Exhibit 10.1

Execution Version

FOURTH AMENDMENT TO CREDIT AGREEMENT

THIS FOURTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of
April 9, 2012 (the “Effective Date”), is entered into by and among PARKER
DRILLING COMPANY, a Delaware corporation (the “Borrower”), each lender from time
to time party to the Credit Agreement defined below (collectively, the “Lenders”
and individually, a “Lender”), and BANK OF AMERICA, N.A., as Administrative
Agent (the “Administrative Agent”).

W I T N E S S E T H:

WHEREAS, the Borrower, the Lenders, the L/C Issuers, the Administrative Agent,
the Syndication Agent and the Documentation Agent have entered into that certain
Credit Agreement, dated as of May 15, 2008, by and among the Borrower, the
Lenders, the L/C Issuer, the Administrative Agent, the Syndication Agent and the
Documentation Agent (as may be amended, restated, supplemented or otherwise
modified, the “Credit Agreement”); and

WHEREAS, the Borrower requested an amendment to Section 7.03 of the Credit
Agreement to clarify that the Credit Agreement permits the refinancing of
certain Indebtedness permitted pursuant to Section 7.03(d);

WHEREAS, the Borrower, the Administrative Agent and the Lenders are entering
into this Amendment to so amend such Section 7.03(d) of the Credit Agreement;

NOW THEREFORE, in consideration of the foregoing and the mutual agreements set
forth herein, the parties hereto agree as follows:

SECTION 1. Definitions. Unless otherwise defined in this Amendment, each
capitalized term used in this Amendment has the meaning assigned to such term in
the Credit Agreement.

SECTION 2. Amendments to the Credit Agreement.

(a) Section 1.01 of the Credit Agreement is hereby amended by inserting the
following definition in the appropriate alphabetical order:

“Refinanced Indebtedness” has the meaning specified in Section 7.03(d).

(b) Section 1.01 of the Credit Agreement is further amended by amending and
restating the following definition in its entirety with the following new
definition in lieu thereof:

“Refinancing Debt” has the meaning specified in Section 7.03(d).

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(c) Section 7.03(d) of the Credit Agreement is hereby amended by deleting it and
replacing it in its entirety with the following:

“(d) (i) Indebtedness outstanding on the date hereof and listed on Schedule
7.03(d) and (ii) any Indebtedness (the “Refinancing Debt”) the Net Cash Proceeds
of which are to be used (A) to redeem, refinance, replace, defease, discharge,
refund, renew, extend or otherwise retire for value any Indebtedness referred to
in the preceding clause (i) or any Refinancing Debt incurred pursuant to this
Section 7.03(d), without any shortening of the maturity of any principal amount
thereof (the “Refinanced Indebtedness”) or (B) to pay premiums, fees or expenses
payable in connection with any such refinancing, refunding, renewal or
extension. The proceeds of the Permitted Refinancing Indebtedness shall be used
substantially concurrently with the incurrence thereof to redeem, refinance,
replace, defease, discharge, renew, extend, refund or otherwise retire for value
the Refinanced Indebtedness, unless the Refinanced Indebtedness is not then due
and is not redeemable or prepayable at the option of the obligor thereof or is
redeemable or prepayable only with notice, in which case such proceeds shall be
held in a segregated account of the obligor of the Refinanced Indebtedness until
the Refinanced Indebtedness becomes due or redeemable or prepayable or such
notice period lapses and then shall be used to refinance the Refinanced
Indebtedness;”

SECTION 3. Representations and Warranties, Etc. To induce the Lenders to enter
into this Amendment, the Borrower represents and warrants to the Administrative
Agent and each Lender that as of the date hereof:

(a) each of the representations and warranties by the Borrower contained in the
Credit Agreement and in the other Loan Documents are true and correct on and as
of the date hereof in all material respects as though made as of the date
hereof, except those that by their terms relate solely as to an earlier date, in
which event they shall be true and correct in all material respects on and as of
such earlier date;

(b) the execution, delivery and performance of this Amendment have been duly
authorized by all requisite organizational action on the part of the Borrower;

(c) the Credit Agreement, this Amendment and each other Loan Document constitute
valid and legally binding agreements enforceable against each Loan Party that is
a party thereto in accordance with their respective terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent transfer or other similar laws relating
to or affecting creditors’ rights generally and by general principles of equity,
regardless of whether considered in a proceeding in equity or at law; and

(d) no Default or Event of Default exists under the Credit Agreement or any of
the other Loan Documents, both before and after giving effect to this Amendment.

 

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SECTION 4. Ratification.

