Document:

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                                                                   EXHIBIT 10.12

                              AMENDED AND RESTATED
                               SECURITY AGREEMENT

                  This Amended and Restated Security Agreement (this
"Agreement"), dated as of January 31, 2002, is executed by and among NEWPARK
RESOURCES, INC., as Borrower, by EXCALIBAR MINERALS INC., MALLARD & MALLARD OF
LA., INC., NEWPARK HOLDINGS, INC., SUPREME CONTRACTORS, L.L.C., NEWPARK DRILLING
FLUIDS, LLC, NEWPARK ENVIRONMENTAL SERVICES, L.L.C., NEWPARK ENVIRONMENTAL
MANAGEMENT COMPANY, L.L.C., NEWPARK TEXAS, L.L.C., EXCALIBAR MINERALS OF LA.,
L.L.C., SOLOCO, L.L.C., BATSON MILL, L.P., NEWPARK ENVIRONMENTAL SERVICES OF
TEXAS, L.P., NEWPARK SHIPHOLDING TEXAS, L.P., NID, L.P., SOLOCO TEXAS, L.P., NES
PERMIAN BASIN, L.P., and NEWPARK ENVIRONMENTAL SERVICES MISSISSIPPI, L.P. (the
Borrower and such other entities the "Grantors" and each a "Grantor") and BANK
ONE, NA, as Administrative Agent for the benefit of the Administrative Agent,
the Lenders and their Affiliates and the LC Issuer pursuant to the Credit
Agreement referred to below.

                                    RECITALS:

                  A. Pursuant to that certain Amended and Restated Credit
Agreement dated January 31, 2001 as amended (as so amended, the "Original Credit
Agreement") by and among Newpark Resources, Inc. as Borrower, the other Grantors
as Guarantors, Bank One, NA, as Administrative Agent and LC Issuer, and the
Lenders party thereto, the Grantors executed a certain Amended and Restated
Security Agreement dated January 31, 2001 (the "Original Security Agreement").

                  B. The Borrower, the other Grantors as Guarantors, and Bank
One, N.A. as Administrative Agent and the LC Issuer and the Lenders party
thereto are amending and restating the Original Credit Agreement pursuant to
that certain Amended and Restated Credit Agreement dated as of January 31, 2002
(as the same may be amended, modified or restated from time to time, the "Credit
Agreement").

                  C. The Grantors and the Administrative Agent desire to amend
and restate the Original Security Agreement.

                  D. In consideration of the financial and other support that
the Borrower has provided, and such financial and other support as the Borrower
may in the future provide, to the Grantors other than Borrower, and in order to
induce the Lenders and the LC Issuer and the Administrative Agent to enter into
the Credit Agreement, and one or more of the Lenders and their Affiliates to
enter into one or more Rate Management Transactions with the Borrower, and
because each Grantor other than Borrower has determined that executing this
Agreement is in its interest and to its financial benefit, each of the Grantors
other than Borrower is willing to grant security for the obligations of the
Borrower under the Credit Agreement, any Note, any Rate Management

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Transaction between the Borrower and any Lender or Affiliate thereof, and the
other Loan Documents.

                  NOW THEREFORE, in consideration of the premises, the Grantors
and the Administrative Agent do hereby amend and restate the Original Security
Agreement, effective as of the Closing Date, and agree and obligate themselves
as follows:

                                    ARTICLE 1

                                   DEFINITIONS

                  Any capitalized term defined in the Credit Agreement and not
otherwise defined herein shall have the meaning given to such term in the Credit
Agreement. In addition, the following terms shall have the following meanings
when used in this Agreement:

         1.1      AGREEMENT. The term "Agreement" refers to this Amended and
                  Restated Security Agreement as this agreement may be modified,
                  restated, or amended in writing from time to time, and to any
                  exhibits or attachments to this Agreement.

         1.2      BORROWER. The term "Borrower" refers to Newpark Resources,
                  Inc., and its successors and assigns.

         1.3      COLLATERAL. The term "Collateral" refers individually,
                  collectively and interchangeably to the Collateral as more
                  fully described in Section 2.2 of this Agreement.

         1.4      GRANTOR. The term "Grantor" refers individually, collectively
                  and interchangeably to the above named Grantors and their
                  respective successors and assigns.

         1.5      LC ISSUER. The term "LC Issuer" refers to Bank One, NA, as LC
                  Issuer under the Credit Agreement and its successors and
                  assigns.

         1.6      LENDERS. The term "Lenders" refers individually and
                  collectively to the Lenders now or hereafter party to the
                  Credit Agreement, their successors and assigns, and any
                  subsequent holder or holder of any portion of Secured
                  Obligations.

