOTARIS BELASTINGADVISEURS

            
	 
      	 
      	 
      
	 
      	 
      	
              EXECUTION
      COPY

            

    

    

     

    

     

    3i
EUROPARTNERS Va L.P.

     

    3i
EUROPARTNERS Vb L.P.

     

    3i
PAN EUROPEAN BUY-OUTS 2006-08A L.P.

     

    3i
PAN EUROPEAN BUY-OUTS 2006-08B L.P.

     

    3i
PAN EUROPEAN BUY-OUTS 2006-08C L.P.

     

    3i
GLOBAL GROWTH 2006-08 L.P.

     

    3i
PAN-EUROPEAN GROWTH 2006-08 L.P.

     

    PAN-EUROPEAN
BUYOUTS CO-INVEST 2006-08 L.P.

     

    PAN-EUROPEAN
BUYOUTS CO-INVEST 2006-08 FCPR

     

    PAN-EUROPEAN
BUYOUTS (NORDIC) CO-INVEST 2006-08 L.P.

     

    PAN-EUROPEAN
BUYOUTS (DUTCH) A CO-INVEST 2006-08 L.P.

     

    GLOBAL
GROWTH CO-INVEST 2006-08 L.P.

     

    OIL,
GAS & POWER CO-INVEST 2006-08 L.P.

     

    STICHTING
MANAGEMENT SEAL

     

    FRONTLINE
LTD

     

    AND

     

    SEALIFT
LTD

     

    
      	 
      
	
              SHAREHOLDERS’
      AGREEMENT

              RELATING
      TO SEATLIFT LTD

            
	 
      
	 
      
	
              DATED
      27 APRIL 2007

            
	 
      
	 
      

    

    

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    CONTENTS

    
 

    

     

    Clause                                                                                                                                                                                                                                  
               Page

    
      	
              1.           Interpretation

            
	
              2.           The
      Shares

            
	
              3.           Condition
      Precedent; Completion

            
	
              4.           Erisa

            
	
              5.           The
      Board And Its Proceedings

            
	
              6.           Proceedings
      Of The General Meeting

            
	
              7.           Conduct
      Of Business And Reporting

            
	
              8,           Target
      Warranties And Indemnities

            
	
              9.          
      Business Plan And Financial Year

            
	
              10.          Transfers

            
	
              11.          Exit

            
	
              12.          Tag
      Along Rights

            
	
              13.          Termination
      Of Agreement

            
	
              14.          3i
      Investors’ Rights

            
	
              15.          Bye-Laws

            
	
              16.          General

            
	
              17.          Applicable
      Law And Dispute Resolution

            
	
              Schedule
      1: Interpretation

            
	
              Schedule
      2: Shareholdings

            
	
              Schedule
      3: Reserved Matters

            
	
              Schedule
      4: Form Of Deed Of Adherence

            
	
              Schedule
      5: Continuing Obligations

            
	
              Schedule
      6: Completion Certificate

            
	
              Agreed
      Form Documents

            
	
              (1)           Bye-Laws
      of the Company

            
	
              (2)           Electronic
      Financial Report

            
	
              (3)           Sample
      Management Accounts

            

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    THIS AGREEMENT (the “Agreement”) is made on 27 April
2007

     

    BETWEEN:

     

    
      	
              (1)

            	
              3i EUROPARTNERS Va
      L.P., a limited
      partnership registered under the Limited Partnerships Act 1907 (registered
      number LP011419), with its registered office at 16 Palace Street, London
      SW1E 5JD, England (“3i
      Europartners Va”), acting by its
      manager, 3i Investments plc (registered number 3975789), with its
      registered office at 16 Palace Street, London SW1E 5JD, England (“3i Investments”);

            

    

     

    
      	
              (2)

            	
              3i EUROPARTNERS Vb
      L.P., a limited
      partnership registered under the Limited Partnerships Act 1907 (registered
      number LP011420), with its registered office at 16 Palace Street, London
      SW1E 5JD, England (“3i
      Europartners Vb”), acting by its
      manager, 3i Investments;

            

    

     

    
      	
              (3)

            	
              3i PAN EUROPEAN BUY-OUTS
      2006-08A L.P., a limited
      partnership registered under the Limited Partnerships Act 1907 (registered
      number LP011276), with its registered office at 16 Palace Street, London
      SW1E 5JD, England (“3i
      Pan European A”), acting by its
      manager, 3i Investments;

            

    

     

    
      	
              (4)

            	
              3i PAN EUROPEAN BUY-OUTS
      2006-08B L.P., a limited
      partnership registered under the Limited Partnerships Act 1907 (registered
      number LP011277), with its registered office at 16 Palace Street, London
      SW1E 5JD, England (“3i
      Pan European B”), acting by its
      manager, 3i Investments;

            

    

     

    
      	
              (5)

            	
              3i PAN EUROPEAN BUY-OUTS
      2006-08C L.P., a limited
      partnership registered under the Limited Partnerships Act 1907 (registered
      number LP011278), with its registered office at 16 Palace Street, London
      SW1E 5JD, England (“3i
      Pan European C”), acting by its
      manager, 3i Investments;

            

    

     

    
      	
              (6)

            	
              3i GLOBAL GROWTH 2006-08
      L.P., a limited
      partnership registered under the Limited Partnerships Act 1907 (registered
      number LP011318), with its registered office at 16 Palace Street, London
      SW1E 5JD,
      England (“3i Global
      Growth”), acting by its
      manager, 3i Investments;

            

    

     

    
      	
              (7)

            	
              3i PAN-EUROPEAN GROWTH 2006-08
      L.P., a limited
      partnership registered under the Limited Partnerships Act 1907 (registered
      number LP011320), with its registered office at 16 Palace Street, London
      SW1E 5JD, England (“3i
      Pan-European Growth”), acting by its
      manager, 3i Investments;

            

    

     

    
      	
              (8)

            	
              PAN-EUROPEAN BUYOUTS CO-INVEST
      2006-08 L.P., a limited
      partnership registered under the Limited Partnerships Act 1907 (registered
      number LP011279), with its registered office at 16 Palace Street, London
      SW1E 5JD, England (“Pan-European
      Co-invest”), acting by its
      manager, 3i Investments;

            

    

     

    
      	
              (9)

            	
              PAN-EUROPEAN BUYOUTS CO-INVEST
      2006-08 FCPR, a fonds communs de placement à
      risqué formed under the laws of France, with its registered office
      at 3, rue Paul Cézanne, 75008 Paris, France (“Pan-European Co-invest
      France”), acting by its
      manager, 3i Gestion S.A.;

            

    

     

    
      	
              (10)

            	
              PAN-EUROPEAN BUYOUTS
      (NORDIC) CO-INVEST 2006-08
      L.P., a limited
      partnership registered under the Limited Partnerships Act 1907 (registered
      number LP011553), with its registered office at 16 Palace Street, London
      SW1E 5JD, England (“Pan-European (Nordic) Co-invest”), acting by its
      manager, 3i Investments;

            

    

     

    
      	
              (11)

            	
              PAN EUROPEAN BUYOUTS
      (DUTCH) A CO-INVEST 2006-08
      L.P., a limited
      partnership registered under the Limited Partnerships Act 1907, with
      registered number LP011874, and having its registered office at 16 Palace
      Street, London, SW1E 5JD, United Kingdom (“Pan-European (Dutch) Co-Invest”), acting by its
      manager, 3i Investments;

            

    

     

    
      	
              (12)

            	
              GLOBAL GROWTH CO-INVEST 2006-08
      L.P., a limited
      partnership registered under the laws of Jersey (registered number LP760),
      with its registered office at 22 Grenville Street, St. Helier, Jersey
      (“Global Growth
      Co-invest”), acting by its
      manager, 3i Investments;

            

    

     

    
      	
              (13)

            	
              OIL, GAS & POWER CO-INVEST 2006-08
      L.P., a limited
      partnership registered under the Limited Partnerships Act 1907 (registered
      number LP011321), with its registered office at 16 Palace Street, London
      SW1E 5JD, England (“Oil, Gas & Power Co-invest”), acting by its
      manager, 3i Investments;

            

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    
      	
              (14)

            	
              STICHTING MANAGEMENT
      SEAL, a foundation (stichting)
      incorporated under the laws of The Netherlands, with its registered
      office at Lage Mosten 15, 4822 NJ Breda, The Netherlands, and being
      registered with the commercial register in West-Brabant, The Netherlands
      (the “Stichting”);

            

    

     

    
      	
              (15)

            	
              FRONTLINE LTD, a company
      incorporated under the laws of Bermuda, with its registered office at PO
      Box HM 1593, Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton HM 08,
      Bermuda, Company No. 17460 and being listed on the Oslo Stock Exchange and
      the New York Stock Exchange (“Frontline”);
  and

            

    

     

    
      	
              (16)

            	
              SEALIFT LTD, a company
      incorporated under the laws of Bermuda, with its registered office at PO
      Box HM 1593, Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton HM 08,
      Bermuda, Company No. 39466 (the “Company”).

            

    

     

    The
parties to this Agreement are hereinafter collectively referred to as the “Parties” and each individually as
a “Party.” The Parties referred to
under (1) to (13) are hereinafter collectively referred to as the “3i Investors” and each individually as
a “3i
Investor”.

     

    WHEREAS:

     

    
      	
              (A)

            	
              As
      at the date hereof, Frontline holds 33,3% of the shares in the capital of
      the Company;

            

    

     

    
      	
              (B)

            	
              On
      or around the date hereof, certain of the Parties and certain other
      persons entered into a merger agreement (the “Merger Agreement”) and a sale and
      purchase agreement (the “SPA”) pursuant to which
      inter alia the 3i
      Investors will sell their shares and convertible bonds issued by Delphi to
      the Company in consideration for the issue by the Company of shares in its
      capital to the 3i Investors in the capacity as sellers under the
      SPA;

            

    

     

    
      	
              (C)

            	
              The
      Parties wish to enter into this Agreement for the purposes of regulating
      certain aspects of the affairs of the Company, on the terms and under the
      conditions set forth in this
Agreement.

            

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              IT IS AGREED as
      follows:

            

    

     

    1.           INTERPRETATION             

     

    
      	
              1.1

            	
              In
      addition to terms defined elsewhere in this Agreement, the definitions and
      other provisions in Schedule 1 (Interpretation) apply
      throughout this Agreement unless the contrary intention
      appears.

            

    

     

    
      	
              1.2

            	
              In
      this Agreement, unless the contrary intention appears, a reference to a
      recital, clause, Schedule or Annex is a reference to a recital, clause,
      schedule or annex of this Agreement.  The Schedules or Annexes
      are an integral part of this
Agreement.

            

    

     

    
      	
              1.3

            	
              The
      headings in this Agreement do not affect its
    interpretation.

            

    

     

    2.           THE SHARES

     

    
      	
              2.1

            	
              Upon
      completion of the Private Placement and the Merger Completion (both as
      defined in the Merger Agreement) having taken place, the Shares held by
      the Parties shall be as set out in Schedule 2
      (Shareholdings).  The remaining Shares are held by third party
      shareholders not party to this
Agreement.

            

    

     

    
      	
              2.2

            	
              The
      Parties other than the Company, as the holders of Shares, will have all
      voting and other rights attaching to the Shares as set out in this
      Agreement, the Bye-Laws and under the laws and regulations governing the
      Company and the Shares.

            

    

     

    
      	
              2.3

            	
              The
      Parties acknowledge and agree that if the Board or the General Meeting
      (whichever is authorised to so resolve) resolves to issue additional
      Shares or other equity or debt instruments to finance additional capital
      requirements of the Group, to make add-on investments or for other
      reasons, then each Shareholder shall be entitled to participate in such
      additional issuance (the “Issuance”) in the same
      proportion as the Shareholders hold Shares at the time of the
      Issuance.  For the avoidance of doubt, the Shareholders shall
      only be entitled to participate in all of the instruments issued at the
      time of the Issuance and not in part thereof, regardless of whether they
      held these instruments prior to the date of the Issuance.  Each
      Shareholder hereby acknowledges and agrees that it will be diluted if it
      resolves not to participate in the Issuance and that its above and
      statutory pre-emptive rights (if any) may be excluded if it resolves not
      to participate.

            

    

     

    3.           CONDITION PRECEDENT;
COMPLETION

     

    
      	
              3.1

            	
              Except
      for the provisions of clause 1 (Interpretation), this
      clause 3 and clauses 16 (General) and 17 (Applicable Law and Dispute
      Resolution), as well as the provisions of Schedule 1 (Interpretation), which
      are of immediate effect, the provisions of and transactions contemplated
      in this Agreement are subject to and conditional on receipt by each Party
      of a duly executed Completion Certificate (the “Condition”).

            

    

     

    
      	
              3.2

            	
              If
      the Condition is fulfilled or waived on the Merger Completion Date, the
      Parties shall procure that the composition of the Board shall be changed,
      such that its composition shall be in accordance with clause 5.2 on that
      date.

            

    

     

    
      	
              3.3

            	
              If
      the Condition is not fulfilled or waived on or before that date, except
      for the provisions of clause 1 (Interpretation), this
      clause 3 and clauses 16 (General) and 17 (Applicable Law and Dispute
      Resolution), as well as the provisions of Schedule 1 (Interpretation), all
      the other clauses of this Agreement shall lapse and cease to have effect;
      but

            

    

     

    
      	
               
      

            	
              3.3.1

            	
              the
      lapsing of those provisions shall not affect any rights or liabilities of
      any Party in respect of damages for non-performance of any obligation
      under this agreement falling due for performance prior to such lapse;
      and

            

    

     

    
      	
               
      

            	
              3.3.2

            	
              no
      Party shall make (or permit any person to make) any announcement
      concerning this Agreement or any ancillary matter without the prior
      written consent of the 3i Investors and
  Frontline.

            

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    4.           ERISA

     

    
      	
              4.1

            	
              The
      Parties acknowledge that each of the ER1SA Funds (at the date of this
      Agreement being 3i Europartners Va and 3i Europarters Vb) has limited
      partners which are entities governed in the United States of America by
      ERISA.  In order to permit each ERISA Fund to treat the Company
      as a “venture capital operating company” (“VCOC”) for the purposes of
      ERISA, for so long as any ERISA Fund or its nominee holds any Shares in
      the capital of the Company:

            

    

     

    
      	
               
      

            	
              4.1.1

            	
              that
      ERISA Fund may at any time by notice to the Company (i) nominate for
      appointment and removal any person to be a Director and (ii) appoint any
      person to be an Observer, and may similarly remove from office any such
      person and appoint another in his place, all in accordance with clause 5
      and the Bye-Laws, and the Parties shall use their respective best
      endeavours to procure that the members of the Board co-opt such nominees
      in such capacity and the Shareholders shall vote their Shares at the next
      General Meeting to confirm the
same;

            

    

     

    
      	
               
      

            	
              4.1.2

            	
              none
      of the decisions set out in Part 1 of Schedule 3 (Reserved Matters) can
      be taken without the approval of the Director appointed by that ERISA
      Fund;

            

    

     

    
      	
               
      

            	
              4.1.3

            	
              none
      of the decisions set out in Part 2 of Schedule 3 (Reserved Matters) can
      be taken without the approval of that ERISA Fund;
  and

            

    

     

    
      	
               
      

            	
              4.1.4

            	
              that
      ERISA Fund shall have the right to (i) receive upon reasonable written
      request to the Company the information set forth in clause 7.2 and
      Schedule 5 (Continuing
      Obligations), (ii) meet with such management or personnel of the
      Group as may reasonably be designated by it, upon reasonable notice to the
      Company, for the purpose of consulting with and advising and influencing
      management, obtaining information regarding the business and prospects of
      the Group or expressing the views of that ERISA Fund on such matters, and
      (iii) visit and inspect any of the offices and properties of any member of
      the Group and inspect and copy the books and records of that member of the
      Group, upon reasonable notice to the
Company.

            

    

     

    
      	
              4.2

            	
              The
      Parties shall not permit anything to be done that may prejudice the
      treatment by any ERISA Fund of the Company as a
  VCOC.

            

    

     

    
      	
              4.3

            	
              If
      any ERISA Fund notifies the Company (supported by a copy of legal advice
      to that effect received from appropriately qualified lawyers) that the
      provisions of clause 4.1 should be amended to preserve the qualification
      of that ERISA Fund as a VCOC, or otherwise to ensure that the assets of
      that ERISA Fund are not considered “plan assets” of the ERISA Fund for the
      purposes of ERISA, the Parties will agree and make any necessary
      amendments to the Agreement provided that the amendments do not result in
      a material adverse effect on the operations, business and prospects of any
      member of the Group, materially change the rights, liabilities or
      obligations of any of the Parties or materially affect the value of the
      Shares.

            

    

     

    5.           THE BOARD AND ITS
PROCEEDINGS

     

                 
Composition and appointments

     

    
      	
              5.1

            	
              The
      Company shall have a Board, which is responsible for the management of the
      business of the Company and attending to all other matters entrusted to
      the Board in the Bye-Laws or by operation of law.  The members
      of the Board shall at all times act in the interest of the
      Company.  In performing its task, the Board may exercise all the
      powers of the Company save to the extent specifically provided as
      otherwise provided in this Agreement, the Bye-Laws or the Bermuda
      Companies Act.

            

    

     

    
      	
              5.2

            	
              The
      Shareholders shall exercise their voting powers such that the members of
      the Board shall be appointed and removed from office by the Board and/or
      General Meeting (as applicable according to the Bye-Laws) as
      follows:

            

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    
      	
               
      

            	
              5.2.1

            	
              the
      CEO and CFO from time to time shall each be a
  Director;

            

    

     

    
      	
               
      

            	
              5.2.2

            	
              the
      3i Investors (by majority vote) shall be entitled by notice in writing to
      the Company to present candidates for the appointment or replacement of up
      to two (2) Directors;

            

    

     

    
      	
               
      

            	
              5.2.3

            	
              Frontline
      shall be entitled by notice in writing to the Company to present
      candidates for the appointment or replacement of one (1) Director;
      and

            

    

     

    
      	
               
      

            	
              5.2.4

            	
              each
      ERISA Fund shall be entitled by notice in writing to the Company to
      present candidates for the appointment or replacement of one (1)
      Director.

            

    

     

    
      	
              5.3

            	
              The
      3i Investors and Frontline agree that the Board shall be expanded with two
      (2) as yet unknown independent directors whose identity, qualifications
      and experience is mutually acceptable to the 3i Investors and
      Frontline.

            

    

     

    
      	
              5.4

            	
              The
      members of the Board shall, from amongst their midst, appoint the
      Chairman.

            

    

     

    
      	
              5.5

            	
              The
      Board may represent the Company; in addition, any two (2) Directors shall
      be jointly authorised to represent the Company towards third parties,
      provided that such two (2) Directors may not both have been appointed
      pursuant to clause 5.2.1, 5.2.2 or 5.2.4 (as the case may
    be).

            

    

     

    
      	
              5.6

            	
              With
      respect to the appointments and removals from office referred to in clause
      5.2, the Shareholders agree to vote in favour of one (1) of the candidates
      nominated by the Party or Parties entitled to make a nomination pursuant
      to that clause.

            

    

     

    
      	
              5.7

            	
              The
      Directors appointed pursuant to clauses 5.2.2, 5.2.3 and, if the Board so
      decides also the Directors appointed pursuant to clause 5.2.4, shall be
      entitled to an annual compensation that is customary for a group
      controlled by private equity investors that is of similar type and size of
      the Group, and to reimbursement of reasonable out of pocket
      expenses.

            

    

     

                 
Conduct of meetings

     

    
      	
              5.8

            	
              The
      Board shall meet as often as necessary, and shall also meet at the request
      of any individual Director.

            

    

     

    
      	
              5.9

            	
              At
      least five (5) Business Days’ notice, or such shorter period as the
      Chairman may agree to in writing, of each meeting of the Board shall be
      given to each Director and each Observer (if any).  The notice
      shall be accompanied by an agenda setting out in such reasonable detail as
      may be practicable the business to be transacted at the
      meeting.  A breach of this clause shall not affect the validity
      of any meeting of the Board that has otherwise been validly convened
      provided that all Directors entitled to attend were present or
      represented.

            

    

     

    
      	
              5.10

            	
              Meetings
      of the Board must as a general rule be held in the country where the
      Company is at that time resident.

            

    

     

    
      	
              5.11

            	
              A
      person to be designated for that purpose by the Chairman shall keep
      minutes of the meetings of the Board.  All minutes shall be in
      the English language.  The minutes shall be adopted by the
      Chairman of the Board and shall be signed by him as evidence
      thereof.

            

    

     

                  Quorum

     

    
      	
              5.12

            	
              The
      quorum at meetings of the Board shall be met when at least half of the
      members of the Board are present or represented, including at least the
      Chairman.  If the quorum is not present or represented at a
      meeting of the Board at the time when any business is considered no
      resolutions may be validly adopted.  Any member of the Board may
      require that the meeting be reconvened.  In a reconvened meeting
      of the Board, the quorum shall be met when at least half of the members of
      the Board are present or
represented.

            

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

                 
Resolutions

     

    
      	
              5.13

            	
              Unless
      otherwise agreed in this Agreement and subject to the requirements of the
      Bermuda Companies Act, all resolutions of the Board shall require a simple
      majority of the members of such Board present at the meeting in which the
      quorum requirements set forth in clause 5.12 are
  met.

            

    

     

    
      	
              5.14

            	
              In
      case of a tied vote the Chairman shall have a casting
  vote.

            

    

     

    
      	
              5.15

            	
              A
      resolution in writing signed by all members of the Board shall be valid
      and have effect as if it had been passed at a meeting of the Board duly
      convened and held.  Such resolution may be contained in one
      document or in several documents, each stating the terms of the resolution
      accurately and signed by one or more of the
  Directors.

            

    

     

    
      	
              5.16

            	
              A
      meeting of the Board may be held by means of such telephone, electronic or
      other communication facilities as permit all Directors or their
      representatives (some or all of whom may be in different places)
      participating in the meeting to communicate with each other simultaneously
      and instantaneously and participation in such meeting shall constitute
      presence in person at such meeting, provided that at the time of that
      meeting a majority of the Directors is in the country where the Company is
      at that time resident.

            

    

     

    
      	
              5.17

            	
              A
      Director or his representative may vote as a Director on any resolution
      concerning any matter in which he has, directly or indirectly, a financial
      or commercial interest, provided that he has disclosed to the other
      members of the Board the nature and extent of such interest, and, if he
      votes, his vote shall be counted and he shall be counted in the quorum
      when that resolution or matter is under
  consideration.

            

    

     

    Reserved
Matters

     

    
      	
              5.18

            	
              The
      Shareholders shall use their respective reasonable efforts to ensure that
      the Board shall not undertake:

            

    

     

    
      	
               
      

            	
              5.18.1

            	
              any
      of the Reserved Matters as set forth in Part 1 of Schedule 3 (Reserved Matters),
      without the Board having resolved upon such matter by Qualified
      Resolution; and

            

    

     

    
      	
               
      

            	
              5.18.2

            	
              any
      of the Reserved Matters as set forth in Part 2 of Schedule 3 (Reserved Matters),
      without the prior approval of the General Meeting by Qualified
      Resolution.

            

    

     

    
      	
              5.19

            	
              The
      Parties agree and the Company shall procure that no member of the Group
      shall adopt any resolution or take any action which is a Reserved Matter
      as set forth in Schedule 3 (Reserved Matters) (or
      a resolution which is analogous to or has a substantially similar effect
      to any of the Reserved Matters) without the prior written approval of the
      Board as its (ultimate) shareholder.  Clause 5.18 applies mutatis mutandis to
      such approval of the Board.

            

    

     

    
      	
              5.20

            	
              Where
      a matter that would otherwise require a Qualified Resolution of the Board
      or the prior approval of the General Meeting under this clause has been
      expressly included in the Business Plan (or any budget) adopted in
      accordance with this Agreement, no further approval shall be required
      under this clause 5.

            

    

     

    Alternate
Directors; Observers

     

    
      	
              5.21

            	
              Each
      Director shall be authorised to appoint and remove his own alternate
      director (an “Alternate
      Director”) by written notice
      to the Company.  In addition, a Director may at any time by
      written notice to the Company or at a Board meeting appoint any person
      (who need not be a Director) to act as his Alternate Director in his place
      during his absence.  If such person is not a Director the
      approval of the Board shall be required for such
    appointment.

            

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    
      	
              5.22

            	
              Each
      ERISA Fund shall be entitled to appoint an observer to the Board (an
      “Observer”) by written notice
      to the Company.  Each Party shall use its reasonable endeavours
      to procure that any Observer shall be allowed to attend all meetings of
      the Board, and shall receive any and all information that the members of
      the Board receive, simultaneously with the members of the
      Board.  An Observer shall not be entitled to vote on any such
      meetings, but shall be allowed to speak and place items on the agenda for
      discussion.  Each ERISA Fund may remove the Observer appointed
      by it and appoint another person in its place.  Any Observer
      shall be reimbursed for its reasonable out-of-pocket
    expenses.

            

    

     

    6.           PROCEEDINGS OF THE GENERAL
MEETING

     

             
Frequency of meetings

     

    
      	
              6.1

            	
              The
      annual General Meeting shall be held annually within six (6) months of the
      end of each Financial Year.

            

    

     

    
      	
              6.2

            	
              Special
      General Meetings shall be held as often as the Board or one or more
      Shareholders together holding at least 10% of the issued share capital of
      the Company deem necessary.

            

    

     

    Agenda
for General Meeting

     

    
      	
              6.3

            	
              The
      agenda for the annual General Meeting shall in any event contain the
      following matters:

            

    

     

    
      	
               
      

            	
              6.3.1

            	
              the
      annual report for the previous Financial
Year;

            

    

     

    
      	
               
      

            	
              6.3.2

            	
              adoption
      of the Annual Accounts of the previous Financial Year and the allocation
      of the dividends and other distributions (if
  any);

            

    

     

    
      	
               
      

            	
              6.3.3

            	
              discharge
      of the Directors for their management of the Company during the previous
      Financial Year;

            

    

     

    
      	
               
      

            	
              6.3.4

            	
              appointments
      to any vacancies on the Board; and

            

    

     

    
      	
               
      

            	
              6.3.5

            	
              any
      other proposals put forward for discussion by the
  Board.

            

    

     

    Place
of General Meeting

     

    
      	
              6.4

            	
              General
      Meetings shall as a general rule be held in the country where the Company
      is at that time resident, but may not be held in Norway, Luxembourg, The
      Netherlands or the United Kingdom (unless the Company is at that time
      resident there).  Notwithstanding the foregoing sentence, a
      General Meeting may be held by means of such telephone, electronic or
      other communication facilities as permit all persons participating in the
      meeting to communicate with each other simultaneously and instantaneously
      and participation in such meeting shall constitute presence in person at
      such meeting, provided that during such meeting the majority of
      Shareholders may not be in Norway, Luxembourg, The Netherlands or the
      United Kingdom.

            

    

     

    Conduct
of Meetings

     

    
      	
              6.5

            	
              General
      Meetings shall be convened by the Board.  The convening shall
      take place no later than the eighth day prior to the date of the
      meeting.  The notice of the meeting shall state the subject to
      be dealt with, without prejudice to the provisions of the
      Bye-Laws.

            

    

     

    
      	
              6.6

            	
              General
      Meetings shall be chaired by the Chairman.  In his absence, the
      Directors present shall choose a chairman from amongst their midst; if no
      Director is present or willing to act as chairman the General Meeting
      shall appoint its chairman.

            

    

     

    
      	
              6.7

            	
              Minutes
      shall be kept of the proceedings at every General Meeting by a secretary
      to be designated by the Chairman.  All minutes shall be in the
      English language.  The minutes shall be adopted by the Chairman
      and shall be signed by him as evidence
thereof.

            

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    Quorum

     

    
      	
              6.8

            	
              Save
      as otherwise provided in this Agreement or the Bye-Laws, the quorum at any
      General Meeting shall be constituted by the presence of Shareholders (or
      of their duly appointed agents or attorneys) together holding at least 33
      1/3 % of the voting rights entitled to be exercised at such
      meeting.  The said quorum shall be required at all General
      Meetings.  If a quorum is not present at a General Meeting at
      the time when any business is considered no resolutions shall be
      adopted.  Any Shareholder may require that the meeting be
      reconvened.  At least five (5) calendar days’ notice of the
      reconvened meeting shall be given.  The quorum for such
      reconvened meeting is met when Shareholders (or their duly appointed
      agents or attorneys) together holding at least 10% of the voting rights
      entitled to be exercised at such meeting are present or
      represented.

            

    

     

    Resolutions

     

    
      	
              6.9

            	
              Unless
      agreed otherwise in this Agreement or in the Bye-Laws, or prescribed by
      mandatory law, all resolutions of the General Meeting shall require a
      simple majority of the Shareholders that are present at the meeting in
      which the quorum requirements set forth in clause 6.8 are
    met.

