Kvaerner Oil & Gas Limited

National Westminster Bank PLC

1) the irrevocable letter of credit no. Emerald 1 dated 26/1/89. 2) all policies & contracts of insurance (which includes all entrics of the semisubmersible drilling rig called the "emerald producer" registered in the port of london under official no. 399051) which are from time to time taken out or entered into in respect of the rg (see form 395 for full details).

All monies due or to become due from the company to the chargee pursuant to the composite guarantee & mortgage debenture of even date