Document:

10/17/00

                             CREDIT AGREEMENT

                               BY AND AMONG

                      SUPERIOR ENERGY SERVICES, INC.
                              (AS BORROWER),

                 BANK ONE, LOUISIANA, NATIONAL ASSOCIATION
                                (AS AGENT),

                       WELLS FARGO BANK TEXAS, N.A.
                          (AS SYNDICATION AGENT)

                           WHITNEY NATIONAL BANK
                         (AS DOCUMENTATION AGENT)

                                    AND

                         THE LENDERS PARTY HERETO

                    __________________________________

                            AS OF OCTOBER 17, 2000
                    __________________________________

                      BANC ONE CAPITAL MARKETS, INC.
                               (AS ARRANGER)

                             TABLE OF CONTENTS

                                                                       PAGE NO.

ARTICLE I.   DEFINITIONS

1.1    Definitions of Certain Terms Used Herein............................. 1

ARTICLE II. THE CREDITS

2.1    Term Loans........................................................... 16
2.2    Revolving Loans; Swing Line Loan..................................... 17
2.3    Letters of Credit.................................................... 18
2.4    Types of Advances.................................................... 19
2.5    Commitment Fee; Reductions in Aggregate Revolving Loan Commitment.... 19
2.6    Minimum Amount of Each Advance....................................... 19
2.7    Prepayments.......................................................... 19
2.8    Method of Selecting Types and Eurodollar Interest Periods for New
         Advances........................................................... 20
2.9    Conversion and Continuation of Outstanding Advances.................. 21
2.10   Changes in Interest Rate, etc........................................ 22
2.11   Rates Applicable After Default....................................... 22
2.12   Method of Payment.................................................... 22
2.13   Noteless Agreement; Evidence of Indebtedness......................... 23
2.14   Telephonic Notices................................................... 23
2.15   Interest Payment Dates; Interest and Fee Basis....................... 24
2.16   Notification of Advances, Interest Rates, Prepayments and
         Commitment Reductions...............................................24
2.17   Lending Installations................................................ 24
2.18   Non-Receipt of Funds by the Agent.................................... 24
2.19   Collateral........................................................... 25

ARTICLE III.  YIELD PROTECTION; TAXES

3.1    Yield Protection..................................................... 26
3.2    Changes in Capital Adequacy Regulations.............................. 26
3.3    Availability of Types of Advances.................................... 27
3.4    Funding Indemnification.............................................. 27
3.5    Taxes................................................................ 27
3.6    Lender Statements; Survival of Indemnity............................. 29
3.7    Replacement of Lender................................................ 29

ARTICLE IV.  CONDITIONS PRECEDENT

4.1    Initial Advance...................................................... 31
4.2    Each Advance......................................................... 33

ARTICLE V.  REPRESENTATIONS AND WARRANTIES

5.1    Existence and Standing............................................... 34
5.2    Authorization and Validity........................................... 34
5.3    No Conflict; Government Consent...................................... 34
5.4    Financial Statements................................................. 35
5.5    Material Adverse Change.............................................. 35
5.6    Taxes................................................................ 35
5.7    Litigation and Contingent Obligations................................ 35
5.8    Subsidiaries......................................................... 35
5.9    ERISA................................................................ 36
5.10   Accuracy of Information.............................................. 36
5.11   Regulation U......................................................... 36
5.12   Material Agreements.................................................. 36
5.13   Compliance With Laws................................................. 36
5.14   Ownership of Properties.............................................. 36
5.15   Plan Assets; Prohibited Transactions................................. 36
5.16   Environmental Matters................................................ 37
5.17   Investment Company Act............................................... 37
5.18   Public Utility Holding Company Act................................... 37
5.19   Solvency............................................................. 37

ARTICLE VI.  COVENANTS

6.1    Financial Reporting.................................................. 39
6.2    Use of Proceeds...................................................... 40
6.3    Notice of Default.................................................... 40
6.4    Conduct of Business.................................................. 41
6.5    Taxes................................................................ 41
6.6    Insurance............................................................ 41
6.7    Compliance with Laws; Environmental Matters.......................... 41
6.8    Maintenance of Properties............................................ 41
6.9    Inspection........................................................... 42
6.10   Dividends............................................................ 42
6.11   Indebtedness......................................................... 42
6.12   Merger............................................................... 43
6.13   Sale of Assets .......................................................43
6.14   Investments.......................................................... 44
6.15   Liens................................................................ 45
6.16   Acquisitions......................................................... 46
6.17   Transactions with Affiliates......................................... 47
6.18   Appraisals........................................................... 47
6.19   Financial Covenants.................................................. 47

ARTICLE VII. DEFAULTS....................................................... 49

ARTICLE VIII. ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES

8.1    Acceleration......................................................... 51
8.2    Amendments........................................................... 51
8.3    Preservation of Rights............................................... 52

ARTICLE IX.  GENERAL PROVISIONS

9.1    Survival of Representations.......................................... 53
9.2    Governmental Regulation.............................................. 53
9.3    Headings............................................................. 53
9.4    Entire Agreement..................................................... 53
9.5    Several Obligations; Benefits of this Agreement...................... 53
9.6    Expenses; Indemnification............................................ 53
9.7    Numbers of Documents................................................. 54
9.8    Accounting........................................................... 54
9.9    Severability of Provisions........................................... 54
9.10   Nonliability of Lenders.............................................. 54
9.11   Confidentiality...................................................... 55
9.12   Nonreliance.......................................................... 55
9.13   Disclosure........................................................... 55

ARTICLE X.  THE AGENT

10.1   Appointment; Nature of Relationship.................................. 56
10.2   Powers............................................................... 56
10.3   General Immunity..................................................... 56
10.4   No Responsibility for Loans, Recitals, etc........................... 56
10.5   Action on Instructions of Lenders.................................... 57
10.6   Employment of Agents and Counsel..................................... 57
10.7   Reliance on Documents; Counsel....................................... 57
10.8   Agent's Reimbursement and Indemnification............................ 57
10.9   Notice of Default.................................................... 58
10.10  Rights as a Lender................................................... 58
10.11  Lender Credit Decision............................................... 58
10.12  Successor Agent...................................................... 59
10.13  Agent's Fee; Arranger's Fee.......................................... 59
10.14  Delegation to Affiliates............................................. 59
10.15  Execution of Collateral Documents.................................... 59
10.16  Collateral Releases.................................................. 60

ARTICLE XI.  SETOFF; RATABLE PAYMENTS

11.1   Setoff............................................................... 61
11.2   Ratable Payments..................................................... 61

ARTICLE XII.  BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS

12.1   Successors and Assigns............................................... 62
12.2   Participations....................................................... 62
12.3   Assignments.......................................................... 63
12.4   Dissemination of Information......................................... 64
12.5   Tax Treatment........................................................ 64

ARTICLE XIII.  NOTICES

13.1   Notices.............................................................. 65
13.2   Change of Address.................................................... 65

ARTICLE XIV. COUNTERPARTS................................................... 66

ARTICLE XV.  CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF
                           JURY TRIAL

15.1   Choice of Law........................................................ 67
15.2   Consent to Jurisdiction.............................................. 67
15.3   Waiver of Jury Trial................................................. 67

SCHEDULES

1      Commitment Amounts of the Lenders.................................... 71
2      Pricing Schedule..................................................... 73
3      List of Borrower's Subsidiaries...................................... 75
4      Eligible Accounts and Eligible Inventory............................. 77
5      Existing Permitted Indebtedness...................................... 81
6      Existing Permitted Investments....................................... 83
7      Existing Permitted Liens............................................. 84
8      Existing Additional Contingent Consideration......................... 85

EXHIBITS

A      Compliance Certificate............................................... 86
B      Assignment Agreement................................................  90
C      Borrowing Base Certificate........................................... 98

                       RESTATED CREDIT AGREEMENT

     THIS CREDIT AGREEMENT, dated  as  of  October  17,  2000,  is among
SUPERIOR  ENERGY  SERVICES,  INC.,  as  Borrower,  BANK  ONE, LOUISIANA,
NATIONAL  ASSOCIATION,  as  Agent,  WELLS  FARGO  BANK  TEXAS, N.A.,  as
Syndication  Agent, WHITNEY NATIONAL BANK, as Documentation  Agent,  and
the lenders party hereto (the "Lenders"), who agree as follows:

                               ARTICLE I

                              DEFINITIONS

     1.1. DEFINITIONS  OF  CERTAIN  TERMS  USED HEREIN.  As used in this
Agreement, the following terms shall have the following meanings:

     "Acquisition"  means  any transaction, or  any  series  of  related
transactions, consummated on  or  after  the  date of this Agreement, by
which  the Borrower or any of its Subsidiaries (i)  acquires  any  going
business  concern or all or substantially all of the assets of any firm,
corporation  or  limited liability company, or division thereof, whether
through purchase of  assets,  merger  or  otherwise  or (ii) directly or
indirectly   acquires  (in  one  transaction  or  as  the  most   recent
transaction in  a series of transactions) at least a majority (in number
of votes) of the  securities of a corporation which have ordinary voting
power for the election  of  directors (other than securities having such
power only by reason of the happening  of  a  contingency) or a majority
(by percentage or voting power) of the outstanding  ownership  interests
of a partnership or limited liability company.

     "Additional  Contingent  Consideration" means consideration payable
by the Borrower or its Subsidiaries to sellers subsequent to the closing
of an Acquisition that is dependent  on  the performance of the acquired
company  following  the  Acquisition.  The total  Additional  Contingent
Consideration  as of the Closing  Date  is  set  forth  on  SCHEDULE  8.
Notwithstanding  the  foregoing  definition,  the  amount  of Additional
Contingent   Consideration   to   be   included   in  the  defined  term
"Indebtedness" for the purposes of calculating the  financial  covenants
in   Section   6.17,  shall  be  the  amount  of  Additional  Contingent
Consideration (excluding any accrued interest) which through the date of
calculation of such  covenant  and  based  on  the  performance  of  the
acquired  company  through the date of calculation of such covenant, the
Borrower reasonably anticipates paying to the sellers at maturity.

     "Advance" means  a  borrowing hereunder, (i) made by the Lenders on
the same Borrowing Date, (ii)  converted  or continued by the Lenders on
the same date of conversion or continuation, consisting, in either case,
of the aggregate amount of the several Loans  of  the  same Type and, in
the  case of Eurodollar Loans, for the same Eurodollar Interest  Period,
or (iii) made by the Agent on the Swing Line Loan.

     "Affected Lender" is defined in Section 3.7.

     "Affiliate"  of  any  Person  means  any  other  Person directly or
indirectly controlling, controlled by or under common control  with such
Person.   A  Person  shall  be  deemed  to control another Person if the
controlling Person owns 20% or more of any  class  of  voting securities
(or  other ownership interests) of the controlled Person  or  possesses,
directly  or  indirectly,  the power to direct or cause the direction of
the management or policies of  the  controlled  Person,  whether through
ownership of stock, by contract or otherwise.

     "Agent"  means  Bank One, Louisiana, National Association,  in  its
capacity  as contractual  representative  of  the  Lenders  pursuant  to
Article X,  and  not  in  its  individual  capacity as a Lender, and any
successor Agent appointed pursuant to Article  X.   "Agents"  means  the
Agent,  Wells  Fargo  Bank Texas, N.A., as Syndication Agent and Whitney
National Bank, as Documentation Agent.

     "Aggregate Revolving  Loan  Commitment"  means the aggregate of the
Revolving Loan Commitments of all the Lenders,  as  reduced from time to
time pursuant to the terms hereof.

     "Aggregate Term Loan Commitment" means the aggregate  of  the  Term
Loan Commitments of all the Lenders.

     "Agreement" means this amended and restated credit agreement, as it
may be amended or modified and in effect from time to time.

     "Alternate  Base  Rate"  means, for any day, a rate of interest per
annum equal to the higher of (i) the Prime Rate for such day or (ii) the
Federal Funds Effective Rate for  such  day plus 1/2% per annum.  "Prime
Rate"  means  a  rate  per annum equal to the  prime  rate  of  interest
announced from time to time  by  Bank  One, NA (which is not necessarily
the lowest rate charged to any customer),  changing  when  and  as  said
prime  rate  changes. "Federal Funds Effective Rate" means, for any day,
an interest rate per annum equal to the weighted average of the rates on
overnight Federal funds transactions with members of the Federal Reserve
System arranged  by  Federal funds brokers on such day, as published for
such day (or, if such  day  is  not  a Business Day, for the immediately
preceding Business Day) by the Federal  Reserve Bank of New York, or, if
such rate is not so published for any day  which  is a Business Day, the
average of the quotations at approximately 10:00 a.m.  (Chicago time) on
such day on such transactions received by the Agent from  three  Federal
funds  brokers of recognized standing selected by the Agent in its  sole
discretion.

     "Applicable  Fee  Rate" means, at any time, the percentage rate per
annum at which  commitment  fees  are  accruing on the unused portion of
the Aggregate Revolving Loan Commitment at such time as set forth in the
Pricing Schedule.

     "Applicable Letter of Credit Fee Rate"  means,  at  any  time, with
respect  to  Letters  of Credit, the percentage rate per annum which  is
applicable at such time as set forth in the Pricing Schedule.

     "Applicable Margin"  means, with respect to Advances of any Type at
any time, the percentage rate per annum which is applicable at such time
with respect to Advances of  such  Type  as  set  forth  in  the Pricing
Schedule.

     "Arranger"  means  Banc  One  Capital  Markets,  Inc.,  a  Delaware
corporation, and its successors.

     "Article"  means  an  article  of  this  Agreement  unless  another
document is specifically referenced.

     "Asset Sale" means the sale of any fixed assets, excluding sales in
the  ordinary  course  of  business  in  any  calendar year, in a single
transaction  or  a series of related transactions,  provided  that  such
transaction or series  of  transactions  results  in  the receipt of Net
Sales Proceeds in excess of $500,000 individually and $2,000,000  in the
aggregate   per  calendar  year.   Notwithstanding  the  foregoing,  the
following transactions  will be deemed not to be Asset Sales: (A) a sale
of assets by the Borrower  to  a  Subsidiary  or  by a Subsidiary to the
Borrower  or  to another Subsidiary; (B) any trade or  exchange  by  the
Borrower or any Subsidiary of equipment or other assets for equipment or
other assets owned  or  held  by  another Person, provided that the fair
market value of the assets traded or  exchanged  by the Borrower or such
Subsidiary  (together with any cash or cash equivalents)  is  reasonably
equivalent to  the  fair  market  value of the assets (together with any
cash  or  cash  equivalent)  to be received  by  the  Borrower  or  such
Subsidiary; (C) a sale of assets  which are promptly replaced thereafter
by assets of a similar type and value  or otherwise useful in and to the
business of the Borrower or one of the Subsidiaries; and (D) obsolete or
worn-out equipment sold in the ordinary course of business.

     "Assignment Agreement" means any assignment  agreement  in the form
of EXHIBIT B, executed and delivered pursuant to Section 12.3.

     "Authorized   Officer"   means  any  of  the  President,  any  Vice
President, Chief Financial Officer  or Treasurer of the Borrower, acting
singly.

     "Borrower"  means  Superior  Energy  Services,  Inc.,   a  Delaware
corporation, and its successors and assigns.

     "Borrowing Base" means at any  time  an  amount  equal  to  80%  of
Eligible  Accounts  PLUS  the  lesser  of  50%  of  Eligible  Inventory,
$25,000,000 or 40% of the Aggregate Revolving Loan Commitment.

     "Borrowing  Base  Certificate"  means  a  certificate executed  and
delivered by the Borrower to the Agent from time  to  time setting forth
the Borrowing Base as of a certain date and substantially  in  the  form
attached as EXHIBIT C.

     "Borrowing  Date"  means  a  date  on  which  an  Advance  is  made
hereunder.

     "Borrowing Notice" is defined in Section 2.8.

     "Business Day" means (i) with respect to any borrowing, payment  or
rate  selection  of Eurodollar Advances, a day (other than a Saturday or
Sunday) on which banks generally are open in New Orleans for the conduct
of substantially all  of  their commercial lending activities, interbank
wire transfers can be made  on the Fedwire system and dealings in United
States dollars are carried on  in  the  London interbank market and (ii)
for all other purposes, a day (other than a Saturday or Sunday) on which
banks generally are open in New Orleans for the conduct of substantially
all of their commercial lending activities  and interbank wire transfers
can be made on the Fedwire system.

     "Capital Expenditures" means, without duplication, any expenditures
for  any  purchase  or other acquisition of any  asset  which  would  be
classified as a fixed  or  capital asset on a consolidated balance sheet
of the Borrower and its Subsidiaries  prepared  in  accordance with GAAP
excluding (i) expenditures of insurance proceeds to rebuild  or  replace
any asset after a casualty loss, (ii) leasehold improvement expenditures
for  which  the  Borrower  or a Subsidiary is reimbursed promptly by the
lessor and (iii) expenditures  constituting  consideration for Permitted
Acquisition.

     "Capitalized Lease" of a Person means any lease of Property by such
Person as lessee which would be capitalized on  a  balance sheet of such
Person prepared in accordance with GAAP.

     "Capitalized Lease Expenses" means, with reference  to  any period,
the lease expenses of the Borrower and its Subsidiaries with respect  to
Capitalized Leases calculated on a consolidated basis for such period.

     "Capitalized Lease Obligations" of a Person means the amount of the
obligations of such Person under Capitalized Leases which would be shown
as  a liability on a balance sheet of such Person prepared in accordance
with GAAP.

     "Cash  Equivalent Investments" means (i) short-term obligations of,
or fully guaranteed  by,  the  United States of America, (ii) commercial
paper rated A-1 or better by S&P  or  P-1  or  better  by Moody's, (iii)
demand deposit accounts maintained in the ordinary course  of  business,
(iv)  certificates  of  deposit  issued  by,  and  time  deposits  with,
commercial  banks  (whether  domestic  or  foreign)  having  capital and
surplus in excess of $100,000,000 or with any Lender; PROVIDED  in  each
case  that  the same provides for payment of both principal and interest
(and not principal  alone  or  interest alone) and is not subject to any
contingency regarding the payment  of  principal  or interest, (v) money
market mutual funds, and (vi) repurchase obligations  with a term of not
more than seven days for underlying securities of the type  described in
clause (i) above entered into with any financial institution meeting the
qualifications specified in clause (iv) above.

     "Change" is defined in Section 3.2.

     "Change  in Control" means the acquisition, after the date  hereof,
by any Person,  or  two or more Persons acting in concert, of beneficial
ownership (within the  meaning  of  Rule  13d-3  of  the  Securities and
Exchange Commission under the Securities Exchange Act of 1934) of 35% or
more of the outstanding shares of voting stock of the Borrower.

     "Closing  Date" means the date upon which the conditions  precedent
to the initial Advance  have been satisfied or waived by the Lenders and
the Term Loans and initial Revolving Loans are made hereunder.

     "Code"  means  the Internal  Revenue  Code  of  1986,  as  amended,
reformed or otherwise modified from time to time.

     "Collateral" shall  mean  all of the types of property described in
Section  2.19,  or as otherwise described  as  such  in  any  Collateral
Documents.

     "Collateral  Documents" means, collectively, all guaranties and all
security agreements,  financing  statements,  mortgages, deeds of trust,
assignments  creating  and  perfecting  security  interests,  liens,  or
encumbrances in the assets of the Borrower and its Subsidiaries in favor
of  the  Agent,  for  the benefit of the Lenders to secure  the  Secured
Obligations.

     "Commitment" means,  for  each  Lender, collectively, such Lender's
Revolving Loan Commitment and Term Loan Commitment.

     "Compliance Certificate" means the  certificate  required  from the
Borrower  from  time  to  time  in  the  form of EXHIBIT A, signed by an
Authorized Officer of the Borrower.

     "Conversion/Continuation Notice" is defined in Section 2.9.

     "Default" means an event described in Article VII.

     "Domestic  Subsidiaries"  means  Subsidiaries   of   the   Borrower
incorporated  or  organized  under  the  laws of any state of the United
States of America.

     "EBITDA"  means  Net  Income  PLUS,  to  the   extent  deducted  in
determining Net Income, (i) Interest Expense, (ii) Income  Taxes,  (iii)
depreciation  expense,  (iv)  amortization  expense,  (v) other non-cash
charges, and (vi) extraordinary losses, MINUS, to the extent included in
determining  Net  Income,  extraordinary gains, all calculated  for  the
Borrower  and  its  Subsidiaries  on  a  consolidated  basis;  provided,
however, that following  a  Permitted Acquisition by the Borrower or any
of its Subsidiaries, calculation  of  EBITDA  for  the fiscal quarter in
which such Permitted Acquisition occurred and each of  the  three fiscal
quarters immediately following such Permitted Acquisition shall  be made
on a Pro Forma Basis.

     "Eligible Accounts" is defined on SCHEDULE 4.

     "Eligible Inventory" is defined on SCHEDULE 4.

     "Environmental  Laws"  means any and all federal, state, local  and
foreign  statutes, laws, judicial  decisions,  regulations,  ordinances,
rules,  judgments,   orders,   decrees,   plans,  injunctions,  permits,
concessions,  grants,  franchises,  licenses,   agreements   and   other
governmental   restrictions  relating  to  (i)  the  protection  of  the
environment, (ii)  the  effect of the environment on human health, (iii)
emissions, discharges or releases of pollutants, contaminants, hazardous
substances or wastes into  surface  water, ground water or land, or (iv)
the  manufacture,  processing, distribution,  use,  treatment,  storage,
disposal, transport  or  handling of pollutants, contaminants, hazardous
substances or wastes or the clean-up or other remediation thereof.

     "Equity Issuance" means  the issuance, sale or other disposition by
the  Borrower  or any Subsidiary  of  its  capital  stock,  any  rights,
warrants or options  to  purchase  or  acquire any shares of its capital
stock  or  any  other  security  representing,   convertible   into   or
exchangeable for an equity interest in the Borrower or its Subsidiary.

     "ERISA"  means the Employee Retirement Income Security Act of 1974,
as amended from  time  to  time,  and  any  rule  or  regulation  issued
thereunder.

     "Eurodollar  Advance"  means  an Advance which, except as otherwise
provided in Section 2.11, bears interest  at  the  applicable Eurodollar
Rate.

     "Eurodollar Base Rate" means, with respect to a  Eurodollar Advance
for  the  relevant  Eurodollar  Interest Period, the applicable  British
Bankers'  Association Interest Settlement  Rate  for  deposits  in  U.S.
dollars appearing  on Reuters Screen FRBD as of 11:00 a.m. (London time)
two Business Days prior  to  the  first  day of such Eurodollar Interest
Period, and having a maturity equal to such  Eurodollar Interest Period,
PROVIDED that, (i) if Reuters Screen FRBD is not  available to the Agent
for  any reason, the applicable Eurodollar Base Rate  for  the  relevant
Eurodollar  Interest  Period  shall  instead  be  the applicable British
Bankers'  Association  Interest  Settlement  Rate for deposits  in  U.S.
dollars  as  reported  by  any  other  generally  recognized   financial
information  service  as  of 11:00 a.m. (London time) two Business  Days
prior to the first day of such  Eurodollar Interest Period, and having a
maturity equal to such Eurodollar  Interest  Period, and (ii) if no such
British Bankers' Association Interest Settlement  Rate  is  available to
the  Agent,  the  applicable  Eurodollar  Base  Rate  for  the  relevant
Eurodollar  Interest Period shall instead be the rate determined by  the
Agent to be the rate at which Bank One, NA or one of its Affiliate banks
offers to place  deposits  in U.S. dollars with first-class banks in the
London interbank market at approximately  11:00  a.m.  (London time) two
Business Days prior to the first day of such Eurodollar Interest Period,
in the approximate amount of Bank One, NA's relevant Eurodollar Loan and
having a maturity equal to such Eurodollar Interest Period.

     "Eurodollar  Interest Period" means, with respect to  a  Eurodollar
Advance, a period of  one,  two,  three  months  or six months (or other
period acceptable to all of the Lenders) commencing  on  a  Business Day
selected  by  the  Borrower pursuant to this Agreement.  Such Eurodollar
Interest Period shall  end  on  the day which corresponds numerically to
such date one, two, three or six  months  (or other period acceptable to
all of the Lenders) thereafter, PROVIDED, HOWEVER,  that  if there is no
such  numerically  corresponding  day  in  such  next,  second or  third
succeeding month, such Eurodollar Interest Period shall end  on the last
Business  Day  of  such next, second or third succeeding month.   If  an
Eurodollar Interest  Period  would otherwise end on a day which is not a
Business Day, such Eurodollar  Interest  Period  shall  end  on the next
succeeding Business Day, PROVIDED, HOWEVER, that if said next succeeding
Business  Day  falls  in  a new calendar month, such Eurodollar Interest
Period   shall   end  on  the  immediately   preceding   Business   Day.
Notwithstanding the  foregoing,  from  the  period from the Closing Date
through  the  earlier  of  the  completion  of the  syndication  of  the
Obligations or 90 days after the Closing Date,  at  the  Agent's option,
the Eurodollar Interest Period shall not exceed 14 days.

     "Eurodollar Loan" means a Loan which, except as otherwise  provided
in Section 2.11, bears interest at the applicable Eurodollar Rate.

     "Eurodollar  Rate" means, with respect to a Eurodollar Advance  for
the relevant Eurodollar  Interest Period, the sum of (i) the quotient of
(a) the Eurodollar Base Rate  applicable  to  such  Eurodollar  Interest
Period, divided by (b) one minus the Reserve Requirement (expressed as a
decimal)  applicable  to such Eurodollar Interest Period, plus (ii)  the
Applicable Margin.

     "Excess Cash Flow"  means, for any fiscal year of the Borrower, and
without duplication, (i) the sum of (a) Net Income, (b) depreciation and
amortization, and (c) all  extraordinary  or  nonrecurring  cash  gains,
business interruption insurance proceeds and cash gains attributable  to
the  sale  of assets out of  the ordinary course of business, MINUS (ii)
the sum of (x)  scheduled principal repayments on the Term Loan pursuant
to Section 2.1.2,  (y) Capital Expenditures made during such fiscal year
(excluding the financed  portion  thereof),  and  (z) cash consideration
paid  to  the  sellers  in  connection  with  a  Permitted   Acquisition
(excluding the financed portion thereof).

     "Excluded  Taxes"  means,  in the case of each Lender or applicable
Lending Installation and the Agent,  taxes  imposed  on  its overall net
income, and franchise taxes imposed on it, by (i) the jurisdiction under
the laws of which such Lender or the Agent is incorporated  or organized
or (ii) the jurisdiction in which the Agent's or such Lender's principal
executive  office  or  such Lender's applicable Lending Installation  is
located.

     "Exhibit" refers to  an  exhibit  to this Agreement, unless another
document is specifically referenced.

     "Floating Rate" means, for any day,  a  rate per annum equal to (i)
the Alternate Base Rate for such day plus (ii) the Applicable Margin, in
each case changing when and as the Alternate Base Rate changes.

     "Floating Rate Advance" means an Advance which, except as otherwise
provided in Section 2.11, bears interest at the Floating Rate.

     "Floating  Rate  Loan"  means  a Loan which,  except  as  otherwise
provided in Section 2.11, bears interest at the Floating Rate.

     "GAAP" means generally accepted  accounting principles as in effect
from time to time in the United States  of  America, applied in a manner
consistent with that used in preparing the financial statements referred
to in Section 5.4.

     "Income Taxes" means, with reference to  any  period,  all federal,
state  and  local  income  taxes  paid or provided for (accrued) by  the
Borrower and its Subsidiaries, calculated  on  a  consolidated basis for
such period.

     "Indebtedness"  of  a  Person  means,  without  duplication,   such
Person's   (i)   obligations   for   borrowed  money,  (ii)  obligations
representing the deferred purchase price  of Property or services (other
than accounts payable arising in the ordinary  course  of  such Person's
business  payable  on  terms customary in the trade), (iii) obligations,
whether or not assumed,  secured by Liens or payable out of the proceeds
or production from Property  now  or hereafter owned or acquired by such
Person,  (iv)  obligations  which  are   evidenced   by   notes,  bonds,
debentures,  acceptances,  or  other  instruments,  (v)  obligations  to
purchase  securities  or other Property arising out of or in  connection
with  the  sale  of the same  or  substantially  similar  securities  or
Property, (vi) Capitalized Lease Obligations, (vii) any other obligation
for borrowed money  or other financial accommodation which in accordance
with GAAP would be shown  as  a  liability  on  the consolidated balance
sheet of such Person; (viii) all reimbursement obligations  relating  to
letters  of  credit,  bankers'  acceptances and similar instruments (but
excluding  performance bonds), (ix)  all  liabilities  with  respect  to
unfunded vested  benefits  under  any  Plan, (x) all endorsements (other
than for collection or deposit in the ordinary course of business), (xi)
all Additional Contingent Consideration, and (xii) all obligations under
guaranties for any obligations described  in  clauses  (i)  through (xi)
hereof.

     "Interest  Expense"  means,  with  reference  to  any  period,  the
interest  expense of the Borrower and its Subsidiaries calculated  on  a
consolidated  basis  for  such  period,  and, in the case of a Permitted
Acquisition, imputed interest determined as  set forth in the definition
of Pro Forma Basis.

     "Investment"  of  a  Person  means any loan,  advance  (other  than
commission,  travel  and similar advances  to  officers,  employees  and
consultants made in the  ordinary  course  of  business),  extension  of
credit (other than accounts receivable arising in the ordinary course of
business  on terms customary in the trade) or contribution of capital by
such Person;  stocks, bonds, mutual funds, partnership interests, notes,
debentures  or other  securities  owned  by  such  Person;  any  deposit
accounts and certificate of deposit owned by such Person; and structured
notes, derivative financial instruments and other similar instruments or
contracts owned by  such Person.

     "Issuing Bank" is defined in Section 2.3.1.

     "Lenders"  means  the  lending institutions listed on the signature
pages of this Agreement and their  respective  successors  and  assigns.
Unless otherwise specified herein, the term "Lenders" includes the Agent
in its capacity as a lender.

     "Lending  Installation"  means,  with  respect  to  a Lender or the
Agent, the office, branch, subsidiary or affiliate of such Lender or the
Agent listed on the signature pages hereof or on a Schedule or otherwise
selected by such Lender or the Agent pursuant to Section 2.17.

     "Letter of Credit" of a Person means a letter of credit  or similar
instrument  which  is  issued  by  a Lender upon the application of  the
Borrower or any of its Subsidiaries as set forth in Section 2.3.

     "Leverage Ratio" is defined in Section 6.19.2.

     "Lien"  means  any lien (statutory  or  other),  mortgage,  pledge,
hypothecation,   assignment,   deposit   arrangement,   encumbrance   or
preference,  priority   or  other  security  agreement  or  preferential
arrangement  of  any  kind  or  nature  whatsoever  (including,  without
limitation, the interest of a  vendor  or  lessor  under any conditional
sale, Capitalized Lease or other title retention agreement).

     "Loan"  means,  with  respect  to  a  Lender,  such  Lender's  loan
(including  the  Swing  Line Loan) made pursuant to Article II  (or  any
conversion or continuation  thereof),  and  collectively  all  Revolving
Loans  and  Term  Loans,  whether  made or continued as or converted  to
Floating Rate Loans or Eurodollar Loans.

     "Loan Documents" means this Agreement, any Notes issued pursuant to
Section 2.13 and the Collateral Documents.

     "Material Adverse Effect" means  a  material  adverse effect on (i)
the business, Property, condition (financial or otherwise),  results  of
operations, or prospects of the Borrower and its Subsidiaries taken as a
whole, (ii) the ability of the Borrower to perform its obligations under
the Loan Documents or (iii) the validity or enforceability of any of the
Loan  Documents  or  the  rights or remedies of the Agent or the Lenders
thereunder.

     "Material Indebtedness" is defined in Section 7.5.

     "Moody's" means Moody's Investors Service, Inc.

