EXHIBIT 10.23
HORIZON OFFSHORE, INC.
0000 XXXX XXXXXXX, XXXXX 000
XXXXXXX, XXXXX 00000
December 5, 1997
Crossbay Ventures Ltd.
The Tropic Isle Building
Road Town, Tortola
British Virgin Islands
Gentlemen:
This letter confirms our agreement and understanding as set forth below:
In consideration of Crossbay Ventures Ltd.'s services in (i) the
identifying, evaluating, negotiating and structuring of a joint venture between
Horizon Offshore, Inc. (the "Company") and Det Sondenfjelds-Norske
Dampskibsselskab ASA ("DSND") and (ii) the negotiating of the purchase by the
Company of the DSND Stephaniturm, the Company agrees to pay Crossbay Ventures
Ltd. a fee of USD $750,000 upon the execution of definitive documentation
providing for the formation of the joint venture between the Company and DSND.
This letter agreement reflects the entire agreement of the parties hereto
as to the subject matter hereof and supersedes and replaces any earlier
agreements between the parties and any of their affiliates.
If the foregoing correctly sets forth our agreement and understanding,
please execute and deliver one copy of this letter to us whereupon it will
become valid, binding and enforceable agreement between us.
Sincerely,
HORIZON OFFSHORE, INC.
By: /s/ Xxxx X. Xxx
-----------------------
Xxxx X. Xxx
President
AGREED AND ACCEPTED AS OF
THE DATE SET FORTH ABOVE, BY
CROSSBAY VENTURES, LTD.
By: Gath Hewlett
--------------------------
Name: Gath A.T. Hewlett
Title: Vice-President
