EXHIBIT 10.13

                              MARCIA BARBOSA SERRA
              Tradutora Publica Juramentada e Interprete Comercial
               Sworn Public Translator and Commercial Interpreter

I, THE UNDERSIGNED, SWORN PUBLIC TRANSLATOR AND COMMERCIAL INTERPRETER IN AND
FOR THIS CITY AND STATE OF RIO DE JANEIRO, FEDERATIVE REPUBLIC OF BRAZIL,
REGISTERED AT THE COMMERCIAL BOARD OF RIO DE JANEIRO UNDER NUMBER 97, DO HEREBY
CERTIFY AND ATTEST THAT A DOCUMENT IN THE PORTUGUESE LANGUAGE WAS SUBMITTED TO
ME FOR TRANSLATION INTO ENGLISH, WHICH I PERFORMED ACCORDING TO MY OFFICE, AS
FOLLOWS:
                             TRANSLATION NO. 2507/97

(Xerox copy submitted for translation.).......................................

(On paper with letterhead of Petroleo Brasileiro S.A. - PETROBRAS.)...........

INVITATION TO BID No. 101.2.063.97-8..........................................

                               CHARTERING CONTRACT

            CHARTERING  CONTRACT  OF THE  DYNAMIC  POSITIONING  FLOATING  Unit
            AMETHYST  4,  ENTERED  INTO  BETWEEN  PETROLEO  BRASILEIRO  S.A. -
            PETROBRAS AND THE COMPANY MARITIMA NAV. E. ENG. LTDA.--

PETROLEO BRASILEIRO S.A. - PETROBRAS,  a mixed economy company,  organized and
existing  under  Law No.  2.004,  dated  10/03/53,  with  head  office  at Av.
Republica  do Chile,  65,  City of Rio de  Janeiro,  State of Rio de  Janeiro,
Federative  Republic of Brazil,  enrolled in the General Taxpayers Registry of
the Ministry of Finance under No.  33.000.167/0001-01,  represented  herein by
the Executive  Superintendent of Exploration and Production (E & P),  Engineer
LUIZ  EDUARDO G.   CARNEIRO,  hereforth  called  PETROBRAS,  and  the  Company
MARITIMA  NAVEGACAO E ENGENHARIA LTDA., with head office at Avenida Almirante
Barroso, no. 42, 34th floor, City of

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Rio de Janeiro, State of Rio de Janeiro, Federative Republic of Brazil, enrolled
in the General Taxpayers Registry of the Ministry of Finance under No.
46.828.596/0001-13, henceforth called the CONTRACTOR, represented herein by its
President, Mr. GERMAN EFROMOVICH, have agreed upon the present CONTRACT for the
chartering of the Dynamic Positioning Floating Unit AMETHYST 4 and its
accessories, described in Attachment I, henceforth called the Unit, according to
the authorization of PETROBRAS Executive Board (MINUTES No. 4111, Item No. 30,
dated 08/14/97) the parties being bound to the terms of the Invitation to Bid
No. 101.001.97-7 and subjected to the following Clauses and
Conditions:...........

(End of the Qualification)....................................................

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FIRST CLAUSE - OBJECT.........................................................

1.1.    The object of the present CONTRACT is the chartering to PETROBRAS,  of
        the Unit, which, according to the CONTRACTOR, will be built in a
        shipyard with the purpose of fulfilling this contract, in order to be
        used in the drilling and/or evaluation and/or completion and/or workover
        of oil and/or gas (vertical, directional and horizontal) wells, in the
        Brazilian continental shelf, down to a maximum depth of 5,000 (five
        thousand) meters, in a water depth down to 1,200 (twelve hundred)
        meters.......................................................

1.1.1.  It is included, as an object of the CONTRACT, the performance,  by the
        CONTRACTOR,   of  any  and  all  operations  needed  for  the  perfect
        fulfillment  of the  chartering  object of the CONTRACT,  such as, but
        not limited to, the performance  and  supervision of the  positioning,
        ballasting and movement of the Unit...................................

1.2.    PETROBRAS  may  determine  that the  CONTRACTOR  makes the  reentry in
        wells already  drilled,  and it can install in the Unit  equipment and
        production  facilities,  the  provisions of item 14.1 of this CONTRACT
        being complied with...................................................

1.3.    The  chartering  object of the  present  CONTRACT  is  included in the
        Annual Activities Plan, under the following codesd:...................

        B  12000 - Boring - Production Development............................

        A  22000 - Boring - Exploratory Drilling..............................

        B 13000 -  Completion  an  Intervention  for  Evaluation  - Production
        Development...........................................................

        Evaluation - Production Development...................................

        A  24000 - Intervention for Evaluation - Exploratory Drilling.........

(End of Clause)...............................................................

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SECOND CLAUSE - PERIOD OF VALIDITY AND DURATION...............................

2.1.    Period of Validity - The present  CONTRACT binds the parties as of its
        signature, but the payments in foreign currency can only be made after
        the date of its registry in the Central Bank of Brazil................

2.2     Duration - The  present CONTRACT  will have a duration  of 2,190 (two
        thousand one hundred and ninety) days.................................

2.1.1.  BEGINNING OF THE CONTRACT - The beginning of the CONTRACT will occur
        when the Unit is released by PETROBRAS, through a written notice, to
        begin the operations, after the general equipment testing foreseen in
        item 3.1 of this CONTRACT is carried out..............................

2.2.2   AUTOMATIC  EXTENSION - If at the end of the duration mentioned in 2.2,
        some  operation is still being  performed  in a well,  the duration of
        the  present  CONTRACT  will  be  automatically  extended,  until  the
        completion of the works in said well,  considering  as the final limit
        the Unit's  arrival in the port or sheltered  waters  chosen by common
        agreement  between  the  parties  and,  also,  in case there are still
        PETROBRAS'  equipment   aboard  the  Unit,   the  completion  of  the
        withdrawal of such equipment will be considered as the final limit....

2.2.3   This  CONTRACT  may be extended for  successive  periods of 365 (three
        hundred  and  sixty-five)  running  days,  through  a prior  agreement
        between  the  parties,  by means of an  Addendum,  the other  contract
        conditions  being  complied  with,  and limited to a maximum  contract
        period of 2,190 (two thousand one hundred and ninety) day.............

2.3.    ARRIVAL  IN  BRAZIL  - The  Unit  should  arrive  at  the  port  or in
        sheltered  waters,  in Macae - RJ. The beginning of operations  should
        occur up to the date of 06/17/99,  the provision set forth in item 8.1
        of this CONTRACT being complied with..................................

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2.3.1.  At the port or in sheltered  waters  mentioned in 2.3, the customs and
        helipoint  inspections in the Unit will be carried out, as well as the
        loading/unloading  of the CONTRACTOR's and PETROBRAS'  materials,  and
        also the general  equipment  testing  will begin,  as foreseen in item
        3.1 of this CONTRACT..................................................

(End of Clause)...............................................................

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- - ------------------------------------------------------------------------------
CHARTERING AND SERVICE RENDERING CONTRACT OF THE DYNAMIC POSITIONING  FLOATING
Unit  AMETHYST 2, ENTERED INTO BETWEEN  PETROLEO  BRASILEIRO S.A.  - PETROBRAS
AND THE COMPANY MARITIMA NAVEGACAO E ENGENHARIA LTDA.
- - ------------------------------------------------------------------------------

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THIRD CLAUSE - CONTRACTOR's OBLIGATIONS.......................................

3.1.    Before the beginning of the contract,  the CONTRACTOR will arrange for
        a general test of the operational conditions of all of the Unit's
        equipment, as provided for in Attachment VIII, in the presence of
        PETROBRAS' Inspection. The occurrences found during the performance of
        the tests will be duly recorded in the Daily Drilling Certificate (ADP)
        signed by PETROBRAS' Inspection and by the CONTRACTOR's representative.
        The Unit will be released to sail to the first location after proving
        the good operating conditions of the equipment which comprise the
        drill's main systems, that is, energy generation and distribution
        system, dynamic positioning system, industrial safety, liquid and bulk
        storage, fluid circulation and processing, safety and wellhead, column
        elevation, rotation and handling, columns, instrumentation, formation
        test equipment and communications
        system................................................................

3.1.1.  The tests referred to in 3.1 will be made in a period estimated in 3
        (three) days, after which the Unit will be released to sail to begin the
        operations, provided there is nothing pending in the rig's main systems,
        as set forth in item 3.1.....................................

3.1.1.1.In the event the tests last for a period exceeding 3 (three) days, for
        reasons ascribed to PETROBRAS, the rate foreseen in REF 104 (Waiting
        Rate) of Attachment II, will be due, applied as of the fourth day of
        tests, until the Unit is released. The periods spent with equipment
        repair will not be calculated for the purposes of counting such
        duration, and no fees will be due during such periods.

3.1.2.  PETROBRAS may opt for the partial or total  performance of the receipt
        tests,  in sheltered  waters,  in the deepest water depth set forth in
        the Contract, or also in the first location...........................

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3.2.    To maintain,  during the contract period,  the Unit, its fittings,  as
        well as accessories  and  replacement  elements and personnel,  during
        the  contract  period,  in  perfect  working  conditions  in a working
        regime of 24 (twenty-four)  hours a day, 7 (seven) days a week, and to
        guarantee  that the Unit is  calculated  to carry  out the  activities
        object of this contract...............................................

3.2.1.  To  strictly  comply  with  the   recommendations   of  the  equipment
        manufacturers  foreseen  in their  operation  manuals,  which  will be
        provided for in the Unit's preventive maintenance plan................

3.3.    TECHNICAL  EVALUATION AWARD AND CERTIFICATES - To submit copies of the
        Registry,  Survey,  Classification and Technical Award Certificates of
        the  Unit and its  fittings,  signed  by a  qualified  and  well-known
        organization,  not  related  with  the  CONTRACTOR,  notarized  in the
        Brazilian  Consulate and translated by a Sworn Public  Translator,  if
        issued abroad, and which should contain:..............................

3.3.1.  Description o the Unit and accessories;...............................

3.3.2.  Operational conditions and physical conditions of the Unit;...........

3.3.3.  Light displacement of the Unit (Light weight);........................

3.3.4.  Year of construction;.................................................

3.3.5.  Year of reconditioning, listing spare parts the parts replaced;.......

3.3.6.  Technological  difference  between the Unit surveyed and a more modern
        Unit of the same kind;................................................

3.3.7.  Forecast  of the  average  useful  life of the  good  used and its new
        analog;...............................................................

3.3.8.  Market value, of reproduction and replacement;........................

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3.3.9.  Net weight of the equipment installed in the Unit;....................

3.3.10. Technical catalogues of the equipment installed in the Unit...........

3.4.    To regularize,  before the proper  authorities,  the entry and stay of
        the  Unit in  Brazil,  arranging,  at its  expense,  for the  Release,
        Surveys, Registries and Temporary Admission...........................

3.4.1.  Regarding new equipment and equipment without use, the "Technical Survey
        and Evaluation Award" referred to in item 3.3 may be replaced by factory
        catalogues or purchase invoices, with description, year of manufacture,
        useful life forecast and value of each equipment......................

3.5.    SAFETY,  SANITATION  AND LABOR  MEDICINE - To carry out its operations
        in strict  compliance with the  international  safety,  sanitation and
        labor medicine standards,  being liable for violations  committed.  To
        supply,   for  its  account,   and   maintain  in  perfect   operating
        conditions,  the safety  equipment in accordance  with the safety plan
        ("SAFETY PLAN") approved by the  Administration  of the Unit's Country
        of  Registry,  and with the good  marine  drilling/evaluation/workover
        practice..............................................................

3.5.1.  The  Unit  will  comply  with the IMO - MODU - CODE  (Mobile  Offshore
        Drilling Unit) standard...............................................

3.6.    SEA  OPERATIONS  - To manage  the Unit in strict  compliance  with the
        laws, standards,  regulations and administrative rules, as well as the
        instructions  issued  by  the  Shipping  Office  or  by  other  proper
        authorities,  specially  those regarding the spillage of oil and other
        residues from the Unit into the sea,  being liable,  as a result,  for
        any  charges  arising  from the  violation  of such  laws,  standards,
        regulations,   administrative   rules  and  instructions,   the

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        limit established in subitem 3.6.2. being complied with, and with the
        exception of the cases provided for in item 3.20 of this Contract.....

3.6.1.  To plan and carry out  operations  aiming at  preventing  and fighting
        oil and gas blow outs,  fires, or other incidents,  complying with the
        provision  in item 2.4 of  Attachment II  to this  Contract.  Although
        the CONTRACTOR is considered  fully  responsible for such  operations,
        it is obliged to discuss the methods to be adopted with PETROBRAS,  in
        order to find the best operating solution.............................

3.6.2.  Exception is made of the events arising from kick, blow out,  surgings,
        or formation testing,  which the CONTRACTOR will be kept free and safe
        from.  In the other  cases of spillage  of  petroleum,  oils and other
        residues into the sea, the  CONTRACTOR  will be liable up to the limit
        of US$500,000.00  (five hundred  thousand  dollars),  per event and its
        deployments...........................................................

3.7.    To  comply  with all  laws,  standards,  decrees,  regulations,
        administrative  rules and instructions in force in Brazil, that govern
        the  exploration  and  research  in  the  Brazilian  submarine  shelf,
        including those regarding environmental protection....................

3.8.    REPLACEMENT AND REPAIRS - The  replacement  cost for equipment,
        materials and accessories needed for the Unit's perfect operation,  as
        well as the  expenses  with  repairs  of any  kind,  will  run for the
        CONTRACTOR's account..................................................

3.8.1.  The above  mentioned  repair cost  covers any and all  expenses,
        including  taxes and duties due from the time of the  purchase  of the
        equipment,  spare  parts  and  materials,  to their  installation  and
        placement in the Unit, with exception of expenses with  transportation
        between the support vessels' port of operation and the Unit...........

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3.8.2.  Regarding the  Temporary  Admission of the Unit, as well as the import
        of the  equipment,  materials and  accessories  mentioned in item 3.8,
        the  CONTRACTOR  will  comply  with  the  provisions  of the  Internal
        Revenue's Ruling Instruction No. 136/87...............................

3.9.    At the end of this CONTRACT or of its  extension,  to bear the charges
        arising  from the  return  of the  Unit,  its  fittings,  accessories,
        equipment,  spare parts, and materials for replacement or repair, such
        charges  including,  but not  limited  to, the  preparation,  packing,
        shipping,   transportation,   unloading,  stay,  freight,   clearance,
        storage, wharfage, stowage, insurance and other similar expenses......

3.10.   To maintain, at its expenses,  besides the Unit, the crew adequate and
        sufficient  for its  operation,  being also obliged to comply with the
        pertinent  legal  provisions,  issued by Brazilian  authorities and by
        those of the CONTRACTOR's country of origin...........................

3.11.   To bear all expenses with displacement of the crew mentioned in item
        3.10, including transportation form abroad to the port or airport of
        Macae-RJ, as indicated by PETROBRAS, and the return to the place of
        origin, and any and all expenses with the crew's stay in Brazil, medical
        and hospital expenses, meals, passports, and similar expenses.

3.11.1. To maintain PETROBRAS free and safe from any complaints, claims from its
        employees, representatives, as a result of the present contract...

3.12.   To  promote,   without  charges  to  PETROBRAS,  the  replacement  and
        immediate  withdrawal  of any crew  member  that may be  requested  in
        writing  by  PETROBRAS  at any time,  due to bad  behavior,  technical
        deficiency, inefficiency or health conditions.........................

