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Exhibit 10.7.2  

 
 

AMENDMENT NO. 1 TO VESSEL CONSTRUCTION
  AGREEMENT OF MARCH 23, 2001    
    

        THIS AMENDMENT NO. 1 entered into and effective as of this 23rd day of March, 2001, by and between Bollinger Gretna, L.L.C., a Louisiana Limited Liability Company
with the current mailing address of 4640 Peters Road, Harvey, Louisiana 70058 (hereinafter referred to as "Bollinger"), and K-Sea Transportation, L.L.C., a Delaware Limited Liability Company, with the
current mailing address of 3245 Richmond Terrace, Staten Island, New York 10303 (hereinafter referred to as "Buyer"). 

 
 

WITNESSETH    
    

        That, Bollinger and Buyer entered into a Vessel Construction Agreement, effective March 23, 2001 (hereinafter referred to as "the Agreement"), for the
construction of one 100,000 barrel tank barge, being Bollinger Hull No. 416, one 80,000 barrel tank barge, being Bollinger Hull No. 417, one 80,000 barrel tank barge, being Bollinger Hull No. 421, and
one 100,000 barrel tank barge, being Bollinger Hull No. 422 (hereinafter referred to collectively as "Vessel"); 

        WHEREAS,
Buyer desires for title to each Vessel to transfer upon execution and delivery of a Protocol of Delivery and Acceptance rather than in accordance with La. R.S. 9:5522; 

        NOW,
THEREFORE, the parties agree to amend Article 2, Section F; the fifth paragraph of Article 3, Section B; the first and second paragraphs of Article 6, Section A; the first paragraph
Article 18, Section (A)(z); and Article 18, Section (B)(i) of the Agreement in their entirety, to provide as follows, to-wit: 

 
 

I.    
    

 
 

ARTICLE 2.F. PRICE AND PAYMENT; PERFORMANCE BOND    
    

        "F.    Bollinger agrees to obtain and deliver to Buyer, in exchange for the first payment made by Buyer hereunder and upon receipt of a construction
financing commitment letter, a guaranty (the "Guaranty") issued by Bollinger Shipyards Lockport, L.L.C. guaranteeing the obligations of Bollinger hereunder in favor of Buyer or its assignee or
financier, as the case may be, in a form satisfactory to Buyer and its financier." 

 
 

II.    
    

 
 

ARTICLE 3.B. (Fifth Paragraph) DELIVERY AND ACCEPTANCE    
    

        "Each date for such delivery of each Hull described in the foregoing four paragraphs is herein called the "Delivery Date" for such Vessel. Delivery shall be
evidenced by the execution and delivery by Bollinger and Buyer of a Protocol of Delivery and Acceptance substantially in the form attached hereto as Exhibit A. Upon execution and delivery of such
Protocol, subject to the terms of Article 6A, title to and risk of damage to or loss of the Vessel shall pass to Buyer. Until delivery is effected by the execution and delivery of such Protocol, title
to and risk of damage or loss of the Vessel and its equipment are entirely with Bollinger." 

 
 

III.    
    

 
 

ARTICLE 6. Section A (First and Second Paragraphs)
  RISK OF LOSS AND INSURANCE    
    

        "A.    Title to the Work, and all material, machinery and equipment (in each case, other than that furnished by Buyer) shall vest in Buyer upon
execution and delivery of a Protocol of Delivery and Acceptance respecting each Vessel. Bollinger shall have during construction and until execution and delivery of a Protocol of Delivery and
Acceptance, title to and risk of loss or damage to the Vessel and the Work, including all material, machinery, and equipment (in each case, other than that furnished by Buyer), whether or not already
attached to or installed in the Vessel. With respect to items (including Buyer-furnished equipment) furnished by parties other than Bollinger, Bollinger shall have risk of loss or damage commencing at
the time such items have been received by Bollinger at the Shipyard. Buyer shall report, or cause to be reported as promptly as possible, to Bollinger the dates of arrival at Bollinger's facility, of
all materials and equipment being furnished by any party other than Bollinger and the value thereof for insurance purposes. Title to all Buyer-furnished materials and equipment is at all times
recognized by Bollinger to be vested in Buyer free and clear of any interest or claim of Bollinger or of any other person through Bollinger. 