            

    

     

    
      	
              6.10

            	
              The
      Shareholders agree that they shall always exercise their vote in
      accordance with the provisions of this
  Agreement.

            

    

     

    7.           CONDUCT OF BUSINESS AND
REPORTING

     

    Continuing
Obligations

     

    
      	
              7.1

            	
              The
      Company undertakes to each of the 3i Investors and Frontline to comply
      with all the obligations set out in Schedule 5 (Continuing
      Obligations).

            

    

     

    Information

     

    
      	
              7.2

            	
              The
      Company shall procure that
Dockwise:

            

    

     

    
      	
               
      

            	
              7.2.1

            	
              provides
      to the Board the information set out in Schedule 5 (Continuing
      Obligations);

            

    

     

    
      	
               
      

            	
              7.2.2

            	
              keeps
      the Board informed of material matters relating to the progress of the
      business of the Group, to such extent and in such form and detail as the
      Board may from time to time reasonably
require;

            

    

     

    
      	
               
      

            	
              7.2.3

            	
              supplies
      to the Board such written particulars of any matters concerned with and
      arising out of the activities of the Group as the Board may from time to
      time reasonably require; and

            

    

     

    
      	
               
      

            	
              7.2.4

            	
              responds
      promptly to such enquiries for information as shall be reasonably made by
      the Board.

            

    

     

    
      	
              7.3

            	
              The
      Company shall procure that each member of the Group shall give prompt
      written notice to the Board upon becoming aware
  of:

            

    

     

    
      	
               
      

            	
              7.3.1

            	
              any
      occurrence (including, without limitation, any third party claim or
      liability, any litigation, arbitration or administrative proceedings)
      which would or would be likely either have a material adverse effect on
      the financial condition of the Group or affect adversely any Group
      member’s ability to perform its obligations under this Agreement, the
      Finance Documents or any other agreement related to this Agreement;
      or

            

    

     

    
      	
               
      

            	
              7.3.2

            	
              any
      breach or likely breach of the covenants by any Group member under this
      Agreement, the Finance Documents or any other agreement related to this
      Agreement; or

            

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    
      	
               
      

            	
              7.3.3

            	
              the
      realized (year to date) EBITDA and cash flow of the Group for the relevant
      current accounting period shown in the Management Accounts at any time
      being less than ninety percent (90%) of the budget EBITDA amount or cash
      flow as shown in the same Management
Accounts.

            

    

     

    8.           TARGET WARRANTIES AND
INDEMNITIES

     

    
      	
              8.1

            	
              The
      Company undertakes and agrees with each 3i Investor and Frontline
      that:

            

    

     

    
      	
               
      

            	
              8.1.1

            	
              BidCo
      shall, and shall procure that any member of the Group shall, enforce or
      procure to be enforced to their full extent the obligations of the Sellers
      to BidCo under the Target Warranties and
  Indemnities;

            

    

     

    
      	
               
      

            	
              8.1.2

            	
              BidCo
      shall, and shall procure that any member of the Group shall, notify the
      Board in writing promptly upon its becoming aware of any material breach
      or potential material breach of the Target Warranties and
      Indemnities;

            

    

     

    
      	
               
      

            	
              8.1.3

            	
              no
      Acquisition Claim will be commenced, waived, compromised or settled
      without the prior written consent of the
Board;

            

    

     

    
      	
               
      

            	
              8.1.4

            	
              BidCo
      shall take, or shall procure that any member of the Group shall take, such
      action as the Board may reasonably require to be taken to investigate,
      conduct, pursue and enforce any actual or potential Acquisition
      Claim;

            

    

     

    
      	
               
      

            	
              8.1.5

            	
              BidCo
      shall procure, at its own cost, the appointment of such legal and other
      professional advisers as the Board may from time to time require to act on
      BidCo’s behalf in the conduct and handling of any Acquisition
      Claim;

            

    

     

    
      	
               
      

            	
              8.1.6

            	
              BidCo
      shall keep the Board informed of all material matters relating to the
      progress of any Acquisition Claim to such extent and in such form and
      detail as the Board may from time to time reasonably require;
      and

            

    

     

    
      	
               
      

            	
              8.1.7

            	
              BidCo
      shall supply to the Board such written particulars of any matters
      concerned with or arising out of any actual or potential Acquisition Claim
      and the conduct thereof, as the Board may from time to time reasonably
      require.

            

    

     

    
      	
              8.2

            	
              If
      the Board so decides, the Company shall procure that BidCo shall at its
      own cost allow a person nominated by the Board, the exclusive conduct of
      any Acquisition Claim in BidCo’s own name and on its behalf and in such
      manner as that person sees fit.

            

    

     

    
      	
              8.3

            	
              If
      the Company or BidCo fails to comply with any of its obligations under
      this clause, either the 3i Investors or Frontline (whomever does so first)
      shall be entitled to instruct a legal or other professional adviser to
      prepare and submit to the Board, at the cost of the Company or BidCo (as
      the case may be), the information that should have been supplied to the
      Board pursuant to this clause.  The Company shall (and shall
      procure that all members of the Group shall) give such legal or other
      professional advisers all reasonable access to its books, records,
      correspondence and premises and all reasonable assistance as the legal or
      other professional advisers may request for this purpose and in particular
      (without prejudice to the generality of the foregoing) permit them to take
      extracts from and make copies of any documents and to discuss any matters
      with any of the Group’s personnel, officers and
  advisers.

            

    

     

    9.           BUSINESS PLAN AND FINANCIAL
YEAR

     

    
      	
              9.1

            	
              The
      Company shall procure that Dockwise prepares and delivers to the Board a
      Business Plan at such time and in such manner that it is ready for
      adoption not less than thirty (30) days before the first day of each
      Financial Year.  Adoption of any Business Plan shall require a
      resolution of the Board.  Each subsequent Business Plan shall be
      prepared in conformity with the initial Business
  Plan.

            

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    
      	
              9.2

            	
              Each
      Business Plan shall include:

            

    

     

    
      	
               
      

            	
              9.2.1

            	
              a
      business forecast with respect to the current Financial
    Year;

            

    

     

    
      	
               
      

            	
              9.2.2

            	
              the
      proposed strategy (including the acquisition strategy with details on the
      possible acquisition target, the synergy options and the effect on the
      Business Plan of these potential
acquisitions);

            

    

     

    
      	
               
      

            	
              9.2.3

            	
              details
      of the assumptions used for the matters referred to in clauses 9.2.1 and
      9.2.2;

            

    

     

    
      	
               
      

            	
              9.2.4

            	
              a
      report on the Company’s performance during the current Financial Year,
      which is to include all members of the
Group;

            

    

     

    
      	
               
      

            	
              9.2.5

            	
              an
      annual budget for the first Financial Year following the current year of
      the (actual) Business Plan,
including:

            

    

     

    
      	
               
      

            	
              (a)

            	
              a
      breakdown of monthly consolidated revenues, operating expenses, operating
      results, net interest expenses and Net Profits broken down per country of
      operation, Subsidiary and product
group;

            

    

     

    
      	
               
      

            	
              (b)

            	
              a
      breakdown of monthly capital expenditures and cash
  flow;

            

    

     

    
      	
               
      

            	
              (c)

            	
              a
      breakdown of a projected consolidated balance sheet as at the end of the
      Financial Year and projected profit and loss account for the Financial
      Year;

            

    

     

    
      	
               
      

            	
              (d)

            	
              a
      breakdown of expected funding requirements and the proposed methods of
      meeting those requirements; and

            

    

     

    
      	
               
      

            	
              (e)

            	
              a
      set of key performance indicators (“KPIs”), to be agreed
      with the Board.

            

    

     

    
      	
               
      

            	
              9.2.6

            	
              a
      summary annual budget, consisting of at least a balance sheet, profit and
      loss account, cash flow statement and capital expenditures, for each of
      the second, third and fourth Financial Year following the Financial Year
      of the (actual) Business Plan.

            

    

     

    
      	
              9.3

            	
              The
      Company shall procure that Dockwise will, save to the extent the Board may
      during the current year of the (actual) Business Plan agree otherwise,
      implement and execute the Business
Plan.

            

    

     

    
      	
              9.4

            	
              For
      the purposes of this Agreement, the first Financial Year of the Company
      shall end on 31 December 2007.  After the first Financial Year,
      all Financial Years of the Company will commence on 1 January and end on
      31 December.  The financial years of the members of the Group
      may end on different dates.  This will not affect the reporting
      dates set out in this clause.

            

    

     

    
      	
              9.5

            	
              After
      the end of each Financial Year, the Annual Accounts shall be
      audited.  The consolidated audit of the Group shall be carried
      out by the Auditors.

            

    

     

    
      	
              9.6

            	
              Any
      Business Plan, the Annual Accounts and the Management Accounts shall at
      all times be expressed in US
Dollars.

            

    

     

    
      	
              9.7

            	
              All
      financial information, as described in this clause, shall be in the
      English language unless the Board decides
  otherwise.

            

    

     

    10.         TRANSFERS

     

    
      	
              10.1

            	
              Except
      for Permitted Transfers, each Shareholder agrees it shall not Transfer any
      Shares until the earlier of (i) 30 September 2007 and (ii) the completion
      of a Listing, except with the prior written consent of the 3i Investors
      and Frontline.

            

    

     

    
      	
              10.2

            	
              The
      Parties agree to co-operate and the Shareholders agree to vote in favour
      of:

            

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    
      	
               
      

            	
              10.2.1

            	
              any
      Transfer by any 3i Investor to and from any entity of the 3i Group or any
      3i Fund; or

            

    

     

    
      	
               
      

            	
              10.2.2

            	
              any
      Transfer to and from a nominee of any 3i
  Investor;

            

    

     

    in
both cases a “Permitted
Transfer” and any person to whom
the Shares are transferred in accordance with this clause 10.2 a “Permitted
Transferee”.

     

    
      	
              10.3

            	
              It
      shall be a condition of any Permitted Transfer
  that:

            

    

     

    
      	
               
      

            	
              10.3.1

            	
              The
      shareholding by the Permitted Transferee is authorised by the Bermuda
      Registrar of Companies and/or the Bermuda Monetary Authority or is subject
      to an exemption or direction from the Bermuda Registrar of Companies
      and/or the Bermuda Monetary
Authority;

            

    

     

    
      	
               
      

            	
              10.3.2

            	
              the
      Permitted Transferee, if not already a Party, enters into an undertaking
      to observe and perform all of the provisions and obligations of this
      Agreement in accordance with the Deed of Adherence set out in Schedule 4
      (Form of Deed of
      Adherence), in which case this clause shall apply to that Permitted
      Transferee; and

            

    

     

    
      	
               
      

            	
              10.3.3

            	
              all
      Shares transferred under this clause shall be free from all liens, charges
      and encumbrances and shall carry all rights, benefits and advantages
      attached to them except the right to any dividend declared but not paid
      prior to the date of registration of such Permitted
    Transfer.

            

    

     

    
      	
              10.4

            	
              The
      Company is hereby irrevocably authorised to sign the relevant Deed of
      Adherence referred to in clause 10.3.12 on behalf of all other
      Parties.  The Company shall inform all other Parties in writing
      of any deed so executed.  This clause 10.4 is without prejudice
      to the continuation of the rights and obligations of the original Parties
      to this Agreement and to any other persons who have signed a Deed of
      Adherence.

            

    

     

    
      	
              10.5

            	
              Without
      prejudice to clauses 10.1 and 10.2, in case a third party (not being a 3i
      Related Party or nominee of any 3i Investor) makes a bonafide offer for
      Shares held by Frontline or any of the 3i Investors and Frontline or the
      relevant 3i Investor is willing to accept that offer, then, regardless of
      whether the third party or the relevant Shareholder initiated the offer,
      each 3i Investor (in the case of the offer being made to Frontline) or
      Frontline (in the case of the offer being made to any 3i Investor) shall
      be given the right to acquire those Shares for the same price and terms
      and conditions as are offered by that third
  party.

            

    

     

    Consent
under Bye-Laws

     

    
      	
              10.6

            	
              To
      the fullest extent possible under applicable law, the Shareholders hereby
      consent to and waive any right of first refusal in respect of any
      Permitted Transfer as required by the relevant provisions of the
      Bye-Laws.  To the extent necessary, the Parties shall take all
      actions and adopt all resolutions reasonably required to give effect to a
      Permitted Transfer or to clause
10.5.

            

    

     

    11.         EXIT

     

    
      	
              11.1

            	
              The
      Parties acknowledge that the Board, on 27 April 2007, has resolved to
      apply for the Listing of the Company with Q3 of 2007 as the target date
      for the first date of trading.

            

    

     

    
      	
              11.2

            	
              After
      the filing of the application, the Parties do not express any view or
      accept any instruction or obligation as to whether the Company shall
      proceed with, cease or withdraw its application to list its Shares on the
      Oslo Stock Exchange.

            

    

     

    
      	
              11.3

            	
              The
      Company will, if the Board so
decides:

            

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    
      	
               
      

            	
              11.3.1

            	
              appoint,
      on terms acceptable to the 3i Investors and Frontline, an independent
      financial adviser nominated by the 3i Investors and Frontline jointly to
      advise the Company and its Shareholders or have the 3i Investors perform
      this role;

            

    

     

    
      	
               
      

            	
              11.3.2

            	
              assist
      in the preparation of any information memoranda or prospectus necessary or
      desirable to achieve an Exit.

            

    

     

    
      	
              11.4

            	
              The
      Parties acknowledge and agree that:

            

    

     

    
      	
               
      

            	
              11.4.1

            	
              on
      any disposal of Shares in a Listing or a Sale, neither any of the 3i
      Investors nor Frontline shall give or be required to give any warranty or
      indemnity to any party, except for a warranty as to full legal and
      beneficial title to its Shares;

            

    

     

    
      	
               
      

            	
              11.4.2

            	
              on
      any disposal of Shares in a Listing, or a Sale, they will use their
      respective best endeavours to ensure that the members of senior management
      of the Group (including in any event the CEO and CFO at that time) shall
      give customary warranties and indemnities subject to customary limitations
      if the 3i investors so require;

            

    

     

    
      	
               
      

            	
              11.4.3

            	
              the
      Shareholders and the Company shall do all things required or appropriate
      to effect the Listing or the Sale in accordance with the relevant
      resolution of the Board and, with respect to a Listing, in accordance with
      the rules of the Oslo Stock Exchange and the requirements of the relevant
      Sponsor(s) engaged in relation thereto, or, with respect to a Sale, in
      accordance with the relevant sale and purchase agreement and related
      agreements entered into in connection with such Sale, or with respect to a
      Refinancing, in accordance with the relevant equity and debt documentation
      entered into in connection with such
  Refinancing.

            

    

     

    
      	
              11.5

            	
              The
      Parties will co-operate and shall do all things required or appropriate to
      procure that the Bye-Laws are amended as necessary or reasonably desirable
      for the purpose of achieving a Listing, including make such amendments
      that the share capital of the member of the Group that is to be listed
      shall be organised so that all its issued shares are of the same class,
      with rights typical of shares in listed companies and that the financing
      of the relevant company is organised in such way as advised by the
      relevant Sponsor(s) engaged in relation to the
  Listing.

            

    

     

    12.        TAG ALONG RIGHTS

     

    
      	
              12.1

            	
              Without
      prejudice to clause 10.2, if at any time prior to expiry of the period
      referred to in clause 10.1 the 3i Investors (together the “Tagged
      Shareholders”) or Frontline (the
      “Tagged
      Shareholder”) intend to Transfer
      of any of their Shares to a third party and Frontline or the 3i Investors
      (as the case may be) consent to such Transfer, the other Shareholders
      (together, the “Tagging
      Shareholders”) are entitled to
      Transfer a proportional part (pro rata parte the Shares to be Transferred
      by the Tagged Shareholder(s)) of their Shares at the same rice per Share
      and otherwise on the same terms (but subject to clause 11.3) as the
      Transfer by the Tagged
Shareholder(s).

            

    

     

    
      	
              12.2

            	
              The
      Tagged Shareholder(s) shall give notice in writing (a “Tag Notice”) to the Tagging
      Shareholders, specifying:

            

    

     

    
      	
               
      

            	
              12.2.1

            	
              the
      number of Shares which it intends to Transfer (the “Relevant Shares”);

            

    

     

    
      	
               
      

            	
              12.2.2

            	
              the
      name(s) of the proposed transferee(s) of the Relevant Shares and any
      person controlling the transferee;

            

    

     

    
      	
               
      

            	
              12.2.3

            	
              the
      main terms of the contemplated Transfer;
and

            

    

     

    
      	
               
      

            	
              12.2.4

            	
              the
      proposed date of the Transfer.

            

    

     

    
      	
              12.3

            	
              Any
      Tagging Shareholder who wishes to dispose of a pro rata parte of its
      Shares on the same terms as specified in the Tag Notice shall within
      twenty (20) Business Days of the date of the Tag Notice notify the Tagged
      Shareholder(s) in writing.

            

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    
      	
              12.4

            	
              The
      Tagged Shareholder(s) shall not dispose of the Relevant Shares unless it
      has:

            

    

     

    
      	
               
      

            	
              12.4.1

            	
              given
      a Tag Notice in accordance with clause 12.2 not less than twenty (20)
      Business Days before the proposed disposal;
and

            

    

     

    
      	
               
      

            	
              12.4.2

            	
              procured,
      on the same terms as contained in the Tag Notice, the disposal of (at the
      discretion of the Tagging Shareholders) a pro rata part of the
      Shares of all Tagging Shareholders who have given due notice under this
      clause 12.

            

    

     

    13.         TERMINATION OF
AGREEMENT

     

    This
Agreement shall terminate:

     

    
      	
               
      

            	
              13.1.1

            	
              in
      respect of all Parties, upon a Listing or
  Liquidation;

            

    

     

    
      	
               
      

            	
              13.1.2

            	
              in
      respect of a Shareholder, upon that Shareholder ceasing to hold any
      Shares, provided that such Shareholder shall remain bound by the
      provisions in clauses 1 (Interpretation), 16
      (General) and 17
      (Applicable Law and
      Dispute Resolution), as well as the provisions of Schedule 1 (Interpretation);

            

    

     

    and
such person shall thereupon have no further rights or obligations under this
Agreement, save as provided above and without prejudice to the accrued rights of
any Party.

     

    14.         3I INVESTORS’
RIGHTS

     

    
      	
              14.1

            	
              Save
      as provided otherwise, each 3i Investor may vote and/or exercise any of
      its rights under this Agreement as it may see fit and in its own
      interest.

            

    

     

    
      	
              14.2

            	
              Each
      3i Investor may enforce the covenants, warranties and other obligations
      given to it by the Company in this Agreement
      independently.  However, each of the 3i Investors will inform
      the other 3i Investors of its intention to enforce the covenants,
      warranties and other obligations and the manner in which these will be
      enforced.

            

    

     

    15.         BYE-LAWS

     

    
      	
              15.1

            	
              The
      Shareholders agree that they shall ensure and vote in favour of the
      inclusion in the Bye-Laws of a provision reflecting that any person who,
      whether alone or jointly with others, acquires 40% or more of the Shares,
      shall be obliged to make an offer for 100% of the issued and outstanding
      share capital of the Company.

            

    

     

    
      	
              15.2

            	
              The
      Shareholders agree that the Bye-Laws, including their respective rights
      and obligations thereunder, shall as between them at any time be
      interpreted and construed in accordance with the provisions of this
      Agreement.  If there is a conflict between a provision of this
      Agreement and a provision of the Bye-Laws, the Parties agree, to the
      extent permitted under Bermuda law, to observe the provisions of this
      Agreement and shall in such event, at the first request of any Party
      (other than the Company), amend the Bye-Laws as necessary to effect the
      full implementation of the Agreement in all
  respects.

            

    

     

    16.         GENERAL

     

    Applicable
clauses

     

    
      	
              16.1

            	
              Clauses
      14 (Confidentiality), 15
      (No Recission),
      16 (Whole
      Agreement), 17 (Language), 19 (Assignments), 20 (Notices), 21 (Costs), 22 (General), with the
      exception of clause 22.7, 24 (Governing Law;
      Jurisdiction), with the exception of clause 24.1, and 25 (Counterparts) of the
      Merger Agreement apply mutatis mutandis to this Agreement as if set out in
      full herein and as if reference therein to “Merger Agreement” is reference
      to “this Agreement” and are to be considered an integral part
      hereof.

            

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    Further
assurances

     

    
      	
              16.2

            	
              The
      Parties undertake to each other to execute and perform all such deeds,
      documents, assurances, acts and things and to exercise all powers and
      rights available to them, including the convening of all meetings and the
      giving of all waivers and consents and the passing of all resolutions
      reasonably required to ensure that the Company, the Shareholders and the
      Directors and their representatives (if any) and the Company and all
      members of the Group give effect to the provisions of this
      Agreement.

            

    

     

    Third
parties

     

    
      	
              16.3

            	
              A
      person who is not a Party (for the sake of clarity, all Parties are
      mentioned under the header of this Agreement or may have become a Party
      pursuant to clause 10), other than 3i Investments and 3i Group which will
      be deemed a Party for the purposes of this clause, may not enforce any
      rights under this Agreement.

            

    

     

    Information

     

    
      	
              16.4

            	
              Any
      Director, Alternate Director and Observer appointed by (or upon the
      nomination of) the 3i Investors or Frontline (as the case may be)
      may:

            

    

     

    
      	
               
      

            	
              16.4.1

            	
              report
      to the 3i Investors or Frontline (as the case may be) on the affairs of
      the Group; and

            

    

     

    
      	
               
      

            	
              16.4.2

            	
              disclose
      Confidential Information as he shall reasonably consider appropriate to
      the 3i Investors or Frontline (as the case may
  be).

            

    

     

    
      	
              16.5

            	
              In
      the ordinary course of the business of the 3i Group, it reviews existing
      investments and new investment proposals and conducts other investments
      and investment management activities.  Each 3i Related Party may
      disclose to and use Confidential Information for these purposes in all
      cases with any other 3i Related
Party.

            

    

     

    
      	
              16.6

            	
              The
      Company consents to each 3i Investor and Frontline publicising (including,
      without limitation, on 3i’s or Frontline’s (as the case may be)
      website):

            

    

     

    
      	
               
      

            	
              16.6.1

            	
              the
      fact that the 3i Investors or Frontline (as the case may be) are
      Shareholders of the Company; and

            

    

     

    
      	
               
      

            	
              16.6.2

            	
              any
      other information about the Company which is already in the public domain
      (unless the information is in the public domain as a result of a breach of
      this Agreement by a 3i Investor or Frontline (as the case may
      be)).

            

    

     

    
      	
              16.7

            	
              The
      Parties other than the 3i Investors undertake with each 3i Investor that
      they shall not use the name of any member of the 3i Group or any 3i Fund
      in any context whatsoever (except as required by law) or hold itself,
      himself or themselves (as the case may be) out as being connected or
      associated with any member of the 3i Group or any 3i Fund (other than as
      regards the 3i Investors being Shareholders of the Company) in any manner
      whatsoever without the prior written consent of the relevant 3i
      Investor.

            

    

     

    No
partnership

     

    
      	
              16.8

            	
              Nothing
      in this Agreement shall be deemed to constitute a partnership between the
      Parties.

            

    

     

    17.        APPLICABLE LAW AND DISPUTE
RESOLUTION

     

    
      	
              17.1

            	
              This
      Agreement is governed by and shall be construed in accordance with the
      laws of England and Wales.

            

    

     

    [remainder
of the page intentionally left blank]

     

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    IN WITNESS WHEREOF this
Agreement has been executed by the Parties on the date first above
written.

     

    
      	
              3i
      EUROPARTNERS Va L.P.

            
	 
      	 
      
	 
      	 	 
      
	 
      	
              Acting
      by its manager, 3i Investments plc

            
	 
      	
              By:

            
	 
      	
              Title:

            
	 
      	 
      
	 
      	 
      
	
              3i
      EUROPARTNERS Vb L.P.

            
	 
      	 
      
	 
      	 	 
      
	 
      	
              Acting
      by its manager, 3i Investments plc

            
	 
      	
              By:

            
	 
      	
              Title:

            
	 
      	 
      
	 
      	 
      
	
              3i
      PAN EUROPEAN BUY-OUTS 2006-08A L.P.

            
	 
      	 
      
	 
      	 	 
      
	 
      	
              Acting
      by its manager, 3i Investments plc

            
	 
      	
              By:

            
	 
      	
              Title:

            
	 
      	 
      
	 
      	 
      
	
              3i
      PAN EUROPEAN BUY-OUTS 2006-08B L.P.

            
	 
      	 
      
	 
      	 	 
      
	 
      	
              Acting
      by its manager, 3i Investments plc

            
	 
      	
              By:

            
	 
      	
              Title:

            
	 
      	 
      
	 
      	 
      
	
              3i
      PAN EUROPEAN BUY-OUTS 2006-08C L.P.

            
	 
      	 
      
	 
      	 	 
      
	 
      	
              Acting
      by its manager, 3i Investments plc

            
	 
      	
              By:

            
	 
      	
              Title:

            
	 
      	 
      
	 
      	 
      
	
              3i
      EUROPARTNERS Va L.P.

            
	 
      	 
      
	 
      	 	 
      
	 
      	
              Acting
      by its manager, 3i Investments plc

            
	 
      	
              By:

            
	 
      	
              Title:

            
	 
      	 
      
	 
      	 
      

    

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    
      	
              3i
      GLOBAL GROWTH 2006-08 L.P.

            
	 
      	 
      
	 
      	 	 
      
	 
      	
              Acting
      by its manager, 3i Investments plc

            
	 
      	
              By:

            
	 
      	
              Title:

            
	 
      	 
      
	 
      	 
      
	
              3i
      PAN-EUROPEAN GROWTH 2006-08 L.P.

            
	 
      	 
      
	 
      	 	 
      
	 
      	
              Acting
      by its manager, 3i Investments plc

            
	 
      	
              By:

            
	 
      	
              Title:

            
	 
      	 
      
	 
      	 
      
	
              PAN-EUROPEAN
      BUYOUTS CO-INVEST 2006-08 L.P.

            
	 
      	 
      
	 
      	 	 
      
	 
      	
              Acting
      by its manager, 3i Investments plc

            
	 
      	
              By:

            
	 
      	
              Title:

            
	 
      	 
      
	 
      	 
      
	
              PAN-EUROPEAN
      BYOUTS CO-INVEST 2006-08 FCPR

            
	 
      	 
      
	 
      	 	 
      
	 
      	
              Acting
      by its manager, 3i Gestation S.A.

            
	 
      	
              By:

            
	 
      	
              Title:

            
	 
      	 
      
	 
      	 
      
	
              PAN-EUROPEAN BUYOUTS
      (NORDIC) CO-INVEST 2006-08
      L.P.

            
	 
      	 
      
	 
      	 	 
      
	 
      	
              Acting
      by its manager, 3i Investments plc

            
	 
      	
              By:

            
	 
      	
              Title:

            
	 
      	 
      
	 
      	 
      
	
              PAN EUROPEAN BUYOUTS
      (DUTCH) A CO-INVEST 2006-08
      LP

            
	 
      	 
      
	 
      	 	 
      
	 
      	
              Acting
      by its manager, 3i Investments plc

            
	 
      	
              By:

            
	 
      	
              Title:

            
	 
      	 
      
	 
      	 
      

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

    
      	
              GLOBAL
      GROWTH CO-INVEST 2006-08 L.P.

            
	 
      	 
      
	 
      	 	 
      
	 
      	
              Acting
      by its manager, 3i Investments plc

            
	 
      	
              By:

            
	 
      	
              Title:

            
	 
      	 
      
	 
      	 
      
	
              OIL, GAS & POWER CO-INVEST
      2006-08 L.P.

            
	 
      	 
      
	 
      	 	 
      
	 
      	
              Acting
      by its manager, 3i Investments plc

            
	 
      	
              By:

            
	 
      	
              Title:

            
	 
      	 
      
	 
      	 
      
	
              STICHTING
      MANAGEMENT SEAL

            
	 
      	 
      
	 
      	 	 
      
	 
      	
              By:

            
	 
      	
              Title:

            
	 
      	 
      
	 
      	 
      
	
              FRONTLINE
      LTD.

            
	 
      	 
      
	 
      	 	 
      
	 
      	
              By:

            
	 
      	
              Title:

            
	 
      	 
      
	 
      	 
      
	
              SEALIFT
      LTD.

