Document:

Shipbuilding Contract

    

    for the supply of

    

    one A.H.T.S. Vessel

    

    Fincantieri  no. 6162

    

    between

    

    FINCANTIERI
Cantieri Navali  Italiani S.p.A.

    

    
      and

    

    

    ATL
Offshore GmbH & Co

    ISLE
OF BALTRUM KG

    
      
         

      

      
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24

        
          

        

      

      
         

      

    

     

    TABLE
OF CONTENTS

    

    
      
        
          
            	
                    article
      1

                  	
                    Object
      of the contract

                  	
                     

                  
	
                    article
      2

                  	
                    Ship’s
      classification – Rules and regulations - Certificates

                  	
                     

                  
	
                    article
      3

                  	
                    Ship
      characteristics

                  	
                     

                  
	
                    article
      4

                  	
                    Exclusions
      from Fincantieri’s supply - ATL-BALT’s supply

                  	
                     

                  
	
                    article
      5

                  	
                    Work
      preparation  – Supplies by third parties

                  	
                     

                  
	
                    article
      6

                  	
                    Shipyard
      number

                  	
                     

                  
	
                    article
      7

                  	
                    Inspection
      during construction

                  	
                     

                  
	
                    article
      8

                  	
                    Delivery
      – Liquidated damages

                  	
                     

                  
	
                    article
      9

                  	
                    Price

                  	
                     

                  
	
                    article
      10

                  	
                    Payment
      procedures

                  	
                     

                  
	
                    article
      11

                  	
                    Defaults

                  	
                     

                  
	
                    article
      12

                  	
                    Trials

                  	
                     

                  
	
                    article
      13

                  	
                    Performances
      – Liquidated damages

                  	
                     

                  
	
                    article
      14

                  	
                    Maximum
      amount of liquidated damages

                  	
                     

                  
	
                    article
      15

                  	
                    Termination
      of the contract

                  	
                     

                  
	
                    article
      16

                  	
                    Insurance

                  	
                     

                  
	
                    article
      17

                  	
                    Modifications
      to plans and Technical specifications

                  	
                     

                  
	
                    article
      18

                  	
                    Events
      of force majeure

                  	
                     

                  
	
                    article
      19

                  	
                    Patents

                  	
                     

                  
	
                    article
      20

                  	
                    Intellectual
      property rights

                  	
                     

                  
	
                    article
      21

                  	
                    Assignment
      of the contract

                  	
                     

                  
	
                    article
      22

                  	
                    Property
      rights of the Ship

                  	
                     

                  
	
                    article
      23

                  	
                    Responsibility
      after delivery

                  	
                     

                  
	
                    article
      24

                  	
                    Technical
      guarantee

                  	
                     

                  
	
                    article
      25

                  	
                    Taxes
      – Duties and other charges

                  	
                     

                  
	
                    article
      26

                  	
                    Confidentiality

                  	
                     

                  
	
                    article
      27

                  	
                    Contract
      effective date

                  	
                     

                  
	
                    article
      28

                  	
                    Law
      and disputes

                  	
                     

                  
	
                    article
      29

                  	
                    Miscellaneous

                  	
                     

                  
	
                    article
      30

                  	
                    Election
      of domicile

                  	
                     

                  

          

        

      

    

    

    Enclosure
"A"  -   Protocol of delivery and acceptance of the Ship
(Art. 8)

    Enclosure
“B”  -   Model of Bank Guarantee for Advance Payment
(Art. 10)

    Enclosure
“C”  -   Model of Bank Guarantee for Progress Payment
(Art. 10)

    Enclosure
“D”  -   Model of Bank Guarantee for Technical
Guarantee Period

    
      
         

      

      
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    CONTRACT

    between

    

    —  The
ATL Offshore GmbH & “ISLE OF BALTRUM”, located at Garrelsstr. 14, 26789
Leer, Germany, hereinafter referred to as "ATL- BALT" (or “the Customer”),
represented by Dr. Niels Hartmann

    on one
part

    

    and

    

    —  FINCANTIERI
Cantieri Navali Italiani S.p.A., a Company organised and existing under the laws
of the Republic of Italy, with Naval Vessel Business Unit located at Via Cipro,
11, 16129 Genoa, Italy, hereinafter referred to as  "FINC",
represented by Mr. Albeto Maestrini,

    on the
other part

    

    hereinafter
defined Party and/or Parties.

    

    WHEREBY
IT IS AGREED AS FOLLOWS:

     

    ARTICLE
1.   OBJECT OF THE CONTRACT

    

    1.1.  FINC’s
obligations shall consist in supplying one “Anchor Handling, Towing and Supply“
Vessel (hereinafter referred to as the "Ship"), to be built at FINC’s Shipyards and delivered to
ATL-BALT, which agrees
to accept delivery from FINC, and built in accordance with the conditions and
stipulations stated herein, and as specified in the following technical
documents:

    

    Specification
:

    BS
8000000M rev. 0 dated 20/09/06 – Technical Specifications

    

    Drawings
:

    2000-100
rev. 02 – General Arrangement (Moss Maritime)

    2000-101
rev. 02 – Tankplan (Moss Maritime)

    

    which,
signed by both Parties, are an integral part hereof, although not attached
hereto.

    

    1.2. In the event of conflict
between this Contract and the Specification of Art.1.1 and / or the Plans, the
provisions of this Contract shall prevail. In the event of conflict between the
Specification and the Plans of Art.1.1, the provisions of the Specification
shall prevail.

    

    
      	
              1.3

            	
              The
      main characteristic of the Ship is in moving the anchors of off-shore
      platforms and in rendering services to the
  platforms.

            

    

    
      
         

      

      
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              ARTICLE 2. 

            	
              SHIP’s
      CLASSIFICATION - RULES AND REGULATIONS -CERTIFICATES

            

    

    2.1.   The Ship
shall be built :

    (a) under
the survey of the classification society American Bureau of Shipping (hereafter
“ABS” or the “Classification Society”) in accordance with the rules and
regulations in force at the date of this Contract in order to
obtain  the Class as stated in the Technical Specifications: the
Vessel will be built as if she will fly Italian flag.

    

    (b) in
compliance with the Main Groups of the Technical Specifications.

    Should it
so happen there be a conflict, the Main Groups of the Technical Specifications
will prevail over the Main Group 1 – General.

    In the
event of conflict between the Technical Specifications and/or the Plans, the provisions of the
Technical Specifications shall
prevail.

    

    2.2    The
Ship will comply with the provisions of the Laws, Rules, Regulations and
Recommendations mentioned in the Technical Specifications, published and in force at
the signature  of this Contract . For provisions of  Laws,
Rules and  Regulations which could enter in force in the period
between the signature of the Contract and the delivery of the Ship, the
disposals contained in Art 17.2. will apply.

    On Ship’s
delivery, FINC shall hand over to ATL-BALT the certificates and documents
mentioned in the foregoing Technical Specifications.

    Classification,
testing and survey charges to be paid to the foregoing Classification
Society for the
items supplied by FINC shall be for the
account of FINC.

    The
decisions by the Classification Society as to the Ship’s compliance
or non-compliance with the rules and regulations whose observance is compulsory
shall be binding on both Parties hereto.

    

    ARTICLE
3.    SHIP  CHARACTERISTICS

    

    3.1.   The Ship
shall have the following main dimensions and characteristics:

    
      
        
          	
                  Length,
      overall

                	
                  abt.  76,50
      m

                
	
                  Length
      between perpendiculars

                	
                  67,40
      m

                
	
                  Breadth,
      moulded

                	
                  17,50
      m

                
	
                  Depth,
      moulded

                	
                  8,00
      m

                
	
                  Full
      Load Displacement (890 t of fuel)

                	
                  abt.
      6.320 t

                
	
                  Corresponding
      moulded draught

                	
                  abt.  6,80
      m

                
	
                  Sea
      Trial Draught

                	
                  5,00
      m

                
	
                  Corresponding
      Displacement

                	
                  abt.  4.275
      t

                
	
                  Maximum
      Deadweight

                	
                  not
      less than  3.000 t

                
	
                  Corresponding
      moulded draught

                	
                  abt.
      6,80 m

                
	
                  Maximum
      speed at  5,00 m draught

                	
                  16,3  kt

                
	
                  Bollard
      Pull

                	
                  188
      t

                

        

      

    

    The
foregoing main dimensions may be slightly modified, to the sole judgement of
FINC, should FINC deem such modifications necessary to fulfil the draft,
deadweight and speed contract conditions.

    

    3.2.   Cargo
capacity:

    The
Vessel’s deadweight shall be 2.210 tons (of 1000 kg each) at a mean draft in
saltwater (specific gravity 1.025) of 6,00 metres above base line. The specified
deadweight shall include fuel, provisions, carried chains, cables for AH
activities, stores, freshwater, crew and passengers in addition to spare parts
in excess of the requirements of Class.

    

    In case
some options, with respect to the basic configuration, are agreed, then deriving
reduction in contractual deadweight shall be duly taken into
account.

    
      
         

      

      
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    3.3.   Speed:

    

    The
Vessel’s average speed at sea trials undertaken as per Technical Specification
shall be at least 16,3 knots at 100% of max. continuous power, with the gear box
driven alternator developing zero output.

    

    3.4.   Fuel
consumption:

    The fuel
consumption of each main engine on test
bed, including four driven pumps, shall not exceed 186,2 grams per kW per hour
at 100% of max. continuous power using grade MDO fuel  with an
effective calorific value of at least 42,7 MJ/kg.

    

    3.5.   Propulsion
machinery:

    Type : 4
Diesel Engines (see Technical Specification).

    Max.
continuous power  = 4 x 3.000 kW each.

    

    3.6.   Ship’s
design and building will be in accordance with the rules and regulations
indicated at Para. 112 of the Technical Specification, and with ISO 9001:2000
concerning the Quality Assurance System to be activated for the Contract
duration.

     

    ARTICLE
4.   EXCLUSIONS FROM FINC'S SUPPLY - ATL-BALT'S
SUPPLY

    FINC's
supply shall exclude any item, piece of equipment and/or machinery not expressly
indicated as included in the Technical Specification.

    The
ATL-BALT’s supplies shall reach FINC’s Shipyard, delivered free to FINC’s
Shipyard, according to FINC’s instructions.

    Fuel-oil
and lubricants for the set-up of the on-board plants and for all the trials of
the Ship afloat shall be paid by FINC ; the residue fuel-oil and lubricants
existing on-board on date of delivery will be paid by ATL-BALT.

     

    ARTICLE
5. WORK PREPARATION - SUPPLIES BY THIRD PARTIES

    

    5.1.  Transmission
of technical documentation: with reference to plans and drawings listed in Annex
D of the Technical Specifications,
the  procedure  “121.a  Work preparation” of the
Technical Specification, shall apply.

      

    5.2.   The
major sub-contractors / sub-suppliers are listed in the Vendor List attached to
BS 8000000M rev. 0, dated 20/09/06 – Technical Specifications,
and  FINC will be free to choose among the names listed sending
information in writing to ATL-BALT in advance before placing the orders. The
sub-contractors / sub-supplier of other items will be designated by FINC during
construction who will take in consideration possible requests of
ATL-BALT.