        Delivery
and acceptance of the Vessel by execution and delivery of a Protocol of Delivery and Acceptance by Bollinger and Buyer shall transfer title to and risk of loss or damage of the
Vessel, and all work, material, machinery, and equipment respecting such Vessel, to Buyer." 

 
 

IV.    
    

 
 

ARTICLE 18. DEFAULT    
    

        A.    

        "(z)    Bollinger
shall fail to cause to be maintained in full force and effect the Guaranty satisfying the terms of this Agreement respecting a Vessel from and including the
dates specified in Article 2(F) hereto to and including the Delivery Date of such Vessel." 

        B.    

        "(i)    may
terminate the employment of Bollinger and take possession of all materials, equipment, tools, and machinery thereon owned or furnished by Buyer and stored by
Bollinger, and may enter the premises of Bollinger and, at Buyer's option, remove one Vessel or all Vessels and all components thereof, Buyer-furnished equipment and material relating thereto (and
upon such removal title shall be deemed vested in Buyer with respect to all removed Vessels and related components and materials), and may finish the work by whatever method Buyer may deem appropriate
at the facilities of Bollinger or at another location or facility. If the unpaid balance of the Agreement Price for any Vessel exceeds the costs of finishing the work, including compensation for
additional services made necessary thereby, and damages sustained by Buyer, such excess shall be paid to Bollinger. If such costs exceed the unpaid balance, Bollinger shall pay the difference to
Buyer; or" 

 
 

V.    
    

        Except as amended by this Amendment No. 1 to Vessel Construction Agreement of March 23, 2001, all of the provisions of the original Vessel Construction Agreement
of March 23, 2001 shall remain in full force and effect. 

        IN
FAITH WHEREOF, Bollinger Gretna L.L.C., through its proper officer, has executed this Amendment in duplicate originals at Lockport, Louisiana, as of this 23rd day of March, 2001, in
the presence of the undersigned competent witnesses. 

	WITNESSES:	 	Bollinger Gretna, L.L.C.
	

/s/ [ILLEGIBLE]
	
 	

By:	

/s/ [ILLEGIBLE]

	

/s/ DONNA LYNN ALLEMAND
	
 	

its:	

EVP & COO

        IN
FAITH WHEREOF, K-Sea Transportation, L.L.C., through its proper officer, has executed this Amendment in duplicate originals at Staten Island, New York, as of this 23rd day of March,
2001 in the presence of the undersigned witnesses. 

	WITNESSES:	 	K-Sea Transportation, L.L.C.
	

/s/ R.P. FALCINELLI
 RICHARD P. FALCINELLI	
 	

By:	

/s/ JOHN J. NICOLA

	

/s/ DAWN M. BACHMANN
 DAWN M. BACHMANN	
 	

its:	

Chief Financial Officer

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AMENDMENT NO. 1 TO VESSEL CONSTRUCTION AGREEMENT OF MARCH 23, 2001

WITNESSETH

I.

ARTICLE 2.F. PRICE AND PAYMENT; PERFORMANCE BOND

II.

ARTICLE 3.B. (Fifth Paragraph) DELIVERY AND ACCEPTANCE

III.

ARTICLE 6. Section A (First and Second Paragraphs) RISK OF LOSS AND INSURANCE

IV.

ARTICLE 18. DEFAULT

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Exhibit 10.7.3  

 
 

VESSEL CONSTRUCTION AGREEMENT AMENDMENT    
    

 
 

(K-Sea Transportation LLC)    
    

        This Addendum No. 2 ("Addendum") to that certain Vessel Construction Agreement by and between Bollinger Gretna L.L.C. as builder ("Builder") and K-Sea
Transportation LLC, a Delaware limited liability company, as Buyer ("Buyer") for the vessels presently known as Hulls Nos. 416, 417, 421 and 422 ("Vessels") dated March 23, 2001, as heretofore amended
by Addendum No. 1, dated March 23, 2001 ("Vessel Construction Agreement") is entered this 7th day of June, 2002. Capitalized terms in this Addendum, unless otherwise specified, shall have the same
meaning as that ascribed to them in the Vessel Construction Agreement. 