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3.13.   To  maintain  a  special   identification  for  the  crew,  so  as  to
        distinguish it from PETROBRAS' and other companies' personnel who may
        eventually  work  in  other  services  related  to the  object  of the
        present CONTRACT......................................................

3.14.   RADIO COMMUNICATIONS  - To supply,  operate and maintain  VRH, SSB and
        Radio-Beacon  and  portable   Transceptor   equipment,   adequate  for
        PETROBRAS= land communications system, to guide helicopters,  so as to
        comply  with the  Radio-Communications  Plan  supplied  by  PETROBRAS,
        appearing in Attachment I.............................................

3.14.1. Other  Radio Communications  systems  deemed  necessary to support the
        CONTRACTOR's  operations,  both  in the  Unit  and on  land,  will  be
        supplied,  installed  and  operated  by it.  The  CONTRACTOR  will  be
        responsible  for the  obtainment  of the licenses and  frequencies  to
        operate such equipment................................................

3.14.2. The  CONTRACTOR  will  maintain,  at its  expenses,  radio  operators,
        fluent in spoken Portuguese,  who will remain 24 (twenty-four) hours a
        day  operating  the  equipment  installed  in the Unit,  whether  they
        belong to PETROBRAS or to the CONTRACTOR..............................

3.14.3. Immediately  after the Unit's  arrival,  the  CONTRACTOR  will arrange
        with  the  proper  authorities  the  issuing  of the  "Certificate  of
        Survey" regarding the radio station existing on board.................

3.14.4. The   CONTRACTOR    will   bear   any   expenses    related   to   the
        telecommunications  equipment  and services,  with  exception of those
        provided for in item 4.7 of this Contract.............................

3.15.   Insurances - To provide for the contracting,  at its expenses,  of the
        insurances  necessary to fulfill this CONTRACT and the Brazilian Laws,
        intended  for the coverage of all of its

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        accessories, even when they are being transported under PETROBRAS'
        responsibility, as well as the Civil Liability insurance for damages and
        losses caused to third
        parties...............................................................

3.15.1. The  CONTRACTOR  will  appear as  co-insured  in the  Civil  Liability
        Insurance  made,  by  force  of  item  3.12 of the  Service  Rendering
        Policy entered into between that company and PETROBRAS................

3.15.2. During the period of validity of this Contract,  the CONTRACTOR should
        maintain  insurance  coverage for the Unit and all of its accessories,
        according to the  conditions  of the London  Standard  Drilling  Barge
        Form - All Risk, or similar...........................................

3.15.3. The redress  due to the  CONTRACTOR's  Civil  Liability  arising  from
        damages provided for in this Clause,  is not limited to the amount set
        forth in subitem  3.12.1 of the  Service  Rendering  Contract  entered
        into  between   INTERVENIENT  PARTY  and  PETROBRAS,   for  the  Civil
        Liability  Insurance  against Third Parties,  and will be ruled by the
        pertinent Brazilian laws..............................................

3.16.   The franchises  that may be established  for the insurances  mentioned
        in item 3.15 and in its  subitems,  as well as the onus  arising  from
        the insurers'  requirements and/or  recommendations will fully run for
        the CONTRACTOR's account..............................................

3.17.   To keep PETROBRAS  free and safe from any and all indemnity  claim for
        damages  and/or  losses  of any kind  which  the  CONTRACTOR  may have
        sustained  as a result of this  CONTRACT,  whether  or not it has made
        adequate and sufficient insurance for such circumstances..............

3.17.1. PETROBRAS  will  be  equally  kept  free  and  safe  from  any and all
        indemnity  claim  for  damages  and/or  losses  of any kind  which the
        CONTRACTOR  may have  caused  to  third

                                       13

        parties for its duly proven grossly negligent action or omission,
        arising from this CONTRACT, whether or not it has made adequate and
        sufficient insurance for such
        circumstances.........................................................

3.17.2. In return,  the  CONTRACTOR  will be kept free and safe from any
        and all indemnity  claim for damages and/or losses of any kind,  which
        PETROBRAS  may have  sustained  from third  parties,  or has caused to
        third  parties  by  its  duly  proven  grossly   negligent  action  or
        omission,  as a result of this  CONTRACT,  whether  or not it has made
        adequate and sufficient insurance for such circumstances..............

3.18.   The  CONTRACTOR  waives for itself  and will  required  from its
        Insurers  and/or  Subcontractors,  in any and all insurance  made as a
        result of this  CONTRACT,  the inclusion,  in each policy  contracted,
        the provision assuring the waiver of any right of subrogation  against
        PETROBRAS.............................................................

3.19.   To submit to E&P/GETRAT,  up to 30 (thirty) days after they have
        been  signed,  as  provided  for in  item  2.2.1,  the  originals,  or
        certified  copies  of the  certificates  of the  insurances  made as a
        result  of this  CONTRACT,  containing  all  essential  data,  such as
        insurers,  time  limits,  period of  validity,  amounts  insured,  and
        coverage  conditions,  and with  PETROBRAS  appearing  as  co-insured,
        except in the civil liability insurance,  of which it will participate
        as a third party......................................................

3.19.1. The  certificates   mentioned  in  item  3.19  will  contain  a
        provision  that the  insurances  mentioned  cannot be  amended  and/or
        canceled without PETROBRAS' prior authorization.......................

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3.20.   LOSSES AND DAMAGES - The  CONTRACTOR  will be liable for losses of
        and damages to its own equipment  and material,  and to those which it
        and its  agents  may  cause to  PETROBRAS  or to third  parties,  as a
        result of its duly proven  grossly  negligent  action or omission,  in
        the following cases:..................................................

3.20.1  In the event of losses or damages to equipment  and/or materials
        belonging to PETROBRAS  and/or third parties,  which are aboard the
        Unit,  or during  the movement  between the Unit and the support
        vessels,  the CONTRACTOR's liability  will  be  limited  to  the
        replacement  or  repair  of the equipment  so  lost  or  damaged  due
        to  the   CONTRACTOR's  or  its employees=  duly proven fault.  However,
        the  CONTRACTOR  will not be liable and will be kept free and safe from
        in the event of damages to reservoirs,  indirect  damages or loss of
        profit of PETROBRAS,  losses and damages  arising from  pollution
        coming from the well,  resulting from kick and/or blow-out;...........

3.20.2. In case of losses and damages  caused to the well,  arising from
        the  events   mentioned  in  subitem  2.1.5  of   Attachment II,   the
        CONTRACTOR  will reimburse  PETROBRAS the payments it comes to make to
        third  parties  referring to  cementing,  logging,  or other..........

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3.21.2. developed as a result of this CONTRACT, unless expressly authorized by
        PETROBRAS.............................................................

3.21.3. The provision of this item 3.21 is a standing obligation, valid
        even after the termination, in any fashion, of the present CONTRACT...

3.22.   UNIT'S HELIPOINT................................................

3.22.1. To arrange for the release of the Unit's helipoint by the
        Brazilian proper authorities (Ports and Coast Authority, Civil Aviation
        Department of the Ministry of Aeronautics, Internal Revenue, Maritime
        Police, Customs), bearing all expenses arising therefrom.....

3.22.2. The Unit's  helipoint  should be approved  for  operations  with
        helicopters   of  the  S-61   type,   according   to   chapter  24  of
        Administrative  Rule No. 005 of the DPC -  "Standards  and  Procedures
        for  Maritime  Navigation",  dated  01.15.97,  which  deals  with  the
        Construction   Installation,   Homologation,   and   Modifications  of
        Helipoint and  Operations  of  Helicopters  in Offshore  Platforms and
        Merchant Ships........................................................

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        To submit to  PETROBRAS,  at least 30  (thirty)  days  before the date
        foreseen for the Unit's  arrival in Brazil,  the  following  documents
        regarding the helipoint:..............................................

3.23.   The  CONTRACTOR  should  adopt  procedures  that  minimize  the
        consumption  of fuel and  industrial  water without  prejudice for the
        operations............................................................

3.24.   The CONTRACTOR should provide  installations in the Unit for the
        training  and  leisure  of all  personnel  abroad,  and  which  should
        contain at least the following:.......................................

        a)  Parlor game room;.................................................

        b)  TV room  capable of tuning 5 (five)  main  channels  available  in
            Brazil, in any location;..........................................

        c)  Movie theater with VCR;...........................................

        d)  Two  other  TV  sets  to  be  installed  in  cabins  indicated  by
            PETROBRAS' Inspection.............................................

3.25.   Besides  sea  water,   the  CONTRACTOR  will   judiciously  use
        industrial   water  to  clean  the  Unit,   in  order  to  avoid  high
        consumption  and always  giving  priority  to its use in the  drilling
        fluid.................................................................

3.26.   All documents between the CONTRACTOR and PETROBRAS, when requested
        by PETROBRAS, will be written and submitted in Portuguese...

3.27.   The CONTRACTOR undertakes to maintain all conditions required in
        the bid stage during all of the fulfillment of the CONTRACT........

3.28.   To redo any and all  operation  refused by  PETROBRAS,  with any
        charge to  PETROBRAS,  as a result of irregular  performance,  bearing
        all costs involved....................................................

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3.29.   To  maintain  a  representative   accredited  and  accepted  by
        PETROBRAS  in  the  Unit  or  in  a  place  previously  designated  by
        PETROBRAS,  to represent  the  CONTRACTOR  in the  fulfillment  of the
        CONTRACT..............................................................

3.31.   To  comply  with the  requests  contained  in the  Operation(s)
        Authorization(s) issued by PETROBRAS..................................

3.32    To allow,  after  negotiations  between the contracting  parties,  the
        provisional  installation in the chartered  vessel,  of  complementary
        equipment  such as, but not limited to:  pipes or rises in catenary by
        the J-lay method, or similar,  submarine  manifolds,  provided they do
        not  jeopardize  the Vessel's  safety and are in  accordance  with the
        rules of the Classification Society...................................

(End of Clause)...............................................................

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FOURTH CLAUSE - PETROBRAS' OBLIGATIONS........................................

4.1.    To adopt the  measures  necessary  for the  request to  register  this
        CONTRACT  in the  Central  Bank  of  Brazil,  soon  after  the  proper
        documents  are received,  and the supply of which is the  CONTRACTOR's
        responsibility........................................................

4.2.    To make  monthly  payments  due to the  CONTRACTOR  as a result of the
        present  CONTRACT,  based on Attachment I and Attachment II and on the
        conditions  set forth in  Clauses  Sixth:  Measurement,  and  Seventh:
        Form of Payment,  and other  Attachments,  Clauses and  Conditions  of
        this CONTRACT being complied with.....................................

4.3.    At  its  exclusive  judgment,   and  without  any   co-responsibility,
        PETROBRAS may cooperate with the  CONTRACTOR,  assisting it before the
        proper authorities,  referring to processes that are going through the
        procedural  stages in the  respective  Agencies,  regarding  the Unit,
        materials   and/or   equipment   pertaining  to  the  object  of  this
        Contract.   Such   cooperation,   however,   will   not   lessen   the
        CONTRACTOR's  responsibility  for  the  obtainment  of  the  documents
        and/or benefits that may be the object of the respective proceedings..

4.4.    PETROBRAS will  reimburse the  CONTRACTOR,  by means of submittal,  by
        the  latter,  of  the  corroborative  documents,  in  the  acquisition
        currency,  the  cost of  replacement  or  repair  commands  and  other
        components  of  the  production  string  and  of  the  fishing  string
        belonging to the  CONTRACTOR,  which are lost or damaged,  by accident
        and not due to the normal  wear nor to the  CONTRACTOR's  duly  proven
        grossly  negligent  action or  omission,  with the  deduction of a 25%
        depreciation  per contract year, with a 20% residual

                                       19

        value, applying, for its calculation, the least indemnity cost (Ci)
        obtained by means of the following formulae:-

        Ci  = Vr.y (1 - 0.02083n), or Ci + Cr, where:.........................

        Ci  - indemnity cost;.................................................

        Cr  - repair cost;....................................................

        Vr  - replacement value;..............................................

        n   - number of months or fraction of a month  between the date of the
            beginning of the  CONTRACT and the date of the loss (the  fraction
            of a month is counted as a whole month);..........................

        y   - 1 (for new strings), and 0.9 (for "Premium" strings)............

4.4.1.  In the  event  there is a  renewal  of the  string or of a part of the
        elements that comprise the production string (pipes, commands and other
        components), during the period of validity of the Contract, the
        depreciation period to be considered - the "n" of the formula, will be
        the one between the purchase date and the date when the element or the
        string was lost...................................................

4.4.2.  PETROBRAS may, at its discretion  and expense,  carry out  inspection
        in the drill string,  its components and  accessories,  the CONTRACTOR
        being  obliged to repair or replace,  for its account,  the  equipment
        rejected..............................................................

4.5.    Transportation:.......................................................

4.5.1.  PETROBRAS will provide transportation for all crew members of the Unit
        from the port or airport as indicated by PETROBRAS in the
        beginning of this CONTRACT, and vice-versa. At its exclusive discretion,
        the transportation to be provided will be by helicopter...

                                       20

4.5.2.  PETROBRAS  will provide  transportation  of the material and equipment
        object of this  Contract,  from the port or airport  designated to the
        Unit and vice-versa...................................................

4.5.3.  In any  circumstances  foreseen in items 4.5.1 and 4.5.2, the granting
        of  insurance  coverage  will not be  PETROBRAS'  competence,  and the
        CONTRACTOR waives immediately,,  for itself and for its insurers,  any
        return action against PETROBRAS or third parties at its service,  as a
        result of the transportation provided.................................

4.5.4   In  the  cases   when  there  is  need  to   program   exclusive   air
        transportation,  for the  Unit's  inspection  by the Navy  and/or  the
        Shipping  Office,  the costs arising  therefrom will be charged to the
        CONTRACTOR............................................................

4.5.5.  PETROBRAS may provide air or sea  transportation  for the CONTRACTOR's
        materials,  industrial or fresh water and fuel before the beginning of
        the  Contract,  as defined in item 2.2.1.  The cost arising  therefrom
        will be  reimbursed  by the  CONTRACTOR  to  PETROBRAS at the time the
        first invoice is issued...............................................

4.5.6.  PETROBRAS  will  provide tugs and support  vessels for the Unit,  from
        the location where the equipment general testing is performed,  to the
        first  location,  between  locations and from the last location to the
        Brazilian  port or sheltered  waters  closest  thereto,  which will be
        chosen in common agreement between the parties........................

4.5.6.1 PETROBRAS will supply support  vessels for the positioning of the Unit
        in the locations to be drilled under this Contract....................

4.5.7   PETROBRAS may provide tugs and/or  support  vessels to load and unload
        materials  and to handle  anchors,  in a location to be defined by the
        parties,  in the cases of inspection and/or dockages,  including those
        arising  from act of God or force  majeure,  as defined in the

                                       21

        Twelfth Clause of this Contract. The costs arising therefrom will be
        reimbursed by the CONTRACTOR to PETROBRAS.............................

4.6     FUEL AND  WATER - To  supply,  for its  account,  all  fuel and  water
        necessary for the  operations,  complying with the provision set forth
        in  subitem  4.6.1,  from the  beginning  of the  Contract,  until its
        termination, as defined in subitems 2.2.1 and 2.2.2, respectively.....

4.6.1.  The  supply  of  water   mentioned  in  item  4.6  includes  also  the
        industrial  water intended for the cleaning of the Unit, the provision
        set forth in item 3.23 being complied with............................

