Document:

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                                                                    EXHIBIT 10.2

                      AMENDED AND RESTATED PROMISSORY NOTE
                      ------------------------------------

$8,534,000.00                                                     April 29, 2003
                                                                  Houston, Texas

     FOR VALUE RECEIVED, the undersigned, NEWPARK SHIPBUILDING-BRADY ISLAND,
INC. (f/k/a Newpark Shipbuilding and Repair, Inc.), a Texas corporation
("Borrower"), hereby unconditionally promises to pay to the order of NEWPARK
SHIPHOLDING TEXAS, L.P., a Texas limited partnership ("Lender"), at Lender's
office at 3850 North Causeway Blvd., Suite 1770, Metairie, Louisiana 70002, or
at such other place as the holder of this Amended and Restated Promissory Note
(this "Note") may from time to time designate in writing, in lawful money of the
United States of America and in immediately available funds, the principal sum
of EIGHT MILLION, FIVE HUNDRED THIRTY FOUR THOUSAND AND NO/100 DOLLARS
($8,534,000.00), together with interest on the unpaid amount hereof from January
1, 1997 until this Note is paid in full, subject to the further provisions of
this Note, at the rate of five percent (5%) per annum.

     1. This Note is the amendment, restatement, renewal and extension of that
certain Promissory Note dated as of August 29, 1996, referred to in and executed
and delivered pursuant to that certain Asset Purchase Agreement dated August 29,
1996 (as the same may be amended, modified, supplemented or restated from time
to time, the "Asset Purchase Agreement") between Borrower and Lender, and is
secured as provided therein.

     2. The principal balance of this Note, together with interest accrued
thereon, shall be due and payable in full on September 30, 2005. Notwithstanding
the preceding sentence, if an Event of Default occurs and is continuing at any
time during the term of this Note, the entire amount of unpaid interest and
principal hereunder shall immediately become due and payable. In the event that
the original principal amount is not paid in full on September 30, 2005,
interest shall thereafter accrue at the rate of eight percent (8%) per annum
(unless payments due under this Note are converted to an installment payment
schedule pursuant to Paragraph 6 hereof).

     3. Partial prepayments shall be permitted on this Note prior to the Term
Loan Conversion Date, but only if each such partial prepayment pays interest on
a current basis on the amount so prepaid, and prepays at least $3,164,000 in
principal amount. Interest shall cease to accrue on any amount so prepaid which
is allocated to principal.

     4. If a payment hereunder becomes due and payable on a day that is not a
Business Day, the payment may be made on the next succeeding Business Day, and
such extension of time shall be included in the computation of the amount of
interest due on such succeeding Business Day. As used herein, "Business Day"
means any day excluding Saturday, Sunday and any day which is a legal holiday
under the laws of the State of Texas.

     5. If payments of principal, interest or any other amount due hereunder or
under any of the other Junior Creditor Agreements (as defined in the
Intercreditor Agreement) are not timely made and remain overdue for a period of
ten (10) days, Borrower, without notice or demand by Lender, promptly shall pay
to Lender an amount equal to five percent (5%) of each delinquent payment.

                                      -1-

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     6. Notwithstanding Paragraph 2 hereof, if, on or prior to September 30,
2005, the Term Loan Conditions have been satisfied, then Borrower may elect,
effective on the Term Loan Conversion Date, to convert payments due hereunder to
an installment repayment schedule, and the following provisions shall apply
thereafter:

         (a) Commencing with the Term Loan Conversion Date, the unpaid principal
     balance of this Note shall be the Prepayment Amount on such Term Loan
     Conversion Date, and interest thereon shall accrue at the sum of the Prime
     Rate plus five percent (5%). The Prepayment Amount on the Term Loan
     Conversion Date (calculated as provided in the Prepayment Letter) shall be
     payable in sixty (60) consecutive monthly installments, the first
     fifty-nine (59) of which shall each be in the amount of 1/180th of the
     Prepayment Amount as of the Term Loan Conversion Date and the sixtieth
     (60th) of which shall be the entire remaining unpaid portion thereof. The
     first installment shall be due on the first day of the month next following
     the month in which the Term Loan Conversion Date occurs, and subsequent
     installments shall be due on the same day of each month thereafter until
     the Prepayment Amount has been paid. Interest calculated on the Prepayment
     Amount at the rate specified to apply following the Term Loan Conversion
     Date as provided in Paragraph 1 of the Prepayment Letter shall be payable
     at the same time as, but in addition to, each installment of the Prepayment
     Amount.