         1.8      OBLIGATIONS. The term "Obligations" means any and all existing
                  and future indebtedness, obligation and liability of every
                  kind, nature and character, direct or indirect, absolute or
                  contingent (including all renewals, extensions and
                  modifications thereof and all fees, costs and expenses
                  incurred by the Administrative Agent or the Lenders or the LC
                  Issuer in connection with the preparation, administration,
                  collection or enforcement thereof), of the Borrower to

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                  the Administrative Agent or any Lender or the LC Issuer or any
                  branch, subsidiary or affiliate thereof, arising under or
                  pursuant to this Agreement, the Credit Agreement, any
                  promissory note or notes now or hereafter issued under the
                  Credit Agreement, and the other Loan Documents, together with
                  all obligations of Grantors other than Borrower under the
                  Guaranty.

         1.9      RATE MANAGEMENT TRANSACTION. The term "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.

         1.10     RATE MANAGEMENT OBLIGATIONS. The term "Rate Management
                  Obligations" means any and all obligations of the Borrower,
                  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) without duplication of (i), any and all
                  cancellations, buy backs, reversals, terminations or
                  assignments of any Rate Management Transactions.

         1.11     SECURED OBLIGATIONS. Secured Obligations means the Obligations
                  and Rate Management Obligations entered into with one or more
                  of the Lenders or their Affiliates.

         1.12     SECURED PARTIES. The term "Secured Parties" shall mean the
                  Administrative Agent, the Lenders and their Affiliates, the LC
                  Issuer, and their respective successors and assigns, and any
                  subsequent holder of any portion of the Secured Obligations.

         1.13     UNIFORM COMMERCIAL CODE. The term "Uniform Commercial Code"
                  means the Uniform Commercial Code, Commercial Laws-Secured
                  Transactions (La. R.S. 10-9-101 et seq.) in the State of
                  Louisiana, as amended and in effect from time to time,
                  provided that if by reason of mandatory provisions of law, the
                  perfection or effect of perfection or non-perfection of a
                  security interest in the Collateral is governed by the Uniform
                  Commercial Code as in effect from time to time in a
                  jurisdiction other than the State of Louisiana, Uniform
                  Commercial Code means the Uniform Commercial Code as in effect
                  from time to time in such other jurisdiction for purpose of
                  the provisions hereof related to such perfection or effect of
                  perfection or non-perfection.

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                                    ARTICLE 2

               GRANT OF SECURITY INTEREST; COLLATERAL DESCRIPTION

         2.1 GRANT OF SECURITY INTEREST: In order to secure the prompt and
punctual payment and satisfaction of the Secured Obligations, each Grantor does
by these presents hereby grant a continuing security interest in favor of the
Administrative Agent for the pro rata benefit of the Secured Parties affecting
the right, title, and interest of each Grantor in and to the Collateral. The
security interest granted in the Collateral in favor of the Administrative Agent
for the pro rata benefit of the Secured Parties will continue until such time as
all of the Secured Obligations is fully paid and satisfied, no Lender has an
obligation to extend Loans to the Borrower, all Rate Management Transactions are
terminated and all Rate Management Obligations have been paid, all Facility LCs
have terminated or expired and all Reimbursement Obligations have been paid and
this Agreement is cancelled or terminated by Administrative Agent under a
written cancellation instrument. Administrative Agent agrees to execute any and
all instruments necessary to release this security interest upon such
termination.

         2.2 COLLATERAL DESCRIPTION:

                  (a) GENERAL EQUIPMENT: Any and all of Grantors' now owned and
hereafter acquired machinery, equipment, furniture, furnishings and fixtures, of
every type and description, and all accessories, attachments, accessions,
substitutions, replacements and additions thereto, whether added now or later,
and all proceeds derived or to be derived therefrom, including without
limitation, any equipment purchased with proceeds, and all insurance proceeds
and refunds of insurance premiums, if any, and any sums that may be due from
third parties who may cause damage to any of the foregoing, or from any insurer,
whether due to judgment, settlement or other process, and any and all present
and future accounts, chattel paper, instruments, notes and monies that may be
derived from the sale, lease or other disposition of any of the foregoing, and
any rights of each Grantor to collect or enforce payment thereof, as well as to
enforce any guaranties of the foregoing and security therefor, and all present
and future general intangibles of each Grantor in any way related or pertaining
to the ownership, operation, or use of the foregoing, and all rights of each
Grantor with regard thereto.

