Gard Marine & Energy Limited provides a parent company guarantee to Gard Marine & Energy Insurance (Europe) AS.

This guarantee covers all of the subsidiary’s payment obligations under the insurance contracts issued by Gard Marine & Energy Insurance (Europe) AS. The guarantee is unconditional and continuing, and shall be binding upon Gard Marine & Energy Limited, and its successors and assigns, as guarantor. The owners of the insurance contracts issued by Gard Marine & Energy Insurance (Europe) AS are express third party beneficiaries of this guarantee. The obligations of Gard Marine & Energy Limited as guarantor under the guarantee rank pari passu with all other unsecured indebtedness of Gard Marine & Energy Limited.