Kvaerner Oil & Gas Limited

National Westminster Bank PLC

The company as beneficial owner has charged in the manner referred to in the principal deed and upon the terms in all respects therein contained by way of floating charge the rig assets (as defined in the principal deed).

All monies due or to become due from the company to the chargee as security trusteee for the secured parties (as therein defined) under the terms of the principal deed dated 10.1.91.

National Westminster Bank PLC

All its right, title and interest present or future in and to the semi-submersible drilling rig "emerald producer" under official no. 399051 registered in london (see 395 for full details).

All monies due or to become due from the company to the chargee as security trustee for the secured parties (as therein defined) under the terms of the security documents (as therein defined)

National Westminster Bank PLC

64/64TH shares in the ship "emerald producer" official no. 399051 no.96 In 1982 (london) twin screw motor ship and in her boats and appurtenances.

All monies due or to become due from the company to the chargee as security trustee for the secured parties (as defined therein) on an account current under the terms of the charge and the deed of covenants of even date

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

National Westminster Bank PLC

(Including trade fixtures). Fixed and floating charges over the undertaking and all property and assets present and future including goodwill bookdebts uncalled capital buildings fixtures fixed plant and machinery.

All monies due or to become due from the company to the chargee as security trustee for the secured parties (as defined therein) on any account whatsoever under the terms of the charge

National Westminster Bank PLC

All the rights in and to the proceeds of the documents with provision for the reassignment of the assigned assets upon full discharge of the liabilities.

All monies due or to become due from the company to the chargee under or in connection with the finance departments