            
	 
      	 
      
	 
      	 	 
      
	 
      	
              By:

            
	 
      	
              Title:

            
	 
      	 
      
	 
      	 
      

    

    

     

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    SCHEDULE
1:  INTERPRETATION

     

    1.           DEFINITIONS

     

    3i Group means 3i Group plc
(registered number 1142830) and any Subsidiary or Holding Company of 3i Group
plc and any Subsidiary of such Holding Company;

     

    3i Investments means 3i
Investments plc (registered number 3975789);

     

    3i Investor means any of 3i
Europartners Va, 3i Europartners Vb, 3i Pan European A, 3i Pan European B, 3i
Pan European C, 3i Global Growth, 3i Pan-European Growth, Pan-European
Co-invest, Pan-European Co-invest France, Pan-European (Nordic) Co-invest,
Pan-European (Dutch) Co-invest, Global Growth Co-invest or Oil, Gas & Power
Co-invest, in each case for so long as it remains a Party;

     

    3i Related Party means (i) any
entity of the 3i Group, (ii) any 3i Investor and any other fund, partnership,
investment vehicle or other entity which is managed or advised by an entity in
the 3i Group or its nominees or by other parties selected by 3i Group, or in
which any entity in the 3i Group has a majority economic interest (a “3i Fund”) and (iii) any investor
in any 3i Fund;

     

    Accounting Standards means the
accounting policies and principles used and consistently applied by the Group in
accordance with Dutch Generally Accepted Accounting Principles or International
Financial Reporting Standards;

     

    Acquisition Claim means any
claim, compromise, arbitration, litigation or other legal proceedings, commenced
by the Company or its Subsidiaries, in respect of the Target Warranties and
Indemnities;

     

    Acquisition Documents means
(i) the agreement for the sale and purchase of all of the issued shares in
Dockwise dated 22 December 2006 between Heerema Transport Finance (Luxembourg)
S.A., Heavy Transport Holding Denmark APS and Wilh. Wilhelmsen Netherlands B.V.
as sellers (the “Sellers”), Wilh. Wilhelmsen ASA and
Heerema Holding Construction, Inc as guarantors and BidCo as purchaser and (ii)
the other documents (if any) entered into pursuant thereto or in connection
therewith;

     

    Affiliate means, in relation
to any person, any Subsidiary or Holding Company of that person and any other
Subsidiary of that Holding Company, provided always that neither the Company nor
any of its Subsidiaries shall be regarded as being an Affiliate of any
Shareholder for the purposes of this Agreement;

     

    Agreed Form means, in relation
to any document, substantially the form of that document which has been
initialled by or on behalf of each Party for the purpose of
identification;

     

    Annual Accounts means the
audited consolidated annual accounts of the Group for a Financial Year,
including the directors’ report, the auditors’ report and management letter, the
audited or unaudited consolidated or non-consolidated profit and loss account
for the 12-month period prior to the date of the annual accounts and the audited
or unaudited consolidated or non-consolidated balance sheet as at the date of
the annual accounts and the notes thereon;

     

    Alternate Director has the
meaning given to it in clause 5.20;

     

    Auditor means any of the
external accountants or accountants’ firms for the time being of the
Company;

     

    Bermuda Companies Act means
the Companies Act 1981 (Bermuda), as amended;

     

    BidCo means Delphi Acquisition
holding I B.V., a company incorporated under the laws of The Netherlands, with
its registered office at Lage Mosten 15, 4822 NJ Breda, The Netherlands, and
being registered with the commercial register in West-Brabant, The Netherlands,
under number 34262243;

     

    Board means the board of
directors of the Company;

     

    Business Day means a day
(other than a Saturday or Sunday) on which banks are generally open in The
Netherlands, United Kingdom and Norway for normal business;

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    Business Plan means the
business plan in relation to the Group that is to be prepared as soon as
practically possible after the date of this Agreement and any subsequent
business plan to be prepared hereunder;

     

    Bye-Laws means the articles of
association of the Company as they stand at the date of this Agreement, as they
may be amended from time to time;

     

    CEO means the member of the
board of directors of Dockwise appointed as chief executive officer from time to
time;

     

    CFO means the member of the
board of directors of Dockwise appointed as chief financial officer of
Dockwise;

     

    Chairman means the chairman of
the Board;

     

    Condition means the condition
precedent as referred to in clause 3.1;

     

    Confidential Information means
any information relating to the business, strategies, products, objectives,
affairs, performance and/or finances of any member of the Group for the time
being confidential to it or to them or treated by it or them as such and trade
secrets (including, without limitation, technical data and know-how) relating to
the business of any member of the Group or of any of its or their suppliers,
clients, distributors or customers;

     

    Constitutional Documents means
the Bye-Laws, the articles of association, bye-laws, memorandum and articles or
other constitutional documents of the other members of the Group;

     

    Controlling Interest means the
ownership by a person and its Subsidiaries and Holding Companies (and any
Subsidiary of such Holding Company) of shares carrying the rights to exercise
more than 50% of the voting rights attached to the issued and outstanding
shares;

     

    Deed of Adherence means the
agreement pursuant to which a new shareholder (including any Permitted
Transferee) agrees and adheres to the terms and conditions of this Agreement,
the Agreed Form of which deed of adherence is attached as Schedule 4 (Form of Deed of
Adherence);

     

    Delphi means Delphi
Acquisition Holding S.A., a company incorporated under the laws of the Grand
Duchy of Luxembourg, with its registered office at 20, rue de la Poste, L-2346
Luxembourg, Grand Duchy of Luxembourg, and being registered with the Luxembourg
Trade and Companies Register under number B 122.411;

     

    Director means any member of
the Board;

     

    Dockwise means Dockwise
Transport N.V., a company incorporated under the laws of the Netherlands
Antilles, with its registered office at Lage Mosten 15, 4822 NJ Breda, The
Netherlands, and being registered with the commercial register in West-Brabant,
The Netherlands, under number 20112806;

     

    Electronic Financial Report
means the electronic financial report in the Agreed Form (EMAS), setting
out certain key financial information relating to Dockwise extracted from the
Management Accounts;

     

    ERISA means the United States
of America Employee Retirement Income Security Act 1974, as
amended;

     

    ERISA Director means any
member of the Board appointed or removed from time to time at the nomination of
an ERISA Fund in accordance with clause 5.2.4;

     

    ERISA Fund means any of 3i
Europartners Va and 3i Europarters Vb and any other Investor who from time to
time notifies the Company that it or one of its affiliates is intended to be a
VCOC;

     

    Exit means a Sale, a Listing
or a Liquidation;

     

    Finance Documents means the
relevant finance documents relating to the debt financing of the Group (other
than by the Investors), including roll-over facilities;

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    Financial Year means a
financial year of the Company ending on 31 December, or any other financial year
agreed by the Shareholders pursuant to the provisions of this
Agreement;

     

    General Meeting means any
general meeting of shareholders of the Company save for the Annual General
Meeting;

     

    Group means the Company and
any of its Subsidiaries from time to time;

     

    Holding Company has the
meaning set out in this Schedule 1 under the definition of
Subsidiary;

     

    Intellectual Property Rights
means all copyrights, moral rights, design rights, trade marks and trade
names, service marks, domain names, data base rights, trade secrets, computer
software, including any updates or new releases, know-how and any other
intellectual property rights (whether registered or unregistered) and all
applications for any of them, anywhere in the world, or otherwise, as the
context may require;

     

    Investor means any of the 3i
Investors and any Permitted Transferee, in each case as long as it is a
Party;

     

    Issuance has the meaning given
to it in clause 2.3;

     

    KPIs means the key performance
indicators as set out in clause 9.2.5(e);

     

    LCIA has the meaning given to
it in clause 23.2;

     

    Liquidation means a voluntary
liquidation of the Company in accordance with the Bye-Laws;

     

    Listing means the admission to
listing of Shares on the Oslo Stock Exchange;

     

    Management Accounts means the
monthly unaudited management accounts of the Group, consisting of a consolidated
profit and loss account for the one-month period prior to the Management
Accounts Date, a consolidated balance sheet as at the Management Accounts Date,
and a cash flow statement as at the Management Accounts Date;

     

    Management Accounts Date means
the last date of the relevant calendar month for which the Management Accounts
have been prepared;

     

    Merger Chart means a chart in
such form and detail as the 3i Investors shall reasonably require from time to
time showing the Group’s turnover for the last completed Financial Year broken
down by reference to geographic territories;

     

    Merger Completion has the
meaning given to it in the Merger Framework Agreement;

     

    Merger Completion Date has the
meaning given to it in the Merger Framework Agreement;

     

    Merger Agreement has the
meaning given to it in Recital (A);

     

    Merger Documents means the
Merger Agreement and the other documents entered into pursuant thereto or in
connection therewith (but excluding the Finance Documents);

     

    Net Profits means, in respect
of any Financial Year, the audited consolidated profit of the Group (if any) on
an after-tax basis as shown in the audited consolidated profit and loss account
of the Company;

     

    Observer means each person
appointed pursuant to clause 5.21;

     

    Party means any party that is
mentioned in the introduction to this Agreement and any other person who has
agreed to adhere to this Agreement;

     

    Permitted Transfer has the
meaning given to it in clause 10.2;

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    Permitted Transferee has the
meaning given to it in clause 10.2;

     

    Qualified Resolution means a
resolution that, in the case of a Qualified Resolution of the General Meeting,
requires a simple majority, including in any event the affirmative vote of the
ERISA Funds, and in the case of a Qualified Resolution of the Board, requires a
simple majority including the affirmative vote of the ERISA
Directors;

     

    Refinancing means any
refinancing of the debt of the Group, in connection with which all or part of
the investments of the Shareholders are repaid, redeemed or liquidated in
whatever way;

     

    Relevant Shares has the
meaning given to it in clause 12.2.1;

     

    Reserved Matters means any of
the matters referred to in Schedule 3 (Reserved
Matters);

     

    Sale means the sale by the 3i
Investors and Frontline (whether through a single transaction or through a
series of transactions and whether directly or indirectly) of a Controlling
Interest of the Group or at least the majority of the assets of the
Group;

     

    Shareholder means any person
holding Shares that is also a Party to this Agreement, and any person to whom
Shares are transferred or issued from time to time (excluding the Company but
including any Permitted Transferee) in accordance with the terms of this
Agreement and any applicable Deed of Adherence;

     

    Shares means, from time to
time, all issued and outstanding ordinary shares in the share capital of the
Company and any other issued shares in the capital of the Company (or any of
them if the context so requires);

     

    SPA has the meaning given to
it in Recital (A);

     

    Sponsor means the bank(s)
appointed by the Company to act as its sponsor or underwriter in connection with
its application for a Listing of the Company;

     

    Subsidiary means with respect
to any person (the “Holding
Company”), any other person of
which securities or interests having the power to elect a majority of that other
person’s board of directors or other governing body or otherwise having the
power to exercise a majority of the votes in a general meeting of shareholders
(other than securities or interests having that power only upon the happening of
a contingency that has not occurred) are held (or the voting rights with respect
to such securities or interests are controlled by contract or otherwise) by the
Holding Company or one or more of its Subsidiaries;

     

    Tag Notice has the meaning
given to it in clause 12.2;

     

    Tagged Shareholder(s) has the meaning given to
it in clause 12.1;

     

    Tagging Shareholders has the
meaning given to it in clause 12.1;

     

    Target                      Warranties and Indemnities
means the representations, warranties, covenants and indemnities given or
made to BidCo under the Acquisition Documents;

     

    Transfer means any direct or
indirect sale and transfer, or any offer or contract to sell, or the creation of
any interest over, pledge or right of usufruct, or any option to purchase or
otherwise dispose of Shares (or securities rights or obligations convertible
into or exchangeable for Shares); and

     

    VCOC has the meaning given to
it in clause 4.1.

     

    2.           GENERAL

     

    
      	
              2.1

            	
              In
      this Agreement, unless otherwise specified, a reference
  to:

            

    

     

    
      	
               
      

            	
              2.1.1

            	
              a
      person shall be construed so as to include any individual, firm, company,
      corporation, body corporate, government, governmental authority, tax
      inspector, state or agency of a state or
      any joint venture, association or partnership (whether or not having a
      separate legal personality);

            

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    
      	
              SCHEDULE
      2:

            	
              SHAREHOLDINGS

            

    

     

    Issued
share capital 203,990,791 ordinary shares with a nominal value of USD 1
each.

     

    
      	
              Name
      Shareholder

            	
              Number
      of Shares

            
	
              3i
      Europartners Va

            	
              12.562.367

            
	
              3i
      Europartners Vb

            	
              13.924.912

            
	
              3i
      Pan-European A

            	
              20.052.872

            
	
              3i
      Pan-European B

            	
              1.522.131

            
	
              3i
      Pan-European C

            	
              3.301.554

            
	
              3i
      Global Growth

            	
              5.528.126

            
	
              3i
      Pan-European Growth

            	
              2.764.066

            
	
              Pan-European
      Co-invest

            	
              347.088

            
	
              Pan-European
      Co-invest France

            	
              38.953

            
	
              Pan-European
      (Nordic) Co-invest

            	
              42.665

            
	
              Pan-European
      (Dutch) Co-invest

            	
              23.245

            
	
              Global
      Growth Co-invest

            	
              13.530

            
	
              Oil,
      Gas & Power Co-invest

            	
              137.117

            
	
              Stichting

            	
              12,050,229

            
	
              Frontline1

            	
              34,976,500

            
	
              Total

            	
              107.285.355

            

    

    

    

    

      

    

      
      1This
assumes Frontline subscribes for USD 25,000,000 Shares in the Secondary
Placement.

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              2.1.2

            	
              a
      company shall be construed so as to include any company, corporation or
      other body corporate or other legal entity, wherever and however
      incorporated or established, and including any legal entity or entities
      into which such company may be merged by means of a statutory merger or
      into which it may be split up or demerged, by means of a statutory
      split-up or demerger;

            

    

     

    
      	
               
      

            	
              2.1.3

            	
              a
      particular agreement or document is (unless the context otherwise
      requires) a reference to the version of such agreement or document which
      is binding and enforceable on the date hereof, as such agreement or
      document may be novated, assigned, amended or supplemented from time to
      time;

            

    

     

    
      	
               
      

            	
              2.1.4

            	
              a
      communication in writing shall be construed so as to include any
      communication in the written form, letter, fax or
  e-mail;

            

    

     

    
      	
               
      

            	
              2.1.5

            	
              times
      of day are to the local time in the relevant jurisdiction unless otherwise
      stated;

            

    

     

    
      	
               
      

            	
              2.1.6

            	
              the
      singular includes a reference to the plural and vice
    versa;

            

    

     

    
      	
               
      

            	
              2.1.7

            	
              the
      masculine includes a reference to the feminine and neuter and vice
    versa;

            

    

     

    
      	
               
      

            	
              2.1.8

            	
              clauses,
      Schedules and Annexes are references to clauses of and schedules and
      annexes to this Agreement.

            

    

     

    
      	
              2.2

            	
              Where
      any provision is qualified or phrased by reference to an arm’s length
      basis or principle, such qualification or reference shall mean the
      conditions which would have been obtained between comparable, independent
      persons in comparable transactions (taking into account the assets used,
      the responsibilities and risks assumed and the division of benefits
      between the parties) and comparable circumstances (taking into account the
      times and places of performance and the parties’ business strategies),
      thereby providing the closest approximation of the workings of the open
      market.

            

    

     

    
      	
              2.3

            	
              Where
      any obligation is characterised as several, such characterisation shall
      mean that said obligation is separate and individual for each of the
      obligees of such obligation.

            

    

     

    
      	
              2.4

            	
              The
      Schedules and Annexes are an integral part of this Agreement and
      references to this Agreement shall include its Schedules, Appendices and
      Annexes.

            

    

     

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    SCHEDULE
: SHAREHOLDINGS

     

    Issued
share capital 204,506,798 ordinary shares with a nominal value of USD 1
each.

     

    Issued
share capital 203,990,791 ordinary shares with a nominal value of USD 1
each.

     

    
      	
              Name
      Shareholder

            	
              Number
      of Shares

            
	
              3i
      Europartners Va

            	
              12.562.367

            
	
              3i
      Europartners Vb

            	
              13.924.912

            
	
              3i
      Pan-European A

            	
              20.052.872

            
	
              3i
      Pan-European B

            	
              1.522.131

            
	
              3i
      Pan-European C

            	
              3.301.554

            
	
              3i
      Global Growth

            	
              5.528.126

            
	
              3i
      Pan-European Growth

            	
              2.764.066

            
	
              Pan-European
      Co-invest

            	
              347.088

            
	
              Pan-European
      Co-invest France

            	
              38.953

            
	
              Pan-European
      (Nordic) Co-invest

            	
              42.665

            
	
              Pan-European
      (Dutch) Co-invest

            	
              23.245

            
	
              Global
      Growth Co-invest

            	
              13.530

            
	
              Oil,
      Gas & Power Co-invest

            	
              137.117

            
	
              Stichting

            	
              12,050,229

            
	
              Frontline2

            	
              34,976,500

            
	
              Total

            	
              107.285.355

            

    

    

    

      

    

      
      2This
assumes Frontline subscribes for USD 25,000,000 Shares in the Secondary
Placement.

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    SCHEDULE
3:    RESERVED MATTERS

     

    PART
1

     

    The
following actions of the Board regarding any member of the Group or the Group as
a whole shall at all times require a resolution of the Board, unless expressly
included in the Business Plan (or any budget) adopted in accordance with this
Agreement:

     

     

    (A)Corporate Affairs

    

    
      	
              Business
      Plan

            	
              adopting
      or amending any Business Plan or budget (to the extent not included in the
      Business Plan), or taking any action materially inconsistent with such
      business plan or budget.

            
	 
      	 
      
	
              Accounting
      Policies

            	
              any
      modification of the Accounting Standards, their application by the Group
      and/or the format of the Annual Accounts, unless such change is required
      by law or by virtue of a new standard of generally accepted accounting
      policies or practices.

            
	 
      	 
      
	
              Alternation
      to Business

            	
              making
      any material change in the nature of the Group’s businesses, including
      entering in new lines of business or in new geographic areas within
      existing business units.

            
	 
      	 
      
	
              Liquidation

            	
              the
      passing of any resolution for the Liquidation of the Company or to
      technically liquidate any member of the Group by disposal of all or
      substantially all of the assets of such member of the
    Group.

            
	 
      	 
      
	
              Bankruptcy

            	
              any
      application for a member of the Group to be declared bankrupt or for a
      suspension of payments of a member of the
Group.

            

    

    

     

    (B)           
Directors Compensation and
Related Party Transactions

     

    

    
      	
              Directors
      Compensation

            	
              granting
      or modifying the remuneration or other terms of engagement of management a
      director of the Group earning in excess of USD 100,000
      annually.

            
	 
      	 
      
	
              Related
      Party Transactions

            	
              entering
      into any transaction, agreement or arrangement with or for the benefit of
      any Shareholder or other related party or Affiliate
    thereof.

            

    

    

    (D)           Material Events

    

    
      	
              Listing

            	
              the
      application for a Listing, and the appointment of professional advisers in
      connection therewith.

            
	 
      	 
      
	
              Equity
      Transactions

            	
              acquiring
      or disposing of any interest in the share capital or instruments
      convertible into or exchangeable for share capital of any other company or
      body corporate for a consideration in excess of USD 1
    million.

            
	 
      	 
      
	
              Asset
      Transactions

            	
              the
      sale, transfer, leasing, licensing or disposal by a member of the Group
      (other than in the ordinary course of trading) of all or a substantial
      part of its business, undertaking or assets whether by a single
      transaction or series of transactions, related or not acquiring or
      disposing of any asset of the Group in excess of USD 1
      million.

            
	 
      	 
      
	
              Joint
      Ventures

            	
              forming,
      entering into, terminating or withdrawing from any partnership,
      consortium, joint venture or any other unincorporated association carrying
      on a trade or business or any other similar arrangement, whether or not
      with a view to making a profit.

            
	 
      	 
      

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

    
      	
              Material
      Contracts

            	
              entering
      into any agreement or series of connected agreements under which the
      consideration payable is more than USD 2 million or the receivable
      represents more than USD 15 million.

            
	 
      	 
      
	
              Finance
      Documents

            	
              effecting
      or permitting to be effected any variations or amendments to, or waivers
      or compromises or releases under or in connection with, or entering into
      any agreement inconsistent with, any of the Finance
    Documents.

            
	 
      	 
      
	
              Refinancing

            	
              (the
      making by any member of the Group of any application or submission of any
      business plan to any person with a view to) attracting additional or
      substitute financing for the Group or any part of it other than under the
      Finance Documents.

            

    

    

     

    

     

    

     

    

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    PART
2

     

     

    Unless
more stringent majority rules apply under the Bermuda Companies Act or the
Bye-laws, the following resolutions of the General Meeting shall at all times
require a Qualified Resolution of the General Meeting unless expressly included
in the Business Plan (or any budget) adopted in accordance with this
Agreement:

     

    (A)         Corporate Affairs

    

    
      	
              Constitutional
      Documents

            	
              any
      amendment of the Bye-Laws (including changes to the name and financial
      year of the Company).

            
	 
      	 
      
	
              Auditor

            	
              the
      appointment or dismissal of the
Auditor.

            

    

    

    (B)           Material Events

    

    
      	
              Legal
      Mergers

            	
              any
      merger or demerger involving the Company, other than in relation to an
      expansion of the business of the Group by acquisition or
      otherwise.

            

    

    

     

    

     

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    SCHEDULE
4:   FORM OF DEED OF ADHERENCE

     

    THIS DEED is made on
[DATE]

     

    BETWEEN:

     

     

    (1)          [NAME
TRANSFEREE], [DETAILS] (the “New Shareholder”);

     

    (2)          [NAME
SHAREHOLDER], [DETAILS] (the “Original Shareholder”); and

     

    
      	
              (3)

            	
              SEALIFT LTD, a company
      incorporated under the laws of Bermuda, with its registered office at PO
      Box HM 1593, Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton HM 08,
      Bermuda, Company No. 39466 (the “Company”, for itself and on
      behalf of the “Continuing
      Shareholders”);

            

    

     

    

    WHEREAS:

     

     

    
      	
              (A)

               

              (B)

            	
              The
      Original Shareholder and the Continuing Shareholders are parties to a
      shareholders’ agreement dated [DATE] 2007 (the “Agreement’);

               

              The New Shareholder proposes to
      purchase/subscribe for [        ]
      Shares of
      [     ] each in the capital of the Company from the
      Original Shareholder;

            

    

     

    
      	
              (C)

               

               

              (D)

            	
              The
      shareholding by the New Shareholder is authorised by the Bermuda Registrar
      of Companies and/or the Bermuda Monetary Authority or is subject to an
      exemption or direction from the Bermuda Registrar of Companies and/or the
      Bermuda Monetary Authority;

               

              This Deed is made by the New Shareholder
      in compliance with the Agreement.

            

    

     

    THIS DEED WITNESSES as
follows:

    

    
      	
              1.

            	
              The
      New Shareholder confirms that it has been supplied with a copy of the
      Agreement.

            

    

     

    
      	
              2.

            	
              The
      New Shareholder hereby subscribes for [NUMBER] Shares with a nominal value
      of [•] each in the capital of the Company at a subscription price of USD
      [AMOUNT] per share and agrees to hold the Shares subject to the Bye-Laws
      of the Company.] In consideration of the sum of USD [AMOUNT] paid on the
      date hereof, the Original Shareholder(s) shall forthwith transfer to the
      New Shareholder [NUMBER] Shares together with the right to receive all
      dividends accrued thereon as at the date of transfer subject to the
      Bye-Laws of the Company.  Upon execution of the
      [issue][transfer] instrument, the Company shall register the New
      Shareholder in the shareholders’ register as the holder of [NUMBER]
      Shares.

            

    

     

    
      	
              3.

            	
              The
      New Shareholder undertakes to the Continuing Shareholders to be bound by
      the Agreement in all respects as if the New Shareholder was a Party to the
      Agreement and named in it as a Shareholder and to observe and perform all
      the provisions and obligations of the Agreement applicable to or binding
      on a Shareholder under the Agreement insofar as they fall to be observed
      or performed on or after the date of this
Deed.

            

    

     

    
      	
              4.

            	
              The
      Continuing Shareholders undertakes to the New Shareholder to observe and
      perform all the provisions and obligations of the Agreement applicable to
      or binding on a “Shareholder” or a “Party” under the Agreement and
      acknowledges that the New Shareholder shall be entitled to the rights and
      benefits of the Agreement as if the New Shareholder were named in the
      Agreement as a Shareholder or a Party with effect from the date of this
      Deed.

            

    

    

    
      	
              5.

            	
              This
      Deed is made for the benefit of (a) the Parties to the Agreement as at the
      date hereof and (b) every other person who after the date of the Agreement
      (and whether before or after the execution of this Deed) assumes any
      rights or obligations under the Agreement or who adheres to
      it.

            

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    
      	
              6.

            	
              The
      address and fax number of the New Shareholder for the purposes of clause
      17 of the Agreement is as follows:

            

    

    

    
      	
              Attn:

            	 
      	 
      
	 
      	 
      	 
      
	
              Fax:

            	 
      	 
      
	 
      	 
      	 
      
	
              Address:

            	 
      	 
      

    

    

    7.           This
Deed is governed by and shall be construed in accordance with the laws of
Luxembourg.

     

    IN WITNESS WHEREOF this Deed
has been executed and delivered on the date first written above.

     

    [New
Shareholder]

     

    
      	 
      	 
      
	
              By:

            	 
      
	
              Title:

            	 
      

    

     

    

     

    [Original
Shareholder]

     

    
      	 
      	 
      
	
              By:

            	 
      
	
              Title:

            	 
      

    

     

    

    Sealift Ltd for itself and on
behalf of the Continuing Shareholders,

     

    
      	 
      	 
      
	
              By:

            	 
      
	
              Title:

            	 
      

    

    

     

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    SCHEDULE
5:   CONTINUING OBLIGATIONS

     

    1.           COMPLIANCE WITH
BYE-LAWS

     

    The
Company shall observe all the provisions of its Bye-Laws and this Agreement and
shall procure the compliance by each member of the Group with the provisions of
its Constitutional Documents.

     

    2.           ACCOUNTING RECORDS, ACCOUNTS AND
REPORTS

     

    
      	
              2.1

            	
              The
      Company shall, and shall procure that each member of the Group
      shall:

            

    

     

    
      	
               
      

            	
              2.1.1

            	
              keep
      proper accounting records and in them make true and complete entries of
      all its dealings and transactions in relation to its business;
      and

            

    

     

    
      	
               
      

            	
              2.1.2

            	
              comply
      with all statutory requirements as to the preparation and audit of annual
      accounts.

            

    

     

    
      	
              2.2

            	
              Dockwise
      shall prepare:

            

    

     

    
      	
               
      

            	
              2.2.1

            	
              unaudited
      monthly Management Accounts of the Group, such
  accounts:

            

    

     

    
      	
               
      

            	
              (a)

            	
              to
      include a consolidated profit and loss account, balance sheet and cash
      flow statement for the Group broken down according to the principal
      divisions of the Group from time to
time;

            

    

     

    
      	
               
      

            	
              (b)

            	
              to
      refer to any material matter occurring in or relating to the period in
      question;

            

    

     

    
      	
               
      

            	
              (c)

            	
              to
      include a comparison of all such information with the projections and
      forecasts in the relevant operating budget included in the Business Plan
      and with the corresponding information for the same period in the
      preceding year and a statement of any material variation from the relevant
      operating budget;

            

    

     

    
      	
               
      

            	
              (d)

            	
              to
      itemise all material transactions referred to in the statement of
      projected capital expenditure included in the relevant operating budget
      and entered into by the Group during that
  period;

            

    

     

    
      	
               
      

            	
              (e)

            	
              to
      set out in a separate schedule (in sufficient detail to demonstrate the
      same) the Group’s actual performance against the limits set out in the
      Finance Documents;

            

    

     

    
      	
               
      

            	
              (f)

            	
              to
      have been approved by the CFO and one other director of the relevant
      company as evidenced by their signature of the
  accounts;

            

    

     

    
      	
               
      

            	
              (g)

            	
              to
      include a commentary by the management board of Dockwise on the state of
      the business of the Company;

            

    

     

    
      	
               
      

            	
              (h)

            	
              to
      be substantially in the form of the sample Management Accounts in the
      Agreed Form;

            

    

     

    
      	
               
      

            	
              (i)

            	
              to
      include project cash flows for the period up to the end of a Financial
      Year; and

            

    

     

    
      	
               
      

            	
              (j)

            	
              to
      include projected profit and loss account for the remainder of the then
      current financial period;

            

    

     

    
      	
               
      

            	
              2.2.2

            	
              a
      report by the management board of Dockwise (which in relation to each
      12-month period ending on the accounting reference date each year, shall
      include a reconciliation of the Group’s actual performance to any Business
      Plan showing variances and giving narrative explanation of those
      variances);

            

    

     

    
      	
               
      

            	
              2.2.3

            	
              the
      Electronic Financial Report;

            

    

     

    
      	
               
      

            	
              2.2.4

            	
              the
      Merger Chart; and

            

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    
      	
               
      

            	
              2.2.5

            	
              such
      other reports as the Board may from time to time reasonably require as to
      any matter relating to the businesses or affairs of the Group or to its
      financial position or assets.

