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                                                                   EXHIBIT 10.30

                    EXECUTIVE SEVERANCE PROTECTION AGREEMENT
                                (THE "AGREEMENT")

         WHEREAS, the Santa Fe International Corporation (the "Company")
recognizes that it is essential and in the best interests of the Company and its
stockholders to retain the services of the Company's executive employees, to
restrict them from competing against the Company and to insure their continued
dedication and efforts in the event of a threat of a Change in Control of the
Company without undue concern for their personal financial and employment
security upon a Change in Control; and

         WHEREAS, the Company adopted the Santa Fe International Corporation
Employee Severance Protection Plan (the "Plan") effective May 2, 1997 and
desires to provide additional benefits to certain of its executive employees who
are offered and accept this Agreement.

         NOW, THEREFORE, in order to fulfill the above purposes, and in
consideration of continued employment by the undersigned executive employee (the
"Executive Employee") and the promises, covenants, restraints and undertakings
contained herein, the severance protection benefits of the Plan shall by this
Agreement be supplemented in respect of Executive Employee with effect from and
after the 18th day of October 1999 (the "Effective Date") in the manner
specified hereinbelow.

1.   The provisions of this Agreement are supplemental to the provisions of the
     Plan and, in the event of a conflict, the provisions of this Agreement
     shall govern. By this reference, the Plan is specifically incorporated
     herein and the defined terms and

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     definitions of said Plan are incorporated herein mutatis mutandis. For the
     avoidance of doubt, Executive Employee shall be considered to be a Key
     Employee under the Plan and shall otherwise be subject to the benefits,
     terms and conditions provided herein.

2.   Notwithstanding anything to the contrary contained in Section 2.13(iii) of
     the Plan, "Good Reason" for purposes of this Agreement or the Plan shall
     not be established by reason of any transfer or proposed transfer of
     Executive Employee to an Area or Regional office of the Company existing on
     the Effective Date or to a new location of the administrative head office
     of the Company (or of any successor entity) following a Change in Control.

3.   In lieu of the provisions of Section 2.18 of the Plan, Executive Employee's
     Protection Pay severance allowance shall be three times Base Salary.

4.   Executive Employee's Severance Benefit under Section 4.2(a) of the Plan
     shall be an amount equal to the Protection Pay and three times the Bonus
     Amount.

5.   Section 4.2(b) of the Plan is modified to provide that the welfare benefits
     specified therein shall be continued for Executive Employee for a period of
     thirty-six (36) months subsequent to the Executive Employee Participant's
     termination of employment.

6.   In addition to the Severance Benefit specified under Section 4.2 of the
     Plan:

     (a)  Upon termination of employment as provided in Section 4.2 of the Plan
          the benefits accorded to Executive Employee under his or her
          applicable Company pension plan shall be augmented by adding (i) three
          (3) years of

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          service and (ii) three (3) years of age. In the event and to the
          extent such payments cannot be paid under the pension plan due to
          limitations under Section 401 et. seq. of the Internal Revenue Code,
          payment shall be made on an unfunded basis by the Company.

     (b)  The terminated Executive Employee shall be entitled to an executive
          outplacement service furnished at the expense of Company in an amount
          not to exceed $30,000.

7.   In lieu of the provisions of Section 6 of the Plan, the following
     provisions shall be applicable in respect of Executive Employee:

               "(a) Gross-Up Payment. Notwithstanding the terms of the Plan or
          any other plan, program or arrangement of the Company (including
          without limitation Section 10.8 of the Annual Incentive Compensation
          Plan, Section 6.9 of the 1997 Long Term Incentive Plan and Section
          4.12 of the Supplemental Executive Retirement Plan), which terms shall
          be inapplicable and are superseded by this Subsection, in the event
          that any payment or distribution by Company to or for benefit of
          Executive Employee (whether payable pursuant to the terms of the Plan
          or other plans, programs or arrangements, but determined without
          regard to any additional payments required under this Subsection) (the
          "Payment") is determined to be subject to the excise tax imposed by
          Section 4999 of the Internal Revenue Code, or any interest or
          penalties are incurred by Executive Employee with respect to such
          excise tax (such excise tax, together with any such interest and
          penalties, are hereinafter collectively referred to as the "Excise
          Tax"), then Company shall pay to Executive Employee an additional
          payment (the "Gross-Up Payment"). The Gross-Up Payment shall equal an
          amount such that, after payment by Executive Employee of all taxes
          (including any interest or penalties imposed with respect to such
          taxes), including, without limitation, any federal, state or local
          income taxes (and any interest and penalties imposed with respect
          thereto) and the Excise Tax imposed upon the Gross-Up Payment,
          Executive Employee retains an amount of the Gross-Up Payment equal to
          the Excise Tax imposed upon the Payments.