         (b) Borrower shall make a special prepayment on this Note on March 31
     of each year equal to the amount, provided such amount is a positive
     number, determined according to the following formula:

            Special Payment = (Available Cash x 0.5) - Debt Service

     "Available Cash" for a given period shall be the remainder of (i)
     Consolidated EBITDA for First Wave and its Subsidiaries for the calendar
     year or portion thereof (for example, in the case of the March 31 next
     following the Term Loan Conversion Date, the portion thereof attributable
     to the period from the Term Loan Conversion Date to the next succeeding
     December 31 preceding the March 31 in question), minus (ii) interest
     expense of First Wave and its Subsidiaries paid under the Foothill Credit
     Agreement for such period, minus (iii) income taxes of First Wave and its
     Subsidiaries paid in cash for such period, minus (iv) Capital Expenditures
     of First Wave and its Subsidiaries for such period. "Debt Service" for a
     given period shall be the aggregate amount of all payments made by Borrower
     or First Wave on this Note during such calendar year or portion thereof.
     Such special prepayments shall be applied to the remaining installments in
     inverse order of maturity.

         (c) After the Term Loan Conversion Date and if Borrower elects to pay
     this Note in installments, this Note may be prepaid in whole or in part. If
     this Note is prepaid in part, any such partial prepayment shall be applied
     to the remaining installments in inverse order of maturity.

     7. As used in this Note, the following terms have the meanings specified:

          "CAPITAL EXPENDITURES" means expenditures by a Person for assets which
     will be used in the ordinary course of its business in a year or years
     subsequent to

                                      -2-

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     the year in which the expenditures are made and which are properly
     classifiable in the financial statements of such Person as property,
     equipment, improvements, fixed assets, or a similar type of capitalized
     asset in accordance with GAAP, provided that such term shall include,
     whether or not such inclusion is in conformity with GAAP, (A) the
     capitalized portion of each capital lease and (B) expenditures for
     equipment purchased simultaneously with the trade-in of existing equipment
     owned by each Person to the extent of the excess of the purchase price of
     the equipment so purchased over the book value of the equipment hereby
     traded in.

          "CONSOLIDATED EBITDA" of a Person means, with respect to any period,
     an amount equal to: (a) the consolidated net income for such period
     determined in accordance with GAAP, plus (b) depreciation and amortization
     for such period (to the extent deducted in the computation of consolidated
     net income), all in accordance with GAAP, plus (c) interest expense for
     such period (to the extent deducted in the computation of consolidated net
     income), plus (d) charges for federal, state, local and foreign income
     taxes, plus (e) goodwill write-off (to the extent deducted in the
     computation of consolidated net income), plus (f) any other non-cash
     charges (to the extent deducted in the computation of consolidated net
     income); provided, however, that any gain or loss attributable to the sale
     of assets shall not be included in the calculation of Consolidated EBITDA.

          "EVENT OF DEFAULT" means any of the following shall occur and be
     continuing: (a) Borrower shall fail to pay any principal, interest or other
     amount on the Note, or Borrower shall fail to pay any other amount due
     under any of the Transaction Documents, within ten (10) days after the same
     becomes due and payable; (b) Borrower shall fail to perform or observe any
     term, condition or agreement contained in any of the Transaction Documents
     to be performed on its part, and such failure is not cured within Ten (10)
     Business Days after such performance or observation became due; or (c) an
     "Event of Default" under the Foothill Credit Agreement, so long as Foothill
     has given written notice of such Event of Default.