    Any
contact with FINC's Suppliers in connection with the supplies intended for the
Ship object of this Contract shall, in any case, be carried out through
FINC.

    FINC shall guarantee ATL-BALT
for all the supplies from third parties as set forth in Article 24.
hereof.

    

    ARTICLE
6.   SHIPYARD  NUMBER

    The Ship
object of this Contract shall be identified with the Shipyard Number
6162.

    
      
         

      

      
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    ARTICLE
7.   INSPECTION  DURING  CONSTRUCTION

    During
the Ship's construction, ATL-BALT shall have the right to have the Ship and all
engines, auxiliary machinery, outfit, furnishings, etc. inspected by its
authorised Representatives. To this purpose, ATL-BALT’s authorised
Representatives shall be granted by
FINC free access -
during working hours - to the Ship, FINC's premises and plants and, in case that
parts intended for the Ship object of this Contract may have been sub-contracted
by FINC, free access shall be granted also to subcontractors’
plants.

    ATL-BALT and/or its authorised
Representatives shall promptly notify in writing FINC of the non-compliance
with the contractual conditions of materials, works, machinery and manufactures.
Failure to serve prompt notification of such defects and/or deviations shall be
considered to all effects as an acceptance of whatever inspected.

    FINC shall take into due
account reasonable remarks, if any, by ATL-BALT or by its Representatives,
within the limits of the contractual obligations.

    ATL-BALT’s
authorised Representatives shall comply with the work rules prevailing at FINC's
premises as far as they may be concerned. They shall also address their remarks
exclusively to FINC's appointed Representatives.

    Should
ATL-BALT elect to entrust the inspection to persons outside its organisation,
such persons shall be subject to FINC's prior approval.

    FINC shall give to ATL-BALT
reasonable advance notice about the dates of the tests of the main
machinery.

    On
completion of test operations for major items, Protocols of Acceptance shall be
drawn up and undersigned by ATL-BALT’s and FINC's Representatives and, wherever
required, by the Classification Society.

    FINC shall provide within its
Shipyard suitably furnished office spaces for ATL-BALT’s Representatives, for
the proper performance of their duties.

    

    ARTICLE
8.   DELIVERY  -  LIQUIDATED  DAMAGES

    

    8.1.   The Ship
will be delivered within 30th September 2009.

    The
delivery of the Ship means the presentation of the Ship afloat at FINC shipyard
in Italy, moored at quay, free from encumbrances or liens, upon satisfactory
trial completion .

    

    A
Protocol of Delivery and Acceptance, according to Enclosure "A", will be signed
by FINC and ATL-BALT and the following documents will be handed over to
ATL-BALT:

    (A)  Invoice
for the total final price.

    (B)  Declaration
of Warranty of FINC that the Ship is delivered to ATL-BALT free and clear of any
all liens, claims or other encumbrances upon the Ship, and in particular that
the Ship is absolutely free from all burdens, in the nature of imposts, taxes or
charges imposed by the city, state or county of the port of delivery, as well as
from all liabilities arising from the construction or operation of the Ship on
trial runs or otherwise, prior to delivery and acceptance.

    (C)  Documents
provided in the Technical Specifications, in the usual form they are issued on
delivery.

    

    8.2. The Ship shall be
delivered to ATL-BALT pursuant to the terms of this Contract and provided the
payments hereinafter specified are made within the terms set forth, upon
completion of trials, in the Italian harbour where the Ship is moored at that
time, at the date established in previous 8.1., subject to the extension due to
events of Force Majeure as set forth in Article 18. hereof, to modifications set
forth in Article 17. hereof and to delay in payment as below.

    
      
         

      

      
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    FINC shall be entitled to one
(1) day extension in delivery time for each day of delay in the payment of any
instalment.

    

    8.3.   Should
the Ship not be delivered within the contract term for causes for which
FINC is liable,
FINC shall pay to
ATL-BALT, as final liquidated damages, an amount of EURO for each calendar day
of delay as follows :

    
      
        
          	
                  1st  -  15th
      day

                	
                  No  liquidated
      damages

                
	
                  16th -
      30th  day

                	
                  Euro   
       5.000,00  (fivethousand)

                
	
                  31st -
      60th
      day

                	
                  Euro 
       10.000,00  (tenthousand)

                
	
                  61st –
      120th
      day

                	
                  Euro
        15.000,00  (fifteenthousand)

                

        

      

    

    

    Should
the delay in the delivery of the Ship, for causes for which FINC is liable, exceeds by
120 (onehundredtwenty) calendar days the foregoing delivery date - as extended
according to this Article and Articles 17. and 18. hereof – ATL-BALT, as an
alternative to continue in receiving the foregoing liquidated damages, shall
have the right to resolve this Contract with the consequences set forth in
Article 15. hereof.

    

    8.4.  In the event
that defects and/or deviations, which could be easily eliminated, should emerge
on Ship delivery, FINC undertakes to eliminate
them at its own expense.

    However,
should such an elimination entail costs and work time disproportionate to the
benefit ensuing for ATL-BALT, ATL-BALT shall be entitled to a price reduction,
if any, but shall not have the right to refuse to take delivery of the
Ship.

    However,
should the Ship present defects and deviations such as to make same unsuited to
the service for which she has been ordered, ATL-BALT shall have the right to
resolve this Contract with the consequences provided for in Article 15.
hereof.

    

    ARTICLE
9.   PRICE

    ATL-BALT shall pay to FINC the price, fixed and not
subject to adjustment, of:

    Euro  36.573.000,00  (thirtysixmillionfivehundredseventythreethousand
Euro).

    

    ARTICLE
10.   PAYMENT PROCEDURES

    

    10.1.  ATL-BALT  will   proceed
as follows :

    —  the
first  (10.2.a ) and second (10.2.b) instalment will be paid directly
by ATL-BALT;

    —  the
third  (10.2.c ) and  fourth (10.2.d) instalment will be
paid directly by ATL-BALT but supported by a Comfort Letter issued by the Bank
of ATL-BALT, which will be  delivered to FINC within three months from
Contract Effective Date;

    —  the
fifth (10.2.e) instalment will be paid through a Letter of Credit
opened  by ATL-BALT through its bank and confirmed by ATL-BALT in a
bank indicated by FINC , which will be opened and confirmed one year before the
Contract Delivery  Date indicate in Art. 8.1.; or as an alternative
this instalment shall be granted by a Guarantee Letter issued by the Mother
Company of ATL-BALT.

    
      
         

      

      
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    10.2.   The
price referred to in Article 9 hereof shall be paid by ATL-BALT to FINC as below :

    

    a) The sum of Euro
1.828.650,00  (onemillionheighthundred twentyeightthous
sixhundredfifty Euro) representing five per cent (5 %) of the contract price
stated under foregoing Article 9., to be paid upon signature of the Contract and
as a condition for the Contract Effective Date, upon presentation by FINC to
ATL-BALT of:

    ·           the
relevant invoice;

    ·           a
guarantee issued as per model in Enclosure B.

    

    b) The sum of Euro
1.828.650,00  (onemillion heighthundred twentyeightthous
sixhundredfifty hundred Euro) representing five per cent (5%) of the contract
price stated under foregoing Article 9., to be paid upon presentation by FINC to
ATL-BALT of:

    ·           the
relevant invoice;

    ·           a
certificate issued by the Classification Society stating the beginning of steel
cutting;

    ·           the  guarantee
issued as per model in Enclosure C.

    

    c) The sum of Euro
3.657.300,00 (threemillion sixhundredfiftyseventhousand threehundred Euro)
representing ten per cent (10 %) of the contract price stated under foregoing
Article 9., to be paid upon presentation by FINC to ATL-BALT of:

    ·           the
relevant invoice;

    ·           a
certificate issued by the Classification Society stating the installation of the
Main
Engines;

    ·           the
guarantee issued as per model in Enclosure C.

    

    d) The sum of Euro
3.657.300,00 (threemillion sixhundredfiftyseventhousand threehundred
Euro)  representing 10 per cent (10%) of the contract price stated
under foregoing Article 9., to be paid upon presentation by FINC to ATL-BALT
of:

    ·           the
relevant invoice;

    ·           a
certificate issued by the Classification Society stating that the Ship has been
launched;

    ·           the  guarantee
issued as per model in Enclosure C.

    

    e) The sum of Euro
25.601.100,00 (twentyfivemillion sixhundredonefourthousand onethundred Euro)
representing seventy per cent (70%) of the contract price stated under foregoing
Article 9., to be paid as follows:

    

       e1) On
presentation by FINC to the bank in which the Letter of Credit has been
confirmed of:

    ·           an
original of the relevant invoice;

    ·           an
original of the Protocol of Delivery and Acceptance of the Ship as per
Enclosure A;

    ·           the  guarantee
issued as per model in Enclosure D.

    

    
      
         

      

      
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       e2) or, in
case of payment guaranted by Guarantee Letter from the Mother Company, upon
signature of the Protocol of Delivery and Acceptance of the Ship as per Enclosure A and
contemporaneous presentation to ATL-BALT, of:

    ·           an
original of the relevant invoice;

    ·           the  guarantee
issued as per model in Enclosure D.

    

      e3)
   or, in case of payment guaranted by Engagement Letter
from ATL-BALT’s Bank, upon signature of the Protocol of Delivery and Acceptance
of the Ship as per Enclosure
A and contemporaneous presentation to ATL-BALT, of:

    ·           an
original of the relevant invoice;

    ·           the  guarantee
issued as per model in Enclosure D.

    

    10.3.  All payments
to FINC are to be made in Italy in EURO at a bank to be designated by FINC,
without any deduction whatsoever, on the dates the payments are
due.

    Any
possible expenses  connected with payments, opening and confirming of
the Letter of Credit, will be at ATL-BALT’s account, except those incurred by
FINC's Bank for the account of FINC.

    

    The
amounts due by ATL-BALT or by FINC for the modifications,
if any, to the Technical Specification and to the Plans shall be paid up to
fifty per cent (50%) on ordering of such modifications, and the balance upon
Ship delivery.

    

    Liquidated
damages, if any, for delivery and minor performances shall be determined on Ship
delivery and the relevant amount shall be paid to the Party entitled thereto on
same date.

    

    ATL-BALT
shall not delay or discontinue any payment foreseen in this Contract for any
reason whatsoever. Exceptions and/or claims, if any, by ATL-BALT against FINC,
shall be asserted separately according to the provisions set forth in Article
28. hereof.

    

    10.4  The above
mentioned Bank Guarantees will be issued by one of the following Italian primary
banks, chosen by FINC : Deutsche Bank, Banca Intesa, Banca di Roma, B.N.L. Banca
Nazionale del Lavoro, Unicredit Banca.

     

    ARTICLE
11.   DEFAULTS

    Should
ATL-BALT be in default in the payment of any contractual instalment and/or other
amounts due whatsoever, then ATL-BALT shall pay to FINC - as from the due date -
an interest at the rate of two per cent (2%) per annum over EURIBOR at 6
months.