4.6.2.  PETROBRAS  will supply,  for its account,  the fuel  necessary for the
        Unit's equipment,  up to the limit of (blank)/year.  What exceeds this
        limit the onus will be for the CONTRACTOR's...........................

4.6.2.1.PETROBRAS will carry out the measurement of the fuel existing aboard the
        Unit, at the beginning of the CONTRACT, at the end of each contract
        year, and at the end of the CONTRACT, when the average consumption will
        be calculated. The volume exceeding the established limit will be
        charged to the CONTRACTOR at the time of the measurement, at the
        consumer's sales price, on the date PETROBRAS issued the Debt Note, in
        force in the City of Rio de Janeiro-RJ, duly adjusted in keeping with
        the different ICMN aliquots in force in the State of Rio de Janeiro and
        in the State where the Unit is operating..................

4.6.3.  During the Unit's dockage periods,  all fuel consumed will run for the
        CONTRACTOR's  full  responsibility  and cost, from the interruption of
        the  operation  until the return to the same previous  situation.  The
        fuel cost during that period will be charged to the CONTRACTOR,  after
        the consumption  calculation,  and at a price to be defined  according
        to the criterium mentioned in 4.6.2.1.................................

                                       22

4.7.    To maintain, besides the CONTRACTOR's  radio communications equipment,
        aboard the Unit, equipment  exclusively for PETROBRAS'  communications
        with its land bases...................................................

4.8.    To notify the CONTRACTOR,  in writing,  on the application of eventual
        fines.................................................................

4.9.    To issue  the  Measurement  Bulletin  (MB),  as set forth in the Sixth
        Clause of this Contract...............................................

4.10.   To  issue  the  Operation(s) Authorization(s) with  all the information
        necessary for their  performance,  such as:  location,  time limit,
        amount, scope and beginning and end dates.............................

4.11    PETROBRAS will reimburse the CONTRACTOR,  by means of submittal by the
        latter, of corroborative  documents,  in the acquisition currency, the
        cost of  replacement  of VX  rings,  VX with  Hycar  and VX with  lead
        inserts  for  BOP  and  ANM  connections  with  wellheads  and  filter
        elements,  as provided for in items 24, 25 and 34 of  Attachment  IV -
        Mutual Obligations of the Chartering Contract.........................

(End of Clause)...............................................................

                                       23

FIFTH CLAUSE - PRICES AND VALUE...............................................

5.1.    For the  chartering of the Unit and its  accessories,  PETROBRAS  will
        pay the rates set forth in  Attachment I  and Attachment III I to this
        CONTRACT,   under  the  conditions  set forth in Clauses  Sixth:
        Measurement, and Seventh:  Form of Payment............................

5.1.1.  The  contract  prices  include  all  specified  tariffs,  supervision,
        administration,  taxes,  fiscal  emoluments and all expenses that fall
        directly or indirectly upon the chartering,  including profit,  needed
        for its perfect fulfillment,  until the end of the contract,  no price
        revision claims being therefore valid.................................

5.2.    The  total   estimated   balue  of  this   present   CONTRACT   is  of
        US$281,743,362.45,  equivalent to R$303,662,926.00  (three hundred and
        three million,  six hundred and sixty-two  thousand,  nine hundred and
        ninety-six    reais),    converted   at   the    exchange    rate   of
        R$1,060/US$1.,00, referring to the following charges:.................

5.3.    PETROBRAS  does  not  undertake  to  make  the  payment  of the  total
        estimated  in  item  5.2,  but  of  the  amount  corresponding  to the
        chartering effectively occurred and accepted by PETROBRAS;............

5.4.    The financial  resources  necessary for the payment of the  chartering
        object of the present  Contract  are duly  equated,  and  specifically
        assured  in  the  current  year's  budget  and  provided  for  in  the
        following ones, so as to cover the total contract period..............

(End of Clause)...............................................................

                                       24

SIXTH CLAUSE - MEASUREMENT OF THE CHARTERING

6.1.    Periodicity of the measurement of the chartering and  determination of
        the reimbursable expenses.............................................

6.2.    For the chartering,  the measurement will be monthly, according to the
        procedure   mentioned  below,  with  the  consequent  issuing  of  the
        respective Measurement Bulletins (MB):................................

        a)  The initial  measurement  of the  chartering  will be made between
            the date of the  beginning  of this  Contract  and the last day of
            the calendar month;...............................................

        b)  The intermediate measurements of the chartering,  corresponding to
            a given month of the order "m",  include the period between day 01
            of the  month  "m" and the last day of the  calendar  month of the
            order "m";........................................................

        c)  The final measurement of the chartering will be made between day 01
            of the month "m" and this Contract's termination date..........

6.1.2.  The  reimbursable  expenses,  if  foreseen  in the  Contract,  will be
        determined  on any  day  of  the  month,  according  to  the  vouchers
        submitted   to  and   accepted  by   PETROBRAS,   and  more  than  one
        determination   can  be  made  in  the  same  period  covered  by  the
        measurement...........................................................

6.1.2.1.The results found will be submitted to the CONTRACTOR on the 5th (fifth)
        working day, as of the submittal of said vouchers, by means of a
        Reimbursement Document (RD), which will be signed by the Manager of this
        CONTRACT, for invoicing purposes.................................

6.2.    Issuing of the Measurement Bulletins (MB).............................

6.2.1.  PETROBRAS,  through the Manager of this  Contract,  at the end of each
        period as  mentioned  in the letters of subitem  6.1.1 of this Clause,
        will  carry  out the  measurement  of

                                       25

        the chartering, gathering the results found in the Measurement Bulletin
        (MB), for the signature of the Manager of this Contract and of the
        CONTRACTOR, complying with the
        following:........................................................

        a)  For the initial,  intermediate, and final  measurements  ending on
            the last day of a given month of the order "m", the CONTRACTOR will
            receive one of the copies of the MB up to the 5th (fifth) subsequent
            working day, so that it may submit the respective collection
            documents, as provided for in subitem 6.3.1 of this
            Clause;...........................................................

        b)  For the final  measurement,  when the  termination of the Contract
            does not occur in the last day of the month,  the CONTRACTOR  will
            receive  one of  the  copies  of the  MB,  up to the  5th  (fifth)
            working day after the termination of the Contract,  so that it may
            submit the  respective  collection  documents,  as provided for in
            subitem 6.3.1 of this Clause;.....................................

        c)  For each chartering  measurement  period,  only 1 (one) collection
            document  may  be  issued,   being   understood   that  collection
            documents  with partial  values  regarding said period will not be
            taken into account for payment purposes;..........................

        d)  The portions  regarding the basic values and the deductions are to
            be made evident in the  Measurement  Bulletins  (MB),  if provided
            for in the Contract;..............................................

6.3.    Time for the submittal of collection documents........................
        Chart on following page

6.3.1.  The  CONTRACTOR  will submit the  respective  collection  documents to
        PETROBRAS'  Financial  Department,  as  mentioned  in item 7.1 of this
        Contract, in the following conditions:................................

- - -------------------------------------------------------------------------------
   TYPE OF        MEASUREMENT          OCCASION FOR THE SUBMITTAL OF
 MEASUREMENT        DOCUMENT               COLLECTION DOCUMENTS

   INITIAL            MB               Up to the 8th working day following the
 INTERMEDIATE                          last day of the chartering performance
  AND FINAL                            period, and PETROBRAS' will make the
                                       payment on the 30th consecutive day, as
                                       of the final date of the measured period,
                                       the provision in subitem 6.3.1.1 being
                                       complied with..........................

MOBILIZATION          MB               After the receipt of the MB, and
 OF THE Unit                           PETROBRAS will  make the payment on the
                                       30th consecutive day, as of the date the
                                       Collection Document is submitted........

DETERMINATION         RD               In the first working day after the RD is
     OF                                issued, and the payment will be made
 REIMBURSABLE                          within 30 (thirty) days, as of the date
  EXPENSES                             of its submittal........................
- - -------------------------------------------------------------------------------

                                       26

6.3.1.1.The payments due because of this Contract, referring to the chartering,
        will always occur on the 30th (thirtieth) day after the end of the
        measured period, included in the MB's, or on the 1st (first) subsequent
        working day, provided the CONTRACTOR complies with the time limits for
        the submittal of the Collection Documents set forth herein. In the event
        of non-compliance, by the CONTRACTOR, with said submittal time limits,
        the payments will be postponed for the number of days equal to the delay
        in the delivery of such documents..................

6.4.    Measurements follow-up................................................

6.4.1.  The  CONTRACTOR  undertakes  to  follow-up  the  measurements  and the
        determinations  carried out by PETROBRAS,  offering, at that time, the
        impugnations or  considerations  it  deems  necessary,  which  will be
        submitted to PETROBRAS' appraisal and decision........................

6.4.2.  The  CONTRACTOR's  signature by its  representative  before  PETROBRAS
        will imply in the  acknowledgment  of the accuracy of the  Measurement
        Bulletin (MB) for all legal purposes..................................

(End of Clause)...............................................................

                                       27

SEVENTH CLAUSE - FORM OF PAYMENT..............................................

7.1.    The  payments  due as a  result  of  this  contract  will  be  made by
        PETROBRAS to the CONTRACTOR, in Brazilian currency, 30 (thirty)
        consecutive days as of the last day of the period of execution of the
        service, provided the CONTRACTOR submits the collection documents up to
        the 8th (eighth) working day following the last day of the period of
        execution of the services..........................................

7.1.1.  The payments  will be made on the basis of the average  exchange  rate
        of the  American  Dollar  selling  price,  in force on the working day
        immediately beore the date of the effective payment..................

7.1.2.  The payment of eventual  difference  in  readjustment  will be made on
        the same  day  when the  payment  of the  respective  service  occurs,
        provides the CONTRACTOR submits the corresponding  collection document
        up to the 5th (fifty)  working day the indexes that permit the issuing
        of the Readjustment Bulletin (RB) are known...........................

7.1.3.  The  payment  of  reimbursable  expenses,  if  any,  will  be  made 30
        (thirty)  consecutive  days  after  the  submittal  of the  collection
        documents.............................................................

7.1.4.  In the event of non-submittal  of the collection  documents within the
        time limits set forth above,  the payments  will be postponed  for the
        number of days  corresponding  to those of the delay in the  submittal
        of the collection documents...........................................

7.2.    The  collection  documents  should  be  submitted,  together  with the
        original  of the  documents  giving  rise  to it (MB,  RB,  RD) in the
        Docket of the Financial  Departments indicated by PETROBRAS, for the
        purpose of checking the time limits for the payment...................

                                       28

7.3.    The collection departments will be issued without erasures,  complying
        with the pertinent laws in force,  and will contain  obligatorily  the
        following information:................................................

        a)  Place  and  date of its  emission  and  number  of the  collection
            document;.........................................................

        b)  Number and date of signature of the contract deed;................

        c)  Number and date of the documents originating them (MB, RB, RD);...

        d)  Gross value of the  collection  documents,  both in numbers and in
            writing;..........................................................

        e)  Name  and  code  of the  banking  establishment,  branch  and  the
            respective  code, and number of the current  account of the payee,
            where the payments will be made;..................................

        f)  In  order  that  a  particular   payment  is  made  in  a  banking
            establishment  different  from the one  indicated  at the time the
            contract deed was signed,  such  amendment  will  obligatorily  be
            preceded  by a  fax/correspondence  from  the  CONTRACTOR  or will
            appear in the payee's collection document.........................

7.3.1.  In the  event  the  collection  documents  is  inaccurate,  it will be
        returned  to the  CONTRACTOR  and the time limit  foreseen in item 7.1
        will be  postponed  for as many  days as  those  corresponding  to the
        delay in the submittal of such document...............................

7.3.2.  In the event of re-submittal of the collection  document,  as a result
        of a previous  impugnation,  this fact should appear in the history of
        the collection document...............................................

7.3.3   The CONTRACTOR will  obligatorily  submit,  every month to the Manager
        of the contract:......................................................

        a)  Payroll of the  CONTRACTOR's  employees  who are  involved  in the
            rendering of the services contracted;.............................



        b)  A photocopy  of the Social  Security  Payment  Slip  (GRPS),  duly
            settled and authenticated,  obligatorily  filling out field "8" of
            the GRPS (other information),  the name, CGC of PETROBRAS, number,
            date and amount of the  Invoice or Bill of Sale  referring  to the
            services rendered in the month....................................

        c)  In case of a  Cooperative,  to submit the  payment  vouchers  of the
            amounts  paid,  distributed  or to its  members as remuneration for
            the services rendered in the fulfillment of this contract.........

7.3.4   The  collection  documents  will  not  be  accepted  by  PETROBRAS  if
        submitted with the Income Tax at Source already withheld..............

7.3.5   It  is  the   responsibility  of  PETROBRAS'   disbursing  office  the
        explanations  of  doubts  regarding  the  issuing  of  the  collection
        documents.............................................................

7.3.6   Eventual  payments  made  for more or for  less by  PETROBRAS  will be
        compensated as soon as they are detected,  and the respective  amounts
        will be duly corrected................................................

7.3.7   The CONTRACTOR  should indicate the place and fax number,  if any, for
        the receipt of the "Notice of Payment Foreseen".......................

7.4     The vouchers for  reimbursable  expenses  due to the  CONTRACTOR  as a
        result of this  contract  deed,  will be  previously  submitted to the
        Manager of the Contract,  for checking,  besides being duly settled by
        the respective supplier or service renderer, when such is the case....

7.4.1   If the originals  cannot remain in PETROBRAS'  hands,  copies  thereof
        may be  submitted,  which  will be  checked  by the  Inspector  and/or
        Manager,  and the following should appear in every original  document:
        "Copy  Submitted  for   Reimbursement  on.../.../...",  followed by

                                       30

        the signature and identification by name, position and registry number,
        and the originals will be returned to the CONTRACTOR. The following text
        will appear in the copies of each document in PETROBRAS' hands: "Checked
        With the Original On.../.../...", which the Inspector and/or Manager
        will sign, identifying the signature by name, position, and registry
        number.......................................................

7.4.2   The receipt duly formalized by PETROBRAS of any  reimbursable  expense
        voucher,  does not  represent  the  recognition  of the debt,  nor the
        proof that the expenses were made.....................................

7.4.4   The collection of  reimbursable  expenses can only be made through the
        issuing of a Services  Invoice,  after approval of said  corroborative
        documents  and issuing by  PETROBRAS of the  respective  Reimbursement
        Document - DR, which will be issued up to 5 (five)  working  days,  as
        of the date of submittal of said documents............................

7.4.4.1 PETROBRAS' Inspection has 3 (three) working days to proceed with the
        checking of the expense vouchers and to notify its approval to the
        CONTRACTOR, so that it may issue the Combined Invoice and Bill of
        Sale..................................................................

7.4.5   The total  amount  of the  collection  document  will be  obtained  by
        applying the following formula:.......................................

        VTR =  VTD, where
              -----
              1-ICP

        VTR = total amount to be reimbursed to the CONTRACTOR;................

        VTD  =  total  amount  of  the  reimbursable   expenses,   effectively
        authorized;...........................................................

        ICP = total  of the sum of the  aliquots  of taxes  collected,  in the
        decimal form (ISS or ICMS, as the case may be, CONFINS and PIS/PASEP).

                                       31

7.5     The  CONTRACTOR  agrees that,  at  PETROBRAS'  exclusive  option,  the
        payment  referring to the  chartering  object of the present  Contract
        may be made by means of financing by third parties,  provided the time
        limits,  currencies,  amounts  and places for payment set forth in the
        Contract are complied with............................................

