Document:

Exhibit 4.25.5

 

Execution version

  

	
        GLOBAL LNG SAS

         

        and

         

        TOTAL GAS &
        POWER LIMITED, London, Meyrin - Geneva Branch and

         

        AND

         

        SRV JOINT GAS
        LTD.

         

	 	Deed of novation AND AMENDMENT	 

 

     

     

    

 

THIS DEED is made on 20 December
2019

 

BETWEEN:

 

		(1)	GLOBAL LNG SAS, a French société par actions simplifiée, whose
registered office is located at 1, passerelle des Reflets, 92400 Courbevoie (France), registered with the trade and companies register
of Nanterre under number 833 285 877 RCS Nanterre (the "Original Party");

 

		(2)	TOTAL GAS & POWER LIMITED, a company incorporated under the laws of England, with registered
office at 10 Upper Bank Street, Canary Wharf, London E14 5BF (UK company number 02172239), trading through its branch office TOTAL
GAS & POWER LIMITED, London, Meyrin – Geneva Branch, registered under number CHE-309.541.427 and located at Route de
l'Aéroport 10, 1215 Geneva, Switzerland ("TGPL"); and

 

		(3)	SRV JOINT GAS LTD., a company incorporated under the laws of the Cayman Islands with registered
address at Clifton House, 75 Fort Street, Grand Cayman KY1-1108, Cayman Islands, and with correspondence address at c/o Höegh
LNG AS, Drammensveien 134 NO-0277, Oslo, Norway (the "Owner")

 

(also referred
to hereinafter collectively as the "Parties").

 

INTRODUCTION:

 

		(A)	The Original Party and the Owner are parties to that certain time charter party agreement originally
dated 20 March 2007 in respect of the Vessel named NEPTUNE, (as amended and/or supplemented from time to time, the "Charter").
Each of TGPL and the Original Party is a wholly-owned subsidiary of Total S.A. 

 

		(B)	The Total group of companies has decided to transfer on 1st September 2019 its LNG trading
activity (the "LNG Business") to TGPL in Geneva, including inter alia LNG sale and purchase agreements, charterparty
agreements and LNG regasification capacity contracts entered into by the Original Party (the "Transfer").

 

		(C)	With effect from Effective Date, the Original Party will transfer by novation to TGPL, and TGPL
wishes to accept the transfer, by novation, of the Charter.

 

		(D)	With effect from the Effective Date, the Owner will accept the transfer by novation of, and to
accept TGPL as its counterparty to, the Charter

 

THIS DEED WITNESSES as follows:

 

		1.	INTERPRETATION

 

		1.1	For the purposes of this deed of novation and amendment (this "Deed"), including
its recitals, the capitalised terms used herein shall have the meanings ascribed to them below:

 

"Comfort Letter"
means a comfort letter to be provided by Total in the form set out in Appendix II of this Deed.

 

"Facility Agreement"
means a facility agreement originally dated 20 December 2007 (as amended from time to time) and made between, amongst others, (i)
the Owner as Borrower, (ii) certain banks and financial institutions as lenders and (iii) DNB Bank ASA (formerly known as DNB Nor
Bank ASA) as agent (the "Agent") and security trustee.

 

     

     

    

 

"Information Sharing
Letter" means the information sharing letter to be provided by Total set out in Appendix III of this Deed.

 

"Original Comfort Letter"
means the comfort letter dated 13 July 2018 provided to the Owner by Total.

 

"Original Ownership Undertaking"
means the letter of undertaking dated 13 July 2018 provided to the Owner by Total.

 

"Original Owner's Guarantee"
means the owner's guarantee dated 25 March 2010 provided by the Owner's Guarantors to the Original Party.

 

"Owner's Guarantee"
means the guarantee provided by the Owner's Guarantors to TGPL.

 

"Ownership Undertaking"
means the letter of undertaking to be provided to the Owner by Total in the form set out in Appendix I of this Deed.

 

"Total" means
Total S.A.

 

		1.2	Unless defined otherwise, words and expressions used in the Charter shall have the same meaning
when used in this Deed.

 

		1.3	The headings in this Deed do not affect its interpretation.

 

		1.4	References in this Deed to any contract, document or other instrument of any kind (including this
Deed) are to that contract, document or other instrument as amended, assigned, novated, restated or replaced from time to time.

 

		1.5	References in this Deed to any statute, ordinance or other law include all regulations and other
instruments and all consolidations, amendments, re-enactments or replacements of such statute, ordinance or other law.