          "FIRST WAVE" means First Wave Marine, Inc., a Delaware corporation.

          "FIRWAV CREDIT AGREEMENT" means that certain Credit Agreement dated as
     of January 24, 2003, between First Wave, Newpark Shipbuilding-Pelican
     Island, Inc. and FirWav Finance, LLC, or if assigned by FirWav Finance,
     LLC, its assigns, as amended from time to time.

          "FOOTHILL CREDIT AGREEMENT" means that certain Second Amended and
     Restated Loan and Security Agreement dated as of February 7, 2002, among
     First Wave, Borrower, certain other subsidiaries of First Wave that are
     parties thereto and Foothill Capital Corporation, or, if assigned by
     Foothill Capital Corporation, its assigns, among others, as amended from
     time to time.

          "GAAP" means those accounting principles applied on a consistent basis
     generally accepted from time to time in the certified public accounting
     profession

                                      -3-

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     (including those set forth in the Opinions of the Accounting Principles
     Board of the American Institute of Certified Public Accountants or
     statements of the Financial Accounting Standards Board which may be
     applicable at the time in question); and "applied on a consistent basis"
     means that the accounting principles observed in the period covered by any
     report required under the terms of this Agreement are compatible in all
     material respects with those applied in any preceding period and report.

          "INTERCREDITOR AGREEMENT" means that certain Intercreditor Agreement
     dated as of February 7, 2002, between Foothill Capital Corporation and
     Lender, as supplemented by that certain letter agreement between Foothill
     Capital Corporation and Lender dated as of April 29, 2003.

          "PERSON" means a corporation, an association, a joint venture, an
     organization, a business, an individual or a government or political
     subdivision thereof or any governmental agency.

          "PREPAYMENT AMOUNT" shall have the meaning given such term in the
     Prepayment Letter.

          PREPAYMENT LETTER" shall mean that certain Amended and Restated
     Prepayment Letter dated as of April 29, 2003, between Borrower and Lender,
     as amended from time to time.

          "PRIME RATE" means the prime rate of interest quoted in The Wall
     Street Journal.

          "SECURITY AGREEMENT" means that certain Security Agreement dated as of
     August 29, 1996, between Borrower, as debtor, and Lender, as secured party,
     as amended from time to time.

          "SUBSIDIARY" means, with respect to any Person, any corporation,
     association or other business entity in which more than fifty percent (50%)
     of the total voting power or shares of stock entitled to vote in the
     election of directors, managers or trustees thereof is at the time owned or
     controlled, directly or indirectly, by that Person or one or more of the
     other Subsidiaries of that Person or a combination thereof.

          "TERM LOAN CONDITIONS" means on or before September 30, 2005, (i)
     Borrower has paid its obligations with respect to the Term Loan (as such
     term is defined in the Foothill Credit Agreement) under the Foothill Credit
     Agreement and all of its Credit Obligations (as such term is defined in the
     FirWav Credit Agreement) under the FirWav Credit Agreement and (ii) the
     Intercreditor Agreement remains in effect, as supplemented by the letter
     agreement dated as of April 29, 2003.

          "TERM LOAN CONVERSION DATE" means the first day of the second month
     following the month in which the last to be satisfied of the Term Loan
     Conditions

                                      -4-

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     was satisfied, provided the Term Loan Conversion Date may not be later than
     September 30, 2005.

          "TRANSACTION DOCUMENTS" means this Note, the Prepayment Letter, the
     Security Agreement, the Asset Purchase Agreement, any Senior Creditor
     Agreements (as defined in the Intercreditor Agreement), and all other
     instruments, documents and agreements executed by Borrower or any affiliate
     of Borrower in connection with the transactions contemplated by any of the
     foregoing documents, as any of the foregoing documents have previously been
     or hereafter may be amended, supplemented or otherwise modified from time
     to time.

