Amendment to Services Contract between Helmerich & Payne International Drilling Co. and Southeast Texas Industrial Services, Inc.

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Summary

Helmerich & Payne International Drilling Co. (H&P) and Southeast Texas Industrial Services, Inc. (STIS) have agreed to amend their original contract dated July 18, 2007. This amendment updates the list and types of drilling rigs covered under the agreement, changes a date in Exhibit A, and adds a new entry to a pricing table. All other terms of the original contract remain unchanged. The amendment is effective as of August 8, 2008, and is signed by authorized representatives of both companies.

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EX-10.34 3 a2189294zex-10_34.htm EXHIBIT 10.34
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Exhibit 10.34


AMENDMENT TO CONTRACT

        THIS AMENDMENT TO CONTRACT is made and entered into this 8th day of August, 2008, by and between Helmerich & Payne International Drilling Co., hereinafter referred to as "H&P", and Southeast Texas Industrial Services, Inc., hereinafter referred to as "STIS".

        WITNESSETH:

        WHEREAS, H&P and STIS entered into a Contract dated the 18th day of July, 2007, for certain services defined therein as the "Work" (the "Contract");

        WHEREAS, the parties hereto are mutually desirous of amending the terms of the above-referenced Contract as hereafter set forth; and

        WHEREAS, the Contract has continued in full force and effect to the present time.

        NOW, THEREFORE, in consideration of the rights and obligations passing between the parties, the parties hereto do amend said Contract, as follows, to-wit:

1.
Beginning in line 11 of Annex 1, Sections (a) through (f) immediately following "(the "Work")" are hereby deleted and replaced with the following:

"a.
Flex3: 24 rigs (R376, R377, R378, R379, R380, R381, R382, R383, R384, R385, R386, R387, R388, R389, R390, R391, R392, R393, R394, R395, R396, R397, R398, R399)

b.
Flex4S:    2 rigs (R343, R350)

c.
Flex4S+:    4 rigs (R329, R330, R353, R354)

d.
Flex4MA:    2 rigs (R351, R352)

e.
Flex 4M:    9 rigs (R336, R337, R338, R339, R340, R344, R345, R346, R347)

f.
Flex5:    2 rigs (R348, R349)

g.
The remaining 7 rigs will be a combination of the various types listed above as determined by H&P."

2.
In Section 1 of Exhibit "A", "November 15, 2005" is hereby replaced with "July 2, 2007".

3.
The table in Exhibit "A-1" is hereby amended by adding an additional row at the bottom as follows:

J. Wilson

     68.55     95.40     121.60  

        Except as amended hereby, all other terms and conditions of the Contract shall remain in full force and effect.

        IN WITNESS WHEREOF, H&P and STIS have executed this Amendment to Contract as of the day and year first written above.

    HELMERICH & PAYNE INTERNATIONAL DRILLING CO. INC.

 
 
By:
 
/s/ M. ALAN ORR
            Executive Vice President
    SOUTHEAST TEXAS INDUSTRIAL SERVICES, INC.

 
 
By:
 
/s/ PAUL SPENCE
        Name:   Paul Spence
        Title:   President


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    Exhibit 10.34
AMENDMENT TO CONTRACT