EXHIBIT 10.19(D)
DAEWOO CORPORATION & DAEWOO HEAVY INDUSTRIES LTD
AND
PETRODRILL SIX LIMITED.
MAIN CONTRACT AMENDMENT AGREEMENT
HULL 3016
This Agreement made and entered into this day of December, 1998 by and
between:
1. Daewoo Corporation & Daewoo Heavy Industries Ltd., both corporations
organised and existing under the laws of Republic of Korea and having
their principal offices at 541, Namdaemun-Ro 5-Ga, Chung-Gu, Seoul, Korea
(hereinafter jointly and severally referred to as "BUILDER") of the
First Part;
2. Petrodrill Six Limited a corporation organised under the laws of the
British Virgin Islands having its principal office at 325 Waterfront
Drive, Omar Hodge Building, 2nd Floor Wickham's Cay 1, PO Box 985, Road
Town, Tortola, British Virgin Islands ("PURCHASER") of the Second Part:
3. Petrodrill Offshore Inc. (formerly Petrodrill Construction Inc.) a
corporation organised under the laws of the Bahamas having its principle
office at Suite 205, Saffrey Square, PO Box N8188, Nassau, Bahamas
("CONSENTOR")
WHEREAS,
(1) Builder and Purchaser are parties to a contract dated 9 April 1998 for the
construction and sale of a dynamic positioned semi-submersible drilling
vessel Hull No. 3016 (THE MAIN CONTRACT) as novated in the Purchasers
favour by the Novation Agreement dated 4th December 1998 (THE NOVATION
AGREEMENT).
(2) Builder and Purchaser wish to amend certain of the payment provisions and
the delivery date specified in the Main Contract in the manner hereinafter
written.
NOW, THEREFORE, in consideration of the mutual promises herein contained, it is
agreed as follows:
1.0 - MAIN CONTRACT AMENDMENT
1.1 The payment date for the Second Instalment under Clause 4.1 of the
Main Contract is to be amended to reflect that payment will be made
on the 23rd December 1998
1.2 Clause 14.1 of the Main Contract is amended as follows:
"The Vessel shall be delivered by the Builder to the Purchaser at
the Shipyard (or other place as may be agreed with unrestricted
access to the open sea) on the 30th July 2000 except that, in the
event of Permissible Delay, as defined in Clause 15.2 hereof, the
aforementioned date shall be postponed accordingly. The
aforementioned date, or such later date to which requirement to
deliver may be postponed, is hereinafter called the "Contract
Delivery Date"
2 MISCELLANEOUS:
2.1 This Agreement is supplemental to the Main Contract. Except as
expressly amended as set out herein the Main Contract remains in
full force and effect.
2.2 The amendments contained in clause 1.0 hereof shall be deemed to
have been in effect from the 9th April 1998, notwithstanding the
date of this Agreement.
2.3 The construction, validity and performance of this Agreement shall
be governed by English law.
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Daewoo Main Contract Amendment II -- Hull 3016 16-Dec-98
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2.4 This Agreement may be signed in any number of counterparts all of
which when taken together will constitute one and the same
document.
3 NOVATION AGREEMENT CORRECTION:
3.1 The Parties hereto and the Consentor acknowledge that the Novation
Agreement erroneously referred, to "Hull 3015", in its description
of the Main Contract in Recital (A) thereof, where as its correct
designation is "Hull 3016" and the Parties and the Consentor
hereby agree that the Novation Agreement should be construed and
deemed amended accordingly.
4. CONDITION SUBSEQUENT
4.1 This Agreement is entirely conditional upon the Purchaser making
payment of the Second Instalment by the date specified in clause 1.1
hereof, otherwise this Agreement shall be deemed null and void and
the Main Contract shall have effect unamended.
IN WITNESS WHEREOF the parties hereto have caused this Agreement to be duly
executed the day and year first above written.
For and on behalf of For and on behalf of
DAEWOO CORPORATION PETRODRILL SIX LIMITED.
/s/ KYU-SANG SHIM /s/ D. LEACH
Name: Kyu-Sang Shim Name: D. Leach
Title: Attorney-in-Fact Title: Attorney
For and on behalf of For and on behalf of
DAEWOO HEAVY INDUSTRIES LTD. PETRODRILL OFFSHORE Inc.
/s/ KYU-SANG SHIM /s/ D. LEACH
Name: Kyu-Sang Shim Name: D. Leach
Title: Attorney-in-Fact Title: Attorney
We THE EXPORT-IMPORT BANK of KOREA hereby acknowledge the terms of this
Amendment
______________________________
Name: Title:
Date:
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Daewoo Main Contract Amendment -- Hull 3016 16-Dec-98
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