     "Net Equity Proceeds" means the aggregate cash proceeds received by
the Borrower or any Subsidiary in respect of any Equity Issuance, net of
(without duplication) the direct  costs relating to such Equity Issuance
(including without limitation, legal,  accounting and investment banking
fees and underwriting discounts and commissions).

     "Net Income" means, with reference  to  any  period, the net income
(or  loss)  of  the  Borrower  and  its  Subsidiaries  calculated  on  a
consolidated basis for such period.

     "Net Sales Proceeds" means the aggregate cash proceeds  received by
the  Borrower  or  any  Subsidiary in respect of any Asset Sale, net  of
(without duplication) (i)  the  direct costs relating to such Asset Sale
(including, without limitation, legal, accounting and investment banking
fees, sales commissions, recording  fees,  title  transfer  fees,  title
insurance premiums, appraiser fees and costs incurred in connection with
preparing  such  asset  for  sale)  and  any relocation or other related
expenses  incurred  as a result thereof, (ii)  amounts  required  to  be
applied  to  the  repayment  of  Indebtedness  (other  than  under  this
Agreement) secured  by  a  Lien  on  the  asset  or assets that were the
subject of such Asset Sale, and (iii) any amounts  placed  in  escrow or
reserves  established  in  accordance  with GAAP until such time as  the
escrow arrangement is terminated, in which  case such Net Sales Proceeds
shall include the amounts returned to the Borrower  or  Subsidiary  from
such  escrow arrangement, taxes paid or estimated to be paid as a result
thereof.

     "Net  Worth"  means,  as of any time, total stockholders' equity of
the Borrower and its Subsidiaries  calculated on a consolidated basis as
of such time.

     "Non-U.S. Lender" is defined in Section 3.5(iv).

     "Note" means any Term Note or any Revolving Note, or the Swing Line
Note.

     "Obligations"  means  all  Indebtedness  of  the  Borrower  to  the
Lenders, from time to time, arising  under the Loan Documents, including
without  limitation, all unpaid principal  of  and  accrued  and  unpaid
interest on  the Loans, all commercial and standby letters of credit and
bankers acceptances,  issued  by any Lender, all accrued and unpaid fees
and all expenses, reimbursements,  indemnities  and other obligations of
the  Borrower  to  the  Lenders  or  to  any Lender, the  Agent  or  any
indemnified party arising under the Loan Documents.

     "Operating Lease" of a Person means any  lease  of  Property (other
than a Capitalized Lease) by such Person as lessee which has an original
term (including any required renewals and any renewals effective  at the
option of the lessor) of one year or more.

     "Other Taxes" is defined in Section 3.5(ii).

     "Overadvances" is defined in Section 2.2.2.

     "Participants" is defined in Section 12.2.1.

     "Payment Date" means the last day of each month.

     "PBGC"  means  the  Pension  Benefit  Guaranty  Corporation, or any
successor thereto.

     "Permitted Acquisition" means an Acquisition permitted by the terms
of Section 6.16, or otherwise consented to by the Agent and the Required
Lenders.

     "Permitted Liens" is defined in Section 6.15.

     "Person"  means  any  natural  person,  corporation,  firm,   joint
venture,    partnership,   limited   liability   company,   association,
enterprise, trust  or other entity or organization, or any government or
political subdivision  or  any  agency,  department  or  instrumentality
thereof.

     "Plan" means an employee pension benefit plan which is  covered  by
Title  IV  of  ERISA  or  subject to the minimum funding standards under
Section 412 of the Code as to which the Borrower may have any liability.

     "Pricing Schedule" means SCHEDULE 2.

     "Pro Forma Basis" means,  following  a  Permitted  Acquisition, the
calculation  of the Indebtedness and EBITDA components of  the  Leverage
Ratio and fixed  charge  coverage  ratio for the fiscal quarter in which
such  Permitted  Acquisition occurred  and  each  of  the  three  fiscal
quarters immediately following such Permitted Acquisition with reference
to the audited historical  financial  results  of  the Person, business,
division or group of assets acquired in such Permitted  Acquisition  (or
if  such  audited  historical  financial results are not available, such
management prepared financial statements as are acceptable to the Agent)
and the Borrower and its Subsidiaries  for  the  applicable  test period
after  giving  effect on a pro forma basis to such Permitted Acquisition
and assuming that such Permitted Acquisition had been consummated at the
beginning of such test period. For purposes of calculating the EBITDA on
a Pro Forma Basis,  (i)  the  Borrower  may  exclude expenses reasonably
believed by the Borrower will be saved as a result  of  the Acquisition,
but only to the extent approved by the Agent in writing,  and  (ii)  the
Borrower shall include in such calculation, as imputed interest expense,
interest  on  the cash paid by the Borrower to the sellers in connection
with  the  Permitted   Acquisition,  during  such  test  period  at  the
Eurodollar Rate (assuming  a  3-month  Eurodollar Interest Period) as of
the last day of such test period.

     "Pro Rata Share" means, with respect to any Lender at any time, the
percentage obtained by dividing (i) the  sum  of such Lender's Term Loan
and Revolving Loan Commitment at such time (in  each  case,  as adjusted
from  time  to time in accordance with the provisions of this Agreement)
by  (ii)  the sum  of  the  aggregate  amount  of  all  the  Term  Loans
outstanding  hereunder  at  such  time  and the Aggregate Revolving Loan
Commitment at such time, PROVIDED, HOWEVER, that if all of the Revolving
Loan Commitments are terminated pursuant to the terms of this Agreement,
then "Pro Rata Share" means, with respect to any Lender at any time, the
percentage obtained by dividing (x) the sum  of  such Lender's Term Loan
and  Revolving  Loans  outstanding at such time (excluding  the  amounts
outstanding on the Swing  Line  Loan)  by  (y)  the sum of the aggregate
amount of all the Term Loans and Revolving Loans  outstanding  hereunder
at such time.

     "Property"  of  a Person means any and all property, whether  real,
personal, tangible, intangible,  or  mixed,  of  such  Person,  or other
assets owned, leased or operated by such Person.

     "Purchasers" is defined in Section 12.3.1.

     "Rate  Management Transaction" means any transaction (including  an
agreement with  respect  thereto) now existing or hereafter entered into
between the Borrower and any Lender or Affiliate thereof which is a rate
swap, basis swap, forward  rate  transaction,  commodity swap, commodity
option, equity or equity index swap, equity or equity index option, bond
option,   interest  rate  option,  foreign  exchange  transaction,   cap
transaction, floor transaction, collar transaction, forward transaction,
currency  swap   transaction,   cross-currency  rate  swap  transaction,
currency option or any other similar  transaction  (including any option
with  respect to any of these transactions) or any combination  thereof,
whether  linked  to  one  or  more  interest  rates, foreign currencies,
commodity prices, equity prices or other financial measures.

     "Rate  Management  Obligations"  of  a Person  means  any  and  all
obligations of such Person, whether absolute or contingent and howsoever
and whensoever created, arising, evidenced  or  acquired  (including all
renewals,   extensions   and  modifications  thereof  and  substitutions
therefor), under (i) any and  all Rate Management Transactions, and (ii)
any  and  all  cancellations,  buy  backs,  reversals,  terminations  or
assignments of any Rate Management Transactions.

     "Regulation D" means Regulation  D of the Board of Governors of the
Federal Reserve System as from time to  time in effect and any successor
thereto or other regulation or official interpretation  of said Board of
Governors relating to reserve requirements applicable to member banks of
the Federal Reserve System.

     "Regulation U" means Regulation U of the Board of Governors  of the
Federal  Reserve System as from time to time in effect and any successor
or  other  regulation  or  official  interpretation  of  said  Board  of
Governors relating  to  the extension of credit by banks for the purpose
of purchasing or carrying  margin  stocks  applicable to member banks of
the Federal Reserve System.

     "Reportable Event" means a reportable event  as  defined in Section
4043  of  ERISA  and  the  regulations  issued under such section,  with
respect to a Plan, excluding, however, such  events as to which the PBGC
has  by regulation waived the requirement of Section  4043(a)  of  ERISA
that it  be  notified  within  30  days of the occurrence of such event,
PROVIDED, HOWEVER, that a failure to  meet  the minimum funding standard
of  Section  412 of the Code and of Section 302  of  ERISA  shall  be  a
Reportable Event  regardless  of  the issuance of any such waiver of the
notice requirement in accordance with either Section 4043(a) of ERISA or
Section 412(d) of the Code.

     "Reports" is defined in Section 9.6.

     "Required Lenders" means Lenders  whose  Pro  Rata  Shares,  in the
aggregate,  are  66  2/3  %  or  greater, but in any event, at least two
Lenders.

     "Reserve Requirement" means, with respect to an Eurodollar Interest
Period, the maximum aggregate reserve  requirement (including all basic,
supplemental,  marginal  and  other reserves)  which  is  imposed  under
Regulation D on Eurocurrency liabilities.

     "Revolving Loan" is defined in Section 2.2.1.

     "Revolving Loan Commitment"  means, for each Lender, the obligation
of such Lender to make Revolving Loans  not  exceeding  the  amount  set
forth  adjacent  to the caption "Revolving Loan Commitment" opposite its
signature below or  as set forth in any Assignment Agreement relating to
any assignment that has  become  effective  pursuant to Section 12.3, as
such  amount may be modified from time to time  pursuant  to  the  terms
hereof.

     "Revolving  Loan  Termination  Date"  means October 31, 2005 or any
earlier  date  upon  which the Aggregate Revolving  Loan  Commitment  is
reduced to zero or otherwise terminated pursuant to the terms of Section
2.5.

     "Revolving Note"  means  any  promissory  note evidencing Revolving
Loans issued at the request of a Lender pursuant to Section 2.13.

     "Risk-Based Capital Guidelines" is defined in Section 3.2.

     "S&P" means Standard and Poor's Ratings Services, a division of The
McGraw Hill Companies, Inc.

     "Schedule" refers to a specific schedule to  this Agreement, unless
another document is specifically referenced.

     "Section"  means  a  numbered  section  of  this Agreement,  unless
another document is specifically referenced.

     "Secured Obligations" means, collectively, (i)  the Obligations and
(ii) all Rate Management Obligations owing to one or more Lenders.

     "Subsidiary"  means  (i)  any  corporation, more than  50%  of  the
outstanding securities having ordinary  voting  power  of which shall at
the time be owned or controlled, directly or indirectly, by the Borrower
or by one or more of its Subsidiaries or by the Borrower and one or more
of its Subsidiaries, or (ii) any partnership, limited liability company,
association, joint venture or similar business organization,  more  than
50%  of  the  ownership  interests having ordinary voting power of which
shall at the time be so owned or controlled.

     "Substantial Portion"  means,  with  respect to the Property of the
Borrower and its Subsidiaries, Property which  (i)  represents more than
10% of the consolidated assets of the Borrower and its  Subsidiaries  as
would  be shown in the consolidated financial statements of the Borrower
and its  Subsidiaries  as  at  the  beginning of the twelve-month period
ending with the month in which such determination  is  made,  or (ii) is
responsible  for more than 10% of the consolidated net sales or  of  the
Net Income of  the  Borrower  and  its  Subsidiaries as reflected in the
financial statements referred to in clause (i) above.

     "Swing Line Loan" is defined in Section 2.2.4.

     "Swing Line Note" means the promissory  note  evidencing  the Swing
Line Loan.

     "Taxes" means any and all present or future taxes, duties,  levies,
imposts,   deductions,   charges   or  withholdings,  and  any  and  all
liabilities with respect to the foregoing, but EXCLUDING Excluded Taxes.

     "Term Loan" is defined in Section 2.1.1.

     "Term Loan Commitment" means, for  each  Lender,  the obligation of
such  Lender  to  make  Term  Loans not exceeding the amount  set  forth
adjacent to the caption "Term Loan  Commitment"  opposite  its signature
below or as set forth in any Assignment relating to any assignment  that
has  become  effective  pursuant  to Section 12.3, as such amount may be
modified from time to time pursuant to the terms hereof.

     "Term Loan Termination Date" means October 31, 2005.

     "Term Note" means any promissory note evidencing a Term Loan issued
at the request of a Lender pursuant to Section 2.13.

     "Transferee" is defined in Section 12.4.

     "Type" means, with respect to any Advance, its nature as a Floating
Rate Advance or a Eurodollar Advance.

     "Unmatured Default" means an event  which but for the lapse of time
or the giving of notice, or both, would constitute a Default.

     "Wholly-Owned Subsidiary" of a Person  means (i) any Subsidiary all
of the outstanding voting securities of which shall at the time be owned
or controlled, directly or indirectly, by such  Person  or  one  or more
Wholly-Owned  Subsidiaries of such Person, or by such Person and one  or
more Wholly-Owned  Subsidiaries of such Person, or (ii) any partnership,
limited  liability  company,   association,  joint  venture  or  similar
business organization 100% of the  ownership  interests  having ordinary
voting power of which shall at the time be so owned or controlled.

     The foregoing definitions shall be equally applicable  to  both the
singular and plural forms of the defined terms.

                               ARTICLE II

                              THE CREDITS

     2.1. TERM LOANS.

     2.1.1.  MAKING  THE  TERM  LOANS.  Each Lender severally agrees  to
make, on the Closing Date, a term  loan  to  the  Borrower  in an amount
equal to such Lender's Term Loan Commitment (each individually  a  "Term
Loan"  and,  collectively,  the  "Term Loans").  All Term Loans shall be
made  by  the  Lenders  on the Closing  Date  simultaneously,  it  being
understood that no Lender  shall  be  responsible for any failure by any
other Lender to perform its obligation  to  make any Term Loan hereunder
nor  shall  the  Term  Loan  Commitment of any Lender  be  increased  or
decreased as a result of any such failure.

     2.1.2.  REPAYMENT OF THE  TERM  LOANS.   The  Term  Loans  shall be
repaid  in  consecutive quarterly installments of principal, payable  on
each Payment  Date  commencing  on December 31, 2000 and continuing each
March 31, June 30, September 30 and  December  31  thereafter  until the
Term  Loan  Termination  Date,  and  the Term Loans shall be permanently
reduced  by  the amount of each such installment  on  the  date  payment
thereof is made  hereunder.   The quarterly installments shall be in the
following aggregate amounts for  the calendar quarters ending during the
years indicated:

     PERIOD                             AGGREGATE QUARTERLY INSTALLMENT

     Closing date through and                     $ 2,500,000
     including September 30, 2001

     October 1, 2001 through and                  $ 3,750,000
     including September 30, 2002

     October 1, 2002 through and                  $ 5,000,000
     including September 30, 2003

     October 1, 2003 through and                  $ 6,250,000
     including September 30, 2004

     October 1, 2004 through and                  $10,000,000
     including June 30, 2005

Notwithstanding the foregoing, the then outstanding principal balance of
the  Term Loans, if any, shall be due  and  payable  on  the  Term  Loan
Termination  Date.  No portion of any Term Loan shall be reborrowed once
it is repaid.   In  addition to the foregoing installments payments, the
Borrower  may  make  voluntary  prepayments  and  shall  make  mandatory
prepayments as described in Section 2.7.

     2.2. REVOLVING LOANS; SWING LINE LOAN.

     2.2.1.  MAKING THE REVOLVING LOANS.  From and including the Closing
Date and prior to the  Revolving  Loan  Termination  Date,  each  Lender
severally  agrees,  on  the  terms  and  conditions  set  forth  in this
Agreement, to make revolving loans to the Borrower from time to time  in
amounts  not  to exceed in the aggregate at any one time outstanding (i)
the  amount  of its  Revolving  Loan  Commitment  (each  individually  a
"Revolving Loan"  and,  collectively, the "Revolving Loans") or (ii) the
Borrowing Base, in each case  minus  the  sum of the aggregate principal
amount  of  all  outstanding  Letters  of  Credit  and  the  outstanding
principal on the Swing Line Loan.  Each Advance under this Section 2.2.1
shall  consist  of  Revolving  Loans  made  by each  Lender  ratably  in
proportion  to  such  Lender's  respective  Pro  Rata  Share,  it  being
understood that no Lender shall be responsible for  any  failure  by any
other  Lender  to  perform  its  obligation  to  make any Revolving Loan
hereunder  nor  shall the Revolving Loan Commitment  of  any  Lender  be
increased or decreased  as a result of any such failure.  Subject to the
terms of this Agreement,  the  Borrower  may  borrow, repay and reborrow
Revolving  Loans  at  any time prior to the Revolving  Loan  Termination
Date.  The Revolving Loan Commitments of the Lenders shall expire on the
Revolving Loan Termination  Date,  and  all amounts due on the Revolving
Loans shall be payable on the Revolving Loan Termination Date.

     2.2.2.  OVERADVANCES.  At the request  of Borrower, the Agent, with
the approval of all of the Lenders, in their  sole  discretion, may (but
shall have absolutely no obligation to), make Advances  to  the Borrower
on behalf of the Lenders in amounts which cause the outstanding  balance
of the aggregate Revolving Loans to exceed the Borrowing Base (minus the
outstanding principal on the Swing Line Loan) (any such excess Revolving
Loan  Advances  are  herein referred to collectively as "Overadvances"),
and no such event or occurrence  shall  cause  or constitute a waiver by
the Agent or the Lenders of any Unmatured Default  or  Default  that may
result  therefrom  or of the Agent's or the Lenders' right to refuse  to
make any further Advances,  or  incur  any  obligations under Letters of
Credit, as the case may be, at any time that  an  Overadvance  exists or
would result therefrom.  All Overadvances shall constitute Floating Rate
Loans,  shall bear interest at the Default Rate and shall be payable  on
demand.   The  authority of the Agent to make Overadvances is limited to
an aggregate amount  not  to  exceed  $1,000,000  at any time, shall not
cause the aggregate amount of all outstanding Revolving  Loans to exceed
the   Aggregate   Revolving   Loan   Commitment,   and  may  be  revoked
prospectively by a written notice to Agent signed by  Required  Lenders.
The  Borrower  shall  repay  any  Overadvances,  in  whole  or  in part,
immediately upon demand therefor by the Agent, and any failure to  do so
shall constitute a Default.

     2.2.3.   REPAYMENT  OF  THE REVOLVING LOANS.  On the Revolving Loan
Termination Date, the Borrower  shall  repay  in  full  the  outstanding
principal balance of the Revolving Loans.

     2.2.4.  MAKING THE SWING LINE LOAN.  From and including the Closing
Date, and prior to the Loan Termination Date, the Agent agrees,  on  the
terms  and  conditions  set forth in this Agreement, to make a revolving
loan to the Borrower from  time  to time in amounts not to exceed in the
aggregate  at  any  one time outstanding  $5,000,000  (the  "Swing  Line
Loan").  Subject to the  terms  of  this  Agreement,  the  Borrower  may
borrow,  repay  and reborrow amounts on the Swing Line Loans at any time
prior to the Revolving  Loan  Termination Date.  The aggregate principal
amount outstanding on the Swing  Line Loan shall constitute a portion of
the Aggregate Revolving Loan Commitments  (thereby  reducing the amounts
available under the Aggregate Revolving Loan Commitments  for  Revolving
Loans  and  Letters of Credit on a dollar-for-dollar basis).  The  Swing
Line Loan shall bear interest at the Floating Rate.  The Swing Line Loan
shall be considered  a  part  of  the Revolving Loans  and any principal
amounts outstanding on the Swing Line  Loan  for  five (5) Business Days
shall be repaid through an Advance on the Revolving  Loans,  whether  or
not an Unmatured Default or Default has occurred and is existing, except
that  the  Borrower  shall repay the Swing Line Loan in whole or in part
immediately upon demand  by  the  Agent,  and  failure  to  do  so shall
constitute a Default.

     2.3  LETTERS OF CREDIT.

     2.3.1  ISSUANCE  OF  LETTERS  OF  CREDIT.   From  and including the
Closing  Date,  the  Agent  or,  with the approval of the Borrower,  any
Lender (the "Issuing Lender") shall issue one or more standby Letters of
Credit  for the account of the Borrower  or  any  of  its  Subsidiaries,
pursuant  to  the  Issuing  Lender's  standard  form  of application for
standby letters of credit.  The aggregate face amount of all outstanding
Letters  of  Credit  (i)  shall  constitute  a portion of the  Aggregate
Revolving  Loan  Commitments  (thereby  reducing  the   Revolving   Loan
Commitments available for Revolving Loans on a dollar-for-dollar basis),
and  (ii)  shall not exceed $10,000,000.  The expiry date of all Letters
of Credit shall  be  one year from the date of issuance (although a one-
year Letter of Credit may provide for a one-year renewal period), but in
no event later than five  Business  Days  prior  to  the  Revolving Loan
Termination Date.

     2.3.2  RISK  PARTICIPATION.   Immediately  upon the issuance  of  a
Letter  of  Credit  by the Issuing Lender, each other  Lender  shall  be
deemed to have automatically, unconditionally and irrevocably (except as
provided for in Section  10.8)  purchased  from  the  Issuing  Lender an
undivided  interest  and  participation  in  such  Letter of Credit, the
obligations in respect thereof, and the liability of the Issuing Lender,
equal  to  the face amount of such Letter of Credit multiplied  by  such
Lender's Pro Rata Share.

     2.3.3 LETTER  OF  CREDIT  FEES.  (a) The Borrower agrees to pay the
Issuing Lender a fronting fee in  an  amount agreed between the Borrower
and the Issuing Lender (but not less than  0.125%  per annum on the face
amount  of the Letter of Credit), payable quarterly in  arrears  on  the
last day of each calendar quarter, for the term of the Letter of Credit,
together  with  the Issuing Lender's customary letter of credit issuance
and processing fees.   The  fronting  fee and customary letter of credit
issuance and processing fees shall be retained by the Issuing Lender and
shall not be shared with the other Lenders;

     (b)  In addition, the Borrower agrees  to pay the Agent a fee equal
to the Applicable Letter of Credit Fee Rate (on a per annum basis) shown
on  the  Pricing  Schedule  times  the  aggregate  face  amount  of  all
outstanding Letters of Credit (as reduced from time  to  time),  payable
quarterly  in arrears on the last day of each calendar quarter, for  the
term of the  Letter  of Credit and shall be shared by the Issuing Lender
and the other Lenders on the basis of each Lender's Pro Rata Share.

     2.3.4 GUARANTY OF SUBSIDIARIES.  The Borrower hereby absolutely and
unconditionally guarantees  the  prompt  and  punctual  payment  of  all
Indebtedness  of  all Subsidiaries to the Agent and Lenders arising from
the issuance of any  Letters  of  Credit  for the account of one or more
Subsidiaries.

     2.4. TYPES OF ADVANCES.  The Advances  must be either Floating Rate
Advances or Eurodollar Advances, or a combination  thereof,  selected by
the Borrower in accordance with Sections 2.8 and 2.9.

     2.5. COMMITMENT   FEE;   REDUCTIONS  IN  AGGREGATE  REVOLVING  LOAN
COMMITMENT.  (a)  The Borrower  agrees to pay to the Agent, to be shared
by  the  Lenders  on  the  basis of each  Lender's  Pro  Rata  Share,  a
commitment fee at a per annum  rate  equal to the Applicable Fee Rate on
the daily unused portion of the Aggregate Revolving Loan Commitment from
the date hereof to and including the Revolving  Loan  Termination  Date,
payable  quarterly  in  arrears  on  last  day  of each calendar quarter
hereafter and on the Revolving Loan Termination Date.   For the purposes
hereof,  "unused  portion"  shall  mean  the  Aggregate  Revolving  Loan
Commitment,  MINUS  the  aggregate principal amount outstanding  on  all
Revolving Loans, MINUS the  aggregate  face  amount  of  all outstanding
Letters  of  Credit.  Swing Line Loans shall not count as usage  of  any
Lender's Revolving  Loan  Commitment  for  purposes  of  calculating the
commitment fee due hereunder.

     (b)  The  Borrower  may permanently reduce the Aggregate  Revolving
Loan Commitment in whole,  or  in  part  ratably  among  the  Lenders in
integral  multiples  of  $1,000,000,  upon  at least five Business Days'
written notice to the Agent, which notice shall  specify  the  amount of
any  such reduction, PROVIDED, HOWEVER, that the amount of the Aggregate
Revolving  Loan  Commitment  may  not  be  reduced  below  the aggregate
principal amount of the outstanding Revolving Loans, the Swing Line Loan
and the aggregate face amount of all outstanding Letters of Credit.  All
accrued  commitment fees shall be payable on the effective date  of  any
termination  of  the  obligations of the Lenders to make Revolving Loans
hereunder.

     2.6. MINIMUM AMOUNT OF EACH ADVANCE.  Each Eurodollar Advance shall
be in the minimum amount  of $1,000,000 (and in multiples of $100,000 if
in  excess thereof), and each  Floating  Rate  Advance  (other  than  an
Advance  to  repay  a Swing Line Loan) shall be in the minimum amount of
$200,000  (and  in  multiples  of  $100,000,   if  in  excess  thereof),
PROVIDED, HOWEVER, that  any  Floating Rate Advance may be in the amount
of the unused Aggregate Revolving Loan Commitment.

     2.7. PREPAYMENTS.

     2.7.1. OPTIONAL PREPAYMENTS.   The  Borrower  may from time to time
pay,  without  penalty  or  premium,  in a minimum aggregate  amount  of
$5,000,000 or any integral multiple of  $100,000  in excess thereof, any
portion  of  the  outstanding  Floating  Rate  Advances  (or   the  full
outstanding  balance  of  all Floating Rate Advances, if less than  such
minimum), upon one Business  Days'  prior  notice  to  the  Agent.   The
Borrower  may  from  time  to  time  pay,  subject to the payment of any
funding indemnification amounts required by  Section  3.4  but otherwise
without penalty or premium, in a minimum aggregate amount of  $5,000,000
or any integral multiple of $100,000 in excess thereof, any portion  (or
the  full  outstanding  balance of all Eurodollar Advances, if less than
such minimum) of the outstanding  Eurodollar Advances upon five Business
Days' prior notice to the Agent.  Any such optional prepayments shall be
applied to the principal installments payable under Section 2.1.2 in the
inverse order of maturity.

     2.7.2. MANDATORY PREPAYMENTS.   The Borrower shall make prepayments
of the outstanding amount of the Term Loan (in addition to the scheduled
principal installments) upon not less  than  one  Business  Day's  prior
notice  to  the  Agent,  in  amounts  equal  to  either  or  both of the
following:  (i)  75% of Excess Cash Flow of the Borrower for any  fiscal
year  ending December  31,  2001  or  thereafter,  MINUS  the  aggregate
principal  amount  of  all  voluntary  prepayments of the Term Loan made
during  such  fiscal  year;  and (ii) 100% of  the  Net  Sales  Proceeds
received by the Borrower or any Subsidiary from Asset Sales permitted by
this Agreement or (if not permitted  by  this Agreement) consented to by
the Agent and the Required Lenders.  In the  case  of  clause  (i),  the
prepayment shall be made within 10 days after the Agent's receipt of the
annual  audited  financial  statements  of the Borrower, but in no event
later than 130 days after the end of each  fiscal  year of the Borrower;
provided that no such prepayment based on the Excess  Cash  Flow  of the
Borrower for any fiscal year shall be required if the Leverage Ratio  as
of  the  end of such fiscal year is less than 2.75 to 1.00.  In the case
of clause  (ii),  the  prepayment  shall  be made not later than 30 days
after  the  consummation  of  the  Asset  Sale.    If   such  prepayment
constitutes a repayment of a Eurodollar Advance on a date  which  is not
the last day of a Eurodollar Interest Period, the Borrower shall not  be
required  to  pay  any  amounts  that  would otherwise be due under this
Agreement (including without limitation,  Section 3.4) for the repayment
of a Eurodollar Rate Advance prior to the last  day  of  the  Eurodollar
Interest Period.  Any such mandatory prepayment shall be applied  to the
principal installments payable under Section 2.1.2. in the inverse order
of maturity.

     2.8. METHOD OF SELECTING TYPES AND EURODOLLAR INTEREST PERIODS  FOR
NEW ADVANCES.  The Borrower shall select the Type of Advance and, in the
case   of  each  Eurodollar  Advance,  the  Eurodollar  Interest  Period
applicable thereto from time to time.  The Borrower shall give the Agent
irrevocable notice (a "Borrowing Notice") not later than 10:00 a.m. (New
Orleans  time)  at  least  one Business Day before the Borrowing Date of
each Floating Rate Advance (other  than  a  Swing  Line  Loan) and three
Business  Days  before  the Borrowing Date for each Eurodollar  Advance,
specifying:

     (i)  the Borrowing Date,  which  shall  be  a Business Day, of such
          Advance,

     (ii) the aggregate amount of such Advance,

     (iii)the  Type  of Advance selected, and whether  such  Advance  is
          comprised of Term Loans or Revolving Loans, and

     (iv) in  the  case  of  each  Eurodollar  Advance,  the  Eurodollar
          Interest Period applicable thereto.

Not later than noon  (Central  time) on each Borrowing Date, each Lender
shall make available its Loan or Loans in funds immediately available in
New Orleans to the Agent at its  address  specified  pursuant to Article
XIII.   The  Agent  will  make  the funds so received from  the  Lenders
available to the Borrower at the Agent's aforesaid address.

     The Borrower shall not be entitled to more than six Eurodollar Rate
tranches and one Floating Rate tranche  at any one time on the Revolving
Loan,  and  only three Eurodollar Rate tranche  and  one  Floating  Rate
tranche at any one time on the Term Loan.

     2.9. CONVERSION AND CONTINUATION OF OUTSTANDING ADVANCES.  Floating
Rate Advances  (other  than Swing Line Loans) shall continue as Floating
Rate Advances unless and until such Floating Rate Advances are converted
into Eurodollar Advances  pursuant  to  this  Section 2.9 or are repaid.
Each Eurodollar Advance shall continue as a Eurodollar Advance until the
end of the then applicable Eurodollar Interest Period therefor, at which
time  such Eurodollar Advance shall be automatically  converted  into  a
Floating  Rate  Advance  unless  (x)  such  Eurodollar Advance is or was
repaid in accordance with Section 2.7 or 2.1.2 or (y) the Borrower shall
have given the Agent a Conversion/Continuation Notice (as defined below)
requesting  that, at the end of such Eurodollar  Interest  Period,  such
Eurodollar Advance  continue  as  a  Eurodollar  Advance for the same or
another  Eurodollar Interest Period.  Subject to the  terms  of  Section
2.6, the Borrower may elect from time to time to convert all or any part
of a Floating  Rate  Advance  into  a  Eurodollar Advance.  The Borrower
shall  give  the  Agent irrevocable notice  (a  "Conversion/Continuation
Notice") of each conversion of a Floating Rate Advance into a Eurodollar
Advance or continuation  of  a  Eurodollar  Advance not later than 10:00
a.m. (New Orleans time) at least three Business  Days  prior to the date
of the requested conversion or continuation, specifying:

     (i)  the  requested date, which shall be a Business  Day,  of  such
          conversion or continuation,

     (ii) the aggregate  amount  and  Type of the Advance which is to be
          converted or continued, and whether  such Advance is comprised
          of Term Loans or Revolving Loans, and

     (iii)the amount of such Advance which is to  be  converted  into or
          continued  as  a  Eurodollar  Advance  and the duration of the
          Eurodollar Interest Period applicable thereto.

