EXHIBIT 10.5
OCEANAUT, INC.
17th Km National Road Athens-Lamia & Finikos Street
145 64 Nea Kifisia
Athens, Greece
May 3, 2006
Excel Maritime Carriers Ltd.
17th Km National Road
Athens-Lamia & Finikos Street
145 64 Nea Kifisia
Athens, Greece
Ladies and Gentlemen:
This letter will confirm our agreement that, commencing on the effective date (“Effective Date”) of the registration statement for the initial public offering (“IPO”) of the securities of Oceanaut, Inc. (the “Company”), and continuing until the earlier of the consummation by the Company of a “Business Combination” or the Company’s liquidation (as described in the Company’s IPO prospectus) (the “Termination Date”), Excel Maritime Carriers Ltd. shall make available to the Company certain office and secretarial services as may be required by the Company from time to time, situated at 17th Km National Road Athens-Lamia & Finikos Street, 145 64 Nea Kifisia, Athens, Greece. In exchange therefore, the Company shall pay Excel Maritime Carriers Ltd. the sum of $7,500 per month on the Effective Date and continuing monthly thereafter until the Termination Date.
Very truly yours, | ||
OCEANAUT, INC. | ||
By: | /s/ Christopher Georgakis | |
Name: | Christopher Georgakis | |
Title: | Chief Executive Officer |
AGREED TO AND ACCEPTED BY: | ||
EXCEL MARITIME CARRIERS LTD. | ||
By: | /s/ Gabriel Panayotides | |
Name: Gabriel Panayotides | ||
Title: Chairman of the Board |