<PAGE>
                                                                   Exhibit 10.14


                                 GREY WOLF, INC

                AMENDMENT TO NON-QUALIFIED STOCK OPTION AGREEMENT

                                November 13, 2001


         THIS AMENDMENT TO NON-QUALIFIED STOCK OPTION AGREEMENT (this
"Agreement" is by and among Grey Wolf, Inc. (f/k/a DI Industries, Inc.), a
Texas Corporation (the "Corporation"), Thomas P. Richards (the "Optionee") and
Richards Brothers Interests, L.P., a Texas limited partnership ("RBI"), and is
an amendment to that certain Non-Qualified Stock Option Agreement entered into
by and between the Corporation and the Optionee as of September 3, 1996 (the
"NSO Agreement").

         WHEREAS, the Corporation granted an option to purchase all or a part of
an aggregate number of two million (2,000,000) shares of common stock of the
Corporation to Optionee under the NSO Agreement;

         WHEREAS, pursuant to that certain Option Purchase Agreement dated
September 3, 1996 between Optionee and RBI, RBI purchased from Optionee an
option to purchase all or part of an aggregate number of one million (1,000,000)
shares of common stock of the Corporation together with a corresponding
undivided interest in the rights and obligations of Optionee under the NSO
Agreement (the "RBI Options");

         WHEREAS, the Options granted pursuant to the NSO Agreement,
subsequently exercised by the Optionee and RBI and currently held by Optionee
and RBI are reflected on Exhibit "A" hereto;

         WHEREAS, the Board of Directors of the Corporation has approved certain
changes to the NSO Agreement in this Agreement pursuant to that certain
Unanimous Consent of Board of Directors dated November 13, 2001;

         WHEREAS, the Corporation, the Optionee and RBI deem it desirable, for
and in the best interests of the parties to this Agreement, to modify the NSO
Agreement as provided herein; and

         WHEREAS, for purposes of this Agreement references to Optionee shall
include RBI and references to Option or Options shall also include the RBI
Options.

         NOW THEREFORE BE IT RESOLVED, that the Corporation, Optionee and RBI do
hereby agree to amend the NSO Agreement as follows:

         1. Corporate Proceedings of the Corporation. Section 8(b) and 8(c) of
the NSO Agreement shall be deleted in their entirety and the following new
Sections 8(b) and 8(c) substituted therefor and new Section 8(f) shall be added:

                  "8. Corporate Proceedings of the Corporation.

                  (b) If the Corporation merges into or with or consolidates
         with (such
<PAGE>
                  events collectively referred herein as a "Merger") any
                  corporation or corporations and is not the surviving
                  corporation, then the Corporation shall cause the surviving
                  corporation to assume the Option or substitute a new option of
                  the surviving corporation for the Option (with an Exercise
                  Period at least equal to the period remaining until the
                  Expiration Date for the Option). In the event that the Option
                  is assumed or a new option of the surviving corporation is
                  substituted for the Option (i) if, on the effective date of
                  the Merger, the Option is "in the money" the excess of the
                  aggregate fair market value of the shares subject to the
                  Option immediately after such assumption, or the new option
                  immediately after such substitution, over the aggregate
                  Exercise Price of such shares must be, based upon a good faith
                  determination by the Board of Directors of the Corporation,
                  not less than the excess of the aggregate fair market value of
                  the Common Stock subject to the Option immediately before such
                  substitution or assumption over the aggregate Exercise Price
                  of such Common Stock and (ii) if, on the effective date of the
                  Merger, the Option is "out of the money" the excess of the
                  aggregate Exercise Price of the shares subject to the Option
                  immediately after such assumption, or the new option
                  immediately after such substitution over the fair market value
                  of such shares must be, based upon a good faith determination
                  by the Board of Directors of the Corporation, not more than
                  the excess of the aggregate Exercise Price of the Common Stock
                  subject to the Option immediately before such assumption or
                  substitution over the aggregate fair market value of such
                  Common Stock.

                           (c) In the event of a dissolution or liquidation of
                  the Corporation, the Corporation shall cause written notice of
                  such dissolution or liquidation (and the material terms and
                  conditions thereof) to be delivered to the Optionee at least
                  thirty (30) days prior to the proposed effective date (the
                  "Effective Date") of such event. The Optionee (and the
                  Optionee's transferees) shall be entitled to exercise the
                  Option (as to all Option Shares, whether or not the Option is
                  then otherwise exercisable under Section 2) until the earlier
                  of the Effective Date or the Expiration Date. Any Option which
                  has not been exercised on or before the Effective Date shall
                  terminate. Notwithstanding the foregoing, in the event that
                  Optionee (and/or Optionee's transferees) is precluded from
                  immediately selling the Option Shares received upon the
                  exercise of the Option by applicable state or federal
                  securities laws, the Corporation agrees to loan to Optionee
                  (and/or Optionee's transferees, if applicable) amounts
                  necessary to fund the Payments to the Corporation pursuant to
                  Section 3 hereof upon the exercise of the Option. The loans
                  contemplated by this Section shall bear interest (at the
                  average borrowing rate charged from time to time on the
                  Company's indebtedness to its principal lender or lenders),
                  shall be secured by the Option Shares issued upon the exercise
                  of the applicable Option and shall be repayable promptly after
                  the lapse of the securities laws restrictions which precluded
                  the sale of the Option Shares by Optionee (and Optionee's
                  transferees, if applicable) immediately after exercise of the
                  Option. To the extent that the dissolution or liquidation is
                  consummated after the Expiration Date, the Option shall
                  terminate and the Corporation shall have no



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<PAGE>
                  further obligations of any type hereunder. The provisions of
                  this paragraph shall not apply to any merger or
                  reorganization, the principal purpose of which is to change
                  the jurisdiction of the domicile of the Corporation.