(End of Clause)...............................................................

                                       32

EIGHTH CLAUSE - FINES.........................................................

8.1.    Non-compliance,  by the CONTRACTOR,  after 92 (ninety-one) days beyond
        the time limit mentioned in item 2.3 of this Contract, will imply in the
        imposition of fine against the CONTRACTOR, in a written notice,
        corresponding to 30% (thirty per cent) of the rate provided for in REF
        101 of Attachment III, per day of delay...........................

8.2.    In  the  event  of  non-compliance,   by  the  CONTRACTOR,   with  the
        inspection's  requirements within the time limit it may set, PETROBRAS
        may, by a written notice,  impose against the  CONTRACTOR,  per day of
        non-compliance  with  such  requirements,  as of the  end of the  time
        limit set, a fine  corresponding  to 20% (twenty per cent) of the rate
        provided for in REF 101 of Attachment III. ...........................

8.3.    The penalties set forth in this Clause do not exclude any other provided
        for in the Laws in force and/or in this Contract, nor the CONTRACTOR's
        liability for damages it may cause to PETROBRAS, as a result of
        non-fulfillment of the conditions agreed upon herein.

8.4.    The amount  corresponding  to the sum of the basic values of the fines
        applied is limited to 10% (ten percent) of the estimated  value of the
        present Contract......................................................

8.5.    The  penalties  to which the  CONTRACTOR  is  subjected  to due to the
        provision  set forth in this Clause,  will be  discounted in the first
        payment and in the subsequent  ones,  which the CONTRACTOR is entitled
        to, after the sanctions are applied by PETROBRAS......................

8.6.    In the event of balance,  PETROBRAS  reserves itself the right to make
        or complement the deduction in collection  document(s)  related to any
        other contract deed eventually  entered into with the  CONTRACTOR,  or
        to use any other adequate means to settle the debt, if necessary......

                                       34

8.7.    The  CONTRACTOR  may appeal  against the  imposition of the fine, in a
        declaration,  within the  non-deferrable  time  limit of 15  (fifteen)
        consecutive days as of the date the notice is received................

8.8.    Non-appearance of the CONTRACTOR's  personnel for boarding on the date
        and time  agreed  upon  between  PETROBRAS  and the  CONTRACTOR,  will
        subject  the  CONTRACTOR  to the  payment of a fine of  US$140.00  per
        passenger in the case of air transportation,  and US$40.00 in the case
        of sea transportation.................................................

8.8.1.  The fine set forth in item 8.8 will not be charged if the CONTRACTOR
        requests PETROBRAS to change the boarding schedule at least 24
        (twenty-four) hours in advance.

8.9     In a written  notice and without  prejudice of the capacity to rescind
        the contract,  PETROBRAS may impose upon the CONTRACTOR a compensatory
        fine of 100% (one  hundred per cent) of the amount of the  conviction,
        due to default of its labor, social security or tax obligations.......

8.9.1   The  payment  of said fine will not  exempt  the  CONTRACTOR  from the
        obligation to reimburse  PETROBRAS for the amount imposed upon it as a
        result of an eventual joint  conviction  passed by a Labor Court or by
        the proper administrative jurisdictions...............................

8.9.2   The  CONTRACTOR  will be fined in the  percentual of 5% (five percent)
        on the amount of the  invoice in the event it does not submit the GRPS
        or submits at variance................................................

(End of Clause)...............................................................

                                       35

NINTH CLAUSE - INSPECTION.....................................................

9.1.    The  inspection of the  chartering  contracted  herein will be carried
        out by PETROBRAS'  representatives,  and the  CONTRACTOR  undertakes to
        allow their free access to the Unit and to the  operations  locations,
        and to comply  immediately  with the  observations of such inspection,
        which will have ample powers:.........................................

9.1.1.  To  determine,  provided it comes to its  knowledge  and is within its
        capacity,  the  suspension of the  operations  which perhaps are being
        carried  out  in  disagreement   with  the  good  technique  or  which
        threatens the safety of persons or assets of PETROBRAS,  third parties
        and of the  CONTRACTOR  itself,  subitem  2.1.7 of Attachment II being
        complied with.........................................................

9.1.2.  To  refuse  the  employment  of  equipment  and  materials,  tools and
        production  string  components  condemned  or  improper,  as  well  as
        operations which do not comply with the established programs;.........

9.1.3.  To  order  the  withdrawal,   from  the  work  site,  of  any  of  the
        CONTRACTOR's  employees who, in PETROBRAS'  opinion,  may endanger the
        good   performance   of  the   operations  or  hinder  its  inspecting
        activities;...........................................................

9.1.4.  To certify  the  accuracy  of the  information  reported  daily by the
        CONTRACTOR;...........................................................

9.1.5.  To notify the CONTRACTOR,  in writing,  on the imposition of the fines
        provided for  in  this  Contract,  including  those  referring  to the
        CONTRACTOR's action or omission;......................................

9.1.6.  To  request  from the  CONTRACTOR  a detailed  report on any  accident
        occurred and on any operation or repair performed.....................

                                       36

9.2.    However,  the responsibility,  operation,  movement and administration
        of the Unit will be under the  exclusive  control  and  command of the
        CONTRACTOR or its employees...........................................

9.3.    The total or partial  action or omission of the  Inspection,  does not
        lessen at all the CONTRACTOR's full  responsibility  for the rendering
        of  the  obligations  agreed  upon  herein,  nor  does  it  imply in any
        reduction or change in the  CONTRACTOR's  obligations  in the faithful
        and perfect fulfillment of the present Contract.......................

9.4.    Recording - PETROBRAS'  Inspection  should record its  observations on
        the  Driller=s  Log  approved  by the IADC and on the  Daily  Drilling
        Certificate  (ADP),  to  safeguard  the  rights  and  responsibilities
        foreseen in this CONTRACT.............................................

9.5.    During the contract period,  PETROBRAS will carry out the CONTRACTOR's
        performance   evaluation,   covering  the  groups  in  equipment   and
        material,  human  resources,  installations,  quality and  efficiency.
        The  results  of the  performance  evaluations  will be  notified  and
        consolidated by means of a service performance certificate............

(End of Clause)...............................................................

                                       37

TENTH CLAUSE - REsISSION......................................................

10.1.   PETROBRAS  may rescind the present  CONTRACT,  without the  CONTRACTOR
        being  entitled to any right to indemnity  and/or  withholding  in the
        following cases:......................................................

10.1.1. Nonfulfillment,   or  irregular   fulfillment  of  contract   clauses,
        specifications,  operations  or time  limits,  as well as the repeated
        commitment of faults in the fulfillment of the Contract;..............

10.1.2. Total or partial subcontracting of the object of the present Contract,
        the association of the CONTRACTOR will another, merger/division or total
        or partial incorporation, except if allowed for in this Contract, which
        affects the good fulfillment of this instrument.

10.1.3. Interruption of the operations for more than 60 (sixty) days, in the
        cases in which an act of God does not clearly apply (clause 12.4).....

10.1.4. Decree of the CONTRACTOR's bankruptcy.................................

10.1.5. Suspension of the operations for more than 60 (sixty) days............

10.1.6. When the limit for the  imposition  of  penalties  provided for in
        item 8.4 of this Contract is attained.................................

10.1.7. Slowness in the performance of the works,  leading  PETROBRAS to prove
        the  impossibility of completing the operations within the established
        time limits...........................................................

10.1.8. Non-compliance  with the  determination  of PETROBRAS' agent appointed
        to follow-up and inspect the  fulfillment of the CONTRACT,  as well as
        those of his superiors................................................

10.1.9. The dissolution of the CONTRACTOR.....................................

10.1.10.The social change or the modification of the company's purpose or
        structure, which in PETROBRAS' opinion, hinders the performance of the
        operations;...........................................................
                                       38

10.1.11.Delay in the beginning of the fulfillment of the CONTRACT for more than
        180 (one hundred and eighty) days.....................................

10.1.12.Rescission of the Services Rendering Contract for drilling and/or
        Evaluation and/or Completion and/or Workover using the Unit. entered
        into between PETROBRAS and the INTERVENIENT PARTY.....................

10.1.13.If the limit set forth in subitem 2.1.9 of Attachment II to this
        Contract is attained.

10.1.14.If the limits set forth in NOTE 2 of REF. 102 of Attachment II to this
        CONTRACT is attained..................................................

10.1.15.Non-submittal of the proof of default of labor obligations towards the
        employees directly involved in the services object of this Contract,
        including social security contributions and deposits in the FGTS, when
        requested by the Inspection, or if such default is proved.............

10.1.16.Non-submittal or submittal at variance of the GRPS, when the
        corresponding invoice is delivered....................................

10.1.16.1.The rescision for this reason does not prevent PETROBRAS from
          imposing the respective fine, foreseenm in 8.7.2.;...................

10.2.   In the  event of  rescision  of the  contract  deed  for the  reasons
        foreseen in 10.1, PETROBRAS:..........................................

        a)  will take over the object of the contract  deed,  on the stage and
            location where it is found;.......................................

        b)  will   enforce   the   contract   guarantee,   if  any,   for  the
            reimbursement of the amounts of fines and indemnities due to it;..

                                       39

        c)  will  withhold the credits  arising from the contract  deed, up to
            the limits of the damages caused to it;...........................

10.3.   After the  Contract is  rescinded,  as set forth in this  Clause,  the
        CONTRACTOR is liable, in legal and contract fashion, for the violation
        or inadequate performance which gives rise to the rescision, as well as
        for the reimbursement of damages which PETROBRAS may come to
        sustain...............................................................

10.4    After  the  Contract  is  rescinded,   PETROBRAS,   at  its  exclusive
        judgment,  may adjudicate  the  operations  object thereof to which it
        deems  appropriate,  without behoving the CONTRACTOR any consultation
        or interference,  claim and/or indemnity, for whatever title, and the
        CONTRACTOR  will be liable to legal and  contract  penalties,  besides
        answering for damages PETROBRAS may sustain...........................

10.4.1. The  CONTRACTOR  is  also  liable  for  the  pertinent  administrative
        sanctions, its full defense being guaranteed..........................

10.5.   In the  event  PETROBRAS  does not  impose  the right to  rescind  the
        present  CONTRACT  according to this  Clause,  it may, at its absolute
        discretion,  withhold the  payments  of  pending  invoices,  until the
        CONTRACTOR fulfills the contract condition it has infringed,  but such
        fact will not represent  novation nor will it generate rights that may
        be claimed by the CONTRACTOR..........................................

(End of Clause)...............................................................

                                       40

ELEVENTH CLAUSE - FISCAL CHARGES..............................................

11.1.   Taxes (taxes, fees, emoluments,  fiscal and parafiscal  contributions)
        that are due as a direct or indirect result of the present CONTRACT, or
        its fulfillment, will be the exclusive responsibility of the taxpayer,
        so defined in the tax rule, with no right to reimbursement. PETROBRAS,
        as the paying source, will discount and withhold within the legal time
        period, from the payments it makes, the taxes it is liable to by the
        laws in force.........................................................

11.1.1. The CONTRACTOR states that, in quoting its prices, it has taken into
        account the taxes (taxes, fees, emoluments, fiscal and parafiscal
        contributions) charged on the fulfillment of this Contract, and it
        cannot make any claim due to error on such evaluation, for the purpose
        of requesting a price revision [or] reimbursement of payments set down
        by the proper authority...............................................

11.1.2. Once found,  during the period of validity of the  Contract,  that the
        CONTRACTOR  has unduly added to its prices  amounts  corresponding  to
        taxes,  fiscal and/or  parafiscal  contributions and emoluments of any
        kind that are not charged to the  performance  of the services  agreed
        upon, such values will be immediately  excluded,  with the consequence
        reduction of the prices  practice and  reimbursement  of amounts that
        may have been paid to the CONTRACTOR..................................

11.2.   If,  during  the  period  of  validity  of this  CONTRACT,  any of the
        following events occur:...............................................

        o   creation of new taxes;............................................

        o   extinction of existing taxes;.....................................

        o   changes in the aliquots;..........................................

        o   establishment of tax incentives of any kind; and..................

                                       41

        o   exemption or abatement of federal, state or county taxes;.........

        which,  provedly come to increase or reduce the burdens of the parties
        to the  contract,  the prices will be revised,  so as to fit them into
        the  changes  made,  compensating,   at  the  first  opportUnity,  any
        differences  arising from such changes.  However,  if it is a question
        of tax  incentives,  the advantages  arising  therefrom will always be
        for PETROBRAS.........................................................

(End of Clause)...............................................................

                                       42

TWELFTH CLAUSE - FORCE MAJEURE................................................

12.1.   PETROBRAS   and  the   CONTRACTOR   will   not  be   liable   for  the
        nonfulfillment of their respective obligations in case of events that
        characterize an act of God or force majeure defined in the sole
        paragraph of Article 1.058 of the Brazilian Civil Code. Any suspension
        of performance due to such item 12.1 will be limited to the period
        during which such cause or its consequences exist, and such period will
        be added to the duration of the Contract mentioned in the Second Clause
        of the present Contract. However, the CONTRACTOR is assured the right to
        receive the rate provided for in Ref 104 of Attachment III, with the
        exception of the exemption from payment set forth in subitem 2.1.4 of
        the Attachment II, and the reimbursements mentioned in this Contract,
        and furthermore, the parties will severally assume their
        losses................................................................

12.2    If the circumstances  that justify the invoking of the existence of an
        act of God or force  majeure  occurs,  the party unable to fulfill its
        obligations  will immediately  notify the other party, in writing,  on
        the occurrence and its consequences...................................

12.3.   If the  impediment  arising from the force majeure lasts for more than
        30  (thirty)  consecutive  days,  any of the  parties  may opt for the
        termination  of the Contract,  with both parties  complying with their
        mutual  obligations  due  until  the  date  of the  beginning  of said
        impediment............................................................

12.4    In the  present  Contract  it  will  be  considered  as act of God the
        situation  in which one of the parties is  prevented  from  fulfilling
        its obligations, provided it proves that:.............................
        the  non-fulfillment  of the obligation was due to the existence of an
        impediment beyond its control,........................................

                                       43

        the  party  impeded  could  not,  within  its  ability,  overcome  the
        impediment  and  its  effects,   in  order  to  fulfill  its  contract
        obligation within the time limit set down, and........................
        the impediment and its effects could not be avoided nor overcome......

(End of Clause)...............................................................

                                       44

THIRTEENTH CLAUSE - ASSIGNMENT AND TRANSFER...................................

13.1.   The  CONTRACTOR  cannot assign or transfer,  in whole or in part,  the
        present  Contract,  except  with  PETROBRAS'  prior  authorization  in
        writing...............................................................

13.2.   The CONTRACTOR  cannot assign or give in guarantee,  at any title,  in
        whole or in part,  the credits of any kind,  arising or deriving  from
        the present  CONTRACT,  except with PETROBRAS' prior  authorization in
        writing.   The  prior   authorization  will  obligatorily  state  that
        PETROBRAS  imposes  upon the  assignee of the  credits the  exceptions
        that  behooves  it,  mentioning  expressly  that the  payments  to the
        assignee will be conditioned to the fulfillment,  by the assignor,  of
        all of its contract obligations.......................................

13.3.   The  occurrence  of the above  mentioned  events,  duly  authorized by
        PETROBRAS,  does not exempt the  CONTRACTOR  form any of its  contract
        obligations...........................................................