     2.10.  CHANGES IN INTEREST RATE, ETC.  Each Floating  Rate  Advance
(other than a  Swing  Line  Loan) shall bear interest on the outstanding
principal amount thereof, for  each day from and including the date such
Advance is made or is automatically  converted from a Eurodollar Advance
into a Floating Rate Advance pursuant  to  Section 2.9, to but excluding
the date it is paid or is converted into a Eurodollar  Advance  pursuant
to  Section  2.9 hereof, at a rate per annum equal to the Floating  Rate
for  such day.   Each  Swing  Line  Loan  shall  bear  interest  on  the
outstanding  principal  amount  thereof, for each day from and including
the day such Swing Line Loan is made  but excluding the date it is paid,
at a rate per annum equal to the Floating Rate for such day.  Changes in
the rate of interest on that portion of  any  Advance  maintained  as  a
Floating  Rate  Advance will take effect simultaneously with each change
in the Alternate Base Rate.  Each Eurodollar Advance shall bear interest
on the outstanding principal amount thereof from and including the first
day of the Eurodollar  Interest  Period  applicable  thereto to (but not
including)  the  last  day  of  such Eurodollar Interest Period  at  the
interest rate determined by the Agent  as  applicable to such Eurodollar
Advance based upon the Borrower's selections  under Sections 2.8 and 2.9
and  otherwise  in  accordance  with  the terms hereof.   No  Eurodollar
Interest Period with respect to any Term  Loan  may  end  after the Term
Loan Termination Date and no Eurodollar Interest Period with  respect to
any  Revolving  Loan may end after the Revolving Loan Termination  Date.
The  Borrower  shall  use  commercially  reasonable  efforts  to  select
Eurodollar Interest  Periods  so  that  it is not necessary to repay any
portion of a Eurodollar Advance prior to  the last day of the applicable
Eurodollar  Interest  Period  in  order to make  a  mandatory  repayment
required by this Agreement.

     2.11. RATES APPLICABLE AFTER DEFAULT.   Notwithstanding anything to
the contrary contained in Section 2.8 or 2.9,  during the continuance of
a  Default  or  Unmatured  Default the Required Lenders  may,  at  their
option, by notice to the Borrower  (which  notice  may be revoked at the
option of the Required Lenders notwithstanding any provision  of Section
8.2  requiring  unanimous  consent of the Lenders to changes in interest
rates), declare that no Advance  may  be  made  as,  converted  into  or
continued  as a Eurodollar Advance.  During the continuance of a Default
the Required  Lenders  may,  at  their option, by notice to the Borrower
(which  notice may be revoked at the  option  of  the  Required  Lenders
notwithstanding any provision of Section 8.2 requiring unanimous consent
of the Lenders  to  changes  in  interest  rates), declare that (i) each
Eurodollar  Advance  shall  bear  interest  for  the  remainder  of  the
applicable Eurodollar Interest Period at the rate  otherwise  applicable
to  such  Eurodollar  Interest  Period  plus  2% per annum and (ii) each
Floating Rate Advance shall bear interest at a  rate  per annum equal to
the  Floating  Rate  in  effect  from  time  to time plus 2% per  annum,
PROVIDED that, during the continuance of a Default  under Section 7.6 or
7.7, the interest rates set forth in clauses (i) and (ii) above shall be
applicable to all Advances without any election or action on the part of
the Agent or any Lender.

     2.12.  METHOD OF PAYMENT.  All payments of the Secured  Obligations
hereunder shall  be made, without setoff, deduction, or counterclaim, in
immediately  available  funds  to  the  Agent  at  the  Agent's  address
specified pursuant to Article XIII, or at any other Lending Installation
of the Agent specified  in writing by the Agent to the Borrower, by noon
(Central time) on the date  when  due and, shall (except with respect to
repayment of the Swing Line Loan) be  applied ratably by the Agent among
the Lenders.  Each payment delivered to the Agent for the account of any
Lender shall be delivered promptly by the  Agent  to  such Lender in the
same  type  of  funds  that the Agent received at its address  specified
pursuant to Article XIII  or  at any Lending Installation specified in a
notice received by the Agent from  such  Lender.   The  Agent  is hereby
authorized  to  charge  the account of the Borrower maintained with  the
Agent for each payment of  principal,  interest  and  bank  fees as they
become  due  hereunder;  all  other fees due hereunder shall be paid  by
Borrower upon the receipt of an invoice at Borrower's address.

     2.13. NOTELESS AGREEMENT;  EVIDENCE  OF  INDEBTEDNESS.   (i)   Each
Lender  shall  maintain in accordance with its usual practice an account
or accounts evidencing  the  Obligations  of the Borrower to such Lender
resulting  from  each  Loan  made  by such Lender  from  time  to  time,
including the amounts of principal and interest payable and paid to such
Lender from time to time hereunder.

     (ii)   The Agent shall also maintain  accounts  in  which  it  will
record (a) the  amount of each Loan made hereunder, the Type thereof and
the Eurodollar Interest  Period  with respect thereto, (b) the amount of
any principal or interest due and  payable  or to become due and payable
from the Borrower to each Lender hereunder and (c) the amount of any sum
received  by  the Agent hereunder from the Borrower  and  each  Lender's
share thereof.

     (iii)  The  entries  maintained in the accounts maintained pursuant
to paragraphs (i) and (ii)  above  shall  be PRIMA FACIE evidence of the
existence  and  amounts of the Obligations therein  recorded;  PROVIDED,
HOWEVER, that the  failure  of  the Agent or any Lender to maintain such
accounts  or  any error therein shall  not  in  any  manner  affect  the
obligation of the  Borrower  to repay the Obligations in accordance with
their terms.

     (iv)  Any Lender may request  that  its  Revolving  Loans  or  Term
Loans,  or  the Agent may request that its Swing Line Loan, be evidenced
by a Note.  In  such  event,  the  Borrower shall execute and deliver to
such Lender a Note for such Loans payable to the order of such Lender in
a form supplied by the Agent and acceptable to such Lender.  Thereafter,
the Loans evidenced by such Note and interest thereon shall at all times
(including after any assignment pursuant to Section 12.3) be represented
by one or more Notes payable to the  order of the payee named therein or
any assignee pursuant to Section 12.3,  except  to  the  extent that any
such  Lender  or  assignee  subsequently  returns  any  such  Note   for
cancellation  and  requests  that  such Loans once again be evidenced as
described in paragraphs (i) and (ii) above.

     2.14.  TELEPHONIC  NOTICES.  The  Borrower  hereby  authorizes  the
Lenders and the Agent to  extend,  convert  or continue Advances, effect
selections  of  Types  of  Advances  and  to  transfer  funds  based  on
telephonic notices made by any person or persons the Agent or any Lender
in good faith believes to be acting on behalf of  the Borrower, it being
understood that the foregoing authorization is specifically  intended to
allow Borrowing Notices and Conversion/Continuation Notices to  be given
telephonically.  The Borrower agrees to deliver promptly to the Agent  a
written  confirmation, if such confirmation is requested by the Agent or
any Lender,  of  each telephonic notice signed by an Authorized Officer.
If the written confirmation  differs  in  any  material respect from the
action taken by the Agent and the Lenders, the records  of the Agent and
the Lenders shall govern absent manifest error.

     2.15.  INTEREST  PAYMENT  DATES; INTEREST AND FEE BASIS.   Interest
accrued on each Floating Rate Advance  shall  be payable on each Payment
Date, commencing with the first such date to occur after the date hereof
and at maturity.  Interest at the Floating Rate  shall be calculated for
actual  days elapsed on the basis of a 365-day (366-day  in  leap  year)
basis.  Interest  accrued on each Eurodollar Advance shall be payable on
the last day of its  applicable  Eurodollar  Interest  Period (or if the
applicable Eurodollar Interest Period is greater than three  months,  on
the  last day of the third month of such Eurodollar Interest Period), on
any date  on  which  the  Eurodollar  Advance  is  prepaid,  whether  by
acceleration  or otherwise, and at maturity.  Interest at the Eurodollar
Rate and commitment  fees shall be calculated for actual days elapsed on
the basis of a 360-day  year.   Interest shall be payable for the day an
Advance is made but not for the day of any payment on the amount paid if
payment is received prior to noon  (local time) at the place of payment.
If any payment of principal of or interest  on  an  Advance shall become
due on a day which is not a Business Day, such payment  shall be made on
the  next  succeeding  Business  Day  and,  in  the  case of a principal
payment, such extension of time shall be included in computing  interest
in connection with such payment.

     2.16.  NOTIFICATION  OF  ADVANCES, INTEREST RATES, PREPAYMENTS  AND
COMMITMENT REDUCTIONS.  Promptly  after  receipt thereof, the Agent will
notify  each  Lender of the contents of each  Aggregate  Revolving  Loan
Commitment reduction  notice,  Borrowing Notice, Conversion/Continuation
Notice, and repayment notice received  by  it hereunder.  The Agent will
notify each Lender of the interest rate and  Eurodollar  Interest Period
applicable  to  each  Eurodollar Advance promptly upon determination  of
such interest rate and  will  give  each  Lender  prompt  notice of each
change in the Alternate Base Rate.

     2.17. LENDING INSTALLATIONS.  Each Lender may book its Loans at any
Lending Installation selected by such Lender and may change  its Lending
Installation from time to time.  All terms of this Agreement shall apply
to  any  such  Lending  Installation  and the Loans and any Notes issued
hereunder shall be deemed held by each  Lender  for  the  benefit of any
such  Lending Installation.  Each Lender may, by written notice  to  the
Agent and  the  Borrower  in  accordance  with  Article  XIII, designate
replacement or additional Lending Installations through which Loans will
be made by it and for whose account Loan payments are to be made.

     2.18. NON-RECEIPT OF FUNDS BY THE AGENT.  Unless the  Borrower or a
Lender,  as  the  case may be, notifies the Agent prior to the  date  on
which it is scheduled to make payment to the Agent of (i) in the case of
a Lender, the proceeds  of a Loan or (ii) in the case of the Borrower, a
payment of principal or interest  to  the  Agent  for the account of the
Lenders,  that it does not intend to make such payment,  the  Agent  may
assume that such payment has been made.  The Agent may, but shall not be
obligated to,  make the amount of such payment available to the intended
recipient in reliance  upon  such  assumption.   If  such  Lender or the
Borrower, as the case may be, has not in fact made such payment  to  the
Agent,  the  recipient  of  such  payment shall, on demand by the Agent,
repay to the Agent the amount so made  available  together with interest
thereon in respect of each day during the period commencing  on the date
such amount was so made available by the Agent until the date  the Agent
recovers  such  amount  at a rate per annum equal to (x) in the case  of
payment by a Lender, the  Federal  Funds Effective Rate for such day for
the first three days and, thereafter,  the  interest  rate applicable to
the  relevant  Loan or (y) in the case of payment by the  Borrower,  the
interest rate applicable to the relevant Loan.

     2.19 COLLATERAL.   Except  as  provided to the contrary herein, the
Secured  Obligations  shall  be secured  by  the  following:  (i)  first
priority  perfected  security  interest   in  all  inventory,  accounts,
equipment,  vessels,  instruments,  chattel  paper,  documents,  general
intangibles  (and  proceeds thereof and in the case  of  inventory,  all
products thereof) of the Borrower or any Domestic Subsidiary; (ii) first
priority perfected security  interest in all outstanding shares of stock
or partnership or membership interests,  as  the  case  may  be, of each
Subsidiary (except in the case of any direct Subsidiary of the  Borrower
or  any  Domestic  Subsidiary incorporated outside of the United States,
the security interest  shall  extend  to  66%  of the outstanding shares
thereof); and (iii) solidary (joint and several)  guaranties  by each of
the Domestic Subsidiaries, including any Domestic Subsidiaries  acquired
or  created  after the Closing Date.   The Borrower covenants and agrees
to cause any Domestic  Subsidiary  acquired or created after the Closing
Date to execute a guaranty of the Secured  Obligations  and  to  execute
appropriate Collateral Documents (including lockbox and pledged deposits
agreements)  concerning the assets of the Domestic Subsidiary to further
secure the Obligations, within 60 days after the acquisition or creation
of such Domestic  Subsidiary; provided, however, that the Borrower shall
not be required to  cause  a  Subsidiary  to  execute  a guaranty of the
Secured Obligations or security interest in assets if either  the  total
assets  and  total  revenues  of such Subsidiary are less than 5% of the
total assets and total revenues  of  the  Borrower and its Subsidiaries.
In addition, the Borrower covenants and agrees  to  execute  a  security
agreement  granting  a  first  priority  security interest in all of the
outstanding capital stock or membership or  partnership  interest of any
Domestic Subsidiary acquired or created after the Closing  Date,  or 66%
of  the  outstanding capital stock or membership or partnership interest
of any direct  foreign  Subsidiary acquired or created after the Closing
Date, in each case to further  secure the Secured Obligations, within 60
days after the acquisition or creation of such Subsidiary.

                              ARTICLE III

                        YIELD PROTECTION; TAXES

     3.1. YIELD  PROTECTION.    If,   on  or  after  the  date  of  this
Agreement,   the   adoption   of   any  law  or  any   governmental   or
quasi-governmental  rule, regulation,  policy,  guideline  or  directive
(whether  or not having  the  force  of  law),  or  any  change  in  the
interpretation  or  administration thereof by any governmental or quasi-
governmental authority,  central  bank or comparable agency charged with
the  interpretation or administration  thereof,  or  compliance  by  any
Lender  or applicable Lending Installation with any request or directive
(whether  or not having the force of law) of any such authority, central
bank or comparable agency:

     (i)  subjects  any Lender or any applicable Lending Installation to
any Taxes, or changes the basis of taxation of payments (other than with
respect to Excluded Taxes)  to  any  Lender in respect of its Eurodollar
Loans, or

     (ii) imposes  or  increases  or  deems   applicable   any  reserve,
assessment,  insurance  charge,  special  deposit or similar requirement
against  assets  of,  deposits with or for the  account  of,  or  credit
extended by, any Lender  or  any  applicable Lending Installation (other
than reserves and assessments taken  into  account  in  determining  the
interest rate applicable to Eurodollar Advances), or

     (iii)  imposes  any  other  condition  the  result  of  which is to
increase  the  cost to any Lender or any applicable Lending Installation
of making, funding  or  maintaining  its Eurodollar Loans or reduces any
amount receivable by any Lender or any  applicable  Lending Installation
in connection with its Eurodollar Loans, or requires  any  Lender or any
applicable  Lending  Installation  to  make  any  payment calculated  by
reference to the amount of Eurodollar Loans held or interest received by
it, by an amount deemed material by such Lender, and  the  result of any
of  the  foregoing  is to increase the cost to such Lender or applicable
Lending Installation  of  making  or maintaining its Eurodollar Loans or
Commitment or to reduce the return received by such Lender or applicable
Lending  Installation  in  connection  with  such  Eurodollar  Loans  or
Commitment, then, within 15  days of demand by such Lender, the Borrower
shall  pay  such  Lender  such additional  amount  or  amounts  as  will
compensate such Lender for  such  increased  cost or reduction in amount
received.

     3.2. CHANGES  IN  CAPITAL  ADEQUACY  REGULATIONS.    If   a  Lender
determines  the  amount of capital required or expected to be maintained
by  such  Lender,  any  Lending  Installation  of  such  Lender  or  any
corporation controlling  such  Lender  is  increased  as  a  result of a
Change,  then,  within  15  days  of demand by such Lender, the Borrower
shall  pay  such  Lender  the amount necessary  to  compensate  for  any
shortfall in the rate of return on the portion of such increased capital
which such Lender determines  is  attributable  to  this  Agreement, its
Loans  or  its  Commitment  to  make Loans hereunder (after taking  into
account such Lender's policies as  to capital adequacy).  "Change" means
(i)  any  change  after the date of this  Agreement  in  the  Risk-Based
Capital Guidelines  or  (ii) any adoption of or change in any other law,
governmental or quasi-governmental  rule, regulation, policy, guideline,
interpretation, or directive (whether  or  not  having the force of law)
after  the date of this Agreement which affects the  amount  of  capital
required  or  expected  to  be  maintained  by any Lender or any Lending
Installation  or  any corporation controlling any  Lender.   "Risk-Based
Capital Guidelines"  means  (i)  the  risk-based  capital  guidelines in
effect  in  the  United  States on the date of this Agreement, including
transition  rules,  and  (ii)   the  corresponding  capital  regulations
promulgated  by  regulatory  authorities   outside   the  United  States
implementing  the  July  1988 report of the Basle Committee  on  Banking
Regulation and Supervisory Practices Entitled "International Convergence
of Capital Measurements and  Capital  Standards,"  including  transition
rules, and any amendments to such regulations adopted prior to  the date
of this Agreement.

     3.3. AVAILABILITY  OF  TYPES OF ADVANCES.  If any Lender reasonably
determines  that maintenance of  its  Eurodollar  Loans  at  a  suitable
Lending Installation would violate any applicable law, rule, regulation,
or directive, whether or not having the force of law, or if the Required
Lenders determine  that  (i) deposits of a type and maturity appropriate
to match fund Eurodollar Advances are not available or (ii) the interest
rate applicable to Eurodollar  Advances  does not accurately reflect the
cost of making or maintaining Eurodollar Advances,  then the Agent shall
suspend the availability of Eurodollar Advances and require any affected
Eurodollar Advances to be repaid or converted to Floating Rate Advances,
subject to the payment of any funding indemnification  amounts  required
by Section 3.4.

     3.4. FUNDING  INDEMNIFICATION.   If  any  payment  of  a Eurodollar
Advance  occurs  on  a  date which is not the last day of the applicable
Eurodollar Interest Period,  whether because of acceleration, prepayment
or otherwise (but excluding a mandatory prepayment under Section 2.7.2),
or  a Eurodollar Advance is not  made  on  the  date  specified  by  the
Borrower  for any reason other than default by the Lenders, the Borrower
will indemnify each Lender for any loss or cost incurred by it resulting
therefrom,   including,   without   limitation,  any  loss  or  cost  in
liquidating or employing deposits acquired  to  fund  or  maintain  such
Eurodollar Advance.

     3.5. TAXES.   (i)   All  payments  by  the  Borrower  to or for the
account of any Lender or the Agent hereunder or under any Note  shall be
made free and clear of and without deduction for any and all Taxes.   If
the  Borrower  shall  be  required by law to deduct any Taxes from or in
respect of any sum payable hereunder to any Lender or the Agent, (a) the
sum payable shall be increased  as  necessary  so  that after making all
required deductions (including deductions applicable  to additional sums
payable under this Section 3.5) such Lender or the Agent  (as  the  case
may  be)  receives an amount equal to the sum it would have received had
no  such  deductions  been  made,  (b)  the  Borrower  shall  make  such
deductions,  (c)  the Borrower shall pay the full amount deducted to the
relevant authority  in  accordance  with  applicable  law  and  (d)  the
Borrower  shall  furnish  to  the  Agent  the original copy of a receipt
evidencing payment thereof within 30 days after such payment is made.

     (ii)  In addition, the Borrower hereby agrees to pay any present or
future  stamp  or  documentary taxes and any other  excise  or  property
taxes, charges or similar  levies  which  arise  from  any  payment made
hereunder  or  under any Note or from the execution or delivery  of,  or
otherwise with respect to, this Agreement or any Note ("Other Taxes").

     (iii)  The  Borrower  hereby agrees to indemnify the Agent and each
Lender for the full amount of  Taxes  or Other Taxes (including, without
limitation, any Taxes or Other Taxes imposed  on  amounts  payable under
this  Section  3.5)  paid  by the Agent or such Lender and any liability
(including penalties, interest  and  expenses) arising therefrom or with
respect thereto.  Payments due under this  indemnification shall be made
within  30  days  of  the  date the Agent or such  Lender  makes  demand
therefor pursuant to Section 3.6.

     (iv)  Each Lender that  is  not  incorporated under the laws of the
United States of America or a state thereof  (each  a "Non-U.S. Lender")
agrees that it will, not less than ten Business Days  after  becoming  a
party  to  this  Agreement,  (i) deliver to each of the Borrower and the
Agent  two  duly completed copies  of  United  States  Internal  Revenue
Service Form 1001 or 4224, certifying in either case that such Lender is
entitled to receive  payments  under this Agreement without deduction or
withholding of any United States  federal income taxes, and (ii) deliver
to each of the Borrower and the Agent  a  United States Internal Revenue
Form W-8 or W-9, as the case may be, and certify  that it is entitled to
an exemption from United States backup withholding  tax.   Each Non-U.S.
Lender  further  undertakes to deliver to each of the Borrower  and  the
Agent (x) renewals  or  additional copies of such form (or any successor
form) on or before the date  that such form expires or becomes obsolete,
and (y) after the occurrence of any event requiring a change in the most
recent forms so delivered by it,  such  additional  forms  or amendments
thereto  as  may  be reasonably requested by the Borrower or the  Agent.
All  forms or amendments  described  in  the  preceding  sentence  shall
certify  that  such  Lender  is  entitled to receive payments under this
Agreement without deduction or withholding  of any United States federal
income taxes, UNLESS an event (including without  limitation  any change
in  treaty,  law or regulation) has occurred prior to the date on  which
any such delivery  would  otherwise  be  required which renders all such
forms  inapplicable  or  which  would  prevent  such  Lender  from  duly
completing and delivering any such form  or amendment with respect to it
and  such  Lender advises the Borrower and the  Agent  that  it  is  not
capable of receiving  payments  without  any deduction or withholding of
United States federal income tax.

     (v)  For any period during which a Non-U.S.  Lender  has  failed to
provide  the Borrower with an appropriate form pursuant to clause  (iv),
above (unless  such  failure  is  due  to  a  change  in  treaty, law or
regulation,  or  any  change  in  the  interpretation  or administration
thereof by any governmental authority, occurring subsequent  to the date
on  which a form originally was required to be provided), such  Non-U.S.
Lender  shall  not be entitled to indemnification under this Section 3.5
with respect to  Taxes  imposed  by  the  United  States; PROVIDED that,
should a Non-U.S. Lender which is otherwise exempt  from or subject to a
reduced rate of withholding tax become subject to Taxes  because  of its
failure  to  deliver  a  form  required  under  clause  (iv), above, the
Borrower shall take such steps as such Non-U.S. Lender shall  reasonably
request to assist such Non-U.S. Lender to recover such Taxes.

     (vi)  Any Lender that is entitled to an exemption from or reduction
of withholding tax with respect to payments under this Agreement  or any
Note  pursuant  to  the  law  of any relevant jurisdiction or any treaty
shall deliver to the Borrower (with a copy to the Agent), at the time or
times prescribed by applicable law, such properly completed and executed
documentation prescribed by applicable  law as will permit such payments
to be made without withholding or at a reduced rate.

     (vii)   If  the  U.S.  Internal  Revenue   Service   or  any  other
governmental authority of the United States or any other country  or any
political  subdivision  thereof  asserts  a claim that the Agent did not
properly withhold tax from amounts paid to  or  for  the  account of any
Lender  (because  the  appropriate  form  was  not delivered or properly
completed, because such Lender failed to notify the Agent of a change in
circumstances which rendered its exemption from withholding ineffective,
or for any other reason), such Lender shall indemnify  the  Agent  fully
for  all  amounts  paid,  directly  or  indirectly, by the Agent as tax,
withholding therefor, or otherwise, including  penalties  and  interest,
and  including  taxes imposed by any jurisdiction on amounts payable  to
the Agent under this  subsection,  together  with all costs and expenses
related thereto (including attorneys fees and  time charges of attorneys
for  the Agent, which attorneys may be employees  of  the  Agent).   The
obligations of the Lenders under this Section 3.5(vii) shall survive the
payment of the Obligations and termination of this Agreement.

     3.6. LENDER  STATEMENTS;  SURVIVAL  OF  INDEMNITY.  To  the  extent
reasonably  possible,  each  Lender shall designate an alternate Lending
Installation  with  respect  to  its  Eurodollar  Loans  to  reduce  any
liability of the Borrower to such Lender under Sections 3.1, 3.2 and 3.5
or to avoid the unavailability of Eurodollar Advances under Section 3.3,
so long as such designation is not,  in  the  judgment  of  such Lender,
disadvantageous  to  such  Lender.  Each Lender shall deliver a  written
statement of such Lender to  the  Borrower (with a copy to the Agent) as
to the amount due, if any, under Section  3.1,  3.2,  3.4  or 3.5.  Such
written  statement shall set forth in reasonable detail the calculations
upon which  such  Lender  determined  such  amount  and  shall be final,
conclusive and binding on the Borrower in the absence of manifest error.
Determination of amounts payable under such Sections in connection  with
a  Eurodollar  Loan shall be calculated as though each Lender funded its
Eurodollar Loan  through  the  purchase  of  a  deposit  of the type and
maturity corresponding to the deposit used as a reference in determining
the Eurodollar Rate applicable to such Loan, whether in fact that is the
case or not.  Unless otherwise provided herein, the amount  specified in
the  written  statement  of any Lender shall be payable on demand  after
receipt by the Borrower of  such  written statement.  The obligations of
the Borrower under Sections 3.1, 3.2,  3.4 and 3.5 shall survive payment
of the Obligations and termination of this Agreement.

     3.7.  REPLACEMENT OF LENDER.  If the  Borrower is required pursuant
to Section 3.1, 3.2 or 3.5 to make any additional  payment to any Lender
or  if  any  Lender's  obligation  to  make or continue, or  to  convert
Floating  Rate Advances into, Eurodollar  Advances  shall  be  suspended
pursuant to  Section  3.3 (any Lender so affected an "Affected Lender"),
the Borrower may elect,  if  such amounts continue to be charged or such
suspension is still effective,  to  replace  such  Affected  Lender as a
Lender  party  to  this Agreement, PROVIDED that no Default or Unmatured
Default shall have occurred  and  be  continuing  at  the  time  of such
replacement,   and   PROVIDED   FURTHER  that,  concurrently  with  such
replacement,  (i)  another bank or  other  entity  which  is  reasonably
satisfactory to the Borrower and the Agent shall agree, as of such date,
to purchase for cash  the  Advances  and  other  Obligations  due to the
Affected Lender pursuant to an assignment substantially in the  form  of
EXHIBIT  B  and to become a Lender for all purposes under this Agreement
and to assume all obligations of the Affected Lender to be terminated as
of such date  and  to  comply  with  the  requirements  of  Section 12.3
applicable  to  assignments,  and  (ii)  the Borrower shall pay to  such
Affected Lender in same day funds on the day of such replacement (A) all
interest,  fees  and  other  amounts then accrued  but  unpaid  to  such
Affected Lender by the Borrower  hereunder  to and including the date of
termination, including without limitation payments  due to such Affected
Lender under Sections 3.1, 3.2 and 3.5, and (B) an amount, if any, equal
to the payment which would have been due to such Lender  on  the  day of
such replacement under Section 3.4 had the Loans of such Affected Lender
been prepaid on such date rather than sold to the replacement Lender.

                               ARTICLE IV

                          CONDITIONS PRECEDENT

     4.1. INITIAL  ADVANCE.   The  Lenders shall not be required to make
the initial Advance hereunder unless  the  Borrower has furnished to the
Agent  and,  if required by the Agent, with sufficient  copies  for  the
Lenders (or has otherwise satisfied the Agent):

     (i)  Copies  of  the  articles of incorporation of the Borrower and
          the  corresponding   organization  documents  of  all  of  its
          Domestic Subsidiaries,  together  with  all  amendments,  each
          certified by the Secretary or Assistant secretary of Borrower,
          and  a  certificate  of good standing for the Borrower and its
          Subsidiaries, each certified  by  the appropriate governmental
          officer in its jurisdiction of incorporation,  and  copies  of
          the  articles  of  incorporation  of  any  foreign Subsidiary,
          together  with  all amendments certified by the  secretary  of
          said Subsidiary.

     (ii) Copies, certified  by  the Secretary or Assistant Secretary of
          the Borrower and the authorized person for each Subsidiary, of
          its Board of Directors'  resolutions  or consent of members or
          partners,  and of resolutions or actions  of  any  other  body
          authorizing  the  execution of the Loan Documents to which the
          Borrower or any Subsidiary is a party.

    (iii) An  incumbency  certificate,  executed  by  the  Secretary  or
          Assistant Secretary  of  the Borrower, which shall identify by
          name  and  title  of the Authorized  Officers  and  any  other
          officers of the Borrower authorized to sign the Loan Documents
          to which the Borrower  is  a party, upon which certificate the
          Agent and the Lenders shall be entitled to rely until informed
          of any change in writing by the Borrower.

     (iv) This Agreement executed by the Borrower, Agent and Lenders.

      (v) Any  Notes  requested by a Lender  pursuant  to  Section  2.13
          payable to the order of each such requesting Lender.

     (vi) The Collateral  Documents  executed by the Borrower and/or all
          of  its  Domestic  Subsidiaries,   together   with  the  stock
          certificates affected by the security interests  described  in
          Section 2.19.

    (vii) A  written opinion of the Borrower's counsel, addressed to the
          Lenders, in form and substance satisfactory to the Agent.

   (viii) Audited consolidated financial statements of the Borrower and
          its  Subsidiaries for the fiscal year ended December 31, 1999,
          accompanied  by  the  unqualified  opinion  of  the Borrower's
          independent   certified   public   accountants;   and  interim
          unaudited  consolidated  financial statements of the  Borrower
          and its Subsidiaries for the  fiscal  quarters ended March 31,
          2000 and June 30, 2000 certified by the  Authorized Officer of
          the Borrower, prepared in accordance with GAAP.

     (ix) Pro forma opening financial statements and  projections of the
          Borrower giving effect to all completed acquisitions  and  the
          closing  of  the  Loan,  together with such information as the
          Agent may reasonably require  to  confirm  the  tax, legal and
          business assumptions made in the financial statements provided
          to the Agent.

      (x) Lien searches covering the Collateral evidencing  no  liens or
          encumbrances  against  the  Collateral,  except  for liens and
          encumbrances securing Indebtedness that will be refinanced  in
          full  with  the  proceeds of the initial Advances on the Loans
          and for Permitted Liens.

     (xi) Written money transfer instructions addressed to the Agent and
          signed by an Authorized  Officer,  together  with  such  other
          related  money  transfer  authorizations as the Agent may have
          reasonably requested.

    (xii) One or more insurance certificates  evidencing  the  insurance
          required  to  be  maintained  by the Borrower and the Domestic
          Subsidiaries  pursuant to this Agreement  and  the  Collateral
          Documents.

   (xiii) Copies of all  environmental  reports  or surveys relating to
          immovable   (real)   property   of   the  Borrower   and   its
          Subsidiaries, to the extent in the possession  of the Borrower
          or its Subsidiaries.

    (xiv) For  any  Collateral that constitutes documented vessels:  (a)
          appraisals  or surveys of fair market value, and (b) abstracts
          of title, all in form and substance satisfactory to the Agent.

     (xv) Certificate of  an  Authorized  Officer of the Borrower to the
          effect  that  (a) there has been no  Material  Adverse  Effect
          since December  31,  1999  and  (b)  on  the  Closing  Date no
          Unmatured Default or Default exists.

    (xvi) Such  other  documents  as  any Lender or its counsel may have
          reasonably requested.

   (xvii) Immediately following the initial  Advances  on  the Loans on
          the Closing Date, the Borrower will continue to have  at least
          $30,000,000   of   availability   under   the  Revolving  Loan
          Commitment.

     4.2. EACH ADVANCE.  The Lenders shall not (except  as otherwise set
forth in Section 2.2.5 with respect to Revolving Loans for  the  purpose
of repaying Swing Line Loans) be required to make any Advance unless  on
the applicable Borrowing Date:

       (i) There exists no Default or Unmatured Default.

      (ii) The representations and warranties contained in Article V are
           true  and  correct  in  all  material  respects  as  of  such
           Borrowing Date except to the extent any  such  representation
           or warranty is stated to relate solely to an earlier date, in
           which case such representation  or  warranty  shall have been
           true and correct in all material  respects  on and as of such
           earlier date.

     (iii) All matters incident to the making of such Advance  shall  be
           satisfactory to the Lenders and their counsel.

     (iv)  No Material Adverse  Effect  relating to the Borrower and its
           Subsidiaries has occurred since the  Closing Date or the date
           of  any  financial  statements  of  the  Borrower   submitted
           subsequent to the Closing Date.

     Each Borrowing  Notice and each Conversion/Continuation Notice with
respect  to each such Advance  shall  constitute  a  representation  and
warranty by  the  Borrower  that  the  conditions  contained in Sections
4.2(i) and (ii) have been satisfied.

