BARCLAY LEASING LIMITED

Deed of covenant

Created on 17 May 2004

Delivered on 25 May 2004

Status fully-satisfied

Persons Entitled

Codralux S.A.

Amount Secured

All monies due or to become due from the company to the chargee under the terms of the aforementioned instrument creating or evidencing the charge

Short Particulars

(A) the vessel and the proceeds (b) all rights and interests of every kind which the company now or at any later time has to, or in connection with (I) the insurances and total loss proceeds; and (ii) any compensation award. See the mortgage charge document for full details.

Transactions

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First rank luxembourg maritime mortgage

Created on 17 May 2004

Delivered on 25 May 2004

Status fully-satisfied

Persons Entitled

Codralux S.A.

Amount Secured

All monies due or to become due from the company to the chargee up to the principal amount of £1,850,000.00 under the terms of the aforementioned instrument creating or evidencing the charge

Short Particulars

All rights and interest in the workboat registered in the ownership of the mortgagor under the flag and laws of luxembourg and under the name "DN43" at the port of luxembourg with identification code 04542P and imo registration number 9317303 (the "vessel").

Transactions

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A deed of covenant

Created on 09 Jan 2004

Delivered on 15 Jan 2004

Status fully-satisfied

Persons Entitled

Codralux S.A.

Amount Secured

All monies due or to become due from the company to the chargee under the terms of the aforementioned instrument creating or evidencing the charge

Short Particulars

PLC vessel "jfj de null" and the proceeds , insurances and compensation award.

Transactions

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First rank luxembourg maritime mortgage

Created on 09 Jan 2004

Delivered on 15 Jan 2004

Status fully-satisfied

Persons Entitled

Codralux S.A.

Amount Secured

£76,216,940.32 and all monies due or to become due from the company to the chargee under the terms of the aforementioned instrument creating or evidencing the charge

Short Particulars

The self propelled cutter suction dredger registered under the flag and laws of luxembourg and under the name "jfj de nul" at the port of luxembourg with identification code 03241A and imo registration number 9260677.

Transactions

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Secondary lease security assignment

Created on 30 Dec 1992

Delivered on 13 Jan 1993

Status fully-satisfied

Persons Entitled

Barclays Bank PLC

Amount Secured

All monies due from i/s palmevang and/or svend thorn to barclays bank plcunder the terms of a loan agreement dated 30/12/92

Short Particulars

All the lessees right title and interest in and to the assigned payments and all sums paid and all the lessees right to sue for the payment or recovery of all sums pursuant to a secondary lease agreement.

Transactions

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Secondary lease security

Created on 30 Dec 1992

Delivered on 13 Jan 1993

Status fully-satisfied

Persons Entitled

Triborough Bridge and Tunnel Authority

Amount Secured

The performance of certain covenants due or to become due from the company to triborough bridge and tunnel authority under the terms of the sublease dated 30/12/92 and from the company under the terms of the head lease dated 24/11/2 z

Short Particulars

All the grantors right title and interest as lessee in the head lease a nd all the grantors right title and interst as secured party in the head security agreement.

Transactions