    

    Should
the aforesaid delay exceed thirty (30) days from the due date, then FINC shall be entitled to
discontinue any further work on the Ship until payment of the outstanding amount
and interest thereon has been made, serving relevant notice to
ATL-BALT.

    Should
the aforesaid delay exceed three (3) months from the due date, then FINC shall be free to act
according to its rights, including the resolution of the present Contract or, in
case of payments granted by the Guarantee Letter issued by the Mother Company of
ATL-BALT, claiming the due payments from the “mother company”. Should ATL-BALT
fail to take delivery of the completed Ship in accordance with the conditions of
this Contract, and this not even within the term notified by registered letter
sent to its address, as set forth in Article 8.1. hereof, then the delivery of
the Ship shall be regarded as occurred both to the effects of the expiration of
payments contractually due on Ship delivery, and to the effects of the guarantee
period running.

    
      
         

      

      
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    ARTICLE
12.   TRIALS

    The
Ship  shall run the following test and trials:

    (1)  Harbour
Acceptance Tests, including setting to work of the various
equipment;

    (2)  Sea
Acceptance Trials.

    The sea
trial schedule shall be timely agreed upon between ATL-BALT, FINC and the Classification
society.

    The sea
trial under para. (2) above shall be conducted as indicated in the Technical
Specification.

    Should
the weather conditions (no wind, no waves or swell) not occur on the days
scheduled for trials, FINC shall have the right to
postpone it. In such a case, FINC shall be entitled to an
extension of Ship delivery term equal to the whole postponement time
period.

    FINC shall have the option to
carry out preliminary sea-trials for the adjustment of the propulsion machinery
starting and operation as FINC may deem
fit.

    FINC shall have the right to
repeat any trial whatsoever.

    Should
any breakdowns occur during sea-trials, entailing their interruption or
irregular performance, the trial so affected shall be cancelled and shall be
repeated by and at the expense of FINC.  The time period required for
repairs shall produce an extension in the delivery term to be agreed upon
between ATL-BALT and FINC.

    However,
if such breakdowns could be repaired by the normal means available on board, the
trial, by previous agreement between ATL-BALT and Builder, shall be continued
and considered as valid in all respects.

    

    ARTICLE
13.   PERFORMANCES  -  LIQUIDATED  DAMAGES

    13.1.   Speed

    Should
the Ship's speed at trial displacement and under the conditions stated in the
Technical Specification be lower than the value stated in  Art 3.3.,
FINC shall pay to
ATL-BALT, as final liquidated damages, the following amounts:

    —  for
the first 0.5.knot of less speed:  nothing;

    —  for
further 0.5 knot of
less speed up to 1 knot: Euro 15.000,00 (fifteenthousand) per

    tenth of knot;

    —  for
further 0.5 knot of less speed up to 1.5 knots: Euro 25.000,00

    (twentyfivethousand) per tenth of
knot;

    Should
the Ship's speed be lower than 1,5 knots of the speed
as per Art. 3.3 above, then ATL-BALT, as an alternative to receiving the above
liquidated damages, shall have the option to resolve this Contract with the
consequences provided for in Art. 15. hereof.

    

    13.2.   Deficiency
in Fuel Consumption

    (a)           If
the fuel consumption on the test bed trials exceeds the figure
stipulated in Article 3.4. by more than 5% but below 8%, FINC will pay as
liquidated damages  Euro  50.000,00 (fiftythousand) for each
full percentage between the two figures per gram per kW per hour.

    (b)           If
the fuel consumption on the test bed exceeds the figure stipulated in Article
3.4. by more than 8%, ATL-BALT may, at its option, (1) reject the main engine or
(2) accept the main engine by cashing the maximum amount referred to above. If
ATL-BALT rejects the main engine and FINC as a consequence is unable to deliver
the Ship within the contractual delivery time, ATL-BALT may
resolve  the Contract.

    
      
         

      

      
        page 10 /
24

        
          

        

      

      
         

      

    

    

    13.3.   Deficiency
in Bollard Pull

    If the
Vessel Bollard Pull  as per Art 3.1., to be obtained in correspondence
to 100% of max. continuous power on each propeller contemporarily, is not achieved, FINC will
pay as liquidated damages to ATL-BALT as follows:

    —  for
each full ton reduction up to 184 tons:  no damages;

    —  for
each full ton reduction in the bollard pull from 184 to 180 achieved tons, a
liquidated damages of Euro 30.000,00 (thirtythousand).

    

    If the
deficiency in bollard pull is more than 8 tons, ATL-BALT may
resolve  the Contract.

    

    13.4. 
Deficiency in Deadweight

    If the
deadweight as per Art 3.1 is not attained and the reduction exceeds 5% of the
stipulated deadweight, FINC will pay as liquidated damages to ATL-BALT Euro
3.000,00 (threethousand) per ton of reduction.

    

    If the
reduction in deadweight is more than 10 % of the stipulated deadweight, ATL-BALT
may resolve  the Contract.

    

    ARTICLE
14.   MAXIMUM  AMOUNT  OF  LIQUIDATED  DAMAGES

    The
maximum amount of liquidated damages referred to in Articles 8. (Delivery) and
13. (Performances) hereof, shall in no case whatsoever exceed ten per cent (10%)
of the Ship price set forth in Articles 9., but should said amount exceed it,
then ATL-BALT waives as from now its entitlement to any higher amount: ATL-BALT,
as an alternative to receiving the above liquidated damages, shall have the
option to resolve this Contract with the consequences provided for in Article
15. hereof.

    

    ARTICLE
15.   RESOLUTION  OF  THE  CONTRACT

    15.1.   In the
event of resolution of this Contract by default of FINC, to which ATL-BALT has
to send a warning notice to fulfil the Contract within three (3) months,
ATL-BALT shall be entitled to:

    
      
        	
              	
                (a)

              	
                the
      refund of all the sums paid to FINC for the Ship,
      increased by the an interest at the rate of  two per cent ( 2%)
      per annum over EURIBOR at 6
months;

              

      

    

    
      
        	
              	
                (b)

              	
                the
      payment, as compensation of final liquidated damages of any kind
      whatsoever,
      of the amount of Euro 300.000,00
  (threehundredthousand).

              

      

    

    The
foregoing warning to fulfil the Contract shall conversely not be necessary in
the events set forth in Articles 8.3 and 13.

    

    15.2.   In the
event that the cause of resolution of this Contract shall be a default of
ATL-BALT, FINC will
be entitled to be paid in proportion to the work done, the materials bought and
the engagements undertaken, plus 10 % conventional profit on the value
of  the  works which will not be done and will put at disposal of
ATL-BALT the materials and/or parts of the Ship which ATL-BALT will be obliged
to remove from FINC's Shipyard within six months from resolution, failing which
removal FINC will
have the right to consider all parts / materials abandoned and will have the
right to fully dispose of them.

    
      
         

      

      
        page 11 /
24

        
          

        

      

      
         

      

    

    

    ARTICLE
16.   INSURANCE

    The Ship
under construction must be insured with leading Insurance Companies up to the
time of delivery by and at the expenses of FINC against:

    a)         all
risks covered by "Institute Clauses for Builders' Risks" and usual supplementary
conditions;

    b)         all
risks covered by "Institute War Clauses / Builders' Risks" and "Institute Strikes Clauses /
Builders' Risks".

    The
insurance shall cover the contract value of the Ship.

    The
insured amounts shall be allocated to the repair of damages and/or to the
reconstruction of the Ship.

    

    In the
event of a total constructive loss, arranged or compromised, and/or abandonment,
FINC shall be
entitled to withdraw from this Contract or to fulfil it but with the right to an
adequate extension in the delivery term. Should FINC exercise its withdrawal
right, ATL-BALT shall only be entitled to the reimbursement of the amounts
already paid to FINC .

    To
guarantee such reimbursements, the insurance policies stipulated by FINC shall be bound in favour
of ATL-BALT to the extent of payments made by ATL-BALT.

    

    The
covering of the aforementioned insurance and the due fulfilment by FINC of its obligations set
forth herein, exempt FINC from any other whatsoever responsibility, both legal
and contractual, in connection with the risk and damages of the Ship under
construction.

    

    ARTICLE
17.    MODIFICATIONS  TO  PLANS  AND  SPECIFICATION

    17.1.   FINC shall make the
modifications, if any, to the Specification and Plans referred to in Article 1.
hereof as may be requested by ATL-BALT provided that, in the unobjectionable
opinion of FINC, such modifications or accumulation of modifications do not
adversely affect the Ship's building programme and the production programmes of
FINC and its
Sub-contractors.

    Both the
requests by ATL-BALT and the relevant acceptance by FINC, shall be made in
writing.

    FINC shall notify in writing
ATL-BALT of the variations in price and other contract conditions which the
accepted modifications may entail and shall execute such modifications only upon
written acceptance of the foregoing variations by ATL-BALT.

    ATL-BALT’s written acceptance shall
have to reach FINC within ten (10) days
from the date of receipt of FINC's notice or within fifteen (15) days from the
notice despatch by FINC, whichever is the shorter term.

    Should
such an acceptance not be received within the term set forth, FINC shall have the right to
continue the Ship's construction as if no request for modification were made by
ATL-BALT.

    In case
of disagreement on the price and/or consequent variations of the contract
conditions concerning modifications accepted by FINC, ATL-BALT shall have the
right to have such modifications performed, but it shall undertake, by written
notice to FINC, to pay the price requested by FINC according to the terms
of Article 10. hereof: ATL-BALT keep on its title to exercise its rights
deriving from Art 28.

    

    17.2.  In the event
that, subsequent to the date of signature of this Contract, variations should be
made to the provisions whose fulfilment is compulsory, FINC shall notify in
writing ATL-BALT of the consequent modifications and price
thereof.

    
      
         

      

      
        page 12 /
24

        
          

        

      

      
         

      

    

    

    ATL-BALT’s
written acceptance shall have to reach FINC within ten (10) days
from the date of receipt of FINC's notice or within fifteen (15) days from the
notice despatch by FINC, whichever is the shorter term. Failing such acceptance,
FINC shall carry
out the notified modifications, which shall be considered to all effects as
though they had been confirmed by ATL-BALT.

    ATL-BALT
shall pay the price requested by FINC according to the terms
of Article 10. hereof, while keeps on  its title to exercise its
rights deriving from art 28.

    

    ARTICLE
18.   EVENTS  OF  FORCE  MAJEURE

    Any event
not caused by FINC and preventing FINC from the fulfilment of
its obligations, shall be regarded as an event of force majeure.

    Among the
foregoing events are in any case included strikes, lockouts, plants occupation,
non-co-operation and, in general, any work disturbance, delays in delivery of
ferrous/light-alloy materials or of important finished or semi-finished items
ordered to sub-suppliers (except late delivery due to late order by FINC),
casting and machinery rejects and similar, as well as the effects that the
foregoing facts may directly or indirectly have on the whole of FINC's
engagements.

    Should
such events occur, the Ship's delivery term shall be extended by the period of
time lost by FINC as a consequence of such
events, provided that FINC timely notifies in
writing ATL-BALT of that occurrence.

