Dear Sir,

Subject to the completion of the Capital Loan Agreement dated the day of 2004 between you
and POLAR CONSTRUCTION WORKS LIMITED, we are pleased to offer you a position as Senior
Project Manager on the following terms and conditions:-

1. You will be employed by Polar Construction Works Limited.

2. Your employment will commence on the day of 2004 at an initial salary of €200
per shift payable weekly/monthly in arrears.

3. Initially the employment will be on a probationary basis for six months. During the
probationary
period employment may be terminated on one week/one months notice or by payment of one
week/one months salary in lieu of notice. At the end of the probation period, if you are
engaged on the permanent staff, your employment may be terminated by you or by us on
giving to the other (one month’s notice in writing or such longer notice as may from time to
time be required by law. Payment may be made in lieu of notice. Notice will not be given in
circumstances which justify summary dismissal.

4. Because of the nature of the work involved, your working hours will be varied, and you are
required to be flexible in relation to the shifts.

5. Your responsibilities will be the supervision of contracts, and the delivery of projects within the
allotted time frame and within agreed budgets.

6. You will be entitled to one and a half days holidays per month. In addition you will be entitled to
a day off for each designated Public Holiday, subject to the demands of contracts and shifts. In
the event that it is not possible to take leave on the day of a Public Holiday, you will be entitled to
take a day’s leave in lieu with the agreement of the employer. Holidays must be agreed one month
in advance with Paddy Conlon to whom you are responsible. Holidays may not be carried over
from year to year, and a holiday year is from the 1st of January to the 31st of December. You
will be obliged to take certain holidays during the Christmas period, and you should reserve such
days as you may be advised to cover this period.

7. In the case of illness, a doctor’s certificate must be produced in respect of absence of two days or
more. You must notify Paddy Conlon before the shift on the first day of your illness. In the
event of persistent absence due to illness we may require you to be examined by a doctor
appointed on our behalf. In any event, we reserve the right to have you medically examined at
any time during employment for the purposes of establishing your fitness to work.

8. The company is not obliged to pay you during any absence on grounds of illness and in such event
you should avail of the appropriate Department of Social Welfare Benefit Section.

9. The company will make a contribution to a Pension Plan of €500 per month on your behalf.
 10. We require a good standard of discipline from all our employees together with satisfactory
standards of work. Dismissal or suspension without pay may take place in accordance with the
companies disciplinary procedure, if the standard of work falls below an acceptable level or fails
to improve after due warning. Summary Dismissal may take place in instances of what we
regard as serious misconduct. Any matters of concern will be brought to your attention and will
be given the opportunity of giving an explanation before any decision is made as to the form of
disciplinary action to be applied.

11. The company will provide to you a company vehicle, make and model to be determined by the
company. The company will also provide a fuel card to be used in conjunction with the company
vehicle.

This letter is sent to you in duplicate. If you find it acceptable, I would ask you to sign the original and
return it to us before the day of 2004.

Yours sincerely,

…………………………………….
PADDY CONLON
POLAR CONSTRUCTIONWORKS LIMITED

I, Keith Conmy hereby accept this offer of employment and acknowledge that this letter and such
documents referred to therein form the terms and conditions of my employment.

…………………………………………………..
KEITH CONMY