Amendment to Contract between Premier Oil UK Limited and the Company dated June 24, 2019

EX-10.1 2 ex10-1.htm

 

CONTRACT NO: POUK/C2394

 

AMENDMENT NO: 02

 

between

 

PREMIER OIL UK LIMITED

 

and

 

OCEAN POWER TECHNOLOGIES INC.

 

FOR THE PROVISION OF INTELLIGENT MONITORING BUOY

 

   
 

 

Premier Oil UK Limited

 

This Amendment, dated 3rd June, 2019 is made between

 

Premier Oil UK Limited, a company incorporated in Scotland (registered number SC048705) with its registered office at 4th Floor, Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2EN and its principal place of business at Upper Denburn House, Prime Four Business Park, Kingswells Causeway, Kingswells, Aberdeen, AB15 8PU (the “COMPANY” as hereinafter defined)

 

AND

 

Ocean Power Technologies Inc., a company incorporated in the State of Delaware, United States of America (Company Registration Number is US Federal ID: 22 ###-###-#### with its registered office at 28 Engelhard Drive, Monroe Township, New Jersey USA 08534 hereinafter called the CONTRACTOR

 

WHEREAS

 

The COMPANY and the CONTRACTOR entered into Contract No. POUK/C2394 (hereinafter referred to as the “CONTRACT”) whereby the CONTRACTOR agreed to provide the COMPANY with the provision of Intelligent Monitoring Buoy and Support Services.

 

The COMPANY and the CONTRACTOR now desire to enter into this Amendment No. 02 for the purpose of revising Exhibit 2 “CONTRACT Milestones” to incorporate the agreed milestones and dates for completion of those Milestones.

 

NOW THEREFORE IT IS AGREED AS FOLLOWS:

 

  1: Notwithstanding the date hereof this Amendment No. 02 is effective 3rd June 2019
  2. The Milestones and dates in Exhibit 2 of the CONTRACT are deleted and replaced as per attached.

 

Save as specifically provided for herein, all other provisions of the CONTRACT shall remain unchanged by this Amendment.

 

POUK/C2394Page 2 of 5Date 03/06/2019
   
Approved for COMPANY Approved for CONTRACTOR
 

 

Premier Oil UK Limited

 

IN WITNESS WHEREOF, each party hereto has caused this Amendment No. 02 to be executed by their duly authorised representatives as of the dates shown below:

 

For COMPANY:   For CONTRACTOR:
         
PREMIER OIL UK LIMITED   OCEAN POWER TECHNOLOGIES INC.
         
Signature: /s/ Calum Knowles   Signature: /s/ George Kirby
Name: Calum Knowles   Name: George Kirby
Title: Senior Contracts Engineer   Title: President & CEO
Date: June 3, 2019   Date: June 24, 2019

 

POUK/C2394Page 3 of 5Date 03/06/2019
   
Approved for COMPANY Approved for CONTRACTOR
 

 

Premier Oil UK Limited

 

ATTACHMENT 1

TO

AMENDMENT NO. 02

 

 

 

 

 

POUK/C2394Page 4 of 5Date 03/06/2019
   
Approved for COMPANY Approved for CONTRACTOR
 

 

Premier Oil UK Limited

 

EXHIBIT 2

 

Exhibit 2

 


Contract Milestones

 

Milestone   Date       Description
Ml   No later than 19 July 2019   Delivery Date   PB3 Delivered to Premier Oil Aberdeen nominated facility
             
M2   Ml+ 14 Days   Deemed “Fit for Purpose”   Completion of quayside payload re- assembly and Pre-Deployment Checklist. PB3 ready for load-out onto deployment vessel.
             
M3   —   Initial Trial Commencement   Completion of Offshore Commissioning of PB3
             
M4   M3 + 90 Days   Initial Trial Completion   Completion of the first three-month rental period
             
M5   M4+ 180 Days   Six Month Option Completion   Completion of the remaining six- month rental of the cumulative nine-month Rental Period
             
M6*   MS+ 14 Days   Redelivery Date   PB3 redelivered to Premier Oil Aberdeen nominated facility by Premier Oil at the conclusion of the Rental Period, subject to the term of the Rental Period. This date is intended to represent the end of the nine (9) month rental period.

 

Note: Milestone M6 subject to adjustment pending extension of Rental Period

 

POUK/C2394Page 5 of 5Date 03/06/2019
   
Approved for COMPANY Approved for CONTRACTOR