(a) The Borrower hereby ratifies and confirms, as of the Effective Date, (i) the
covenants and agreements contained in each Loan Document to which it is a party,
including, in each case, as such covenants and agreements may be modified by
this Amendment and the transactions contemplated thereby and (ii) all of the
Obligations under the Credit Agreement and the other Loan Documents. This
Amendment is an amendment to the Credit Agreement, and the Credit Agreement as
amended hereby, is hereby ratified, approved and confirmed in each and every
respect.

(b) Each of the undersigned Subsidiary Guarantors hereby (i) agrees that all
references in the Subsidiary Guaranty Agreement to the Credit Agreement includes
a reference to the Credit Agreement, as amended hereby, and as it may be further
amended modified, supplemented or amended and restated from time to time,
(ii) confirms, affirms and ratifies the Subsidiary Guaranty Agreement and its
obligations thereunder in all respects, and (iii) represents and warrants that
its execution and delivery of this Amendment has been duly authorized by all
necessary organizational action and that this Amendment constitutes its legal,
valid and binding obligation enforceable in accordance with its terms, except as
such enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent transfer or other similar laws relating
to or affecting creditors’ rights generally and by general principles of equity,
regardless of whether considered in a proceeding in equity or at law.

(c) Each of the Loan Parties hereby, with respect to each Collateral Document to
which such Loan Party is a party, (i) agrees that all references in each
Collateral Document to the Credit Agreement includes a reference to the Credit
Agreement, as amended hereby, and as it may be further amended modified,
supplemented or amended and restated from time to time, (ii) confirms, affirms
and ratifies each Collateral Document and its obligations thereunder in all
respects and (iii) ratifies and affirms each grant of a security interest in the
Collateral, as specified in each applicable Collateral Document.

SECTION 5. Effectiveness. This Amendment shall become effective as of the
Effective Date when all of the conditions set forth in this Section have been
satisfied.

(a) The Administrative Agent shall have received duly executed counterparts of
this Amendment from the Borrower, the Administrative Agent and the Required
Lenders; and

(b) The Administrative Agent shall have received (i) all reasonable
out-of-pocket fees, costs and expenses incurred in connection with the
negotiation, preparation, execution and delivery of this Amendment and related
documents (including the fees, charges and disbursements of counsel to the
Administrative Agent) and (ii) all other fees, costs and expenses due and
payable pursuant to Section 10.04 of the Credit Agreement, in each case under
either clause (i) or (ii) above, to the extent then invoiced.

 

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SECTION 6. Governing Law; Severability; Integration. THIS AMENDMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
If any provision of this Amendment or any other Loan Document is held to be
illegal, invalid or unenforceable, (a) the legality, validity and enforceability
of the remaining provisions of this Amendment and the other Loan Documents shall
not be affected or impaired thereby and (b) the parties shall endeavor in good
faith negotiations to replace the illegal, invalid or unenforceable provisions
with valid provisions the economic effect of which comes as close as possible to
that of the illegal, invalid or unenforceable provisions. The invalidity of a
provision in a particular jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. Section 10.14(b),
Section 10.14(d) and Section 10.15 of the Credit Agreement are incorporated by
reference herein with the same force and effect as if set forth herein in their
entirety.

SECTION 7. Execution in Counterparts. This Amendment may be executed by the
parties hereto in several counterparts (and by different parties hereto in
different counterparts), each of which shall constitute an original and all of
which when taken together shall constitute a single document.

SECTION 8. Successors and Assigns. This Amendment shall be binding upon and
inure to the benefit of the parties hereto and their respective permitted
successors and assigns; provided, however, that (a) the Borrower may not assign
or transfer its rights or obligations hereunder without the prior written
consent of the Administrative Agent and each Lender; and (b) the rights of sale,
assignment and transfer of the Lenders are subject to Section 10.06 of the
Credit Agreement.

SECTION 9. Miscellaneous. (a) On and after the effectiveness of this Amendment,
each reference in each Loan Document to “the Credit Agreement”, “thereunder”,
“thereof” or words of like import referring to the Credit Agreement shall mean
and be a reference to the Credit Agreement as amended or otherwise modified by
this Amendment; (b) the execution, delivery and effectiveness of this Amendment
shall not, except as expressly provided herein, operate as a waiver of any
default of the Borrower or any right, power or remedy of the Administrative
Agent, the L/C Issuers, the Syndication Agent, the Documentation Agent or the
Lenders under any of the Loan Documents, nor constitute a waiver of any
provision of any of the Loan Documents; (c) this Amendment is a Loan Document
executed pursuant to the Credit Agreement and shall (unless otherwise expressly
indicated therein) be construed, administered and applied in accordance with the
terms and provisions of the Credit Agreement; and (d) a facsimile signature of
any party hereto shall be deemed to be an original signature for purposes of
this Amendment.