 

		2.	CONDITIONS PRECEDENT

 

		2.1.1	The terms of section 3 of this Deed shall become effective on the date on which all of the following
conditions precedent have been satisfied:

 

		(a)	Total having issued to the Owner the Ownership Undertaking
in replacement of the Original Ownership Undertaking previously provided to Owner;

 

		(b)	Total having issued to the Owner the Comfort Letter in
replacement of the Original Comfort Letter previously provided to the Owner;

 

		(c)	TGPL having issued to the Owner, the Information Sharing
Letter;

 

		(d)	The Owner's Guarantors having issued to TGPL the Owner's
Guarantee in replacement of the Original Owner's Guarantee previously provided to the Original Party;

 

		(e)	The Owner having received, to its satisfaction, evidence
of signing authorities from each of the Original Party, TGPL and Total authorising entry into this Deed, the Information Sharing
Letter, Ownership Undertaking and the Comfort Letter;

 

		(f)	TGPL receiving, to its satisfaction, evidence of signing
authority of the Owner and the Owner's Guarantors authorising entry into this Deed and the Owner's Guarantee; and

 

     

     

    

 

		(g)	the Agent confirming in writing to the Owner the consent
of the Majority Lenders (as defined in the Facility Agreement) to the transfer by novation of the Time Charter.

 

where the date on which the above
conditions precedent have been satisfied shall be the "Effective Date".

 

		2.1.2	Promptly upon the satisfaction of the conditions precedent under section 2.1.1(d) and (f), the
Original Party shall notify the Owner of such satisfaction. Promptly upon the satisfaction of the conditions precedent under section
2.1.1(a)-(c), (e) and (g), the Owner shall notify the Original Party of such satisfaction.

 

		3.	NOVATION

 

		3.1	With effect from the Effective Date, the Original Party:

 

		(a)	transfers by novation to TGPL, and TGPL assumes, all of the Original
Party's rights, title, benefits, interest, claims and all of the Original Party's obligations and liabilities, under the Charter,
in each case, whether arising before, on or after the Effective Date; and

 

		(b)	shall cease to be a party to the Charter for all purposes and TGPL
shall become a party to the Charter in place of the Original Party.

 

		3.2	With effect from the Effective Date, TGPL:

 

		(a)	undertakes to perform, discharge and observe all obligations and
liabilities of the Original Party under the Charter that would, but for this Deed, fall to be performed, discharged or observed
by the Original Party; and

 

		(b)	agrees to be bound by all the provisions of the Charter by which
the Original Party would, but for this Deed, be bound.

 

in each case, whether arising
before, on or after the Effective Date, as if TGPL was named in the Charter in place of the Original Party.

 

		3.3	With effect from the Effective Date, the Owner:

 

		(a)	unconditionally releases and discharges the Original Party from complying
with, discharging and performing the Charter, and from all liabilities, claims and demands howsoever arising under or in connection
with the Charter and whether in contract, tort or otherwise and, in each case, whether arising before, on or after the Effective
Date;

 

		(b)	accepts the compliance, discharge and performance by TGPL of the
Charter, and the assumption by TGPL of such liabilities, claims and demands, in place of the Original Party; and

 

		(c)	agrees that TGPL shall be entitled to all rights, powers, interests
and benefits under the Charter that would, but for this Deed, subsist in favour of, or be exercisable by, the Original Party as
if TGPL were named in the Charter in place of the Original Party.

 

		3.4	Subject to section 2, the Owner, TGPL and the Original Party agree that this Deed constitutes all
actions, confirmations, consents and undertakings required by any of Owner, TGPL and the Original Party under the Charter for the
purposes of giving effect to the novation.

 

     

     

    

 

		4.	Representations

 

Each Party warrants to the other Parties that the
following statements are, as of the Effective Date, true and accurate:

 

		4.1	it is duly incorporated under the laws of its country of incorporation and has full power and authority to enter into and perform
its obligations under this Deed;

 

		4.2	the execution, delivery and performance by it of this Deed has been duly authorized by all necessary corporate actions and
does not contravene any applicable law, regulation or order binding on it or any of its assets or its constitutional documents;
and

 

		4.3	neither the execution, delivery and performance by it of this deed requires the consent or approval of, or the giving of notice
to, the registration with, or the taking of any other action in respect of any governmental authority or agency, except those which
have been obtained and are in full force and effect.