13.4.   PETROBRAS  may assign or  transfer,  in whole or in part,  the present
        Contract,  under  commercial  conditions  to be  agreed  upon  by  the
        parties. .............................................................

(End of Clause)...............................................................

                                       45

FOURTEENTH CLAUSE - ADDITIONAL EQUIPMENT......................................

14.1.   PETROBRAS  may install in the Unit the  additional  equipment it deems
        necessary for research,  drilling,  completion of wells or production.
        It is agreed,  however,  that no structural change will be made in the
        Unit  without  the  CONTRACTOR's  consent in writing.  All  PETROBRAS'
        equipment installed in the Unit will remain its property,  and it will
        be  removed by it before the end of this  Contract.  The  installation
        and  removal  expenses  will run for  PETROBRAS'  account.  During the
        installation and removal of PETROBRAS'  equipment,  the rate set forth
        in Ref 104 of Attachment III will be paid if the  interruption  of the
        operations becomes necessary..........................................

(End of Clause)...............................................................

                                       46

FIFTEENTH CLAUSE - ATTORNEY OF RECORD.........................................

15.1.   The CONTRACTOR  undertakes to maintain, in the City of Rio de Janeiro,
        State of Rio de Janeiro, Federative Republic of Brazil, during the
        period of validity of the CONTRACT and until the settlement of eventual
        demands arising from this CONTRACT, a representative with ad-judicia et
        extra powers, who may receive service of process, inclusive in
        execution proceedings, and also sign compromise and settlements
        regarding controversies resulting from this CONTRACT, and the summons
        can be made by publication, in the event or absence or lack of an
        Attorney..............................................................

15.1.1. Within 30 (thirty) days after the  signature of the present  Contract,
        the CONTRACTOR will notify PETROBRAS the name,  qualification,  office
        and  residence of its  representative  and attorney of record,  as set
        forth in item 15.1....................................................

(End of Clause)...............................................................

                                       47

SIXTEENTH CLAUSE - CONTRACT RELATIONSHIPS.....................................

16.1    This  CONTRACT is related to another one for the rendering of services
        of drilling and/or evaluation and/or completion and/or workover, signed
        on this same date between PETROBRAS and the INTERVENIENT PARTY........

(End of Clause)...............................................................

                                       48

SEVENTEENTH CLAUSE - INTERVENIENCE............................................

17.1.   The INTERVENIENT  PARTY signs the present Contract,  together with the
        CONTRACTOR,  being jointly liable with it for all obligations  arising
        from the present  Contract  and from its  fulfillment,  including  for
        losses................................................................

(End of Clause)...............................................................

                                       49

EIGHTEENTH CLAUSE - LIABILITY.................................................

18.1.   PETROBRAS' and the CONTRACTOR's  liability for damages will be limited
        to the direct damages in accordance with the Brazilian Civil Code and
        pertinent laws, with exception of loss of profit and indirect damages,
        the direct damages being limited to 100% (one hundred percent) of the
        total contract value..................................................

(End of Clause)...............................................................

                                       50

NINETEENTH CLAUSE - COMPLEMENTARY DOCUMENTS

19.l.   The AttachmentS  mentioned  below are an integral part of the present
        CONTRACT  and, in the event of  disagreement  between the  Attachments
        and the CONTRACT, the text of the CONTRACT will prevail...............

Attachments:

I - Technical specifications of the Unit .....................................

II - Applicability of the Rates and Incidental in the Performance.............

III. - Unit Prices Spreadsheet ...............................................

IV - Mutual Obligations ......................................................

V - List of Specialized Personnel.............................................

VI - Environmental Operating Conditions

VII - PETROBRAS' Safety Rules.................................................

VIII - Equipment Testing Program..............................................

IX - Procedures In the Event of Fatal Accidents...............................

(End of Clause)...............................................................

                                       51

TWENTIETH CLAUSE - PRICE READJUSTMENT.........................................

20.1.   The contract prices are fixed and non-readjustable....................

(End of Clause) ..............................................................

                                       52

TWENTY-FIRST CLAUSE - ACCEPTANCE..............................................

21.1.   After the chartering  operations  are completed in strict compliance
        with the conditions  set forth in this contract  deed,  PETROBRAS will
        accept  them by means of a Definite  Deed of  Receipt,  signed by both
        parties...............................................................

21.2.   The  signature  of the  Definite  Deed of Receipt  does not exempt the
        CONTRACTOR from the  liabilities  foreseen in this contract and in the
        laws in force.........................................................

(End of Clause) ..............................................................

                                       53

TWENTY-SECOND CLAUSE - LOSS OR DISAPPEARANCE..................................

22.1.   In the event the Vessel is lost or  disappears,  no payment  regarding
        the same will be due by PETROBRAS to the CONTRACTOR,  as of the day or
        as of the moment it was last heard of.................................

(End of Clause)...............................................................

                                       54

TWENTY-THIRD CLAUSE - GROSS OR  GENERAL AVERAGE...............................

23.1.   The  gross  or  general  average  will be  ruled in the Port of Rio de
        Janeiro according to the York and Antuerp Rules/1974..................

(End of Clause) ..............................................................

                                       55

TWENTY-FOURTH CLAUSE - JURISDICTION...........................................

24.1.   The  Jurisdiction  of the County of the Capital of the State of Rio de
        Janeiro  will be competent  to settle any  questions  arising from the
        present  Contract,  with the express  waiver,  by the parties,  of any
        other, however privileged ............................................

(End of Clause) ..............................................................

AND BEING THUS AGREED,  the parties  sign the present deed in 4 (four)  copies
        with the same tenor, with the witnesses below ........................

Rio de Janeiro, (blank) ......................................................

PETROLEO BRASILEIRO S.A. - PETROBRAS

                  (BLANK)

LUIZ  EDUARDO G.  CARNEIRO  -  EXECUTIVE  SUPERINTENDENT  OF  EXPLORATION  AND

PRODUCTION SOUTH AND SOUTHEAST (E&P-SSE) .....................................

MARITIMA NAVEGACAO E ENGENHARIA LTDA.

                  (BLANK)

GERMAN EFROMOVICH - PRESIDENT ................................................


WITNESSES:

(Blank) - CPF No. (Blank) ....................................................

(Blank) - CPF No. (Blank) ....................................................

(Attachment I not included in the original document.).........................

                                       56

                                 Attachment "I"
            TECHNICAL SPECIFICATIONS OF THE Unit AND ITS ACCESSORIES


              (Attachment I not included in the original document.)

                                       57

        CONTRACT 101.2.063.97-8...............................................

                                   CHARTERING
                                  Attachment II
                         APPLICABILITY OF THE RATES AND,
                         INCIDENTALS IN THE PERFORMANCE.

1 -  APPLICABILITY  OF THE  RATES -  DEFINITION  OF THE  SERVICE  RATES PER 24
(TWENTY-FOUR) HOUR DAY .......................................................

Ref  101 -  OPERATION  RATE  - It will  be  applied  during  the  activities
requiring the use of the Unit,  such as drilling,  coring,  electric  logging,
formation  testing,  completion and workover  operations,  including  drilling
lines scouring and cutting operations.........................................

Ref 102 - REPAIR RATE - In the periods  when there is an  interruption  of the
activities  that  require  the use of the Unit,  mentioned  in Ref 101 of this
Attachment and the operations for Moving the Unit between  locations,  Ref 105
of this  Attachment,  due to  maintenance,  including  replacement of mud pump
spare parts,  and/or repair in the Unit's equipment,  or in those which supply
is the CONTRACTOR's responsibility, no rate will be due ......................

NOTE 1. The repair  period will be considered  as of the  interruption  of the
operation  that is being  performed,  until the  return to the same  situation
when the interruption  occurred,  except for the periods when the interruption
in the repair activities occur due to adverse sea conditions,  as set forth in
NOTE 2 of Ref. 104 ...........................................................

NOTE 2. In the event the CONTRACTOR  remains in Repair Rate for an accumulated
total of 30% (thirty  percent) of the time, for any period of 6 (six) contract
months,  PETROBRAS may rescind the present Contract,  based on subitem 10.1.14
of this Contract .............................................................

                                       58

NOTE 3. It will be considered as repairs the  occurrences  due to wash outs in
the drill pipes and in the other  elements of the drill string,  belonging the
Contractor,  with exception of those arising from the presence of H2S and from
abnormal mechanical conditions occurred in the well ..........................

NOTE 4. At the  Inspections  discretion,  for the  maintenance of the BOP, the
CONTRACTOR may be granted a franchise of up to 24 (twenty-four)  hours between
the  instant  the  BOP is  set  on  the  test  stump,  until  its  operational
withdrawal,  and the moment of its movement  for the next  lowering in another
well,  without the  CONTRACTOR  entering  into the repair rate,  provided such
maintenance  is carried  out  according  to  international  standards.  In the
period within these 24  (twenty-four)  hours intended  exclusively for the BOP
maintenance, the waiting rate (Ref. 104) will be due..........................

Ref. 103 - RATE ADDITIONAL (RA) - In each measurement  period,  as agreed upon
in subitem,  6.1.1 of the  CONTRACT,  the  CONTRACTOR  will be entitled to the
receipt of a Rate Additional, calculated by the following formulae:...........

AT = 0.10 x (NT - NFM - NREP - NIPG-NTOR) X TO ..........  for PI (less than or
equal to) 0,0300..............................................................

AT =(0.16 - 2 x PI) x (NT= NFM - NREP - NIPG - NTOR) x TO ....... for 0,03 (less
than or equal to) PI (less than or equal to) PI

0,0800 AT = Zero .............. to PI>0,800

Where:........................................................................

AT = Rate Additional .........................................................

TO = Operation Rate (REF 101).................................................

PI =  Unavailability  Proportion,  calculated  with 4 (four)  decimal  places,
being: .......................................................................

PI= NREP + NIPG + NTOR
    ------------------
         NT - NFM

NT = Total number of days in the measurement period considered ...............

                                       59

NFM = Total  number of days in which the act of God or force  majeure  occurs,
as defined in the Twelfth Clause of the Contract,  in the  measurement  period
considered ...................................................................

NREP = Total  number of days under  repair  rate (REF 102) in the  measurement
period considered ............................................................

NIPG = Total number of days under  exemption  from payment  (according to item
2.1 of this Attachment) in the measurement period considered .................

NTOR =  Total  number  of days  with  reduced  operation  rate  (according  to
subitems  2.2.3  and  2.2.4  of this  Attachment)  in the  measurement  period
considered ...................................................................

REF. 104 - WAITING RATE (TE) -  corresponds  to 95%  (ninety-five  percent) of
the  operation  rate (TO) and which  will be  applied  in Bad  Weather,  Force
Majeure and Waiting situations, as defined below:.............................

1)   Bad Weather  Situations - in the event of stoppage of the operations when
     environmental conditions are so severe as to endanger the Unit's operating
     capacity, the limitations in Attachment VI, being complied with, making the
     operations unstable or unsafe or preventing support vessels to have access
     to the Unit, or preventing the tugs operations, at the time of change of
     locations, although the Unit may operate normally, in spite of the Bad
     Weather ...................................

2)   Force  Majeure  Situations  - during  the  period  when  the Unit  cannot
     operate,  due to act of God or force  majeure,  as defined in the Twelfth
     Clause  of the  Contract,  until the  removal  of the  impediment  or the
     rescision of the Contract, as the case may be ............................

3)   Waiting - waiting for the arrival, maintenance or availability of materials
     from PETROBRAS or third parties, under PETROBRAS' responsibility, even if
     the Maintenance is made in the Unit; waiting for daylight to carry out
     formation tests; waiting for orders from PETROBRAS, such as, but not
     limited to, change of programs, definition to proceed with the drilling or
     other activity, from geology, from production, rest for PETROBRAS' team or
     of those of third party at PETROBRAS' service; waiting for towage or
     support vessels..........................................................

                                       60

NOTE 1.  The  period  spent  in  disconnecting  the  LMRP  from the BOP due to
environmental conditions,  will be considered as Bad Weather, until the return
to the previous situation ....................................................

NOTE 2. If a Bad Weather  situation occurs which interrupts a Repair activity,
the waiting Rate (REF 104) with a 25% (twenty-five  percent)  reduction,  will
be due during that period ....................................................

REF. 105 - MOVING RATE -  corresponds  to 95% of the  Operation  Rate (TO) and
will be applied during the following periods: ................................

a)   Beginning of the Contract - After the acceptance of the Unit's  equipment
     operating conditions,  once the general testing provided for in Item 3.1.
     of the  Contract  has been  carried  out,  until the spud in of the first
     well or reentry in the first well  (beginning  of lowering the first tool
     for access to the well); ................................................

b)   Between locations - After the end of the drilling operations,  completion
     or  intervention  in a well,  with the arrival of the BOP or tool used in
     the well (the one which occurs last) in the moon pool,  until the spud in
     or  reentry  in a new well  (beginning  of  lowering  the first  tool for
     access to the well); ....................................................

NOTE:  This period  includes the DP system  calibration  and tests,  always in
each new location,  and in others in each  contract year or at any time,  when
requested by PETROBRAS........................................................

c)   End of Contract - After the end of spud in or intervention operations in
     the last well, with the arrival of the BOP or tool used in the well (the
     one which occurs last) in the moon pool, until the Unit's arrival in a
     sheltered waters location, chosen in common agreement between the parties,
     or, if there is PETROBRAS' equipment. still aboard, until the withdrawal of
     such equipment from the Unit.............................................

                                       61

Ref.  106  MOBILIZATION  OF THE  Unit  (MOB)  - No  rate  will  be due for the
mobilization of the Unit and its accessories..................................

Ref.  107  DEMOBILIZATION  OF THE Unit  (DEMOB)  - No rate  will be due or the
demobilization of the Unit and its belongings.................................

2 - INCIDENTS IN THE PERFORMANCE .............................................

2.1.    Exemption  from Payment - PETROBRAS  will be exempted from the payment
        of the rates foreseen in this  Attachment,  during the period in which
        occurs ...............................................................

2.1.1.  Interruption  of the  services  due to the  CONTRACTOR's  duly  proven
        fault  arising  from  operational  error,  and/or  lack of material or
        equipment,  inclusive due to the loss of equipment or subaquatic spare
        parts ................................................................

2.1.2.  Stoppage of the  services  and/or of the Unit due to measures  related
        to impositions by made the insurers ..................................

2.1.3.  CONTRACTOR's  refusal  to operate  under the  conditions  foreseen  in
        Attachment VI - Environmental Operating conditions ...................

2.1.4.  Stoppage of the services and/or of the Unit for inspection or dockage
        purposes, including surveys and dockages arising from act of God or
        force majeure, as defined in the Twelfth Clause of the Contract, the
        corresponding expenses also running for the CONTRACTOR's account .....

                                       62

NOTE 1. The  exemption  from  payment  will  begin in the  moment  there is an
interruption of the operational  continuity  object of this Contract,  even if
the  withdrawal of all or part of  PETROBRAS'  and/or the  CONTRACTOR's  cargo
becomes necessary for the inspection and/or dockage...........................

NOTE 2. The end of the exemption from payment,  due to the  inspection  and/or
dockage, will occur:..........................................................

        a)  On the  return to the same  location,  the  moment  the  operation
            returns to the previous situation;................................

        b)  In the  mobilization  for  another  location,  the moment the Unit
            starts  sailing  after  PETROBRAS' or the  CONTRACTOR's  materials
            have been put back on board.......................................