                  (b) GENERAL INVENTORY: Any and all of Grantors' present and
future inventory (including consigned inventory), related equipment, goods,
merchandise, and other items of personal property, no matter where located, of
every type and description, including without limitation, any and all Grantors'
present and future raw materials, components, work-in-process, finished items,
packing and shipping materials, containers, items held for sale, items held for
release, items for which any Grantor is lessor, goods to be furnished under
contract for services, materials used or consumed in Grantors' business, whether
held by any Grantor or by others, and all documents of title, warehouse
receipts, bills of lading, and all other documents of every type covering all or
any part of the foregoing, and any and all additions thereto and substitutions
and replacements therefor, and all accessories, attachments, and accessions
thereto, whether added now or later, and all products and proceeds derived or to
be derived therefrom,

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including without limitation, all insurance proceeds and refunds of insurance
premiums, if any, and all sums that may be due from third parties who may cause
damage to any of the foregoing, or from any insurer, whether due to judgment,
settlement or other process, and any and all present and future accounts,
contract rights, chattel paper, instruments, documents and notes that may be
derived from the sale, lease or other disposition of any of the foregoing, and
any rights of Grantors to collect or enforce payment thereof, as well as to
enforce any guaranties of the foregoing and security therefor, and all of
Grantors' present and future general intangibles in any way related or
pertaining to ownership, operation, use or collection of any of the foregoing,
including without limitation, Grantors' books, records, files, computer discs
and software, and all rights that any Grantor may have with regard thereto.
Inventory includes inventory temporarily out of Grantors' possession or custody
and all returns on accounts.

                  (c) GENERAL ACCOUNTS, CHATTEL PAPER AND CONTRACT RIGHTS: Any
and all of Grantors' present and future accounts, accounts receivable, other
receivables, contract rights, chattel paper, instruments, documents, notes, and
all other obligations and indebtedness that may now and in the future be owed to
any Grantor from whatever source arising, and all monies and proceeds that are
payable thereunder, and all of Grantors' rights and remedies to collect and
enforce payment and performance thereof, as well as to enforce any guaranties of
the foregoing and security therefor, and all of Grantors' present and future
rights, title and interest in and with respect to the goods, services, or other
property that may give rise to or that may secure any of the foregoing, and
Grantors' insurance rights and with regard thereto, and all present and future
general intangibles of any Grantor in any way related or pertaining to the
foregoing, including without limitation, Grantors' account ledgers, books,
records, files, computer discs and software, and all rights that Grantors may
have with regard thereto.

                  (d) GENERAL INTANGIBLES: All chooses in action and causes of
action and all other intangible personal property of Grantors of every nature
and kind, now owned or hereafter acquired, including without limitation,
corporate or other business records, inventions, designs, blueprints, plans,
specifications, patent, patent applications, trademarks, trade names, trade
secrets, goodwill, copyrights, registrations, licenses, franchises, tax refund
claims, insurance proceeds, including without limitation, and any letter of
credit, guaranty, claim, security interest or other security held or granted to
any Grantor to secure payment of any indebtedness.

                  (e) INVESTMENTS: All stock, limited liability membership
interests, interests in partnerships, joint ventures and other entities, and
other equity interests (hereinafter, collectively "Equity Interests") now or
hereafter owned by Borrower, directly or indirectly, in or of any other Grantor,
together with any additional Equity Interests in or of any other Grantor issued
hereafter as dividends, splits, reclassifications, or otherwise, or Equity
Interests received as a result of any merger or consolidation of any other
Grantor, all cash, liquidation and other dividends now or hereafter declared
thereon, all redemption payments and all other monies due or to become due
thereunder, all warrants, options, pre-emptive rights, rights of first refusal,
and other rights to subscribe to, purchase or receive any shares of common stock
or other securities or Equity Interests now or hereafter incident thereto or
declared or granted in connection therewith, and all distributions (whether made
in cash, instruments, income, or other property) made or to be made in
connection therewith or incident thereto, and all proceeds of all or any of the
foregoing, in whatever form, and all proceeds of such proceeds.

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                  (f) EXCLUSION: Notwithstanding the foregoing, the "Collateral"
shall not include the following property: (i) that certain promissory note dated
August 29, 1996 in the original principal amount of $8,534,000 executed by
Newpark Shipbuilding and Repair Inc. to Newpark Shipholding Texas, L.P., and
(ii) all Series B Convertible Preferred and Series C Redeemable Preferred Stock
of Environmental Safeguards, Inc. now or hereafter registered in the name of
Borrower.

         2.3 UNIFORM COMMERCIAL CODE. Notwithstanding the foregoing description
of each item of Collateral, each Grantor acknowledges and agrees that Secured
Parties' security interest in each item of Collateral shall cover such item as
such items of Collateral are defined in the Uniform Commercial Code.