 

		5.	Amendments

 

On and from the Effective Date,
the Parties agree that:

 

		5.1	the definition of "Ownership Undertaking" in Clause 1 of the Charter shall be amended to read:

 

""Ownership Undertaking"
means the letter of undertaking provided by Total S.A. in the form set out in Schedule IX."

 

		5.2	the form of Ownership Undertaking set out in Schedule IX of the Charter shall be replaced in its entirety by the form of Ownership
Undertaking set out as Appendix 1 to this Deed.

 

		5.3	Clause 21(a)(i) of the Charter shall be deleted in its entirety and shall be replaced with the
following:

 

"(i) the Charterer may
sub-charter the Vessel by time or voyage charter (each a "Sub-Charter") at any time to any person (a "Sub-Charterer")
without Owner's consent provided that, as a condition to such sub-chartering, such Sub-Charterer undertakes in form and substance
satisfactory to Owner that:

 

		(1)	in the case of:

 

(A) Sub-Charters
of 12 months or more; or 

 

(B) Sub-Charterers
that are Affiliated Companies of Charterer, 

 

such Sub-Charterer's rights
are subject and subordinate to Owners' rights under this Charter; 

 

		(2)	any Sub-Charter will include wording consistent with Article 1.6(b) of the Consent & Agreement
set forth at Schedule VII; and

 

		(3)	such Sub-Charterer shall not assert any claim against Owner or Owners' financiers for wrongful
interference with its rights (or any similar or equivalent claim) in respect of any actions taken by Owner or Owner's financiers
in compliance with this Charter and/or the Consent & Agreement (as the case may be). 

 

     

     

    

 

The Charterer shall always
remain responsible for due fulfilment of this Charter notwithstanding any sub-chartering. Any other sub-chartering shall require
Owner's prior written consent".

 

		5.4	Article 1.6 of the form of Consent and Agreement set out in Schedule VII of the Charter shall be
deleted in its entirety and shall be replaced with the following:

 

"1.6 Assignment,
Transfer, Sub-chartering: The Charterer agrees that in the event the Charterer sub-charters the Vessel (each, a "Sub-Charter")
to any person permitted in accordance with the terms of the Charter (each a "Sub-Charterer"), the Charterer shall
procure that:

 

		(a)	such Sub-Charterer shall not assert a claim against the Finance Parties or any of them for wrongful
interference with it rights (or any similar or equivalent claim) in respect of any actions taken by the Finance Parties or any
of them which are in compliance with this Consent, and to procure that such undertaking by such Sub-Charterer is included in the
terms of the relevant Sub-Charter entered into between the Charterer and such person; and

 

		(b)	in the case of:

 

(i):
Sub-Charters of 12 months or more; or

 

(ii):
Sub-Charterers that are Affiliated Companies of the Charterer,

 

such Sub-Charterer undertakes
that its rights as sub-charterer are subject and subordinate in all respects to the rights of the Finance Parties under this Consent."

 

		5.5	TGPL's notice details for the purposes of Clause 60 of the Charter are as follows:

 

Total Gas & Power Limited,
London, Meyrin-Geneva Branch

Route de l'Aeroport 10

1215 Geneva, Switzerland

 

	Telephone number:	+41 (0)58 710 2200
	Fax number:	+41 (0)58 710 2202
	Attention: 	General Counsel
	Tel No: 	+41 22710 1112
	Email: 	legalnotices.tgp@total.com

 

		5.6	All terms and conditions of the Charter, except to the extent modified or changed by this Deed shall
remain in full force and effect.

 

		6.	General

 

		6.1	This Deed may be executed in any number of counterparts, all of which taken together shall constitute
one and the same deed, and any party (including any authorised representative of a party) may enter into this Deed by executing
a counterpart.

 

		6.2	A person who is not a party to this Deed may not enforce any of its terms under the Contracts (Rights
of Third Parties) Act 1999.

 

     

     

    

 

		6.3	Each party shall, at its own expense, do and procure the doing of all things as may be required
to give full effect to this Deed, including, without limitation, the execution of all deeds and documents.

 

		7.	MISCELLANEOUS

 

		7.1	This Deed shall be governed by and construed in accordance with English law.

 

		7.2	The provisions of Clause 53 of the Charter ("Law and Arbitration") shall apply to this Deed as if set out in full
in this Deed with any necessary modifications.