            

    

     

    
      	
              2.3

            	
              Dockwise
      shall ensure that:

            

    

     

    
      	
               
      

            	
              2.3.1

            	
              the
      Annual Accounts and each set of Management Accounts referred to in
      paragraph 2.2 above are prepared, so far as applicable, on the same basis
      as that used in the preparation of the Business Plan and in accordance
      with the Accounting Standards, consistently
  applied;

            

    

     

    
      	
               
      

            	
              2.3.2

            	
              each
      report prepared under paragraphs 2.2.1, 2.2.2 and 2.2.3 above is delivered
      to the Board within 14 days of the end of each calendar month in such
      format as may be required by the
Board;

            

    

     

    
      	
               
      

            	
              2.3.3

            	
              the
      Annual Accounts are delivered to the Board within four months of the end
      of the Financial Year; and

            

    

     

    
      	
               
      

            	
              2.3.4

            	
              the
      Merger Chart prepared under paragraph 2.2.4 above is delivered to 3i Group
      plc at such time as the Annual Accounts are
  delivered.

            

    

     

    3.           MINUTES

     

    If
so requested by the Board, the Company shall make available (not later than the
earliest of (i) the same time the minutes hereinafter mentioned are made
available to any member of the relevant board, (ii) the Business Day before the
next meeting of the relevant board, or (iii) 14 days after the relevant meeting)
to the Board copies of minutes of meetings of the board of any member of the
Group.

     

    4.           LICENCES AND
CONSENTS

     

    The
Company shall take, and shall procure that each other member of the Group shall
take, all reasonable steps to obtain and maintain (and to comply with the terms
of) all governmental and other licences and consents necessary for the conduct
of its business.

     

    5.           INSURANCE

     

    
      	
              5.1

            	
              The
      Company shall, and shall procure that each other member of the Group shall
      at all times keep insured with a reputable insurance
    office:

            

    

     

    
      	
               
      

            	
              5.1.1

            	
              all
      its assets against such risks and in such manner and to such extent as
      accords with good commercial practice with regard to assets of the same
      kind in comparable circumstances;

            

    

     

    
      	
               
      

            	
              5.1.2

            	
              itself
      in respect of any accident, damage, injury, third party loss, loss of
      profits and other risks and to such an extent as accords with good
      commercial practice with regard to a business of the same kind as that of
      the relevant member of the Group;
and

            

    

     

    
      	
               
      

            	
              5.1.3

            	
              its
      directors against any liability incurred by them in the lawful performance
      of their duties and, if the CEO and CFO so request, against the permanent
      disability and demise risks of the
directors.

            

    

     

    
      	
              5.2

            	
              Dockwise
      shall procure that the Group’s insurance and assurance policies are
      reviewed by its insurance brokers at least once every year and that all
      reasonable recommendations made by its brokers in relation to such
      policies are complied with.

            

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    6.           FINANCE DOCUMENTS

     

    BidCo
shall procure that each member of the Group observes in all material respects
the provisions of the Finance Documents and any associated
agreements.  BidCo shall deliver to the Board a copy of each notice
(including, without limitation, of a breach of a covenant or other obligation)
received under the Finance Documents and each report delivered by the Group to
the relevant financier under the Finance Documents at the same time as it is
delivered to the parties there under.

     

    7.           COMPLIANCE WITH
LAWS

     

    Dockwise
shall, and shall procure that all other Group members shall, comply in all
material respects with any law, statute, regulation or order of any governmental
authority or of any agency thereof, applicable to the Group and shall notify the
Board of any violation of such law, statute, regulation or order of any
governmental authority or of any agency thereof, which violation in any respect
may materially and adversely affect the business of the Group.

     

    8.           EXPANSION OF THE
BUSINESS

     

    The
Company shall effect, and shall procure that the other members of its Group
effect, any expansion, development or evolution of the Group’s business through
the Company or a wholly owned Subsidiary of the Company.

     

    9.           ACQUISITION
DOCUMENTS

     

    The
Company shall, and shall procure that the other members of the Group shall,
enforce or procure to be enforced to their full extent the rights of BidCo under
the Acquisition Documents.

     

    10.         INTELLECTUAL PROPERTY
RIGHTS

     

    Dockwise
shall, and shall procure that the other members of the Group shall, take all
reasonable steps within their respective powers to protect their Intellectual
Property Rights and shall make such patent, registered design, trade mark and
other such applications and effect such renewals or extensions thereof as are
required to keep the same in force.

     

    11.        CORPORATE AND SOCIAL
RESPONSIBILITY

     

    
      	
              11.1

            	
              Dockwise
      shall, and shall procure that the other members of the Group shall, (i)
      comply with all applicable environmental laws, regulations or directives
      (“Environmental
      Law”), (ii) maintain all
      consents, permits and licenses required under Environmental Law and (iii)
      notify each Investor as soon as possible if any member of the Group any
      such consents, permits or licenses (whether because they expire, are
      revoked or terminated or
otherwise).

            

    

     

    
      	
              11.2

            	
              Dockwise
      shall, and shall procure that the other members of the Group shall, comply
      with (i) all applicable laws, regulations or directives relating to the
      relationship between the relevant member of the Group and its employees,
      potential employees, trade unions and employee representative body and/or
      the health and safety of its employees and (ii) any arrangements between
      the relevant member of the Group and its employees, trade unions and/or
      employee representative bodies.

            

    

     

    12.        PROTECTION OF
INFORMATION

     

    The
Company and Dockwise shall, and each shall procure that the other members of the
Group shall, take all reasonable steps within their respective powers to protect
the Confidential Information.

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

     

    SCHEDULE
6:   COMPLETION CERTIFICATE

     

    

    To:

     

    [All
Parties, at their address as referred to in clause 17 (Notices)]

     

    

     

    COMPLETION
CERTIFICATE

     

    Dear
Sirs,

     

    The
undersigned and certain other parties have entered into an agreement on [•] 2007
concerning their intention of combining their joint interests in heavy lift
shipping and transport activities conducted by Sealift Ltd. and Delphi
Acquisition Holding S.A. and their respective subsidiaries (the “Merger
Agreement”).

     

    Capitalised
words if not defined in this certificate shall have the same meaning as in the
Merger Framework Agreement.

     

    For
the purpose of and in accordance with clause 8.5 of the Merger Agreement the
undersigned hereby confirms that the Completion Conditions have been fulfilled
or waived in accordance with clause 7.3 of the Merger Agreement and that the
parties to the Shareholders’ Agreement are hereby irrevocably and
unconditionally authorised to proceed to completion in accordance with clause 3
of the Shareholders’ Agreement.  Furthermore, for the avoidance of
doubt the undersigned declares that this certificate is to be considered a ‘‘Completion Certificate” as defined in clause 3
of the Shareholders’ Agreement.

     

    Signed
by [either SEALIFT or 3i INVESTMENTS and 3i GESTION, as managers of the 3i
Funds],

     

    
      	 
      	 
      
	
              Name:

            	 
      
	
              Date:

            	 
      

    

    

     

    

     

    SK
02089 0009 859982d859977_ex4-15.htm

    EXHIBIT 4.15

     

    

      EXECUTION
COPY

       

      FRONTLINE
LTD

       

      SEALIFT
LTD

       

      3i
EUROPARTNERS Va L.P.

       

      3i
EUROPARTNERS Vb L.P.

       

      3i
PAN EUROPEAN BUY-OUTS 2006-08A L.P.

       

      3i
PAN EUROPEAN BUY-OUTS 2006-08B L.P.

       

      3i
PAN EUROPEAN BUY-OUTS 2006-08C L.P.

       

      3i
GLOBAL GROWTH 2006-08 L.P.

       

      3i
PAN-EUROPEAN GROWTH 2006-08 L.P.

       

      PAN-EUROPEAN
BUYOUTS CO-INVEST 2006-08 L.P.

       

      PAN-EUROPEAN
BUYOUTS CO-INVEST 2006-08 FCPR

       

      PAN-EUROPEAN
BUYOUTS (NORDIC) CO-INVEST 2006-08 L.P.

       

      PAN
EUROPEAN BUYOUTS (DUTCH) A CO-INVEST 2006-08 L.P.

       

      GLOBAL
GROWTH CO-INVEST 2006-08 L.P.

       

      OIL,
GAS & POWER CO-INVEST 2006-08 L.P.

       

      STICHTING
MANAGEMENT SEAL

       

      STICHTING
MANAGEMENT DELPHI

       

      NEPTUN
HEAVY LIFT AS

       

      CAPRICORN
INVESTMENT AS

       

      SJØKONSULT
AS

       

      

       

      
        	
                MERGER
      AGREEMENT

                DOCKWISE
      AND SEALIFT

              

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      CONTENTS

       

      

      
        	
                Clause

              	 
      	
                Page

              
	 
      	 
      	 
      
	
                1.

              	
                Definitions

              	 
      
	
                2.

              	
                Sale
      And Purchase Agreement

              	 
      
	
                3.

              	
                Shareholders
      Agreement

              	 
      
	
                4.

              	
                The
      Debt Restructuring

              	 
      
	
                5.

              	
                Vessels,
      Conversion, Shipco’s Transfer Transaction

              	 
      
	
                6.

              	
                Private
      Placement

              	 
      
	
                7.

              	
                Interconditionality
      And Announcement

              	 
      
	
                8.

              	
                Conditions
      To Completion

              	 
      
	
                9.

              	
                Pre-Completion
      Conduct

              	 
      
	
                10.

              	
                Completion

              	 
      
	
                11.

              	
                Due
      Diligence

              	 
      
	
                12.

              	
                Warranties

              	 
      
	
                13.

              	
                Ancillary
      Restraints & Undertakings

              	 
      
	
                14

              	
                Confidentiality

              	 
      
	
                15.

              	
                No
      Rescission

              	 
      
	
                16.

              	
                Whole
      Agreement

              	 
      
	
                17.

              	
                Language

              	 
      
	
                18.

              	
                Further
      Assurances; Post-Completion Actions

              	 
      
	
                19.

              	
                Assignment

              	 
      
	
                20.

              	
                Notices

              	 
      
	
                21.

              	
                Costs

              	 
      
	
                22.

              	
                General

              	 
      
	
                23.

              	
                Interpretation

              	 
      
	
                24.

              	
                Governing
      Law; Jurisdiction

              	 
      
	
                25.

              	
                Counterparts

              	 
      

      

      

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      THIS MERGER AGREEMENT is made
on 27 April 2007.

       

      BETWEEN:

       

      
        	
                 
      

              	
                The
      investment funds listed in SCHEDULE 1 (3i Investors) to this Merger
      Agreement (the “3i
      Investors”);

              

      

       

      
        	
                 
      

              	
                FRONTLINE LTD, a company
      incorporated under the laws of Bermuda with its registration number 17460
      and its registered office at Par la Ville Place, 14 Par la Ville Road,
      Hamilton, Bermuda and listed on the Oslo Stock Exchange (“Frontline”);

              

      

       

      
        	
                 
      

              	
                SEALIFT LTD a company
      incorporated under the laws of Bermuda with the registration number 39466
      and its registered office at Par la Ville Place, 14 Par la Ville Road,
      Hamilton, Bermuda, (“Sealift” or the “Company”);

              

      

       

      
        	
                 
      

              	
                STICHTING MANAGEMENT
      DELPHI, a foundation (stichting)
      incorporated under the laws of The Netherlands, having its
      registered offices at Lage Mosten 15, 4822 NJ Breda, the Netherlands,
      registered with the Commercial Register in West-Brabant, The Netherlands,
      under file number 34260899 (the “Delphi
      Foundation”);

              

      

       

      
        	
                 
      

              	
                STICHTING MANAGEMENT
      SEALIFT, a foundation (stichting)
      incorporated under the laws of The Netherlands, having its
      registered offices at Breda, The Netherlands, and its principal place of
      business at Lage Mosten 15, 4822 NJ Breda, the Netherlands, registered
      with the Commercial Register in West-Brabant, The Netherlands (the “MPP
      Foundation”);

              

      

       

      
        	
                 
      

              	
                NEPTUN HEAVY LIFT AS, a
      company incorporated under the laws of Norway, with its registered office
      at Ruselokkveien 26, 0117 Oslo, Norway and registered with the corporate
      register in Norway under number 935 302 110 (“Neptun”);

              

      

       

      
        	
                 
      

              	
                CAPRICORN INVESTMENT AS,
      a company incorporated under the laws of Norway, with its registered
      office at Dalsveien 57, 0775 Oslo, Norway and registered with the
      corporate register in Norway under number 989 048 945 (“Capricorn”); and

              

      

       

      
        	
                 
      

              	
                SJØKONSULT AS, a company
      incorporated under the laws of Norway, with its registered office at
      Bjerkebakken 65 A, 0757 Oslo, Norway and registered with the corporate
      register in Norway under number 989 382 810 (“Sjøkonsult”);

              

      

       

      The
above parties (including each of the 3i Investors) are individually referred to
as a “Party” and together as the “Parties”;

       

      WHEREAS:

       

      
        	
                (A)

              	
                The
      3i Investors, the Delphi Foundation (which has or will transfer all its
      interests in Delphi to the MPP Foundation), Neptun, Capricorn and
      SJØKONSULT (collectively the “Delphi
      Shareholders”) together hold 100%
      of the issued share capital of Delphi Acquisition Holding S.A., a limited
      liability company (société anonyme)
      incorporated under the laws of Luxembourg, with its registered
      office at 20, rue de la Poste, L-2346 Luxembourg, Grand Duchy of
      Luxembourg and registered with the Luxembourg Trade and Companies Register
      under number B122.411 (“Delphi”);

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
        	
                (B)

              	
                Delphi
      is the holding company for a group of companies active in the offshore
      industry operating a fleet of large heavy lift transport vessels (the
      “Delphi Business”). Delphi acquired the group of companies operating the
      Delphi Business on 12 January 2007;

              

      

       

      
        	
                (C)

              	
                Sealift
      is the holding company for a group of, inter alia, six companies (the
      “ShipCo’s”) each of which owns a single hull Suez max vessel (collectively
      the “Sealift Vessels”). Four Sealift Vessels are being, or are scheduled
      to be, converted at a Cosco shipyard in China into float-over heavy lift
      transport vessels. Sealift has the option to also convert the remaining
      two Sealift Vessels into float-over heavy lift transport vessels. Pursuant
      to the purchase agreement(s) dated 31 January 2007 as supplemented on 15th
      March 2007, the costs of conversion of the first four of the Sealift
      Vessels are for the account of Frontline. The costs of conversion of the
      further two Sealift Vessels are for the account of
  Sealift;

              

      

       

      
        	
                (D)

              	
                The
      shares of Sealift are traded in Norway on the over the counter system
      (“OTC”) administrated by the Norwegian Stockbrokers Association. Frontline
      is a substantial minority shareholder of Sealift holding 33.33% of the
      entire issued share capital of
Sealift;

              

      

       

      
        	
                (E)

              	
                The
      Parties have discussed the possibility of merging the Delphi Business and
      the Sealift Business (as defined herein) (the “Merger”) and have on 3
      April 2007 entered into a non­binding merger term sheet and a
      confidentiality and exclusivity
agreement;

              

      

       

      
        	
                (F)

              	
                The
      Merger will be effected by (i) the sale by the Delphi Shareholders of the
      entire issued share capital of Delphi to Sealift in consideration for the
      issue by Sealift of the Consideration Shares (as defined herein) such
      shares to be admitted for trading on the OTC, and (ii) the sale by Sealift
      of the shares of the ShipCo’s to Dockwise Transport B.V. (the “ShipCo
      Transfer Transaction”);

              

      

       

      
        	
                (G)

              	
                The
      Parties wish (i) to procure the Private Placement (as defined herein) of
      shares in the capital of Sealift (which will be tradable on the OTC), and
      (ii) to restructure the debt financing of both Sealift, Delphi and their
      respective subsidiaries (the “Debt Restructuring”). (The Merger, the
      ShipCo Transfer Transaction, the Private Placement, and the Debt
      Restructuring, are collectively referred to as the
      “Transaction”);

              

      

       

      
        	
                (H)

              	
                Sealift’s
      board has, without prejudice to the provisions of the Shareholders
      Agreement, in a resolution on 27 April 2007, resolved to seek a listing of
      its shares on the Oslo Stock Exchange with Q3/07 as the targeted period
      for the first date of trading (the “Proposed
  Listing”);

              

      

       

      
        	
                (I)

              	
                Sealift
      and Delphi have complied or procured compliance with the provisions of the
      Dutch Social Economic Council Merger Regulations for the protection of
      employees (SER-Besluit Fusiegedragsregels 2000 ter bescherming van de
      belangen van werknemers) and the works council of Dockwise B.V. has
      rendered an unconditional positive advice in relation to the Transaction;
      and

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                (J)

              	
                The
      Parties now wish to proceed with the Transaction on the terms and
      conditions set out in this Merger
Agreement.

              

      

       

      IT
IS HEREBY AGREED AS FOLLOWS:

       

      
        	
                1.

              	
                DEFINITIONS

              

      

       

      
        	
                1.1

              	
                In
      this Merger Agreement capitalised terms have the meaning ascribed thereto
      in SCHEDULE 2 (Definitions).

              

      

       

      
        	
                2.

              	
                SALE AND PURCHASE
      AGREEMENT

              

      

       

      
        	
                2.1

              	
                Sealift,
      the Delphi Shareholders, the Delphi Foundation, Neptun, Capricorn and
      Sjøkonsult shall on the date hereof enter into the Delphi SPA in the
      Agreed Form.

              

      

       

      
        	
                3.

              	
                SHAREHOLDERS
      AGREEMENT

              

      

       

      
        	
                3.1

              	
                Frontline,
      certain of the Delphi Shareholders and Sealift shall on the date hereof
      enter into the Sealift Shareholders Agreement in the Agreed
      Form.

              

      

       

      
        	
                4.

              	
                THE DEBT
      RESTRUCTURING

              

      

       

      
        	
                4.1

              	
                The
      Parties shall procure the implementation of the Debt Restructuring in
      accordance with the provisions of SCHEDULE 5 (Debt
      Restructuring).

              

      

       

      
        	
                5.

              	
                VESSELS, CONVERSION, SHIPCO’S TRANSFER
      TRANSACTION

              

      

       

      
        	
                5.1

              	
                Frontline
      shall, and Sealift shall procure that the ShipCo’s shall, on the date
      hereof enter into the Second Supplemental Purchase
    Agreement.

              

      

       

      
        	
                5.2

              	
                Sealift
      shall, and the Delphi Shareholders shall procure that Dockwise Transport
      B.V. shall, on the date hereof enter into the ShipCo SPA and shall on the
      Merger Completion Date complete the ShipCo Transfer Transaction in
      accordance with SCHEDULE 6 (ShipCo Transfer
  Transaction).

              

      

       

      
        	
                6.

              	
                PRIVATE
      PLACEMENT

              

      

       

      
        	
                6.1

              	
                The
      Parties wish to pursue a private placement to professional investors
      (“New
      Investors”) of shares in the
      capital of Sealift (the “Offering Shares”) to be admitted to
      trading on the OTC (the “Private
      Placement”).

              

      

       

      
        	
                6.2

              	
                Part
      of the Offering Shares shall be issued by Sealift directly to New
      Investors in which case the proceeds shall be for the account of Sealift
      (the “Primary Offering
      Shares”) and part of the
      Offering Shares shall be Consideration Shares to be sold to New Investors
      by certain of the Delphi Shareholders in which case the proceeds shall be
      for the account of the selling Delphi Shareholders (the “Secondary Offering
      Shares”), all in accordance
      with the provisions of SCHEDULE 3 (Private Placement) and the Subscription
      Agreement.

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                6.3

              	
                Sealift
      has mandated Pareto Securities ASA and Carnegie ASA as managers in
      connection with the Private Placement (the “Placement
      Managers”).

              

      

       

      
        	
                6.4

              	
                The
      final offer price for the Offering Share shall be NOK 30 per Offering
      Share (the “Offer
      Price”). The total number
      of Offering Shares, the number of Primary Offering Shares and Secondary
      Offering Shares and the allotment of Offering Shares to New Investors
      shall be determined in accordance with SCHEDULE 3 (Private Placement) and
      the Subscription Agreement.

              

      

       

      
        	
                6.5

              	
                Sealift
      and Frontline shall procure that the Private Placement shall take place in
      accordance with all applicable laws and regulations affecting Sealift in
      Bermuda and all applicable rules and regulations and market practice
      relating to private placements on the
OTC.

              

      

       

      
        	
                7.

              	
                INTERCONDITIONALITY AND
      ANNOUNCEMENT

              

      

       

      
        	
                7.1

              	
                The
      obligations of each of the Parties is conditional on each of the
      Transaction Documents having been duly signed by the appropriate parties
      thereto (“Signing”).

              

      

       

      
        	
                7.2

              	
                Immediately
      following Signing Sealift and Frontline shall announce the Transaction by
      issuing the Sealift Press Release and the Frontline Press
      Release.

              

      

       

      
        	
                8.

              	
                CONDITIONS TO
      COMPLETION

              

      

       

      
        	
                8.1

              	
                Completion
      of the Transaction is conditional on the Completion Conditions set out in
      clause 8.2 being fulfilled or waived in accordance with clause
      8.3.

              

      

       

      
        	
                8.2

              	
                The
      Completion Conditions are:

              

      

       

      
        	
                 
      

              	
                8.2.1

              	
                receipt
      of all required licences and consents required from the Bermuda Monetary
      Authority or the Bermuda Registration of Companies or any other
      governmental authority having jurisdiction in relation to the issue of the
      Consideration Shares and the placement of the Offering Shares;
      and

              

      

       

      
        	
                 
      

              	
                8.2.2

              	
                receipt
      by the 3i Investors and Sealift of a confirmation from the Placement
      Managers that they have received irrevocable commitments from New
      Investors in relation to the subscription for Offering Shares for an
      aggregate amount of at least 39,800,000 Offering Shares at a price equal
      to the Offer Price and the allotment of the Offering Shares and the
      satisfaction or waiver of all the Conditions of the Offering, all as
      defined and in accordance with the provisions of the Subscription
      Agreement.

              

      

       

      
        	
                8.3

              	
                The
      Completion Condition set out in clause 8.2.2 is for the benefit of the 3i
      Investors and may be waived by the 3i Investors (either in whole or in
      part) at any time by notice to the other Parties. The Completion Condition
      in Clause 8.2.1 is for the benefit of all the Parties. All Parties shall
      (to the extent within their power) use reasonable endeavours to procure
      that the Completion Conditions are satisfied on or before the Merger
      Completion Date.

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

       

      
        	
                8.4

              	
                If
      the Completion Conditions have not all been fulfilled or waived in
      accordance with clause 8.3 on or before 23h59m CET on 11 May 2007 (the
      “Stop Date”) but subject to the
      Parties having complied with their obligations under this Merger
      Agreement, the 3i Investors and Sealift may each terminate this Merger
      Agreement by notice in writing to the other Parties without liability of
      any Party to any other Party and without any obligation on any Party to
      compensate any other Party for any damages or cost incurred as a result
      thereof. Following such
termination:

              

      

       

      
        	
                 
      

              	
                8.4.1

              	
                except
      for this clause 8 (Conditions), clauses 1 (Definitions), 16 (Whole
      Agreement), 17 (Language), 20 (Notices), 23 (Interpretation), 24
      (Governing Law; Jurisdiction) and 25 (Counterparts), all the other clauses
      of this Merger Agreement and the offer Transaction Documents shall lapse
      and cease to have effect; but

              

      

       

      
        	
                 
      

              	
                8.4.2

              	
                the
      lapsing of those provisions and agreements shall not affect any rights or
      liabilities of any Party in respect of damages for non-performance of any
      obligation under the Transaction Documents falling due for performance
      prior to such lapse; and

              

      

       

      
        	
                 
      

              	
                8.4.3

              	
                except
      as required by statutory or contractual obligations to a stock exchange or
      other market on which the shares of any Party are traded, no Party shall
      make (or permit any person to make) any announcement concerning the
      termination of this Merger Agreement or any ancillary matter without the
      prior written consent of the 3i Investors, Frontline and Sealift (not to
      be unreasonably withheld or
delayed).

              

      

       

      
        	
                8.5

              	
                Upon
      fulfilment or waiver (as the case may be) of the Completion Conditions,
      (i) each of Sealift and the 3i Investors may issue the Completion
      Certificate and (ii) the Parties must proceed to completion of the Merger
      in accordance with clause 10, the Delphi SPA and the ShipCo SPA (“Merger
      Completion”).

              

      

       

      
        	
                8.6

              	
                Completion
      of the Private Placement shall occur immediately after Merger Completion
      having occurred.

              

      

       

      
        	
                9.

              	
                PRE-COMPLETION
      CONDUCT

              

      

       

      
        	
                9.1

              	
                Pending
      Merger Completion each of Frontline and Sealift shall procure
      that:

              

      

       

      
        	
                 
      

              	
                9.1.1

              	
                the
      Delphi Shareholders, their representatives and advisers are given
      reasonable access to the management and to the books and records of the
      Sealift Group Companies;

              

      

       

      
        	
                 
      

              	
                9.1.2

              	
                the
      Delphi Shareholders, their representatives and advisers are provided
      information regarding the business and affairs of the Sealift Group
      Companies they reasonably require for the purposes of the Transaction;
      and

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

       

      
        	
                 
      

              	
                9.1.3

              	
                each
      of the Sealift Group Companies, if required by the Delphi Shareholders,
      shall provide all co-operation reasonably necessary in connection with the
      Debt Restructuring.

              

      

       

      The
Delphi Shareholders shall have no rights under this clause whilst they are in
breach of this Merger Agreement.

       

      
        	
                9.2

              	
                Pending
      Merger Completion each of Frontline (to the extent within its power) and
      Sealift shall use their reasonable endeavours so as to procure that,
      except with the written consent of the Delphi Shareholders (which shall
      not be unreasonably withheld or delayed and shall in any event be deemed
      to be given if no response is received within 3 (three) days of a written
      request by Frontline and Sealift) the business of the Sealift Group
      Companies shall be run in the ordinary course and in accordance with
      consistent past practice.

              

      

       

      
        	
                10.

              	
                COMPLETION

              

      

       

      
        	
                10.1

              	
                Merger
      Completion shall take place on the Merger Completion Date at the offices
      of Clifford Chance LLP in Amsterdam in accordance with the terms of the
      Delphi SPA and each of the Parties shall comply with its obligations set
      out therein.

              

      

       

      
        	
                10.2

              	
                Completion
      of the Debt Restructuring shall take place at the offices of Clifford
      Chance LLP in Amsterdam on the Merger Completion Date in accordance with
      the provisions of SCHEDULE 5 (Debt Restructuring) and each of the Parties
      shall comply with its obligations set out
  therein.

              

      

       

      
        	
                10.3

              	
                Completion
      of the ShipCo Transfer Transaction shall take place at the offices of
      Clifford Chance LLP in Amsterdam on the Merger Completion Date in
      accordance with the provisions of SCHEDULE 6 (ShipCo Transfer Transaction)
      and each of the Parties shall comply with its obligations set out
      therein.

              

      

       

      
        	
                10.4

              	
                Completion
      of the Private Placement shall take place on the Private Placement
      Completion Date in accordance with the Subscription Agreement and the
      provisions of SCHEDULE 3 (Private Placement) and to the extent the same
      relates to them, each of the Parties shall comply with the provisions
      thereof.

              

      

       

      
        	
                11.

              	
                DUE
      DILIGENCE

              

      

       

      
        	
                11.1

              	
                The
      Delphi Shareholders acknowledge and agree
that:

              

      

       

      
        	
                 
      

              	
                11.1.1

              	
                they
      have performed, with the assistance of professional advisors, a due
      diligence investigation with respect to Sealift, the Sealift Group
      Companies and the Sealift Business during the period from 5 April 2007 to
      the date hereof (the “Sealift Due Diligence
      Investigation”);

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

       

      
        	
                 
      

              	
                11.1.2

              	
                for
      the purposes of the Sealift Due Diligence Investigation the Delphi
      Shareholders have had (and their advisors have had) sufficient opportunity
      to review any and all information made available to the Delphi
      Shareholders and its advisors, amongst others, (i) by having received
      verbal and written information regarding the Sealift Group Companies and
      the Sealift Business from Frontline, Sealift, and/or their
      representatives, (ii) by having had access to the financial, legal, tax,
      commercial and other information listed on the index attached as SCHEDULE
      7 (Disclosed Information), (iii) by having had the opportunity to submit
      questions to and receive answers from Frontline and from Sealift on any
      matter that they deemed proper and necessary for the purpose of entering
      into this Merger Agreement, and (iv) by having had access to senior
      management of the Company (including meeting with the Company’s management
      group) (together with information cross-referred therein collectively the
      “Disclosed Sealift
      Information”); and

              

      

       

      
        	
                 
      

              	
                11.1.3

              	
                the
      Delphi Shareholders have to the best of their knowledge raised with
      Frontline and Sealift all specific issues which they considered relevant
      in connection with the transactions contemplated hereby and taking into
      account the information available to the Delphi Shareholders at that
      time.

