Exhibit 10.10 Geneva, March 20, 2001 Mr. Franz Eder Marine Shuttle Operation Inc. Rotherstrasse 7 D-10245 Berlin VIA FAX: 0049 30 293 346 62 ============================ Dear Mr. Eder, This letter is to confirm that the US$ 900,000 loan, which we are...

                                                                   Exhibit 10.10



                                                          Geneva, March 20, 2001

Xx. Xxxxx Xxxx
Marine Shuttle Operation Inc.
Xxxxxxxxxxxxx 0
X-00000 Xxxxxx

VIA FAX:  0000 00 000 000 00
============================




Dear Xx. Xxxx,

This letter is to confirm that the US$ 900,000 loan, which we are managing on
behalf of a client, is to be extended to June 30, 2001.

We also confirm that the amount of monies owing to MFC Merchant Bank S.A. for
services rendered as of December 31, 2000 are the total of the following
accounts:

          US$      44,000.00
                   =========

       (euro)     506,178.98
                  ==========

          CHF       1,774.50
                    ========

We further agree as of April 1, 2001 that we will not invoice you for any
services except as requested.

Yours truly,
MFC MERCHANT BANK SA






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Xxxxx X. Xxxxxx                              Xxxxxx Xxxxxxxx
First Vice President                         Vice President




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