FORM OF AMENDMENT NO. 1
TO
BAREBOAT CHARTER AGREEMENT
This Amendment No. 1 to that certain "Barecon 89" Standard Bareboat
Charter dated June 13, 1996 (the "Charter") between ENSCO Offshore Company II
("Owners"), Owners of the xxxx-up drilling unit [vessel name] (the "Vessel"),
and ENSCO Offshore Company ("Charterers") is made with effect from June 13,
1996.
WHEREAS, Owners and Charterers wish to amend certain provisions of the
Charter to achieve a fair evaluation of the market price for the Vessel and
reasonable distribution and sharing of the costs of certain modifications to the
Vessel which have been or will be undertaken for and by Owners on behalf of
Charterers.
NOW THEREFORE, in consideration of the mutual covenants and agreements
contained herein, the Owners and the Charterers hereby agree as follows:
1. Clause 10(a) of the Charter is amended to read as follows:
(a) "Commencing on the date and hour of delivery of the
Vessel to Charterers as shown in Box 14, Charterers
shall pay to Owners for the hire of the Vessel a
rate (the "Hire") of USD $______, which rate shall
remain in effect through June 30, 1997. On July 1,
1997 and each succeeding July 1 thereafter, the Hire
shall be increased by the per diem amount necessary
to achieve a fifteen percent (15%) per annum return
on the fair market value of Owners' capital
investment over the remaining depreciable life of the
Vessel. Any adjustment to Hire as a result of this
Clause 10(a) shall be confirmed in writing, signed by
Owners and Charterers, and shall set forth the date
the adjustment to Hire shall take effect. In no
event shall the Hire be less than USD $______. Hire
shall continue until the date and hour when the
Vessel is redelivered by the Charterers to Owners.
In the event the Vessel is idle for more than thirty
(30) consecutive days, the Hire shall be reduced by
fifty percent (50%) for so long as the Vessel is
continuously idle subsequent to such thirty (30) day
period.
2. Clause 25 of the Charter is hereby deleted in its entirety.
3. Except as herein amended, Owners and Charterers agree the Charter
continues in full force and effect.
ENSCO Offshore Company II, Owners
By: /s/ C. Xxxxxxxxxxx Xxxx
---------------------------
C. Xxxxxxxxxxx Xxxx
Title: Vice President
ENSCO Offshore Company, Charterers
By: /s/ Xxxxxx X. Xxxxx
---------------------------
Xxxxxx X. Xxxxx
Title: Assistant Secretary