 

IN WITNESS of which this Deed has been executed and has
been delivered as a deed on the date written above.

 

	EXECUTED AND DELIVERED as a deed by GLOBAL 

LNG SAS	
        )

        )
	 
	acting by Jean-Noël Resnard, a duly authorised  signatory	
        )

        )
	/s/ Jean-Noël Resnard
	in the presence of: 	)	 
	 	 	 
	Witness's Signature	/s/ Danielle Lubin	 	 
	 	 	 
	Name:	Danielle Lubin	 	 
	Address:	10 Avenue Augustine	 	 
	                                        	92700 Colombes	 	 
	 	 	 
	EXECUTED AND DELIVERED as a deed by TOTAL

 GAS & POWER LIMITED, London, Meyrin -

 Geneva Branch.	
        )

        )
	 
	acting by Simon Binet, a director	
        )

        )
	/s/ Simon Binet
	in the presence of:        	 Anna Kirk	)	Director
	 	 	 
	Witness's Signature	/s/ Anna Kirk	 	 
	 	 	 
	Name:	Anna Kirk	 	 
	
        Address:
	10
Lewisham Road

                                    London
SE13 7QR

                                    England
	 	 

 

     

     

    

 

	EXECUTED AND DELIVERED as a deed by SRV

 JOINT GAS  LTD.	
        )

        )
	 
	acting by Parit Patani, a duly authorised signatory	
        )

        )
	/s/ Parit Patani
	in the presence of: 	)	 
	 	 	 
	Witness's Signature  	/s/ Hollie
Pickering	 	 
	 	 	 
	
        Name:
	Hollie Pickering

                                    Solicitor
	 	 
	
        Address:
	Watson Farley & Williams
LLP

                                    15 Appold Street

                                    London
EC2A 2HB
	 	 

 

 

 

     

     

    

 

[Appendix I]

 

[Form of Ownership Undertaking]

 

     

     

    

 

[Appendix II]

 

[Form of Comfort Letter]

 

     

     

    

 

[Appendix III]

 

[Form of Information Sharing Letter]Exhibit 4.25.6

 

SPECIFIC TERMS IN THIS EXHIBIT
HAVE BEEN REDACTED BECAUSE THEY ARE BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED, AND THE
TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH FIVE ASTERISKS (*****).

 

AMENDMENT NO. 5

 

 

 

Dated 1
April 2020

 

 

 

 

 

 

 

 

 

 

to

 

SRV
LNG CARRIER TIME CHARTERPARTY

(HULL 1688 / NEPTUNE)

 

 

 

between

 

SRV JOINT GAS LTD

 

and

 

TOTAL GAS & POWER LIMITED,
LONDON, MEYRIN-GENEVA BRANCH

 

 

 

dated 20 March 2007

 

     

     

    

 

This amendment no.
5 (the "Amendment No. 5") is made on this 1 day of April 2020

 

BETWEEN

 

		(i)	SRV Joint Gas Ltd., a company incorporated and existing under the
laws of the Cayman Islands ("Owner")

 

AND

 

		(ii)	Total Gas & Power Limited, London, Meyrin-Geneva Branch (a branch
office of TOTAL GAS & POWER LIMITED # UK company number 02172239) registered in Geneva, Switzerland under number CHE-309.541.427
("Charterer")

 

(each a "Party" and collectively,
the "Parties")

 

RECITALS

 

		(A)	Disputes have arisen between the Parties under the Time Charterparty originally
dated 20 March 2007 as novated by novation agreements dated 20 December 2007, 25 March 2010 and 20 December 2019 and as amended
by Amendment No. 1 dated 23 February 2015, Amendment No. 2 dated 23 February 2015, Amendment No. 3 dated 23 April 2014, Amendment
No. 4 dated 9 December 2016 and as further novated and/or amended from time to time (the "Charter").

 

		(B)	In order to settle the disputes, the Parties have agreed that as from the
date hereof any claim by Charterer in relation to excess boil-off pursuant to clause 27 of the Charterparty, shall be determined
in accordance with the Boil-Off Calculation Procedure annexed hereto.

 

		(C)	The Parties now wish to enter into this Amendment No. 5 to amend certain
provisions of the Charter.