     8. In no contingency or event whatsoever shall interest charged hereunder,
however such interest may be characterized or computed, exceed the highest
amount permissible under any law which a court of competent jurisdiction
determines is applicable hereto. In furtherance of the foregoing, if this Note
is paid prior to any of its alternative maturity dates because of the
acceleration of maturity by Lender, in no event shall the amount contracted to
be paid, charged, or paid hereunder exceed the sum of $6,328,000 plus interest
thereon at the rate of eighteen percent (18%) per annum from August 29, 1996
until the date of payment.

     9. If any suit or action is instituted or attorneys are employed to collect
this Note or any part thereof, Borrower hereby promises and agrees to pay all
costs of collection, including attorneys' fees and court costs.

     10. Borrower and each endorser, guarantor and surety of this Note hereby
waives presentment for payment, protest and demand, and notice of demand,
protest, dishonor and nonpayment of this Note. Borrower also waives all rights
to notice and hearing of any kind. Upon the occurrence of an Event of Default
and prior to the exercise by Lender of its rights to repossess all assets
securing this Note without judicial process or to replevy, attach or levy upon
the assets without notice or hearing.

     11. THIS NOTE HAS BEEN DELIVERED AT AND SHALL BE DEEMED TO HAVE BEEN MADE
AT HOUSTON, TEXAS AND SHALL BE INTERPRETED AND THE RIGHTS AND LIABILITIES OF THE
PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH THE INTERNAL LAWS AND
DECISIONS OF THE STATE OF TEXAS WITHOUT REGARD TO CONFLICTS OF LAW PROVISIONS.
Whenever possible each provision of this Note shall be interpreted in such
manner as to be effective and valid under applicable law, but if any provision
of this Note shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity,
without invalidating the remainder of such provision or the remaining provisions
of this Note. Whenever in this Note reference is made to Lender or Borrower,
such reference shall be deemed to include, as applicable, a reference to their
respective successors and assigns. The provisions of this Note shall be binding
upon and shall inure to the benefit of such successors and assigns. Borrower's
successors and assigns shall include, without limitation, a receiver, trustee or
debtor in possession of or for Borrower.

                                      -5-

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     IN WITNESS WHEREOF, Borrower has executed this Note as of the day and year
first written above.

                                         NEWPARK SHIPBUILDING-BRADY ISLAND, INC.

                                         By:     /s/ Frank R. Pierce
                                            ------------------------------------
                                         Name:   Frank R. Pierce
                                              ----------------------------------
                                         Title:  Authorized Signatory
                                               ---------------------------------

                                      -6-<PAGE>

                                                                    EXHIBIT 10.3

             AGREEMENT AND RESTATING AMENDMENT TO SECURITY AGREEMENT
             -------------------------------------------------------

     This AGREEMENT AND RESTATING AMENDMENT TO SECURITY AGREEMENT (this
"Agreement") is entered into as of this 29th day of April, 2003, by and between
Newpark Shipholding Texas, L.P., a Texas limited partnership ("Lender"), and
Newpark Shipbuilding - Brady Island, Inc., a Texas corporation formerly known as
Newpark Shipbuilding and Repair, Inc. ("Borrower"), with reference to the
following facts:

     A. Borrower purchased certain assets from Lender pursuant to that certain
Agreement for Purchase and Sale of Assets dated as of August 29, 1996 (the
"Purchase Agreement"), and a portion of the purchase price for the assets
purchased thereunder is represented by that certain Promissory Note dated as of
August 29, 1996, made by Borrower payable to the order of Lender, in the
original amount of $8,534,000 (the "Promissory Note"). In connection therewith,
the parties hereto entered into that certain Prepayment Letter dated as of
August 29, 1996, with respect to prepayment of the Promissory Note (the
"Prepayment Letter").

     B. The obligations of Borrower under the Promissory Note, and certain other
obligations, are secured pursuant to (i) that certain Security Agreement, dated
as of August 29, 1996, between Borrower, as debtor, and Lender, as secured party
(the "Security Agreement"), (ii) that certain Deed of Trust, Security Agreement,
Assignment of Leases and Rents and Fixture Filing dated as of August 29, 1996,
executed by Borrower to James A. Johnson, as Trustee, for the benefit of Lender
(the "Deed of Trust"), and (iii) that Certain Second Preferred Fleet Mortgage
dated as of August 29, 1996, executed by Borrower for the benefit of Lender (the
"Ship Mortgage").