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               "(b) Determination by Accountant. All determinations required to
          be made under this Subsection and Subsection (a) above, including
          whether and when a Gross-Up Payment is required and the amount of such
          Gross-Up Payment and the assumptions to be utilized in arriving at
          such determination, shall be made by the independent public accounting
          firm retained by the Company immediately prior to the change in
          control (the "Accounting Firm"), which shall provide detailed
          supporting calculations both to Company and Executive Employee within
          15 business days of the receipt of request from Executive Employee or
          Company. All fees and expenses of the Accounting Firm shall be borne
          solely by Company. Any Gross-Up Payment, as determined pursuant to
          this Subsection, shall be paid by Company to Executive Employee within
          five days of the receipt of the Accounting Firm's determination. As a
          result of the uncertainty in the application of Section 4999 of the
          Code at the time of the initial determination by the Accounting Firm
          hereunder, it is possible that Gross-Up Payments which will not have
          been made by Company should have been made ("Underpayment") consistent
          with the calculations required to be made hereunder. In the event
          Executive Employee thereafter is required to make a payment of any
          Excise Tax, the Accounting Firm shall determine the amount of the
          Underpayment that has occurred and any such Underpayment shall be
          promptly paid by Company to or for the benefit of Executive Employee."

8.   In consideration of the severance protection benefits specified herein,
     Executive Employee agrees:

     (a)  In the event Executive Employee voluntary terminates employment with
          the Company (other than a termination for Good Reason, as defined in
          the Plan and modified pursuant to Clause 2 of this Agreement, or
          retirement at age 62 or older), for a period of one year after the
          termination (i) Executive Employee will not, directly or indirectly,
          compete against the Company or in any manner be employed by any
          individual or entity that is in competition with the Company in the
          contract drilling industry and (ii) Executive Employee

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          will not induce or solicit, directly or indirectly, any employee of
          the Company to terminate such employee's employment with the Company;

     (b)  During the course of employment with the Company and at all times
          thereafter, Executive Employee shall not disclose to others or use,
          whether directly or indirectly, any Confidential Information.
          "Confidential Information" shall mean the information about the
          Company that was learned by Executive Employee in the course of
          performing his or her duties with the Company, including, without
          limitation, any proprietary knowledge, trade secrets, data,
          information and customer lists unless such disclosure is required by
          law or authorized by the Company; and

     (c)  During the course of employment with the Company and at all times
          thereafter, Executive Employee shall not disclose to others or use,
          whether directly or indirectly, any information regarding this
          Agreement or the benefits provided herein unless such disclosure is
          required by law or authorized by the Company.

9.   This Agreement shall continue in effect until such time as the Plan is
     terminated pursuant to Section 8 thereof. In the event of any amendment to
     the Plan subsequent to the Effective Date, said amendment only shall be
     effective in respect of this Agreement if and to the extent that it has the
     effect of increasing the benefits due to Executive Employee. This Agreement
     may only be amended by written instrument executed by both of the parties
     hereto.

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         IN WITNESS WHEREOF, the undersigned parties have executed this
Agreement as of the Effective Date.

                                       Executive Employee

                                       -----------------------------------------

                                       Name:
                                            ------------------------------------

                                       Santa Fe International Corporation
                                       (the "Company")

                                       By: /s/ C. Stedman Garber, Jr.
                                          --------------------------------------
                                          C. Stedman Garber, Jr.
                                          President and Chief Executive Officer

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                                                                  EXHIBIT 1

Executives Signing Executive Severance Protection Agreement

1.    C. Stedman Garber, Jr.
2.    Roger B. Hunt
3.    Seals M. McCarty
4.    Tom L. Seeliger
5.    Ali Awad
6.    John G. Bergeland
7.    James A. Blue
8.    Joe E. Boyd
9.    Richard J. Hoffman
10.   Cary A. Moomjian
11.   James E. Oliver
12.   Charles N. Springett
13.   Roger DeFreitas
14.   Steven J. Gangelhoff<PAGE>   1
                                                                   EXHIBIT 10.31

                                  AMENDMENT TO
                       SANTA FE INTERNATIONAL CORPORATION

                       EMPLOYEE SEVERANCE PROTECTION PLAN

WHEREAS the Compensation Committee of the Board of Directors of Santa Fe
International Corporation ("Board") having been expressly authorized by the
Board, has effective November 22, 1999, authorized and approved an amendment of
the definition of "Change of Control" contained within the Santa Fe
International Corporation Employee Severance Protection Plan ("Plan") to address
a "merger of equals" transaction; and

WHEREAS, Section 8.2 of the Plan authorizes the Board in this instance to amend
the Plan;

NOW, THEREFORE, the Santa Fe International Corporation Employee Severance
Protection Plan, which was adopted effective June 13, 1997, is hereby amended
effective November 22, 1999 as follows:

1.   A new subparagraph (f) of Section 2.6 "Change of Control" thereof is ADDED
     to the Plan to read as follows:

          (f) there is consummated a `merger of equals' (which for purposes of
          this Subsection shall mean a merger with another company of relatively
          equal size) to which the Company is a party as a result of which the
          persons who were equityholders of the Company immediately prior to the
          effective date of such merger shall have beneficial ownership of less
          than 55% of the combined voting power for election of members of the
          Board (or equivalent) of the surviving entity or its parent following
          the effective date of such merger, provided that the Board shall have
          authority to increase said percentage as may in its sole discretion be
          deemed appropriate to cover a specific transaction.

Dated:  December 1, 1999

By: /s/ Cary A. Moomjian
    --------------------------------------------
    Santa Fe International Corporation

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