              

      

       

      
        	
                11.2

              	
                Frontline
      and Sealift acknowledge and agree
that:

              

      

       

      
        	
                 
      

              	
                11.2.1

              	
                they
      have been offered the opportunity to perform, with the assistance of
      professional advisors, a due diligence investigation with respect to the
      Shares, Convertible Bonds, Loan Notes (all as defined in the Delphi SPA),
      the Delphi Group Companies and their business during the period from 30
      March 2007 to the date hereof (the “Dockwise Due Diligence
      Investigation”);

              

      

       

      
        	
                 
      

              	
                11.2.2

              	
                for
      the purposes of the Due Diligence Investigation Frontline and Sealift have
      had (and its advisors have had) sufficient opportunity to review any and
      all information made available to Frontline, Sealift and their advisors,
      amongst others, (i) by having received information regarding the Delphi
      Group Companies and its business from the Delphi Shareholders, Delphi
      and/or their representatives (ii) by having had access to the Disclosed
      Dockwise Information, (iii) by having had the opportunity to submit
      questions to and receive answers from the Delphi Shareholders and from
      Delphi on any matter that it deemed proper and necessary for the purpose
      of entering into this Merger Agreement, and (iv) by having had access to
      senior management of Delphi (including meeting with the Delphi management
      group) (together with information cross-referred therein collectively the
      “Disclosed Dockwise
      Information”); and

              

      

       

      
        	
                 
      

              	
                11.2.3

              	
                Frontline
      and Sealift have to the best of their knowledge raised with the Delphi
      Shareholders all specific issues which they considered relevant in
      connection with the transactions contemplated hereby and taking into
      account the information available to Frontline and Sealift at that
      time.

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

       

      
        	
                12.

              	
                WARRANTIES

              

      

       

      
        	
                12.1

              	
                Each
      of Frontline and Sealift represents and warrants to the Delphi
      Shareholders that each of the statements set out in SCHEDULE 8
      (Warranties) is true, accurate in all material respects and not misleading
      in any material respect at the date hereof and will be true, accurate in
      all material respects and not misleading in any material respect at Merger
      Completion.

              

      

       

      
        	
                12.2

              	
                In
      the event that any of the Warranties is not true or accurate or is
      misleading or in the event of any other breach of this Merger Agreement
      (any of the foregoing a “Breach”) Frontline and
      Sealift shall be jointly and severally liable for all damages incurred by
      the Delphi Shareholders directly resulting from such Breach and, subject
      to the provisions of this Merger Agreement, compensate the Delphi
      Shareholders (or at their direction any Sealift Group Company or Delphi
      Group Company) for these damages, provided however, that neither Frontline
      nor Sealift shall be liable for any consequential damages, losses or
      liabilities or loss of profit.

              

      

       

      
        	
                12.3

              	
                If
      the Delphi Shareholders become aware of a Breach, they shall notify
      Frontline and Sealift thereof, describing in reasonable detail the facts
      or circumstances giving rise thereto, and, if reasonably possible, the
      amount of the claim (the “Claim”).

              

      

       

      
        	
                12.4

              	
                Sealift’s
      aggregate liability with respect to any claim for breach of Warranties is
      limited to USD 37.5 million. Frontline’s aggregate liability with respect
      to any claim for breach of Warranties is limited to USD 37.5 million and
      Sealift and Frontline shall not be liable to indemnify the Delphi
      Shareholders unless and until the amount of the aggregated claims for
      which Frontline and Sealift (as the case may be) are liable exceeds USD 10
      million in which event Frontline and Sealift shall - subject to the
      limitation above - be liable for the full amount of such claim if such
      claims are justified hereunder. Any individual claim shall only be taken
      into account (including for the purposes of determining if the above
      threshold has been met) if it exceeds five hundred thousand US Dollars
      (USD 500,000).

              

      

       

      
        	
                12.5

              	
                Frontline
      and Sealift are not liable in respect of a claim for any breach of
      Warranties unless the Delphi Shareholders have given Frontline and Sealift
      written notice of the claim within 12 months of the Merger Completion
      Date.

              

      

       

      
        	
                12.6

              	
                Frontline’s
      and Sealift’s liability for any Breach is limited by (i) matters disclosed
      in the Disclosed Sealift Information, (ii) any matter which has been
      fairly disclosed, or excepted, in the Warranties themselves and/or
      otherwise in this Merger Agreement and/or in the Schedules hereto and
      (iii) any matter of which the Delphi Shareholders are or should have been
      aware of at the time of entering into this Merger Agreement whether on the
      basis of information available from Sealift, Frontline or its advisers,
      from any public register or
otherwise.

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

       

      
        	
                13.

              	
                ANCILLARY RESTRAINTS &
      UNDERTAKINGS

              

      

       

      
        	
                13.1

              	
                Frontline
      undertakes to the Delphi Shareholders, the MPP Foundation, Sealift and
      each of the Sealift Group Companies from time to time that it will not,
      and that it will ensure that each member of the Frontline Group will not,
      either alone or jointly with others, directly or indirectly whether for
      the account of Frontline, any other Frontline Group Company or otherwise
      and in any capacity including as owner, officer, director, partner,
      shareholder, agent, consultant, advisor, developer, or in any other
      capacity do any of the following without the prior written consent of
      Sealift:

              

      

       

      
        	
                 
      

              	
                13.1.1

              	
                at
      any time before the expiry of 36 months after the date of termination or
      expiry of the Sealift Shareholders Agreement (the “Non-Compete
      Period”) directly or
      indirectly incorporate, establish, own, operate, manage, control or engage
      in any Competing Business;

              

      

       

      
        	
                 
      

              	
                13.1.2

              	
                at
      any time before the expiry of the Non-Compete Period acquire or hold an
      interest (financial or otherwise) in any company or business that,
      directly or through any company or business directly or indirectly
      controlled by it, is engaged in any Competing
  Business;

              

      

       

      
        	
                 
      

              	
                13.1.3

              	
                at
      any time before the expiry of the Non-Compete Period participate in a
      joint venture or other co-operative arrangement aimed directly or
      indirectly at generating Competing
Business;

              

      

       

      
        	
                 
      

              	
                13.1.4

              	
                disclose
      any confidential information relating to the Delphi Shareholders, the MPP
      Foundation, Sealift, or any of the Sealift Group Companies, the Delphi
      Group Companies or the businesses that they operate except as permitted in
      accordance with this clause 13;

              

      

       

      
        	
                 
      

              	
                13.1.5

              	
                at
      any time before the expiry of 24 months after the date of termination or
      expiry of the Sealift Shareholders Agreement, employ, enter into a
      consulting agreement with or solicit, encourage or induce to terminate an
      existing employment or consulting relationship with any person earning an
      annual salary of more than one hundred thousand United States Dollars (USD
      100,000) who is on the date of this Merger Agreement or has during the
      three (3) months before the date of this Merger Agreement been an employee
      of or consultant to Sealift, any Sealift Group Company or any Delphi Group
      Companies;

              

      

       

      
        	
                 
      

              	
                13.1.6

              	
                at
      any time before the expiry of the Non-Compete Period solicit or entice
      away any customer of the Combined Business;
or

              

      

       

      
        	
                 
      

              	
                13.1.7

              	
                at
      any time after Merger Completion use the trade names Sealift or Dockwise
      or any of their logo’s or any other name or logo likely to be confused
      with such trade name or logo.

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

       

      
        	
                13.2

              	
                Frontline
      shall not, and shall procure that any person directly or indirectly
      controlled by it shall not at any time during the Non-Compete
      Period:

              

      

       

      
        	
                 
      

              	
                13.2.1

              	
                sell,
      transfer, finance, lease or otherwise make available directly or
      indirectly to any Competitor any Competing Vessel or any vessel capable of
      being converted into a Competing Vessel;
and

              

      

       

      
        	
                 
      

              	
                13.2.2

              	
                convert
      or broker, contract for or otherwise facilitate or assist in the
      conversion of any vessel into a Competing
  Vessel.

              

      

       

      Frontline
will exercise any rights it may have or acquires during the Non Compete Period
(whether directly or indirectly and whether as owner, shareholder, director,
partner, agent, consultant, advisor, developer, or in any other capacity) in a
manner consistent with this clause 13.

       

      
        	
                13.3

              	
                Each
      undertaking in clauses 13.1 and 13.2 must be interpreted as a separate
      undertaking, severable from the remainder of this Merger Agreement, so
      that if one or more parts of the undertakings are held to be unlawful or
      against the public interest or in any way an unreasonable restraint of
      trade, and then to that extent only, it must be disregarded and the
      remaining undertakings (and, if it applies, the remainder of the
      undertaking in question) will continue to bind
  Frontline.

              

      

       

      
        	
                13.4

              	
                Each
      undertaking in clauses 13.1 and 13.2 shall confer a benefit on each Delphi
      Shareholder, each member of their respective groups of companies, the MPP
      Foundation and each Sealift Group Company. Each beneficiary (but no other
      person who is not a party to this Merger Agreement) shall be entitled to
      enforce such undertakings subject to and in accordance with the provisions
      of the contracts (Rights of Third Parties) Act 1999 (the “1999 Act”) provided that it
      shall only be entitled to enforce such undertakings whilst it is a member
      of the relevant group, or a Sealift Group Company or if no longer a member
      of the relevant group or a Sealift Group Company where the same is the
      result of an Exit Event involving (i) all or substantially all of the
      Sealift Group Companies (or their assets), or (ii) all or substantially
      all of those Sealift Group Companies (or their assets) which together form
      a separate business, business unit or
division.

              

      

       

      
        	
                13.5

              	
                Nothing
      contained in clause 13.1 or 13.2 shall preclude or restrict Frontline or
      any other member of the Frontline Group from holding (i) as a passive
      investment not more than three per cent (3%) of the issued share capital
      of any company engaged in Competing Business whose shares are listed on a
      recognised stock exchange, the OTC or any similar trading platform, and
      (ii) for the avoidance of doubt, shares in the capital of
      Sealift.

              

      

       

      
        	
                14.

              	
                CONFIDENTIALITY

              

      

       

      
        	
                14.1

              	
                Subject
      to clauses 14.3 and 14.4, neither Party shall make (or permit any member
      of its group of companies, to make) any announcement concerning the
      Transaction, the Proposed Listing or any ancillary matter before, on or
      after Merger Completion except as specifically provided in this Merger
      Agreement.

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

       

      
        	
                14.2

              	
                Subject
      to clauses 14.3 and 14.4, each Party shall keep confidential, and shall
      procure that each member of their respective group of companies from time
      to time shall keep confidential, all information provided to it by or on
      behalf of any other Party or otherwise obtained by or in connection with
      this Merger Agreement and which relates to the other
  Party.

              

      

       

      
        	
                14.3

              	
                Nothing
      in this clause 14 prevents any announcement being made or any confidential
      information being disclosed:

              

      

       

      
        	
                 
      

              	
                14.3.1

              	
                with
      the written approval of the other Parties, which in the case of any
      announcement shall not be unreasonably withheld or delayed;
    or

              

      

       

      
        	
                 
      

              	
                14.3.2

              	
                to
      the extent required by law or any stock exchange or other competent
      regulatory body or by any contractual obligation in relation to the market
      on which the shares of a Party are traded, provided that a Party
      required to disclose any confidential information shall promptly notify
      the other Parties, where practicable and lawful to do so, before
      disclosing any relevant
information;

              

      

       

      
        	
                14.4

              	
                Nothing
      in this clause 14 prevents disclosure of confidential information by any
      Party:

              

      

       

      
        	 	
                14.4.1
      

              	
                to
      the extent that the information is in or comes into the public domain
      other than as a result of a breach of any undertaking or duty of
      confidentiality by any person;

              

      

       

      
        	
                 
      

              	
                14.4.2

              	
                to
      that Party’s professional advisers, auditors or bankers, provided that before
      any disclosure to any such person is made the relevant party shall procure
      that he is made aware of the terms of this clause and that the disclosing
      party shall use its best endeavours to procure that each such person
      adheres to those terms as if he were bound by the provisions of this
      clause 14.

              

      

       

      
        	
                14.5

              	
                The
      3i Investors and Frontline may disclose the terms of this Merger Agreement
      and any information concerning Sealift (a) to any 3i Related Party, (b) to
      a director, officer or employee of any 3i Related Party, Frontline or
      their professional advisers, (c) in an information memorandum, prospectus
      or similar document or otherwise in connection with any debt or equity
      fundraising by a 3i Related Party or any Frontline Group Company or in
      connection with the direct or indirect sale of any debt or equity
      interests in any 3i Related Party or any Frontline Group
      Company.

              

      

       

      
        	
                15.

              	
                NO
      RESCISSION

              

      

       

      Without
prejudice to clauses 7 and 8 of this Merger Agreement, the Parties waive their
rights, if any, to rescind this Merger Agreement either in whole or in part. In
the event of a Breach, the only remedy for the Parties shall be a claim for
specific performance or damages.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

       

      
        	
                16.

              	
                WHOLE
      AGREEMENT

              

      

       

      The
Transaction Documents together with any documents entered into pursuant thereto
contain the whole agreement between the Parties relating to the Transaction
contemplated by this Merger Agreement and supersedes all previous agreements,
whether oral or in writing, between the Parties relating to the
Transaction.

       

      
        	
                17.

              	
                LANGUAGE

              

      

       

      The
language of this Merger Agreement and the transactions envisaged by it is
English and all notices, demands, requests, statements, certificates or other
documents or communications shall be in English unless otherwise
agreed.

       

      
        	
                18.

              	
                FURTHER ASSURANCES;
      POST-COMPLETION ACTIONS

              

      

       

      
        	
                18.1

              	
                On
      or after the date hereof each Party shall, at its own cost and expense,
      execute and do (or procure to be executed and done by any other necessary
      person) all such deeds, documents, acts and things as any other Party may
      from time to time reasonably require in order give full effect to this
      Merger Agreement.

              

      

       

      
        	
                18.2

              	
                In
      relation to each Sealift Group Company, Sealift shall procure the
      convening of all meetings, the giving of all waivers and consents and the
      passing of all resolutions as are necessary under their respective
      constitutions or any agreement or obligation affecting it to give effect
      to this Merger Agreement.

              

      

       

      
        	
                18.3

              	
                In
      relation to each Delphi Group Company, the Delphi Shareholders shall
      procure the convening of all meetings, the giving of all waivers and
      consents and the passing of all resolutions as are necessary under their
      respective constitutions or any agreement or obligation affecting it to
      give effect to this Merger
Agreement.

              

      

       

      
        	
                18.4

              	
                Sealift
      and Frontline acknowledge that upon advise from Delphi’s counsel a general
      meeting of shareholders of Delphi will be held before a Luxembourg notary
      to resolve (i) to convert Delphi from of a public company (societe anonyme) into
      a private company (société à responsabilite
      limitée) and (ii) to amend the articles of association of Delphi in
      accordance with the provisions recommended by counsel to
      Delphi.

              

      

       

      
        	
                18.5

              	
                Sealift
      shall make any US check-the-box election of Delphi Sàrl and other Seal or
      Delphi Group Companies as advised by counsel to
  Delphi.

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

       

      
        	
                19.

              	
                ASSIGNMENT

              

      

       

      No
Party may assign any of its rights, including the benefit of the Warranties, or
transfer any of the obligations under this Merger Agreement without the prior
written consent of the other Parties, provided however that each of the Parties
shall be allowed to assign and transfer its rights and obligations to any member
of its own group, provided further that the Delphi Shareholders and Sealift
shall be allowed to grant any security interests in or a pledge over this Merger
Agreement, or its rights hereunder, to financial institutions providing
financing to the Delphi Shareholders, any member within the group of companies
to which the relevant Delphi Shareholder belongs and/or any of the Delphi Group
Companies or Sealift Group Companies in connection with the transactions
contemplated in this Merger Agreement and provided further that Sealift and the
Delphi Shareholders may assign and transfer their rights hereunder in connection
with an Exit Event involving (i) Sealift, (ii) all or substantially all of the
Sealift Group Companies (or their assets) from time to time, or (iii) all or
substantially all of the Sealift Group Companies (or their assets) from time to
time which together form a separate business, business unit or
division.

       

      
        	
                20.

              	
                NOTICES

              

      

       

      Any
notice or other formal communication given under this Merger Agreement must be
in writing (which includes fax, but not email) and may be delivered in person,
or sent by post or fax to the party to be served as follows and the Parties
hereby choose domicile at such addresses and agree that all process may be
validly served on it at such address:

       

      
        	
                20.1

              	
                If
      to 3i Europartners Va, 3i Europartners Vb, 3i Pan European A, 3i Pan
      European B, 3i Pan European C, 3i Global Growth, 3i Pan-European Growth,
      Pan-European Co-invest, Pan-European Co-invest France, Pan-European
      (Nordic) Co-invest, Pan-European (Dutch) Co-invest, Global Growth
      Co-invest or Oil, Gas & Power Co-invest (jointly or
      individually):

              

      

       

      
        	
                Attn.:

              	
                Investment
      Operations (reference “Seal”)

              
	
                Fax:

              	
                +44
      207 928 0058

              
	
                Address:

              	
                16
      Palace Street

                London
      SW1E 5JD

                United
      Kingdom

              

      

       

      
        	
                c.c.:

              	
                3i
      Investments plc - (attn. Mr. Mark Dickinson)

              
	
                Fax:

              	
                +44
      207 928 0058

              
	
                Address:

              	
                16
      Palace Street

                London
      SW1E 5JD

                United
      Kingdom

              

      

       

      
        	
                c.c.:

              	
                3i
      Europe plc - Benelux (attn. Mr. Guus Overdijkink)

              
	
                Fax:

              	
                +31
      20 305 7455

              
	
                Address:

              	
                Cornelis
      Schuytstraat 72

                1071
      JL Amsterdam

                The
      Netherlands

              

      

       

      
        	
                20.2

              	
                If
      to Stichting Management Seal or Stichting Management
  Delphi

              

      

       

      
        	
                Attn.:

              	
                The
      Board

              
	
                Fax:

              	
                +31
      76 548 4290

              
	
                Address:

              	
                Lage
      Mosten 17

                4822
      NJ Breda

                United
      Kingdom

                The
      Netherlands

              

      

      

      
        	
                20.3

              	
                If
      to Neptun:

              

      

       

      
        	
                Attn.:

              	
                John
      A. Nielsen

              
	
                Fax:

              	
                +47
      23 11 6351

              
	
                Address:

              	
                Ruselokkveien
      26

                0117
      Oslo

                Norway

              

      

      

      
        	
                20.4

              	
                If
      to Capricorn:

              

      

       

      
        	
                Attn.:

              	
                Frederik
      Steenbuch

              
	
                Fax:

              	
                +47
      22 14 5970

              
	
                Address:

              	
                Dalsveien
      57

                0775
      Oslo

                Norway

              

      

      

      
        	
                20.5

              	
                If
      to Sjøkonsult:

              

      

       

      
        	
                Attn.:

              	
                Svein
      K. Johnsen

              
	
                Fax:

              	
                +47
      23 11 6351

              
	
                Address:

              	
                Bjerkebakken
      65 A

                0757
      Oslo

                Norway

              

      

      

      
        	
                20.6

              	
                If
      to Frontline:

              

      

       

      
        	
                Attn.:

              	
                Tor
      Olav Troim

              
	
                Fax:

              	
                +44
      207 824 5530

              
	
                Address:

              	
                c/o
      Frontline Management (UK) Limited

                15
      Sloane Square

                London
      SW1W 8ER

                United
      Kingdom

              

      

      

      
        	
                20.7

              	
                If
      to Sealift:

              

      

       

      
        	
                Attn.:

              	
                The
      Board

              
	
                Fax:

              	
                +31
      76 548 4299 (after Merger Completion)

                +44
      207 824 5530 (pre-Merger Completion)

              
	
                Address:

              	
                c/o
      Frontline Management (UK) Limited

                15
      Sloane Square

                London
      SW1W 8ER

                United
      Kingdom

              

      

      

      
        	
                21.

              	
                COSTS

              

      

       

      
        	
                21.1

              	
                Save
      as otherwise provided in this Merger Agreement, or as otherwise
      specifically agreed in writing by the Parties after the date of this
      Merger Agreement, all costs, fees and expenses incurred by them in
      connection with the entering into, and completion of, this Merger
      Agreement and the other Transaction Documents, including without
      limitation in respect of their obligations in satisfying the Completion
      Conditions and the other requirements for implementing the Transaction,
      will be paid by Sealift except those fees incurred in connection with the
      sale to New Investors of Secondary Offering Shares which shall be borne
      fully by the Delphi Shareholders.

              

      

       

      
        	
                22.

              	
                GENERAL

              

      

       

      
        	
                22.1

              	
                A
      variation of this Merger Agreement is valid only if it is in writing and
      signed by or on behalf of each
Party.

              

      

       

      
        	
                22.2

              	
                The
      failure to exercise or delay in exercising a right or remedy provided by
      this Merger Agreement or by law does not impair or constitute a waiver of
      the right or remedy or an impairment of or a waiver of other rights or
      remedies. No single or partial exercise of a right or remedy provided by
      this Merger Agreement or by law prevents further exercise of the right or
      remedy or the exercise of another right or
  remedy.

              

      

       

      
        	
                22.3

              	
                The
      Parties’ rights and remedies contained in this Merger Agreement are
      cumulative and not exclusive of rights or remedies provided by
      law.

              

      

       

      
        	
                22.4

              	
                Except
      to the extent that they have been performed and except where this Merger
      Agreement provides otherwise, the obligations contained in this Merger
      Agreement remain in force after Merger
  Completion.

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                22.5

              	
                Save
      as otherwise provided herein, any payment to be made by any Party under
      this Merger Agreement shall be made in full without any set-off,
      restriction, condition or deduction for or on account of any
      counterclaim.

              

      

       

      
        	
                22.6

              	
                If
      at any time any provision of this Merger Agreement is or becomes illegal,
      invalid or unenforceable under the laws of any jurisdiction, that shall
      not affect:

              

      

       

      
        	
                 
      

              	
                22.6.1

              	
                the
      legality, validity or enforceability in that jurisdiction of any other
      provision of this Merger Agreement;
or

              

      

       

      
        	
                 
      

              	
                22.6.2

              	
                the
      legality, validity or enforceability under the laws of any other
      jurisdiction of that or another provision of this Merger
      Agreement;

              

      

       

      
        	
                 
      

              	
                22.6.3

              	
                the
      Parties shall commit themselves to replacing the non-binding and/or
      non-enforceable provisions by provisions which are binding and enforceable
      and which differ as little as possible - taking into account the object
      and purpose of this Agreement - from the non-binding and/or
      non-enforceable provisions.

              

      

       

      
        	
                22.7

              	
                The
      undertakings in this Merger Agreement shall confer a benefit on each
      Delphi Shareholder, each Delphi Group Company and each employee, director,
      agent, officer or adviser of each Delphi Shareholder or each Delphi Group
      Company with respect to undertakings made by Frontline and shall confer a
      benefit on Frontline and each employee, director, agent, officer or
      adviser of Frontline with respect to undertakings made by any Delphi
      Shareholders and each such beneficiary (but no other person who is not a
      party to this Merger Agreement) shall be entitled to enforce such
      undertakings subject to and in accordance with the provisions of the 1999
      Act.

              

      

       

      
        	
                22.8

              	
                The
      Parties other than the 3i Investors each acknowledge and agree that no 3i
      Related Party is acting for them or advising them. For example, 3i
      Investments, which is regulated by the UK Financial Services Authority
      (“FSA”), does not
      have to provide the protection that it would give to a client (as defined
      in the glossary to the FSA handbook of rules and guidance) to any person
      other than 3i Related Parties. In addition, each Party other than the 3i
      Investors acknowledges and agrees that in connection with its decisions
      concerning a (possible) investment in any Sealift or Delphi Group
      Company:

              

      

       

      
        	
                 
      

              	
                22.8.1

              	
                it
      has not relied on any appraisal, recommendation, advice or information
      given by, carried out or effected by, or on behalf of, any 3i Related
      Party or its advisers;

              

      

       

      
        	
                 
      

              	
                22.8.2

              	
                it
      has made its own investigations into, and appraisals and assessment of,
      each Sealift or Delphi Group Company and its prospects, and will continue
      to do so for so long as it is the holder of, or otherwise interested in,
      equity in any Sealift or Delphi Group
Company;

              

      

       

      
        	
                 
      

              	
                22.8.3

              	
                no
      3i Related Party shall have any liability to it from any cause of
      action;

              

      

       

      
        	
                 
      

              	
                22.8.4

              	
                it
      is owed no duty of care or other obligation by any 3i Related Party or its
      advisers in connection with its decision to invest or not invest in the
      equity of Sealift or Delphi Group Company;
and

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                22.8.5

              	
                where
      appropriate, it has sought independent expert advice (whether alone or
      jointly with other Parties).

              

      

       

      
        	
                22.9

              	
                Nothing
      in this Merger Agreement shall be deemed to constitute a partnership
      between any of the Parties.

              

      

       

      
        	
                22.10

              	
                The
      Parties other than the 3i Investors undertakes with each 3i Investor that
      they shall not use the name of any 3i Related Party in any context
      whatsoever (except as required by law) or hold itself, himself or
      themselves (as the case may be) out as being connected or associated with
      any 3i Related Party (other than as regards the 3i Investors being a
      shareholders of Sealift) in any manner whatsoever without the prior
      written consent of the relevant 3i
Investor.

              

      

       

      
        	
                23.

              	
                INTERPRETATION

              

      

       

      
        	
                23.1

              	
                In
      this Merger Agreement:

              

      

       

      
        	
                 
      

              	
                23.1.1

              	
                a
      reference to a company or other legal entity shall be construed so as to
      include any legal entity or entities into which such company may be merged
      by means of a statutory merger or into which it may be split up or
      demerged, by means of a statutory split-up or
  demerger.

              

      

       

      
        	
                 
      

              	
                23.1.2

              	
                a
      reference to a “person” includes a reference to any individual, firm,
      company, corporation, partnership, association, body corporate, and any
      other entity (whether or not having separate legal personality) and
      includes such person’s legal representatives, successors and permitted
      assigns.

              

      

       

      
        	
                 
      

              	
                23.1.3

              	
                the
      term “subsidiary” of a company shall mean a legal entity with respect to
      which that company is able to direct or control, immediately or through
      one or more subsidiaries through:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                the
      exercise of more than half of the votes at a general meeting of
      shareholders;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                the
      appointment of more than half of the members of the management board (or
      local law equivalent); or

              

      

       

      
        	
                 
      

              	
                (c)

              	
                the
      appointment of more than half of the members of the supervisory board (if
      any),

              

      

       

      in
each case whether through holding voting securities, by agreement or otherwise,
and the term “parent” of a company means a legal entity of which that company is
a subsidiary;

       

      
        	
                 
      

              	
                23.1.4

              	
                the
      term “control” or “controlled” means, in relation to any
      person:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                being
      legally entitled, directly or indirectly, to exercise more than fifty per
      cent. (50%) of the votes capable of being cast in general meetings of that
      person; or

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                (b)

              	
                having
      the legal right, directly or indirectly, to appoint or replace the
      majority of the board of directors, supervisory directors or any similar
      body, or otherwise control the votes at meetings of such boards or similar
      body, whether through ownership of voting rights, through agreement or
      otherwise;

              

      

       

      
        	
                 
      

              	
                23.1.5

              	
                a
      reference to a particular agreement or document is (unless the context
      otherwise requires) a reference to the version of such agreement or
      document which is binding and enforceable on the date hereof, as such
      agreement or document may be novated, assigned, amended or supplemented
      from time to time;

              

      

       

      
        	
                 
      

              	
                23.1.6

              	
                a
      reference to the singular includes a reference to the plural and vice
      versa;

              

      

       

      
        	
                 
      

              	
                23.1.7

              	
                a
      reference to the masculine includes a reference to the feminine and neuter
      and vice versa;

              

      

       

      
        	
                 
      

              	
                23.1.8

              	
                unless
      the contrary is specifically stated, the words “include” or “including”
      are used to indicate that the matters are not a complete enumeration of
      all matters covered;

              

      

       

      
        	
                 
      

              	
                23.1.9

              	
                unless
      the context clearly indicates a contrary intention, when any number of
      days is prescribed, it must be calculated exclusively of the first and
      inclusively of the last day unless the last day falls on a day other than
      a Business Day, in which case the last day will be the next succeeding day
      which is a Business Day.