    

    ARTICLE
19.   PATENTS

    FINC, for
the items of its own supply, shall hold ATL-BALT harmless against any claim made
by third parties for patent rights and for any other relevant reason, and
FINC undertakes for
its account every liability or indemnity whatsoever.

    

    ARTICLE
20.   INTELLECTUAL  PROPERTY  RIGHTS

    The Ship
will be built based on the Design property of MOSS a.s. (Norway) under License
for use of FINC for the Ship object of this Contract.

    The
technical information related to the Ship and furnished to ATL-BALT under this
Contract, including reports, drawings and other data, are to be
protected.

    A
dedicated “Non Disclosure Agreement” between FINC and ATL-BALT has been signed
on 15.08.2006 and the Parties make reference to the disposal here contained for
all effects.

    None of
the said information may be reproduced by ATL-BALT, unless with written consent
of FINC which shall
not be unreasonably withheld.

    Notwithstanding
the above, ATL-BALT shall have the right to use the information only for
maintenance and repairs, and for commercial purposes .

    FINC guarantees that the Ship
shall not infringe any patent, copyright, registered design, trademark or trade
name.

    In the
event of any action, claim or demand for the infringement of an Intellectual
Property right by the use of the Ship, ATL-BALT shall inform FINC of such claim without
delay.

    FINC shall indemnify ATL-BALT
in respect of any liability arising thereof and bear all
expenses relating to the said action, claim or demand , provided FINC has been given the
opportunity to conduct the action and / or proceedings at its own
convenience.

    
      
         

      

      
        page 13 /
24

        
          

        

      

      
         

      

    

    

    ARTICLE
21.   ASSIGNMENT  OF  THE  CONTRACT

    Neither
of the Parties hereto shall assign this Contract to a third party unless prior
consent of the other Party is given in writing, such consent not to be
unreasonably withheld.

    

    One,
among others, conditions for consent is that the Assignee will maintain all
guarantees received by FINC (Comfort Letter, Letter of Credit,
etc.),  or in case of renewal by the Assignee such guarantees will be
renewed in a manner not decreasing the level of guarantee of FINC.

    In case
of payments granted by Guarantee Letter issued by the mother company of
ATL-BALT, then the mother company will in any case remain liable toward FINC of
all obligations of the Assignee  deriving from the Contract , and
these engagements will be contained in a separate documents to be agreed and
delivered to FINC before the signature of the assignment.

    The deed
of assignment will be subject to the same legal formalities of this
Contract.

    

    For
financing purposes ATL-BALT  can assign some rights hereof (agreed
with FINC but in any case excluding mortgage or any lien on the
ship  under progress) in order to obtain means  for the
payment of  the third  (10.2.c ) and  fourth
(10.2.d)  instalment.

    

    ARTICLE
22.   PROPERTY  RIGHTS  OF  THE
VESSEL

    During
the construction, FINC and ATL-BALT undertake not to dispose of the hull and /
or parts thereof, the engine and / or parts thereof, the machinery, equipment
and / or outfitting materials and in general anything else intended for the
construction of the Ship, and not to allow any mortgage or lien being registered
on the Ship or part of the same .

    The
property of the Ship will pass on to ATL-BALT upon Ship delivery.

    

    ARTICLE
23.   RESPONSIBILITY  AFTER  DELIVERY

    On
delivery of the Ship to ATL-BALT, every responsibility for the safety and for
the use of the Ship is transferred to ATL-BALT, remaining on FINC only the guarantee
obligations set forth in Article 24. hereof.

    

    ARTICLE
24.   TECHNICAL  GUARANTEE

    

    24.1.  The technical
guarantee of the Ship shall have the not extendable validity of twelve (12)
calendar months (except for those equipments for which the supplier grants a
longer period ) commencing on the date of the Ship's delivery to
ATL-BALT.

    On
ATL-BALT’s request, FINC shall, at its own expense, repair and/or replace at one
of its Shipyards any part of its own supply (including the supply of its
Sub-contractors and suppliers) for which ATL-BALT notifies on delivery defects
or deviations or which, during the foregoing guarantee period, show defects and
deviations not remarkable on delivery, chargeable either to design, materials or
workmanship, provided that such defects and deviations are notified in writing
to  FINC on delivery or, at the latest, within one (1) month from the
date of their discovery and provided that ATL-BALT can prove that such defects
and deviations are attributable to  FINC.

    
      
         

      

      
        page 14 /
24

        
          

        

      

      
         

      

    

    

    Repairs
and replacements carried out by FINC in accordance with this Article shall be
covered by a prolongation of guarantee governed by all the provisions of this
Article but the extent of the guarantee shall in no case exceed the time period
of twentyfour  (24) months from the date of Ship's
delivery.

    

    In the
event that the Ship should need to be dry-docked, solely for repairs or for
replacements made necessary by defects or deviations attributable to FINC,
pursuant to the provisions of this Article, the relevant expenses shall be borne
by FINC exclusively.

    

    24.2.  Should it be
necessary, owing to the conditions and location of the Ship or to avoid delays
in carrying out urgent repairs or replacements, ATL-BALT may have the repair
and/or replacement work covered by FINC's guarantee carried out elsewhere from
FINC's Shipyards, provided that ATL-BALT previously notifies FINC, by letter or
facsimile, about the type and extent of the defects or deviations to be
remedied, stating the reason for necessity to have the work carried out
elsewhere and provided the relevant approval from FINC is received by
ATL-BALT.

    In such a
case, FINC shall reimburse to ATL-BALT the documented expenses incurred by
ATL-BALT for such repairs and/or replacements.

    Such a
reimbursement, however, shall not exceed the cost which FINC would have borne by
carrying out the repairs and/or replacements at its Shipyards.

    

    If
requested by FINC, ATL-BALT shall return, at its care and expense, the parts
replaced.

    FINC
shall not have to make any reimbursement for works, repairs and/or replacements
carried out by ATL-BALT without the prior approval
of  FINC.

    In any
case, any guarantee and/or liability by FINC for repairs and/or replacement work
carried out outside FINC's Shipyards is excluded.

    

    24.3.   End-guarantee
works , if any, will be done at Muggiano Shipyard, where ATL-BALT will
make the Ship available at the end of the 12 months period at its care and
cost.

    If, in
accordance with ATL-BALT, repairs and/or replacements will be done due to use
and/or maintenance activities, ATL-BALT shall be charged with the relevant
expenses.

    

    24.4.  FINC's
liability shall be limited to the foregoing obligation, and FINC and its
sub-contractors and suppliers shall have no liability whatsoever for damages in
any way deriving from or consequential to the foregoing defects or connected
with deviations or with the repair and replacement processes; likewise is
excluded any other liability deriving from or in any way connected with any
other cause not included in the foregoing guarantee obligation, which covers
solely repair and/or replacement.

    FINC
shall not be liable for defects or deviations due to normal wear and tear of the
materials and for any damage whatsoever due to use of the Ship, to accidents
occurred with the Ship moored and/or at sea, or to fires, mismanagement or
negligence in the use of the Ship by ATL-BALT or by persons which, at the time
of the damage, were in possession of or governing the Ship, and FINC will not
bear any responsibility for repair and/or replacement consequent to the above
..

     

    24.5.  FINC shall
have the right during the first six months of the guarantee period to put on
board of the Ship, at its costs, an engineer to follow the operations of the
Ship. ATL-BALT will recognise to the engineer a treatment on  board of
the same level of the chief engineer: during the stay on board of the guarantee
engineer, all communications related to guarantee problems will be presented to
him.

     

    
      
         

      

      
        page 15 /
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    ARTICLE  25.   TAXES  –  DUTIES  AND  OTHER  CHARGES

     

    All
taxes, including income taxes , duties, dues and fees or similar charges levied
by the Republic of Italy for the implementation of this Contract shall be borne
by FINC.

    All
taxes, including income taxes, whether for persons and/or Companies, duties dues
and fees or similar charges levied by Germany in connection with the
implementation of this Contract shall be borne by ATL-BALT.

    

    ARTICLE  26.   CONFIDENTIALITY

    

    No
advertisement or statement in respect of the terms and conditions of this
Contract shall be
published or made by FINC or by ATL-BALT in
any newspaper, magazine or in any other form of media without the prior written
agreement of both parties.

    

    ARTICLE
27.   CONTRACT EFFECTIVE DATE

    

    This
Contract shall
become effective when the first payment instalment as per Art 10.2 letter
a)  has been cashed by FINC.

    

    In the
event that the first payment will not be made for whatever reason, within 30
calendar days from the signature of this Contract, FINC will have the right to
update Terms and Conditions of this Contract.

    

    ARTICLE  28.   LAW  AND  DISPUTES

    

    The
present Contract is ruled by the laws of Switzerland.

    Any
disputes, conflicts or differences of any kind, which shall arise between the
Parties with regard to the interpretation of this Contract, or relating to the
performance of any of the agreed obligations, under this Contract shall, if
possible, be amicably settled.

    Failing
such amicable settlement the Parties have elected to have the dispute referred
to an arbitration tribunal of three arbitrators, who will judge in Geneva
(Switzerland) in accordance with the provisions of the Rules of Conciliation and
Arbitration of the International Chamber of Commerce, to which the Parties
declare to adhere.

    The two
Parties shall pay fees and expenses of the arbitration proceeding in accordance
with the award passed by the Arbitration Tribunal.

    The award
passed by the Arbitration Tribunal shall be final and binding on both Parties
and shall be enforceable before any court of competent
jurisdiction.

    The
commencement of any arbitration proceeding under this Clause shall in no way
affect the continual performance of the obligations of the Parties under this
Contract, except insofar as such obligation relate to the subject matter of such
proceedings.

     

    
      
         

      

      
        page 16 /
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    ARTICLE  29.   MISCELLANEOUS

    

    This
Contract constitutes the entire agreement between ATL-BALT and FINC and
supersedes and cancels all prior representations, negotiations, letters,
acceptances, agreements and understandings, whether verbal or written, between
ATL-BALT and FINC, with respect to or in connection with any of the matters or
things to which this Contract applies or refers.

    Any
amendment to this Contract shall be made in the form of a written amendment,
fully agreed and signed by ATL-BALT and FINC.

     

    
      
         

      

      
        page 17 /
24

        
          

        

      

      
         

      

    

    
       

      
        ARTICLE  30.   ELECTION
OF DOMICILE

        

        For all
the purposes of this Contract, ATL-BALT elects its domicile in Garrelsstraße 14,
26789 Leer, Germany , and FINC in Via Cipro 11, 16129
Genoa, Italy.

      

    SIGNATURE

    

    This
Contract is signed in three (3) identical originals, one for FINC, one for
ATL-BALT and the third copy (with signatures authenticated by a Notary Public in
the place of signature) for the registration in the Italian Coast Guard of the
territory in which the Ship is built.

    

    SIGNED
by  Dr. Niels Hartmann  & Capt. Bernhard
Wichers

    who
hereby declare to act on behalf of

    and be
duly authorised by ATL-BALT

     

    
      
        
          
            	
                    ----/S/--------------------------------/S/--------------------------------

                  
	 
      
	
                    SIGNED
      by Mr. Alberto Maestrini

                  
	
                    who
      hereby declares to act  on behalf of

                  
	
                    and
      be duly authorised by  FINC

                  
	 
      
	
                    ----/S/--------------------------------

                  

          

        

      

    

    

    DATE  ......3.11.2006...........................     PLACE
...Genove.....................