2.1.5.  Occurrence  of  kick,  drill  string  sticking,  loss of  circulation,
        fishing or abandonment,  caused by the CONTRACTOR's duly proven action
        or omission,  from the moment the problem was  ascertained,  until the
        return to the situation  prior to its  occurrence,  or displacement to
        another location, in the event of abandonment ........................

2.1.5.1.The exemption from payment referred to in 2.1.5 will be limited to a
        period of 15 (fifteen) days, per event, after which the reduction
        foreseen in subitem 2.2.3 of this Attachment will be applied..........

2.1.6.  Occurrence of blow out caused by the  CONTRACTOR's  duly proven action
        or omission,  from the moment the problem was  ascertained,  until the
        return to the situation prior to its occurrence ......................

                                       63

2.1.6.1.The exemption from payment referred to in item 2.1.6 will be limited to
        a period of 45 (forty-five) days, after which the reduction foreseen in
        subitem 2.2.4 of this Attachment will be applied......................

2.1.7.  Suspension  of the  services,  determined  by  PETROBRAS'  Inspection,
        based on item 9.1.1 of the Contract...................................

2.1.8.  Interruption  of the  operations  due to a failure  occurred in any of
        the Unit's  equipment,  at the time of the  testing to be carried  out
        according to item 3.1 of the Contract ................................

2.1.9.  In the occurrence of events of exemption from payment provided for in
        subitem 2.1.1, 2.1.2, 2.1.3, and 2.1.7, for a total accumulated period
        exceeding 30% (thirty percent) in any 6 (six) month period, PETROBRAS
        may rescind the present Contract, based on. its subitem 10.1.8

2.2.    Reduction in the Daily Operation, Waiting and Movement Rate ..........

The rates foreseen in this Attachment will be reduced in the following cases .

2.2.1.  Total or  partial  inoperativeness  or  malfunction  of any  equipment
        which  delays or hinders the  operation,  such as, but not limited to,
        winches,  top drive,  kelly spinner,  geolograph,  current meter,  air
        compressors,  shale shaker,  desander;  desilter,  mixing  pumps,  mud
        laboratory  equipment  and bulk  receipt  and  transfer  systems,  are
        reason for the  reduction  of the daily rate  provided for in Ref 101,
        in  1%  (one  percent),   cumulative   per  equipment,   provided  the
        CONTRACTOR  is notified in writing in the Daily  Drilling  Certificate
        (ADP),  by PETROBRAS'  Inspection and which,  after the time limit the
        latter  has set to repair  said  equipment,  such  repair has not been
        made .................................................................

                                       64

2.2.2.  Low Efficiency - Reference  Rates 101 and 105 of this  Attachment will
        suffer a 20% (twenty percent)  reduction,  in the event low efficiency
        is verified,  according to the operating efficiency  parameters listed
        below.  Such reduction will be applied during the whole  corresponding
        activity period in which low efficiency is verified:..................

Operating Parameters: ........................................................

- - -   Maneuver of the drill string in a cased well (except BHA): ...............

        o   Inside the riser and 20" casing = 500 m/h.........................

        o   Inside the 13 3/8" casing = 600 m/h ..............................

        o   Inside of 9 5/8" casing = 700 m/h ................................

- - -   Break of DP's per Unit - 25jt/h ..........................................

- - -   Casing string run in the  sea/inside  the  riser/previous  casing  (joints
    with approximately 12 m long) ............................................

        o   30" Casing -      2 jt/h..........................................

        o   20" Casing -      5 jt/h..........................................

        o   13 3/8" Casing -  13 jt/h ........................................

        o   9 5/8" Casing -   18 jt/h ........................................

        o   7" Casing -       15 jt/h.........................................

- - -   Running of  drilling  riser,  excluding  normal  time for  testing  (50 ft
    joint): 45/m/h ...........................................................

- - -   Pulling of drilling riser (50 ft joints): 60 m/h..........................

- - -   Installation or pulling of the kill/choke lines/telescopic
    joint/stretchers: 6.0h ...................................................

- - -   Diverter installation or pulling: 2.0h ...................................

- - -   Assembly of the dampening lines in the M.R.:  1.5h........................

                                       65

- - -   Assembly of the flexitube equipment: 5.0h. ...............................

- - -   Assembly of the production tail: 2.0h ....................................

- - -   Tubing running or pulling, per Unit - 150 m/h ............................

- - -   Tubing running or pulling per section - 300 m/h...........................

- - -   Completion risers running or pulling - 50 m/h ............................

- - -   Assembly of terminal head and sling's -2.0 h .............................

- - -   Moving of ANM to/from the moon pool - 3.0 h...............................

- - -   Moving of tree cap or tree running tool to/from the moon pool - 2.5h .....

- - -   Assembly of lubricator and wire line SOP - 1.5h

NOTE:  The above  mentioned  operating  parameters are based on normal weather
condition.....................................................................

2.2.3.  Beginning on the 16th '(sixteenth day), inclusive, of the occurrence of
        kick, drill string sticking, loss of circulation or fishing, caused by
        the CONTRACTOR's duly proven action or omission, until the return to the
        situation prior to its occurrence, the applicable rate will be reduced
        by 50% (fifty percent) ...............................................

2.2.4.  Beginning on the 46th (forty-sixth) day, inclusive, of the occurrence of
        Blow out caused by the CONTRACTOR's duly proven action or omission,
        until the return to the situation prior to its occurrence, the
        applicable rate will be reduced by 50% (fifty percent)................

2.3.    Period of Validity of the Contract  Rates the contract rates set forth
        in this Attachment will apply in the period set forth below: .........

                                       66

        a)  Beginning:  release  of the  Unit,  by  PETROBRAS,  to sail to the
            first location,  after the equipment  general testing provided for
            in item  3.1 of the  CONTRACT  has  been  carried  out,  with  the
            exception of the provision in its subitem 3.1.1.1 ................

        b)  End:  after  the end of the  drilling  or  completion  of the last
            well,  with this  Unit's  arrival  at a port or  sheltered  waters
            chosen by common  agreement  between the parties,  and if there is
            PETROBRAS'  equipment  still aboard,  with the  withdrawal of such
            equipment from the Unit...........................................

2.4.    Blow-Out  -  PETROBRAS  will  be  responsible  for  the  well  control
        operation  costs,  in the event of blow-out  and caving  caused by the
        blow-out.  Such  provisions  apply only to the well control  costs and
        do not apply to the loss of assets,  lesions  and/or damages caused by
        the blow-out,  which are protected by the  provisions of the pertinent
        items  of  this  Contract.  The  CONTRACTOR  undertakes  to  place  at
        PETROBRAS'  disposal all of its resources in personnel  and equipment
        related  to  this  COontract   without  any   additional   charges  to
        PETROBRAS.   If  the  CONTRACTOR  has  contributed  with  duly  proven
        grossly  negligent  action  or  omission  for  the  occurrence  of the
        accident,  no rate will be due, until the solution of the problem,  in
        compliance  with the  provisions in subitems,  2.1.6 and 2.2.4 of this
        Attachment ...........................................................

(End of Attachment)...........................................................

                                       67

                              RENDERING OF SERVICES
- - -------------------------------------------------------------------------------
     Unit PRICES SPREAD SHEET                    CONTRACT NO. 101.2.008.97-9
- - -------------------------------------------------------------------------------
OBJECT OF BID: CHARTERING OF THE FLOATING Unit PROVIDED WITH
DYNAMIC POSITIONING SYSTEM.
- - -------------------------------------------------------------------------------
PLACE OF OPERATION: BRAZILIAN CONTINENTAL SHELF
- - -------------------------------------------------------------------------------
Unit'S NAME: AMETHYST 4
- - -------------------------------------------------------------------------------
COMPANY'S NAME: MARITIMA NAVEGACAO E ENGENHARIA LTDA.
- - -------------------------------------------------------------------------------
    CODE        ITEMIZATION        Unit        Unit PRICE (US$)
- - -------------------------------------------------------------------------------
  02.222.305   OPERATION RATE       DAY         114,599.70
                 (REF. 101)
- - -------------------------------------------------------------------------------
  02.222.306    REPAIR RATE         DAY         No Rate Will Be Due
                 (REF. 102)
- - -------------------------------------------------------------------------------
  02.222.307    WAIT.  BAD          DAY          (95% OF Ref. 101)
                WEATHER RATE
                (REF. 104.1)
- - -------------------------------------------------------------------------------
  02.222.308    WAIT. FORCE         DAY          (95% OF Ref. 101)
                MAJEURE RATE
                (REF. 104.2)
- - -------------------------------------------------------------------------------
  02.222.309    WAIT. RATE          DAY          (95% OF Ref. 101)
                 WAITING
                (REF. 104.3)
- - -------------------------------------------------------------------------------
  02.222.310    MOVEMENT RATE       DAY          (95% OF Ref. 101)
                 (REF. 105)
- - -------------------------------------------------------------------------------

                                       68

- - -------------------------------------------------------------------------------
  02.222.311      MOBILIZATION      UNIQUE       No Rate Will Be Due
                 RATE (REF. 106)
- - -------------------------------------------------------------------------------
                  SIGNATURES                        DATE OF THE
                                                     PROPOSAL
- - -------------------------------------------------------------------------------
PETROBRAS         CONTRACTOR (blank)                 07/07/97
 (blank)
- - -------------------------------------------------------------------------------

                                       69

Contract 101.2.063.97-8.......................................................

                                   CHARTERING
                                  Attachment IV
                               MUTUAL OBLIGATIONS

- - -------------------------------------------------------------------------------
    DESCRIPTION                    ON ACCOUNT OF        SUPPLIED BY
                                   --------------------------------------------
                                   PET      CONT        PET      CONT
- - -------------------------------------------------------------------------------
1.  Production Adaptor Base an      X                    X
    AMN.
- - -------------------------------------------------------------------------------
2.  Cement, bentonite, baritine     X                    X
    and other materials and
    additives for manufacturing
    mud and cementing.
- - -------------------------------------------------------------------------------
2.  (sic) Cementing and logging
    Unit:

    a)  Installation and removal    X                    X

    b)  Maintenance                 X                    X

    c)  Rent                        X                    X
- - -------------------------------------------------------------------------------
3.  Equipment and tools specific    X                    X
    for evaluation, completion and
    production of wells.
- - -------------------------------------------------------------------------------
4.  Fishing tools and replacement
    materials for pipes and
    production tools.
- - -------------------------------------------------------------------------------
    a) Foreseen in                          X                     X
       Attachment I
- - -------------------------------------------------------------------------------
    b) Not foreseen in              X                    X
       Attachment I
- - -------------------------------------------------------------------------------

                                       70

- - -------------------------------------------------------------------------------
    DESCRIPTION                    ON ACCOUNT OF        SUPPLIED BY
                                   --------------------------------------------
                                   PET      CONT        PET      CONT
- - -------------------------------------------------------------------------------
5.  Equipment, tools and            X                    X
    replacement materials needed
    for the services of logging,
    formation tests and/or
    production and/or perforation,
    not included in Attachment I.
- - -------------------------------------------------------------------------------
6.  Lubricants and greases for the           X                    X
    CONTRACTOR's equipment.
- - -------------------------------------------------------------------------------
7.  Industrial and fresh water.     X                    X
- - -------------------------------------------------------------------------------
8.  Replacement materials,                   X                    X
    including fishing tools and
    other CONTRACTOR's
    equipment listed in
    Attachment I.
- - -------------------------------------------------------------------------------
9.  Consumer equipment and                   X                    X
    materials for completion
    fluid tests listed in
    Attachment I.  (Note:
    PETROBRAS will inform
    inform monthly on the
    minimum stock needed).
- - -------------------------------------------------------------------------------
10. Steel ropes, slings, sisal               X                    X
    or nylon ropes and cordate
    in general, needed for
    tying towlines, for mooring
    support vessels and in cargo
    evaluation completion and
    handling.
- - -------------------------------------------------------------------------------
11. Boxes for loading and
- - -------------------------------------------------------------------------------

                                       71

- - -------------------------------------------------------------------------------
    DESCRIPTION                    ON ACCOUNT OF        SUPPLIED BY
                                   --------------------------------------------
                                   PET      CONT        PET      CONT
- - -------------------------------------------------------------------------------
    unloading of liquids and bulk            X                    X
    material with connections
    compatible with those of the
    supply vessels.
- - -------------------------------------------------------------------------------
12. Materials to make drilling      X                    X
    and completion fluid.
- - -------------------------------------------------------------------------------
13. Conventional bits.              X                    X
- - -------------------------------------------------------------------------------
14. Safety equipment for                     X                     X
    individual use: gloves,
    helmets, boots, masks,
    ear protectors and other
    personal use equipment
    for the CONTRACTOR's
    employees.
- - -------------------------------------------------------------------------------
15. Services, materials and         X                    X
    equipment to mark locations.
- - -------------------------------------------------------------------------------
16. Surveyinf o the sea bottom,     X                    X
    if necessary.
- - -------------------------------------------------------------------------------
17. Welding equipment and                     X                    X
    material needed for well
    completion and abandonment
    operations.
- - -------------------------------------------------------------------------------
18. Bulls eye for running          X                     X
    tools
- - -------------------------------------------------------------------------------
19. Warehouses, office and                    X                    X
    storage area for the
    CONTRACTOR on land.
- - -------------------------------------------------------------------------------

                                       72

- - -------------------------------------------------------------------------------
    DESCRIPTION                    ON ACCOUNT OF        SUPPLIED BY
                                   --------------------------------------------
                                   PET      CONT        PET      CONT
- - -------------------------------------------------------------------------------
20. Radio-beacon with working                X                    X
    frequencies compatible with
    those mentioned in Attachment
    I.
- - -------------------------------------------------------------------------------
21. Safety and survival equipment,           X                    X
    including maintenance
    (subjected to periodical
    inspection by PETROBRAS
- - -------------------------------------------------------------------------------
22. Screens for mud sieves,                  X                    X
    according to
    PETROBRAS'
    specifications.
- - -------------------------------------------------------------------------------
23. Materials for the maintenance            X                    X
    of equipment and test lines,
    supplied by the CONTRACTOR,
    for formation testing and/
    or production painting,
    boiler factor and welding).
- - -------------------------------------------------------------------------------
24. VX ring, VX with HYCAR
    and VX with lead insert
    for connection BOP-
    WELLHEAD, LMRP-BOP
    STACK:
a) In normal operation              X                    X        X
b) In reinstallation due                     X           X        X
   to problem with the ESCP
- - -------------------------------------------------------------------------------
25. VX ring, VX with                X                    X        X
    HYCAR and VX with
- - -------------------------------------------------------------------------------

                                       73

- - -------------------------------------------------------------------------------
    DESCRIPTION                    ON ACCOUNT OF        SUPPLIED BY
                                   --------------------------------------------
                                   PET      CONT        PET      CONT
- - -------------------------------------------------------------------------------
    lead insert for ANM'
- - -------------------------------------------------------------------------------
26. Remote operation
    submarine vehicle (ROV)
a)  Installation and removal        X                    X
b)  Maintenance                     X                    X
c) Rent                             X                    X
- - -------------------------------------------------------------------------------
27. Hydraulic fluid for                      X                    X
    BOP driving and test
- - -------------------------------------------------------------------------------
28. Hydraulic fluid for             X                    X        X
    ANM driving and test
- - -------------------------------------------------------------------------------
29. Special greases for             X                    X
    pipes and completion
    equipment
- - -------------------------------------------------------------------------------
30. Individual safety                        X                    X
    equipment for operation
    in the moon pool.
- - -------------------------------------------------------------------------------
31. Paper and ink for                        X                    X
    microcomputer printer.
- - -------------------------------------------------------------------------------
32. Beacons, hydrophones,                    X                    X
    transducers, transponders,
    batteries.
- - -------------------------------------------------------------------------------
33.   Diesel Oil
- - -------------------------------------------------------------------------------
a) up to the limit set              X                    X
   forth in Clause 4.6.2
- - -------------------------------------------------------------------------------
b) above the limit set                       X           X
   forth in Clause 4.6.2
- - -------------------------------------------------------------------------------
34. Filter elements for the         X                             X
    completion fluid filtering
    Unit.
- - -------------------------------------------------------------------------------

(End of Attachment)...........................................................