     C. Lender and Borrower have amended certain of the terms of the Promissory
Note, the Security Agreement and the Prepayment Letter (collectively, as
amended, the "Original Documents") pursuant to a certain First Amendment to
Promissory Note, Security Agreement and Prepayment Letter dated as of February
20, 2001 the ("First Amendment"), and a certain Second Amendment to Promissory
Note, Security Agreement and Prepayment Letter dated as of February 7, 2002 (the
"Second Amendment").

     D. The amounts owed under the Promissory Note are guaranteed pursuant to
that certain Guaranty dated as of August 29, 1996, made by First Wave Marine,
Inc., a Delaware corporation ("First Wave"), for the benefit of Lender (the
"First Wave Guaranty").

     E. Foothill Capital Corporation, a California corporation ("Foothill"), has
extended a credit facility to First Wave and certain affiliates of First Wave,
including Borrower, pursuant to the terms of that certain Second Amended and
Restated Loan and Security Agreement dated as of February 7, 2002 (as amended
from time to time, the "Foothill Credit Agreement").

     F. In connection with the Foothill Credit Agreement, Lender agreed to
subordinate its lien in certain collateral, which it holds as security for
obligations under the Promissory Note and otherwise, to the lien of Foothill in
said collateral, all as more particularly set forth in that certain
Intercreditor Agreement dated as of February 7, 2002, between Foothill and
Lender, as supplemented by that certain letter agreement dated of even date
herewith (collectively, the "Intercreditor Agreement").

                                      -1-

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     G. First Wave has obtained an additional credit facility from FirWav
Finance, LLC, a Delaware limited liability company, pursuant to a Credit
Agreement dated as of January 24, 2003.

     H. Borrower and Lender have agreed to amend the Promissory Note pursuant to
that certain Amended and Restated Promissory Note dated of even date herewith
(the "Restated Promissory Note") in order to, among other things, extend the
maturity date.

     I. In connection with the Restated Promissory Note, Borrower and Lender
have further agreed to (i) amend and restate the Prepayment Letter pursuant to
that certain Amended and Restated Prepayment Letter dated of even date herewith
(the "Restated Prepayment Letter"), (ii) amend the Deed of Trust, the Ship
Mortgage and the Security Agreement to provide that each secures the Restated
Promissory Note, and (iii) amend the Security Agreement in order to restate the
amendments made to the Security Agreement pursuant to the First Amendment and
the Second Amendment, all as further described herein.

     NOW, THEREFORE, in consideration of the foregoing, and other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto hereby agree as follows:

     1. In connection with the transactions contemplated by this Agreement,
Borrower and Lender, as applicable, shall execute the following documents:

         (a) the Restated Promissory Note;

         (b) the Restated Prepayment Letter;

         (c) a First Amendment to the Deed of Trust, Security Agreement,
Assignment of Leases and Rents and Fixture Filing, which shall amend the Deed of
Trust to provide that it secures the Restated Promissory Note;

         (d) an Amendment and Supplement No. 1 to Second Preferred Fleet
Mortgage, which shall amend the Ship Mortgage to provide that it secures the
Restated Promissory Note; and

         (e) a letter agreement regarding the Intercreditor Agreement.

     2. If (i) the Restated Promissory Note shall have converted to an
installment payment schedule after the Term Loan Conversion Date (as defined in
the Restated Promissory Note), (ii) the Restated Promissory Note is outstanding
immediately prior to a Disposition of Brady Island, and (iii) a Disposition of
Brady Island occurs, Borrower shall pay Lender an amount equal to one-third
(1/3) of the Excess Net Proceeds, if such amount is a positive number. For the
purposes of this paragraph, the following terms shall have the meanings set
forth below:

     "BRADY ISLAND SHIPYARD" means that certain shipyard facility and wastewater
treatment plant located at 8502 Cypress Street, Houston, Texas 77012.