                           (f) In the event that neither the shares of stock of
                  the Corporation nor shares of stock of the surviving
                  corporation are listed on an established exchange as a result
                  of a "going private" transaction, the Fair Market Value of the
                  Option (as to all Option Shares, whether or not the Option is
                  then exercisable under Section 2) shall be determined as soon
                  as practicable after completion of the "going private"
                  transaction. Optionee shall be paid the Fair Market Value of
                  such Option by cashiers check or wire transfer of immediately
                  available funds within ten (10) days after the determination
                  of such Fair Market Value. The Option shall terminate upon
                  receipt of such payment by the Optionee. For purposes of this
                  Section 8(f), the "Fair Market Value" of the Option purchased
                  shall be determined as follows: (i) If the Optionee and the
                  Corporation can agree on the Fair Market Value of the Option
                  within fifteen (15) days following completion of the going
                  private transaction, the Fair Market Value will be the agreed
                  value of the Option; (ii) If the Optionee and Corporation
                  cannot agree on the Fair Market Value of the Option, the value
                  will be determined as follows: (1) Each party shall, within
                  thirty (30) days following completion of the going private
                  transaction, provide written notice of the appointment of an
                  appraiser to the other party. If the parties appoint the same
                  appraiser or if only one appraiser is timely appointed, then
                  the timely appointed appraiser shall be the only appraiser and
                  shall prepare and deliver the appraised value of the Option
                  taking into consideration the "Black-Scholes" method of
                  valuation of such Option within thirty (30) days following its
                  appointment; (2) If the parties each timely appoint different
                  appraisers, such appraisers shall agree upon a third appraiser
                  within fifteen (15) days following their appointment. If such
                  appraisers cannot agree upon a third appraiser within fifteen
                  (15) days following their appointment, either the Optionee or
                  the Corporation may petition any United States federal
                  district court in the Southern District of Texas to appoint
                  such appraiser; (3) Each appraiser shall complete his
                  appraisal of the Option taking into consideration the
                  "Black-Scholes" method of valuation of such Option and deliver
                  a copy of his written appraisal to the Optionee and the
                  Corporation within thirty (30) days of such appraiser's
                  appointment; (4) If there is more than one appraiser, the Fair
                  Market Value shall be the mathematical average of the two
                  closest appraisals; (5) Each appraiser appointed hereunder
                  shall have been actively involved in the business of valuing
                  and appraising companies in the oil and gas service industry
                  for the five year period immediately preceding the date of
                  appointment; and (6) The parties understand and agree that the
                  value of the Option is dependent upon a valuation of the
                  Corporation and that the appraisers shall have access to the
                  business records, assets and properties of the Corporation as
                  they may reasonably request for the purpose of appraising the
                  value of the Option."



                                      -3-
<PAGE>
         2. Termination. Section 9 of the NSO Agreement shall be deleted in
their entirety and the following new Section 9 substituted therefor:

                           "9. Termination. If the Optionee ceases to be
                  employed by the Corporation, or a parent or subsidiary
                  corporation of the Corporation for any reason whatsoever, and
                  prior to such cessation, the Optionee was employed at all
                  times from the date of the granting of the Option until the
                  date of such cessation, the Option shall be exercisable by the
                  Optionee at any time on or before the Expiration Date.
                  Notwithstanding the foregoing, if the Optionee is terminated
                  for Cause (as defined in the Employment Agreement), the Option
                  will terminate as to all of the unexercised Option Shares on
                  the thirtieth day following such termination, during which
                  thirty (30) days the Optionee may exercise the Option as to
                  the Option Shares exercisable on or prior to the date of such
                  termination for Cause.

                           Nothing in this Section 9 shall extend the time for
                  exercising the Option granted pursuant to this Agreement
                  beyond the Expiration Date."

         3. In all other respect, the terms and provisions of the NSO Agreement
are hereby reaffirmed by the Corporation and the Optionee.


      [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK - SIGNATURE PAGE FOLLOWS]


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<PAGE>
         IN WITNESS WHEREOF, the parties have executed this Amendment to NSO
Agreement as of the date first above written.

                                  GREY WOLF, INC.

                                  By:__________________________________________
                                  Name:  STEVEN A. WEBSTER
                                  Title: CHAIRMAN, COMPENSATION COMMITTEE
                                         BOARD OF DIRECTORS

                                  THOMAS P. RICHARDS


                                  _____________________________________________
                                  Title: PRESIDENT AND CHIEF EXECUTIVE OFFICER



                                  RICHARDS BROTHERS INTERESTS, L.P.


                                  By: RICHARDS BROTHERS COMPANY,
                                      GENERAL PARTNER

                                  By: _________________________________________
                                      THOMAS P. RICHARDS,
                                      PRESIDENT






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<PAGE>
                                   EXHIBIT "A"
                                       TO

                                 GREY WOLF, INC.
               AMENDMENT TO NON-QUALIFIED STOCK OPTION AGREEMENTS

                                NOVEMBER 13, 2001



<TABLE>
<CAPTION>
                                                                                 NUMBER OF OPTIONS
   OPTIONEE                            DATE OF ORIGINAL OPTION  AGREEMENT        GRANTED {EXERCISE)
   --------                            -----------------------  ---------        ------------------
<S>                                    <C>                                       <C>
Thomas P. Richards                             September 3, 1996                 1,000,000 (350,000}

    TOTAL OUTSTANDING                                                                  650,000

Richards Brothers Interests, L.P.              September 3, 1996                 1,000,000 {550,000}

    TOTAL OUTSTANDING                                                                  450,000
</TABLE>




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