              

      

       

      
        	
                23.2

              	
                The
      recitals and schedules form an integral part of this Merger Agreement, and
      a reference to a Recital, Schedule or clause means a recital, schedule or
      clause of this Merger Agreement unless stated
  otherwise.

              

      

       

      
        	
                23.3

              	
                The
      headings in this Merger Agreement are inserted for convenience and
      reference purposes only and do not affect its
    interpretation.

              

      

       

      
        	
                24.

              	
                GOVERNING LAW;
      JURISDICTION

              

      

       

      
        	
                24.1

              	
                This
      Merger Agreement is governed by and shall be construed in accordance with
      English law.

              

      

       

      
        	
                24.2

              	
                Any
      dispute (a “Dispute”) arising from
      or connected with this Merger Agreement (including a dispute regarding the
      existence, validity or termination of this Merger Agreement or the
      consequences of its nullity), shall be referred to and finally resolved by
      arbitration under the Arbitration Rules of the London Court of
      International Arbitration (“LCIA”) (the “Rules”).

              

      

       

      
        	
                24.3

              	
                The
      tribunal shall consist of three arbitrators, two of whom shall be
      nominated by the respective parties” who shall each be an English lawyer
      of not less than 10 years standing. The seat of the arbitration and the
      venue of all hearings shall be London, England, and the language of the
      arbitration shall be English.

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                24.4

              	
                The
      Parties agree that the arbitral tribunal shall have power to award on a
      provisional basis any relief which it would have power to grant on a final
      award.

              

      

       

      
        	
                24.5

              	
                Without
      prejudice to the powers of the arbitrator provided by the Rules, statute
      or otherwise, the arbitrator shall have power at any time, on the basis of
      affidavit evidence and the submissions of the parties alone, to make an
      award in favour of the claimant (or the respondent if a counterclaim) in
      respect of any claims (or counterclaims) to which there is no reasonably
      arguable defence, either at all or except as to the amount of any damages
      or other sum to be awarded.

              

      

       

      
        	
                24.6

              	
                The
      Parties exclude any rights to refer points of law or to appeal to the
      courts, to the extent that they can validly waive these
      rights.

              

      

       

      
        	
                25.

              	
                COUNTERPARTS

              

      

       

      This
Merger Agreement may be executed in any number of counterparts, each of which
executed and delivered is an original and all of which together evidence the
same agreement.

       

      [Remainder
of the page intentionally left blank]

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      IN WITNESS WHEREOF this Merger
Agreement is signed on the date first written above.

       

      For
and on behalf of

       

      
        	
                FRONTLINE
      LTD

              	 
      
	 
      	 
      
	
                By:

              	 
      
	
                Title:

              	 
      

      

      

      

      
        	
                SEALIFT
      LTD

              	 
      
	 
      	 
      
	
                By:

              	 
      
	
                Title:

              	 
      

      

      

      

      
        	
                3i
      EUROPARTNERS Va L.P.

              	 
      
	 
      	 
      
	
                Acting
      by its manager, 3i Investments plc

                By:

              	 
      
	
                Title:

              	 
      

      

      

      

      
        	
                3i
      EUROPARTNERS Vb L.P.

              	 
      
	 
      	 
      
	
                Acting
      by its manager, 3i Investments plc

                By:

              	 
      
	
                Title:

              	 
      

      

       

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      

      
        	
                3i
      PAN EUROPEAN BUY-OUTS 2006-08A L.P.

              
	 
      	 
      
	
                Acting
      by its manager, 3i Investments plc

                By:

              	 
      
	
                Title:

              	 
      

      

      

      

      
        	
                3i
      PAN EUROPEAN BUY-OUTS 2006-08B L.P.

              
	 
      	 
      
	
                Acting
      by its manager, 3i Investments plc

                By:

              	 
      
	
                Title:

              	 
      

      

      

      

      
        	
                3i
      PAN EUROPEAN BUY-OUTS 2006-08C L.P.

              
	 
      	 
      
	
                Acting
      by its manager, 3i Investments plc

                By:

              	 
      
	
                Title:

              	 
      

      

      

      

      
        	
                3i
      GLOBAL GROWTH 2006-08 L.P.

              
	 
      	 
      
	
                Acting
      by its manager, 3i Investments plc

                By:

              	 
      
	
                Title:

              	 
      

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        	
                3i
      PAN-EUROPEAN GROWTH 2006-08 L.P.

              
	 
      	 
      
	
                Acting
      by its manager, 3i Investments plc

                By:

              	 
      
	
                Title:

              	 
      

      

      

      

      
        	
                PAN-EUROPEAN
      BUYOUTS CO-INVEST 2006-08 L.P.

              
	 
      	 
      
	
                Acting
      by its manager, 3i Investments plc

                By:

              	 
      
	
                Title:

              	 
      

      

      

      

      
        	
                PAN-EUROPEAN
      BUYOUTS CO-INVEST 2006-08 FCPR

              
	 
      	 
      
	
                Acting
      by its manager, 3i Gestion S.A.

                By:

              	 
      
	
                Title:

              	 
      

      

      

      

      
        	
                PAN-EUROPEAN BUYOUTS
      (NORDIC) CO-INVEST 2006-08
      L.P.

              
	 
      	 
      
	
                Acting
      by its manager, 3i Investments plc

                By:

              	 
      
	
                Title:

              	 
      

      

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        	
                PAN-EUROPEAN BUYOUTS
      (DUTCH) A CO-INVEST 2006-08
      L.P.

              
	 
      	 
      
	
                Acting
      by its manager, 3i Investments plc

                By:

              	 
      
	
                Title:

              	 
      

      

      

      

      
        	
                GLOBAL
      GROWTH CO-INVEST 2006-08 L.P.

              
	 
      	 
      
	
                Acting
      by its manager, 3i Investments plc

                By:

              	 
      
	
                Title:

              	 
      

      

      

      

      
        	
                OIL, GAS & POWER CO-INVEST
      2006-08 L.P.

              
	 
      	 
      
	
                Acting
      by its manager, 3i Investments plc

                By:

              	 
      
	
                Title:

              	 
      

      

      

      

      
        	
                STICHTING
      MANAGEMENT SEALIFT

              	 
      	 
      
	 
      	 
      	 
      
	
                By:

              	 
      	
                By:

              
	
                Title:

              	 
      	
                Title:

              

      

       

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      

      
        	
                STICHTING
      SHAREHOLDERS DELPHI

              	 
      	 
      
	 
      	 
      	 
      
	
                By:

              	 
      	
                By:

              
	
                Title:

              	 
      	
                Title:

              

      

      

      

      
        	
                NEPTUN
      HEAVY LIFT AS

              
	 
      	 
      
	
                By:

              	 
      
	
                Title:

              	 
      

      

      

      

      
        	
                CAPRICORN
      INVESTMENT AS

              
	 
      	 
      
	
                By:

              	 
      
	
                Title:

              	 
      

      

      

      

      
        	
                SJØKONSULT
      AS

              
	 
      	 
      
	
                By:

              	 
      
	
                Title:

              	 
      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      SCHEDULE
1

       

      3I
INVESTORS

       

      
        	
                (1)

              	
                3i EUROPARTNERS Va
      L.P., a limited
      partnership registered under the Limited Partnerships Act 1907 (registered
      number LP011419), with its registered office at 16 Palace Street, London
      SW1E 5JD, England (“3i
      Europartners Va”), acting by its
      manager, 3i Investments plc (registered number 3975789), with its
      registered office at 16 Palace Street, London SW1E 5JD, England (“3i
      Investments”);

              

      

       

      
        	
                (2)

              	
                3i EUROPARTNERS Vb
      L.P., a limited
      partnership registered under the Limited Partnerships Act 1907 (registered
      number LP011420), with its registered office at 16 Palace Street, London
      SW1E 5JD, England (“3i
      Europartners Vb”), acting by its
      manager, 3i Investments;

              

      

       

      
        	
                (3)

              	
                3i PAN EUROPEAN BUY-OUTS
      2006-08A L.P., a limited
      partnership registered under the Limited Partnerships Act 1907 (registered
      number LP011276), with its registered office at 16 Palace Street, London
      SW1E 5JD,
      England (“3i Pan European
      A”), acting by its
      manager, 3i Investments;

              

      

       

      
        	
                (4)

              	
                3i PAN EUROPEAN BUY-OUTS
      2006-08B L.P., a limited
      partnership registered under the Limited Partnerships Act 1907 (registered
      number LP011277), with its registered office at 16 Palace Street, London
      SW1E 5JD, England (“3i
      Pan European B”), acting by its
      manager, 3i Investments;

              

      

       

      
        	
                (5)

              	
                3i PAN EUROPEAN BUY-OUTS
      2006-08C L.P., a limited
      partnership registered under the Limited Partnerships Act 1907 (registered
      number LP011278), with its registered office at 16 Palace Street, London
      SW1E 5JD, England (“3i
      Pan European C”), acting by its
      manager, 3i Investments;

              

      

       

      
        	
                (6)

              	
                3i GLOBAL GROWTH 2006-08
      L.P., a limited
      partnership registered under the Limited Partnerships Act 1907 (registered
      number LP011318), with its registered office at 16 Palace Street, London
      SW1E 5JD, England (“3i
      Global Growth”), acting by its
      manager, 3i Investments;

              

      

       

      
        	
                (7)

              	
                3i PAN-EUROPEAN GROWTH 2006-08
      L.P., a limited
      partnership registered under the Limited Partnerships Act 1907 (registered
      number LP011320), with its registered office at 16 Palace Street, London
      SW1E 5JD, England (“3i
      Pan-European Growth”), acting by its
      manager, 3i Investments;

              

      

       

      
        	
                (8)

              	
                PAN-EUROPEAN BUYOUTS CO-INVEST
      2006-08 L.P., a limited
      partnership registered under the Limited Partnerships Act 1907 (registered
      number LP011279), with its registered office at 16 Palace Street, London
      SW1E 5JD, England (“Pan-European
      Co-invest”), acting by its
      manager, 3i Investments;

              

      

       

      
        	
                (9)

              	
                PAN-EUROPEAN BUYOUTS CO-INVEST
      2006-08 FCPR, a fonds communs de placement à
      risqué formed under the laws of France, with its registered office
      at 3, rue Paul Cezanne, 75008 Paris, France (“Pan-European Co-invest
      France”), acting by its
      manager, 3i Gestion S.A.;

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                (10)

              	
                PAN-EUROPEAN BUYOUTS
      (NORDIC) CO-INVEST 2006-08
      L.P., a limited
      partnership registered under the Limited Partnerships Act 1907 (registered
      number LP011553), with its registered office at 16 Palace Street, London
      SW1E 5JD, England (“Pan-European (Nordic) Co-invest”), acting by its
      manager, 3i Investments;

              

      

       

      
        	
                (11)

              	
                PAN EUROPEAN BUYOUTS
      (DUTCH) A CO-INVEST 2006-08
      L.P., a limited
      partnership registered under the Limited Partnerships Act 1907, with
      registered number LP011874, and having its registered office at 16 Palace
      Street, London, SW1E 5JD, United Kingdom (“Pan-European (Dutch) Co-Invest”), acting by its
      manager, 3i Investments;

              

      

       

      
        	
                (12)

              	
                GLOBAL GROWTH CO-INVEST 2006-08
      L.P., a limited
      partnership registered under the laws of Jersey (registered number LP760),
      with its registered office at 22 Grenville Street, St. Helier, Jersey
      (“Global Growth
      Co-invest”), acting by its
      manager, 3i Investments; and

              

      

       

      
        	
                (13)

              	
                OIL, GAS & POWER CO-INVEST 2006-08
      L.P., a limited
      partnership registered under the Limited Partnerships Act 1907 (registered
      number LP011321), with its registered office at 16 Palace Street, London
      SW1E 5JD, England (“Oil, Gas & Power Co-invest”), acting by its
      manager, 3i Investments.

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      SCHEDULE
2

       

      

       

      Definitions

       

      
        	
                3i
      Investments

              	
                has
      the meaning given to it in paragraph (1) of SCHEDULE 1 (3i
      Investors);

                 

              
	
                3i
      Investors

              	
                means
      the parties listed in SCHEDULE 1 (3i Investors);

                 

              
	
                3i
      Related Party

              	
                means
      (i) any entity of the 3i Group, (ii) any 3i Investor and any other fund,
      partnership, investment vehicle or other entity which is managed or
      advised by an entity in the 3i Group or its nominees or by other parties
      selected by 3i Group, or in which any entity in the 3i Group has a
      majority economic interest (a “3i Fund”) and (iii) any
      investor in any 3i Fund;

                 

              
	
                Affiliate

              	
                means
      in relation to any entity or person, any subsidiary, subsidiary
      undertaking, parent company, parent undertaking or other entity or person
      that directly or indirectly through one or more intermediaries, controls,
      is controlled by or is under common control with such entity or person, or
      any entity for which such entity or person serves as investment adviser,
      discretionary investment manager or in a similar capacity, and all mutual
      funds or other pooled or collective investment vehicles advised or managed
      by such entity or person;

                 

              
	
                Agreed
      Form

              	
                shall
      mean the document in its final form as approved and initialled by
      Frontline, Sealift and the 3i Investors as appropriate;

                 

              
	
                Bareboat
      Charters

              	
                means
      the bareboat charters forming part of the Shipping Documents as described
      in the Disclosed Information;

                 

              
	
                Bermuda
      Monetary

                Authority

              	
                means
      the Bermuda Monetary Authority established in terms of the Bermuda
      Monetary Authority Act 1969 as a body corporate having perpetual
      succession, to act as an independent licensing, supervisory and regulatory
      body;

                 

              
	
                Board
      Resolution

              	
                means
      the resolution of the Board of Sealift in the form of SCHEDULE 4 (Board
      Resolution);

                 

              
	
                BidCo

              	
                means
      Delphi Acquisition Holding I B.V., a company incorporated under the laws
      of The Netherlands with its registered office in Breda, The
      Netherlands;

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        	
                Bond
      Trustee

              	
                means
      Norsk Tillitsmann ASA in its capacity as bond trustee in relation to the
      Sealift Bonds;

                 

              
	
                Breach

              	
                has
      the meaning given to it in clause 12.2 of this Merger
      Agreement;

                 

              
	
                Business
      Day

              	
                means
      a day other than a Saturday, Sunday or official public holiday in either
      the United Kingdom or Norway, and on which banks are generally open for
      business in London, England and Oslo, Norway;

                 

              
	
                Capricorn

              	
                has
      the meaning given to it in the introduction to this Merger Agreement,
      paragraph 1.7;

                 

              
	
                Claim

              	
                has
      the meaning given to it in clause 12.3 of this Merger
      Agreement;

                 

              
	
                Combined
      Business

              	
                means
      the Sealift Business and the Delphi Business taken together; means
      Sealift;

                 

              
	
                Company

              	
                means
      Sealift;

                 

              
	
                Competing
      Business

              	
                means
      any business or activity which involves providing heavy lift maritime
      shipping services of a type now or during the Non Compete Period provided
      by any Sealift Group Company or any Delphi Group Company from time to
      time;

                 

              
	
                Competing
      Vessel

              	
                means
      any vessel capable of being deployed in Competing Business;

                 

              
	
                Competitor

              	
                means
      any person directly or indirectly engaged in, or seeking to have available
      to it via purchase, lease, chartering or otherwise any vessels where the
      person restricted by the provisions of Clause 13 of the Merger Agreement
      or Mr Fredriksen, as the case may be, is reasonably aware such person is
      seeking to engage in, Competing Business;

                 

              
	
                Completion
      Certificate

              	
                means
      the certificate substantially in the form set out in SCHEDULE 6 to the
      Delphi SPA;

                 

              
	
                Completion
      Conditions

              	
                means
      the conditions set out in clause 8.2 of this Merger
Agreement;

                 

              
	
                Consideration
      Shares

              	
                has
      the meaning set out in the Delphi
SPA;

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        	
                Conversion
      Contracts

              	
                means
      the contracts entered into with Cosco for the incorporating of new designs
      and materials within the existing structure of the four Sealift Vessels
      converting such Sealift Vessels into float-over heavy lift transport
      vessels ;

                 

              
	
                Cosco

              	
                means
      either of Cosco (Zhoushan) Shipyard Co., Ltd or Cosco (Nantong) Shipyard
      Co., Ltd, as the context may require;

                 

              
	
                Debt
      Restructuring

              	
                has
      the meaning given to it in recital (G) of this Merger
      Agreement;

                 

              
	
                Delphi

              	
                has
      the meaning given to it in recital (A);

                 

              
	
                Delphi
      Business

              	
                has
      the meaning given to it in recital (B);

                 

              
	
                Delphi
      Foundation

              	
                has
      the meaning given to it in the introduction to this Merger Agreement,
      paragraph 1.4;

                 

              
	
                Delphi
      Group Company /

                Companies

              	
                means
      Delphi and its Subsidiaries from time to time;

                 

                 

              
	
                Delphi
      Shareholders

              	
                has
      the meaning given to it in recital (A);

                 

              
	
                Delphi
      SPA

              	
                means
      the share purchase agreement of even date herewith, between the Delphi
      Shareholders, the Delphi Foundation as Sellers and Sealift as
      Buyer;

                 

              
	
                Disclosed
      Sealift

                Information

                 

              	
                has
      the meaning given to it in clause 11.1.2 of this Merger
      Agreement;

                 

              
	
                Dockwise
      Due Diligence

                Investigation

                 

              	
                has
      the meaning ascribed thereto in clause 11.2.1;

              
	
                Encumbrance

              	
                means
      a mortgage, charge, pledge, lien, option, restriction, right of first
      refusal, right of pre-emption, third-party right or interest, other
      encumbrance or security interest of any kind, or another type of
      preferential arrangement (including, without limitation, a title transfer
      or retention arrangement) having similar effect;

                 

              
	
                Existing
      Facility

                Agreement

              	
                means
      the Delphi USD 680 million senior facilities agreement dated 11 January
      2007 (as amended from time to time) and the PIKCo USD 65 million PIK
      Facility Agreement dated 10 April 2007;

                 

              
	
                Existing
      Shares

              	
                means
      all the issued share capital of Sealift being immediately prior to the
      issuing of the Primary Offering Shares and the Consideration Shares a
      total of 90 million shares with a nominal vale of USD 1 each;

                 

              
	
                Exit
      Event

              	
                means
      any sale, transfer, merger, share for share exchange or asset pooling, a
      listing on any stock exchange or similar event;

                 

              
	
                Facility
      Agreements

              	
                means
      the PIK Facility Agreement and the Senior Facilities
      Agreement;

                 

              
	
                Frontline

              	
                has
      the meaning given to it in the introduction to this Merger Agreement,
      paragraph 1.2;

                 

              
	
                Frontline
      Group

              	
                means
      Frontline and any of its Subsidiaries from time to time;

                 

              
	
                Frontline
      Press Release

              	
                means
      the press release in the Agreed Form to be issued by Frontline after
      Signing;

                 

              
	
                Investor
      Presentation

              	
                means
      the investor presentation dated 26 April 2007 issued by the Company in
      connection with the Private Placement;

                 

              
	
                Offering
      Shares

              	
                has
      the meaning given to it in clause 6.1;

                 

              
	
                Offer
      Price

              	
                means
      NOK 30 per Offering Share;

                 

              
	
                Management
      Agreements

              	
                means
      the agreements described in SCHEDULE 8;

                 

              
	
                Mandatory
      Bond

                Prepayment
      Date

                 

              	
                means
      15 Business Days after the issue of the Mandatory Prepayment
      Notice;

              
	
                Mandatory
      Prepayment

                Notice

                 

              	
                means
      the notice in the Agreed Form;

              
	
                Marketing
      Materials

              	
                means
      the Investor Presentation prepared and distributed in relation to the
      Private Placement;

                 

              
	
                Merger

              	
                has
      the meaning given to it in recital (E) of this Merger
      Agreement;

                 

              
	
                Merger
      Agreement

              	
                means
      this Merger agreement including all the Schedules and Annexes to this
      Agreement;

                 

              
	
                Merger
      Completion

              	
                has
      the meaning given to it in clause 8.5 of this Merger
      Agreement;

                 

              
	
                Merger
      Completion Date

              	
                means
      the date designated by the 3i Investors and Seal for Merger Completion
      which is set at 4 May 2007 but can be deferred by each of Seal and 3i
      Investments by notice to all other Parties to a Business Day no later than
      11 May 2007 or such other date as shall be agreed between Frontline and 3i
      Investments;

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        	
                MPP
      Foundation

              	
                has
      the meaning given to it in the introduction to this Merger Agreement,
      paragraph 1.5;

                 

              
	
                Neptun

              	
                has
      the meaning given to it in the introduction to this Merger Agreement,
      paragraph 1.6;

                 

              
	
                New
      Investors

              	
                has
      the meaning given to it in clause 6.1 of this Merger
      Agreement;

                 

              
	
                Non-Compete
      Period

              	
                has
      the meaning given to it in clause 13.1.1 of this Merger
      Agreement;

                 

              
	
                Norwegian
      Stockbrokers

                Association

              	
                means
      the Norwegian Securities Dealers Association and its subsidiary, the
      Norwegian Stockbrokers Information services (FINFO), which operates a
      trading support system for unlisted shares (The OTC-system) for the
      benefit of its members;

                 

              
	
                Notary

              	
                Means
      Mr. T.P. van Duuren, civil law notary at Clifford Chance LLP in
      Amsterdam;

                 

              
	
                Notary
      Account

              	
                means
      the third party account set out in the Notary Letter;

                 

              
	
                Notary
      Letter

              	
                means
      the letter detailing the (re-)pay went investors to the
      Notary;

                 

              
	
                Offering
      Shares

              	
                has
      the meaning given to it in clause 4.1 of this Merger
      Agreement;

                 

              
	
                OTC

              	
                has
      the meaning given to it in recital (D) of this Merger
      Agreement;

                 

              
	
                Parties

              	
                has
      the meaning given to it in the introduction to this Merger Agreement and a
      Party means any of them;

                 

              
	
                PIK
      Facility Agreement

              	
                means
      USD 65 million Pik facility agreement between, amongst others, Lehman
      Brothers and PIKCo dated on or about the date hereof;

                 

              
	
                PIK
      Lenders

              	
                means
      the financial institutions which are from time to time a party to the PIK
      Facility Agreement as a Lender (as defined
  therein);

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        	
                PIK
      Loan

              	
                means
      the PIK Facility Agreement between PIKCo, Bayerische Hypo- und Vereinsbank
      AG, London Branch, Lehman Brothers International (Europe) as arrangers and
      bookrunners, Lehman Brothers International (Europe) as Agent, Lehman
      Brothers International (Europe) as Security Agent and the Original Lenders
      as listed therein;

                 

              
	
                PIKCo

              	
                means
      Delphi Acquisition Holding B.V., a private company with limited liability
      (besloten vennootschap
      met beperkte aansprakelijkheid) incorporated under the laws of The
      Netherlands, having its registered office at Lage Mosten 15, 4822 NJ
      Breda, The Netherlands, and being registered with the Chamber of Commerce
      in Amsterdam, The Netherlands, under file number 20131044;

                 

              
	
                Placement
      Managers

              	
                has
      the meaning given to it in clause 6.3 of this Merger
      Agreement;

                 

              
	
                Primary
      Offering Shares

              	
                has
      the meaning given to it in clause 6.2 of this Merger
      Agreement;

                 

              
	
                Private
      Placement

              	
                has
      the meaning given to it in clause 4.1 of this Merger
      Agreement;

                 

              
	
                Private
      Placement

                Completion
      Date

                 

              	
                has
      the meaning given to it in SCHEDULE 3 (Private
  Placement);

              
	
                Proposed
      Listing

              	
                has
      the meaning given to it in recital (H) of this Merger
      Agreement;

                 

              
	
                Consideration
      Shares

              	
                has
      the meaning given to it in the Delphi SPA;

                 

              
	
                Refund
      Guarantees

              	
                means
      the guarantees issued to the ShipCo’s in relation to refund of instalments
      paid under the Conversion Contracts;

                 

              
	
                Sealift

              	
                has
      the meaning given to it in the introduction to this Merger Agreement,
      paragraph 1.3;

                 

              
	
                Sealift
      Bonds

              	
                means
      the FRN Sealift Ltd. Senior Secured Callable Bonds issued by Sealift under
      a loan agreement dated 8 February 2007;

                 

              
	
                Sealift
      Business

              	
                Means
      the business as conducted by Sealift including the ShipCo’s and the
      Shipping Assets;

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        	
                Sealift
      Due Diligence

                 

                Investigation

              	
                has
      the meaning given to it in clause 11.1.1 of this Merger
      Agreement;

              
	
                Sealift
      Group Companies

              	
                means
      Sealift and its Subsidiaries from time to time and Sealift Group Company
      means any of them;

                 

              
	
                Sealift
      Press Release

              	
                means
      the press release in the Agreed Form to be issued by Sealift after
      Signing;

              
	
                Sealift
      Shareholders

                Agreement

              	
                means
      the Agreed Form shareholders agreement of even date herewith, between the
      Parties to this Merger Agreement except for Capricorn, Sjøkonsult, Neptun
      and the Delphi Foundation;

                 

              
	
                Sealift
      Vessels

              	
                has
      the meaning given to it in recital (C) and further details of which are
      set out in SCHEDULE 10 (Shipping Assets);

                 

              
	
                Secondary
      Offering Shares

              	
                Has the meaning set
      out in clause 6.2;

                 

              
	
                Second
      Supplemental

                Purchase
      Agreement

                 

              	
                means
      the supplemental purchase agreement in the form of SCHEDULE 11 (Second
      Supplemental Purchase Agreement) ;

              
	
                Senior
      Facilities

                Agreement

              	
                means
      the USD 1,100 million facility agreement between, amongst others, Lehman
      Brothers and BIDCo dated on or about the date hereof;

                 

              
	
                Senior
      Sealift Loan

              	
                means
      the loan that was made available to Sealift under the Senior Sealift Loan
      Agreement;

                 

              
	
                Senior
      Sealift Loan

                Agreement

              	
                means
      the Sealift USD 240 million delayed draw term loan facility agreement
      dated 15 March 2007;

                 

              
	
                ShipCo

              	
                means
      either Front Target Inc., Front Traveller Inc., Granite Shipping Company
      Limited or Quadrant Marine Inc or Southwest Tankers Inc or West Tankers
      Inc, as the context may require and “Owners” means all of
      them;

                 

              
	
                ShipCo
      SPA

              	
                means
      the agreement for the sale and purchase of all the issued shares in Front
      Target Inc., Front Traveller Inc., Granite Shipping Company Limited, West
      Tankers Inc., Southwest Tankers Inc. and Quadrant Marine Inc. entered into
      on the date of this Merger Agreement by and between Sealift as seller and
      Dockwise Transport B.V. as buyer, all in the Agreed Form;

                 

              
	
                ShipCo’s
      Transfer

                Transaction

              	
                has
      the meaning given to it in recital (F) of this Merger
      Agreement;

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        	
                Shipping
      Assets

              	
                means
      the legal and beneficial interests the Owners have in each of the Sealift
      Vessels and the Shipping Documents as set out in SCHEDULE 10 (Shipping
      Assets);

                 

              
	
                Shipping
      Document

              	
                means
      the Conversion Contracts, the Conversion Options, the Bareboat Charters,
      the Management Agreements and the Refund Guarantees;

                 

              
	
                Signing

              	
                has
      the meaning given to it in clause 7.1;

                 

              
	
                Sjøkonsult

              	
                has
      the meaning given to it in the introduction to this Merger Agreement,
      paragraph 1.8;

                 

              
	
                Stop
      Date

              	
                has
      the meaning given to it in clause 8.4 of this Merger
      Agreement;

                 

              
	
                Subscription
      Agreement

              	
                means
      the Agreed Form subscription agreement issued in

                connection
      with the Private Placement;

                 

              
	
                Subsidiaries

              	
                has
      the meaning given to it in clause 1 of the Delphi SPA;

                 

              
	
                Transaction

              	
                has
      the meaning given to it in recital (G);

                 

              
	
                Transaction
      Documents

              	
                means
      the Merger Agreement, the Delphi SPA, the Commitment Letter, the Notary
      Letter, the Frederiksen Non-Compete Undertaking, the Sealift Shareholders
      Agreement, the ShipCo SPA and the Board Resolution; and

                 

              
	
                Warranties

              	
                means
      the warranties given by Frontline and Sealift to the Delphi Shareholders
      set out in SCHEDULE 8 (Warranties) of this Merger
    Agreement.