                                      -2-

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     "DISPOSITION OF BRADY ISLAND" means the sale by Borrower of all of the
tangible assets of the Brady Island Shipyard or the sale by First Wave of all of
its ownership interest in Borrower.

     "EXCESS NET PROCEEDS" means an amount equal to the cash proceeds resulting
from the Disposition of Brady Island, minus all expenses incurred in connection
therewith, minus all amounts required to be paid to Foothill Capital Corporation
under the terms of the Intercreditor Agreement, as amended from time to time,
but only to the extent such amounts are attributable to Senior Creditor Priority
Collateral (as defined in the Intercreditor Agreement), and minus the remaining
unpaid principal amount of and accrued but unpaid interest on the Restated
Promissory Note on the date of such disposition.

     3. The terms and provisions of the First Amendment and the Second Amendment
are hereby superseded by the terms and provisions of this Agreement in all
respects.

     4. The Security Agreement is hereby amended as follows:

         (a) All references in the Security Agreement to the Promissory Note are
hereby amended to refer to the Restated Promissory Note.

         (b) Except as hereinafter provided, all references in the Security
Agreement to Heller and/or its Credit Agreement with certain affiliates of
Borrower are hereby deleted and shall be of no further force and effect;
provided, however, that the references in the Security Agreement to said Heller
Credit Agreement for the definitions therein shall survive for the limited
purpose of such definitions. Furthermore, all references in the Security
Agreement to the subordination to Heller and its Credit Agreement are hereby
deleted and shall be of no further force and effect.

         (c) Section 1.1 of the Security Agreement is hereby amended to insert
the following definitions in alphabetical order:

               (i) "Foothill Credit Agreement" means that certain Second Amended
          and Restated Loan and Security Agreement dated as of February 7, 2002,
          among First Wave Marine, Inc., Borrower and Foothill Capital
          Corporation, among others, as amended from time to time.

               (ii) "Intercreditor Agreement" means that certain Intercreditor
          Agreement dated as of February 7, 2002, between Foothill Capital
          Corporation and Lender, as supplemented by that certain letter
          agreement between Foothill Capital Corporation and Lender dated as of
          April 29, 2003, and as further amended from time to time.

         (d) The last phrase of the definition of "Event of Default" in Section
1.1 is hereby amended in full read as follows: "or any item which is an "Event
of Default" under the Foothill Credit Agreement, including without limitation,
the Senior Creditor Agreements (as defined in the Intercreditor Agreement)."

         (e) The definition of "Transaction Documents" is hereby amended in full
to read as follows:

                                      -3-

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               "'TRANSACTION DOCUMENTS' shall mean the Restated Promissory Note,
          the Restated Prepayment Letter, this Agreement, the Purchase
          Agreement, the Foothill Credit Agreement, any Senior Creditor
          Agreements (as defined in the Intercreditor Agreement), and all other
          instruments, documents and agreements executed by Borrower or any
          Affiliate of Borrower in connection with the transactions contemplated
          by any of the foregoing documents, as any of the foregoing documents
          have previously been or hereafter may be amended, supplemented or
          otherwise modified from time to time."

         (f) Section 3 of the Security Agreement is hereby amended in full to
read as follows:

          "This Agreement secures the prompt and complete payment and
          performance of the obligations of Borrower under all Transaction
          Documents (other than the Foothill Credit Agreement and the Senior
          Creditor Agreements), all obligations of Borrower now or hereafter
          existing under this Agreement, and all renewals, extension,
          restructurings and refinancings of any of the above (all such debts,
          obligations and liabilities of Borrower being collectively referred to
          herein as the 'Secured Obligations')."