RECITALS:  

        WHEREAS:

        (i)    The
United States of America, represented by the Secretary of Transportation, acting by and through the Maritime Administrator ("Secretary"), has agreed to provide Buyer
a guarantee of vessel financing obligations ("Commitment") to assist with the construction costs of the Vessels being built by the Builder; and 

        (ii)   As
an inducement to the Secretary's issuance of the Commitment and further actions by the Secretary pursuant thereto, Builder and Buyer have agreed to make certain
amendments to the Vessel Construction Agreement required by the Secretary, in the form set forth in this Addendum. 

        NOW THEREFORE, in consideration of the premises and mutual promises herein, the parties agree that the Vessel Construction Agreement, as
heretofore amended, is further amended as follows: 

        1.     Article
9 of the Vessel Construction Agreement shall be amended by adding an additional Paragraph "C" at the end thereof providing: 

        C.    Bollinger
shall permit inspection by, supply information to, and cooperate with the United States of America, represented by the Secretary of Transportation acting by and
through the Maritime Administrator (the "Secretary"), at its yard where the assembly of the Vessel is now taking place and at such other yards of Bollinger, its affiliates and subcontractors where
parts of the Construction Contract or subcontracts may be performed. Bollinger acknowledges that such cooperation may include, but is not limited to, providing the Secretary: (1) access to the Vessel
and areas of Bollinger where work related to the Vessel is being performed by Bollinger, its contractors and subcontractors, at all reasonable times during normal working hours to inspect performance
of the work defined as set forth in Article 1(A), and to observe trials and other tests; (2) copies of detailed production and construction schedules for the Vessel along with changes to such
documents as they occur; (3) access to contract plans and specifications for the Vessel; (4) reasonable access to Bollinger's production manager or supervisor; (5) information on the origination and
source of materials; and (6) access to progress payment and construction milestones information. In conjunction with any such inspections by the Secretary, Bollinger will furnish, on a temporary
basis, reasonable space at its yard for the Secretary's representatives and communication, copying and other facilities as appropriate. The Secretary's access to the Vessel shall be at the Secretary's
sole risk. Bollinger assumes no responsibility save for its own negligence or intentional acts for any injury that the Secretary or its representatives, agent or contractor may sustain on the Vessel
during its construction. 

1

 

        2.     Except
as modified and expressly amended by this Amendment No. 2, the Vessel Construction Agreement is, in all respects, ratified and confirmed, and all the terms,
provisions and conditions thereof shall be and remain in full force and effect. 

        3.     Notwithstanding
any of the foregoing, the Buyer agrees to Section 2.13 of Exhibit 1 to the security agreement, Contract No. 13781, dated June 7, 2002 ("the Security
Agreement") among the Buyer, EW Holding Corp., a New York corporation and the Secretary. So long as any obligation secured by the Security Agreement remains outstanding, Section 2.13 to the Security
Agreement shall control. 

        4.     This
Amendment No. 2 to the Vessel Construction Agreement may be executed in one or more counterparts. All such counterparts shall be originals and shall together
constitute but one and the same instrument. 

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        IN WITNESS WHEREOF, the parties have executed and delivered this Addendum on the date above first written. 

	 	 	Builder:
	

 	
 	

Bollinger Gretna L.L.C.
	

 	
 	

By:	
 	

/s/ Richard Bollinger

	 	 	Name:	 	Richard Bollinger

	 	 	Title:	 	President

	

 	
 	
Buyer:
	

 	
 	

K-Sea Transportation LLC
	

 	
 	

By:	
 	

/s/ Timothy J. Casey

	 	 	Name:	 	Timothy J. Casey

	 	 	Title:	 	President/CEO

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VESSEL CONSTRUCTION AGREEMENT AMENDMENT

(K-Sea Transportation LLC)

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