                               ARTICLE V

                     REPRESENTATIONS AND WARRANTIES

     The Borrower represents and warrants to the Lenders that:

     5.1. EXISTENCE  AND  STANDING.  The Borrower is a  corporation  and
each  of  its Subsidiaries is  a  corporation,  partnership  or  limited
liability company  duly  and  properly incorporated or organized, as the
case may be, validly existing and (to the extent such concept applies to
such entity) in good standing under  the  laws  of  its  jurisdiction of
incorporation or organization and has all requisite authority to conduct
its  business  in each jurisdiction in which its business is  conducted,
except where such  failure  could  not  reasonably be expected to have a
Material Adverse Effect.

     5.2. AUTHORIZATION AND VALIDITY.  Each  of  the  Borrower  and  its
Subsidiaries  has the power and authority and legal right to execute and
deliver the Loan  Documents  to  which  it is a party and to perform its
obligations thereunder.  The execution and  delivery by the Borrower and
its Subsidiaries of the Loan Documents to which  it  is  a party and the
performance  of its obligations thereunder have been duly authorized  by
proper corporate or company proceedings, and the Loan Documents to which
the Borrower and its Subsidiaries is a party constitute legal, valid and
binding obligations  of  the  Borrower  and its Subsidiaries enforceable
against  the  Borrower and its Subsidiaries  in  accordance  with  their
terms, except as enforceability may be limited by bankruptcy, insolvency
or  similar  laws   affecting   the  enforcement  of  creditors'  rights
generally.

     5.3. NO CONFLICT; GOVERNMENT  CONSENT.   Neither  the execution and
delivery by the Borrower and its Subsidiaries of the Loan  Documents  to
which  it  is  a party, nor the consummation of the transactions therein
contemplated, nor  compliance  with  the provisions thereof will violate
(i) any law, rule, regulation, order, writ, judgment, injunction, decree
or award binding on the Borrower or any  of its Subsidiaries or (ii) the
Borrower's or any Subsidiary's articles or certificate of incorporation,
partnership   agreement,   certificate  of  partnership,   articles   or
certificate of organization,  by-laws,  or operating or other management
agreement, as the case may be, or (iii) the provisions of any indenture,
instrument or agreement to which the Borrower or any of its Subsidiaries
is a party or is subject, or by which it,  or its Property, is bound, or
conflict  with  or constitute a default thereunder,  or  result  in,  or
require, the creation  or  imposition  of  any  Lien  in,  of  or on the
Property  of  the Borrower or a Subsidiary pursuant to the terms of  any
such indenture, instrument or agreement, except where such failure could
not reasonably be expected to have a Material Adverse Effect.  No order,
consent, adjudication,  approval,  license, authorization, or validation
of, or filing, recording or registration with, or exemption by, or other
action in respect of any governmental  or  public  body or authority, or
any subdivision thereof, which has not been obtained  by the Borrower or
any of its Subsidiaries, is required to be obtained by  the  Borrower or
any of its Subsidiaries in connection with the execution and delivery of
the  Loan Documents, the Advances under this Agreement, the payment  and
performance  by the Borrower of the Secured Obligations or the legality,
validity, binding effect or enforceability of any of the Loan Documents.

     5.4. FINANCIAL  STATEMENTS.   The audited December 31, 1999 and the
unaudited March 31, 2000 and June 30,  2000  financial statements of the
Borrower and its Subsidiaries heretofore delivered  to  the Lenders were
prepared in accordance with generally accepted accounting  principles in
effect on the date such statements were prepared and fairly  present the
consolidated financial condition and operations of the Borrower  and its
Subsidiaries  at  such  date  and  the  consolidated  results  of  their
operations for the period then ended.

     5.5. MATERIAL  ADVERSE  CHANGE.  Since December 31, 1999  there has
been  no  change  in  the  business,   Property,   prospects,  condition
(financial or otherwise) or results of operations of  the  Borrower  and
its  Subsidiaries,  taken as a whole, which could reasonably be expected
to have a Material Adverse Effect.

     5.6. TAXES.  The Borrower and its Subsidiaries have filed or caused
to be filed all United States federal tax returns or extensions relating
thereto and all other  tax  returns  which  are required to be filed and
have  paid all taxes due pursuant to said returns  or  pursuant  to  any
assessment  received  by the Borrower or any of its Subsidiaries, except
such taxes, if any, as are being contested in good faith and as to which
adequate reserves have  been  provided in accordance with GAAP and as to
which no Lien exists.  The United  States  income  tax  returns  of  the
Borrower  and  its Subsidiaries have been closed by the Internal Revenue
Service through  the  fiscal  year  ended  ______________, ____.  No tax
liens  have  been filed with respect to any such  taxes.   The  charges,
accruals and reserves  on the books of the Borrower and its Subsidiaries
in respect of any taxes or other governmental charges are adequate.

     5.7. LITIGATION AND CONTINGENT OBLIGATIONS. There is no litigation,
arbitration, governmental  investigation,  proceeding or inquiry pending
or,  to the knowledge of any of their officers,  threatened  against  or
affecting the Borrower or any of its Subsidiaries which could reasonably
be expected to have a Material Adverse Effect or which seeks to prevent,
enjoin  or  delay  the  making  of  any Loans.  Other than any liability
incident to any litigation, arbitration  or  proceeding  which could not
reasonably be expected to have a Material Adverse Effect,  the  Borrower
has no material contingent obligations not provided for or disclosed  in
the  financial  statements  referred  to  in  Section  5.4,  except  for
Additional  Contingent  Consideration  that may be payable in connection
with an Acquisition.

     5.8. SUBSIDIARIES.  SCHEDULE 3 contains  an  accurate  list  of all
Subsidiaries of the Borrower as of the Closing Date, setting forth their
respective  jurisdictions  of  organization  and the percentage of their
respective  capital  stock  or other ownership interests  owned  by  the
Borrower or other Subsidiaries.   All  of  the  issued  and  outstanding
shares   of   capital   stock  or  other  ownership  interests  of  such
Subsidiaries have been (to  the  extent  such concepts are relevant with
respect to such ownership interests) duly  authorized and issued and are
fully paid and non-assessable.

     5.9. ERISA.  Each Plan complies in all  material  respects with all
applicable requirements of law and regulations, no Reportable  Event has
occurred  with  respect  to any Plan, and the Borrower has not withdrawn
from any Plan or initiated  steps to do so, and no steps have been taken
to reorganize or terminate any Plan.

     5.10. ACCURACY OF INFORMATION.   No  information, exhibit or report
furnished by the Borrower or any of its Subsidiaries  in  writing to the
Agent  or  to  any  Lender  in  connection  with the negotiation of,  or
compliance with, the Loan Documents contained  any material misstatement
of  fact or omitted to state a material fact or any  fact  necessary  to
make the statements contained therein not materially misleading.

     5.11.  REGULATION  U.   Margin  stock  (as defined in Regulation U)
constitutes less than 25% of the value of those  assets  of the Borrower
and  its  Subsidiaries  which  are  subject  to any limitation on  sale,
pledge, or other restriction hereunder.

     5.12. MATERIAL AGREEMENTS.  Neither the Borrower  nor  any  of  its
Subsidiaries is a party to any agreement or instrument or subject to any
charter  or  other  corporate  restriction  which  could  reasonably  be
expected  to  have  a  Material  Adverse  Effect  if the Borrower or its
Subsidiaries complies with the terms thereof.  Neither  the Borrower nor
any of its Subsidiaries is in default in the performance,  observance or
fulfillment of any of the obligations, covenants or conditions contained
in  (i)  any  agreement  to  which  it  is  a party, which default could
reasonably be expected to have a Material Adverse  Effect  or  (ii)  any
agreement or instrument evidencing or governing Indebtedness.

     5.13.  COMPLIANCE  WITH  LAWS.  To the best of the knowledge of the
officers  of  the  Borrower,  the Borrower  and  its  Subsidiaries  have
complied with all laws, rules,  regulations,  orders and restrictions of
any  domestic  or  foreign government or any instrumentality  or  agency
thereof  having  jurisdiction  over  the  conduct  of  their  respective
businesses or the  ownership  of  their  respective Property, including,
without limitation, Regulation U, T and X  of  the Board of Governors of
the Federal Reserve System, and all Environmental  Laws,  except for any
failure  to comply with any of the foregoing which could not  reasonably
be expected to have a Material Adverse Effect.

     5.14.  OWNERSHIP OF PROPERTIES.  On the date of this Agreement, the
Borrower and/or its Subsidiaries will have good title, free of all Liens
other than Permitted  Liens, to all of the Property and assets reflected
in the Borrower's most recent consolidated financial statements provided
to the Agent as owned by the Borrower and/or its Subsidiaries, excluding
sales in the ordinary course since that date.

     5.15. PLAN ASSETS; PROHIBITED TRANSACTIONS.  The Borrower is not an
entity deemed to hold "plan  assets"  within  the  meaning  of 29 C.F.R.
<section> 2510.3-101 of an employee benefit plan (as defined  in Section
3(3) of ERISA) which is subject to Title I of ERISA or any plan  (within
the  meaning of Section 4975 of the Code), and neither the execution  of
this Agreement  nor  the  making  of  Loans  hereunder  gives  rise to a
prohibited  transaction  within  the meaning of Section 406 of ERISA  or
Section 4975 of the Code.

     5.16.  ENVIRONMENTAL  MATTERS.   In  the  ordinary  course  of  its
business,  the  officers  of  the   Borrower   consider  the  effect  of
Environmental Laws on the business of the Borrower and its Subsidiaries,
in the course of which they identify and evaluate  potential  risks  and
liabilities  accruing to the Borrower due to Environmental Laws.  On the
basis of this consideration, the Borrower has concluded that it is aware
of no non-compliance  with  the Environmental Laws that could reasonably
be expected to have a Material Adverse Effect.  Neither the Borrower nor
any of its Subsidiaries has received  any  notice to the effect that its
operations are not in material compliance with  any  of the requirements
of applicable Environmental Laws or are the subject of  any  federal  or
state  investigation evaluating whether any remedial action is needed to
respond  to  a release of any toxic or hazardous waste or substance into
the  environment,   which   non-compliance   or  remedial  action  could
reasonably be expected to have a Material Adverse Effect.

     5.17. INVESTMENT COMPANY ACT.  Neither the  Borrower nor any of its
Subsidiaries is an "investment company" or a company  "controlled" by an
"investment company", within the meaning of the Investment  Company  Act
of 1940, as amended.

     5.18. PUBLIC UTILITY HOLDING COMPANY ACT.  Neither the Borrower nor
any of its Subsidiaries is a "holding company" or a "subsidiary company"
of a "holding company", or an "affiliate" of a "holding company" or of a
"subsidiary  company"  of a "holding company", within the meaning of the
Public Utility Holding Company Act of 1935, as amended.

     5.19.  SOLVENCY.  (i)  Immediately  after  the  consummation of the
transactions to occur on the date hereof and immediately  following  the
making  of  each  Loan, if any, made on the date hereof and after giving
effect to the application  of  the  proceeds of such Loans, (a) the fair
value  of  the  assets  of  the  Borrower  and  its  Subsidiaries  on  a
consolidated  basis,  at a fair valuation, will  exceed  the  debts  and
liabilities, subordinated,  contingent or otherwise, of the Borrower and
its Subsidiaries on a consolidated  basis; (b) the present fair saleable
value  of  the  Property  of the Borrower  and  its  Subsidiaries  on  a
consolidated basis will be greater than the amount that will be required
to pay the probable liability  of the Borrower and its Subsidiaries on a
consolidated basis on their debts  and  other liabilities, subordinated,
contingent  or  otherwise, as such debts and  other  liabilities  become
absolute and matured;  (c)  the  Borrower  and  its  Subsidiaries  on  a
consolidated  basis  will  be  able  to pay their debts and liabilities,
subordinated, contingent or otherwise,  as  such  debts  and liabilities
become  absolute and matured; and (d) the Borrower and its  Subsidiaries
on a consolidated  basis  will  not have unreasonably small capital with
which  to conduct the businesses in  which  they  are  engaged  as  such
businesses  are now conducted and are proposed to be conducted after the
date hereof.   The  Borrower does not intend to, or to permit any of its
Subsidiaries to, and does not believe that it or any of its Subsidiaries
will, incur debts beyond  its  ability to pay such debts as they mature,
taking into account the timing of  and amounts of cash to be received by
it or any such Subsidiary and the timing  of  the  amounts of cash to be
payable on or in respect of its Indebtedness or the  Indebtedness of any
such Subsidiary.

                               ARTICLE VI

                               COVENANTS

     During  the  term  of  this Agreement, unless the Required  Lenders
shall otherwise consent in writing:

     6.1. FINANCIAL REPORTING.   The  Borrower will maintain, for itself
and  for  each  Subsidiary,  a  system  of  accounting  established  and
administered in accordance with GAAP, and furnish to the Lenders:

     (i)  Within  90  days  after the close of each  of  the  Borrower's
          fiscal years, an unqualified  audit  report  certified by KPMG
          LLP or independent certified public accountants  acceptable to
          the  Agent, prepared in accordance with GAAP on a consolidated
          basis  for  Borrower  and  its Subsidiaries, including balance
          sheets as of the end of such  period,  related profit and loss
          statement,  statement  of changes in shareholders  equity  and
          statement  of  cash  flows  (but  excluding  any  work  papers
          relating  thereto),  accompanied  by  a  certificate  of  said
          accountants that, in the course of their examination necessary
          for their certification  of  the foregoing, they have obtained
          no knowledge of any Default or  Unmatured  Default,  or if, in
          the  opinion  of  such  accountants,  any Default or Unmatured
          Default shall exist, stating the nature and status thereof.

     (ii) Within 45 days after the close of each  of  Borrower's  fiscal
          quarters  of  the Borrower and its Subsidiaries,  consolidated
          unaudited balance  sheets  as  at  the  close  of  each fiscal
          quarter  and consolidated profit and loss statements  for  the
          period from  the  beginning  of such fiscal year to the end of
          such quarter, all certified by its chief financial officer.

    (iii) Together with the financial statements required under Sections
          6.1(i) and (ii), a Compliance Certificate.

     (iv) Within 20 days after the end of  each  month, a Borrowing Base
          Certificate with respect to the Borrower and its Subsidiaries,
          accompanied  by  such supporting detail and  documentation  as
          shall be requested by the Agent.

      (v) Within 20 days after  the  close  of each of Borrower's fiscal
          quarters, an accounts receivable aging report for the Borrower
          and its Subsidiaries as of the close  of such quarter, in form
          and substance satisfactory to the Agent  (including  notations
          indicating which accounts receivable are supported by  letters
          of  credit  issued or confirmed by banks located in the United
          States).

     (vi) As soon as available,  but  in any event within 30  days after
          the  beginning  of  Borrower's fiscal  year,  a  copy  of  the
          operating plan (including  a  projected  balance sheet, income
          statements and funds flow statement) of the  Borrower  and its
          Subsidiaries  for each fiscal quarter of such fiscal year  and
          for  such fiscal year as a whole, including a statement of all
          material assumptions on which such plan is based.

    (vii) As soon  as possible and in any event within 10 days after the
          Borrower has  actual  knowledge  that any Reportable Event has
          occurred with respect to any Plan,  a  statement  signed by an
          Authorized Officer of the Borrower, describing said Reportable
          Event and the action which the Borrower proposes to  take with
          respect thereto.

   (viii) As  soon  as  possible  and in  any event within 10 days after
          receipt by the Borrower, a  copy of (a) any notice or claim to
          the effect that the Borrower  or any of its Subsidiaries is or
          may be liable to any Person as  a result of the release by the
          Borrower, any of its Subsidiaries,  or any other Person of any
          toxic or hazardous waste or substance  into  the  environment,
          and  (b)  any  notice  alleging  any violation of any federal,
          state  or  local  environmental,  health   or  safety  law  or
          regulation by the Borrower or any of its Subsidiaries,  which,
          in  either  case,  could  reasonably  be  expected  to  have a
          Material Adverse Effect.

     (ix) Promptly  upon  the furnishing thereof to the shareholders  of
          the Borrower, copies  of all financial statements, reports and
          proxy statements so furnished.

      (x) Promptly upon the filing  thereof,  copies of all registration
          statements  and annual, quarterly, monthly  or  other  regular
          reports which  the  Borrower  or any of its Subsidiaries filed
          with the Securities and Exchange Commission.

     (xi) Such other information (including  non-financial  information)
          as  the  Agent  or any Lender may from time to time reasonably
          request.

     6.2. USE OF PROCEEDS.   The  Borrower  will,  and  will  cause each
Subsidiary  to  use  the  proceeds  of the Loans for one or more of  the
following: (i) to refinance existing  indebtedness  of  the Borrower and
its  Subsidiaries  existing  on  the  Closing  Date,  (ii)  for  Capital
Expenditures and Acquisitions permitted by this Agreement, and (iii) for
general corporate purposes.

     6.3. NOTICE  OF  DEFAULT.  The Borrower will (a) give prompt notice
in writing to the Lenders  of the occurrence of any Default or Unmatured
Default and of any other development,  financial  or  otherwise,   which
could reasonably be expected to have a Material Adverse Effect, and  (b)
promptly  advise  by  written  notice  to  the  Agent  of  any  material
inaccuracy  in  any  representation  or warranty set forth in Article  V
which occurs due to events or circumstances  arising  after  the Closing
Date (whether or not the subject of such inaccuracy could reasonably  be
expected to cause or give rise to a Material Adverse Effect).

     6.4. CONDUCT  OF  BUSINESS.  The Borrower will, and will cause each
of  its  Subsidiaries  to,   carry   on  and  conduct  its  business  in
substantially  the  same  manner  and  in the  same  general  fields  of
enterprise as it is presently conducted  and  do all things necessary to
remain  duly incorporated or organized, validly  existing  and  (to  the
extent such  concept  applies  to  such  entity)  in  good standing as a
corporation,   partnership   or   limited   liability  company  in   its
jurisdiction of incorporation or organization,  as  the case may be, and
maintain  all  requisite  authority  to  conduct  its business  in  each
jurisdiction in which its business is conducted, where the failure to do
so could not reasonably be expected to have a Material Adverse Effect.

     6.5. TAXES.   The  Borrower  will,  and  will  cause  each  of  its
Subsidiaries to, timely file complete and to the best  of the Borrower's
knowledge. correct United States federal and applicable  foreign,  state
and  local  tax  returns  required  by  law  and pay when due all taxes,
assessments and governmental charges and levies  upon  it or its income,
profits  or Property, or extensions relating thereto, except  where  the
failure to  do  so  could  not reasonably be expected to have a Material
Adverse Effect, and except those which are being contested in good faith
by appropriate proceedings and  with  respect to which adequate reserves
have been set aside in accordance with GAAP.

     6.6. INSURANCE.  The Borrower will,  and  will  cause  each  of its
Subsidiaries to, maintain with financially sound and reputable insurance
companies  insurance  on all their Property in such amounts and covering
such  risks  as  is consistent  with  sound  business  practice,  or  as
otherwise provided  in  the  Collateral Documents, and the Borrower will
furnish to any Lender upon request  full information as to the insurance
carried.

     6.7. COMPLIANCE  WITH  LAWS;  ENVIRONMENTAL   MATTERS.    (a)   The
Borrower will, and will cause each of its Subsidiaries to, comply in all
material  respects  with  all  laws,  rules, regulations, orders, writs,
judgments, injunctions, decrees or awards  to  which  it or its Property
may be subject including, without limitation, Regulations U, T, and X of
the  Board  of  Governors  of  the  Federal  Reserve  System,  and  also
including, without limitation, ERISA and Environmental Laws.

     (b) The Borrower will, and will cause each of its Subsidiaries  to,
and  will use its reasonable best efforts to cause each of their agents,
contractors  and  sub-contractors  (while such Persons are acting within
the scope of their contractual relationship  with  the  Borrower  or the
Subsidiaries)  to  comply  in  all material respects with all applicable
Environmental Laws, and to prevent  the unauthorized release, discharge,
disposal,  escape  or spill of hazardous  substances  on  or  about  the
properties owned or operated by the Borrower or the Subsidiaries.

     6.8. MAINTENANCE  OF PROPERTIES.  The Borrower will, and will cause
each of its Subsidiaries  to,  do  all  things  reasonably  necessary to
maintain,  preserve,  protect  and  keep  its  Property  in good repair,
working order and condition in light of the uses for such  Property, and
make all necessary and proper repairs, renewals and replacements so that
its  business  carried  on  in  connection  therewith  may  be  properly
conducted at all times.

     6.9. INSPECTION.   The  Borrower  will, and will cause each of  its
Subsidiaries to, permit the Agent and the  Lenders,  by their respective
representatives  and agents, to inspect any of the Property,  books  and
financial records  of  the  Borrower  and  each  of its Subsidiaries, to
examine  and  make copies of the books of accounts and  other  financial
records of the Borrower and each of its Subsidiaries, and to discuss the
affairs,  finances  and  accounts  of  the  Borrower  and  each  of  its
Subsidiaries with, and to be advised as to the same by, their respective
officers at  such  reasonable  times  and  intervals,  subject  to prior
reasonable notice and during business hours,  as the Agent or any Lender
may designate.

     6.10. DIVIDENDS.  The Borrower will not, nor will it permit  any of
its   Subsidiaries  to,  declare  or  pay  any  dividends  or  make  any
distributions  on its capital stock (other than dividends payable in its
own capital stock)  or redeem, repurchase or otherwise acquire or retire
any of its capital stock  at  any  time  outstanding,  except  that  any
Subsidiary  may  declare  and pay dividends or make distributions to the
Borrower or to a Wholly-Owned Subsidiary.

     6.11. INDEBTEDNESS.  The  Borrower will not, nor will it permit any
of  its  Subsidiaries  to,  create,   incur   or  suffer  to  exist  any
Indebtedness, except:

      (i) The Loans.

     (ii) Indebtedness   arising  under  Rate  Management   Transactions
          related to the Loans.

    (iii) Trade  credit or  other  contractual  obligations  to  acquire
          goods, supplies,  and services, including, without limitation,
          obligations  incurred   to   employees  for  compensation  for
          services  rendered  in the ordinary  course  of  business,  or
          merchandise on terms similar to those granted to purchasers in
          similar lines of business  as Borrower or its Subsidiaries and
          incurred in the ordinary course of business.

     (iv) Rental payments on Operating Leases.

      (v) Deferred taxes.

     (vi) Unfunded  pension  fund  and  other   employee   benefit  plan
          obligations and liabilities, but only to the extent  they  are
          permitted to remain unfunded under applicable law.

    (vii) Endorsements  for  collection,  deposits  or  negotiation  and
          warranties  or  products or services, in each case incurred in
          the ordinary course of business.

   (viii) Indebtedness in  respect  of  performance,  surety  or appeal
          bonds  obtained  in  the ordinary course of Borrower's or  any
          Subsidiary' business.

     (ix) Indebtedness from the  Borrower in favor of one or more of its
          Subsidiaries or from one  or more of its Subsidiaries in favor
          of the Borrower or one or more of the Subsidiaries in favor of
          one or more of the other Subsidiaries.

      (x) Indebtedness  representing  the   unpaid   purchase  price  of
          equipment  used  in  the  operations of the Borrower  and  its
          Subsidiaries up to the aggregate  amount  of $5,000,000 at any
          one time.

     (xi) Indebtedness  incurred in connection with the  acquisition  or
          leasing of motor vehicles used by employees or representatives
          of the Borrower and its Subsidiaries in the ordinary course of
          business, up to  the aggregate amount of $6,000,000 at any one
          time.

    (xii) Additional Contingent  Consideration  incurred by the Borrower
          or any Subsidiary in connection with a Permitted Acquisition.

   (xiii) Indebtedness not described in clauses (i) through (xii) above
          existing on the Closing Date as set forth on SCHEDULE 5 hereto

    (xiv) Other unsecured Indebtedness not exceeding  $5,000,000  in the
          aggregate principal amount outstanding at any time.

     (xv) Indebtedness  incurred  or  assumed  by  the  Borrower and its
          Subsidiaries as a result of a Permitted Acquisition  (a)  that
          is  unsecured  or  secured  only  by  collateral consisting of
          property,  plant  and  equipment of the acquired  business  or
          entity that was provided  by  such business or entity prior to
          the consummation of any such Permitted  Acquisition,  and  (b)
          that  was  not  incurred in anticipation of any such Permitted
          Acquisition, not exceeding $5,000,000 in the aggregate.

    (xvi) Indebtedness guaranteed  by  the Maritime Administration under
          Title XI of the Merchant Marine  Act  of 1946, as amended, for
          the construction of liftboats, up to the  aggregate  principal
          amount of $45,000,000.

   (xvii) The refinancing of any Indebtedness described in the foregoing
          Section 6.11(i) through (xvi).

     6.12. MERGER.  The Borrower will not, nor will it permit any of its
Subsidiaries to, merge or consolidate  with  or  into  any other Person,
except that a Subsidiary may merge into the Borrower or  a  Wholly-Owned
Subsidiary,  the Borrower or a Subsidiary may merge with another  Person
to affect an Acquisition permitted by Section 6.14.

     6.13. SALE  OF  ASSETS.   The Borrower will not, nor will it permit
any of its Subsidiaries to, lease,  sell  or  otherwise  dispose  of its
Property to any other Person, except:

     (i)  Sales of inventory in the ordinary course of business.

    (ii)  Leases,  sales  or  other  dispositions  of its Property that,
          together  with  all  other  Property  of  the Borrower and its
          Subsidiaries  previously  leased, sold or disposed  of  (other
          than  inventory  in  the  ordinary   course  of  business)  as
          permitted  by  this  Section  during  the twelve-month  period
          ending with the month in which any such  lease,  sale or other
          disposition occurs, do not constitute a Substantial Portion of
          the Property of the Borrower and its Subsidiaries,  taken as a
          whole.

   (iii)  Transfers of Property among the Borrower and its Subsidiaries.

    (iv)  A  sale  of  assets which are promptly replaced thereafter  by
          assets of a similar type and value, or otherwise useful in the
          business of the Borrower or one of the Subsidiaries.

     (v)  Obsolete or worn-out  equipment sold in the ordinary course of
          business.

     6.14. INVESTMENTS.  The Borrower  will  not, nor will it permit any
of its Subsidiaries to, make or suffer to exist any Investments, except:

     (i)  Cash Equivalent Investments.

     (ii) Advances or Investments by the Borrower  in  or  to any one or
          more  of  its Subsidiaries or by any Subsidiary in or  to  the
          Borrower or any other Subsidiary.

    (iii) Acquisition  of current assets or liabilities arising from the
          sale or lease  or  goods,  the   rendition  of services or the
          extension of credit in the ordinary course of  business of the
          Borrowers and its Subsidiaries, including, without limitation,
          investments  in accounts, contract rights, chattel  paper  and
          notes receivable.

     (iv) Advances to officers,  shareholders, and employees of Borrower
          not to exceed $500,000 in the aggregate at any one time.

      (v) Rate Management Obligations in favor of any Lender.

     (vi) Investments in Subsidiaries  and other Investments existing on
          the Closing Date and described on SCHEDULE 6.

    (vii) Permitted Acquisitions.

   (viii) Strategic investments, including  without  limitation,  joint
          venture  arrangements,  loans and loans convertible to equity,
          up to an aggregate, at any one time, of $10,000,000.

     6.15. LIENS.  The Borrower will  not, nor will it permit any of its
Subsidiaries to, create, incur, or suffer to exist any Lien in, of or on
the Property of the Borrower or any of  its Subsidiaries, except for the
following (collectively, the "Permitted Liens"):

     (i)  Liens for taxes, assessments or governmental charges or levies
          on its Property if the same are  being contested in good faith
          and by appropriate proceedings and for which adequate reserves
          in  accordance with GAAP shall have  been  set  aside  on  its
          books.

     (ii) Liens  imposed  by  law, such as carriers', warehousemen's and
          mechanics'  liens and  other  similar  liens  arising  in  the
          ordinary  course   of   business   which   secure  payment  of
          obligations not more than 90 days past due or  which are being
          contested  in  good faith by appropriate proceedings  and  for
          which adequate reserves  shall  have  been  set  aside  on its
          books.

    (iii) Liens  arising  out  of  pledges  or  deposits  under worker's
          compensation  laws, unemployment insurance, old age  pensions,
          or other social  security  or  retirement benefits, or similar
          legislation.

     (iv) Utility  easements,  building  restrictions   and  such  other
          encumbrances  or  charges against real property as  are  of  a
          nature generally existing  with  respect  to  properties  of a
          similar  character and which do not in any material way affect
          the marketability  of  the  same  or  interfere  with  the use
          thereof in the business of the Borrower or its Subsidiaries.

     (v)  Liens  in  favor of the Agent, for the benefit of the Lenders,
          granted pursuant to any Collateral Document.

     (vi) Liens  constituting   purchase  money  security  interests  in
          equipment securing Indebtedness permitted by Section 6.11 (x).

    (vii) Liens  constituting  security   interests  in  motor  vehicles
          securing Indebtedness permitted by Section 6.11(xi).

   (viii) Attachment,  judgment  and other similar,  non-tax  Liens  in
          connection with court proceedings, but only if and for so long
          as the execution or other  enforcement  of  such  Liens is and
          continues to be effectively stayed and bonded on appeal  in  a
          manner  reasonably satisfactory to Lenders for the full amount
          of such Liens,  the  validity and amount of the claims secured
          thereby are being actively  contested  in  good  faith  and by
          appropriate  lawful  proceedings,  such  Liens  do not, in the
          aggregate,  materially detract from the value of the  Property
          of the Borrower  or  any  of  its  Subsidiaries  or materially
          impair  the use thereof in the operation of the Borrower's  or
          any of its  Subsidiaries'  business  and  such  Liens  are and
          remain junior in priority to the Liens in favor of the Lender.

     (ix) Liens  not  described  in  clauses  (i)  through  (viii) above
          existing  on  the Closing Date as set forth on  on SCHEDULE  7
          hereto.

     (x)  Other Liens that  secure less than $1,000,000 of Indebtedness,
          provided that such  Liens do not encumber real estate, vessels
          or accounts.

     (xi) Liens in existence on  the  date  of  a Permitted Acquisition,
          securing   Indebtedness  permitted  by  this   Agreement   and
          encumbering  the  assets  of any Subsidiary acquired after the
          date of this Agreement.

    (xii) Liens constituting security  interests  in  liftboats securing
          Indebtedness permitted by Section 6.11(xvi).

   (xiii) Liens permitted by the Required Lenders in writing.

     6.16. ACQUISITIONS. The Borrower will not, and will  not permit any
of  its Subsidiaries to, make any Acquisition of any Person,  except  as
follows:  (i)  the  Acquisition  shall be with the consent of the Person
(non-hostile); (ii) the total consideration  for  the  Acquisition shall
not  exceed  $10,000,000;  (iii) the total consideration (including  all
Additional Contingent Consideration) of all Acquisitions during the term
of  this  Agreement  shall  not  exceed  $30,000,000  in  the  aggregate
(provided,  however,  that the  acquisition  of  International  Snubbing
Services,  Inc.  and  its   affiliates  shall  not  count  against  this
$30,000,000  limit);  (iv)  the  business  and  assets  subject  to  the
Acquisition shall be in the same  line  of  business as the Borrower and
its  Subsidiaries;  (v)  the  location  of  the  corporate   or  company
headquarters  of the Person subject to the Acquisition shall be  in  the
United States of  America  and  less  than  a Substantial Portion of the
assets of the Borrower and the Subsidiaries,  taken  as  a  whole  after
giving effect to the Acquisition, shall be located outside of the United
States  of America at any one time; (vi) at the time of the Acquisition,
no Unmatured  Default and no Default shall exist; (vii) no Default shall
exist as a result  of  the  Acquisition; (viii) in the case of a merger,
the Borrower or a Subsidiary  of  the  Borrower  shall  be the surviving
entity; (ix) immediately following the Acquisition, the Borrower and its
Subsidiaries  shall  be in compliance with all material applicable  laws
and regulations; (x) the  Borrower  and  the affected Subsidiaries shall
grant  a  security  interest in the assets subject  to  the  Acquisition
similar in nature to the Collateral and in the stock membership interest
or partnership interest  in any new Subsidiary in favor of the Agent and
the Lenders in which the Borrower  has  invested  more  than $1,000,000;
(xi)  the  Borrower  shall  submit a legal opinion with respect  to  the
Acquisition to the Agent, in  form and substance reasonably satisfactory
to  the  agent;  (xii)  based on pro  forma  financial  statements,  the
Borrower  shall have at least  $15,000,000  of  availability  under  the
Revolving Loan  Commitment  immediately  following  the Acquisition; and
(xiii)  based  on  pro  forma  financial statements, the Leverage  Ratio
immediately following the Acquisition  shall be at least 0.375 below the
maximum Leverage Ratio required by this  Agreement  at  the  time of the
Acquisition.  If the Borrower desires a waiver or modification of any of
the  foregoing  conditions  in  the  case  of  a particular Acquisition,
approval of the Required Lenders must be obtained;  any  approval  of  a
waiver or modification of a condition for a particular Acquisition shall
not apply to or be binding on the Lenders with respect to any subsequent
Acquisition.

