TERMS AND CONDITIONS

1. Definitions

"Surveyor"/"Consultant" is the Surveyor/Consultant trading under these conditions.

"Client" is the party at whose request or on whose behalf the Surveyor/Consultant undertakes surveying
services.

"Report" means any report or statement supplied by the Surveyor/Consultant in connection with
instructions received from the Client.

"Disbursements" means the cost of all reasonable photography, reproduction of drawings, diagrams,
sketches and printing, duplicating and, where applicable, electronic transmission fees, and all reasonable
and appropriate expenses including travel, subsistence and hotel accommodation where an overnight
stay is necessary.

" Fees" means the fees charged by the Surveyor/Consultant to the Client and including any value added
tax where applicable and any Disbursements.

2. Scope

The Surveyor/Consultant shall provide its services solely in accordance with these terms and conditions.

3. Work

The Client will set out in writing the services which it requires the Surveyor/Consultant to provide. The

Surveyor/Consultant will confirm in writing that it accepts those instructions or alternatively what services

it will perform in connection with the Client's instructions. Once the Surveyor/Consultant and the Client

have agreed what services are to be performed (the Services) any subsequent changes or additions must

be agreed by both parties in writing.

4. Payment

The Client shall pay the Surveyor/Consultant's Fees punctually in accordance with these Conditions and

in any event not later than 30 days following the relevant invoice date, or in such other manner as may

have been agreed in writing between the parties. Any delay in payment shall entitle the

Surveyor/Consultant to interest at 8% above the Base Lending Rate of the Bank of England prevailing at

the time of default.

5. Obligations and Responsibilities

(A) Client:

The Client undertakes to ensure that full instructions are given to the Surveyor/Consultant and

are provided in sufficient time to enable the required Services to be performed effectively and efficiently

and to procure all necessary access for the Surveyor/Consultant to goods, premises, vessels,

installations and transport and to ensure that all appropriate safety measures are taken to provide safe

and secure working conditions. The Surveyor/Consultant shall not be liable for the consequences of late,

incomplete, inadequate, inaccurate or ambiguous instructions.

(B) Surveyor:

The Surveyor/Consultant shall use reasonable care and skill in the performance of the

services in accordance with sound marine surveying/consulting practice.

The Surveyor/Consultant shall submit a final written Report to the Client following

completion of the agreed Services describing the Surveyor's/Consultant's findings and the condition

and/or quality of the object and/or purpose of the assignment, unless otherwise expressly instructed by

the Client not to do so.

(D) Confidentiality:

The Surveyor/Consultant undertakes not to disclose any information provided in

confidence by the Client to any third party and will not permit access to such information by any third

party unless the Client expressly grants permission save where required to do so by an order of a

competent court of law.

(E) Property:

The right of ownership in respect of all original work created by the Surveyor/Consultant

remains the property of the Surveyor/Consultant.

(F) Conflict of Interest/Qualification:

The Surveyor/Consultant shall promptly notify the Client of any

matter including conflict of interest or lack of suitable qualifications and experience, which would render it

undesirable for the Surveyor/Consultant to continue its involvement with the appointment. The Client shall

be responsible for payment of the Surveyor/Consultant's Fees up to the date of notification.

6. Liability

(A)

Without prejudice to Clause 7, the Surveyor/Consultant shall be under no liability whatsoever to the

Client for any loss, damage, delay or expense of whatsoever nature, whether direct or indirect and

howsoever arising UNLESS same is proved to have resulted solely from the negligence, gross

negligence or wilful default of the Surveyor/Consultant or any of its employees or agents or subcontractors.

(B)

In the event that the Client proves that the loss, damage, delay or expense suffered was caused by

the negligence, gross negligence or wilful default of the Surveyor/Consultant aforesaid, then, save where

loss, damage, delay or expense has resulted from the Surveyor's/Consultant's personal act or omission

committed with the intent to cause same or recklessly and with knowledge that such loss, damage, delay

or expense would probably result, the Surveyor's/Consultant's liability for each incident or series of

incidents giving rise to a claim or claims shall never exceed a sum of SDR 10,000.

(C)

Without prejudice to (a) and (b) above, the Surveyor/Consultant shall not be liable for loss of or

damage to physical equipment and property placed at its disposal by, or on behalf, of the Client however

such loss or damage occurs, unless such loss or damage was caused by act or omission committed with

intent to cause some or recklessly with knowledge that such loss or damage would probably result.

7. Indemnity

Except to the extent and solely for the amount therein set out that the Surveyor/Consultant would be

liable under Clause 6, the Client hereby undertakes to keep the Surveyor/Consultant and its employees,

agents and sub-contractors indemnified and to hold them harmless against all actions, proceedings,

claims, demands or liabilities whatsoever or howsoever arising which may be brought against them or

incurred or suffered by them, and against and in respect of all costs, loss, damages and expenses

(including, but not limited to, legal costs and expenses on a full indemnity basis) which the

Surveyor/Consultant may suffer or incur (either directly or indirectly) in the course of the Services under

these Conditions.

8. Force Majeure

The Surveyor/Consultant and/or the Client shall not, except as otherwise provided in these Conditions, be

responsible or have any liability for any loss, damage, delay or failure in performance hereunder arising or

resulting from act of God (including, but not limited to earthquake, flood, tsunami, volcano, hurricane,

tropical storm, cyclone, blizzard or other similar event), act of war, terrorist attack, nuclear contamination,

seizure under legal process, epidemic quarantine restrictions, strikes, boycotts, lockouts, riots, civil

commotions and arrest or restraint of princes, rulers or people. Following a force majeure event either

party may serve notice on the other to terminate the agreement.

9. Insurance

The Surveyor/Consultant shall effect and maintain, at no cost to the Client, Professional Liability

Insurance for such loss and damage for which the Surveyor/Consultant may be held liable to the Client

under these terms and conditions.

10. Surveyor's/ Consultant's Right to Sub-contract

The Surveyor/Consultant shall have the right to sub-contract any of the services provided under the

Conditions, subject to the Client's right to object on reasonable grounds. In the event of such a subcontract

the Surveyor/Consultant shall remain fully liable for the due performance of its obligations under

these Conditions.

11. Time Bar

Any claims against the Surveyor/Consultant by the Client shall be deemed to be waived and absolutely

time barred upon the expiry of one year from the submission date of the Report to the Client.

12. Jurisdiction and Law

These Conditions shall be governed by and construed in accordance with the laws of Denmark

and any dispute shall be subject to the exclusive jurisdiction of the Danish Courts.