SECTION 10. ENTIRE AGREEMENT. THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS
REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY
EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE
PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

(Remainder of Page Left Intentionally Blank)

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed as of the date first above written.

 

    Borrower     PARKER DRILLING COMPANY     By:   /s/ David W. Tucker      
David W. Tucker       Treasurer and Assistant Secretary

 

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Subsidiary Guarantors

ANACHORETA, INC., a Nevada corporation

PARDRIL, INC., an Oklahoma corporation

PARKER AVIATION, INC., an Oklahoma corporation

PARKER DRILLING ARCTIC OPERATING, INC., a Delaware corporation

PARKER DRILLING COMPANY NORTH AMERICA, INC., a Nevada corporation

PARKER DRILLING COMPANY OF NIGER, an Oklahoma corporation

PARKER DRILLING COMPANY OF OKLAHOMA, INCORPORATED, an Oklahoma corporation

PARKER DRILLING COMPANY OF SOUTH AMERICA, INC., an Oklahoma corporation

PARKER DRILLING OFFSHORE CORPORATION, a Nevada corporation

PARKER DRILLING OFFSHORE USA, L.L.C., an Oklahoma limited liability company

PARKER NORTH AMERICA OPERATIONS, INC., a Nevada corporation

PARKER TECHNOLOGY, INC., an Oklahoma corporation

PARKER TECHNOLOGY, L.L.C.,a Louisiana limited liability company

PARKER TOOLS, LLC, an Oklahoma limited liability company

PARKER USA RESOURCES, LLC, an Oklahoma limited liability company

PARKER-VSE, INC., a Nevada corporation

QUAIL USA, LLC, an Oklahoma limited liability company

 

By:   /s/ David W. Tucker   David W. Tucker   Vice President and Treasurer

 

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PARKER DRILLING MANAGEMENT   SERVICES, INC., a Nevada corporation   By:   /s/
David W. Tucker     David W. Tucker     Vice President and Treasurer

PD MANAGEMENT RESOURCES, L.P.,

  an Oklahoma limited partnership

  By:   Parker Drilling Management Services,     Inc., its General Partner   By:
  /s/ David W. Tucker     David W. Tucker     Vice President and Treasurer QUAIL
TOOLS, L.P., an Oklahoma limited   partnership   By:   Quail USA, LLC, its
General Partner   By:   /s/ David W. Tucker     David W. Tucker     Vice
President and Treasurer

 

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BANK OF AMERICA, N.A., as

Administrative Agent, a Lender and L/C Issuer

By:

 

/s/ Shelley A. McGregor

Name:

 

Shelley A. McGregor

Title:

 

Managing Director

 

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CATERPILLAR FINANCIAL SERVICES CORPORATION, as a Lender By:   /s/ Roger Scott
Freistat  

 

Name:   Roger Scott Freistat Title:   Credit Manager

 

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DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender By:   /s/ Michael Getz  

 

Name:   Michael Getz Title:   Vice President By:   /s/ Marcus M. Tarkington  

 

Name:   Marcus M. Tarkington Title:   Director

 

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HSBC BANK USA, NATIONAL ASSOCIATION, as a Lender

By:

 

/s/ Koby West

Name:

  Koby West

Title:

  Assistant Vice President

 

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NATIXIS, as a Lender

By:

 

/s/ Carlos Quinteros

Name:

  Carlos Quinteros

Title:

  Managing Director

By:

 

/s/ Kenyatta Gibbs

Name:

  Kenyatta Gibbs

Title:

  Director

 

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NORTHRIM BANK, as a Lender

By:

 

/s/ Joseph M. Beedle

Name:

  Joseph M. Beedle

Title:

  President and CEO

 

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ROYAL BANK OF SCOTLAND plc, as a Lender

By:

 

/s/ Brian D. Williams

Name:

  Brian D. Williams

Title:

  Authorised Signatory

 

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TRUSTMARK NATIONAL BANK, as a Lender By:   /s/ Mike Oakes  

 

Name:   Mike Oakes Title:   Senior Vice President

 

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WHITNEY BANK, A LOUISIANA STATE CHARTERED BANK, as a Lender By:   /s/ Paul Cole
 

 

Name:   Paul Cole Title:   Senior Vice President

 

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