     6.17.   TRANSACTIONS  WITH  AFFILIATES.  The Borrower will not, and
will not permit any of its Subsidiaries  to,  enter into any transaction
(including, without limitation, the purchase or  sale of any Property or
service) with, or make any payment or transfer to,  any Affiliate except
in  the  ordinary  course  of  business  and pursuant to the  reasonable
requirements of the Borrower's or such Subsidiary's  business  and  upon
fair  and  reasonable  terms  no  less favorable to the Borrower or such
Subsidiary  than  the Borrower or such  Subsidiary  would  obtain  in  a
comparable arms-length transaction.

     6.18 APPRAISALS.  At any time following the Closing Date, the Agent
shall have the right  to,   or  the Agent at the request of the Required
Lenders shall, order and obtain appraisals  from a nationally recognized
firm  reasonably  acceptable to the Agent, and  in  form  and  substance
satisfactory to the  Agent, of the fair market value of all of the fixed
assets  (including  property,  plant,  vessels  and  equipment)  of  the
Borrower and its Subsidiaries,  at the Borrower's expense, once prior to
the Revolving Loan Termination Date.   The Borrower shall cooperate with
the  Agent and the appraiser so as to facilitate  the  delivery  of  the
appraisal within 60 days after the Agent's request therefor.

     6.19 FINANCIAL COVENANTS.

     6.19.1  MINIMUM  NET  WORTH.   The Borrower will not permit its Net
Worth, determined as of the end of each  fiscal quarter, to be less than
the sum of (i) $162,643,250, PLUS (ii) 50%  of  positive  Net Income for
such  fiscal  quarter (with no deduction for net losses) beginning  with
the fiscal quarter  ending  September  30,  2000, PLUS (iii) 100% of Net
Equity Proceeds during such fiscal quarter, beginning  with  the  fiscal
quarter ending September 30, 2000.

     6.19.2  MAXIMUM  LEVERAGE  RATIO.  The Borrower will not permit the
ratio (the "Leverage Ratio"), determined  on  a  Pro Forma Basis, of (i)
Indebtedness as of the end of each fiscal quarter to (ii) EBITDA for the
four fiscal quarters ending with such fiscal quarter, to be greater than
the following for the periods indicated:

     PERIOD                             MAXIMUM LEVERAGE RATIO

     Closing Date through and                3.25 to 1.00
     including December 31, 2000

     January 1, 2001 through and             3.00 to 1.00
     including December 31, 2001

     January 1, 2002 and thereafter          2.75 to 1.00

     6.19.3 MINIMUM FIXED CHARGE COVERAGE RATIO.   The Borrower will not
permit the ratio, determined on a Pro Forma Basis as  of the last day of
each fiscal quarter, of (i) EBITDA for the four fiscal  quarters  ending
with  such  fiscal  quarter,  to  (ii) the sum of Interest Expense, PLUS
scheduled principal payments on the  Term Loans (excluding any mandatory
prepayments), PLUS cash Income Taxes actually  paid,  in  each  case for
such four-fiscal quarter period, to be less than 1.50 to 1.00.

     6.19.4 MAXIMUM CAPITAL EXPENDITURES.  The Borrower will not  permit
its Capital Expenditures (on a non-cumulative basis) in any fiscal  year
to  be  greater  than  $35,000,000,  except  that the Borrower may carry
forward  to  the  succeeding  fiscal  year  (but  not  any  fiscal  year
thereafter)  50% of the excess of $35,000,000 over Capital  Expenditures
during a fiscal year.

                              ARTICLE VII

                                DEFAULTS

     The occurrence  of  any  one  or more of the following events shall
constitute a Default:

      7.1. Any representation or warranty  made  or deemed made by or on
behalf of the Borrower or any of its Subsidiaries  to the Lenders or the
Agent  under  or  in connection with this Agreement, any  Loan,  or  any
certificate or information  delivered  in connection with this Agreement
or any other Loan Document shall be materially  false  on the date as of
which made.

       7.2.  Nonpayment  of  any interest or principal on the  Loan,  or
nonpayment of any commitment fee  or  other obligations under any of the
Loan Documents, or nonpayment of any Rate  Management Obligations to any
Lender, or nonpayment of any reimbursement obligations to a Lender under
any  Letter  of Credit, in each case within five  days  after  the  same
becomes due.

      7.3. The  breach by the Borrower of any of the terms or provisions
of Section 6.2, 6.10,  6.11, 6.12, 6.13, 6.14, 6.15, 6.16, 6.17, 6.18 or
6.19.

       7.4. The breach by  the  Borrower  (other  than  a  breach  which
constitutes  a Default under another Section of this Article VII) of any
of the terms or  provisions of this Agreement or any other Loan Document
which is not remedied within 30 days after written notice from the Agent
or any Lender.

      7.5. Failure  of  the  Borrower  or any of its Subsidiaries to pay
when  due  any  Indebtedness  to  any  Person  other  than  the  Lenders
aggregating in excess of $2,000,000 ("Material  Indebtedness");  or  the
default  by  the  Borrower or any of its Subsidiaries in the performance
(beyond the applicable grace period with respect thereto, if any) of any
term, provision or  condition contained in any agreement under which any
such Material Indebtedness  was  created  or  is  governed, or any other
event  shall occur or condition exist, the effect of  which  default  or
event is  to  cause, or to permit the holder or holders of such Material
Indebtedness to cause, such Material Indebtedness to become due prior to
its stated maturity; or any Material Indebtedness of the Borrower or any
of its Subsidiaries  shall be declared to be due and payable or required
to  be prepaid or repurchased  (other  than  by  a  regularly  scheduled
payment) prior to the stated maturity thereof; or the Borrower or any of
its Subsidiaries  shall  not  pay,  or admit in writing its inability to
pay, its debts generally as they become due.

      7.6. The Borrower or any of its  Subsidiaries  shall  (i)  have an
order for relief entered with respect to it under the Federal bankruptcy
laws  as  now  or  hereafter  in effect, (ii) make an assignment for the
benefit of creditors, (iii) apply  for,  seek,  consent to, or acquiesce
in,  the  appointment  of  a  receiver,  custodian,  trustee,  examiner,
liquidator or similar official for it or any Substantial  Portion of its
Property,  (iv)  institute  any  proceeding seeking an order for  relief
under the Federal bankruptcy laws  as  now  or  hereafter  in  effect or
seeking   to   adjudicate   it  a  bankrupt  or  insolvent,  or  seeking
dissolution,  winding  up,  liquidation,   reorganization,  arrangement,
adjustment or composition of it or its debts  under  any law relating to
bankruptcy, insolvency or reorganization or relief of debtors or fail to
file an answer or other pleading denying the material allegations of any
such proceeding filed against it, (v) take any corporate  or partnership
action to authorize or effect any of the foregoing actions  set forth in
this  Section  7.6 or (vi) fail to contest in good faith any appointment
or proceeding described in Section 7.7.

      7.7. Without  the application, approval or consent of the Borrower
or any of its Subsidiaries, a receiver, trustee, examiner, liquidator or
similar official shall  be  appointed  for  the  Borrower  or any of its
Subsidiaries or any Substantial Portion of its Property, or a proceeding
described in Section 7.6(iv) shall be instituted against the Borrower or
any  of its Subsidiaries and such appointment continues undischarged  or
such proceeding  continues  undismissed  or  unstayed for a period of 30
consecutive days.

      7.8. Any court, government or governmental  agency  shall condemn,
seize or otherwise appropriate, or take custody or control  of,  all  or
any  portion of the Property of the Borrower and its Subsidiaries which,
when taken  together  with  all  other  Property of the Borrower and its
Subsidiaries so condemned, seized, appropriated,  or  taken  custody  or
control  of,  during  the  twelve-month  period ending with the month in
which any such action occurs, constitutes a Substantial Portion.

      7.9. The Borrower or any of its Subsidiaries  shall fail within 60
days to pay, bond or otherwise discharge one or more  (i)  judgments  or
orders  for  the  payment  of  money  in  excess  of $10,000,000 (or the
equivalent  thereof  in  currencies  other  than  U.S. Dollars)  in  the
aggregate, or (ii) nonmonetary judgments or orders  which,  individually
or  in  the  aggregate,  could reasonably be expected to have a Material
Adverse Effect, which judgment(s),  in  any such case, is/are not stayed
on appeal or otherwise being appropriately contested in good faith.

     7.10.  Any Change in Control shall occur.

     7.11.  Any Collateral Document shall  for any reason fail to create
a  valid  and  perfected  first  priority  security   interest   in  any
Substantial  Portion  of the Collateral purported to be covered thereby,
except as permitted by  the  terms  of  this Agreement or any Collateral
Document, or any Collateral Document shall  fail to remain in full force
or effect or any action shall be taken to discontinue  or  to assert the
invalidity or unenforceability of any Collateral Document.

                              ARTICLE VIII

             ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES

     8.1. ACCELERATION.  If any Default described in Section  7.6 or 7.7
occurs  with respect to the Borrower, the obligations of the Lenders  to
make Loans  hereunder  shall automatically terminate and the Obligations
shall immediately become  due and payable without any election or action
on the part of the Agent or  any  Lender.   If any other Default occurs,
the  Required  Lenders (or the Agent with the consent  of  the  Required
Lenders) may terminate or suspend the obligations of the Lenders to make
Loans hereunder,  or  declare  the Obligations to be due and payable, or
both,  whereupon  the  Obligations  shall  become  immediately  due  and
payable, without presentment, demand, protest or notice of any kind, all
of which the Borrower hereby expressly waives.

     If, within 30 days  after  acceleration  of  the  maturity  of  the
Obligations  or  termination  of  the obligations of the Lenders to make
Loans hereunder as a result of any  Default  (other  than any Default as
described in Section 7.6 or 7.7 with respect to the Borrower) and before
any judgment or decree for the payment of the Obligations due shall have
been   obtained  or  entered,  the  Required  Lenders  (in  their   sole
discretion) shall so direct, the Agent shall, by notice to the Borrower,
rescind and annul such acceleration and/or termination.

     8.2. AMENDMENTS.   Subject  to the provisions of this Article VIII,
the Required Lenders (or the Agent  with  the  consent in writing of the
Required   Lenders)   and   the  Borrower  may  enter  into   agreements
supplemental  hereto  for  the  purpose   of  adding  or  modifying  any
provisions to the Loan Documents or changing in any manner the rights of
the Lenders or the Borrower hereunder or waiving  any Default hereunder;
PROVIDED,  HOWEVER, that no such supplemental agreement  shall,  without
the consent of each Lender affected thereby:

     (i)  Extend the maturity of Loan, or extend or postpone any payment
          of  principal  and/or  interest due under any Loan, or forgive
          all or any portion of the  principal  amount  of  any Loan, or
          reduce  the rate or extend the time of payment of interest  or
          fees thereon,  or  forebear  in the collection of any Loan, or
          grant  a  payment  moratorium  on   any  Loan;  or  amend  the
          definitions  of  "Alternate Base Rate,"  "Applicable  Margin",
          "Eurodollar  Base  Rate",  "Eurodollar  Interest  Period,"  or
          "Eurodollar Rate" or amend the Pricing Schedule.

     (ii) Reduce the percentage  specified in the definition of Required
          Lenders or any other percentage of Lenders specified to be the
          applicable percentage in  this  Agreement  to act on specified
          matters,  or  amend the definitions of "Required  Lenders"  or
          "Pro Rata Share".

    (iii) Extend the Revolving  Loan  Termination  Date or the Term Loan
          Termination  Date,  or increase or reduce the  amount  of  the
          Aggregate Revolving Loan  Commitment  or of the Revolving Loan
          Commitment of any Lender hereunder, or  of  the Aggregate Term
          Loan Commitment or of the Term Loan Commitment  of  any Lender
          hereunder,  or permit the Borrower to assign its rights  under
          this Agreement.

     (iv) Amend this Section 8.2.

      (v) Except as provided in the Collateral Documents, release all or
          any Substantial  Portion  of  the  Collateral  (including  any
          guarantor of the Secured Obligations); provided, however, that
          the  Agent  may release any Collateral in order to give effect
          to, or otherwise  in connection with, any asset sale, lease or
          other disposition,  or  secured  financing  or other financing
          transaction  permitted  by this Agreement, in which  case  the
          Lenders authorize the Agent to execute and deliver any and all
          related release documents  without  the further consent of any
          Lender.

     (vi) Waive  any  Default  if the practical effect  of  such  waiver
          allows the Agent and/or  Required Lenders to effectuate any of
          the items or matters listed in clauses (i) through (v) of this
          Section  8.2 (except that any  waiver  or  amendments  of  the
          financial  covenants  set  forth in Section 6.19 shall require
          the consent of the Required Lenders).

     No amendment of any provision of  this  Agreement  relating  to the
Agent shall be effective without the written consent of the Agent.   The
Agent may waive payment of the fee required under Section 12.3.2 without
obtaining the consent of any other party to this Agreement.

     8.3. PRESERVATION  OF  RIGHTS.  No delay or omission of the Lenders
or the Agent to exercise any right under the Loan Documents shall impair
such  right  or be construed to  be  a  waiver  of  any  Default  or  an
acquiescence therein,  and  the  making  of  a  Loan notwithstanding the
existence of a Default or the inability of the Borrower  to  satisfy the
conditions  precedent  to  such Loan shall not constitute any waiver  or
acquiescence.  Any single or  partial  exercise  of any such right shall
not preclude other or further exercise thereof or  the  exercise  of any
other  right,  and no waiver, amendment or other variation of the terms,
conditions or provisions of the Loan Documents whatsoever shall be valid
unless in writing  signed  by  the  Lenders required pursuant to Section
8.2, and then only to the extent in such writing specifically set forth.
All remedies contained in the Loan Documents or by law afforded shall be
cumulative and all shall be available to the Agent and the Lenders until
the Secured Obligations have been paid in full.

                               ARTICLE IX

                           GENERAL PROVISIONS

     9.1. SURVIVAL   OF  REPRESENTATIONS.    All   representations   and
warranties of the Borrower contained in this Agreement shall survive the
making of the Loans herein contemplated.

     9.2. GOVERNMENTAL REGULATION.  Anything contained in this Agreement
to the contrary notwithstanding,  no Lender shall be obligated to extend
credit to the Borrower in violation  of  any  limitation  or prohibition
provided by any applicable statute or regulation.

     9.3. HEADINGS.   Section  headings  in the Loan Documents  are  for
convenience of reference only, and shall not  govern  the interpretation
of any of the provisions of the Loan Documents.

     9.4. ENTIRE  AGREEMENT.   The  Loan  Documents  embody  the  entire
agreement  and  understanding  among  the  Borrower, the Agent  and  the
Lenders and supersede all prior agreements and  understandings among the
Borrower,  the  Agent  and  the Lenders relating to the  subject  matter
thereof other than the fee letter described in Section 10.13.

     9.5. SEVERAL  OBLIGATIONS;   BENEFITS   OF   THIS  AGREEMENT.   The
respective  obligations  of the Lenders hereunder are  several  and  not
joint and no Lender shall  be  the partner or agent of any other (except
to the extent to which the Agent  is  authorized  to  act as such).  The
failure of any Lender to perform any of its obligations  hereunder shall
not  relieve  any  other  Lender  from any of its obligations hereunder.
This Agreement shall not be construed  so  as  to  confer  any  right or
benefit  upon  any  Person other than the parties to this Agreement  and
their respective successors  and  assigns,  PROVIDED,  HOWEVER, that the
parties  hereto  expressly  agree  that  the  Arranger  shall enjoy  the
benefits of the provisions of Sections 9.6, 9.10 and 10.11 to the extent
specifically set forth therein and shall have the right to  enforce such
provisions on its own behalf and in its own name to the same  extent  as
if it were a party to this Agreement.

     9.6. EXPENSES;  INDEMNIFICATION.  (i)  The Borrower shall reimburse
the Agent and the Arranger  for  any  costs  and  out-of-pocket expenses
(including attorneys' fees and time charges of attorneys  for the Agent,
which attorneys may be employees of the Agent) paid or incurred  by  the
Agent  or  the Arranger in connection with the preparation, negotiation,
execution, delivery,  syndication,  review, amendment, modification, and
administration  of the Loan Documents.   The  Borrower  also  agrees  to
reimburse the Agent,  the  Arranger  and  the  Lenders for any costs and
out-of-pocket expenses (including attorneys' fees  and  time  charges of
attorneys  for  the Agent, the Arranger and the Lenders, which attorneys
may be employees  of  the  Agent,  the  Arranger or the Lenders) paid or
incurred by the Agent, the Arranger or any Lender in connection with the
collection  and  enforcement  of  the  Loan  Documents.    The  Borrower
acknowledges  that  from  time  to  time  the Agent may prepare and  may
distribute  to  the Lenders (but shall have no  obligation  or  duty  to
prepare or to distribute  to  the  Lenders)  certain  audit reports (the
"Reports") pertaining to the Borrower's assets for internal  use  by the
Agent  from information furnished to it by or on behalf of the Borrower,
after the  Agent has exercised its rights of inspection pursuant to this
Agreement.

     (ii)  The  Borrower  hereby  further agrees to indemnify the Agent,
the  Arranger, each Lender, their respective  affiliates,  and  each  of
their  directors,  officers  and  employees  against all losses, claims,
damages,  penalties,  judgments,  liabilities and  expenses  (including,
without limitation, all expenses of  litigation  or preparation therefor
whether or not the Agent, the Arranger, any Lender or any affiliate is a
party  thereto) which any of them may pay or incur  arising  out  of  or
relating  to  this Agreement, the other Loan Documents, the transactions
contemplated hereby  or  the  direct or indirect application or proposed
application of the proceeds of  any  Loan hereunder except to the extent
that they are determined in a final non-appealable  judgment  by a court
of competent jurisdiction to have resulted from the gross negligence  or
willful   misconduct   of   the  party  seeking  indemnification.    The
obligations of the Borrower under  this  Section  9.6  shall survive the
termination of this Agreement.

     9.7. NUMBERS  OF  DOCUMENTS.   All  statements,  notices,   closing
documents,  and requests hereunder shall be furnished to the Agent  with
sufficient counterparts so that the Agent may furnish one to each of the
Lenders.

     9.8. ACCOUNTING.   Except  as  provided to the contrary herein, all
accounting terms used herein shall be  interpreted  and  all  accounting
determinations hereunder shall be made in accordance with GAAP.

     9.9. SEVERABILITY   OF  PROVISIONS.   Any  provision  in  any  Loan
Document that is held to be  inoperative,  unenforceable,  or invalid in
any  jurisdiction  shall,  as  to  that  jurisdiction,  be  inoperative,
unenforceable, or invalid without affecting the remaining provisions  in
that  jurisdiction or the operation, enforceability, or validity of that
provision  in  any other jurisdiction, and to this end the provisions of
all Loan Documents are declared to be severable.

     9.10.  NONLIABILITY  OF  LENDERS.   The  relationship  between  the
Borrower on the one hand and the Lenders and the Agent on the other hand
shall be solely  that  of borrower and lenders.  Neither the Agents, the
Arranger nor any Lender shall have any fiduciary responsibilities to the
Borrower.  Neither the Agents,  the  Arranger  nor any Lender undertakes
any responsibility to the Borrower to review or  inform  the Borrower of
any  matter in connection with any phase of the Borrower's  business  or
operations.   The  Borrower agrees that neither the Agents, the Arranger
nor any Lender shall have liability to the Borrower (whether sounding in
tort, contract or otherwise)  for  losses  suffered  by  the Borrower in
connection  with,  arising  out  of,  or  in  any  way  related to,  the
transactions contemplated and the relationship established  by  the Loan
Documents,  or  any  act,  omission  or  event  occurring  in connection
therewith, unless it is determined in a final non-appealable judgment by
a  court  of competent jurisdiction that such losses resulted  from  the
gross negligence  or willful misconduct of the party from which recovery
is sought.  Neither  the  Agents, the Arranger nor any Lender shall have
any liability with respect  to, and the Borrower hereby waives, releases
and  agrees  not  to sue for, any  special,  indirect  or  consequential
damages suffered by  the Borrower in connection with, arising out of, or
in  any  way  related  to   the   Loan  Documents  or  the  transactions
contemplated thereby.

     9.11. CONFIDENTIALITY.  Each Lender agrees to hold any confidential
information which it may receive from  the  Borrower  pursuant  to  this
Agreement in confidence, except for disclosure (i) to its Affiliates and
to other Lenders and their respective Affiliates, (ii) to legal counsel,
accountants,  and  other  professional  advisors  to such Lender or to a
Transferee,  (iii)  to  regulatory  officials,  (iv) to  any  Person  as
requested  pursuant  to  or  as  required by law, regulation,  or  legal
process, (v) to any Person in connection  with  any  legal proceeding to
which such Lender is a party, (vi) to such Lender's direct  or  indirect
contractual  counterparties  in  swap  agreements  or  to legal counsel,
accountants and other professional advisors to such counterparties,  and
(vii) permitted by Section 12.4.

     9.12.  NONRELIANCE.   Each  Lender hereby represents that it is not
relying on or looking to any margin stock (as defined in Regulation U of
the Board of Governors of the Federal  Reserve System) for the repayment
of the Loans provided for herein.

     9.13.  DISCLOSURE  The  Borrower  and  each   Lender   hereby   (i)
acknowledge  and agree that the Agent and/or its Affiliates from time to
time may hold  investments  in,  make  other  loans  to  or  have  other
relationships  with  the Borrower and its Affiliates, and (ii) waive any
liability of the Agent or such Affiliate of the Agent to the Borrower or
any  Lender,  respectively,  arising  out  of  or  resulting  from  such
investments, loans  or  relationships other than liabilities arising out
of the gross negligence or  willful  misconduct  of  the  Agent  or  its
Affiliates.

                               ARTICLE X

                               THE AGENT

     10.1.  APPOINTMENT;  NATURE  OF RELATIONSHIP.  Bank One, Louisiana,
National Association is hereby appointed  by  each of the Lenders as its
contractual representative hereunder and under each other Loan Document,
and each of the Lenders irrevocably authorizes  the  Agent to act as the
contractual  representative  of such Lender with the rights  and  duties
expressly set forth herein and  in  the other Loan Documents.  The Agent
agrees  to  act  as  such contractual representative  upon  the  express
conditions contained in  this Article X.  Notwithstanding the use of the
defined term "Agent," it is  expressly  understood  and  agreed that the
Agents  shall not have any fiduciary responsibilities to any  Lender  by
reason of  this  Agreement or any other Loan Document and that the Agent
is merely acting as  the  contractual representative of the Lenders with
only those duties as are expressly  set  forth in this Agreement and the
other  Loan  Documents.   In its capacity as  the  Lenders'  contractual
representative, the Agents (i) do not hereby assume any fiduciary duties
to any of the Lenders, (ii) are a "representative" of the Lenders within
the meaning of Section 9-105  of  the  Uniform Commercial Code and (iii)
are acting as independent contractors, the  rights  and  duties of which
are limited to those expressly set forth in this Agreement and the other
Loan  Documents.  Each of the Lenders hereby agrees to assert  no  claim
against the Agents on any agency theory or any other theory of liability
for breach  of  fiduciary  duty,  all of which claims each Lender hereby
waives.

     10.2. POWERS.  The Agent shall  have  and  may exercise such powers
under the Loan Documents as are specifically delegated  to  the Agent by
the  terms  of each thereof, together with such powers as are reasonably
incidental thereto; PROVIDED, HOWEVER in the event of a conflict between
the  terms  and  provisions  of  any  Loan  Document  (other  than  this
Agreement)  and  this  Agreement,  the  terms  and  conditions  of  this
Agreement shall  control.  The Agent shall have no implied duties to the
Lenders, or any obligation  to the Lenders to take any action thereunder
except any action specifically  provided  by the Loan Documents, subject
to any limitation contained in this Agreement, to be taken by the Agent.

     10.3.  GENERAL  IMMUNITY.   Neither the Agents  nor  any  of  their
directors,  officers,  agents  or  employees  shall  be  liable  to  the
Borrower, the Lenders or any Lender  for  any action taken or omitted to
be  taken  by  them hereunder or under any other  Loan  Document  or  in
connection herewith  or  therewith  except  to the extent such action or
inaction is determined in a final non-appealable  judgment by a court of
competent  jurisdiction  to  have  arisen from the gross  negligence  or
willful misconduct of such Person.

     10.4.  NO RESPONSIBILITY FOR LOANS,  RECITALS,  ETC.   Neither  the
Agents nor any  of  their directors, officers, agents or employees shall
be responsible for or  have  any  duty  to  ascertain,  inquire into, or
verify (a) any statement, warranty or representation made  in connection
with any Loan Document or any Advance hereunder; (b) the performance  or
observance  of  any  of the covenants or agreements of any obligor under
any Loan Document, including,  without  limitation,  any agreement by an
obligor  to  furnish  information  directly  to  each  Lender;  (c)  the
satisfaction of any condition specified in Article IV, except receipt of
items required to be delivered solely to the Agent; (d) the existence or
possible  existence  of  any  Default  or  Unmatured  Default;  (e)  the
validity, enforceability, effectiveness, sufficiency or  genuineness  of
any  Loan  Document  or  any  other  instrument  or writing furnished in
connection therewith; (f) the value, sufficiency,  creation,  perfection
or  priority  of  any  Lien  in  the  Collateral;  or  (g) the financial
condition of the Borrower or any guarantor of any of the  Obligations or
of   any   of   the   Borrower's  or  any  such  guarantor's  respective
Subsidiaries.  The Agents  shall have no duty to disclose to the Lenders
information that is not required  to be furnished by the Borrower to the
Agent at such time, but is voluntarily  furnished by the Borrower to the
Agent (either in its capacity as Agent or in its individual capacity).

     10.5. ACTION ON INSTRUCTIONS OF LENDERS.   Except  as may otherwise
be  provided  in  Section  8.2,  the Agent shall in all cases  be  fully
protected in acting, or in refraining  from  acting, hereunder and under
any other Loan Document in accordance with written  instructions  signed
by  the Required Lenders, and such instructions and any action taken  or
failure  to act pursuant thereto shall be binding on all of the Lenders.
The Lenders  hereby acknowledge that the Agent shall be under no duty to
take any discretionary  action  permitted  to be taken by it pursuant to
the provisions of this Agreement or any other  Loan  Document  unless it
shall  be  requested  in writing to do so by the Required Lenders.   The
Agent shall be fully justified in failing or refusing to take any action
hereunder and under any  other  Loan  Document  unless it shall first be
indemnified to its satisfaction by the Lenders pro  rata against any and
all liability, cost and expense that it may incur by reason of taking or
continuing to take any such action.

     10.6. EMPLOYMENT OF AGENTS AND COUNSEL.  Except as may otherwise be
provided  in  Section 8.2, the Agent may execute any of  its  duties  as
Agent hereunder  and  under  any  other  Loan  Document  by  or  through
employees, agents, and attorneys-in-fact and shall not be answerable  to
the  Lenders,  except  as  to  money or securities received by it or its
authorized agents, for the default  or  misconduct of any such agents or
attorneys-in-fact selected by it with reasonable  care.  The Agent shall
be entitled to advice of counsel concerning the contractual  arrangement
between  the  Agent  and  the Lenders and all matters pertaining to  the
Agent's duties hereunder and under any other Loan Document.

     10.7. RELIANCE ON DOCUMENTS;  COUNSEL.  The Agent shall be entitled
to rely upon any Note, notice, consent,  certificate, affidavit, letter,
telegram, statement, paper or document believed  by it to be genuine and
correct and to have been signed or sent by the proper person or persons,
and, in respect to legal matters, upon the opinion  of  counsel selected
by the Agent, which counsel may be employees of the Agent.

     10.8. AGENT'S REIMBURSEMENT AND INDEMNIFICATION.  The Lenders agree
to  reimburse  and  indemnify  the Agent ratably in proportion  to  each
Lender's  Pro Rata Share (i) for  any  amounts  not  reimbursed  by  the
Borrower for  which  the  Agent  is  entitled  to  reimbursement  by the
Borrower  under the Loan Documents, (ii) for any other expenses incurred
by  the  Agent  on  behalf  of  the  Lenders,  in  connection  with  the
preparation,  execution, delivery, administration and enforcement of the
Loan Documents (including, without limitation, for any expenses incurred
by the Agent in  connection  with  any dispute between the Agent and any
Lender  or  between  two  or more of the  Lenders)  and  (iii)  for  any
liabilities,   obligations,   losses,   damages,   penalties,   actions,
judgments, suits, costs, expenses  or  disbursements  of  any  kind  and
nature  whatsoever  which  may  be  imposed  on, incurred by or asserted
against  the Agent in any way relating to or arising  out  of  the  Loan
Documents or any other document delivered in connection therewith or the
transactions  contemplated  thereby  (including, without limitation, for
any such amounts incurred by or asserted against the Agent in connection
with any dispute between the Agent and any Lender or between two or more
of the Lenders), or the enforcement of  any  of  the  terms  of the Loan
Documents  or  of any such other documents, PROVIDED that (a) no  Lender
shall be liable  for  any  of  the  foregoing  to  the extent any of the
foregoing  is found in a final non-appealable judgment  by  a  court  of
competent jurisdiction  to  have  resulted  from the gross negligence or
willful  misconduct  of  the Agent and (b) any indemnification  required
pursuant to Section 3.5(vii)  shall,  notwithstanding  the provisions of
this Section 10.8, be paid by the relevant Lender in accordance with the
provisions thereof.  The obligations of the Lenders under  this  Section
10.8  shall  survive  payment of the Obligations and termination of this
Agreement.

     10.9. NOTICE OF DEFAULT.   The  Agent  shall  not be deemed to have
knowledge  or  notice  of  the  occurrence of any Default  or  Unmatured
Default hereunder unless the Agent  has  received  written notice from a
Lender  or  the  Borrower  referring  to this Agreement describing  such
Default or Unmatured Default and stating  that  such notice is a "notice
of default".  In the event that the Agent receives  such  a  notice, the
Agent shall give prompt notice thereof to the Lenders.

     10.10. RIGHTS AS A LENDER.  In the event the Agent is a Lender, the
Agent  shall  have  the  same rights and powers hereunder and under  any
other  Loan Document with respect  to  its  Term  Loan  Commitment,  its
Revolving  Loan  Commitment and its Loans as any Lender and may exercise
the same as though  it  were  not  the  Agent,  and the term "Lender" or
"Lenders"  shall,  at any time when the Agent is a  Lender,  unless  the
context  otherwise  indicates,  include  the  Agent  in  its  individual
capacity.  The Agent  and  its Affiliates may accept deposits from, lend
money to, and generally engage  in  any  kind  of trust, debt, equity or
other transaction, in addition to those contemplated  by  this Agreement
or any other Loan Document, with the Borrower or any of its Subsidiaries
in which the Borrower or such Subsidiary is not restricted  hereby  from
engaging with any other Person.