 

NOW THEREFORE in consideration
of the premises and mutual covenants herein contained (and for other good and valuable consideration the receipt and sufficiency
the Parties hereby acknowledge), the Parties have agreed as follows:

 

		1	DEFINITIONS AND INTERPRETATION

 

		1.1	Terms defined in the Charter shall have the same meaning when used in this
Amendment No. 5, unless defined below.

 

		1.2	The rules of interpretation of the Charter shall apply to this Amendment
No. 5 as if set out in this Amendment No. 5.

 

		2	BOIL-OFF CALCULATION PROCEDURE

 

		2.1	The Parties agree that:

 

		2.1.1	The amount ascertained in favour of the Charterer under the Boil-Off Calculation
Procedure will be the sole remedy in respect of any claims Charterer may have in relation to the maximum daily boil-off under clause
27 from the date hereof.

 

    	 	 	Page 2

     

    

SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED
BECAUSE THEY ARE BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED, AND THE TERMS HAVE BEEN MARKED
AT THE APPROPRIATE PLACE WITH FIVE ASTERISKS (*****).

 

		2.1.2	Charterer shall only be entitled to make deductions from hire in relation
to excess boil-off calculated under the Boil-Off Calculation Procedure in accordance with the provisions of the Boil-Off Calculation
Procedure.

 

		2.2	The Parties agree that Appendix I Section 7 shall be amended to provide that, for the purpose
of any claims pursuant to the Boil-Off Calculation Procedure:

 

		2.2.1	the Performance Period referred to in Section 7 shall be construed to mean
a period of ***** months (or part thereof), the first of which will be deemed to expire at *****.

 

		2.2.2	The performance of the Vessel shall be assessed within ***** days after
each Voyage, using Voyage as defined under the Boil-Off Calculation Procedure.

 

		3	EFFECT OF AMENDMENT

 

Except as specifically provided herein, the
Charter, as amended hereby, remains in full force and effect.

 

		4	GOVERNING LAW AND JURISDICTION

 

Clause 53 of the Charter shall apply to this Amendment
No. 5.

 

This Amendment No.
5 has been executed and is delivered and takes effect on the date stated at the beginning of it.

 

	Signed
    by	 	 /s/ Veronica B. Sandnes	 
	 	 	signature	 
	for
    and on behalf of	 	 VERONICA B. SANDNES	 
	SRV
JOINT GAS LTD	 	print name	ATTORNEY-IN-FACT	 
	 	 	 	 
	 	 	 	 
	Signed
    by	 	 /s/ Laurent Vivier	 
	 	 	signature	 
	for
    and on behalf of	 	 Laurent Vivier	 
	TOTAL
GAS & POWER LIMITED, LONDON, MEYRIN-GENEVA BRANCH	 	print name	 

 

    	 	 	Page 3

     

    

SPECIFIC TERMS
IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE THEY ARE BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED,
AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH FIVE ASTERISKS (*****).

 

Boil-off gas performance
calculation procedure: a contractual code for evaluating the boil off performance of vessel “NEPTUNE” (the “Vessel”)

 

This calculation procedure
(the “Boil-Off Calculation Procedure” or the “Procedure”) sets out the contractual code for
establishing liability and calculating the relevant deduction from hire for breach of the boil off guarantees under a charterparty
dated 20 March 2007 (the “Charter”). Owner and Charterer have agreed this shall be the sole remedy for any claims
against Owner for excess boil off.

 

Terms defined in the Charter
shall have the same meaning when used in the Boil-Off Calculation Procedure unless separately defined below.

 

INTRODUCTION

 

Owner and Charterer have
agreed to implement this Boil-Off Calculation Procedure to provide for a method of evaluating the boil off performance of the Vessel
when operating in LNG carrier mode. The Procedure is based on the following principles:

 

		(A)	The Vessel’s boil off performance will be assessed
after each Voyage.

 

		(B)	The actual amount of boil off on a Voyage in m3 shall
be calculated by subtracting the volume of LNG contained in the Vessel's tanks at gauging after the sea passage while at berth
from the volume therein at gauging before the sea passage while at berth (closing CTMS to opening CTMS).

 

		(C)	The actual boil off calculated pursuant to B above will
be converted to MT of HFO equivalent and compared to the boil off gas allowance permitted under this Procedure.

 

		(D)	Performance will be assessed within ***** days after
each Voyage by the respective operational departments, based on data reported by the Master in Owner’s database. If such
assessment shows a boil-off performance falling below the performance guaranteed under this Procedure, then subject to paragraph
13 below, the Charterer shall be entitled to a deduction from hire under Clause 12(a) of the Charterparty equal to the value of
the excess boil off gas calculated using this Procedure. Any such potential hire deduction for excess boil off will be reconciled
immediately after the performance assessment has been completed.

