Exhibit 10.1
ADDENDUM TO HEAD LICENSE AGREEMENT
Reference is made to the Head License Agreement as of March 31, 1998,
between offshore Shuttle AS, and Marine Shuttle Operations AS (the "Head License
Agreement"). All capitalized terms used and not defined herein will have the
meanings assigned to such terms in the Head License Agreement.
The Head License Agreement is hereby amended in the following respects:
Article 3 para 1:
The Order Expiry Date for Offshore Shuttle No. 1 shall be December 31, 1998.
Article 9 para 1 (1):
Ten percent (10%) of the assumed Construction fee for Offshore Shuttle No. 1
shall be paid within November 30, 1998.
Article 10 para 1 (1)
USD 2 million shall be paid within November 30, 1998.
Article 20
The binding nature of this Agreement shall be conditional upon
(i) OSAS having received payment from MSO of the first installment of the
Exclusivity Fee in the amount of USD 2 mill within November 30, 1998.
(ii) MSO having placed a firm Order for Offshore Shuttle No. 1 with a yard
within December 31, 1998.
With the exception of the foregoing modifications to the Head License Agreement,
the terms of the Head License Agreement remain unchanged and in full force and
effect.
EXECUTED AS OF SEPTEMBER 1, 1998
OFFSHORE SHUTTLE AS
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By:
Title:
MARINE SHUTTLE OPERATIONS AS
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By:
Title:
2