     10.11.  LENDER  CREDIT  DECISION.  Each Lender acknowledges that it
has, independently and without reliance upon the Agents, the Arranger or
any other Lender and based on  the  financial statements prepared by the
Borrower  and such other documents and  information  as  it  has  deemed
appropriate,  made  its  own  credit analysis and decision to enter into
this  Agreement  and  the  other  Loan   Documents.   Each  Lender  also
acknowledges that it will, independently and  without  reliance upon the
Agents, the Arranger or any other Lender and based on such documents and
information as it shall deem appropriate at the time, continue  to  make
its  own  credit  decisions  in  taking  or not taking action under this
Agreement and the other Loan Documents.

     10.12. SUCCESSOR AGENT.  The Agent may resign at any time by giving
written notice thereof to the Lenders and the Borrower, such resignation
to be effective upon the appointment of a  successor  Agent  or,  if  no
successor  Agent  has been appointed, forty-five days after the retiring
Agent gives notice of its intention to resign.  The Agent may be removed
at any time with or  without  cause  by  written  notice received by the
Agent  from the Required Lenders, such removal to be  effective  on  the
date specified  by  the  Required Lenders.  Upon any such resignation or
removal, the Required Lenders shall have the right to appoint, on behalf
of the Borrower and the Lenders,  a  successor  Agent.   If no successor
Agent shall have been so appointed by the Required Lenders within thirty
days  after  the  resigning  Agent's  giving notice of its intention  to
resign, then the resigning Agent may appoint,  on behalf of the Borrower
and  the  Lenders,  a  successor  Agent.  Notwithstanding  the  previous
sentence, the Agent may at any time  without the consent of the Borrower
or any Lender, appoint any of its Affiliates  which is a commercial bank
as  a  successor  Agent hereunder.  If the Agent has  resigned  or  been
removed and no successor  Agent  has  been  appointed,  the  Lenders may
perform  all  the  duties of the Agent hereunder and the Borrower  shall
make all payments in respect of the Obligations to the applicable Lender
and for all other purposes  shall  deal  directly  with the Lenders.  No
successor  Agent  shall be deemed to be appointed hereunder  until  such
successor Agent has  accepted the appointment.  Any such successor Agent
shall be a commercial  bank  having  capital and retained earnings of at
least $100,000,000.  Upon the acceptance  of  any  appointment  as Agent
hereunder  by  a  successor  Agent, such successor Agent shall thereupon
succeed to and become vested with all the rights, powers, privileges and
duties of the resigning or removed Agent.  Upon the effectiveness of the
resignation or removal of the  Agent,  the  resigning  or  removed Agent
shall be discharged from its duties and obligations hereunder  and under
the  Loan  Documents.   After  the  effectiveness of the resignation  or
removal of an Agent, the provisions of  this Article X shall continue in
effect for the benefit of such Agent in respect  of any actions taken or
omitted to be taken by it while it was acting as the Agent hereunder and
under the other Loan Documents.

     10.13. AGENT'S FEE; ARRANGER'S FEE.  The Borrower  agrees to pay to
the Agent and the Arranger, for their own accounts, the fees  agreed  to
by  the  Borrower,  the  Agent and the Arranger pursuant to that certain
letter agreement dated August 24, 2000, or as otherwise agreed from time
to time.

     10.14. DELEGATION TO  AFFILIATES.   The  Borrower  and  the Lenders
agree that the Agent may delegate any of its duties under this Agreement
to  any  of  its  Affiliates.   Any such Affiliate (and such Affiliate's
directors,  officers, agents and employees)  which  performs  duties  in
connection with this Agreement shall be entitled to the same benefits of
the indemnification, waiver and other protective provisions to which the
Agent is entitled under Articles IX and X.

     10.15. EXECUTION  OF  COLLATERAL  DOCUMENTS.   The  Lenders  hereby
empower  and  authorize the Agent to execute and deliver to the Borrower
on their behalf  the  Collateral  Documents  and  all  related financing
statements  and  any  financing  statements,  agreements,  documents  or
instruments as shall be necessary or appropriate to effect the  purposes
of the Collateral Documents.

     10.16.   COLLATERAL  RELEASES.   The  Lenders  hereby  empower  and
authorize the Agent  to  execute  and  deliver  to the Borrower on their
behalf any agreements, documents or instruments as shall be necessary or
appropriate  to  effect  any  releases  of  Collateral  which  shall  be
permitted by the terms hereof or of any other  Loan  Document  or  which
shall  otherwise  have  been  approved  by  the Required Lenders (or, if
required by the terms of Section 8.2, all of the Lenders) in writing.

                               ARTICLE XI

                        SETOFF; RATABLE PAYMENTS

     11.1.  SETOFF.   In  addition to, and without  limitation  of,  any
rights of the Lenders under  applicable  law,  if  the  Borrower becomes
insolvent,  however  evidenced,  or  any  Default  occurs, any  and  all
deposits (including all account balances, whether provisional  or  final
and whether or not collected or available) and any other Indebtedness at
any  time held or owing by any Lender or any Affiliate of any Lender  to
or for  the  credit or account of the Borrower may be offset and applied
toward the payment  of  the Obligations owing to such Lender, whether or
not the Obligations, or any part hereof, shall then be due.

     11.2. RATABLE PAYMENTS.   If  any  Lender,  whether  by  setoff  or
otherwise,  has  payment  made to it upon its Loans (other than payments
received  pursuant to Section  3.1,  3.2,  3.4  or  3.5)  in  a  greater
proportion  than  that received by any other Lender, such Lender agrees,
promptly upon demand,  to  purchase  a  portion of the Loans held by the
other Lenders so that after such purchase  each Lender will hold its Pro
Rata  Share  of the Loans.  If any Lender, whether  in  connection  with
setoff or amounts  which  might  be  subject  to  setoff  or  otherwise,
receives  Collateral  or  other  protection for its Obligations or  such
amounts which may be subject to setoff,  such  Lender  agrees,  promptly
upon  demand, to take such action necessary such that all Lenders  share
in the  benefits  of  such  Collateral  ratably  in  proportion to their
respective Pro Rata Shares.  In case any such payment  is  disturbed  by
legal  process,  or  otherwise, appropriate further adjustments shall be
made.

     If  an  amount  to  be   setoff  is  to  be  applied  to  permitted
Indebtedness of the Borrower to  a  Lender  other than Obligations under
this  Agreement,  such amount shall be applied  ratably  to  such  other
Indebtedness and to the Obligations.

                              ARTICLE XII

           BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS

     12.1. SUCCESSORS AND ASSIGNS.  The terms and provisions of the Loan
Documents shall be binding upon and inure to the benefit of the Borrower
and the Lenders and their respective successors and assigns, except that
(i) the Borrower shall  not  have  the  right  to  assign  its rights or
obligations  under  the  Loan Documents and (ii) any assignment  by  any
Lender must be made in compliance  with  Section  12.3.   The parties to
this Agreement acknowledge that clause (ii) of this Section 12.1 relates
only to absolute assignments and does not prohibit assignments  creating
security   interests,  including,  without  limitation,  any  pledge  or
assignment by  any Lender of all or any portion of its rights under this
Agreement and any  Note  to  a  Federal Reserve Bank; PROVIDED, HOWEVER,
that no such pledge or assignment  creating  a  security  interest shall
release the transferor Lender from its obligations hereunder  unless and
until  the parties thereto have complied with the provisions of  Section
12.3.  The Agent may treat the Person which made any Loan or which holds
any Note  as  the owner thereof for all purposes hereof unless and until
such Person complies  with  Section  12.3;  PROVIDED,  HOWEVER, that the
Agent  may  in  its  discretion  (but  shall not be required to)  follow
instructions from the Person which made any Loan or which holds any Note
to direct payments relating to such Loan or Note to another Person.  Any
assignee of the rights to any Loan or any  Note  agrees by acceptance of
such assignment to be bound by all the terms and provisions  of the Loan
Documents.  Any request, authority or consent of any Person, who  at the
time  of making such request or giving such authority or consent is  the
owner of  the  rights to any Loan (whether or not a Note has been issued
in evidence thereof),  shall be conclusive and binding on any subsequent
holder or assignee of the rights to such Loan.

     12.2. PARTICIPATIONS

     12.2.1.  PERMITTED  PARTICIPANTS;  EFFECT.   Any Lender may, in the
ordinary course of its business and in accordance with  applicable  law,
at any time sell to one or more banks or other entities ("Participants")
participating  interests  in  any  Obligations owing to such Lender, any
Note held by such Lender, any Revolving  Loan  Commitment  or  Term Loan
Commitment of such Lender or any other interest of such Lender under the
Loan Documents, or any Letter of Credit issued by said Lender.   In  the
event  of  any  such  sale  by  a Lender of participating interests to a
Participant, such Lender's obligations  under  the  Loan Documents shall
remain  unchanged,  such Lender shall remain solely responsible  to  the
other parties hereto  for  the  performance  of  such  obligations, such
Lender shall remain the owner of its Loans and the holder  of  any  Note
issued  to  it  in  evidence  thereof  for  all  purposes under the Loan
Documents,  all  amounts  payable by the Borrower under  this  Agreement
shall be determined as if such  Lender  had  not sold such participating
interests, and the Borrower and the Agent shall  continue to deal solely
and  directly with such Lender in connection with such  Lender's  rights
and obligations under the Loan Documents.

     12.2.2.  VOTING RIGHTS.  Each Lender shall retain the sole right to
approve,   without  the  consent  of  any  Participant,  any  amendment,
modification or waiver of any provision of the Loan Documents other than
any amendment,  modification  or  waiver  with  respect  to  any Loan or
Commitment  in  which  such  Participant  has an interest which forgives
principal, interest or fees or reduces the interest rate or fees payable
with respect to any such Loan or Commitment,  extends the Revolving Loan
Termination Date or the Term Loan Termination Date,  postpones  any date
fixed  for  any regularly-scheduled payment of principal of, or interest
or fees on, any  such  Loan  or  Revolving Loan Commitment, releases any
guarantor of any such Loan or releases  all  or a Substantial Portion of
the Collateral, if any, securing any such Loan.

     12.2.3.   BENEFIT  OF  SETOFF.   The  Borrower   agrees  that  each
Participant  shall  be  deemed to have the right of setoff  provided  in
Section 11.1 in respect of  its  participating interest in amounts owing
under the Loan Documents to the same  extent  as  if  the  amount of its
participating interest were owing directly to it as a Lender  under  the
Loan  Documents,  PROVIDED  that  each  Lender shall retain the right of
setoff  provided  in  Section  11.1  with  respect   to  the  amount  of
participating interests sold to each Participant.  The  Lenders agree to
share  with  each  Participant, and each Participant, by exercising  the
right of setoff provided  in  Section  11.1,  agrees  to share with each
Lender,  any amount received pursuant to the exercise of  its  right  of
setoff, such  amounts to be shared in accordance with Section 11.2 as if
each Participant were a Lender.

     12.3. ASSIGNMENTS

     12.3.1.  PERMITTED  ASSIGNMENTS.   Any  Lender may, in the ordinary
course of its business and in accordance with  applicable  law,  at  any
time assign to one or more banks or other entities ("Purchasers") all or
any  part  of its rights and obligations under the Loan Documents.  Such
assignment shall  be  substantially  in the form of EXHIBIT C or in such
other form as may be agreed to by the  parties  thereto.  The consent of
the  Borrower  and the Agent shall be required prior  to  an  assignment
becoming effective  with respect to a Purchaser which is not a Lender or
an Affiliate thereof;  PROVIDED, HOWEVER, that if a Default has occurred
and is continuing, the consent  of  the  Borrower shall not be required.
Any required consent of the Borrower shall  not be unreasonably withheld
or delayed.  Each such assignment with respect  to  a Purchaser which is
not a Lender or an Affiliate thereof shall (unless each  of the Borrower
and  the  Agent  otherwise consents) be in an amount not less  than  the
lesser of (i) $5,000,000  or  (ii) the remaining amount of the assigning
Lender's Commitment (calculated  as  at  the date of such assignment) or
outstanding Loans (if the applicable Commitment  has  been  terminated).
Furthermore, the assigning Lender shall pay the Agent an assignment  fee
of $3,500 for each assignment.

     12.3.2.  EFFECT; EFFECTIVE DATE.  Upon (i) delivery to the Agent of
an  assignment,  together  with any consents required by Section 12.3.1,
and (ii) payment of a $3,500  fee  to  the  Agent  for  processing  such
assignment  (unless  such  fee  is waived by the Agent), such assignment
shall  become  effective  on  the  effective   date  specified  in  such
assignment.   The  assignment  shall  contain  a representation  by  the
Purchaser to the effect that none of the consideration  used to make the
purchase of the Revolving Loan Commitment and Loans under the applicable
assignment  agreement constitutes "plan assets" as defined  under  ERISA
and that the rights and interests of the Purchaser in and under the Loan
Documents will  not  be  "plan  assets"  under  ERISA.  On and after the
effective date of such assignment, such Purchaser shall for all purposes
be a Lender party to this Agreement and any other Loan Document executed
by  or  on  behalf  of  the Lenders and shall have all  the  rights  and
obligations of a Lender under  the Loan Documents, to the same extent as
if it were an original party hereto, and no further consent or action by
the Borrower, the Lenders or the  Agent shall be required to release the
transferor  Lender  with  respect to the  percentage  of  the  Aggregate
Revolving Loan Commitment and  Loans  assigned  to such Purchaser.  Upon
the  consummation  of  any assignment to a Purchaser  pursuant  to  this
Section 12.3.2, the transferor Lender, the Agent and the Borrower shall,
if the transferor Lender  or  the  Purchaser  desires  that its Loans be
evidenced by Notes, make appropriate arrangements so that  new Notes or,
as  appropriate, replacement Notes are issued to such transferor  Lender
and new  Notes or, as appropriate, replacement Notes, are issued to such
Purchaser, in each case in principal amounts reflecting their respective
Revolving  Loan  Commitments  and  outstanding  Term  Loans, as adjusted
pursuant to such assignment.

     12.4. DISSEMINATION OF INFORMATION.  The Borrower  authorizes  each
Lender  to  disclose to any Participant or Purchaser or any other Person
acquiring an  interest in the Loan Documents by operation of law (each a
"Transferee") and  any prospective Transferee any and all information in
such Lender's possession concerning the creditworthiness of the Borrower
and  its Subsidiaries,  including  without  limitation  any  information
contained  in any Reports; PROVIDED that each Transferee and prospective
Transferee agrees to be bound by Section 9.11 of this Agreement.

     12.5. TAX  TREATMENT.   If  any  interest  in  any Loan Document is
transferred to any Transferee which is organized under  the  laws of any
jurisdiction  other  than  the  United States or any State thereof,  the
transferor Lender shall cause such  Transferee,  concurrently  with  the
effectiveness of such transfer, to comply with the provisions of Section
3.5(iv).

                              ARTICLE XIII

                                NOTICES

     13.1.  NOTICES.  Except as otherwise permitted by Section 2.14 with
respect  to  Borrowing   Notices,   all   notices,  requests  and  other
communications to any party hereunder shall  be  in  writing  (including
electronic transmission, facsimile transmission or similar writing)  and
shall  be  given to such party: (x) in the case of the Borrower, at 1105
Peters  Road,   Harvey,   Louisiana  70058,  Facsimile:  (504)  362-1818
(Attention: President), (y)  in  the case of the Agent or any Lender, at
its address or facsimile number set forth on SCHEDULE 1 hereto or (z) in
the case of any party, at such other address or facsimile number as such
party may hereafter specify for the  purpose  by notice to the Agent and
the Borrower in accordance with the provisions  of  this  Section  13.1.
Each such notice, request or other communication shall be effective  (i)
if  given  by  facsimile transmission, when transmitted to the facsimile
number  specified  in  this  Section  and  confirmation  of  receipt  is
received,  (ii)  if  given by mail, 72 hours after such communication is
deposited in the mails  with  first  class postage prepaid, addressed as
aforesaid, or (iii) if given by any other  means, when delivered (or, in
the case of electronic transmission, received)  at the address specified
in  this Section; PROVIDED that notices to the Agent  under  Article  II
shall not be effective until received.

     13.2.  CHANGE  OF  ADDRESS.  The Borrower, the Agent and any Lender
may each change the address for service of notice upon it by a notice in
writing to the other parties hereto.

                              ARTICLE XIV

                              COUNTERPARTS

     14.1 COUNTERPARTS.  This Agreement may be executed in any number of
counterparts,  all  of  which   taken   together  shall  constitute  one
agreement, and any of the parties hereto  may  execute this Agreement by
signing any such counterpart.  This Agreement shall be effective when it
has been executed by the Borrower, the Agent and  the  Lenders  and each
party has notified the Agent by facsimile transmission or telephone that
it has taken such action.

                               ARTICLE XV

      CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL

     15.1.  CHOICE  OF  LAW.   THE  LOAN  DOCUMENTS  (OTHER  THAN  THOSE
CONTAINING  A  CONTRARY  EXPRESS  CHOICE  OF  LAW  PROVISION)  SHALL  BE
CONSTRUED  IN  ACCORDANCE  WITH THE INTERNAL LAWS (BUT OTHERWISE WITHOUT
REGARD TO THE CONFLICT OF LAWS  PROVISIONS)  OF  THE STATE OF LOUISIANA,
BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.

     15.2. CONSENT TO JURISDICTION.  THE BORROWER  AND  THE AGENT HEREBY
IRREVOCABLY  SUBMIT  TO  THE  NON-EXCLUSIVE  JURISDICTION OF ANY  UNITED
STATES  FEDERAL  OR  LOUISIANA  STATE  COURT  SITTING  IN  NEW  ORLEANS,
LOUISIANA IN ANY ACTION OR PROCEEDING ARISING OUT  OF OR RELATING TO ANY
LOAN  DOCUMENTS  AND  THE  BORROWER HEREBY IRREVOCABLY AGREES  THAT  ALL
CLAIMS  IN  RESPECT  OF SUCH ACTION  OR  PROCEEDING  MAY  BE  HEARD  AND
DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY
NOW OR HEREAFTER HAVE  AS  TO  THE  VENUE  OF  ANY  SUCH SUIT, ACTION OR
PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT
FORUM.  NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE AGENT  OR ANY LENDER
TO  BRING  PROCEEDINGS  AGAINST THE BORROWER IN THE COURTS OF ANY  OTHER
JURISDICTION.  ANY JUDICIAL PROCEEDING BY THE BORROWER AGAINST THE AGENT
OR ANY LENDER OR ANY AFFILIATE  OF  THE  AGENT  OR ANY LENDER INVOLVING,
DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING  OUT  OF,  RELATED
TO, OR CONNECTED WITH ANY LOAN DOCUMENT SHALL BE BROUGHT ONLY IN A COURT
IN NEW ORLEANS, LOUISIANA.

     15.3.  WAIVER  OF  JURY  TRIAL.   THE  BORROWER, THE AGENT AND EACH
LENDER HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL  PROCEEDING INVOLVING,
DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING  IN  TORT, CONTRACT
OR  OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED  WITH
ANY LOAN DOCUMENT OR THE RELATIONSHIP ESTABLISHED THEREUNDER.

     IN  WITNESS  WHEREOF,  the Borrower, the Lenders and the Agent have
executed this Agreement as of the date first above written.

BORROWER:                          SUPERIOR ENERGY SERVICES, INC.

                                   By:
                                      ------------------------------
                                          Name: Robert S. Taylor
                                         Title: Chief Financial Officer

AGENT:                             BANK ONE, LOUISIANA,
                                   NATIONAL ASSOCIATION

                                   By:
                                      ------------------------------
                                      Name:  Steven D. Nance
                                     Title:  Vice President

SYNDICATION AGENT:                 WELLS FARGO BANK TEXAS, N.A.

                                   By:
                                      ------------------------------
                                          Name:
                                          Title:

DOCUMENTATION AGENT:               WHITNEY NATIONAL BANK

                                   By:
                                      -----------------------------
                                          Name:
                                          Title:

LENDERS:                           BANK ONE, LOUISIANA,
                                   NATIONAL ASSOCIATION

                                   By:
                                      ------------------------------
                                          Name:   Steven D. Nance
                                          Title:  Vice President

                                   WELLS FARGO BANK TEXAS, N.A.

                                   By:
                                      ---------------------------
                                          Name:
                                          Title:

                                   WHITNEY NATIONAL BANK

                                   By:
                                      ---------------------------
                                          Name:
                                          Title:

                                   HIBERNIA NATIONAL BANK

                                   By:
                                      ----------------------------
                                          Name:
                                          Title:

                                   NATIONAL BANK OF CANADA

                                   By:
                                      ----------------------------
                                          Name:
                                          Title:

                                   BANK OF SCOTLAND

                                   By:
                                      ----------------------------
                                          Name:
                                          Title:

                                   UNION PLANTERS BANK

                                   By:
                                      ----------------------------
                                          Name:
                                          Title:

                                   NATEXIS BANQUES POPULAIRES

                                   By:
                                      ----------------------------
                                          Name:
                                          Title:

                               SCHEDULE I

                   COMMITMENT AMOUNTS OF THE LENDERS

<TABLE>
<CAPTION>
NAME AND ADDRESS OF LENDER              TERM LOAN       REVOLVING LOAN       AGGREGATE         PRO RATA
                                        COMMITMENT        COMMITMENT          AMOUNT            SHARE
<S>                                   <C>               <C>                 <C>                <C>
Bank One, Louisiana, N.A.             $21,838,235.30    $11,911,764.70      $33,750,000.00     19.8529%
201 St. Charles Ave., 28TH FLOOR
NEW ORLEANS, LA 70170

ATTENTION: STEVEN NANCE
TELEPHONE: (504)623-7676
FACSIMILE: (504) 623-1535

Wells Fargo Bank Texas, N.A.          $21,838,235.30     $11,911,764.70     $33,750,000.00      19.8529%
Energy Group
MAC T5002-031
1000 Louisiana, 3RD FLOOR
HOUSTON, TX 77002

ATTENTION: SCOTT GILDEA
TELEPHONE: (713)319-1389
FACSIMILE: (713) 739-1087

Whitney National Bank                 $19,411,764.70     $10,588,235.30     $30,000,000.00      17.6471%
Corporate Banking
P.O. Box 61260
New Orleans, LA 70161

Attention: Hollie L. Ericksen
Telephone: (504)552-4668
Facsimile: (504) 552-4622

Hibernia National Bank                $12,941,176.46     $7,058,823.54      $20,000,000.00      11.7647%
313 Carondelet Street, 10TH FLOOR
NEW ORLEANS, LA 70130

ATTENTION: S. JOHN CASTELLANO
TELEPHONE: (504)533-5484
FACSIMILE: (504) 533-5434

National Bank of Canada               $12,941,176.47     $7,058,823.53      $20,000,000.00      11.7647%
201 St. Charles Avenue
Suite 3203
New Orleans, LA 70170

Attention: Curt Queyrouze
Telephone: (504)586-5210
Facsimile: (504) 586-5220

Bank of Scotland                     $ 9,705,882.35      $5,294,117.65      $15,000,000.00       8.8235%
1021 Main Street, Suite 1370
Houston, TX 77002

Attention: Rex McSwain
Telephone: (713)651-1870
Facsimile: (713)651-9714

Union Planters Bank                 $ 6,470,588.24       $ 3,529,411.76     $10,000,000.00       5.8824%
8440 Jefferson Highway
Baton Rouge, LA 70809

Attention: Mark Phillips
Telephone: (225)924-9257
Facsimile: (225) 924-9300

Natexis Banques Populaires         $ 4,852,941.18      $ 2,647,058.82     $ 7,500,000.00        4.4118%
333 Clay Street, Suite 4340
Houston, TX 77002

Attention: Donovan Broussard
Telephone: (713)759-9401
Facsimile: (713) 759-9908

Aggregate Commitments             $110,000,000.00      $60,000,000.00      $170,000,000.00      100.00%

</TABLE>

                               SCHEDULE 2

                            PRICING SCHEDULE

<TABLE>
<CAPTION>
      APPLICABLE          LEVEL I   LEVEL II   LEVEL III   LEVEL IV   LEVEL V
     MARGIN (LOAN)        STATUS    STATUS     STATUS      STATUS     STATUS
<S>                       <C>       <C>        <C>         <C>        <C>
    Eurodollar Rate        1.25%     1.50%      1.75%       2.00%      2.375%
    Floating Rate          0.00%     0.25%      0.50%       0.75%      1.00%
</TABLE>

<TABLE>
<CAPTION>
      APPLICABLE FEE      LEVEL I   LEVEL II   LEVEL III   LEVEL IV   LEVEL V
        RATE              STATUS    STATUS     STATUS      STATUS     STATUS
<S>                       <C>       <C>        <C>         <C>        <C>
      Commitment Fee       0.15%     0.25%      0.375%      0.50%      0.50%
</TABLE>

<TABLE>
<CAPTION>
      APPLICABLE          LEVEL I   LEVEL II   LEVEL III   LEVEL IV   LEVEL V
   LETTER OF CREDIT       STATUS    STATUS     STATUS      STATUS     STATUS
      FEE RATE
<S>                       <C>       <C>        <C>         <C>        <C>
  Letter of Credit
      Fee Rate             1.25%     1.50%      1.75%       2.00%      2.375%

</TABLE>

     For the purposes of this Pricing Schedule, the following terms have
the  following  meanings, subject to the final paragraph of this Pricing
Schedule:

     "Financials"  means the annual or quarterly financial statements of
the Borrower delivered pursuant to Section 6.1(i) or (ii).

     "Level I Status"  exists  at any date if, as of the last day of the
fiscal quarter of the Borrower,  the Leverage Ratio is less than 1.25 to
1.00.

     "Level II Status" exists at any  date if, as of the last day of the
fiscal quarter of the Borrower i) the Borrower  has  not  qualified  for
Level I Status and (ii) the Leverage Ratio is less than or equal to 1.75
to 1.00.

     "Level III Status" exists at any date if, as of the last day of the
fiscal  quarter  of  the Borrower (i) the Borrower has not qualified for
Level I Status or Level  II  Status  and (ii) the Leverage Ratio is less
than 2.25 to 1.00.

     "Level IV Status" exists at any date  if, as of the last day of the
fiscal quarter of the Borrower (i) the Borrower  has  not  qualified for
Level  I  Status,  Level  II  Status  or  Level III Status and (ii)  the
Leverage Ratio is less than 2.75 to 1.00.

     "Level  V  Status"  exists  at any date if  the  Borrower  has  not
qualified for Level I Status, Level II Status, Level III Status or Level
IV Status.

     "Status" means either Level I  Status,  Level  II Status, Level III
Status,  Level IV Status or Level V Status.

     The Applicable Margin, Applicable Fee Rate and Applicable Letter of
Credit  Fee Rates shall be determined in accordance with  the  foregoing
table based  on  the  Borrower's  Status  as  reflected in the then most
recent  Financials.   Adjustments,  if  any, to the  Applicable  Margin,
Applicable Fee Rate, or Applicable Letter  of  Credit  Fee Rate shall be
effective  five  (5)  Business  Days  after  the Agent has received  the
applicable Compliance Certificate, except that  the Applicable Margin on
a Eurodollar Rate Advance shall be adjusted after  the  last  day of the
then  current  Eurodollar  Interest  Period.   If the Borrower fails  to
deliver the Compliance Certificate to the Agent  at the time required by
Section  6.1,  then  the  Applicable  Margin, Applicable  Fee  Rate  and
Applicable Letter of Credit Fee Rate shall  be  the  highest  Applicable
Margin, Applicable Fee Rate and Applicable Letter of Credit Fee Rate set
forth  in  the foregoing table until five (5) days after such Compliance
Certificate is so delivered.

<TABLE>
<CAPTION>
                               SCHEDULE 3

                    LIST OF BORROWER'S SUBSIDIARIES

    Subsidiary                              Jurisdiction of         Organization            Owned           Percent
       Name                                  Organization               Type                  By           Ownership
-----------------------------------------------------------------------------------------------------------------------
<S>                                         <C>                     <C>                    <C>             <C>
Ace Rental Tools, Inc.                            LA                    Corp.              Borrower           100%

Cardinal Services, Inc.                           LA                    Corp.              Borrower           100%

Connection Technology, Ltd.                       LA                    Corp.              Borrower           100%

Drilling Logistics, Inc.                          LA                    Corp.              Borrower           100%

Environmental Treatment Investments, Inc.         LA                    Corp.              Borrower           100%

F. & F. Wireline Service, Inc.                    LA                    Corp.              Borrower           100%

Fastorq, Inc.                                     LA                    Corp.              Borrower.          100%

H.B. Rentals, L.C.                                LA                    LLC                Borrower           100%

Hydro-Dynamics Oilfield Contractors, Inc.         LA                    Corp.              Borrower           100%

International Snubbing Services, Inc.             LA                    Corp.              Borrower           100%

Nautilus Pipe & Tool Rental, Inc.                 LA                    Corp.              Borrower           100%

Non-Magnetic Rental Tools, Inc.                   LA                    Corp.              Borrower           100%

Oil Stop, Inc.                                    LA                    Corp.              Borrower           100%

Production Management Companies, Inc.             LA                    Corp.              Borrower           100%

SEGEN LLC                                         DE                    LLC                Borrower           100%

SELIM LLC                                         DE                    LLC                Borrower           100%

Stabil Drill Specialties, Inc.                    LA                    Corp.              Borrower           100%

Sub-Surface Tools, Inc.                           LA                    Corp.              Borrower           100%

Superior Well Service, Inc.                       LA                    Corp.              Borrower           100%

Tong Rentals and Supply Company, Inc.             LA                    Corp.              Borrower           100%

1105 Peters Road, Inc.                            LA                    Corp.              Borrower           100%

Concentric Rentals, S.A.                        Venezuela               Corp.              Borrower           100% *

Imperial Snubbing Services Limited              Trinidad and Tobago     Corp.              Borrower           100% *

South East Australian Pty. Ltd.                 Australia               Corp.              Borrower           100% *

Production Management Equities, Inc.              LA                    Corp.              Production
                                                                                           Management
                                                                                         Companies, Inc.      100%

Production Management Industries, Inc.            LA                    Corp.              Production
                                                                                           Management

SE Finance LP                                     DE                    LP                 SEGEN, LLC       .0025% (GP)
                                                                                           SELIM, LLC     99.9975% (LP)

</TABLE>
_____________

* Only 66% of the stock is pledged (See Section 2.19)

                               SCHEDULE 4

                ELIGIBLE ACCOUNTS AND ELIGIBLE INVENTORY

                         I.  ELIGIBLE ACCOUNTS

     Based on  the  most  recent Borrowing Base Certificate delivered to
the Agent and on other information  available  to  the  Agent, the Agent
shall  in  its  reasonable  credit judgment determine which Accounts  of
Borrowers shall be "ELIGIBLE  ACCOUNTS"  for purposes of this Agreement.
"ACCOUNTS" means all amounts owed to the Borrower or its Subsidiaries on
account of sales, leases or rentals of equipment or services rendered in
the ordinary course of the Borrower's trade or business, net of unearned
interest,  discounts  or  finance  charges.  In  determining  whether  a
particular Account constitutes an Eligible  Account, the Agent shall not
include any such Account to which any of the  exclusionary  criteria set
forth below applies.  Eligible Accounts shall not include any Account of
the Borrower and its Subsidiaries:

     (a)  which does not arise from the sale of goods, leasing of assets
or  property  or  the  performance  of  services by the Borrower or  its
Subsidiaries in the ordinary course of its business;

     (b)  upon which (i) the Borrower's and  its  Subsidiaries' right to
receive  payment  is not absolute, is not then due and  payable,  or  is
contingent upon the  fulfillment of any condition whatsoever or (ii) the
Borrower or its Subsidiaries  are  not  able  to bring suit or otherwise
enforce  its  remedies  against  the  Account  Debtor  through  judicial
process;

     (c)  to the extent any defense, counterclaim,  setoff or dispute is
asserted  as  to  such Account or if the Account represents  a  progress
billing consisting  of  an  invoice  for  goods sold or used or services
rendered  pursuant  to  a  contract  under which  the  Account  Debtor's
obligations to pay that invoice is subject  to  the  Borrower's  or  its
Subsidiaries' completion of further performance under such contract;

     (d)  that  is  not  a  true  and  correct  statement  of  bona fide
indebtedness incurred in the amount of the Account for merchandise  sold
or assets or property leased to or services rendered and accepted by the
applicable Account Debtor;

     (e)  with  respect  to  which an invoice or other notice of amounts
owing has not been sent to the applicable Account Debtor;

     (f)  that (i) is not owned  by  the Borrower or its Subsidiaries or
(ii)  is  subject  to  any rights, claim,  security  interest  or  other
interest of any other Person, other than Liens in favor of the Agent, on
behalf of itself and Lenders;

     (g)  that arises from  a  sale  to  any  director,  officer,  other
employee  or  affiliate  of  the  Borrower  other  than (i) to portfolio
companies of First Reserve Corporation or (ii) Energy  Partners,  on  an
arm's length basis;

     (h)  that is the obligation of an Account Debtor that is the United
States  government  or  a political subdivision thereof, or any state or
municipality or department, agency or instrumentality thereof unless the
Agent, in its sole discretion, has agreed to the contrary in writing and
the  Borrower  or  its Subsidiaries,  if  necessary  or  desirable,  has
complied with the Federal  Assignment  of  Claims  Act  of 1940, and any
amendments  thereto,  or  any  applicable  state  statute  or  municipal
ordinance   of   similar  purpose  and  effect,  with  respect  to  such
obligation;

     (i)  that is  the  obligation  of  an  Account  Debtor located in a
foreign country other than Canada (but only to the extent that the Agent
and  the  Lenders  have a perfected security interest in  the  Accounts)
unless payment thereof  is assured by a letter of credit satisfactory to
the Agent as to form, amount and issuer;

     (j)  to the extent the  Borrower  or its Subsidiaries is liable for
goods sold or services rendered by the applicable  Account Debtor to the
Borrower or its Subsidiaries, but only to the extent  of  the  potential
offset;

     (k)  that  arises  with respect to goods which are delivered  on  a
bill-and-hold,  cash-on-delivery   basis   or   placed  on  consignment,
guaranteed sale or other terms by reason of which  the  payment  by  the
Account Debtor is or may be conditional;

     (l)  that  is  in  default;  PROVIDED,  THAT,  without limiting the
generality of the foregoing, an Account shall be deemed  in default upon
the occurrence of any of the following:

          (i)  it  is  not paid within the earlier of: sixty  (60)  days
following  its due date or  ninety  (90)  days  following  its  original
invoice date;

          (ii) if   any  Account  Debtor  obligated  upon  such  Account
suspends  business, makes  a  general  assignment  for  the  benefit  of
creditors or fails to pay its debts generally as they come due; or

          (iii)  if  any  petition  is  filed  by or against any Account
Debtor obligated upon such Account under any bankruptcy law or any other
federal,  state  or  foreign  (including  any provincial)  receivership,
insolvency relief or other law or laws for the relief of debtors;

     (m)  which is the obligation of an Account  Debtor if fifty percent
(50%) or more of the dollar amount of all Accounts owing by that Account
Debtor  are  ineligible  under  the  other criteria set  forth  in  this
Schedule 4.