         (g) Section 17 of the Security Agreement is hereby amended in full to
read as follows:

          "Any notice or other thing required or desired to be served, given or
          delivered hereunder shall be deemed validly served, given or delivered
          upon the deposit thereof in the United States registered or certified
          mail, postage prepaid, addressed to the party to be notified as
          follows:

          If to Lender:            NEWPARK SHIPHOLDING TEXAS, L.P.
                                   c/o Newpark Resources, Inc.
                                   3850 N. Causeway Blvd.
                                   Suite 1770
                                   Metairie, Louisiana 70002-1752
                                   Attention:  Vice President - Finance

          With a copy to:          ERVIN, COHEN & JESSUP LLP
                                   9401 Wilshire Boulevard
                                   Ninth Floor
                                   Beverly Hills, California 90212
                                   Attention:  Bertram K. Massing, Esq.

          If to Borrower:          NEWPARK SHIPBUILDING - BRADY ISLAND, INC.
                                   8502 Cypress Street
                                   Houston, Texas 77012
                                   Attention:  President

                                      -4-

<PAGE>

          With a copy to:          FIRST WAVE MARINE, INC.
                                   2102 Broadway
                                   Houston, Texas 77012
                                   Attention: General Counsel"

         (h) Section 21 of the Security Agreement is hereby amended in full to
read as follows:

          "THIS AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND
          ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF TEXAS,
          WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES."

         (i) Section 25 of the Security Agreement is hereby amended in full to
read as follows:

          "THIS AGREEMENT AND THE INDEBTEDNESS SECURED HEREBY ARE SUBJECT TO THE
          TERMS AND PROVISIONS OF THE INTERCREDITOR AGREEMENT."

         (j) Section 26 of the Security Agreement is hereby deleted in its
entirety.

     5. Borrower shall give telephonic, fax and written notice to Lender as soon
as practicable upon the occurrence of an "Event of Default" under the Foothill
Credit Agreement, including under any Senior Creditor Agreements (as defined in
the Intercreditor Agreement), or any event which, with notice or lapse of time
or both, would become an Event of Default thereunder. Such notice shall be given
as follows:

        To Lender:

        NEWPARK SHIPHOLDING TEXAS, L.P.
        c/o Newpark Resources, Inc.
        3850 North Causeway Boulevard
        Suite 1770
        Metairie, Louisiana  70002-1752
        Attention: Vice President-Finance
        Fax No.: 504 833-9506

                                      -5-

<PAGE>

        With a mandatory copy to:

        ERVIN, COHEN & JESSUP LLP
        9401 Wilshire Boulevard
        Ninth Floor
        Beverly Hills, California  90212
        Attention: Bertram K. Massing, Esq.
        Fax No.: 301 8592325

     6. Borrower hereby waives all claims, if any, that it may have against
Lender for the contracting, charging or receipt of any interest at a rate in
excess of the maximum rate permitted by applicable law.

     7. Borrower hereby represents and warrants to Lender that (a) the
execution, delivery and performance of this Agreement and all other documents
executed and delivered in connection herewith have been duly authorized by all
requisite corporate action on the part of Borrower and do not and will not
violate the Articles of Incorporation of Borrower; (b) the representations and
warranties contained in the Security Agreement, as amended hereby, are true and
correct on and as of the date hereof as though made on this date; (c) no Event
of Default under the Security Agreement, as amended hereby, has occurred and is
continuing; and (d) Borrower is full compliance with all covenants and
agreements contained in the Security Agreement, as amended hereby.

     8. The terms and provisions of this Agreement shall modify and supersede
all inconsistent terms and provisions set forth in the Security Agreement.
Except as expressly modified and superseded by this Agreement, the Security
Agreement is hereby ratified and confirmed and shall continue in full force and
effect. Borrower and Lender agree that the Security Agreement, as amended
hereby, shall continue to be the legal, valid, binding and enforceable
obligation of Borrower, enforceable against it in accordance with its terms.