              

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      SCHEDULE
3

       

      

       

      Private
Placement

       

      Immediately
following Signing:

       

      
        	
                1.

              	
                Frontline
      will issue the Frontline Press
Release.

              

      

       

      
        	
                2.

              	
                Sealift
      will issue the Sealift Press
Release.

              

      

       

      
        	
                3.

              	
                Within
      48 hours of the date hereof, the Placement Managers will have informed the
      Parties of the number of Offering Shares the Placement Managers are able
      to place with New Investors (subject to Merger
  Completion).

              

      

       

      
        	
                4.

              	
                Upon
      receipt of the information referred to in 3 above, the allotment decisions
      will be made in accordance with the provisions of the Subscription
      Agreement.

              

      

       

      
        	
                5.

              	
                Completion
      of the Private Placement shall take place no later than on 11 May 2007
      (the “Private Placement
      Completion Date”).

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      SCHEDULE
4

       

      Board
Resolution

       

       

      SEALIFT
LTD.

       

      The
undersigned, being all the Directors of Sealift Ltd., a company incorporated in
the Islands of Bermuda (the “Company”) pursuant to Bye-Law 104
of the Company’s Bye-laws, HEREBY ADOPT the resolutions set out
below.

       

      These
Unanimous Written Resolutions may be executed in counterparts, and a copy shall
be inserted in the Company’s Minute Book. Any action taken herein shall be of
the same force and effect as if adopted at a duly convened meeting of the Board
of Directors of the Company.

       

      
        	
                1.

              	
                Election and Appointment of
      Officers and Resident
Representative

              

      

       

      WHEREAS
it is noted that it is desirous to appoint the persons set out below as
Directors of the Company with effect from Merger Completing as defined in the
Morgan Agreement.

       

      It
is HEREBY RESOLVED that:-

       

      Andre
Goedee, Mark Dickinson, Stefan Malfliet and Hans Middelthon be elected or
appointed from Merger Completion as defined in the Merger Agreement to hold
office until election of the next Board of Directors or until their respective
successors are elected or appointed:

       

      
        	
                2.

              	
                The Transaction
      Documents

              

      

       

      WHEREAS
it is proposed that the Company shall entand er into a merger agreement to be
made between, inter alia, the Company, Frontline Ltd., the 3i Investors (as
defined therein), Stichting Shareholding Delphi, Stichting Management Sealift,
Neptun Heavy Lift AS, Capricorn Investment AS and Sjøkonsult AS in order to
effect the merger of the business of the Company with the business of Delphi
Acquisition Holding S.A. (“Delphi”) on the terms and
conditions contained therein (the “Merger
Agreement”);

       

      WHEREAS
in connection with the Merger Agreement the Company shall enter into an
agreement regarding the sale and purchase of shares, convertible bonds, loan
notes, depositary receipts over shares, depositary receipts over convertible
bonds and depositary receipts over loan notes in Delphi to be made between,
inter alia, the Company, the 3i Investors (as defined therein), Stichting
Management Seal, Neptune Heavy Lift AS, Capricorn Investment AS and SJØKONSULT
AS (the “Delphi
SPA”);

       

      WHEREAS
in connection with the issuance of shares in the Company as consideration for
the above it is intended that the Company will also enter into several
subscription agreements for the private placement of shares in the Company (the
“Subscription
Agreements”) and a shareholders
agreement to be made between, inter alia, the Company, Frontline Ltd. and the
Delphi Shareholders (as defined in the Merger Agreement) (the “Shareholders
Agreement”);

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

       

      WHEREAS
the Company owns all the issued and outstanding shares in Front Target Inc.,
Front Traveller Inc., Granite Shipping Company Limited, West Tankers Inc.,
Southwest Tankers Inc., and Quadrant Marine Inc. (the “Shipco Shares”), it is intended that the
Company will enter into a sale and purchase agreement to sell the Shipco Shares
to Dockwise Transport B.V. (the “Shipco SPA”)

       

      The
Merger Agreement, the Delphi SPA, the Shareholders Agreement the Private
Placement Agreements and the Shipco SPA are each individually referred to as a
“Transaction
Document” and collectively as the
“Transaction
Documents”);

       

      WHEREAS
the Board has carefully reviewed the contents and effect and the terms of each
of the Transaction Documents and all the documents referred to in the Merger
Agreement and the transactions contemplated therein;

       

      WHEREAS
the Combined Business, as defined in the Merger Agreement, has been valued at
2.062 billion USD on a cash and debt free basis and accordingly, the Purchase
Price (as defined in the Delphi SPA) has been negotiated at arms length and in
good faith;

       

      WHEREAS
the execution and delivery by or on behalf of the Company of the Transaction
Documents and the exercise by the Company of its rights and the performance by
the Company of its obligations thereunder would materially benefit the Company
and would be for the purpose of carrying on its business.

       

      WHEREAS
no Director has, directly or indirectly, any interest in the Transaction
Documents or the arrangements relating thereto, which he is required by the
Memorandum of Association or Bye-Laws of the Company or by statute or otherwise
to disclose or is for any reason disqualified from voting pursuant to these
unanimous written resolutions of the Board except for the options and
remuneration packages negotiated for this transaction;

       

      WHEREAS
neither the execution and delivery by or on behalf of the Company of the
Transaction Documents to which the Company will be a party nor the exercise by
the Company of any of its rights or the performance by the Company of any of its
obligations thereunder would result in any breach of any restriction imposed by
law, the Memorandum of Association or Bye-Laws of the Company or any agreement
to which the Company is a party or by which the Company is bound;

       

      It
is HEREBY RESOLVED that:-

       

      the
issuance of the Primary Offering Shares (as defined in the Merger Agreement) and
the issuance of the Consideration Shares (as defined in the Delphi SPA), in each
cash credited as fully paid up, are hereby approved as being in the best
interests of the Company and the actions of the Directors, Officers and Agents
of the Company to date in connection therewith be and are hereby approved,
ratified and confirmed;

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      the
transactions contemplated in the Transaction Documents are hereby approved as
being in the best interests of the Company and the actions of the
directors,

       

      officers
and agents of the Company to date in connection therewith are hereby approved,
ratified and confirmed;

       

      the
actions of the Directors, Officers and agents of the Company to date in
connection with the aforementioned transactions be and are hereby approved and
the entry by the Company into the Transaction Documents and all transactions
contemplated therein is hereby approved and retified;

       

      the
terms and conditions (so far as they concern the Company) of each of the
Transaction Documents and the execution and delivery by or on behalf of the
Company of each Transaction Document in such form or with such amendments
thereto as the person or persons executing the same pursuant to the authorities
conferred by the following resolutions may in his or their absolute discretion
think fit, and the exercise by the Company of its rights and the performance by
the Company of its obligations thereunder he and are hereby
approved;

       

      each
of the Directors, including the director appointed as per the resolutions above,
(each an “Authorised
Signatory”), be and is severally
authorised to sign and deliver on behalf of the Company each of the Transaction
Documents, in the forms of the drafts reviewed by the Directors or with such
amendments thereto as such Authorised Signatory may in his absolute discretion
think fit, the exercise of such discretion to be conclusively evidenced by the
Authorised Signatory’s execution thereof;

       

      each
Authorised Signatory be and is hereby severally authorised to do all acts and
things so as to carry into effect the purposes of the foregoing resolutions and
to sign and deliver on behalf of the Company any and all documents which may be
required pursuant to or in connection with the Transaction Documents and to give
any and all notices, acknowledgements or undertakings on behalf of the Company
in connection with the Transaction Documents, in each case in such manner or
form as such Authorised Signatory may in his absolute discretion think fit, the
exercise of such discretion to be conclusively evidenced by his execution
thereof;

       

      with
respect to documents to be executed as deeds (if any), each Authorised Signatory
and Attorney be and is hereby severally authorized in respect of any Transaction
Document (or any such other document as may be requisite or appropriate in
furtherance of the exercise of the Company’s rights or performance of the
Company’s obligations thereunder), to execute under the Company’s Common Seal
and deliver same on behalf of the Company, in such form as such person may in
his or her absolute discretion think fit, the exercise of such discretion to be
conclusively evidenced by his execution thereof;

       

      with
respect to documents requiring execution only under hand, each Authorised
Signatory be and is hereby severally authorized in respect of any Transaction
Document (or any such other document as may be requisite or appropriate in
furtherance of the exercise of the Company’s rights or performance of the
Company’s obligations thereunder) that does not require execution as a deed, to
execute under hand and deliver same in such form as such person may in his or
her absolute discretion think fit, the exercise of such discretion to be
conclusively evidenced by his execution thereof;

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

       

      each
of the Secretary, the Assistant Secretary, the Resident Representative and the
Assistant Representative of the Company be and is hereby severally authorized to
issue a power or powers of attorney under the Common Seal of the Company
authorizing any or all of the Authorized Signatories as attorneys-in-fact of the
Company (each an “Attorney” and together, the “Attorneys”) and delegating to the
Attorneys the powers and discretions vested in the Authorised Signatories by
virtue of the foregoing resolutions, such power or powers of attorney to he in
such form as the individual or individuals acting may in his or their discretion
determine, the exercise of such discretion to be conclusively evidenced by their
execution thereof;

       

      each
of the Directors, the Secretary or the Assistant Secretary of the Company be and
is hereby authorised:

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      SCHEDULE
5

       

      

       

      Debt
Restructuring

       

      
        	
                1.

              	
                Bidco
      has notified Lehman Brothers International (Europe) in accordance with the
      terms of the Commitment Letter, that signing of the Facility Agreement is
      required to take place on the date of Completion on terms approved as of
      the date hereof.

              

      

       

      
        	
                2.

              	
                The
      Bond Trustee has notified Sealift in writing that the ShipCo Transfer
      Transactions constitutes a mandatory prepayment event in accordance with
      the terms of the Sealift Bonds.

              

      

       

      
        	
                3.

              	
                On
      the date hereof:

              

      

       

      
        	
                3.1

              	
                Sealift
      shall notify Nordea Bank Norge ASA (“Nordea”) as agent under
      the Senior Sealift Loan Agreement that the Senior Sealift Loan will
      voluntarily be repaid by Sealift on Merger
  Completion.

              

      

       

      
        	
                3.2

              	
                BidCo
      shall notify Fortis Bank S.A. / N.V. (UK Brands) as agent under the
      Existing Facility Agreements that the Existing Facilities will voluntarily
      be prepaid by BidCo on Merger
Completion.

              

      

       

      
        	
                4.

              	
                Prior
      to the Merger Completion Date the appropriate parties shall enter into the
      and Notary Letter.

              

      

       

      
        	
                5.

              	
                On
      the Merger Completion Date:

              

      

       

      
        	
                5.1

              	
                Bidco,
      PIKCo and Lehman Brothers as the Agent will enter into the Facilities
      Agreements.

              

      

       

      
        	
                5.2

              	
                The
      lenders under the Facilities Agreements will make the funding available to
      the Notary Account for release in accordance with the terms of the Notary
      Letter upon prepayment of the conditions precedent as agreed
      therein.

              

      

       

      
        	
                5.3

              	
                Sealift
      will issue to the Bond Trustee the Mandatory Prepayment
      Notice.

              

      

       

      
        	
                6.

              	
                Within
      3 Business Days of Merger Completion Sealift will repay the Sealift Senior
      Facility and procure the release of first lien security by Nordea as
      security agent under the Senior Sealift Loan
  Agreement.

              

      

       

      
        	
                7.

              	
                On
      the Mandatory Bond Prepayment Date, Sealift will repay the Sealift Bonds
      together with the mandatory prepayment
amount.

              

      

       

      
        	
                8.

              	
                Following
      Merger Completion, BidCo, PIKCo and the ShipCo’s will enter into the
      relevant further security documents in accordance with the terms of the
      Facility Agreements.

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      SCHEDULE
6

       

      

       

      Shipco
Transfer Transacti on

       

      
        	
                1.

              	
                On
      the Merger Completion Date:

              

      

       

      
        	
                1.1

              	
                Sealift
      and Dockwise Transport B.V. shall procure the transfer of the ShipCo’s in
      accordance with the ShipCo SPA.

              

      

       

      
        	
                1.2

              	
                Frontline
      agrees to the assignment by Sealift or ShipCo of any and all rights and
      the transfer of any and all obligations under any Shipping Document to any
      other direct or indirect wholly owned subsidiary of
    Sealift.

              

      

       

      
        	
                1.3

              	
                The
      time charter contracts in relation to the Granite and Marble will be
      replaced by bareboat charter contracts in the Agreed
  Form:

              

      

       

      Rate:
USD 12.500 per day

       

      Start
date: Merger Completion

       

      End
date: 15 March 2008 (Granite) or 15 April 2008 (Marble).

       

      If
delivery date agreed with Cosco is later than 15 March 2008 (Granite) or 15
April 2008 (Marble) the bareboat contract shall terminate on the earlier of such
delivery date and 15 April 2008 (Granite) and 15 May 2008 (Marble).

       

      
        	
                1.4

              	
                Frontline
      confirms that prior to the Merger Completion Date the ShipCo Transfer
      Transaction has been disclosed to the insurers and the lead underwriters
      have confirmed that all the insurance policies disclosed as part of the
      Disclosed Information will continue in full force and effect and on the
      same terms and conditions following the completion of the ShipCo Transfer
      Transaction. Frontline confirms that with effect from the date hereof it
      will continue to maintain in full force and effect each of the insurance
      policies disclosed as part of the Disclosed Information until the earlier
      of 15 January 2008 and such time as the Company gives written notice that
      it has replaced such policies on terms and conditions satisfactory to the
      Company; it being understood that the relevant premiums, to the extent
      they relate to the relevant Shipco Vessels, will be recharged at cost to
      the relevant Shipco in accordance with consistent past
      practice.

              

      

       

      
        	
                1.5

              	
                Frontline
      confirms that each ShipCo is and will remain the sole loss payee in
      relation to any insurance policies relating to the relevant Sealift Vessel
      owned by it.

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      SCHEDULE
7

       

      

       

      Disclosed
Information

       

       

      1.          OWNERSHIP
OF VESSELS

       

      
        	
                1.1

              	
                Purchase
      Agreement between Frontline and Sealift dated 30 January 2007, governed by
      Norwegian Law

              

      

       

      
        	
                1.2

              	
                Supplemental
      Agreement to the Purchase Agreement, between Sealift, the Owners and
      Frontline dated 15 March 2007, governed by Norwegian
  Law

              

      

       

      
        	
                1.3

              	
                Certificates
      of Ownership for each Vessel

              

      

       

      
        	
                2.

              	
                CHARTERS

              

      

       

      
        	
                2.1

              	
                Bareboat
      Charter re “Front Target” between Front Target Inc. and Key Chartering
      Corp. dated 21 March 2007, governed by English
  Law

              

      

       

      
        	
                2.2

              	
                Bareboat
      Charter re “Front Traveller” between Front Traveller Inc. and Key
      Chartering Corp. dated 21 March 2007, governed by English
    Law

              

      

       

      
        	
                2.3

              	
                Bareboat
      Charter re “Front Comor” between West Tankers Inc. and Key Chartering
      Corp. dated 21 March 2007, governed by English
  Law

              

      

       

      
        	
                2.4

              	
                Letter
      of Intent to Contract Heavy Lift Vessel dated 23 March
  2007

              

      

       

      
        	
                3.

              	
                MANAGEMENT
      OF VESSELS

              

      

       

      
        	
                3.1

              	
                Addendum
      1 to the Administrative Services Agreement, between Sealift, Frontline
      Management and the Owners dated 21 March 2007, governed by Norwegian
      Law

              

      

       

      
        	
                3.2

              	
                Technical
      Ship Management Contract between Granite Shipping Company Ltd. and
      Frontline Management dated 21 March 2007, governed by English
      Law

              

      

       

      
        	
                3.3

              	
                Technical
      Ship Management Contract between Quadrant Marine Inc. and Frontline
      Management dated 21 March 2007, governed by English
  Law

              

      

       

      
        	
                3.4

              	
                Administrative
      Services Agreement between Sealift and Frontline dated 27 February 2007,
      governed by Norwegian Law

              

      

       

      
        	
                3.5

              	
                Commercial
      Management Agreement between Quadrant Marine Inc. and Frontline Management
      dated 21 March 2007, governed by English
Law

              

      

       

      
        	
                3.6

              	
                Commercial
      Management Agreement between Granite Shipping Company Limited and
      Frontline Management dated 21 March 2007, governed by English
      Law

              

      

       

      
        	
                4.

              	
                CONVERSION

              

      

       

      
        	
                4.1

              	
                Heavylift
      Conversion Schedule dated 22 March
2007

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                4.2

              	
                Conversion
      Contract re “Front Target” between Front Target Inc. and Cosco (Nantong)
      Shipyard Co. Ltd. dated 11 December 2006, governed by English
      Law

              

      

       

      
        	
                4.3

              	
                Conversion
      Contract re “Front Traveller” between Front Traveller Inc. and Cosco
      (Zhoushan) Shipyard Co. Ltd. dated 18 January 2007, governed by English
      Law

              

      

       

      
        	
                4.4

              	
                Conversion
      Contract re “Front Transporter” between Front Transporter Inc. and Cosco
      (Nantong) Shipyard Co. Ltd. 1 June 2006, governed by English
      Law

              

      

       

      
        	
                4.5

              	
                Conversion
      Contract re “Front Comor” between West Tankers Inc. and Cosco (Nantong)
      Shipyard Co. Ltd. dated 18 January 2007, governed by English
      Law

              

      

       

      
        	
                4.6

              	
                Novation
      Agreement between Front Transporter Inc., Southwest Tankers Inc. and Cosco
      (Nantong) Shipyard Co. Ltd. dated 20 January 2007, governed by English
      Law

              

      

       

      
        	
                4.7

              	
                Heads
      of Agreement of Conversion between Ship Finance International Ltd. and
      Cosco Shipyard group Co. Ltd dated 22 February 2006, governed by English
      Law

              

      

       

      
        	
                4.8

              	
                Novation
      of Option Agreement between Cosco Shipyard group Co. Ltd., Ship Finance
      International Ltd and Sealift dated 18 January 2007, governed by English
      Law

              

      

       

      
        	
                4.9

              	
                Option
      Agreement between Cosco Shipyard group Co. Ltd. and Ship Finance
      International Ltd. dated 1 June 2006, governed by English
    Law

              

      

       

      
        	
                4.10

              	
                Draft
      conversion contract to be agreed between Granite Shipping Company Limited
      and Cosco (Zhoushan) Shipyard Co. Ltd for the conversion of “Front
      Granite” (although the draft refers to ‘Front Traveller Inc.’ and “Front
      Traveller” it was disclosed as relating to “Front
  Granite”

              

      

       

      
        	
                4.11

              	
                Draft
      conversion contract to be agreed between Quadrant Marine Inc. and Cosco
      (Guangzhou) Shipyard Co. Ltd for the conversion of “Marble” (although the
      draft refers to ‘Front Traveller Inc.’ and “Front Traveller” it was
      disclosed as relating to “Marble”

              

      

       

      
        	
                5.

              	
                CLASSIFICATION

              

      

       

      Classification
Certificates relating to each Vessel dated 15 February 2007.

       

      
        	
                6.

              	
                CORPORATE

              

      

       

      
        	
                6.1

              	
                Sealift

              

      

       

      
        	
                6.2

              	
                Sealift
      Bye-Laws, dated 15 January 2007

              

      

       

      
        	
                6.3

              	
                Sealift
      Equity Offering Presentation dated January
2007

              

      

       

      
        	
                6.4

              	
                Sealift
      Certificate of Incorporation, dated 11 January
  2007

              

      

       

      
        	
                6.5

              	
                Incorporation
      of Sealift - SGM minutes dated 15 January
2007

              

      

       

      
        	
                6.6

              	
                Board
      minutes and resolutions Sealift dated 15 January
  2007

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                6.7

              	
                Board
      minutes Sealift dated 24 January
2007

              

      

       

      
        	
                6.8

              	
                Board
      minutes Sealift dated 12 February
2007

              

      

       

      
        	
                6.9

              	
                Board
      minutes Sealift dated 14 February
2007(1)

              

      

       

      
        	
                6.10

              	
                Board
      minutes Sealift dated 14 February
2007(2)

              

      

       

      
        	
                6.11

              	
                Board
      minutes Sealift dated 21 March 2007

              

      

       

      
        	
                6.12

              	
                Shareholders
      written resolution dated 24 January
2007

              

      

       

      
        	
                6.13

              	
                Subsidiaries

              

      

       

      
        	
                6.14

              	
                Incorporation
      documentation, dated 23 December 2002 - Front Target
  Inc.

              

      

       

      
        	
                6.15

              	
                Incorporation
      documentation, dated 23 December 2002 - Front Traveller
    Inc.

              

      

       

      
        	
                6.16

              	
                Incorporation
      documentation, dated 29 May 1991 - Granite Shipping Company
      Limited.

              

      

       

      
        	
                6.17

              	
                Incorporation
      documentation, dated 2 December 1991 - Quadrant Marine
  Inc.

              

      

       

      
        	
                6.18

              	
                Incorporation
      documentation, dated 23 February 1989 - Southwest Tankers
    Inc.

              

      

       

      
        	
                6.19

              	
                Incorporation
      documentation, dated 23 February 1989 - West Tankers
  Inc.

              

      

       

      
        	
                6.20

              	
                Board
      resolutions re Security, dated 14 February 2007 - Granite Shipping Company
      Limited

              

      

       

      
        	
                6.21

              	
                Board
      resolutions re Corporate matters and Documentation, dated 14 February 2007
      - Granite Shipping Company Limited.

              

      

       

      
        	
                6.22

              	
                Board
      resolutions re Security, dated 14 February 2007 - Southwest Tankers
      Inc.

              

      

       

      
        	
                6.23

              	
                Board
      resolutions re Corporate matters and Documentation, dated 14 February 2007
      - Southwest Tankers Inc.

              

      

       

      
        	
                6.24

              	
                Board
      resolutions re Security, dated 14 February 2007 - Front Target
      Inc.

              

      

       

      
        	
                6.25

              	
                Board
      resolutions re Corporate matters and Documentation, dated 14 February 2007
      - Front Target Inc.

              

      

       

      
        	
                6.26

              	
                Board
      resolutions re Security, dated 14 February 2007 - West Tankers
      Inc.

              

      

       

      
        	
                6.27

              	
                Board
      resolutions re Corporate matters and Documentation, dated 14 February 2007
      - West Tankers Inc.

              

      

       

      
        	
                6.28

              	
                Board
      resolutions re Security, dated 14 February 2007 - Quadrant Marine
      Inc.

              

      

       

      
        	
                6.29

              	
                Board
      resolutions re Corporate matters and Documentation, dated 14 February 2007
      - Quadrant Marine Inc.

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                6.30

              	
                Board
      resolutions re Security, dated 14 February 2007 - Front Traveller
      Inc.

              

      

       

      
        	
                6.31

              	
                Board
      resolutions re Corporate matters and Documentation, dated 14 February 2007
      - Front Traveller Inc.

              

      

       

      
        	
                6.32

              	
                Board
      resolutions and POAs re the financing, dated 16 March 2007 - Front Target
      Inc., Quadrant Marine Inc. and Granite Shipping Company
      Limited

              

      

       

      
        	
                6.33

              	
                Board
      resolutions and POAs re the financing, dated 16 March 2007 - West Tankers
      Inc, Front Target Inc. and Southwest Tankers
  Inc.

              

      

       

      
        	
                6.34

              	
                Written
      resolutions of the Shareholders of the Owners dated 19 March
      2007

              

      

       

      
        	
                6.35

              	
                Written
      resolutions of the Shareholders of the Owners dated 15 February
      2007

              

      

       

      
        	
                6.36

              	
                Board
      minutes of the Owners dated 18 April
2007

              

      

       

      
        	
                6.37

              	
                Board
      minutes - incomplete

              

      

       

      
        	
                6.38

              	
                Commercial
      register extract dated 21 March 2007 - Sealift Management
    B.V.

              

      

       

      
        	
                6.39

              	
                Articles
      of Sealift Management B.V. dated 20 February
  2007

              

      

       

      
        	
                6.40

              	
                Share
      register of Sealift Management B.V. dated 20 February
  2007

              

      

       

      
        	
                6.41

              	
                Share
      certificates of the Owners dated 21 March
2007

              

      

       

      
        	
                6.42

              	
                List
      of Directors and Officers of the Owners,
undated

              

      

       

      
        	
                6.43

              	
                Register
      of members of the Owners, last updated 21 March
  2007

              

      

       

      
        	
                6.44

              	
                OTC

              

      

       

      
        	
                6.45

              	
                Registrar
      Agreement between Nordea and Sealift, governed by Norwegian
      Law

              

      

       

      
        	
                6.46

              	
                Confirmation
      letter from Norwegian Stockbrokers Association dated 30 January
      2007

              

      

       

      
        	
                6.47

              	
                Agreement
      on Distribution of Price Sensitive Information between Sealift and
      Norwegian Stockbrokers’ Association dated 24 January 2007, governed by
      Norwegian Law

              

      

       

      
        	
                6.48

              	
                Branch
      Register Agreement between Sealift and Nordea dated 24 January 2007,
      governed by Norwegian Law

              

      

       

      
        	
                6.49

              	
                Permits

              

      

       

      
        	
                6.50

              	
                Correspondence
      with Bermuda Monetary Authority

              

      

       

      
        	
                6.51

              	
                Exemption
      from the Companies Act dated 19 January
2007

              

      

       

      
        	
                6.52

              	
                Ministry
      of Finance - exemption under the 1966 Act dated 16 January
      2007

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                7.

              	
                INSURANCES

              

      

       

      
        	
                7.1

              	
                Company
      Liability Insurance

              

      

       

      
        	
                7.1.1

              	
                Frontline
      - Directors and Officers, Company Liability and Securities Claims Entity
      Insurance, governed by Norwegian
Law

              

      

       

      
        	
                7.1.2

              	
                Endorsement
      no. 7 - Endorsement of Sealift as Additional Named Company under Frontline
      - Company Liability and Securities Claims Entity
  Insurance

              

      

       

      
        	
                7.1.3

              	
                Frontline
      - Directors and Officers, Company Liability and Securities Claims Entity
      Insurance - Excess Policy, governed by Norwegian
  Law

              

      

       

      
        	
                7.2

              	
                Insurance
      of Vessels

              

      

       

      
        	
                7.2.1

              	
                Assured
      Mortgagees Sealift

              

      

       

      
        	
                7.2.2

              	
                Hull
      and Machinery Insurance document dated 2 January
  2006

              

      

       

      
        	
                7.2.3

              	
                Schedule
      of Insurances per Vessel dated 20 February
2007

              

      

       

      
        	
                7.2.4

              	
                Schedule
      of Insurance claims dated 16 February
2007

              

      

       

      
        	
                7.2.5

              	
                Certificate
      of Entry - “Front Target” - effective date 20 February
  2007

              

      

       

      
        	
                7.2.6

              	
                Certificate
      of Entry - “Front Traveller” - effective date 20 February
    2007

              

      

       

      
        	
                7.2.7

              	
                Certificate
      of Entry - “Front Granite” - effective date 20 February
    2007

              

      

       

      
        	
                7.2.8

              	
                Certificate
      of Entry - “Marble” - effective date 20 February
  2007

              

      

       

      
        	
                7.2.9

              	
                Certificate
      of Entry - “Front Sunda”- effective date 20 February
  2007

              

      

       

      
        	
                7.2.10

              	
                Certificate
      of Entry - “Front Comor” - effective date 20 February
  2007

              

      

       

      
        	
                8.