 

		(E)	Charterer shall be granted access as soon as possible
to Owner’s database, which will gather information received from the Vessel that is to be used in this procedure as soon
as such capability and relevant platforms are established (the “Database”, containing “Data”).
Pending such access being granted, the Owner shall make available to the Charterer an extract of Owner’s database promptly
after each Voyage and no later than ***** days after each Voyage.

 

		(F)	The Parties shall cross check the sum of flow meter readings
reported in noon reports over the Voyage with CTMS to CTMS. In cases where a disproportionate discrepancy is observed, each Party
shall notify the other and discuss such discrepancies in good faith and in accordance with the Procedure.

 

    	 	 	Page 4

     

    

 

		(G)	The Procedure will not apply to boil off during Adverse
Weather Periods and such Periods will be excluded from the performance calculations thereunder.

 

		(H)	During an Adverse Weather Period, the aggregate of flow
meter measurements as reported in m3 of LNG in the Database from engines and GCU (mass flow meter from engines and orifice GCU)
and the period between the measurements shall be excluded from the calculations under the Procedure.

 

		(I)	Boil off performance after the deduction of Adverse Weather
Periods (as a percentage of boil off gas (“BOG”) rate calculated over a Voyage) cannot be less favourable for
Owner as the calculation without such deduction;

 

		(J)	BOG resulting from forced vaporization carried out under
Charterer’s written instructions shall be accounted for in the Procedure in accordance with the below.

 

FORCED VAPORISATION IN GAS MODE

 

		1	Forced vaporisation may happen only with Charterers’
written consent.

 

		2	Speed required to execute a Voyage and the corresponding
fuel required to achieve that speed is taken into account in assessing boil off performance when sailing in gas mode only.

 

		3	The parties recognise the challenges of accurately determining
the quantity of LNG used in forced vaporisation because there are several ways in which forced vaporisation is achieved (e.g.
by use of the forcing vaporiser, cargo tank spraying with liquid circulation, cofferdam temperature control etc.). Therefore,
the Parties agree:

 

		3.1	not to make deductions from the performance calculations for forced vaporization in the Procedure;
and instead

 

		3.2	to use the below speed versus consumption table to account for theoretical forced vaporization
needed to reach any given speed during a Voyage.

 

		4	For the sake of simplicity, this mechanism shall be used
for both laden and ballast Voyages performed in gas mode.

 

VESSEL SPEED VS CONSUMPTION CURVE

 

		5	The Parties have established a speed versus consumption
curve for the sole purpose of the Procedure, as set out in Table A below.

 

		6	The actual boil off quantity measured during a Voyage
in m3 shall be converted into metric tons (MT) of HFO equivalent in accordance with this Procedure, and that figure shall be compared
with the accumulated daily fuel consumption derived from Table A (after deductions made for those circumstances excluded from
the Procedure). The difference in MT of HFO equivalent between the measured boil off quantity converted in MT of HFO equivalent
and the Table A boil off quantity, if positive, is the excess boil off quantity for the purpose of establishing liability under
Clause 27 of each Charter respectively and for the purpose of calculating the quantum of the applicable hire deduction in accordance
with this Procedure.

 

    	 	 	Page 5

     

    

SPECIFIC TERMS IN
THIS EXHIBIT HAVE BEEN REDACTED BECAUSE THEY ARE BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED,
AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH FIVE ASTERISKS (*****).

 

TABLE A

 

	Reference Fuel Consumption Table

 In Tons of HFO equivalent per day
	kt	Laden	Ballast
	19.5	*****	*****
	19	*****	*****
	18.5	*****	*****
	18	*****	*****
	17.5	*****	*****
	17	*****	*****
	16.5	*****	*****
	16	*****	*****
	15.5	*****	*****
	15	*****	*****
	14.5	*****	*****
	14	*****	*****

 

EXCLUSIONS

 

		7	When Charterer gives written orders directing cargo conditioning
or tank pressure to be reduced to meet certain discharge terminal requirements, the period from when these particular operations
have commenced until the end of the particular Voyage shall be excluded from the calculations hereunder.

 

DUAL FUEL MODE

 

		8	Charterer at its sole discretion may, from time to time
during a Voyage, instruct the Vessel in writing to use dual fuel mode burning in order to avoid forced vaporization and consequently
use natural boil off gas (NBOG) supplemented by burning liquid fuel, instead of forcing additional LNG for propulsion.