    
      
         

      

      
        page 18 /
24Unassociated Document

    Shipbuilding
Contract

    

    for the
supply of

    

    one A.H.T.S.
Vessel

    

    Fincantieri
no. 6163

    

    between

    

    FINCANTIERI Cantieri Navali
Italiani S.p.A.

    

    
      and

    

    

    ATL
Offshore GmbH & Co

    ISLE
OF LANGEOOG KG

    
      
        
        

      

      
        Page 1 /
24

        
          

        

      

      
        
        

      

    

    

    TABLE OF CONTENTS

    

    
      
        	
                article
      1

              	
                Object
      of the contract

              	
                 

              
	
                article
      2

              	
                Ship’s
      classification – Rules and regulations - Certificates

              	
                 

              
	
                article
      3

              	
                Ship
      characteristics

              	
                 

              
	
                article
      4

              	
                Exclusions
      from Fincantieri’s supply - ATL-LANGE’s supply

              	
                 

              
	
                article
      5

              	
                Work
      preparation  – Supplies by third parties

              	
                 

              
	
                article
      6

              	
                Shipyard
      number

              	
                 

              
	
                article
      7

              	
                Inspection
      during construction

              	
                 

              
	
                article
      8

              	
                Delivery
      – Liquidated damages

              	
                 

              
	
                article
      9

              	
                Price

              	
                 

              
	
                article
      10

              	
                Payment
      procedures

              	
                 

              
	
                article
      11

              	
                Defaults

              	
                 

              
	
                article
      12

              	
                Trials

              	
                 

              
	
                article
      13

              	
                Performances
      – Liquidated damages

              	
                 

              
	
                article
      14

              	
                Maximum
      amount of liquidated damages

              	
                 

              
	
                article
      15

              	
                Termination
      of the contract

              	
                 

              
	
                article
      16

              	
                Insurance

              	
                 

              
	
                article
      17

              	
                Modifications
      to plans and Technical specifications

              	
                 

              
	
                article
      18

              	
                Events
      of force majeure

              	
                 

              
	
                article
      19

              	
                Patents

              	
                 

              
	
                article
      20

              	
                Intellectual
      property rights

              	
                 

              
	
                article
      21

              	
                Assignment
      of the contract

              	
                 

              
	
                article
      22

              	
                Property
      rights of the Ship

              	
                 

              
	
                article
      23

              	
                Responsibility
      after delivery

              	
                 

              
	
                article
      24

              	
                Technical
      guarantee

              	
                 

              
	
                article
      25

              	
                Taxes
      – Duties and other charges

              	
                 

              
	
                article
      26

              	
                Confidentiality

              	
                 

              
	
                article
      27

              	
                Contract
      effective date

              	
                 

              
	
                article
      28

              	
                Law
      and disputes

              	
                 

              
	
                article
      29

              	
                Miscellaneous

              	
                 

              
	
                article
      30

              	
                Election
      of domicile

              	
                 

              

      

    

    

    
      
        
          	
                  Enclosure
      "A"  -

                	
                  Protocol
      of delivery and acceptance of the Ship (Art. 8)

                	 
	
                  Enclosure
      “B”  -

                	
                  Model
      of Bank Guarantee for Advance Payment (Art. 10)

                	 
	
                  Enclosure
      “C”  -

                	
                  Model
      of Bank Guarantee for Progress Payment (Art. 10)

                	 
	
                  Enclosure
      “D”  -

                	
                  Model
      of Bank Guarantee for Technical Guarantee Period

                	 

        

      

    

    
      
         

      

      
        Page 2 /
24

        
          

        

      

      
         

      

    

    

    CONTRACT

    between

    

    —  The
ATL Offshore GmbH & “ISLE OF LANGEOOG” KG, located at Garrelsstr. 14, 26789
Leer, Germany, hereinafter referred to as "ATL- LANGE" (or “the Customer”),
represented by Dr. Niels Hartmann

    on one
part

    

    and

    

    —  FINCANTIERI
Cantieri Navali Italiani S.p.A., a Company organised and existing under the laws
of the Republic of Italy, with Naval Vessel Business Unit located at Via Cipro,
11, 16129 Genoa, Italy, hereinafter referred to as  "FINC",
represented by Mr. Albeto Maestrini,

    on the
other part

    

    hereinafter
defined Party and/or Parties.

    

    WHEREBY
IT IS AGREED AS FOLLOWS:

    

    ARTICLE
1.   OBJECT OF THE CONTRACT

    

    1.1.  FINC’s
obligations shall consist in supplying one “Anchor Handling, Towing and Supply“
Vessel (hereinafter referred to as the "Ship"), to be built at FINC’s Shipyards and delivered to
ATL-LANGE, which agrees
to accept delivery from FINC, and built in accordance with the conditions and
stipulations stated herein, and as specified in the following technical
documents:

    

    Specification
:

    BS
8000000M rev. 0 dated 20/09/06 – Technical Specifications

    

    Drawings
:

    2000-100
rev. 02 – General Arrangement (Moss Maritime)

    2000-101
rev. 02 – Tankplan (Moss Maritime)

    

    which,
signed by both Parties, are an integral part hereof, although not attached
hereto.

    

    1.2. In the event of conflict
between this Contract and the Specification of Art.1.1 and / or the Plans, the
provisions of this Contract shall prevail. In the event of conflict between the
Specification and the Plans of Art.1.1, the provisions of the Specification
shall prevail.

    

    
      	
              1.3

            	
              The
      main characteristic of the Ship is in moving the anchors of off-shore
      platforms and in rendering services to the
  platforms.

            

    

    

    ARTICLE
2. SHIP’s CLASSIFICATION - RULES AND REGULATIONS -CERTIFICATES

    2.1.   The Ship
shall be built :

    (a) under
the survey of the classification society American Bureau of Shipping (hereafter
“ABS” or the “Classification Society”) in accordance with the rules and
regulations in force at the date of this Contract in order to
obtain  the Class as stated in the Technical Specifications: the
Vessel will be built as if she will fly Italian flag.

    
      
         

      

      
        Page 3 /
24

        
          

        

      

      
         

      

    

    (b) in
compliance with the Main Groups of the Technical Specifications.

    Should it
so happen there be a conflict, the Main Groups of the Technical Specifications
will prevail over the Main Group 1 – General.

    In the
event of conflict between the Technical Specifications and/or the Plans, the provisions of the
Technical Specifications shall
prevail.

    

    2.2  The Ship will
comply with the provisions of the Laws, Rules, Regulations and Recommendations
mentioned in the Technical Specifications, published and in force at
the signature  of this Contract . For provisions of  Laws,
Rules and  Regulations which could enter in force in the period
between the signature of the Contract and the delivery of the Ship, the
disposals contained in Art 17.2. will apply.

    On Ship’s
delivery, FINC shall hand over to ATL-LANGE the certificates and documents
mentioned in the foregoing Technical Specifications.

    Classification,
testing and survey charges to be paid to the foregoing Classification
Society for the
items supplied by FINC shall be for the
account of FINC.

    The
decisions by the Classification Society as to the Ship’s compliance
or non-compliance with the rules and regulations whose observance is compulsory
shall be binding on both Parties hereto.

    

    ARTICLE
3.    SHIP  CHARACTERISTICS

    

    3.1. The Ship shall have
the following main dimensions and characteristics:

    
      	
              Length,
      overall

            	
              abt.  76,50
      m

            
	
              Length
      between perpendiculars

            	
              67,40
      m

            
	
              Breadth,
      moulded

            	
              17,50
      m

            
	
              Depth,
      moulded

            	
              8,00
      m

            
	
              Full
      Load Displacement (890 t of fuel)

            	
              abt.
      6.320 t

            
	
              Corresponding
      moulded draught

            	
              abt.  6,80
      m

            
	
              Sea
      Trial Draught

            	
              5,00
      m

            
	
              Corresponding
      Displacement

            	
              abt.  4.275
      t

            
	
              Maximum
      Deadweight

            	
              not
      less than  3.000 t

            
	
              Corresponding
      moulded draught

            	
              abt.
      6,80 m

            
	
              Maximum
      speed at  5,00 m draught

            	
              16,3  kt

            
	
              Bollard
      Pull

            	
              188
      t

            

    

    The
foregoing main dimensions may be slightly modified, to the sole judgement of
FINC, should FINC deem such modifications necessary to fulfil the draft,
deadweight and speed contract conditions.

    

    3.2.   Cargo
capacity:

    The
Vessel’s deadweight shall be 2.210 tons (of 1000 kg each) at a mean draft in
saltwater (specific gravity 1.025) of 6,00 metres above base line. The specified
deadweight shall include fuel, provisions, carried chains, cables for AH
activities, stores, freshwater, crew and passengers in addition to spare parts
in excess of the requirements of Class.

    

    In case
some options, with respect to the basic configuration, are agreed, then deriving
reduction in contractual deadweight shall be duly taken into
account.

    
      
         

      

      
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    3.3.   Speed:

    

    The
Vessel’s average speed at sea trials undertaken as per Technical Specification
shall be at least 16,3 knots at 100% of max. continuous power, with the gear box
driven alternator developing zero output.

    

    3.4.   Fuel
consumption:

    The fuel
consumption of each main engine on test
bed, including four driven pumps, shall not exceed 186,2 grams per kW per hour
at 100% of max. continuous power using grade MDO fuel  with an
effective calorific value of at least 42,7 MJ/kg.

    

    3.5.   Propulsion
machinery:

    Type : 4
Diesel Engines (see Technical Specification).

    Max.
continuous power  = 4 x 3.000 kW each.

    

    3.6. Ship’s design and
building will be in accordance with the rules and regulations indicated at Para.
112 of the Technical Specification, and with ISO 9001:2000 concerning the
Quality Assurance System to be activated for the Contract duration.

    

    ARTICLE
4.   EXCLUSIONS FROM FINC'S SUPPLY - ATL-LANGE'S
SUPPLY

    FINC's
supply shall exclude any item, piece of equipment and/or machinery not expressly
indicated as included in the Technical Specification.

    The
ATL-LANGE’s supplies shall reach FINC’s Shipyard, delivered free to FINC’s
Shipyard, according to FINC’s instructions.

    Fuel-oil
and lubricants for the set-up of the on-board plants and for all the trials of
the Ship afloat shall be paid by FINC ; the residue fuel-oil and lubricants
existing on-board on date of delivery will be paid by ATL-LANGE.

    

    ARTICLE
5. WORK PREPARATION - SUPPLIES BY THIRD PARTIES

    

    5.1.  Transmission
of technical documentation: with reference to plans and drawings listed in Annex
D of the Technical Specifications,
the  procedure  “121.a  Work preparation” of the
Technical Specification, shall apply.

      

    5.2.   The
major sub-contractors / sub-suppliers are listed in the Vendor List attached to
BS 8000000M rev. 0, dated 20/09/06 – Technical Specifications,
and  FINC will be free to choose among the names listed sending
information in writing to ATL-LANGE in advance before placing the orders. The
sub-contractors / sub-supplier of other items will be designated by FINC during
construction who will take in consideration possible requests of
ATL-LANGE.