              	
                LOAN
      DOCUMENTS AND SECURITY

              

      

       

      
        	
                8.1

              	
                Loan
      Agreements & Guarantees

              

      

       

      
        	
                8.2

              	
                Commitment
      Letter from Nordea and DNB Nor to Sealift dated 7 February
      2007

              

      

       

      
        	
                8.3

              	
                Coordination
      Agreement between Nordea, Norsk Tillitsmann and Sealift dated 15 March
      2007, governed by Norwegian Law

              

      

       

      
        	
                8.4

              	
                $240m
      Delayed Draw Term Loan Facility Agreement between Sealift, the Owners and
      Nordea and DNB Nor dated 15 March 2007, governed by Norwegian Law (the
      $240m Loan”)

              

      

       

      
        	
                8.5

              	
                Postponement
      of Payment of Obligations Agreement between Sealift and Frontline dated 21
      March 2007

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                8.6

              	
                Letter
      Agreement Between Nordea and Sealift dated 21 March 2007, governed by
      Norwegian Law

              

      

       

      
        	
                8.7

              	
                Frontline
      Guarantee for obligations of Sealift in favour of Nordea dated 21 March
      2007, governed by Norwegian Law

              

      

       

      
        	
                8.8

              	
                Guarantee
      by Frontline in favour of Target, Traveller and West Tankers dated 21
      March 2007, governed by Norwegian
Law

              

      

       

      
        	
                8.9

              	
                Loan
      Trustee Fees between Sealift and Norsk Tillitsmann dated 9 February
      2007

              

      

       

      
        	
                8.10

              	
                Sealift
      Bond Presentation re Bond Issue dated January
  2007

              

      

       

      
        	
                8.11

              	
                Bond
      Loan Agreement between Sealift and Norsk Tillitsmann dated 8 February
      2007, governed by Norwegian Law (the “Bond
  Loan”)

              

      

       

      
        	
                8.12

              	
                Letter
      from Nordea confirming a drawdown under the MUSD 240 facility and a fax
      confirmation from the Loan Trustee stating the interest of the bond loan
      for the first interest period

              

      

       

      
        	
                8.13

              	
                Security

              

      

       

      
        	
                8.14

              	
                First
      Preferred Mortgage issued by Front Target Inc. to Nordea in respect of
      "Front Target" dated 20 March 2007, governed by the Laws of the Republic
      of the Marshall Islands

              

      

       

      
        	
                8.15

              	
                First
      Preferred Mortgage issued by Front Traveller Inc. to Nordea in respect of
      “Front Traveller” dated 20 March 2007, governed by the Laws of the
      Republic of the Marshall Islands

              

      

       

      
        	
                8.16

              	
                First
      Preferred Mortgage issued by Granite Shipping Company Limited to Nordea in
      respect of “Front Granite” dated 20 March 2007, governed by the Laws of
      the Republic of the Marshall
Islands

              

      

       

      
        	
                8.17

              	
                First
      Preferred Mortgage issued by Southwest Tankers Inc. to Nordea in respect
      of “Front Sunda” dated 20 March 2007, governed by the Laws of the Republic
      of the Marshall Islands

              

      

       

      
        	
                8.18

              	
                First
      Preferred Mortgage issued by West Tankers Inc. to Nordea in respect of
      “Front Comor” dated 20 March 2007, governed by the Laws of the Republic of
      the Marshall Islands

              

      

       

      
        	
                8.19

              	
                Registration
      of Mortgage - “Marble”, dated 21 March
2007

              

      

       

      
        	
                8.20

              	
                Second
      Preferred Mortgage issued by Front Target Inc. to Norsk Tillitsmann in
      respect of “Front Target” dated 20 March 2007, governed by the Laws of the
      Republic of the Marshall Islands

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

       

      
        	
                8.21

              	
                Second
      Preferred Mortgage issued by Front Traveller Inc. to Norsk Tillitsmann in
      respect of “Front Traveller” dated 20 March 2007, governed by the Laws of
      the Republic of the Marshall
Islands

              

      

       

      
        	
                8.22

              	
                Second
      Preferred Mortgage issued by Granite Shipping Company Limited to Norsk
      Tillitsmann in respect of “Front Granite” dated 20 March 2007, governed by
      the Laws of the Republic of the Marshall
Islands

              

      

       

      
        	
                8.23

              	
                Second
      Preferred Mortgage issued by Southwest Tankers Inc. to Norsk Tillitsmann
      in respect of “Front Sunda” dated 20 March 2007, governed by the Laws of
      the Republic of the Marshall
Islands

              

      

       

      
        	
                8.24

              	
                Second
      Preferred Mortgage issued by West Tankers Inc. to Norsk Tillitsmann in
      respect of “Front Comor” dated 20 March 2007 governed, by the Laws of the
      Republic of the Marshall Islands

              

      

       

      
        	
                8.25

              	
                Mortgage
      Deed of Covenant between Quadrant Marine Inc. and Norsk Tillitsmann dated
      21 March 2007, governed by Bahamian
Law

              

      

       

      
        	
                8.26

              	
                Second
      Priority Assignment of Insurances between Front Target Inc. and Norsk
      Tillitsmann dated 19 March 2007, governed by Norwegian
  Law

              

      

       

      
        	
                8.27

              	
                Second
      Priority Assignment of Insurances between Front Traveller Inc. and Norsk
      Tillitsmann dated 19 March 2007, governed by Norwegian
  Law

              

      

       

      
        	
                8.28

              	
                Second
      Priority Assignment of Insurances between Granite Shipping Company Limited
      and Norsk Tillitsmann dated 19 March 2007, governed by Norwegian
      Law

              

      

       

      
        	
                8.29

              	
                Second
      Priority Assignment of Insurances between Quadrant Marine Inc. and Norsk
      Tillitsmann dated 19 March 2007, governed by Norwegian
  Law

              

      

       

      
        	
                8.30

              	
                Second
      Priority Assignment of Insurances between Southwest Tankers Inc. and Norsk
      Tillitsmann dated 19 March 2007, governed by Norwegian
  Law

              

      

       

      
        	
                8.31

              	
                Second
      Priority Assignment of Insurances between West Tankers Inc. and Norsk
      Tillitsmann dated 19 March 2007, governed by Norwegian
  Law

              

      

       

      
        	
                8.32

              	
                Pledge
      of Shares between Sealift and Norsk Tillitsmann dated 19 March 2007,
      governed by Norwegian Law

              

      

       

      
        	
                8.33

              	
                Refund
      guarantees in favour of Southwest Tankers Inc. (third installment), Front
      Transporter Inc. (second and third installment) and Front Target Inc.
      (first installment)

              

      

       

      
        	
                8.34

              	
                Guarantee
      between Front Target Inc. and Norsk Tillitsmann dated 19 March 2007,
      governed by Norwegian Law

              

      

       

      
        	
                8.35

              	
                Guarantee
      between Front Traveller Inc. and Norsk Tillitsmann dated 19 March 2007,
      governed by Norwegian Law

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

       

      
        	
                8.36

              	
                Guarantee
      between Quadrant Marine Inc. and Norsk Tillitsmann dated 19 March 2007,
      governed by Norwegian Law

              

      

       

      
        	
                8.37

              	
                Guarantee
      between Southwest Tankers Inc. and Norsk Tillitsmann dated 19 March 2007,
      governed by Norwegian Law

              

      

       

      
        	
                8.38

              	
                Guarantee
      between West Tankers Inc. and Norsk Tillitsmann dated 19 March 2007,
      governed by Norwegian Law

              

      

       

      
        	
                8.39

              	
                Guarantee
      between Granite Shipping Company Ltd. and Norsk Tillitsmann dated 19 March
      2007

              

      

       

      
        	
                8.40

              	
                Second
      Priority Assignment Deed of Purchase Agreement, between Sealift and Norsk
      Tillitsmann dated 21 March 2007, governed by English
  Law

              

      

       

      
        	
                8.41

              	
                Account
      Charge between Front Target Inc. and Nordea dated 21 March 2007, governed
      by Norwegian Law

              

      

       

      
        	
                8.42

              	
                Account
      Charge between Front Traveller Inc. and Nordea dated 21 March 2007,
      governed by Norwegian Law

              

      

       

      
        	
                8.43

              	
                Account
      Charge between Granite Shipping Company Limited and Nordea dated 21 March
      2007, governed by Norwegian Law

              

      

       

      
        	
                8.44

              	
                Account
      Charge between Quadrant Marine Inc. and Nordea dated 21 March 2007,
      governed by Norwegian Law

              

      

       

      
        	
                8.45

              	
                Account
      Charge between Southwest Tankers Inc. and Nordea dated 21 March 2007,
      governed by Norwegian Law

              

      

       

      
        	
                8.46

              	
                Account
      Charge between West Tankers Inc. and Nordea dated 21 March 2007, governed
      by Norwegian Law

              

      

       

      
        	
                8.47

              	
                General
      Assignment of Earning and Insurances between Front Target Inc. and Nordea
      dated 21 March 2007, governed by Norwegian
Law

              

      

       

      
        	
                8.48

              	
                General
      Assignment of Earning and Insurances between Front Traveller Inc. and
      Nordea dated 21 March 2007, governed by Norwegian
  Law

              

      

       

      
        	
                8.49

              	
                General
      Assignment of Earning and Insurances between Granite Shipping Company
      Limited and Nordea dated 21 March 2007, governed by Norwegian
      Law

              

      

       

      
        	
                8.50

              	
                General
      Assignment of Earning and Insurances between Quadrant Marine Inc. and
      Nordea dated 21 March 2007, governed by Norwegian
  Law

              

      

       

      
        	
                8.51

              	
                General
      Assignment of Earning and Insurances between Southwest Tankers Inc. and
      Nordea dated 21 March 2007, governed by Norwegian
  Law

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

       

       

      
        	
                8.52

              	
                General
      Assignment of Earning and Insurances between West Tankers Inc. and Nordea
      dated 21 March 2007, governed by Norwegian
Law

              

      

       

      
        	
                8.53

              	
                Assignment
      of Conversion Contract and Refund Guarantees – “Front Target”- between
      Front Target Inc. and Nordea, governed by English
  Law

              

      

       

      
        	
                8.54

              	
                Assignment
      of Conversion Contract and Refund Guarantees – “Front Traveller”- between
      Front Traveller Inc. and Nordea, governed by English
  Law

              

      

       

      
        	
                8.55

              	
                Assignment
      of Conversion Contract and Refund Guarantees – “Front Sunda”- between
      Southwest Tankers Inc. and Nordea, governed by English
  Law

              

      

       

      
        	
                8.56

              	
                Assignment
      of Conversion Contract and Refund Guarantees – “Front Comor”- between West
      Tankers Inc. and Nordea, governed by English
Law

              

      

       

      
        	
                8.57

              	
                Assignment
      Deed - Bareboat re “Front Target”- between Front Target Inc. and Nordea
      dated 21 March 2007, governed by English
Law

              

      

       

      
        	
                8.58

              	
                Assignment
      Deed - Bareboat re “Front Traveller”- between Front Traveller Inc. and
      Nordea dated 21 March 2007, governed by English
  Law

              

      

       

      
        	
                8.59

              	
                Assignment
      Deed - Bareboat re “Front Comor”- between West Tankers Inc. and Nordea
      dated 21 March 2007, governed by English
Law

              

      

       

      
        	
                8.60

              	
                Assignment
      Deed - Purchase Agreement - between Sealift and Nordea dated 21 March
      2007, governed by English Law

              

      

       

      
        	
                8.61

              	
                Assignment
      Deed - Option Agreement - between Sealift and Nordea dated 21 March 2007,
      governed by English Law

              

      

       

      
        	
                8.62

              	
                Pledge
      of Shares between Sealift and Nordea dated 21 March 2007, governed by
      Norwegian Law

              

      

       

      
        	
                8.63

              	
                Mortgage
      Deed of Covenant between Quadrant Marine Inc. and Nordea dated 21 March
      2007

              

      

       

      
        	
                8.64

              	
                Account
      Charge between Sealift and Nordea dated 21 March 2007, governed by
      Norwegian Law

              

      

       

      
        	
                9.

              	
                FINANCIAL
      INFORMATION

              

      

       

      
        	
                9.1

              	
                Payment
      Schedule under the $240m Loan

              

      

       

      
        	
                9.2

              	
                Payment
      Schedule under the Bond Loan

              

      

       

      
        	
                9.3

              	
                Unaudited
      Consolidated First Quarter Report and Accounts for
  Sealift

              

      

       

      
        	
                9.4

              	
                Sealift
      Cashflow scenarios

              

      
        	
                 
      

              	
                The
      Refund Guarantees in relation to the first, second and third installments
      relating to the Front Sunda will be replaced and until then the next set
      of installments due to Cosco will not be paid by
  Frontline.

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      SCHEDULE
8

       

       

      WARRANTIES

       

      
        	
                1.

              	
                Power
      and Authority

              

      

       

      
        	
                1.1

              	
                Frontline
      and Sealift each have the requisite capacity, power and authority to enter
      into and to perform this Merger
Agreement.

              

      

       

      
        	
                1.2

              	
                The
      signature of and the compliance with the terms of this Merger Agreement
      does not and will not conflict with or constitute a default under any
      provision of:

              

      

       

      any
agreement or instrument to which either Frontline or Sealift is a
party;

       

      or
the constitutional and corporate documents of either Frontline or
Sealift.

       

      the
laws of Bermuda.

       

      
        	
                2.

              	
                The
      Existing Shares

              

      

       

      
        	
                2.1

              	
                The
      Existing Shares comprise all of the issued shares of Sealift and are fully
      paid up, free of further capital contribution
  obligations.

              

      

       

      
        	
                2.2

              	
                Frontline
      is the sole legal and beneficial owner of 30 million of the 90 million the
      Existing Shares.

              

      

       

      
        	
                2.3

              	
                There
      is no Encumbrance, and there is no agreement, arrangement or obligation to
      create or give an Encumbrance, in relation to any of the unissued shares
      in the capital of Sealift.

              

      

       

      
        	
                2.4

              	
                Other
      than this Merger Agreement, there is no agreement, arrangement or
      obligation requiring the issue, transfer, repurchase, redemption or
      repayment of, or the grant to a person of the right (conditional or not)
      to require the issue, transfer, redemption or repayment of, a share in the
      capital of Sealift (including, without limitation, an option or right of
      pre-emption or conversion).

              

      

       

      
        	
                3.

              	
                Shipping

              

      

       

      
        	
                3.1

              	
                Binding
      Agreements

              

      

       

      
        	
                3.1.1

              	
                The
      obligations of each ShipCo under each Shipping Document are, or when the
      relevant document is executed will be, enforceable in accordance with
      their terms.

              

      

       

      
        	
                3.2

              	
                Shipping
      Assets

              

      

       

      
        	
                3.2.1

              	
                Each
      of the Shipping Assets is owned both legally and beneficially by the
      relevant ShipCo as set out in SCHEDULE 10 (Shipping Assets) and each of
      those Shipping Assets capable of possession is in the possession or under
      the control of the relevant ShipCo.

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                3.2.2

              	
                Except
      for statutory maritime liens arising in the ordinary course of business
      and subject to the due repayment of the Senior Sealift Loan and the
      Sealift Bonds there is no Encumbrance over or affecting all or part of the
      Shipping Assets which will subsist after completion of the Debt
      Restructuring and no ShipCo is a party to any agreement or commitment to
      give or create any and so far as Frontline and Sealift are aware, no claim
      has been made by any person to be entitled to
  any.

              

      

       

      
        	
                3.3

              	
                Conversion
      Contracts, Options and Refund
Guarantees

              

      

       

      
        	
                3.3.1

              	
                Complete
      and accurate copies of all Conversion Contracts, Conversion Options and
      Refund Guarantees have been disclosed as part of the Disclosed
      Information.

              

      

       

      
        	
                3.3.2

              	
                Each
      of the Conversion Contracts and Conversion Options was properly executed
      by the relevant ShipCo and, so far as Frontline and Sealift are aware, by
      the respective counterparties, and has not been terminated and neither
      Frontline nor Sealift are aware of any breach, invalidity, or grounds for
      determination, rescission, avoidance or repudiation of any Conversion
      Contract or Conversion Option.

              

      

       

      
        	
                3.3.3

              	
                Subject
      to the due repayment of the Senior Sealift Loan and the Sealift Bonds,
      there is no Encumbrance over or affecting all or part of the ShipCos’
      rights under the Conversion Contracts or the Conversion Options which will
      subsist after Completion and no ShipCo is a party to any agreement or
      commitment to give or create any and, so far as Frontline and Sealift are
      aware, no claim has been made by any person to be entitled to
      any.

              

      

       

      
        	
                3.3.4

              	
                So
      far as Frontline and Sealift are aware, each of the Refund Guarantees was
      properly executed by the Refund Guarantor, and has not been terminated and
      neither Frontline nor Sealift are aware of any breach, invalidity, or
      grounds for determination, rescission, avoidance or repudiation of any
      Refund Guarantee provided, however, that the Refund Guarantees received
      will be reissued to take into account the novation of the Conversion
      Contract relevant to M/T “Front Sunda” having been novated to Southwest
      Tankers Inc. from Front Transporter Inc. and the revised text thereof
      agreed with Nordea as agent for the lenders to the Senior Sealift
      Loan.

              

      

       

      
        	
                3.3.5

              	
                There
      is no Encumbrance over or affecting all or part of the ShipCos’ rights
      under the Refund Guarantee which will subsist after Completion and no
      ShipCo is a party to any agreement or commitment to give or create any
      and, so far as Frontline and Sealift are aware, no claim has been made by
      any person to be entitled to any.

              

      

       

      
        	
                3.3.6

              	
                The
      agreed schedule for delivery of the first four Sealift Vessels to Cosco
      for the conversion works to be undertaken pursuant to the Conversion
      Contracts and for the redelivery of each such Sealift Vessel to the
      relevant ShipCo following completion of such works is as included in the
      Disclosed Information.

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                

                  3.4

                

              	
                

                  The
      Sealift Vessels

                

              	
                 

              

      

       

      
        	
                3.4
      1

              	
                So
      far as Frontline and Sealift are aware, each of the Sealift Vessels
      currently holds all material certificates, licences or authorisations
      required to enable such Sealift Vessel to carry out its operations in the
      jurisdiction in which it is registered and all jurisdictions in which it
      currently trades subject only to such certificates lapsing during actual
      conversion of a Sealift Vessel pursuant to the Conversion
      Contracts.

              

      

       

      
        	
                3.4.2

              	
                So
      far as Frontline and Sealift are aware, each of the Sealift Vessels is
      presently permanently registered at its place of registry and all fees of
      such registry have been paid.

              

      

       

      
        	
                3.4.3

              	
                Neither
      Frontline or Sealift has received any notice that any Sealift Vessel is or
      is likely to be subject to any claim, to forfeiture, arrest, other
      detention, seizure, confiscation or other requisition and neither
      Frontline nor Sealift are aware of any circumstances which might give rise
      to any such claim, forfeiture, arrest, other detention, seizure,
      confiscation or other requisition.

              

      

       

      
        	
                4.

              	
                Insurances

              

      

       

      
        	
                4.1

              	
                All
      premiums, calls or other sums payable in respect of the insurances for the
      Sealift Vessels have been paid.

              

      

       

      
        	
                4.2

              	
                All
      material facts disclosable to insurers have been disclosed, including the
      planned conversion of each of the Sealift
  Vessels.

              

      

       

      
        	
                5.

              	
                General

              

      

       

      
        	
                5.1

              	
                The
      Disclosed Information contains all information relating to (i) the
      business and affairs of Sealift and each Sealift Group Company and that is
      material in the context of the Transaction and (ii) any arrangement
      between Frontline, any director or shareholder of Frontline and Sealift
      has been disclosed to the Delphi
Shareholders.

              

      

       

      
        	
                5.2

              	
                Sealift
      has obtained all necessary consents and complied with all requirements in
      relation to all statutes and regulations including but not limited to the
      Bermuda Monetary Authority, exchange control and foreign currency
      regulations. Sealift and each Sealift Group Company has at all times
      complied and continues to comply with such statutes and regulations
      governing each company in the country of its incorporation. Sealift or any
      Sealift Group Company is not under any obligation, contractual or
      otherwise, to request or obtain the consent of any person, and no permits,
      licenses, certifications, authorisations or approvals of or notifications
      to, any government or governmental agency, board, commission or authority
      are required to be obtained by Sealift or any Sealift Group Company in
      connection with the execution, delivery or performance by Sealift of this
      Merger Agreement or the completion of the
  Transaction.

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
        	
                 
      

              	
                SCHEDULE
      9

              

      

       

      Intentially
left blanc

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

       

      SCHEDULE
10

       

      SHIPPING
ASSETS

       

      

      
        	
                A.

              	
                VESSELS

              	 
      
	 
      	 
      	 
      
	
                1.

              	
                Name
      of Vessel:

              	
                MARBLE

              
	 
      	 
      	 
      
	 
      	
                Sealift
      ShipCo of Vessel:

              	
                Quadrant
      Marine Inc

              
	 
      	 
      	 
      
	 
      	
                Flag
      of Vessel:

              	
                Bahamas

              
	 
      	 
      	 
      
	
                2.

              	
                Name
      of Vessel:

              	
                FRONT
      GRANITE

              
	 
      	 
      	 
      
	 
      	
                Sealift
      ShipCo of Vessel:

              	
                Granite
      Shipping Company Limited

              
	 
      	 
      	 
      
	 
      	
                Flag
      of Vessel:

              	
                Marshall
      Islands

              
	 
      	 
      	 
      
	
                3.

              	
                Name
      of Vessel:

              	
                FRONT
      TARGET

              
	 
      	 
      	 
      
	 
      	
                Sealift
      ShipCo of Vessel:

              	
                Front
      Target Inc.

              
	 
      	 
      	 
      
	 
      	
                Flag
      of Vessel:

              	
                Marshall
      Islands

              
	 
      	 
      	 
      
	
                4.

              	
                Name
      of Vessel:

              	
                FRONT
      SUNDA

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        	 
      	 
      	 
      
	 
      	
                Sealift
      ShipCo of Vessel:

              	
                Southwest
      Tankers Inc.

              
	 
      	 
      	 
      
	 
      	
                Flag
      of Vessel:

              	
                Marshall
      Islands

              
	 
      	 
      	 
      
	
                5.

              	
                Name
      of Vessel:

              	
                FRONT
      COMOR

              
	 
      	 
      	 
      
	 
      	
                Sealift
      ShipCo of Vessel:

              	
                West
      Tankers Inc.

              
	 
      	 
      	 
      
	 
      	
                Flag
      of Vessel:

              	
                Marshall
      Islands

              
	 
      	 
      	 
      
	
                6.

              	
                Name
      of Vessel:

              	
                FRONT
      TRAVELLER

              
	 
      	 
      	 
      
	 
      	
                Sealift
      ShipCo of Vessel:

              	
                Front
      Traveller Inc.

              
	 
      	 
      	 
      
	 
      	
                Flag
      of Vessel:

              	
                Marshall
      Islands

              
	 
      	 
      	 
      
	
                B.

              	
                SHIPPING
      DOCUMENTS

              	 
      
	 
      	 
      	 
      
	
                1.

              	
                Conversion
      Contracts

              	 
      
	 
      	 
      	 
      
	
                2.

              	
                Conversion
      Options

              	 
      
	 
      	 
      	 
      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        	
                3.

              	
                Bareboat
      Charters

              	 
      
	 
      	 
      	 
      
	
                4.

              	
                Management
      Agreements

              	 
      
	 
      	 
      	 
      
	
                5.

              	
                Refund
      Guarantees

              	 
      
	 
      	 
      	 
      
	
                6.

              	
                Post-Redelivery
      Shipping Documents

              	 
      
	 
      	 
      	 
      

      

       

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

       

      

       

      SCHEDULE
11

       

      SECOND
SUPPLEMENTAL PURCHASE AGREEMENT

       

      This
supplemental agreement (the “Agreement”) is entered into on this
[ • ] day of [ • ] 2007 BETWEEN:

      
        	
                1.

              	
                SEALIFT LTD. (“Sealift”);

              

      

       

      
        	
                2.

              	
                SOUTHWEST TANKERS INC.
      (“Southwest”);

              

      

       

      
        	
                3.

              	
                FRONT TARGET INC.
      (“Front
      Target”);

              

      

       

      
        	
                4.

              	
                FRONT TRAVELLER INC.
      (“Front
      Traveller”);

              

      

       

      
        	
                5.

              	
                WEST TANKERS INC.
      (“West”);

              

      

       

      
        	
                6.

              	
                GRANITE SHIPPING COMPANY LTD.
      (“Granite”);

              

      

       

      
        	
                7.

              	
                QUADRANT MARINE INC.
      (“Quadrant”)

              

      

       

       

      (Southwest,
Front Target, Front Traveller, West, Granite and Quadrant hereinafter
collectively referred to as the “Owners” and, individually, as an
“Owner”)

       

      

      
        	
                8.

              	
                FRONTLINE LTD. (“Frontline”)

              

      

       

      Sealift
and the Owners on the one hand and Frontline on the other hand are hereinafter
collectively referred to as the “Parties” and, individually, as a
“Party”).

       

      WHEREAS:

       

      
        	
                (A)

              	
                On
      30 January, 2007, Frontline and Sealift entered into a purchase agreement
      setting forth the terms and conditions upon and subject to which Sealift
      acquired, inter alia,
      all of the shares in the Owners from Frontline (the “Original Purchase
      Agreement”);

              

      

       

      
        	
                 
      

              	
                On
      15 March 2007 the Parties entered into a supplemental agreement
      supplementing certain terms of the Original Purchase Agreement (the “Supplemental
      Agreement”) (together with the
      Original Purchase Agreement, referred to as the “Purchase
      Agreement”); and

              

      

       

      
        	
                 
      

              	
                The
      Parties wish to supplement the terms of the Purchase Agreement in respect
      of a number of issues.

              

      

       

      NOW THEREFORE, it is hereby, agreed as
follows:

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                1.

              	
                Terms
      defined in the Purchase Agreement shall, when used herein in capitalised
      form, have the same meaning as attributed to them in the Purchase
      Agreement.

              

      

       

      
        	
                2.

              	
                Clause
      8.1.6 of the Original Purchase Agreement shall be supplemented for the
      avoidance of doubt so that:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                notwithstanding
      any of the terms in said Clause 8.1.6 or elsewhere in the Purchase
      Agreement, Frontline shall indemnify each Owner against all costs incurred
      by such Owner as a result of Frontline not paying any claim which such
      Owner is obliged to pay under the terms of the relevant Conversion
      Contract or any repair contract entered into by such Owner with
      Cosco;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                Frontline
      shall be responsible for the repair costs of each Conversion Vessel and in
      Clause 8.1.6 all references to “conversion costs” shall be construed so
      that this term includes such costs incurred as a result of a repair
      contract being entered into by Frontline (on behalf of the relevant Owner)
      with the relevant Yard pursuant to Clause 10.8 of such Conversion
      Contract.

              

      

       

      
        	
                3.

              	
                Clause
      8.1.5 of the Original Purchase Agreement shall be amended so that the
      final sentence is deleted and the clause is supplemented by the
      following:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                Sealift
      shall have the right to assign two representatives to the supervision team
      for Front Sunda, Front Target, Front Traveller and Front Comor, one of
      which shall have engine room expertise and the other deck
      expertise;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                the
      Sealift representatives shall have full access to information and
      documentation provided by Cosco to the supervision teams, as well as all
      documentation related to the Conversion Vessels as is being prepared by
      the supervision teams or circulated among its
  members;

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                the
      Sealift representatives shall have the right to attend all inspections,
      testing of equipment, sea trials and review of sea trial
      documentation;

              

      

       

      
        	
                 
      

              	
                (iv)

              	
                the
      Sealift representatives shall work with the other members of the
      supervision team with the objective of resolving all technical issues in
      the best interests of the Owners and in the case of disagreement between
      the Sealift representatives and the other members of the supervision team,
      the views of the Sealift representatives shall be given in writing to the
      leader of the supervision team; and

              

      

       

      Frontline
shall procure that the Seatrials include operational (including ballasting and
de-ballasting trials) in the presence of the Sealift
representatives.

       

      
        	
                4.

              	
                Clause
      8.1.9 of the Original Purchase Agreement and Clause 2 of the Supplemental
      Agreement shall be amended so that the agreed redelivery dates are as
      follows:

              

      

       

      Front
Sunda:                           30
April 2007

      Front
Target:                           30
September 2007

      Front
Traveller:                        31
January 2008

      Front
Comor:                           31
May 2008

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      5.     
    This Agreement shall become effective immediately upon
Merger Completion.

       

      
        	
                6.

              	
                This
      Agreement shall be considered null and void if Merger Completion has not
      occurred prior to 12 May 2007.

              

      

       

      
        	
                7.

              	
                The
      Parties agree that the provisions of Clauses 14 and 17 of the Original
      Purchase Agreement shall apply to this Agreement as
  well.

              

      

       

      
        	
                For
      and on behalf of

              	
                For
      and on behalf of

              
	
                SEALIFT
      LTD.

                 

              	
                SOUTHWEST
      TANKERS INC.

              
	
                For
      and on behalf of

                FRONT
      TARGET INC.

                 

              	
                For
      and on behalf of

                FRONT
      TRAVELLER INC.

              
	
                For
      and on behalf of

                WEST
      TANKER INC.

                 

              	
                For
      and on behalf of

                GRANITE
      SHIPPING COMPANY LTD.

              
	
                For
      and on behalf of

                QUADRANT
      MARINE INC.

                 

              	
                For
      and on behalf of

                FRONTLINE
      LTD.

              

      

      

      SK 02089 0009
859977

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