Arias, Fábrega & Fábrega acted as special Panamanian counsel to ABN AMRO Bank N.V., in connection with secured facilities agreement dated 10 April 2015, entered into by and between:

1. SAPURA ONIX GMBH, as facility A borrower, SAPURA JADE GMBH, as facility B borrower and SAPURA RUBI GMBH, as facility C borrower;
2. ING Bank N.V., as global and ECA Coordinator;
3. ING Bank, a Branch of ING-DiBa AG, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, ABN AMRO Bank N.V., Singapore Branch, DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt AM Main, KFW IPEX-Bank GmbH and Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. mandated lead arrangers;
4. the Financial Institutions listed in Schedule 1 to the Agreement, as original lenders;
5. the Hedging Banks who have acceded to the Agreement from time to time;
6. ING Bank N.V., London Branch, as agent of the other Finance Parties; and
7.  ABN AMRO Bank N.V., Singapore Branch, as security trustee for the Secured Parties, pursuant to which the Lenders agreed to make available to the Borrowers a dollar term loan facility in the aggregate amount of USD$780 million, to finance the acquisition of the pipe-laying support vessels "SAPURA ÔNIX", "SAPURA JADE" and "SAPURA RUBI", subject to the terms and conditions stated in the Agreement.

The Agreement has been secured by, among other security, first naval mortgage dated 21 April 2015, granted by SAPURA ONIX GMBH, as mortgagor in favour of the Security Agent as mortgagee, over its vessel of Panamanian registry "SAPURA ÔNIX", for the principal amount of US$936 million.