Vessel Insurance. If the performance of the Work requires the use of a vessel or vessels, Contractor shall carry or require the owner of each vessel to carry:

Vessel Insurance. With respect to each Vessel, (i) insure, and keep insured, or procure that the Borrowers, as owners, will insure and keep the Vessels insured in accordance with the terms of the Mortgages, more specifically each Vessel will be insured with respect to all risks hull and machinery (including excess risks which shall not exceed twenty percent (20%) of the total hull and machinery coverage), provided that the total hull coverage and excess risk coverage is to be at least the higher of (a) the aggregate Fair Market Value of such Vessel at the most recent date at which such Fair Market Value shall have been determined pursuant to this Agreement or (b) one hundred twenty five percent (125%) of the amount outstanding under the relevant Tranche, (ii) notify the Facility Agent in writing, at least twenty-one (21) days prior to all insurance renewals, (iii) deliver to Facility Agent all letters of undertaking, copies of all insurance policies and certificates of entry on terms acceptable to the Facility Agent and its advisors, (iv) ensure that Facility Agent is named as loss payee on all insurances and (v) reimburse Facility Agent for payment of mortgagee’s interest insurance and mortgagee’s additional perils (pollution) insurance to be subscribed by the Facility Agent in an amount equal to one hundred twenty five percent (125%) of the amount outstanding under each Tranche;

Vessel Insurance. User shall carry, or require that the owner carry, on all Vessels utilizing the Terminal the following insurance:

Vessel Insurance. The Grantee shall produce evidence of necessary insurance for all vessels bought with the grant money and all vessels used in boating programs funded by grant money.

Vessel Insurance. Lessee shall keep in force and effect liability insurance for his vessel(s). Lessor may request and be provided with proof of coverage. This agreement is governed by the Laws of Louisiana and venue in any litigation or arbitration regarding this agreement shall be in the State of Louisiana. Lessee shall pay for any cost incurred by Lessor, in enforcing this agreement. We, the undersigned, agree to all the terms and conditions set forth in this agreement: Signature of Lessee: Date: Print name of Lessee: Date: MacBrandon Industries, X.XX, Representative END OF THE LINE BOAT STORAGE Tenant Information TENANT INFORMATION (LESSEE) Name: Address: City: State: ZIP Code: Home Phone: Office: Cell: E-mail: EMERGENCY CONTACT INFORMATION Name: Address: City: State: ZIP Code: Home Phone: Office: Cell: E-mail: BOAT INFORMATION Brand: Size: Insurance Name: BOAT STALL LEASE INFORMATION Stall Number Lease Starting Date Lease Expiration Date Amount Paid Signature of applicant Date Please fax copy to: 000-000-0000 or send by e-mail to: xxx0000@xxxxxxx.xxx Make payments to: MacBrandon Industries, L.L.C. X.X. Xxx 000

Vessel Insurance. (i) During Construction, insure, or have the Builders insure, and keep insured to the extent of its interest therein, the Vessel with respect to comprehensive builder’s risks; and

Vessel Insurance. The Drillship (once the Borrower takes title thereto) and the Rig, and any other vessels owned, chartered or operated in performance of any operations of the Borrower, shall be covered with (x) P&I Insurance (on SP23 Form or equivalent), including crew, in amounts equivalent to the required amounts under the applicable hull policy therefor and (y) hull insurance (on a current American Institute or equivalent hull form), including wreck removal coverage (legal, contractual and voluntary) and full collision coverage (floating and stationary). The hull policy with respect to the Drillship shall have a minimum limit of not less than the book value of such vessel based upon a thirty (30) year straight line amortization and the hull policy with respect to the Rig shall have a minimum limit of an amount to be agreed by the Agent and the Borrower as of the Conversion Date and each anniversary thereafter based upon the remaining Vessel Amortization Payments for the Rig.

Vessel Insurance. Schedule 4.28 contains, as of the Closing Date, a true and complete list of all insurance policies of any nature maintained by any Credit Party primarily with respect to each Material Vessels (rather than general property of liability insurance) owned by any Credit Party as of such date.

Vessel Insurance. The Drillship and the Rig, and any other vessels owned, chartered or operated in performance of any operations of the Borrower, shall be covered with (x) P&I Insurance (on SP23 Form or equivalent) including crew, which may be part of Transocean's policy, in amounts equal to the greater of the coverage afforded under Transocean's policy as in effect from time to time and the amount that would be obtained by reasonably prudent operators of the general expertise of Transocean owning and operating vessels such as the Drillship and Rig and (y) hull insurance (on a current American Institute or equivalent hull form), including wreck removal coverage (legal, contractual and voluntary) and full collision coverage (floating and stationary). The hull policy with respect to the Drillship shall have a minimum limit of not less than the book value of such vessel based upon a 30 year straight line amortization and the hull policy with respect to the Rig shall have a minimum limit of an amount to be agreed by the Agent and the Borrower as of the Effective Date and each anniversary thereafter based upon the remaining Vessel Amortization Payments and "Vessel Amortization Payments" under the Transocean Contracts Loan Agreement for the Rig.

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