                                       74

                                  Attachment V
                     LIST OF (MINIMUM) SPECIALIZED PERSONNEL
                                     ABOARD


- - ----------------------------------------
Captain or Barge             1
- - ----------------------------------------
Tool Pusher (1               2
superintendent
aboard)
- - ----------------------------------------
Driller                      2
- - ----------------------------------------
Assistant Driller            2
- - ----------------------------------------
Derrickman                   2
- - ----------------------------------------
Roughneck                    6
- - ----------------------------------------
Crane Operator               2
- - ----------------------------------------
Area Man                     8
- - ----------------------------------------
Welder                       2
- - ----------------------------------------
Watchstander                 2
- - ----------------------------------------
Subsea Engineer              1
- - ----------------------------------------
Mechanic                     3
- - ----------------------------------------
Electrician                  3
- - ----------------------------------------
Radio Operator               2
(Portuguese speaker)
- - ----------------------------------------

                                       75

- - ----------------------------------------
Male nurse                   1
- - ----------------------------------------
Storekeeper                  1
- - ----------------------------------------
Safety guard                 1
- - ----------------------------------------

NOTE:  Supplementary  personnel will be supplied according to the CONTRACTOR's
conveniences and needs or to comply with the requirements of government laws..

                                       76

                                  Attachment VI
                       ENVIRONMENTAL OPERATING CONDITIONS
                      (PERMISSIBLE LIMITS FOR ENVIRONMENTAL
                        CONDITIONS ACTING SIMULTANEOUSLY)
- - -------------------------------------------------------------------------------
    OPERATION                  HEAVE    PITCH    WIND    WAVE    CURRENT
                              (FEET)     OR     (MPH)   (FEET)   (KNOTS)
                                        ROLL
                                      (DEGREES)
- - -------------------------------------------------------------------------------
Jetting/driving                2,0        2,5     30     3,0       1,5
- - -------------------------------------------------------------------------------
Drilling                       2,5        3,0     30     3,0       1,5
- - -------------------------------------------------------------------------------
Casing Running                 2,0        3,0     30     3,0       1,5
- - -------------------------------------------------------------------------------
Casing hanger setting          1,5        2,0     30     2,1       1,5
- - -------------------------------------------------------------------------------
BOP running                    1,5        1,5     19     2,1       1,0
- - -------------------------------------------------------------------------------
BOP setting                    1,5        1,5     19     2,1       0,75
- - -------------------------------------------------------------------------------
Maneuvering                    3,5        3,0     44     8,5       1,5
- - -------------------------------------------------------------------------------
LMPR disconnection             7          4       51    10,5       1,0
- - -------------------------------------------------------------------------------
LMPR connection                1,5        1,5     19     2,1       0,75
- - -------------------------------------------------------------------------------
Formation testing              3,5        4,0     44     8,5       1,5
- - -------------------------------------------------------------------------------
Operation with boats           2,5        3,0     39     6,7       1,5
- - -------------------------------------------------------------------------------
Running the ANM (lay-away)     1,5        1,5     19     2,1       0,75
- - -------------------------------------------------------------------------------
Running the ANM (without       1,5        1,5     19     2,1       0,75
- - -------------------------------------------------------------------------------

                                       77

- - -------------------------------------------------------------------------------
lines)
- - -------------------------------------------------------------------------------
Operation with flexitube       2,0        3,0     30     5,0       1,5
- - -------------------------------------------------------------------------------
Operation with wire-line       3,0        4,0     44     8,5       1,5
- - -------------------------------------------------------------------------------
Operation with BOP             2,5        3,0     39     6,7       0,75

                                       78

                                 Attachment VII
                             PETROBRAS' SAFETY RULES

1.    Service Rule No. 46/71:

      o     Safety Rules for Offshore Operations.

2.    Service Order No. 01/72:

      o     Operational Safety Rules - Continental Shelf.

3.    Service Rule No. 41/72:

      o     Electricity - Safety Rules

4.    Service Order No. 01/76:

      o     Industrial Safety Rules (General)

      o     Industrial Safety Rules (Drilling)

      o     Industrial Safety Rules (Production)

5.    General Safety Manual:

      o     Safety and Environmental Instruction for Contractors (E&P - BC).

                                       79

                                 Attachment VIII
                            EQUIPMENT TESTING PROGRAM

      In order to carry out the  Unit's  equipment  testing  in an easier  and
more agile manner,  the  CONTRACTOR  is to submit to PETROBRAS,  as quickly as
required the following documents:.............................................

1.    CERTIFICATES............................................................

      a)    Survey  and  Appraisal  Report,  updated  and valid for the fiscal
            year  regarding the Unit  offered,  issued by one of the entities:
            ABS, NOBLE & DENTON,  DNV,  LLOYDS or BUREAU  VERITAS,  and if the
            report is issued abroad,  it will be translated into Portuguese by
            a  sworn  public   translator   and  notarized  in  the  Brazilian
            Consulate.........................................................

      b)    Classification  or  Class  Confirmation  Certificate  for hull and
            equipment,  compatible  with  the  proposal  submitted  (certified
            copy);............................................................

      c)    Report on claims from the  classification  societies  mentioned in
            the  Class  Confirmation  Certificate  (in  the  event  there  are
            claims);..........................................................

             NOTE:PETROBRAS will evaluate the above mentioned documents and will
                  mention in what time limited eventual claims will be settled,
                  and at PETROBRAS' judgment, it can be at the time of the
                  Unit's inspection or at mobilization after the contract is
                  signed..........................................

      d)    Freeboard Certificate;............................................

      e)    IOOP (International Oil Pollution Prevention) Certificate;........

      f)    IMO-MUDU-CODE  - Mobile  Offshore  Drilling Unit - latest  edition
            (unnecessary for Drill Ship);.....................................

                                       80

      g)    Cargo Ship Safety Equipment Certificate;..........................

      h)    Cargo Ship Safety Construction Equipment;.........................

             NOTE:All  documents  required  are to be within  their  period of
                  validity....................................................

2.    INDUSTRIAL SAFETY AND ENVIRONMENTAL CONTROL.............................

      -     Manuals and emergency plans in the Portuguese Language............

3.    STORAGE CAPACITY........................................................

      -     Complete floor plan of bulk movement system, specifying:..........

            a)    Exclusive lines to move cement;.............................

            b)    Exclusive lines to move bentonite and baritine;.............

            c)    Location  and type of bulk line valves and their  respective
                  driving systems;............................................

            d)    Pneumatic lines for cleaning and clearing bulk lines;.......

            e)    Location of the manometers;.................................

            f)    Quantity,  flow,  operating pressure and location of the air
                  drying Unit(s);.............................................

            g)    Schematic   drawing  of  each  silo  with  their  respective
                  aeration  systems  and  points of  connection  with the bulk
                  lines.......................................................

4.    FLUID CIRCULATION AND PROCESSING SYSTEM.................................

      -     Sketch of the system  emphasizing  pulsation  dampers (suction and
            tamping), safety valves, feed pumps, position of the suction lines
            in relation to t suction sieves' tanks and filters................

      -     Floor plan of the drilling fluid feed and discharge lines showing
            the flexibility in relation to the sand traps and mud tanks.......

                                       81

      -     Floor plan of the degasser instalation showing the active tank,
            separate processed mud and gas discharge lines, emphasizing the
            connection point of this line with the gas discharge line.........

      -     Floor plan of the mud tanks system,  emphasizing the supply lines,
            guns lines,  mixture funnel and centrifugal pumps  interconnection
            lines.............................................................

5.    WELLHEAD SAFETY EQUIPMENT SYSTEM........................................

      -     Sketch   of   the   BOP/LMRP,   specifying   lines,   valves   and
            measures/dimensions...............................................

      -     Floor  plan of the kill and choke  lines from the BOP to the choke
            manifold, specifying valves, connections, dampener chambers,
            anchorage points and interconnection with the other systems.......

      -     Floor plan of the atmospheric air separator.......................

      -     Layout  of  the  trip  tank  installation,  giving  the  following
            information:......................................................

            a)    Capacity;...................................................

            b)    Location;...................................................

            c)    Sensitivity;................................................

            d)    Measuring system;...........................................

            e)    Scale type;.................................................

            f)    Driller=s scale visualization conditions;...................

            g)    Supply System for the above item............................

      -     Floor plan of the stand pipe manifold,  specifying lines,  valves,
            manometers and interconnections with the other systems............

                                       82

      -     Inspection   report  on  the  riser,   riser  handling  tools  and
            connectors,  telescopic  joint and flexible  joint,  according the
            API RP 2P and RP 2Q  standards,  with update date not  exceeding 1
            year..............................................................

             NOTE:If  the  reports   indicate  the  need  of  repair  in  some
                  equipment,  the service  performance  certificates will also
                  be submitted................................................

            -     Biannual inspection certificate of the choke manifold,  with
                  the manufacturer's approval.................................

            -     Biannual inspection  certificate of the BOP Unit and driving
                  system, with the manufacturer's approval....................

            -     Biannual inspection certificate of the BOP, with the
                  manufacturer=s approval.

            -     Proof  of  technical  hability  of  the  well  drilling  and
                  control personnel...........................................

            -     To supply an internal rusting maintenance and prevention plan
                  for the marine risers and kill and choke lines.........

6.    ENERGY GENERATION SYSTEM................................................

      -     Unifilar diagram of the energy generation and distribution system.

7.    STABILITY...............................................................

      -     To submit the vessel=s stability curve,  updated in the proposal=s
            conditions, in keeping with the environmental conditions..........

8.    DYNAMIC  POSITIONING  SYSTEM  (INCLUDING  THE  MONOGENERATORS  ASSEMBLY,
      THRUSTERS AND PROPELLERS)...............................................

      -     Schematic diagram of the dynamic positioning system...............

      -     To submit the  inspection  and tests  procedures to be carried out
            at every new location.

                                       83

      -     To submit the tests and  inspections  procedures to be carried out
            at the end of each contract year..................................

9.    DRILLING STRING AND ACCESSORIES.........................................

      -     Inspection  report on all equipment of the drilling and completion
            strings, subs and accessories (used equipment)....................

      -     Purchase  voucher of the drill and  completion  strings,  subs and
            accessories (for new equipment)...................................

10.   FISHING TOOLS AND ACCESSORIES...........................................

      -     Inspection  report on all  components  of the fishing  tools (used
            equipment) or purchase vouchers (for new tools)...................

11.   SUNDRY SYSTEMS..........................................................

      -     Winches load test certificate.....................................

      -     Description   of   the   compressed   air   system,    emphasizing
            compressors,  layout of lines, valves and interconnection with the
            other systems.....................................................

      -     Preventive Maintenance Plans with their respective timecharts.....

      -     Proof will be needed for the existence on board and for the
            operating  capacity of all  equipment  and  accessories  listed in
            Attachments  C and  D of  the  chartering  and  service  rendering
            contracts.........................................................

            NOTE:Such equipment must be in places of easy access for inspection.

      A)    RECEIPT TEST......................................................

                                       84

            -     Proof will be needed for the existence on board and for the
                  operating capacity of all equipment and accessories listed in
                  Attachments C and D of the chartering and service rendering
                  contracts.

             NOTE:Such  equipment  must  be  in  places  of  easy  access  for
                  inspection..................................................

            -     The  following  systems,  equipment  and tools  listed below
                  will be checked, inspected and tested:......................

            1)    DRILL STRING, COMPONENTS AND ACCESSORIES....................

                  -     The CONTRACTOR will submit recent inspection  reports,
                        according to the  specification API RP7G for the whole
                        drill string and accessories  such as, but not limited
                        to:   drill   pipes,   drill   collars,    HW,   Subs,
                        stabilizers,  reamers,  bumper subs, lift-sub,  kelly,
                        slips,  elevators,  fishing tools,  etc., which proves
                        the   good   conditions   of  the   string   and   its
                        accessories.  The  information  from the  reports  and
                        the   general   conditions   of  the  string  and  its
                        accessories  will be checked by  PETROBRAS by means of
                        a  sampling  inspection.  In the event of  discrepancy
                        between  the  data  submitted  by the  CONTRACTOR  and
                        those  checked by  PETROBRAS,  showing  an  inadequate
                        condition  of the  string  and  its  accessories,  the
                        CONTRACTOR will carry out another inspection,  for its
                        own account...........................................

NOTE 1:  Any equipment refused by the inspection will be immediately  repaired
         or replaced by the CONTRACTOR, for its own account...................

                                       85

NOTE 2:  For the string, components and new accessories,  no inspection report
         will be required,  documents  proving that such equipment is new will
         be sufficient........................................................

NOTE 3:  The CONTRACTOR's equipment will be stored and arranged so as to
         facilitate the inspection by sampling to be carried out by PETROBRAS.

                  -     The same  procedure will be adopted for the telescopic
                        joints and flexible joints............................

            2)    EXTRACTOR OF SOLIDS.........................................

                  The following will be examined:.............................

                  -     sieves,...............................................

                  -     desander..............................................

                  -     degasser, test suction and discharge..................

                  -     centrifuge (if any)...................................

                  The  operation and work  pressure,  as well as the existence
                  of manometers, will be checked..............................

            3)    MUD TANKS AND VALVES........................................

                  Waterproofness,  working of the  agitators,  mixture  funnel
                  and depth  gun,  besides  the  existence  of fixed  marks to
                  control the tanks volume will be checked....................

            4)    CENTRIFUGAL PUMPS...........................................

                  The following will be checked:..............................

                  -     working, vibration and noises;........................

                  -     Packing (leaks);......................................

                                       86

                  -     Work pressures........................................

            NOTE:  Items 3 and 4 will be tested with sea water................

            5)    MUD LABORATORY AND TEST EQUIPMENT...........................
                  The existence on board and the adequacy to the  requirements
                  described in  Attachments  C and D to this  CONTRACT will be
                  checked.....................................................

            6)    DRILLING DERRICK............................................
                  Maintenance  conditions  (corrosion),  fastening  system and
                  the  conditions  of  the  traveling   block  rails  will  be
                  examined....................................................

            7)    CROWN BLOCK.................................................
                  The  pulleys  will  be  examined  as to  the  profile  wear,
                  alignment,  clearance,  buckling of the axles,  lubrication,
                  etc.........................................................

            8)    MUD PUMPS...................................................
                  The following will be carried out:..........................

                  -     observation of working, vibrations, noises;...........

                  -     pressure  and  maximum  work flows tests for the liner
                        used;.................................................

                  -     safety valve working test;............................

                  -     checking  of  the  suction  and  discharge   pulsation
                        dampeners;............................................

                  -     watertightness  tests with nominal pressure of the mud
                        pumps and of all manifold valves;.....................

                  -     watertightness  tests  with  nominal  pressure  of all
                        manifold  values of the stand pipe manifold and of the
                        kelly hose;...........................................