     9. By its execution hereof, First Wave hereby agrees to cause Borrower to
either (i) pay the Restated Promissory Note in full in accordance with its
terms, (ii) prepay the Restated Promissory Note as provided in the Prepayment
Letter, or (iii) elect to convert the payments due under the Restated Promissory
Note as provided therein, and further acknowledges and agrees as follows:

         (a) All references in the First Wave Guaranty to the Security Agreement
are hereby amended to refer to the Security Agreement, as amended by this
Agreement, and all references to the Promissory Note are hereby amended to refer
to the Restated Promissory Note;

         (b) The First Wave Guaranty, as amended hereby, remains in full force
and effect in accordance with its terms and is hereby ratified and confirmed in
all respects;

         (c) First Wave has no defenses, offsets or claims whatsoever in respect
thereof; and

                                      -6-

<PAGE>

         (d) First Wave shall not transfer or sell any of its equity interests
in Borrower (other than to a wholly-owned subsidiary of First Wave) without
selling all of its interests in Borrower.

     10. This Amendment shall be governed by and construed in accordance with
the internal laws of the State of Texas without regard to conflict of laws
principles.

     11. Borrower hereby represents to lender that as of the date hereof, the
unpaid principal amount of the Promissory Note is $8,534,000. Borrower hereby
reaffirms its obligations to pay said amount in accordance with the terms of the
Restated Promissory Note. BORROWER HEREBY ACKNOWLEDGES THAT IT HAS NO DEFENSE,
COUNTERCLAIM, OFFSET, CROSS-COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE
WHATSOEVER THAT CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF ITS
LIABILITY TO REPAY THE PROMISSORY NOTE OR TO SEEK AFFIRMATIVE RELIEF OR DAMAGES
OF ANY KIND OR NATURE FROM LENDER OTHER THAN PURSUANT TO THE AMENDED PREPAYMENT
LETTER. BORROWER HEREBY VOLUNTARILY AND KNOWINGLY RELEASES AND FOREVER
DISCHARGES LENDER, ITS PREDECESSORS, OFFICERS, DIRECTORS, AGENTS, EMPLOYEES,
SUCCESSORS AND ASSIGNS, FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF
ACTION, DAMAGES, COSTS, EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN,
ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR
CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE
THE DATE THIS AMENDMENT IS EXECUTED, WHICH THE BORROWER MAY NOW OR HEREAFTER
HAVE AGAINST LENDER, ITS PREDECESSORS, OFFICERS, DIRECTORS, AGENTS, EMPLOYEES,
SUCCESSORS AND ASSIGNS, IF ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS
ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE.

     12. Borrower shall, concurrently herewith and from time to time hereafter
at the request of Lender, execute and deliver to Lender such documents and
instruments as Lender may request, and shall take such other steps as Lender may
request, in order to evidence and implement the purpose of this Agreement.

     13. This Amendment may be executed in counterparts, which together shall
constitute one and the same document.

     (Remainder of Page Intentionally Left Blank - Signature Page Follows)

                                      -7-

<PAGE>

           IN WITNESS WHEREOF, the parties have executed this Agreement as of
the date first set forth above.

                                      NEWPARK SHIPHOLDING TEXAS, L.P.,
                                      a Texas limited partnership
                                      by its General Partner
                                      NEWPARK HOLDINGS, INC.
                                      a Louisiana corporation

                                      By: /s/ Matthew W. Hardey
                                      ------------------------------------------
                                          Matthew W. Hardey
                                          Vice President

                                      NEWPARK SHIPBUILDING - BRADY ISLAND, INC.,
                                      a Texas corporation

                                      By:     /s/ Frank R. Pierce
                                         ---------------------------------------
                                      Name:   Frank R. Pierce
                                           -------------------------------------
                                      Title:  Authorized Signatory
                                            ------------------------------------

     AGREED TO AND ACCEPTED as of this 29th day of April, 2003, for the limited
purposes of the acknowledgements and agreements set forth in Section 9 of this
Agreement.

                                      FIRST WAVE MARINE, INC.,
                                      a Delaware corporation

                                      By:     /s/ Frank R. Pierce
                                         ---------------------------------------
                                      Name:   Frank R. Pierce
                                           -------------------------------------
                                      Title:  Sr. V.P. and CFO
                                            ------------------------------------

                                      -8-

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