    Any
contact with FINC's Suppliers in connection with the supplies intended for the
Ship object of this Contract shall, in any case, be carried out through
FINC.

    FINC shall guarantee
ATL-LANGE for all the supplies from third parties as set forth in Article 24.
hereof.

    

    ARTICLE
6.   SHIPYARD  NUMBER

    The Ship
object of this Contract shall be identified with the Shipyard Number
6163.

    
      
         

      

      
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    ARTICLE
7.   INSPECTION  DURING  CONSTRUCTION

    During
the Ship's construction, ATL-LANGE shall have the right to have the Ship and all
engines, auxiliary machinery, outfit, furnishings, etc. inspected by its
authorised Representatives. To this purpose, ATL-LANGE’s authorised
Representatives shall be granted by
FINC free access -
during working hours - to the Ship, FINC's premises and plants and, in case that
parts intended for the Ship object of this Contract may have been sub-contracted
by FINC, free access shall be granted also to subcontractors’
plants.

    ATL-LANGE and/or its authorised
Representatives shall promptly notify in writing FINC of the non-compliance
with the contractual conditions of materials, works, machinery and manufactures.
Failure to serve prompt notification of such defects and/or deviations shall be
considered to all effects as an acceptance of whatever inspected.

    FINC shall take into due
account reasonable remarks, if any, by ATL-LANGE or by its Representatives,
within the limits of the contractual obligations.

    ATL-LANGE’s
authorised Representatives shall comply with the work rules prevailing at FINC's
premises as far as they may be concerned. They shall also address their remarks
exclusively to FINC's appointed Representatives.

    Should
ATL-LANGE elect to entrust the inspection to persons outside its organisation,
such persons shall be subject to FINC's prior approval.

    FINC shall give to ATL-LANGE
reasonable advance notice about the dates of the tests of the main
machinery.

    On
completion of test operations for major items, Protocols of Acceptance shall be
drawn up and undersigned by ATL-LANGE’s and FINC's Representatives and, wherever
required, by the Classification Society.

    FINC shall provide within its
Shipyard suitably furnished office spaces for ATL-LANGE’s Representatives, for
the proper performance of their duties.

    

    ARTICLE
8.   DELIVERY  -  LIQUIDATED  DAMAGES

    

    8.1.   The Ship
will be delivered within 30th November 2009.

    The
delivery of the Ship means the presentation of the Ship afloat at FINC shipyard
in Italy, moored at quay, free from encumbrances or liens, upon satisfactory
trial completion .

    

    A
Protocol of Delivery and Acceptance, according to Enclosure "A", will be signed
by FINC and ATL-LANGE and the following documents will be handed over to
ATL-LANGE:

    (A)  Invoice
for the total final price.

    (B)  Declaration
of Warranty of FINC that the Ship is delivered to ATL-LANGE free and clear of
any all liens, claims or other encumbrances upon the Ship, and in particular
that the Ship is absolutely free from all burdens, in the nature of imposts,
taxes or charges imposed by the city, state or county of the port of delivery,
as well as from all liabilities arising from the construction or operation of
the Ship on trial runs or otherwise, prior to delivery and
acceptance.

    
      
         

      

      
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    (C)  Documents
provided in the Technical Specifications, in the usual form they are issued on
delivery.

    

    8.2. The Ship shall be
delivered to ATL-LANGE pursuant to the terms of this Contract and provided the
payments hereinafter specified are made within the terms set forth, upon
completion of trials, in the Italian harbour where the Ship is moored at that
time, at the date established in previous 8.1., subject to the extension due to
events of Force Majeure as set forth in Article 18. hereof, to modifications set
forth in Article 17. hereof and to delay in payment as below.

    FINC shall be entitled to one
(1) day extension in delivery time for each day of delay in the payment of any
instalment.

    

    8.3.   Should
the Ship not be delivered within the contract term for causes for which
FINC is liable,
FINC shall pay to
ATL-LANGE, as final liquidated damages, an amount of EURO for each calendar day
of delay as follows :

    
      	
              1st  -  15th
      day

            	
              No  liquidated
      damages

            
	
              16th -
      30th  day

            	
              Euro
      5.000,00  (fivethousand)

            
	
              31st -
      60th day

            	
              Euro  10.000,00  (tenthousand)

            
	
              61st –
      120th
      day

            	
              Euro  15.000,00  (fifteenthousand)

            

    

    

    Should
the delay in the delivery of the Ship, for causes for which FINC is liable, exceeds by
120 (onehundredtwenty) calendar days the foregoing delivery date - as extended
according to this Article and Articles 17. and 18. hereof – ATL-LANGE, as an
alternative to continue in receiving the foregoing liquidated damages, shall
have the right to resolve this Contract with the consequences set forth in
Article 15. hereof.

    

    8.4.  In the event
that defects and/or deviations, which could be easily eliminated, should emerge
on Ship delivery, FINC undertakes to eliminate
them at its own expense.

    However,
should such an elimination entail costs and work time disproportionate to the
benefit ensuing for ATL-LANGE, ATL-LANGE shall be entitled to a price reduction,
if any, but shall not have the right to refuse to take delivery of the
Ship.

    However,
should the Ship present defects and deviations such as to make same unsuited to
the service for which she has been ordered, ATL-LANGE shall have the right to
resolve this Contract with the consequences provided for in Article 15.
hereof.

    

    ARTICLE
9.   PRICE

    ATL-LANGE shall pay to FINC the price, fixed and not
subject to adjustment, of:

    Euro  36.573.000,00  (thirtysixmillionfivehundredseventythreethousand
Euro).

    

    ARTICLE
10.   PAYMENT PROCEDURES

    

    10.1.  ATL-LANGE  will   proceed
as follows :

    —  the
first  (10.2.a ) and second (10.2.b) instalment will be paid directly
by ATL-LANGE;

    —  the
third  (10.2.c ) and  fourth (10.2.d) instalment will be
paid directly by ATL-LANGE but supported by a Comfort Letter issued by the Bank
of ATL-LANGE, which will be  delivered to FINC within three months
from Contract Effective Date;

    
      
         

      

      
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    —  the
fifth (10.2.e) instalment will be paid through a Letter of Credit
opened  by ATL-LANGE through its bank and confirmed by ATL-LANGE in a
bank indicated by FINC , which will be opened and confirmed one year before the
Contract Delivery  Date indicate in Art. 8.1.; or as an alternative
this instalment shall be granted by a Guarantee Letter issued by the Mother
Company of ATL-LANGE.

    

    10.2.   The
price referred to in Article 9 hereof shall be paid by ATL-LANGE to FINC as below :

    

    a) The sum of Euro
1.828.650,00  (onemillionheighthundred twentyeightthous
sixhundredfifty Euro) representing five per cent (5 %) of the contract price
stated under foregoing Article 9., to be paid upon signature of the Contract and
as a condition for the Contract Effective Date, upon presentation by FINC to
ATL-LANGE of:

    ·         the
relevant invoice;

    ·         a
guarantee issued as per model in Enclosure B.

    

    b) The sum of Euro
1.828.650,00  (onemillion heighthundred twentyeightthous
sixhundredfifty hundred Euro) representing five per cent (5%) of the contract
price stated under foregoing Article 9., to be paid upon presentation by FINC to
ATL-LANGE of:

    ·         the
relevant invoice;

    ·         a
certificate issued by the Classification Society stating the beginning of steel
cutting;

    ·         the  guarantee
issued as per model in Enclosure C.

    

    c) The sum of Euro
3.657.300,00 (threemillion sixhundredfiftyseventhousand threehundred Euro)
representing ten per cent (10 %) of the contract price stated under foregoing
Article 9., to be paid upon presentation by FINC to ATL-LANGE of:

    ·         the
relevant invoice;

    ·         a
certificate issued by the Classification Society stating the installation of
the Main
Engines;

    ·         the
guarantee issued as per model in Enclosure C.

    

    d) The sum of Euro
3.657.300,00 (threemillion sixhundredfiftyseventhousand threehundred
Euro)  representing 10 per cent (10%) of the contract price stated
under foregoing Article 9., to be paid upon presentation by FINC to ATL-LANGE
of:

    ·         the
relevant invoice;

    ·         a
certificate issued by the Classification Society stating that the Ship has
been launched;

    ·         the  guarantee
issued as per model in Enclosure C.

    

    e) The sum of Euro
25.601.100,00 (twentyfivemillion sixhundredonefourthousand onethundred Euro)
representing seventy per cent (70%) of the contract price stated under foregoing
Article 9., to be paid as follows:

    

       e1) On
presentation by FINC to the bank in which the Letter of Credit has been
confirmed of:

    ·         an
original of the relevant invoice;

    ·         an
original of the Protocol of Delivery and Acceptance of the Ship as
per

        Enclosure
A;

    ·         the  guarantee
issued as per model in Enclosure D.

    
      
         

      

      
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    e2) or, in case of payment
guaranted by Guarantee Letter from the Mother Company, upon signature of the
Protocol of Delivery and Acceptance of the Ship as per Enclosure A and
contemporaneous presentation to ATL-LANGE, of:

    ·         an
original of the relevant invoice;

    ·         the  guarantee
issued as per model in Enclosure D.

    

    e3)    or, in
case of payment guaranted by Engagement Letter from ATL-LANGE’s Bank, upon
signature of the Protocol of Delivery and Acceptance of the Ship as per Enclosure A and
contemporaneous presentation to ATL-LANGE, of:

    ·         an
original of the relevant invoice;

    ·         the  guarantee
issued as per model in Enclosure D.

    

    10.3.  All payments
to FINC are to be made in Italy in EURO at a bank to be designated by FINC,
without any deduction whatsoever, on the dates the payments are
due.

    Any
possible expenses  connected with payments, opening and confirming of
the Letter of Credit, will be at ATL-LANGE’s account, except those incurred by
FINC's Bank for the account of FINC.

    

    The
amounts due by ATL-LANGE or by FINC for the modifications,
if any, to the Technical Specification and to the Plans shall be paid up to
fifty per cent (50%) on ordering of such modifications, and the balance upon
Ship delivery.

    

    Liquidated
damages, if any, for delivery and minor performances shall be determined on Ship
delivery and the relevant amount shall be paid to the Party entitled thereto on
same date.

    

    ATL-LANGE
shall not delay or discontinue any payment foreseen in this Contract for any
reason whatsoever. Exceptions and/or claims, if any, by ATL-LANGE against FINC,
shall be asserted separately according to the provisions set forth in Article
28. hereof.

    

    10.4  The above
mentioned Bank Guarantees will be issued by one of the following Italian primary
banks, chosen by FINC : Deutsche Bank, Banca Intesa, Banca di Roma, B.N.L. Banca
Nazionale del Lavoro, Unicredit Banca.

    

    ARTICLE
11.   DEFAULTS

    Should
ATL-LANGE be in default in the payment of any contractual instalment and/or
other amounts due whatsoever, then ATL-LANGE shall pay to FINC - as from the due date -
an interest at the rate of two per cent (2%) per annum over EURIBOR at 6
months.