 

		9	Consequently, during period of Dual Fuel mode, boil off
gas allowance shall be the daily guaranteed NBOG allowance being respectively *****MT/d fuel oil equivalent for ballast Voyage
and *****MT/d of fuel oil equivalent in laden Voyage. For the sake of clarity Adverse Weather Periods may apply during a dual
fuel mode period and shall be excluded from the calculations in accordance with the provisions set out in this Procedure.

 

    	 	 	Page 6

     

    

SPECIFIC TERMS IN
THIS EXHIBIT HAVE BEEN REDACTED BECAUSE THEY ARE BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED,
AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH FIVE ASTERISKS (*****).

 

		10	Any liquid fuel consumed during periods of dual fuel
mode shall be removed from the Boil Off Calculation Procedure for said Voyage.

 

VALUATION OF BOIL OFF GAS IN EXCESS

 

		11	Where excess boil off on a Voyage is established under
this Procedure, such excess boil off will be valued by way of the below calculation.

 

		12	For the purpose of the Boil Off Calculation Procedure,
the energy content of one cubic meter of LNG shall be determined by surveyor report at loading for laden Voyages and at unloading
for ballast Voyages and expressed in MMBtu/m3.

 

		12.1	For Voyages ending east of Suez, the excess boil-off gas shall be valued
at the average JKM price published by Platts at the date of Voyage start for the month ahead (Cumulative monthly average for the
month ahead – code AAOVS00)

 

		12.2	For Voyages ending west of Suez, the excess boil-off
gas shall be valued at the average TTF price published by Heren at the date of Voyage start for the month ahead. As TTF is published
in Euro/MWh (25°C,1atm), the conversion factors to be used to obtain the TTF price in USD/MBtu (25°C1atm) shall be the
following:

 

		12.3	1 MWh = 3.4121456 MBtu

 

		12.4	1 MWH (25°C,1atm) = 3.42068432 MBTU (0°C, 1atm)

 

		12.5	1 MWH (25°C,1 atm) = 3.41726706 MBTU (15°C) 1atm)

 

		12.6	Euro/USD exchange rate of the day of Voyage start published
by ECB (https://www.ecb.europa.eu/stats/policy_and_exchange_rates/euro_referen ce_exchange_rates/html/eurofxref-graph-usd.en.html
[ecb.europa.eu])]

 

		13	The value of excess boil off calculated as above shall
be accumulated after each Voyage and settled on a ***** basis (*****) for Voyages completed in preceding ***** months (or part
thereof) and if such deduction is agreed by both parties it shall be deducted from hire with ***** hire invoices respectively.
In the event of dispute, the undisputed portion (if any) shall be deducted from hire as above, and any disputed portion shall
be referred to arbitration under the Charterparty.

 

		14	The attached Excel worksheets demonstrate how the parties
have agreed to perform excess boil off calculations under this Procedure and form part of this Procedure. Excel worksheets calculation
method shall prevail in case of dispute with Procedure’s wording.

 

REVIEW OF BOIL OFF GAS PERFORMANCE CALCULATION
PROCEDURE

 

		15	Owner and Charterer shall verify the effectiveness of
the Procedure after ***** of implementation.

 

		16	If required Owner and Charterer shall discuss in good
faith and agree on potential adjustments to the Procedure.

 

    	 	 	Page 7

     

    

 

SPECIFIC
TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE THEY ARE BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY
DISCLOSED, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH FIVE ASTERISKS (*****).

 

DEFINITIONS

 

“Adverse Weather
Period” for the purpose of calculating boil off performance under this procedure, means any day, noon to noon, when winds
are Force ***** or above on the Beaufort scale for more than ***** hours in aggregate.

 

“BOG” means
boil off gas.

 

“Forced Vaporisation”
means purposefully generating additional boil off solely to provide more fuel”.

 

“Voyage”
means a sea passage of the Vessel either in laden or in ballast condition, that starts at closing of CTMS before the Vessel leaves
berth at one LNG terminal and ends at the opening of CTMS when the Vessel arrives at berth at the next LNG terminal. A Voyage may
or may not be part of a round trip. In case of partial unloading, both ***** leg and the ***** leg shall count as laden Voyages
and performance and calculation shall be conducted accordingly.

 

    	 	 	Page 8

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