     (n)  as to which the Agent's interest,  on  behalf  of  itself  and
Lenders, therein is not a first priority perfected security interest;

     (o)  as   to   which  any  of  the  representations  or  warranties
pertaining to Accounts  set  forth  in  this Agreement or the Collateral
Documents is untrue;

     (p)  to  the  extent  such  Account  is evidenced  by  a  judgment,
instrument or chattel paper; or

     (q)  which  is payable in any currency  other  than  United  States
Dollars.

For the purposes hereof,  "Account  Debtor"  means  any  Person  who may
become obligated to the Borrower or its Subsidiaries under, with respect
to, or on account of, an Account.

                        II.  ELIGIBLE INVENTORY

      Based  on  the most recent Borrowing Base Certificate delivered to
the Agent and on  other  information  available  to the Agent, the Agent
shall  in its reasonable credit judgment determine  which  Inventory  of
Borrowers  shall be "ELIGIBLE INVENTORY" for purposes of this Agreement.
"INVENTORY"  means  book  value of goods (tangible personal or corporeal
movable property) that are  owned  by Stabil Drill Specialties, Inc. and
Sub-Surface Tools, Inc. and are held  by  said  Subsidiaries for sale or
lease  or  to be furnished under contracts of service.   In  determining
whether a particular  type  of Inventory constitutes Eligible Inventory,
the Agent shall not include any  such  Inventory  to  which  any  of the
exclusionary  criteria set forth below applies.  The Agent reserves  the
right, at any time  and  from  time  to  time after the Closing Date, to
adjust  any  such  criteria, to establish new  criteria  and  to  adjust
advance rates with respect  to  Eligible  Inventory,  in  its reasonable
credit judgment, subject to the approval of the Required Lenders  in the
case  of  adjustments  or new criteria or changes in advance rates which
have the effect of making  more  credit  available.   Eligible Inventory
shall not include any Inventory of the Borrower and its Subsidiaries:

      (a)  that is not subject to a perfected Lien in favor the Agent and
Lenders;

     (b)  that is located outside of the United States of America; and

     (c)  that is worn such that it is no longer useful  in its intended
purpose or obsolete.

     (d)  any goods that are considered work in process under GAAP.

                               SCHEDULE 5

             EXISTING PERMITTED INDEBTEDNESS (SECTION 6.11)

                             Notes Payable

HYDRO-DYNAMICS OILFIELD CONTRACTORS, INC. (DEBTOR)

     Long-term  notes  payable  to  _________________________   in   the
     aggregate amount of $11,500.00 as of September 30, 2000.

PRODUCTION MANAGEMENT COMPANIES, INC.

     Long-term   notes   payable   to  ________________________  in  the
     aggregate amount of $320,000 as of September 30, 2000.

STABIL DRILL SPECIALTIES, INC. (DEBTOR)

     Long-term  notes  payable  to  ___________________________  in  the
     aggregate amount of $47,000 as of September 30, 2000.

                           Letters of Credit

PRODUCTION MANAGEMENT COMPANIES, INC. (ACCOUNT PARTY)

     Bank One (issuer) in favor of National Union Fire Insurance Company
     (beneficiary), face amount $700,000, expires November 12, 2000.

     Bank One (issuer) in favor of Gray and Company, Inc. (beneficiary),
     amount $150,000, expires November 5, 2000.

OIL STOP, INC. (ACCOUNT PARTY)

     Whitney National Bank (issuer) to  Arab  Tunisian  Bank in favor of
     Office  de  la  Marine  Marchande  Ports-Tunisia,  amount  $12,174,
     expires February 15, 2001.

     Whitney  National  Bank  (issuer) to Banque Marocaine in  favor  of
     Office d'Exploitation des  Ports-Marocco,  amount  $73,305, expires
     December 15, 2000.

     _____________________  (issuer)  to  Banque Marocaine in  favor  of
     Office d'Exploitation des Ports-Marocco,  amount  $10,000,  expires
     December 15, 2000.

     ABN  Amro  NV (issuer) to Banque Marocaine du Commerce in favor  of
     Office d'Exploitation  des  Ports-Marocco,  amount  $9,500, expires
     December 15, 2000.

     ABN Amro NV (issuer) to Banque Marocaine du Commerce  in  favor  of
     Office  d'Exploitation  des  Ports-Marocco, amount $40,390, expires
     January 30, 2001.

     ABN Amro NV (issuer) to Banque  Marocaine  du  Commerce in favor of
     Office d'Exploitation des Ports-Marocco, amount $22,163,12, expires
     April 30, 2001.

     ABN Amro NV (issuer) to Arab Tunisian Bank in favor of Office de la
     Marine  Marchande  Ports-Tunisia,  face  amount  $40,580,   expires
     February 15, 2001.

     ABN Amro NV (issuer) to General Management Coastal Safety & Salvage
     Administration (Turkey), face amount $51,500, expires November  15,
     2000.

NOTE:          Each  of the foregoing letters of credit are supported by
               a Letter  of  Credit  issued by the Agent for the ratable
               benefit of the Lenders pursuant to the Credit Agreement.

                               SCHEDULE 6

             EXISTING PERMITTED INVESTMENTS (SECTION 6.14)

SUPERIOR ENERGY SERVICES, INC.

     Promissory   note(s)  of  Lamb  Energy   Services,   Inc.,   amount
     $8,897,700, matures January 1, 2002.

ENVIRONMENTAL TREATMENT INVESTMENTS, INC.

     Promissory notes  of  Environmental  Treatment  Team Holding, Inc.,
     amount $10,200,000, matures December 31, 2003.

                               SCHEDULE 7

                EXISTING PERMITTED LIENS (SECTION 6.15)

                               SCHEDULE 8

              EXISTING ADDITIONAL CONTINGENT CONSIDERATION

    Company/Business                               Contingent
        Acquired                              Consideration Payable*
    ----------------                          ----------------------

Concentric Technology, Ltd.                       $  2,465,000

Drilling Logistics, Inc.                          $  1,760,000

F & F Wireline Service, Ltd.                      $    600,000

Fastorq, Inc.                                     $  2,590,000

H. B. Rentals, L.C.                               $  5,240,664

Hydro-Dynamics Oilfield Contractors, Inc.         $      -

International Snubbing Services, Inc.             $ 10,000,000

Non-Magnetic Rental Tools, Inc.                   $  2,000,000

Production Management Industries, Inc.            $  2,602,667

Stabil Drill Specialties, Inc.                    $  7,500,000

Sub Surface Tools, Inc.                           $  7,500,000

_________________

*   Estimated as of the Closing Date.

                               EXHIBIT A

                         COMPLIANCE CERTIFICATE

To:  The Lenders parties to the
     Credit Agreement Described Below

     This Compliance Certificate is furnished pursuant  to  that certain
Credit  Agreement  dated  as  of October 17, 2000 (as amended, modified,
renewed or extended from time to  time,  the  "Credit  Agreement") among
Superior  Energy  Services, Inc. (the "Borrower"), Bank One,  Louisiana,
National Association,  as  Agent, and the Lenders party thereto.  Unless
otherwise defined herein, capitalized  terms  used  in  this  Compliance
Certificate have the meanings defined in the Credit Agreement.

     THE UNDERSIGNED HEREBY CERTIFIES THAT:

     1.  I am the duly elected Treasurer of the Borrower;

     2.   I have reviewed the terms of the Credit Agreement and  I  have
made, or have  caused to be made under my supervision, a detailed review
of the transactions  and  conditions  of  the  Borrower  and each of its
Subsidiaries  during  the  accounting  period  covered  by  the attached
financial statements;

     3.  The examinations described in paragraph 2 did not disclose, and
I  have  no knowledge of, the existence of any condition or event  which
constitutes  a  Default or Unmatured Default during or at the end of the
accounting period  covered by the attached financial statements or as of
the date of this Certificate, except as set forth below; and

     4.  SCHEDULE I  attached  hereto  sets  forth  financial  data  and
computations evidencing the Borrower's compliance with certain covenants
of  the  Credit  Agreement, all of which data and computations are true,
complete and correct.

     5. SCHEDULE I,  ITEM  B  hereto sets forth the determination of the
Applicable Margin, Applicable Fee  Rate  and Applicable Letter of Credit
Fee Rate, commencing on the fifth Business  Day  following  the delivery
hereof.

     Described  below  are  the  exceptions, if any, to Paragraph  3  by
listing, in detail, the nature of  the  condition  or  event, the period
during which it has existed and the action which the Borrower has taken,
is  taking, or proposes to take with respect to each such  condition  or
event:

__________________________________________________________________________
__________________________________________________________________________

__________________________________________________________________________
__________________________________________________________________________

__________________________________________________________________________

     The  foregoing  certifications,  together with the computations set
forth in SCHEDULE I hereto and the financial  statements  delivered with
this Certificate in support hereof, are made and delivered this ____ day
of _____________ , _______.

                                                ________________________

                  SCHEDULE I TO COMPLIANCE CERTIFICATE

                     BORROWER'S FINANCIAL COVENANTS

                          (AS OF ____________)

A.   NET WORTH (SECTION 6.19.1)

          Net Worth as of June 30, 2000                     $162,643,250
          Plus Quarterly Positive Net Income
               after July 1,2000 (50%)                       $__________
          Plus Net Equity Proceeds after July 1, 2000 (100%) $__________
          Required Net Worth                                 $__________
          Actual Net Worth                                   $__________

B.   LEVERAGE RATIO (SECTION 6.19.2)

          Total Indebtedness (*)
$_________

          Net Income for Trailing 4 Quarters $____________
               Plus Interest Expense          ____________
               Plus Income Taxes                    ____________
               Plus Depreciation              ____________
               Plus Amortization              ____________
               EBITDA                                             $________
          Ratio (actual)                                      _____ to 1.00
          Ratio (required)                                    _____ to 1.00

C.   FIXED CHARGE COVERAGE RATIO (SECTION 6.19.3)

          EBITDA for Trailing 4 Quarters
               (see B above)                    $____________
               Minus Capitalized Expenses       $____________
              Adjusted Cash Flow                                  $__________
          Interest Expense                      $____________
               Plus Scheduled Principal
                      Payments on Term Loans    $____________
               Plus Mandatory Principal
                      Payments on Term Loan     $____________
               Plus Cash Income Taxes
                      actually paid             $___________

               Total Fixed Charges                              $____________
          Ratio (actual)                                         ___ to 1.00
          Ratio (required)                                      1.50 to 1.00

D.   CAPITAL EXPENDITURES (SECTION 6.19.4)

          Actual Capital Expenditures (Fiscal Year to Date)     $____________
          Maximum Capital Expenditures
               Capital Expenditures (Current Fiscal YTD)        $35,000,000.00
               plus 50% Unspent Capital Expenditures
                    for Preceding Fiscal Year)                  $___________
               Permitted Capital Expenditures                   $___________

_____________________

*    Includes  Additional  Contingent Consideration of $___________,  as
     shown on attachment to this Compliance Certificate.

                               EXHIBIT B

                          ASSIGNMENT AGREEMENT

     This Assignment Agreement  (this  "Assignment  Agreement")  between
___________         __________________(the        "Assignor")        and
________________________ (the "Assignee") is dated as of  , 20___ .  The
parties hereto agree as follows:

     1.  PRELIMINARY  STATEMENT.   The  Assignor  is a party to a Credit
Agreement  (which, as it may be amended, modified, renewed  or  extended
from time to  time is herein called the "Credit Agreement") described in
Item 1 of SCHEDULE  1 attached hereto ("Schedule 1").  Capitalized terms
used herein and not otherwise  defined  herein  shall  have the meanings
attributed to them in the Credit Agreement.

     2.   ASSIGNMENT  AND  ASSUMPTION.   The Assignor hereby  sells  and
assigns to the Assignee, and the Assignee  hereby  purchases and assumes
from  the  Assignor,  an  interest in and to the Assignor's  rights  and
obligations under the Credit  Agreement  and  the  other Loan Documents,
such that after giving effect to such assignment the Assignee shall have
purchased pursuant to this Assignment Agreement the  percentage interest
specified  in  Item  3  of  Schedule  1  of  all outstanding rights  and
obligations  under  the Credit Agreement and the  other  Loan  Documents
relating  to the facilities  listed  in  Item  3  of  SCHEDULE  1.   The
aggregate Commitment  (or  Loans,  if the applicable Commitment has been
terminated) purchased by the Assignee  hereunder  is set forth in Item 4
of SCHEDULE 1.

     3.   EFFECTIVE  DATE.   The  effective  date  of  this   Assignment
Agreement  (the  "Effective  Date")  shall  be  the  later  of  the date
specified  in Item 5 of SCHEDULE 1 or two Business Days (or such shorter
period agreed to by the Agent) after this Assignment Agreement, together
with any consents  required under the Credit Agreement, are delivered to
the Agent. In no event  will  the  Effective  Date occur if the payments
required  to be made by the Assignee to the Assignor  on  the  Effective
Date are not made on the proposed Effective Date.

     4.   PAYMENT  OBLIGATIONS.   In  consideration  for  the  sale  and
assignment  of  Loans hereunder, the Assignee shall pay the Assignor, on
the Effective Date,  the  amount  agreed  to  by  the  Assignor  and the
Assignee.   On  and  after  the  Effective  Date,  the Assignee shall be
entitled  to receive from the Agent all payments of principal,  interest
and fees with  respect  to  the  interest assigned hereby.  The Assignee
will promptly remit to the Assignor  any  interest  on  Loans  and  fees
received from the Agent which relate to the portion of the Commitment or
Loans  assigned  to  the  Assignee  hereunder  for  periods prior to the
Effective Date and not previously paid by the Assignee  to the Assignor.
In the event that either party hereto receives any payment  to which the
other party hereto is entitled under this Assignment Agreement, then the
party  receiving such amount shall promptly remit it to the other  party
hereto.

     5.   RECORDATION  FEE.  The Assignor and Assignee each agree to pay
one-half of the recordation  fee  required  to  be  paid to the Agent in
connection with this Assignment Agreement unless otherwise  specified in
Item 6 of SCHEDULE 1.

     6.  REPRESENTATIONS OF THE ASSIGNOR; LIMITATIONS ON THE  ASSIGNOR'S
LIABILITY.   The  Assignor  represents  and warrants that (i) it is  the
legal  and  beneficial  owner  of  the interest  being  assigned  by  it
hereunder, (ii) such interest is free  and  clear  of  any adverse claim
created  by  the Assignor and (iii) the execution and delivery  of  this
Assignment  Agreement  by  the  Assignor  is  duly  authorized.   It  is
understood and  agreed  that the assignment and assumption hereunder are
made without recourse to  the  Assignor  and  that the Assignor makes no
other representation or warranty of any kind to  the  Assignee.  Neither
the  Assignor nor any of its officers, directors, employees,  agents  or
attorneys  shall  be  responsible  for  (i) the due execution, legality,
validity, enforceability, genuineness, sufficiency  or collectibility of
any Loan Document, including without limitation, documents  granting the
Assignor  and  the  other Lenders a security interest in assets  of  the
Borrower  or  any  guarantor,   (ii)  any  representation,  warranty  or
statement made in or in connection with any of the Loan Documents, (iii)
the  financial condition or creditworthiness  of  the  Borrower  or  any
guarantor,  (iv)  the performance of or compliance with any of the terms
or provisions of any  of  the  Loan Documents, (v) inspecting any of the
property,  books  or  records  of  the   Borrower,  (vi)  the  validity,
enforceability, perfection, priority, condition, value or sufficiency of
any collateral securing or purporting to secure  the  Loans or (vii) any
mistake, error of judgment, or action taken or omitted  to  be  taken in
connection with the Loans or the Loan Documents.

     7.  REPRESENTATIONS AND UNDERTAKINGS OF THE ASSIGNEE.  The Assignee
(i)  confirms  that  it  has  received  a  copy of the Credit Agreement,
together  with  copies  of  the financial statements  requested  by  the
Assignee and such other documents  and  information  as  it  has  deemed
appropriate  to  make its own credit analysis and decision to enter into
this Assignment Agreement,  (ii)  agrees that it will, independently and
without reliance upon the Agent, the  Assignor  or  any other Lender and
based on such documents and information at it shall deem  appropriate at
the  time,  continue to make its own credit decisions in taking  or  not
taking action  under  the  Loan Documents, (iii) appoints and authorizes
the Agent to take such action  as  agent  on  its behalf and to exercise
such powers under the Loan Documents as are delegated  to  the  Agent by
the   terms  thereof,  together  with  such  powers  as  are  reasonably
incidental  thereto,  (iv)  confirms  that the execution and delivery of
this Assignment Agreement by the Assignee is duly authorized, (v) agrees
that  it  will  perform  in  accordance with  their  terms  all  of  the
obligations which by the terms  of the Loan Documents are required to be
performed by it as a Lender, (vi)  agrees  that its payment instructions
and notice instructions are as set forth in  the  attachment to SCHEDULE
1,  (vii)  confirms  that  none  of the funds, monies, assets  or  other
consideration being used to make the  purchase  and assumption hereunder
are "plan assets" as defined under ERISA and that  its  rights, benefits
and interests in and under the Loan Documents will not be  "plan assets"
under  ERISA, (viii) agrees to indemnify and hold the Assignor  harmless
against  all  losses, costs and expenses (including, without limitation,
reasonable attorneys'  fees) and liabilities incurred by the Assignor in
connection  with  or  arising   in   any   manner  from  the  Assignee's
non-performance  of  the  obligations  assumed  under   this  Assignment
Agreement, and (ix) if applicable, attaches the forms prescribed  by the
Internal  Revenue  Service  of  the  United  States  certifying that the
Assignee  is  entitled  to  receive  payments  under the Loan  Documents
without  deduction  or withholding of any United States  federal  income
taxes.

     8.  GOVERNING LAW.   This Assignment Agreement shall be governed by
the  internal  law, and not the  law  of  conflicts,  of  the  State  of
Louisiana.

     9.   NOTICES.    Notices  shall  be  given  under  this  Assignment
Agreement in the manner  set  forth  in  the  Credit Agreement.  For the
purpose hereof, the addresses of the parties hereto  (until  notice of a
change is delivered) shall be the address set forth in the attachment to
SCHEDULE 1.

     10. COUNTERPARTS; DELIVERY BY FACSIMILE.  This Assignment Agreement
may  be  executed  in  counterparts.   Transmission  by facsimile of  an
executed  counterpart of this Assignment Agreement shall  be  deemed  to
constitute  due  and  sufficient  delivery  of such counterpart and such
facsimile  shall  be  deemed  to  be  an  original counterpart  of  this
Assignment Agreement.

     IN WITNESS WHEREOF, the duly authorized  officers  of  the  parties
hereto  have executed this Assignment Agreement by executing SCHEDULE  1
hereto as of the date first above written.

                               SCHEDULE 1
                        TO ASSIGNMENT AGREEMENT

1.   Description and Date of Credit Agreement: Credit Agreement dated as
     of October 17, 2000 among Superior Energy Services, Inc., Bank One,
     Louisiana,  National  Association,  as Agent, and the Lenders party
     thereto.

2.   Date of Assignment Agreement: _____________ , _________

3.   Amounts Outstanding (As of Date of Item 2 above):

                                        Term Loan      Revolving Loan
                                        Facility       Facility
                                        ---------      --------------

     a.   Assignee's percentage
          of each Facility purchased
          under the Assignment
          Agreement                      ______ %        ______ %

     b.   Amount of each Facility
          purchased under the
          Assignment Agreement          $_______        $________

4.   Assignee's Revolving
     Loan Commitment purchased
     hereunder:                         $______

5.   Proposed Effective Date:                  ________________

6.   Non-standard Recordation Fee

     Arrangement

ACCEPTED AND CONSENTED TO/BY       ACCEPTED AND CONSENTED TO/BY
SUPERIOR ENERGY SERVICES, INC.     BANK ONE, LOUISIANA,
                                   NATIONAL ASSOCIATION

By:                                By:
   ------------------------           ---------------------
     Name:                              Name:
     Title:                             Title:

            ATTACHMENT TO SCHEDULE 1 TO ASSIGNMENT AGREEMENT

                    ADMINISTRATIVE INFORMATION SHEET

     Attach Assignor's Administrative Information Sheet, which must
       include notice addresses for the Assignor and the Assignee
                       (Sample form shown below)

ASSIGNOR INFORMATION
CONTACT:

Name:_________________________           Telephone No.:___________________

Fax No.:______________________

PAYMENT INFORMATION:

Name & ABA # of Destination Bank: ________________________________________

Account Name & Number for Wire Transfer:__________________________________

Other Instructions:_______________________________________________________

ADDRESS FOR NOTICES FOR ASSIGNOR:_________________________________________

ASSIGNEE INFORMATION
CREDIT CONTACT:

Name:_____________________________      Telephone No.:____________________

Fax No.:__________________________

KEY OPERATIONS CONTACTS:

Booking Installation:______________     Booking Installation:_____________

Name:______________________________     Name:_____________________________

Telephone No.:_____________________     Telephone No.:____________________

Fax No.:___________________________     Fax No.:__________________________

PAYMENT INFORMATION:

Name & ABA # of Destination Bank:_________________________________________

                                 _________________________________________

Account Name & Number for Wire Transfer:__________________________________

                                        __________________________________

Other Instructions:_______________________________________________________

ADDRESS FOR NOTICES FOR ASSIGNEE:_________________________________________

                                 _________________________________________

                                 _________________________________________

AGENT INFORMATION

Assignee will be called promptly upon receipt of the signed agreement.

INITIAL FUNDING CONTACT:           SUBSEQUENT OPERATIONS CONTACT:

Name:_________________________          Name:_________________________

Telephone No.:________________     Telephone No.:_____________________

Fax No.:______________________     Fax No.:___________________________

INITIAL FUNDING STANDARDS:

Cibor - Fund 2 days after rates are set.

AGENT WIRE INSTRUCTIONS:

ADDRESS FOR NOTICES FOR AGENT:

                               EXHIBIT C

                       BORROWING BASE CERTIFICATEFOURTH AMENDMENT TO THIRD AMENDED AND RESTATED
                        REVOLVING CREDIT AGREEMENT

     THIS  FOURTH  AMENDMENT TO THIRD AMENDED AND RESTATED REVOLVING CREDIT
AGREEMENT (hereinafter  called  this "AMENDMENT") is entered into effective
as  of  August 11, 2000 (the "EFFECTIVE  DATE"),  among  (a)  TRICO  MARINE
OPERATORS, INC. ("MARINE OPERATORS"), a Louisiana corporation, TRICO MARINE
ASSETS, INC.  ("MARINE  ASSETS"),  a  Delaware  corporation (each of Marine
Operators  and  Marine Assets a "BORROWER" and, collectively  "BORROWERS"),
(b) TRICO MARINE SERVICES, INC. ("PARENT"), a Delaware corporation, (c) the
financial institutions listed on SCHEDULE 1.1 of the Agreement (hereinafter
described) and such  other  financial institutions as may become parties to
the Agreement from time to time (individually a "BANK" and collectively the
"BANKS"), (d) WELLS FARGO BANK, N.A., as issuing bank ("ISSUING BANK"), and
(e)   WELLS   FARGO  BANK  TEXAS,  NATIONAL   ASSOCIATION   (successor   by
consolidation to  Wells  Fargo  Bank  (Texas),  National  Association),  as
administrative  agent  for  itself,  the  Issuing  Bank  and such financial
institutions ("ADMINISTRATIVE AGENT"), CHRISTIANIA BANK OG KREDITKASSE ASA,
New  York  Branch,  as  documentation  agent for itself and such  financial
institutions   ("DOCUMENTATION   AGENT")  (collectively   "AGENTS"   and/or
"ARRANGERS").

                           W I T N E S S E T H:

     WHEREAS, the Borrowers, the Parent,  the  Banks, the Issuing Bank, the
Documentation  Agent and the Administrative Agent  entered  into  a   Third
Amended and Restated  Revolving  Credit Agreement dated as of July 19, 1999
(hereinafter called the " RESTATED AGREEMENT"), whereby, upon the terms and
conditions therein stated, the Banks  and  the  Issuing Bank agreed to make
available to the Borrowers a credit facility upon  the terms and conditions
set forth in the Agreement; and

     WHEREAS, the Borrowers, the Parent, the Banks,  the  Issuing Bank, the
Documentation Agent and the Administrative Agent entered into  (i)  a First
Amendment to Third Amended and Restated Revolving Credit Agreement dated as
of  September 30, 1999 (the "FIRST AMENDMENT"), (ii) a Second Amendment  to
Third  Amended and Restated Revolving Credit Agreement dated as of December
31, 1999 (the "SECOND AMENDMENT"), (iii) a Third Amendment to Third Amended
and Restated  Revolving  Credit  Agreement  dated as of March 31, 2000 (the
"THIRD AMENDMENT"), and (iv) a Limited Waiver  and  Consent  dated June 16,
2000 (the "CONSENT"); and

     WHEREAS,  the  Restated Agreement, as amended by the First  Amendment,
Second Amendment, Third  Amendment,  and  Consent is hereinafter called the
"AGREEMENT"; and

     WHEREAS, the Company has requested that  the  Banks,  the Issuing Bank
and the Agents agree to certain amendments to the Agreement;

     NOW, THEREFORE, for and in consideration of the mutual  covenants  and
agreements  herein contained, the parties to this Amendment hereby agree as
follows:

     SECTION  1.  TERMS  DEFINED  IN AGREEMENT.  As used in this Amendment,
except as may otherwise be provided herein, all capitalized terms which are
defined in the Agreement shall have the same meaning herein as therein, all
of such terms and their definitions being incorporated herein by reference.

     SECTION 2. AMENDMENTS TO AGREEMENT.   The  Agreement hereby is amended
as follows:

          (a)  SECTION 1.1 of the Agreement hereby is amended by adding the
following definition thereto in alphabetical order:

     "NON-REDEEMABLE COMMON STOCK.  Common stock  issued by Parent provided
     that neither Parent or any Affiliate of Parent  has  any obligation to
     redeem  or  purchase  such  stock  or to exchange such stock  for,  or
     convert such stock to, whether such  obligation arises pursuant to the
     terms of such stock or of any agreement  relating  hereto or otherwise
     and whether or not such obligation exists in all circumstances or only
     upon  the occurrence of a particular event or condition  or  upon  the
     passage of time or otherwise."

          (b)  SECTION  1.1  of  the Agreement hereby is further amended by
deleting the definition of "Pricing  Grid"  therefrom  and substituting the
following definition in lieu thereof:

     "PRICING  GRID.  The annualized rates (stated in terms  of  basis
     points ("bps")) set  forth  below  for  the Applicable Margin and
     Commitment Fee based upon the Leverage Ratio  computed at the end
     of  the  immediately  preceding  quarter  and the Usage  (defined
     below) as follows:

<TABLE>
<CAPTION>

LEVEL             Leverage Ratio          BASE RATE LOAN          EUROCURRENCY RATE          COMMITMENT
                                             (BPS)                    LOAN (BPS)              FEE (BPS)

<S>           <C>                            <C>                     <C>                       <C>
  I               less than 1.75x             25.0                      125.0                   25.0
 II           1.75x or more but less          25.0                      150.0                   25.0
                    than 2.25x
 III          2.25x or more but less          37.5                      175.0                   37.5
                    than 2.75x
 IV           2.75x or more but less          37.5                      200.0                   37.5
                    than 3.25x
  V           3.25x or more but less          50.0                      225.0                   50.0
                    than 4.50x
 VI           4.50x or more but less          50.0                      250.0                   50.0
                    than 6.00x
 VII             6.00x or greater             75.0                      300.0                   50.0
</TABLE>

     The Applicable Margin and the Commitment Fee  shall be determined
     for each period commencing on an Adjustment Date through the date
     immediately  preceding  the next Adjustment Date  (each  a  "Rate
     Adjustment Period"), the  Applicable Margin or Commitment Fee, as
     applicable, shall be the applicable  percentage  set forth on the
     Pricing Grid with respect to the Leverage Ratio, calculated  on a
     Pro  Forma  Basis,  if  applicable,  as  of the end of the fiscal
     quarter of the Borrowers immediately preceding  the  date  of the
     Compliance Certificate relating to such Adjustment Date.  If  the
     Borrower   shall  fail  to  deliver  any  Compliance  Certificate
     pursuant  to   <section>8.4(c)   hereof,  then,  for  the  period
     commencing  on  the  date  such Compliance  Certificate  was  due
     pursuant  to  <section>8.4(c)   through   the   Adjustment   Date
     immediately   following   the   date  on  which  such  Compliance
     Certificate  is  delivered,  the  Applicable   Margin   and   the
     Commitment  Fee  shall  be that corresponding to Level VII of the
     Pricing  Grid.  Notwithstanding  the  foregoing,  the  Applicable
     Margin and  Commitment  Fee  shall  be  set at Level VII from the
     Closing Date until the first Adjustment Date  occurring after the
     Closing Date."