    

    Should
the aforesaid delay exceed thirty (30) days from the due date, then FINC shall be entitled to
discontinue any further work on the Ship until payment of the outstanding amount
and interest thereon has been made, serving relevant notice to
ATL-LANGE.

    Should
the aforesaid delay exceed three (3) months from the due date, then FINC shall be free to act
according to its rights, including the resolution of the present Contract or, in
case of payments granted by the Guarantee Letter issued by the Mother Company of
ATL-LANGE, claiming the due payments from the “mother company”. Should ATL-LANGE
fail to take delivery of the completed Ship in accordance with the conditions of
this Contract, and this not even within the term notified by registered letter
sent to its address, as set forth in Article 8.1. hereof, then the delivery of
the Ship shall be regarded as occurred both to the effects of the expiration of
payments contractually due on Ship delivery, and to the effects of the guarantee
period running.

    
      
         

      

      
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    ARTICLE
12.   TRIALS

    The
Ship  shall run the following test and trials:

    (1)  Harbour
Acceptance Tests, including setting to work of the various
equipment;

    (2)  Sea
Acceptance Trials.

    The sea
trial schedule shall be timely agreed upon between ATL-LANGE, FINC and the Classification
society.

    The sea
trial under para. (2) above shall be conducted as indicated in the Technical
Specification.

    Should
the weather conditions (no wind, no waves or swell) not occur on the days
scheduled for trials, FINC shall have the right to
postpone it. In such a case, FINC shall be entitled to an
extension of Ship delivery term equal to the whole postponement time
period.

    FINC shall have the option to
carry out preliminary sea-trials for the adjustment of the propulsion machinery
starting and operation as FINC may deem
fit.

    FINC shall have the right to
repeat any trial whatsoever.

    Should
any breakdowns occur during sea-trials, entailing their interruption or
irregular performance, the trial so affected shall be cancelled and shall be
repeated by and at the expense of FINC.  The time period required for
repairs shall produce an extension in the delivery term to be agreed upon
between ATL-LANGE and FINC.

    However,
if such breakdowns could be repaired by the normal means available on board, the
trial, by previous agreement between ATL-LANGE and Builder, shall be continued
and considered as valid in all respects.

    

    ARTICLE
13.   PERFORMANCES  -  LIQUIDATED  DAMAGES

    13.1.   Speed

    Should
the Ship's speed at trial displacement and under the conditions stated in the
Technical Specification be lower than the value stated in  Art 3.3.,
FINC shall pay to
ATL-LANGE, as final liquidated damages, the following amounts:

    —  for
the first 0.5.knot of less speed:  nothing;

    —  for
further 0.5 knot of
less speed up to 1 knot: Euro 15.000,00 (fifteenthousand) per tenth of
knot;

    —  for
further 0.5 knot of less speed up to 1.5 knots: Euro 25.000,00 (twentyfivethousand)
per tenth of knot;

    Should
the Ship's speed be lower than 1,5 knots of the speed
as per Art. 3.3 above, then ATL-LANGE, as an alternative to receiving the above
liquidated damages, shall have the option to resolve this Contract with the
consequences provided for in Art. 15. hereof.

    

    13.2. 
Deficiency in Fuel Consumption

    (a)           If
the fuel consumption on the test bed trials exceeds the figure
stipulated in Article 3.4. by more than 5% but below 8%, FINC will pay as
liquidated damages  Euro  50.000,00 (fiftythousand) for each
full percentage between the two figures per gram per kW per hour.

    (b)           If
the fuel consumption on the test bed exceeds the figure stipulated in Article
3.4. by more than 8%, ATL-LANGE may, at its option, (1) reject the main engine
or (2) accept the main engine by cashing the maximum amount referred to above.
If ATL-LANGE rejects the main engine and FINC as a consequence is unable to
deliver the Ship within the contractual delivery time, ATL-LANGE may
resolve  the Contract.

    
      
         

      

      
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    13.3.   Deficiency
in Bollard Pull

    If the
Vessel Bollard Pull  as per Art 3.1., to be obtained in correspondence
to 100% of max. continuous power on each propeller contemporarily, is not achieved, FINC will
pay as liquidated damages to ATL-LANGE as follows:

    —  for
each full ton reduction up to 184 tons:  no damages;

    —  for
each full ton reduction in the bollard pull from 184 to 180 achieved tons, a
liquidated damages of Euro 30.000,00 (thirtythousand).

    

    If the
deficiency in bollard pull is more than 8 tons, ATL-LANGE may
resolve  the Contract.

    

    13.4.
Deficiency in Deadweight

    If the
deadweight as per Art 3.1 is not attained and the reduction exceeds 5% of the
stipulated deadweight, FINC will pay as liquidated damages to ATL-LANGE Euro
3.000,00 (threethousand) per ton of reduction.

    

    If the
reduction in deadweight is more than 10 % of the stipulated deadweight,
ATL-LANGE may resolve  the Contract.

    

    ARTICLE
14.   MAXIMUM  AMOUNT  OF  LIQUIDATED  DAMAGES

    The
maximum amount of liquidated damages referred to in Articles 8. (Delivery) and
13. (Performances) hereof, shall in no case whatsoever exceed ten per cent (10%)
of the Ship price set forth in Articles 9., but should said amount exceed it,
then ATL-LANGE waives as from now its entitlement to any higher amount:
ATL-LANGE, as an alternative to receiving the above liquidated damages, shall
have the option to resolve this Contract with the consequences provided for in
Article 15. hereof.

    

    ARTICLE
15.   RESOLUTION  OF  THE  CONTRACT

    15.1.  In the event
of resolution of this Contract by default of FINC, to which ATL-LANGE has to
send a warning notice to fulfil the Contract within three (3) months, ATL-LANGE
shall be entitled to:

    
      
        	
              	
                (a)

              	
                the
      refund of all the sums paid to FINC for the Ship,
      increased by the an interest at the rate of  two per cent ( 2%)
      per annum over EURIBOR at 6
months;

              

      

    

    
      	
            	
              (b) 

            	
               the
      payment, as compensation of final liquidated damages of any kind
      whatsoever,
      of the amount of Euro 300.000,00
  (threehundredthousand).

            

    

    The
foregoing warning to fulfil the Contract shall conversely not be necessary in
the events set forth in Articles 8.3 and 13.

    

    15.2.  In the event
that the cause of resolution of this Contract shall be a default of ATL-LANGE,
FINC will be
entitled to be paid in proportion to the work done, the materials bought and the
engagements undertaken, plus 10 % conventional profit on the value
of  the  works which will not be done and will put at disposal of
ATL-LANGE the materials and/or parts of the Ship which ATL-LANGE will be obliged
to remove from FINC's Shipyard within six months from resolution, failing which
removal FINC will
have the right to consider all parts / materials abandoned and will have the
right to fully dispose of them.

    
      
         

      

      
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    ARTICLE
16.   INSURANCE

    The Ship
under construction must be insured with leading Insurance Companies up to the
time of delivery by and at the expenses of FINC against:

    a)         all
risks covered by "Institute Clauses for Builders' Risks" and usual supplementary
conditions;

    b)         all
risks covered by "Institute War Clauses / Builders' Risks" and "Institute Strikes Clauses /
Builders' Risks".

    The
insurance shall cover the contract value of the Ship.

    The
insured amounts shall be allocated to the repair of damages and/or to the
reconstruction of the Ship.

    

    In the
event of a total constructive loss, arranged or compromised, and/or abandonment,
FINC shall be
entitled to withdraw from this Contract or to fulfil it but with the right to an
adequate extension in the delivery term. Should FINC exercise its withdrawal
right, ATL-LANGE shall only be entitled to the reimbursement of the amounts
already paid to FINC .

    To
guarantee such reimbursements, the insurance policies stipulated by FINC shall be bound in favour
of ATL-LANGE to the extent of payments made by ATL-LANGE.

    

    The
covering of the aforementioned insurance and the due fulfilment by FINC of its obligations set
forth herein, exempt FINC from any other whatsoever responsibility, both legal
and contractual, in connection with the risk and damages of the Ship under
construction.

    

    ARTICLE
17.    MODIFICATIONS  TO  PLANS  AND  SPECIFICATION

    17.1.  FINC shall make the
modifications, if any, to the Specification and Plans referred to in Article 1.
hereof as may be requested by ATL-LANGE provided that, in the unobjectionable
opinion of FINC, such modifications or accumulation of modifications do not
adversely affect the Ship's building programme and the production programmes of
FINC and its
Sub-contractors.

    Both the
requests by ATL-LANGE and the relevant acceptance by FINC, shall be made in
writing.

    FINC shall notify in writing
ATL-LANGE of the variations in price and other contract conditions which the
accepted modifications may entail and shall execute such modifications only upon
written acceptance of the foregoing variations by ATL-LANGE.

    ATL-LANGE’s written acceptance shall
have to reach FINC within ten (10) days
from the date of receipt of FINC's notice or within fifteen (15) days from the
notice despatch by FINC, whichever is the shorter term.

    Should
such an acceptance not be received within the term set forth, FINC shall have the right to
continue the Ship's construction as if no request for modification were made by
ATL-LANGE.

    In case
of disagreement on the price and/or consequent variations of the contract
conditions concerning modifications accepted by FINC, ATL-LANGE shall have the
right to have such modifications performed, but it shall undertake, by written
notice to FINC, to pay the price requested by FINC according to the terms
of Article 10. hereof: ATL-LANGE keep on its title to exercise its rights
deriving from Art 28.

    

    17.2.  In the event
that, subsequent to the date of signature of this Contract, variations should be
made to the provisions whose fulfilment is compulsory, FINC shall notify in
writing ATL-LANGE of the consequent modifications and price
thereof.

    
      
         

      

      
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    ATL-LANGE’s
written acceptance shall have to reach FINC within ten (10) days
from the date of receipt of FINC's notice or within fifteen (15) days from the
notice despatch by FINC, whichever is the shorter term. Failing such acceptance,
FINC shall carry
out the notified modifications, which shall be considered to all effects as
though they had been confirmed by ATL-LANGE.

    ATL-LANGE
shall pay the price requested by FINC according to the terms
of Article 10. hereof, while keeps on  its title to exercise its
rights deriving from art 28.

    

    ARTICLE
18.   EVENTS  OF  FORCE  MAJEURE

    Any event
not caused by FINC and preventing FINC from the fulfilment of
its obligations, shall be regarded as an event of force majeure.

    Among the
foregoing events are in any case included strikes, lockouts, plants occupation,
non-co-operation and, in general, any work disturbance, delays in delivery of
ferrous/light-alloy materials or of important finished or semi-finished items
ordered to sub-suppliers (except late delivery due to late order by FINC),
casting and machinery rejects and similar, as well as the effects that the
foregoing facts may directly or indirectly have on the whole of FINC's
engagements.

    Should
such events occur, the Ship's delivery term shall be extended by the period of
time lost by FINC as a consequence of such
events, provided that FINC timely notifies in
writing ATL-LANGE of that occurrence.