                                       87

                  -     random   disassembling   of  the  suction  for  visual
                        inspection of the piston,  sleeve,  packing, valve and
                        seat..................................................

            9)    SWIVEL......................................................
                  The  mandril,  gooseneck,  body,  etc.,  will be  check  and
                  nominal pressure test with rotation will be performed.......

            10)   MOTION COMPENSATOR..........................................
                  The  piston  alignment,  lock  bar,  alignment  in the rail,
                  general conditions, leaks and chains will be checked........

            11)   RISER AND GUIDE LINE TENSIONERS.............................
                  The general  conditions,  leaks,  pulleys and cables will be
                  inspected...................................................

            12)   RISER RECOIL  SYSTEM/HANG  OFF  SYSTEM/FILL-UP  SYSTEM VALVE
                  (IF ANY)....................................................
                  The systems' operation will be checked.

            13)   HIGH COMPRESSORS AND AIR RESERVOIRS.........................
                  The general  conditions,  leaks, lines and system yield will
                  be checked..................................................

            14)   TOP DRIVE...................................................
                  Working tests  (connection and  disconnection of one or more
                  sections  of the DP's) will be carried  out and the  general
                  conditions will be inspected................................

            15)   KELLY SPINNER...............................................
                  The general  conditions,  specially the rollers'  wear,  and
                  working will be checked,  and connection  and  disconnection
                  operation of one or more DP=s will be carried out...........

                                       88

            16)   HOOK........................................................
                  The  general  conditions  and  the  locking  system  will be
                  checked.....................................................

            17)   TRAVELLING BLOCK.............................................
                  The  pulleys  wear,  axles  alignment,  lubrication  system,
                  retraction system, etc., will be inspected..................

            18)   DRAWWORKS...................................................

                  -     The  operation of the  mechanical  break system (brake
                        bands),   electromagnetic   (distance  between  irons,
                        voltage  level  and SCR  feeder  conditions),  cooling
                        system and clutches will be checked...................

                  -     The operation of the  cat-heads  and height  limitator
                        with the assembly/  disassembly of one or more command
                        sections, will be checked.............................

            19)   ROTARY TABLE................................................
                  The operation in high and low, brake system,  tachometer and
                  lubrication system will be checked..........................

            20)   TRIP TANK...................................................
                  Capacity,   installation  site,  sensitivity  to  the  level
                  indicator system,  visualization condition and supply system
                  will be inspected...........................................

            21)   HYDRAULIC   TONGS  AND  PNEUMATIC   SPIDER  FOR  CASING  AND
                  PNEUMATIC TONGS FOR DRILL PIPES.............................

                  -     Operation   tests   will  be  made   and   maintenance
                        conditions will be checked............................

                                       89

                  -     The existence of an alignment  guide for the sand-line
                        cable in the drum will be checked.....................

            22)   SAND-LINE OF WIRE-LINE SYSTEM...............................

            -     Operation  of the  clutches  and  brake  will be  tested  by
                  lowering  the   photoclinometer   inside  the  drill  string
                  coinciding  with the  photoclinometer  overshot test (TOTCO)
                  will be  tested.  Test to be made  on  location  before  the
                  beginning of the operations.................................

            23)   CHOKE MANIFOLD..............................................
                  All valves with low pressure  (300 psi) and in high pressure
                  (system's  work  pressure).   Manometers,   hydraulic  choke
                  operation,  manual choke, remote control panel, etc. will be
                  tested......................................................

            24)   UPPER AND LOWER KELLY COCK, INSIDE BOP AND SAFETY VALUE

                  -     Drivers  will be tested and work  pressure  tests will
                        be made...............................................

                  -     The end  connections  of each  element will be checked
                        and tested with work pressure.  The CONTRACTOR  should
                        have end seal plugs adequate for the test.............

            25)   KILL AND CHOKE LINES HOSES..................................
                  The end  connections  will be checked  and  tested  with the
                  system's  work  pressure.  The  CONTRACTOR  should  have end
                  seal plugs adequate for the test............................

            26)   DRILL INSTRUMENTATION SYSTEM................................

                                       90

                  The following will be tested:...............................

                  -     geolograph;...........................................

                  -     rotary table tachometer;..............................

                  -     manometers;...........................................

                  -     stroke counter;.......................................

                  -     level control in the mud tanks;.......................

                  -     torque indicator......................................

            27)   FLARE PIPE AND BOOMS........................................
                  Their  existence  on board will be  checked,  analyzing  the
                  maintenance   conditions   of  the   lines   by   means   of
                  inspections,  and the  facilities  for  installation  of the
                  production test equipment system............................

            28)   BOP SYSTEM..................................................
                  The following will be carried out:..........................

                  -     pressure  tests of the slide  valves with low pressure
                        and high pressure, compatible with the system.........

                  -     pressure  tests of the annulars  with low pressure and
                        high pressure, compatible with the system.............

                  -     complete  function  test in both  POD's,  through  all
                        panels................................................

                  -     choke and kill  valves  tested with low  pressure  and
                        high pressure, compatible with the system.............

                  -     working of the shear ram valve  will be  checked  with
                        opening for examination of the blades conditions......

                                       91

                  -     the  opening  and  closing of all ram,  annular a kill
                        and choke valve chambers will be tested...............

                  -     the  hydraulic  driving  Unit will be  checked  as to:
                        fluid used,  fluid low level  alarm,  low air pressure
                        and    low    accumulators    pressure,    maintenance
                        conditions, leaks and mixing systems..................

                  -     the  volumetric   capacity  of  accumulators  and  the
                        capacity  of  electric  and  pneumatic  pumps  of  the
                        hydraulic Unit will be tested.........................

                  -     the locking system of the ram valve(s) will be tested.

                  -     the SPM valves conditions will be checked by opening and
                        inspecting one of them, chosen at random..........

                  -     the  locking/unlocking  system  of the  H-4  hydraulic
                        connectors will be tested.............................

                  -     the surface and bottom  accumulators'  pre-charge will
                        be checked............................................

                  -     the operation of the following systems will be tested:

                        o     driving back-up.................................

                        o     emergency recovery..............................

                        o     handling........................................

            29)   TRAVELING TONGS, EZY-TORQ, TORQUE SENSOR, SLIPS, ETC........
                  One or more  sections  of the drill  collars and drill pipes
                  will be  assembled/disassembled to check the working of such
                  equipment.  The general maintenance  conditions,  chuck jaws
                  and cables will be checked..................................

                                       92

            30)   BULK TRANSFER SYSTEM........................................

                  The following will be carried out:..........................

                  -     the operation of the compressor  will be checked,  and
                        noise,  oil  and air  leaks,  and  maintenance  state,
                        filters and dehumidifier will be inspected............

                  -     operation and watertightness of valves, lines and silos
                        will be checked, looking for possible clogging..

                  -     transfer of cement from 1 silo to the daily silo (if
                        any) and from this to the surge- tank will be made....

            31)   EMERGENCY ENERGY GENERATION SYSTEM..........................

                  -     a black-out  in the energy  system  generation  system
                        will be  simulated to see if the  emergency  generator
                        is automatically turned on............................

            32)   MAIN MOTOR-GENERATORS ASSEMBLY..............................

                  The following will be carried out:

                  -     vibration,  noises,  insulation,  leaks,  maintenance,
                        etc., will be checked.................................

                  -     generators   input   and   output   in  the  bus  bar,
                        synchronism and load divisions will be tested.........

                  -     load and  voltage  and  frequency  regulation  will be
                        tested................................................

            33)   DESSALTER...................................................
                  Operation and production capacity will be checked...........

            34)   CAT-LINES CRANES............................................

                                       93

                  The following will be carried out:

                  -     operation  of  the  winches  and  maintenance  of  the
                        cabled will be checked................................

                  -     the elevation and rotation system,  the operation with
                        flying boom and pulley block and the  operation of the
                        boom height pawl will be checked......................

                  -     the report of the last  inspection  carried out by the
                        Unit's  classification  society in the winches will be
                        examined..............................................

            35)   DEJECTA TREATMENT Unit......................................
                  Its operation will be inspected.............................

            36)   TELECOMMUNICATION SYSTEM....................................
                  Operational  tests  will  be  made  in all  radio  equipment
                  existing on board, including radio-beacon...................

            37)   OVERHEAD TRAVELING CRANE....................................
                  Their  operation,  and the maintenance  conditions of cables
                  and sliders will be examined................................

            38)   DC/SCR MOTORS...............................................
                  The maintenance  conditions and  insulation,  as well as the
                  collectors and brushes will be examined.....................

                  -     SCR functional test...................................

            39)   DIVERTER....................................................

                  The following will be tested:...............................

                                       94

                  -     flow line wing valves;................................

                  -     diverters and insert packer lock;.....................

                  -     the control panel will be checked.....................

            40)   SAFETY EQUIPMENT............................................

                  SALVAGE.....................................................

                  Fireproof rigid vessels (capsules, whalers):................

                  -     lowering, motor, fuels, sprinklers, start;............

                  -     rations,    garnishing,    hatches,   cleaning,   fire
                        extinguisher, signaling equipment.....................

                  Inflatable rafts:...........................................

                  -     quantity,  capacity,  location,  height in relation to
                        the sea;..............................................

                  -     validity  of the last  inspection,  means of access to
                        the sea;..............................................

                  -     conditions of the cocoon..............................

                  Jackets:....................................................

                  -     quantity  (sufficiency),   location,  protection,  and
                        maintenance...........................................

                  Life-buoys:.................................................

                  -     quantity   (sufficiency),   location,   heaving-lines,
                        lanterns, smudge pots.................................

                  Escape routes:..............................................

                  -     vertical and horizontal signaling (indicative plates);

                  -     clearing, lighting(emergency).........................

                  WATER SUPPLY SYSTEM FOR FIRE FIGHTING.......................

                                       95

                  Fire ring:..................................................

                  -     water system for the platform;........................

                  -     sprinkler system;.....................................

                  -     painting, corrosion, signaling, visual conditions;....

                  -     valves, hydrants, guns................................

                  Fire pumps:.................................................

                  -     operation;............................................

                  -     motor, fuel, start, panel, tests......................

                  FIRE FIGHTING FIXED SYSTEMS.................................

                  -     Foam  system:  chambers,  tanks,  guns,  hydrants  and
                        carrier liquid;.......................................

                  -     Cylinders;  conditions,  reloading,  retesting (CO2 or
                        HALON, if any);.......................................

                  -     Lines and diffusers:  general conditions;.............

                  -     Automatic:  feedings,  panels,  batteries,  detectors,
                        tests;................................................

                  -     Manual:  commands, interconnections, tests;...........

                  -     Alarms:  interconnections.............................

                  FIRE EXTINGUISHERS

                  -     water,  carbon dioxide,  chemical powder (portable and
                        carts);...............................................

                  -     distribution, location, general conditions;...........

                  -     revision,    recharge,    retest,   control,   meters,
                        replacement...........................................

                  FIRE POSTS..................................................

                  -     hose, keys, sprinkler;................................

                                       96

                  -     fiber boxes, general conditions, post identification;.

                  -     visual signaling:  sufficiency and general conditions.

                  EMERGENCY EQUIPMENT.........................................

                  -     autonomous  breathing   apparatus,   reserve  bottles,
                        breathable air fixed system,  fire proximity clothing,
                        lantern, ax, safety belts;............................

                  -     distribution,     location,     general    conditions,
                        inventory, maintenance and replacement................

                  COMMUNICATIONS AND ALARMS...................................

                  -     telephone (internal, external):  Operating capacity;..

                  -     radiophony:  VHF.  Operating capacity;................

                  -     portable   transceptors:    quantity;    distribution,
                        intrinsic safety;.....................................

                  -     intercom:    quantity,    distribution,    and   horns
                        audibility,  interconnection with the platform, coding
                        of sound alarm tones, amplifiers;.....................

                  -     visual signaling:  sufficiency, general conditions;...

                  -     fire alarm,  glass  breaking type:  batteries,  bells,
                        tests.................................................

                  EMERGENCY LIGHTING..........................................

                  -     charger, batteries and lanterns.......................

                  HELIPOINT...................................................

                  -     protection:   guns,   fire   extinguishers,    salvage
                        equipment;............................................

                  -     painting,  protection  screen,  net,  landing  lights,
                        safety warnings;......................................

                  -     guest welcoming practices.............................

                  LOAD LIFTING................................................

                                       97

                  -     winches:  general conditions,  operation,  signaling,
                        maintenance;..........................................

                  -     manual  and  electric  tackles:   general  conditions,
                        operation, signaling, maintenance;....................

                  -     material movement and storage areas...................

                  TRAINING....................................................

                  -     abandonment, fire fighting, first aid and brigade.....

                  MANUALS AND PLANS...........................................

                  -     emergency; safety;....................................

                  -     disclosure, knowledge;................................

                  -     tasks   schedules  for   emergency   and   abandonment
                        situations, including in Portuguese...................

                  ORDER AND CLEANLINESS.......................................

                  -     installation's general aspect;........................

                  -     particularly alarming places..........................

                  SMOKE, HEAT AND GAS DETECTION SYSTEM........................

                  -     test of hydrocarbons detection sensors................

                  BALLAST AND SEWER SYSTEM....................................

                  -     functional test.......................................

            41)   ANCHORING SYSTEM............................................

            42)   DYNAMIC POSITIONING SYSTEM..................................

            43)   PROPULSION SYSTEM...........................................

      B)    LOCATION MOVING TEST..............................................

                                       98

            To be defined between the CONTRACTOR and PETROBRAS................
      C)    BEGINNING OF CONTRACT YEAR TEST...................................
            To be defined between the CONTRACTOR and PETROBRAS................

                                       99

                                  Attachment IX
                   PROCEDURES IN THE EVENT OF FATAL ACCIDENTS

1.    If,  during the period of validity  of the  CONTRACT,  a fatal  accident
      occurs with a CONTRACTOR's employee, the CONTRACTOR should:.............

1.1.  Notify the Inspection immediately, for the proper measures;.............

1.2.  Take  measures so that the  employee's  relatives  be notified  with the
      utmost urgency on the event, giving them the social support due;........

1.3   Formally  establish an Investigation  Commission,  within 48 hours after
      the  accident,  in  order  to,  in the  maximum  time  limit of 15 days,
      identify  the causes and  recommend  the  measures  deemed  necessary to
      prevent similar accidents...............................................

2.    The  report  should  contain,   at  least,  the  following   information
      regarding the accident:.................................................

      -     description;......................................................

      -     exact location;...................................................

      -     data regarding the injured persons;...............................

      -     basic and immediate causes;.......................................

      -     measures to be taken in order to prevent its repetition...........

3.    The CONTRACTOR should guarantee the Commission enough authority and
      autonomy to carry out the investigations without any restrictions.......

4.    A PETROBRAS=  employee should  participate in the Commission,  appointed
      by the authority in charge of the operational office....................

                                      100

5.    After  conclusion  of the  Commission's  work,  it will also behoove the
      CONTRACTOR,  at the Inspection's request, to disclose the results of the
      report,  so as to  convey  the  experience  from the  accident  to other
      contractor companies....................................................

 .  - . - . - . - . - . - . - . - . - . - . - . - . - . - . - . - . - . - . - .

THESE BEING the precise terms and content of the  aforementioned  document,  I
hereby set my Hand and Seal on this  Translation,  performed on September  18,
1997, in this City of Rio de Janeiro, Federative Republic of Brazil.

                                                  /s/ MARCIA BARBOSA SERRA
                                                  _____________________________
                                                  Marcia Barbosa Serra
                                                  Sworn Public Translator