          (b)  Effective as of June 30, 2000, SECTION  8.4 of the Agreement
hereby is amended by deleting SUBSECTION 8.4(F) therefrom  and substituting
the following SUBSECTION 8.4(F) in lieu thereof:

     "(f)  on January 31 of each calendar year, or more frequently  as
     determined  by  the  Majority Banks, the Borrowers will, at their
     own expense, obtain  and  deliver to the Administrative Agent and
     the  Banks appraisal reports  in  form  and  substance  and  from
     appraisers  reasonably  satisfactory  to the Administrative Agent
     (each  such  report  herein, an "Appraisal"),  stating  the  then
     current fair market values  of  the  Vessels  subject to a Vessel
     Mortgage, PROVIDED, THAT, (i) the Administrative  Agent may, upon
     notice to the Borrowers, obtain such Appraisals and  the  cost of
     such Appraisals shall be paid by the Borrowers and (ii) unless  a
     Default   or   Event  of  Default  shall  have  occurred  and  be
     continuing, the  Borrowers shall not be obligated to pay for more
     than two Appraisals during any one calendar year; and"

          (c)  SECTION  9.1(F)  of  the  Agreement  hereby  is  amended  by
deleting  SUBSECTION  9.1(F)(V)  therefrom  and  substituting the following
SUBSECTION 9.1(F)(V) in lieu thereof:

     "(v)  such  Indebtedness  is on terms and conditions  (including,
     without limitation, terms relating  to  interest rate, covenants,
     defaults,   mandatory  prepayments  and  the  ability   of   such
     Subsidiary to  make  dividends  or  loans  to  the  Parent or the
     Borrowers)  not  materially  more  onerous  to  the  Parent,  the
     Borrower  or such Subsidiary than the Indebtedness set  forth  on
     SCHEDULE 9.1  being  refinanced,  PROVIDED, HOWEVER, the interest
     rate,  prepayment  and  repayment  provisions  and  covenants  of
     Indebtedness  set forth on SCHEDULE 9.1  owed  by  any  Norwegian
     Subsidiary may  be  modified  so long as (A) the ability of Trico
     Shipping and any other Norwegian  Subsidiary  to  make dividends,
     distributions or loans to Parent or Borrowers is not more onerous
     than that with respect to the Indebtedness set forth  on SCHEDULE
     9.1 owed by the Norwegian Subsidiaries, and (B) such Indebtedness
     is not guaranteed by Parent, Borrowers or any other Subsidiary of
     Parent (other than Trico Supply) and none of Parent, Borrowers or
     any  other  Subsidiary  of Parent (other than Trico Shipping  and
     Trico  Supply)  has  any liability  or  obligation  with  respect
     thereto,"

          (d)  SECTION 9.2  of  the Agreement hereby is amended by deleting
SUBSECTION  9.2(X), therefrom and  substituting  the  following  SUBSECTION
9.2(X) in lieu thereof:

     "(x) liens  on  Property  owned  by  the  Norwegian  Subsidiaries
     securing  Indebtedness  under  the loan agreement dated June  23,
     1998 and the loan agreement dated  April  18,  2000  set forth on
     SCHEDULE 9.1 (including any refinancings thereof permitted  under
     SECTION 9.1(F))."

          (e)  SECTION 9.5.2 of the Agreement hereby is amended by deleting
SUBSECTIONS  9.5.2(II)  and  9.5.2  (IV)  therefrom  and  substituting  the
following SUBSECTIONS 9.5.2(II) and  9.5.2 (IV) in lieu thereof:

     "(ii)  the aggregate fair market value of all such assets sold or
     otherwise disposed of by the Borrowers or Parent shall not exceed
     an amount  equal  to  $3,000,000  in  any  single  transaction or
     $10,000,000  in the aggregate during the term of this  Agreement,
     PROVIDED, HOWEVER,  the  fair  market value of all assets sold or
     otherwise disposed of by the Norwegian  Subsidiaries shall not be
     included for purposes of determining the  aggregate  fair  market
     value  of  assets  sold or otherwise disposed of pursuant to this
     subsection (ii); and"

     "(iv) the Borrowers  shall  use  the  net  proceeds  of  such  sale or
     disposition (excluding the net proceeds of any sale or disposition  of
     assets  owned  by  the Norwegian Subsidiaries) to prepay the principal
     balance   of  the  Loans,   unpaid   Reimbursement   Obligations   and
     Reimbursement  Obligations in the order and in the manner set forth in
     SECTION 2.13 hereof  if  such  disposition  of  assets would otherwise
     result in a violation of SECTION 10.4 hereof."

          (f)  SECTION 9.15 of the Agreement hereby is  amended by deleting
the period (".") at the end of SECTION 9.15 and substituting  the following
in lieu thereof:

     ",  PROVIDED,  HOWEVER, so long as no Default or Event of Default
     shall then exist  or will result therefrom, the Parent may prepay
     the Senior Notes with net cash proceeds from the issuance of Non-
     Redeemable Common Stock  or the redemption of the Senior Notes in
     exchange for Non-Redeemable Common Stock."

          (g)  Effective as of June 30, 2000, SECTION 10.6 of the Agreement
               hereby is deleted therefrom in its entirety.

          (h)  SCHEDULE 1.1 to  the Agreement hereby is amended by deleting
SCHEDULE 1.1 therefrom and substituting  SCHEDULE  1.1  hereto  attached in
lieu thereof.

          (i)  SCHEDULE  9.1  to the Agreement hereby is amended by  adding
the Indebtedness described on SCHEDULE 9.1 hereto attached thereto.

     SECTION 3. ASSIGNMENT, ASSUMPTION AND COMMITMENT REDUCTION.

          (a)  (i) Before giving  effect to this Amendment, the Commitment,
outstanding  Loans, risk relating to  outstanding  Letters  of  Credit  and
Commitment Percentage  of each of the Banks, respectively, are set forth on
SCHEDULE 3(A)(I) attached  hereto.  With  effect on and after the Effective
Date, Hibernia National Bank (the "ASSIGNOR")  hereby  sells, transfers and
assigns  to  each of the other Banks (each an "ASSIGNEE" collectively,  the
"ASSIGNEES") in  equal  percentage shares, without representation, warranty
or recourse (except as expressly  provided  in  this  SECTION  3),  and the
Assignees  hereby  purchase,  assume  and  undertake from the Assignor, one
hundred  percent  (100%)  of  the  Assignor's  Commitment  Percentage,  the
outstanding Loans owing to the Assignor, the Assignor's  risk  relating  to
Letters   of   Credit   and  all  related  rights,  benefits,  obligations,
liabilities, security interests,  liens  and  indemnities  of  the Assignor
under and in connection with the Agreement and the other Loan Documents.

               (ii) Simultaneously with the assignment described  herein in
SUBSECTION  3(A)(I), the Total Commitment shall be reduced from $52,500,000
to $45,000,000.

               (iii) After giving effect to this Amendment on the Effective
Date, the Commitment  Percentage  of  the  Assignor  shall  be  0%  and the
Commitment,  outstanding  Loans,  and  risk  relating to Letters of Credit,
Letter  of  Credit  Applications  relating thereto  and  Letter  of  Credit
Participations of the Assignor shall  be  $0.   After giving effect to this
Amendment  on  the  Effective Date, the Commitment Percentage,  Commitment,
outstanding Loans, and risk relating to Letters of Credit, Letter of Credit
Applications and Letter  of Credit Participations of each Assignee shall be
as set forth on SCHEDULE 3(A)(III) attached hereto.

          (b)  ASSIGNOR'S REPRESENTATIONS AND WARRANTIES.  The Assignor (i)
represents and warrants that  (A)  it  is  legally authorized to enter into
this Agreement, and (B) as of the date hereof (and without giving effect to
assignments thereof which have not yet become  effective),  its Commitment,
share of outstanding Loans, participating interest in the risk  relating to
any outstanding Letters of Credit and Commitment Percentage is as set forth
on  SCHEDULE  3(A)(I)  hereto  attached,  (ii) makes no representations  or
warranties, express or implied, and assumes  no responsibility with respect
to any statements, warranties or representations  made  in or in connection
with  the  Agreement or any of the other Loan Documents or  the  execution,
legality, validity,  enforceability,  genuineness,  sufficiency or value of
the Agreement, any of the other Loan Documents or any  other  instrument or
document  furnished  pursuant  thereto  or  the  attachment, perfection  or
priority of any security interest or mortgage, other  than  that  it is the
legal  and  beneficial owner of the interest being assigned by it hereunder
free and clear  of  any  claim or encumbrance created by it; (iii) makes no
representation or warranty  and  assumes  no responsibility with respect to
the  financial  condition  of  the Parent, either  of  the  Borrowers,  any
Guarantor, or any of the Parent's  other  Subsidiaries  or any other Person
primarily  or secondarily liable in respect of any of the  Obligations,  or
the performance  or  observance by the Parent, either of the Borrowers, any
Guarantor, or any of the  Parent's  other  Subsidiaries or any other Person
primarily or secondarily liable in respect of any of the Obligations or any
of its obligations under the Agreement or any  of  the other Loan Documents
or any other instrument or document delivered or executed pursuant thereto;
and (iv) agrees to deliver to the Borrowers, promptly  after  the Effective
Date, the Note delivered to it under the Agreement.

          (c)  ASSIGNEES'  REPRESENTATIONS  AND WARRANTIES.  Each  Assignee
represents and warrants that (i) it is duly and legally authorized to enter
into this Amendment, (ii) the execution, delivery  and  performance of this
Amendment do not conflict with any provision of law or of  the  charter  or
by-laws  of  the Assignee, or of any agreement binding on the Assignee, and
(iii) all acts, conditions and things required to be done and performed and
to have occurred  prior  to the execution, delivery and performance of this
Amendment, and to render the  same  the legal, valid and binding obligation
of the Assignee, enforceable against  it in accordance with its terms, have
been done and performed and have occurred in compliance with all applicable
laws.

          (d)  PARTIES TO CREDIT AGREEMENT.   From  and after the Effective
Date,  the Assignor shall relinquish its rights and be  released  from  its
obligations  under  the Agreement; PROVIDED, HOWEVER, that, notwithstanding
anything to the contrary  contained  herein,  the provisions of SECTIONS 16
and 17 of the Agreement shall survive the Effective Date for the benefit of
the Assignor.

     SECTION 4 CONDITIONS OF EFFECTIVENESS.

          (a)  The Administrative Agent, the Issuing  Bank  and  the  Banks
have  relied  upon  the representations and warranties in this Amendment in
agreeing to the amendments  to  the  Agreement  set  forth  herein  and the
amendments  to  the  Agreement  set  forth  herein are conditioned upon and
subject to the accuracy of each and every representation  and  warranty  of
each  of  the  Borrowers  and  the  Parent  made or referred to herein, and
performance by each of the Borrowers and the  Parent  of its obligations to
be performed under the Agreement on or before the date  of  this  Amendment
(except to the extent amended herein).

          (b)  The amendments to the Agreement set forth herein are further
conditioned  upon  the  Borrowers  having paid all accrued and unpaid legal
fees and expenses referred to in SECTION  16 of the Agreement and SECTION 8
hereof.

          (c)  This  Agreement shall be effective  as  of  the  date  first
written above (provided that the amendments to Section 8.4 and Section 10.6
of  the Agreement shall  be  effective  as  of  June  30,  2000)  when  the
conditions   in   this   SECTION   4  have  been  satisfied  and  when  the
Administrative Agent shall have received  (i)  this  Amendment, executed by
the  Borrowers,  the  Parent  and  the Banks, and (ii) a favorable  opinion
addressed to the Banks and the Administrative  Agent,  from  Jones, Walker,
Waechter,  Poitevent,  Carrere & Denegre, L.L.P., counsel to the  Borrowers
and the Parent.

     SECTION 5. REPRESENTATIONS AND WARRANTIES OF THE BORROWERS AND PARENT.
The Borrowers and Parent jointly and severally represent and warrant to the
Administrative Agent, the  Issuing  Bank and each Bank, with full knowledge
that the Administrative Agent, the Issuing Bank and each Bank is relying on
the following representations and warranties  in  executing this Amendment,
as follows:

          (a)  Each of the Borrowers and the Parent has corporate power and
authority to execute, deliver and perform this Amendment, and all corporate
action on the part of each of the Borrowers and the  Parent  requisite  for
the due execution, delivery and performance of this Amendment has been duly
and  effectively  taken.  Each of the undersigned officers of the Borrowers
and the Parent executing  this  Amendment represent and warrant that he has
full power and authority to execute and deliver this Amendment on behalf of
the Borrowers and the Parent respectively, that such execution and delivery
has been duly authorized by each respective Board of Directors and that the
resolutions  previously  delivered   to   the   Administrative   Agent   on
February  15,  2000,  in  connection with the execution and delivery of the
Second Amendment are and remain  in full force and effect and have not been
altered, amended, or repealed in anywise.

          (b)  The Agreement as amended  by  this  Amendment  and  the Loan
Documents  and  each  and  every  other  document executed and delivered in
connection with this Amendment to which any of the Borrowers or the Parent,
or  any  Subsidiary thereof, is a party constitute  the  legal,  valid  and
binding obligations  of  such  Person  to the extent it is a party thereto,
enforceable against such Person in accordance with its respective terms.

          (c)  This Amendment does not and  will not violate any provisions
of the articles or certificate of incorporation  or  bylaws  of  any of the
Borrowers  or  the  Parent,  or  any  contract,  agreement,  instrument  or
requirement  of  any  Governmental  Authority  to  which any such Person is
subject.  The execution of this Amendment by each of  the Borrowers and the
Parent will not result in the creation or imposition of  any  lien upon any
properties  of  any  of  the  Borrowers  or  the  Parent,  other than those
permitted by the Agreement and this Amendment.

          (d)  The  execution,  delivery  and  performance by each  of  the
Borrowers and the Parent of this Amendment do not  require  the  consent or
approval of any other Person, including, without limitation, any regulatory
authority or governmental body of the United States of America or any state
thereof or any political subdivision of the United States of America or any
state thereof.

          (e)  The annual audited consolidated balance sheet of the  Parent
and  the  Borrowers  as  of  December  31,  1999,  the related consolidated
statements of earnings, capital accounts, and cash flows  for  the  quarter
then  ended  which  have  been  furnished  to the Administrative Agent, the
Issuing Bank and the Banks, fairly present the  financial  condition of the
Parent and the Borrowers as at such date and the results of  the operations
of the Parent and the Borrowers for the periods ended on such  date, all in
accordance  with  generally  accepted  accounting principles applied  on  a
consistent basis, and since December 31,  1999  there  has been no material
adverse change in such condition or operations.

          (f)  Each  of  the  Borrowers  and the Parent has  performed  and
complied  with all agreements and conditions  contained  in  the  Agreement
required to  be  performed or complied with by each such Person prior to or
at the time of delivery of this Amendment.

          (g)  No  Default  or  Event  of  Default exists and, after giving
effect to this Amendment, no Default or Event of Default will exist and all
of the representations and warranties contained  in  the  Agreement and all
instruments and documents executed pursuant thereto or contemplated thereby
are true and correct in all material respects on and as of this date.

          (h)  Nothing in this SECTION 5 of this Amendment  is  intended to
amend  any  of the representations or warranties contained in the Agreement
or of the Loan Documents to which any of the Borrowers or the Parent or any
Subsidiary thereof is a party.

     SECTION 6. REFERENCE TO AND EFFECT ON THE AGREEMENT.

          (a)  Upon the effectiveness of SECTIONS 1, 2 and 3 hereof, on and
after the date hereof, each reference in the Agreement to "this Agreement",
"hereunder", "hereof", "herein", or words of like import, shall mean and be
a reference to the Agreement as amended hereby.

          (b)  Except  as  specifically  amended  by  this  Amendment,  the
Agreement  shall remain in full force and effect and is hereby ratified and
confirmed.

     SECTION  7.  NO  WAIVER.   Each of the Borrowers and the Parent agrees
that no Event of Default and no Default  has been waived or remedied by the
execution of this Amendment by the Administrative  Agent,  the Issuing Bank
and  the Banks and any such Default or Event or Default heretofore  arising
and currently  continuing  shall  continue after the execution and delivery
hereof.

     SECTION 8. COST, EXPENSES AND  TAXES.   Each  of the Borrowers and the
Parent agrees to pay on demand all reasonable costs  and  expenses  of  the
Administrative Agent, the Issuing Bank and the Banks in connection with the
preparation, reproduction, execution and delivery of this Amendment and the
other  instruments  and  documents  to  be  delivered  hereunder, including
reasonable attorneys' fees and out-of-pocket expenses of the Administrative
Agent, the Issuing Bank and the Banks.  In addition, each  of the Borrowers
and the Parent shall pay any and all stamp and other taxes and fees payable
or determined to be payable in connection with the execution  and delivery,
filing  or  recording  of  this  Amendment  and  the other instruments  and
documents  to  be  delivered  hereunder, and agrees to  save  each  of  the
Administrative Agent, the Issuing  Bank  and  the  Banks  harmless from and
against any and all liabilities with respect to or resulting from any delay
in paying or omission to pay such taxes or fees.

     SECTION  9.  EXTENT  OF  AMENDMENTS.   Except  as otherwise  expressly
provided  herein,  the  Agreement  and  the  other Loan Documents  are  not
amended, modified or affected by this Amendment.  Each of the Borrowers and
the  Parent  ratifies and confirms that (a) except  as  expressly   amended
hereby,  all  of   the   terms,   conditions,  covenants,  representations,
warranties and all other provisions  of  the Agreement remain in full force
and effect, (b) each of the other Loan Documents  are  and  remain  in full
force  and  effect  in  accordance with their respective terms, and (c) the
Collateral is unimpaired by this Amendment.

     SECTION  10.  WAIVERS   AND   RELEASE   OF   CLAIMS.    As  additional
consideration  for  the  execution,  delivery,  and  performance  of   this
Amendment  by  the  parties hereto and to induce each of the Administrative
Agent, the Issuing Bank and the Banks to enter into this Amendment, each of
the Borrowers and the  Parent  represents  and  warrants  that  none of the
Borrowers  and the Parent know of any facts, events, statuses or conditions
which, either  now  or with the passage of time or the giving of notice, or
both, constitute or will  constitute  a  basis  for  any  claim or cause of
action against any of the Administrative Agent, the Issuing  Bank  and  the
Banks  or  any  defense,  counterclaim or right of setoff to the payment or
performance of any obligations  or  indebtedness of any of the Borrowers or
the Parent to any of the Administrative  Agent,  the  Issuing  Bank  or the
Banks,  and  in  the  event  any such facts, events, statuses or conditions
exist  or have existed, whether  known  or  unknown,  WHETHER  DUE  TO  THE
ADMINISTRATIVE  AGENT'S,  THE  ISSUING  BANK'S  OR ANY BANK'S, ANY OF THEIR
REPRESENTATIVE'S,     AGENT'S,    OFFICER'S,    DIRECTOR'S,     EMPLOYEE'S,
SHAREHOLDER'S, OR SUCCESSOR'S  OR  ASSIGN'S  OWN  NEGLIGENCE,  each  of the
Borrowers   and  the  Parent  for  each  of  themselves,  their  respective
Subsidiaries,   their   respective   representatives,   agents,   officers,
directors,    employees,   shareholders,   and   successors   and   assigns
(collectively called  the  "INDEMNIFYING  PARTIES"), hereby fully, finally,
completely,  generally  and  forever  releases,  discharges,  acquits,  and
relinquishes the Administrative Agent,  the  Issuing Bank and each Bank and
each  of  their  respective representatives, agents,  officers,  directors,
employees, shareholders,  and  successors  and assigns (collectively called
the "INDEMNIFIED PARTIES"), from any and all  claims, actions, demands, and
causes of action of whatever kind or character,  whether  joint or several,
whether  known  or unknown, WHETHER DUE TO ANY OF THE INDEMNIFIED  PARTIES'
OWN NEGLIGENCE, which  may  have  arisen  or  accrued  prior to the date of
execution  of  this  Amendment,  for  any and all injuries, harm,  damages,
penalties,  costs, losses, expenses, attorneys'  fees,  and/or  liabilities
whatsoever and  whenever  incurred  or  suffered by any of them, including,
without  limitation, any claim, demand, action,  damage,  liability,  loss,
cost, expense,  and/or  detriment, of any kind or character, growing out of
or in any way connected with or in any way resulting from any breach of any
duty of loyalty, fair dealing,  care,  fiduciary  duty,  or any other duty,
confidence,  or  commitment,  undue  influence, duress, economic  coercion,
conflict of interest, negligence, bad  faith,  violations  of the racketeer
influence   and   corrupt   organizations  act,  intentional  or  negligent
infliction  of distress or harm,  tortious  interference  with  contractual
relations, tortious  interference  with corporate governance or prospective
business advantage, breach of contract,  failure  to perform any obligation
under any of the Loan Documents, deceptive trade practices, libel, slander,
conspiracy,  interference  with business, usury, strict  liability,  lender
liability, breach of warranty  or representation, fraud, or any other claim
or cause of action (herein being collectively referred to as "CLAIMS").  IT
IS EXPRESSLY AGREED THAT THE CLAIMS  RELEASED  HEREBY INCLUDE THOSE ARISING
FROM  OR  IN ANY MANNER ATTRIBUTABLE TO THE NEGLIGENCE  (SOLE,  CONCURRENT,
ORDINARY,  OR   OTHERWISE),  OR  OTHER  TORTIOUS  CONDUCT  OF  ANY  OF  THE
INDEMNIFIED PARTIES  (other  than  any  claims  arising  solely  out  of an
Indemnified    Party's    willful    misconduct   or   gross   negligence).
Notwithstanding any provision of this Amendment or any other Loan Document,
this Section shall remain in full force  and  effect  and shall survive the
delivery  and  payment  of  the  Notes, this Amendment and the  other  Loan
Documents and the making, extension,  renewal,  modification,  amendment or
restatement of any thereof.

     SECTION  11.  INDEMNIFICATION.   As  additional  consideration to  the
execution,  delivery,  and  performance of this Amendment  by  the  parties
hereto and to induce the Administrative  Agent,  the  Issuing Bank and each
Bank to enter into this Amendment, the Indemnifying Parties hereby agree to
indemnify, hold harmless, and defend each of the Indemnified  Parties  from
and  against  any  and  all Claims of any nature or character, at law or in
equity, known or unknown,  which  may have arisen prior to the date hereof,
or accrued to, or could be claimed or asserted by, any third party prior to
the date hereof, INCLUDING WITHOUT LIMITATION, ANY CLAIMS ARISING OUT OF OR
IN ANY MANNER ATTRIBUTABLE TO THE NEGLIGENCE (SOLE, CONCURRENT, ORDINARY OR
OTHERWISE), OR OTHER TORTIOUS CONDUCT  OF  ANY  OF  THE INDEMNIFIED PARTIES
(other than any claims arising solely out of an Indemnified Party's willful
misconduct  or gross negligence).  Notwithstanding any  provision  of  this
Amendment or  any  other  Loan  Document, this SECTION shall remain in full
force and effect and shall survive  the  delivery and payment of the Notes,
this  Agreement and the other Loan Documents  and  the  making,  extension,
renewal, modification, amendment or restatement of any thereof.

     SECTION  12.  GRANT AND AFFIRMATION OF SECURITY INTEREST.  Each of the
Borrowers and the Parent  hereby  grants a security interest in and lien on
the Collateral to secure payment and  performance  of  the  Notes  and  the
obligations  described  in  the Agreement and all documents and instruments
executed in connection therewith  and, each of the Borrowers and the Parent
hereby confirms and agrees that any  and  all liens, security interests and
other security or Collateral now or hereafter  held  by  the Administrative
Agent  for the benefit of, and as representative of, the Issuing  Bank  and
the Banks as security for payment and performance of the Obligations hereby
are renewed  and  carried forth to secure payment and performance of all of
the Obligations.  The  Security  Documents  are and remain legal, valid and
binding obligations of the parties thereto, enforceable  in accordance with
their respective terms.

     SECTION 13. GUARANTIES. The Parent hereby consents to  and accepts the
terms and conditions of this Amendment, agrees to be bound by the terms and
conditions hereof and ratifies and confirms that its Guaranty, executed and
delivered   to  the  Administrative  Agent  for  the  benefit  of  and   as
representative  of each of the Issuing Bank and the Banks on July 19, 1999,
guaranteeing payment  of  the Obligations, is and remains in full force and
effect and secures payment  of  the  Obligations,  including,  among  other
things, the Notes.

     SECTION  14.  EXECUTION  AND  COUNTERPARTS.   This  Amendment  may  be
executed  in  any number of counterparts and by different parties hereto in
separate counterparts,  each  of which when so executed and delivered shall
be  deemed  to  be  an original and  all  of  which  taken  together  shall
constitute but one and  the  same  instrument.   Delivery  of  an  executed
counterpart  of the signature page of this Amendment by facsimile shall  be
equally as effective as delivery of a manually executed counterpart of this
Amendment.

     SECTION 15.  GOVERNING  LAW.   This Amendment shall be governed by and
construed in accordance with the laws of the State of Texas.

     SECTION 16. HEADINGS.  Section headings in this Amendment are included
herein for convenience and reference  only  and shall not constitute a part
of this Amendment for any other purpose.

     SECTION 17. LOAN DOCUMENTS.  This Amendment is a Loan Document.

     SECTION 18. ARBITRATION.  The parties agree  to  be bound by the terms
and provisions of the arbitration provisions set forth in SECTION 33 of the
Agreement.

     SECTION  19. NO ORAL AGREEMENTS.  THE AGREEMENT (AS  AMENDED  BY  THIS
AMENDMENT) AND  THE  OTHER  LOAN  DOCUMENTS,  REPRESENT THE FINAL AGREEMENT
BETWEEN  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 BETWEEN THE PARTIES.

     IN WITNESS  WHEREOF,  the parties hereto have caused this Amendment to
be executed by their respective officers thereunto duly authorized.

                                            TRICO MARINE OPERATORS, INC, a
                                            Louisiana corporation

                                            By___________________________
                                            Name:
                                            Title:

                                            TRICO MARINE ASSETS, INC., a
                                            Delaware corporation

                                            By____________________________
                                            Name:
                                            Title:

                                            TRICO MARINE SERVICES, INC, a
                                            Delaware corporation

                                            By____________________________
                                            Name:
                                            Title:

                  [SIGNATURES CONTINUE ON FOLLOWING PAGE]

                                            WELLS FARGO BANK TEXAS, NATIONAL
                                            ASSOCIATION (successor by
                                            consolidation to Wells Fargo Bank
                                            (Texas),  National Association),
                                            individually and as Administrative
                                            Agent

                                            By________________________________
                                            Name:
                                            Title:

                                            WELLS FARGO BANK, N.A., as Issuing
                                            Bank

                                            By________________________________
                                            Name:
                                            Title:

                  [SIGNATURES CONTINUE ON FOLLOWING PAGE]

                                           CHRISTIANIA  BANK OG KREDITKASSE
                                           ASA, NEW YORK BRANCH, individually
                                           and as Documentation Agent

                                           By________________________________
                                           Name:
                                           Title:

                                           By________________________________
                                           Name:
                                           Title:

                  [SIGNATURES CONTINUE ON FOLLOWING PAGE]

                                           BANK ONE LOUISIANA, N.A.,
                                           individually and as Syndication
                                           Agent

                                           By________________________________
                                           Name:
                                           Title:

                  [SIGNATURES CONTINUE ON FOLLOWING PAGE]

                                            HIBERNIA NATIONAL BANK

                                            By_____________________________
                                            Name:
                                            Title:

                             SCHEDULE 3(A)(I)

<TABLE>
<CAPTION>
                                                                   RISK
                                                                RELATING TO
                                                                OUTSTANDING
                                         COMMITMENT OUTSTANDING LETTERS OF
            BANK             COMMITMENT  PERCENTAGE    LOANS      CREDIT
<S>                          <C>         <C>        <C>         <C>
WELLS FARGO BANK TEXAS,      $15,000,000   28.5714%          $0  $45,352.15
NATIONAL ASSOCIATION
(successor by consolidation
to Wells Fargo Bank (Texas),
National Association)

1000 Louisiana, 3rd Floor
Houston, TX  77002
Fax:  (713) 739-1087

CHRISTIANIA BANK OG          $15,000,000   28.5714%          $0  $45,352.15
KREDITKASSE ASA,
NEW YORK BRANCH

11 W. 42nd Street, 7th Floor
New York, NY  10036
Fax:  (212) 827-4888
BANK ONE LOUISIANA, N.A.     $15,000,000   28.5714%          $0  $45,352.15

201 St. Charles Avenue,
29th Floor
New Orleans, LA  70170
Fax:  (504) 623-6555

HIBERNIA NATIONAL BANK        $7,500,000   14.2858%          $0  $22,676.23

313 Carondelet Street
New Orleans, LA  70130
Fax:  (504) 533-5434
TOTAL                        $52,500,000     100.0%          $0 $158,732.68
</TABLE>

                            Schedule 3(a)(iii)

                            SCHEDULE 3(A)(III)

<TABLE>
<CAPTION>
                                                                   RISK
                                                                RELATING TO
                                                                OUTSTANDING
                                         COMMITMENT OUTSTANDING LETTERS OF
            BANK             COMMITMENT  PERCENTAGE    LOANS      CREDIT
<S>                          <C>         <C>        <C>         <C>
WELLS FARGO BANK TEXAS,      $15,000,000   33.3333%          $0  $52,910.89
NATIONAL ASSOCIATION
(successor by consolidation
to Wells Fargo Bank (Texas),
National Association)

1000 Louisiana, 3rd Floor
Houston, TX  77002
Fax:  (713) 739-1087
CHRISTIANIA BANK OG          $15,000,000   33.3333%          $0  $52,910.89
KREDITKASSE ASA,
NEW YORK BRANCH

11 W. 42nd Street, 7th Floor
New York, NY  10036
Fax:  (212) 827-4888
BANK ONE LOUISIANA, N.A.     $15,000,000   33.3333%          $0  $52,910.90

201 St. Charles Avenue,
29th Floor
New Orleans, LA  70170
Fax:  (504) 623-6555
TOTAL                        $45,000,000     100.0%          $0 $158,732.68
</TABLE>

                            Schedule 3(a)(iii)

                               SCHEDULE 1.1

<TABLE>
<CAPTION>
                BANK                               COMMITMENT    PERCENTAGE
<S>                                               <C>            <C>
WELLS FARGO BANK TEXAS, NATIONAL ASSOCIATION
(successor by consolidation to Wells Fargo Bank   $15,000,000    33.3333%
(Texas), National Association)

1000 Louisiana, 3rd Floor
Houston, TX  77002
Fax:  (713) 739-1087

CHRISTIANIA BANK OG KREDITKASSE ASA,
NEW YORK BRANCH                                   $15,000,000    33.3333%

11 W. 42nd Street, 7th Floor
New York, NY  10036
Fax:  (212) 827-4888

BANK ONE LOUISIANA, N.A.
                                                  $15,000,000    33.3333%
201 St. Charles Avenue, 29th Floor
New Orleans, LA  70170
Fax:  (504) 623-6555

TOTAL                                          $45,000,000.00      100.0%

</TABLE>

Address for Notices to Issuing Bank:

Wells Fargo Bank, N.A.

1000 Louisiana, Third Floor
Houston, Texas  77002
Attn:  Frank Schageman, Vice President

                               Schedule 1.1

                               SCHEDULE 9.1

                           EXISTING INDEBTEDNESS

<TABLE>
<CAPTION>
                                      Original Principal
                                        Amount/Maximum       Outstanding
   Description   Obligor(s)               Commitment          Principal       Interest Rate      Maturity Date
   -----------   ----------               ----------          ---------       -------------      -------------
<S>              <C>                   <C>                 <C>                <C>                <C>
Loan Agreement   Borrower:             NOK125,000,000      NOK125,000,000     NIBOR + 1.1%       June 30, 2003
dated April 18,  Trico Shipping AS
2000, between
Trico Shipping
AS, the banks
and financial    Grantor:
institutions a   Trico Supply, AS
party thereto
and Den norske
Bank ASA (as
Agent)
</TABLE>

                               Schedule 9.1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00017-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00017-of-00352.parquet"}]]