     

    ARTICLE
19.   PATENTS

    FINC, for
the items of its own supply, shall hold ATL-LANGE harmless against any claim
made by third parties for patent rights and for any other relevant reason, and
FINC undertakes for
its account every liability or indemnity whatsoever.

    

    ARTICLE
20.   INTELLECTUAL  PROPERTY  RIGHTS

    The Ship
will be built based on the Design property of MOSS a.s. (Norway) under License
for use of FINC for the Ship object of this Contract.

    The
technical information related to the Ship and furnished to ATL-LANGE under this
Contract, including reports, drawings and other data, are to be
protected.

    A
dedicated “Non Disclosure Agreement” between FINC and ATL-LANGE has been signed
on 15.08.2006 and the Parties make reference to the disposal here contained for
all effects.

    None of
the said information may be reproduced by ATL-LANGE, unless with written consent
of FINC which shall
not be unreasonably withheld.

    Notwithstanding
the above, ATL-LANGE shall have the right to use the information only for
maintenance and repairs, and for commercial purposes .

    FINC guarantees that the Ship
shall not infringe any patent, copyright, registered design, trademark or trade
name.

    In the
event of any action, claim or demand for the infringement of an Intellectual
Property right by the use of the Ship, ATL-LANGE shall inform FINC of such claim without
delay.

    FINC shall indemnify
ATL-LANGE in respect of any liability arising thereof and bear all
expenses relating to the said action, claim or demand , provided FINC has been given the
opportunity to conduct the action and / or proceedings at its own
convenience.

    
      
         

      

      
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    ARTICLE
21.   ASSIGNMENT  OF  THE  CONTRACT

    Neither
of the Parties hereto shall assign this Contract to a third party unless prior
consent of the other Party is given in writing, such consent not to be
unreasonably withheld.

    

    One,
among others, conditions for consent is that the Assignee will maintain all
guarantees received by FINC (Comfort Letter, Letter of Credit,
etc.),  or in case of renewal by the Assignee such guarantees will be
renewed in a manner not decreasing the level of guarantee of FINC.

    In case
of payments granted by Guarantee Letter issued by the mother company of
ATL-LANGE, then the mother company will in any case remain liable toward FINC of
all obligations of the Assignee  deriving from the Contract , and
these engagements will be contained in a separate documents to be agreed and
delivered to FINC before the signature of the assignment.

    The deed
of assignment will be subject to the same legal formalities of this
Contract.

    

    For
financing purposes ATL-LANGE  can assign some rights hereof (agreed
with FINC but in any case excluding mortgage or any lien on the
ship  under progress) in order to obtain means  for the
payment of  the third  (10.2.c ) and  fourth
(10.2.d)  instalment.

    

    ARTICLE
22.   PROPERTY  RIGHTS  OF  THE
VESSEL

    During
the construction, FINC and ATL-LANGE undertake not to dispose of the hull and /
or parts thereof, the engine and / or parts thereof, the machinery, equipment
and / or outfitting materials and in general anything else intended for the
construction of the Ship, and not to allow any mortgage or lien being registered
on the Ship or part of the same .

    The
property of the Ship will pass on to ATL-LANGE upon Ship delivery.

    

    ARTICLE
23.   RESPONSIBILITY  AFTER  DELIVERY

    On
delivery of the Ship to ATL-LANGE, every responsibility for the safety and for
the use of the Ship is transferred to ATL-LANGE, remaining on FINC only the guarantee
obligations set forth in Article 24. hereof.

    

    ARTICLE
24.   TECHNICAL  GUARANTEE

    

    24.1.  The technical
guarantee of the Ship shall have the not extendable validity of twelve (12)
calendar months (except for those equipments for which the supplier grants a
longer period ) commencing on the date of the Ship's delivery to
ATL-LANGE.

    On
ATL-LANGE’s request, FINC shall, at its own expense, repair and/or replace at
one of its Shipyards any part of its own supply (including the supply of its
Sub-contractors and suppliers) for which ATL-LANGE notifies on delivery defects
or deviations or which, during the foregoing guarantee period, show defects and
deviations not remarkable on delivery, chargeable either to design, materials or
workmanship, provided that such defects and deviations are notified in writing
to  FINC on delivery or, at the latest, within one (1) month from the
date of their discovery and provided that ATL-LANGE can prove that such defects
and deviations are attributable to  FINC.

    

      
        
           

        

        
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    Repairs
and replacements carried out by FINC in accordance with this Article shall be
covered
by a prolongation of guarantee governed by all the provisions of this Article
but the extent of the guarantee shall in no case exceed the time period of
twentyfour  (24) months from the date of Ship's delivery.

    

    In the
event that the Ship should need to be dry-docked, solely for repairs or for
replacements made necessary by defects or deviations attributable to FINC,
pursuant to the provisions of this Article, the relevant expenses shall be borne
by FINC exclusively.

    

    24.2.  Should it be
necessary, owing to the conditions and location of the Ship or to avoid delays
in carrying out urgent repairs or replacements, ATL-LANGE may have the repair
and/or replacement work covered by FINC's guarantee carried out elsewhere from
FINC's Shipyards, provided that ATL-LANGE previously notifies FINC, by letter or
facsimile, about the type and extent of the defects or deviations to be
remedied, stating the reason for necessity to have the work carried out
elsewhere and provided the relevant approval from FINC is received by
ATL-LANGE.

    In such a
case, FINC shall reimburse to ATL-LANGE the documented expenses incurred by
ATL-LANGE for such repairs and/or replacements.

    Such a
reimbursement, however, shall not exceed the cost which FINC would have borne by
carrying out the repairs and/or replacements at its Shipyards.

    

    If
requested by FINC, ATL-LANGE shall return, at its care and expense, the parts
replaced.

    FINC
shall not have to make any reimbursement for works, repairs and/or replacements
carried out by ATL-LANGE without the prior approval
of  FINC.

    In any
case, any guarantee and/or liability by FINC for repairs and/or replacement work
carried out outside FINC's Shipyards is excluded.

    

    24.3.  End-guarantee
works , if any, will be done at Muggiano Shipyard, where ATL-LANGE will
make the Ship available at the end of the 12 months period at its care and
cost.

    If, in
accordance with ATL-LANGE, repairs and/or replacements will be done due to use
and/or maintenance activities, ATL-LANGE shall be charged with the relevant
expenses.

    

    24.4.  FINC's
liability shall be limited to the foregoing obligation, and FINC and its
sub-contractors and suppliers shall have no liability whatsoever for damages in
any way deriving from or consequential to the foregoing defects or connected
with deviations or with the repair and replacement processes; likewise is
excluded any other liability deriving from or in any way connected with any
other cause not included in the foregoing guarantee obligation, which covers
solely repair and/or replacement.

    FINC
shall not be liable for defects or deviations due to normal wear and tear of the
materials and for any damage whatsoever due to use of the Ship, to accidents
occurred with the Ship moored and/or at sea, or to fires, mismanagement or
negligence in the use of the Ship by ATL-LANGE or by persons which, at the time
of the damage, were in possession of or governing the Ship, and FINC will not
bear any responsibility for repair and/or replacement consequent to the above
..

     

    24.5.  FINC shall
have the right during the first six months of the guarantee period to put on
board of the Ship, at its costs, an engineer to follow the operations of the
Ship. ATL-LANGE will recognise to the engineer a treatment on  board
of the same level of the chief engineer: during the stay on board of the
guarantee engineer, all communications related to guarantee problems will be
presented to him.

    
      
         

      

      
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    ARTICLE  25.   TAXES  –  DUTIES  AND  OTHER  CHARGES

    

    All
taxes, including income taxes , duties, dues and fees or similar charges levied
by the Republic of Italy for the implementation of this Contract shall be borne
by FINC.

    All
taxes, including income taxes, whether for persons and/or Companies, duties dues
and fees or similar charges levied by Germany in connection with the
implementation of this Contract shall be borne by ATL-LANGE.

    

    ARTICLE  26.   CONFIDENTIALITY

    

    No
advertisement or statement in respect of the terms and conditions of this
Contract shall be
published or made by FINC or by ATL-LANGE in
any newspaper, magazine or in any other form of media without the prior written
agreement of both parties.

    

    ARTICLE
27.   CONTRACT EFFECTIVE DATE

    

    This
Contract shall
become effective when the first payment instalment as per Art 10.2 letter
a)  has been cashed by FINC.

    

    In the
event that the first payment will not be made for whatever reason, within 30
calendar days from the signature of this Contract, FINC will have the right to
update Terms and Conditions of this Contract.

    

    ARTICLE  28.   LAW  AND  DISPUTES

    

    The
present Contract is ruled by the laws of Switzerland.

    Any
disputes, conflicts or differences of any kind, which shall arise between the
Parties with regard to the interpretation of this Contract, or relating to the
performance of any of the agreed obligations, under this Contract shall, if
possible, be amicably settled.

    Failing
such amicable settlement the Parties have elected to have the dispute referred
to an arbitration tribunal of three arbitrators, who will judge in Geneva
(Switzerland) in accordance with the provisions of the Rules of Conciliation and
Arbitration of the International Chamber of Commerce, to which the Parties
declare to adhere.

    The two
Parties shall pay fees and expenses of the arbitration proceeding in accordance
with the award passed by the Arbitration Tribunal.

    The award
passed by the Arbitration Tribunal shall be final and binding on both Parties
and shall be enforceable before any court of competent
jurisdiction.

    
      
         

      

      
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    The
commencement of any arbitration proceeding under this Clause shall in no way
affect the continual performance of the obligations of the Parties under this
Contract, except insofar as such obligation relate to the subject matter of such
proceedings.

    

    ARTICLE  29.   MISCELLANEOUS

    

    This
Contract constitutes the entire agreement between ATL-LANGE and FINC and
supersedes and cancels all prior representations, negotiations, letters,
acceptances, agreements and understandings, whether verbal or written, between
ATL-LANGE and FINC, with respect to or in connection with any of the matters or
things to which this Contract applies or refers.

    Any
amendment to this Contract shall be made in the form of a written amendment,
fully agreed and signed by ATL-LANGE and FINC.

    
      
         

      

      
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    ARTICLE  30.   ELECTION
OF DOMICILE

    

    For all
the purposes of this Contract, ATL-LANGE elects its domicile in Garrelsstraße
14, 26789 Leer, Germany , and FINC in Via Cipro 11, 16129
Genoa, Italy.

    

    SIGNATURE

    

    This
Contract is signed in three (3) identical originals, one for FINC, one for
ATL-LANGE and the third copy (with signatures authenticated by a Notary Public
in the place of signature) for the registration in the Italian Coast Guard of
the territory in which the Ship is built.

    

    SIGNED
by  Dr. Niels Hartmann    & Capt. Bernhard
Wichers

    who
hereby declare to act on behalf of

    and be
duly authorised by ATL-LANGE

    

    ----/S/---------------------------------------------------
/S/--------------------------------------------------

     

    SIGNED by
Mr. Alberto Maestrini

    who
hereby declares to act  on behalf of

    and be
duly authorised by  FINC

    

    ----/S/--------------------------------------------------

     

    DATE  ......3.11.2006...........................     PLACE
...Genove....................................

    
      
         

      

      
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