Contract
Exhibit 4.37
This TERMINATION AGREEMENT (this "Agreement") is dated as of 31st March 2016 and entered into by and between:
(1) OCEAN RIG MANAGEMENT INC. a company organized and existing under the laws of Xxxxxxxx Islands with registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Xxxxxxxx Islands MH96960 (the "OR Management"); and
(2) CARDIFF DRILLING INC. (former CARDIFF OIL & GAS MANAGEMENT INC.), a company organized and existing under the laws of Xxxxxxxx Islands with registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Xxxxxxxx Islands MH96960 ("CDI")
(collectively referred to as "Parties", and individually as "Party")
WHEREAS:
| A. |
OR Management and CDI have entered into a Consultancy Agreement with effect as of 1st January 2013 (the "Consultancy Agreement") pursuant to which CDI was engaged to act as consultant on matters of employment and sale and purchase of the drilling assets of Ocean Rig UDW Inc. of Cayman Islands ("UDW") and for any affiliates, subsidiaries or holding companies thereof, as directed by OR Management and CDI was entitled to receive from OR Management the fees referred therein.
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| B. |
The Parties have mutually agreed to terminate at no cost the Consultancy Agreement with effect as of 31st March 2016.
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NOW THEREFORE the Parties hereto agree as follows:
| 1. |
THAT the Consultancy Agreement shall be terminated at no cost and shall be no longer in force and effect with effect as of 31st March 2016 (the "Effective Date").
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| 2. |
THAT from the Effective Date the Parties hereby mutually release and discharge each other and any of its affiliates, subsidiaries or holding companies and its officers, directors and employees from and against any and all monetary claims, costs, damages, liabilities, and/or any other debts whatsoever which either of the Parties hereto now has or may hereafter have, against the other Party hereto, by reason of, or in connection with the Consultancy Agreement and/or the termination of the Consultancy Agreement pursuant to the provisions of this Agreement.
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IN WITNESS WHEREOF the Parties hereto have executed this Agreement as of the date first above written.
(Signature page to follow.)
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For and on behalf of
OCEAN RIG MANAGEMENT INC.
/s/ Xxxxxxx Xxxxx
Name: Xx. Xxxxxxx Xxxxx
Title: Director of OMEGA SERVICES LIMITED. Sole Director of Ocean Rig
Management Inc. Xx. Xxxxxxx Xxxxx
Director Omega Services Limited 0/0 Xxxxxxxxx Xxxxxx Xxxxxxxx XXX 0000 |
For and on behalf of
CARDIFF DRILLING INC.
/s/ Xxxxxx Xxxxx
Name: Xx. Xxxxxx Xxxxx Title: Director of OMEGA SERVICES LIMITED. Sole Director of Cardiff Drilling
Inc.
Xx. Xxxxxx Xxxxx
Director Omega Services Limited 0/0 Xxxxxxxxx Xxxxxx Xxxxxxxx XXX 0000 |
