SEC Contract Filing

Filing Date: 2016-12-06

Document Content:
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<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>d295206dex102.htm
<DESCRIPTION>EX-10.2
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<TITLE>EX-10.2</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Supplemental Agreement No. 5 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Dated Effective as of 5 December 2016 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">To DRILLSHIP CONTRACT dated 24&nbsp;June 2013 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">By and between </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ALPHA ARCHER
COMPANY (the &#147;<B>BUYER</B>&#148;) </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">DAEWOO SHIPBUILDING &amp; MARINE ENGINEERING CO., LTD. (&#147;<B>BUILDER</B>&#148;) </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(together, the &#147;<B>Parties</B>&#148; and each individually, a &#147;<B>Party</B>&#148;) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>WHEREAS </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top">The BUILDER and the BUYER are Parties to that certain Drillship Contract dated 24&nbsp;June 2013 (the &#147;<B>CONTRACT</B>&#148;) for the construction and sale of one (1) Deepwater Drillship with Hull No. 3622. (the
&#147;DRILLSHIP&#148;) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">B.</TD>
<TD ALIGN="left" VALIGN="top">On 1&nbsp;November 2014, the Parties supplemented the CONTRACT by executing Supplemental Agreement No. 1 (&#147;<B>Supplemental Agreement No. 1</B>&#148;), pursuant to which the DELIVERY DATE for the DRILLSHIP was
extended from 31 December 2015 (the &#147;<B>Original Delivery Date</B>&#148;) to 30 June 2016 (the &#147;<B>Summer 2016 Delivery Date</B>&#148;) in exchange for payment to the BUILDER by the BUYER of INTERIM PAYMENT 1 (in the amount of USD
$50,000,000) on 30 November 2014, INTERIM PAYMENT 2 (in the amount of USD $25,000,000) on 30&nbsp;June 2015, and USD $3,214,250 on the Summer 2016 Delivery Date (the &#147;<B>Original Financing Payment</B>&#148;). </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">C.</TD>
<TD ALIGN="left" VALIGN="top">Effective 6&nbsp;February 2015, the Parties further supplemented the CONTRACT by executing Supplemental Agreement No. 2 (&#147;<B>Supplemental Agreement No. 2</B>&#148;), pursuant to which the DELIVERY DATE for the
DRILLSHIP could potentially be extended for up to two consecutive six month periods as specified therein. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">D.</TD>
<TD ALIGN="left" VALIGN="top">Effective 18&nbsp;May 2015, the Parties further supplemented the CONTRACT by executing Supplemental Agreement No. 3 (&#147;<B>Supplemental Agreement No. 3</B>&#148;), pursuant to which the Parties modified the payment
schedule for the delivery of certain payment milestones as specified in Supplemental Agreement No. 2, as well as certain provisions related to the storage location of the DRILLSHIP within the SHIPYARD prior to the DELIVERY DATE and costs related
thereto. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">E.</TD>
<TD ALIGN="left" VALIGN="top">Effective 17&nbsp;December 2015, the Parties further modified the CONTRACT by executing Supplemental Agreement No. 4 (&#147;<B>Supplemental Agreement No. 4</B>&#148;), which modified the payment schedule for the
delivery of certain milestone payments, extended the potential DELIVERY DATE of the DRILLSHIP, and amended certain fees related to the financing and maintenance of the DRILLSHIP while at the SHIPYARD. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">F.</TD>
<TD ALIGN="left" VALIGN="top">The Parties now wish to further amend the payment schedule for the remaining balance for the DRILLSHIP, extend the potential DELIVERY DATE of the DRILLSHIP, and amend certain fees related to the financing and
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