         2.4 LOCATION OF COLLATERAL. Secured Parties' security interest will
affect the Collateral wherever located.

         2.5 DEPOSIT ACCOUNTS: As additional collateral security for repayment
of the Secured Obligations, each Grantor hereby grants Secured Parties a
continuing security interest in any and all present or future funds that
Grantors may have on deposit with Lenders and in certificates of deposit and
other deposit accounts as to which any Grantor is an account holder (with the
exception of IRA, pension and other tax-deferred deposits). Upon the occurrence
of a Default (as hereinafter defined), Secured Parties may apply any funds that
Grantors may have on deposit with any Secured Party and in certificates of
deposit and other deposit accounts as to which any Grantor is an account holder
against the unpaid balance of the Secured Obligations.

         2.6 PURCHASE MONEY SECURITY INTEREST: To the extent any of the Secured
Obligations arising after the execution of this Agreement is used by any Grantor
to purchase inventory and/or equipment, it is agreed that the security interest
of Administrative Agent for the pro rata benefit of the Secured Parties shall
constitute a purchase money security interest in such equipment and/or
inventory.

                                    ARTICLE 3

                    GRANTORS' REPRESENTATIONS AND WARRANTIES

         3.1 REPRESENTATIONS AND WARRANTIES: Except as previously disclosed to
Lender in writing, Grantors hereby represent and warrant to the Administrative
Agent for the benefit of the Secured Parties that: (A) Grantors are and will
continue to be the lawful owner of the Collateral, except for sales of inventory
in the ordinary course of business; (B) Grantors have the right to grant a
security interest in the Collateral in favor of the Administrative Agent for the
benefit of the Secured Parties; (C) as of the time this Agreement is executed or
at the time a financing statement is filed with regard to the Collateral, there
are and will be no liens, encumbrances, or other security interests affecting
the Collateral other than those permitted by the Credit Agreement; (D) the
security rights and interests granted under this Agreement will at no time
become subordinate or junior to any security rights, interest, liens or claims
of any

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person, firm, or corporation; and (E) this Agreement is binding upon Grantors as
well as Grantors' successors, representatives and assigns, and is legally
enforceable in accordance with its terms. The above representations and
warranties and all other representations and warranties contained in this
Agreement are and will be continuing in nature and will remain in full force and
effect until such time as this Agreement is cancelled in the manner provided
above.

         3.2 PROHIBITIONS REGARDING THE COLLATERAL: So long as this Agreement
remains in effect, and to the extent applicable, Grantors agree not to, without
Administrative Agent's prior written consent: (A) sell, assign, transfer,
convey, option, mortgage, or lease the Collateral, except as permitted in the
Credit Agreement; (B) permit any lien, encumbrance, or other security interest
to be placed on or attach to the Collateral except as permitted in the Credit
Agreement; (C) permit any of the Collateral to be attached to real (immovable)
property so as to become a "fixture" within the context of the Uniform
Commercial Code; (D) do anything or permit anything to be done that may in any
way impair the security interest and rights in and to the Collateral created by
this Agreement; (E) except as permitted in this Agreement or the Credit
Agreement, modify, adjust, compromise, settle, waive or forego any rights that
Grantor may have with regard to the Collateral. Notwithstanding any other
provision of this Agreement to the contrary, to the extent that the Collateral
consists of Grantors' inventory, Grantors shall have the right to sell or lease
individual items of inventory in the ordinary course of Grantors' business. Upon
the occurrence of a Default any and all proceeds accruing from the sale, lease
or other disposition of the inventory shall be fully, faithfully and promptly
accounted for by Grantors, and shall be received by Grantors in trust for
Administrative Agent for the benefit of the Secured Parties separate and apart
from Grantors' other funds, and shall be promptly remitted to Administrative
Agent to be applied against the Secured Obligations.

         3.3 TYPE AND JURISDICTION OF ORGANIZATION. Each Grantor represents and
warrants that it is a corporation, limited partnership, or limited liability
company as set forth on Schedule A hereto. Each Grantor represents and warrants
that it is a "registered organization" and that its state organization number is
set forth on such Schedule A.

         3.4 PRINCIPAL LOCATIONS. Each Grantor represents and warrants that its
mailing address and the location of its place of business (if it only has one)
or its chief executive office (if it has more than one place of business) are as
follows:

                                    3850 North Causeway Boulevard
                                    Suite 1770
                                    Metairie, LA  70002

         3.5 NO OTHER NAMES. Each Grantor represents and warrants that, except
as set forth on Schedule 1, it has not conducted business in the United States
under any name in the last six (6) years except the name in which it has
executed this Agreement, which is the exact name as it appears in the Grantor's
organizational documents, as amended, as filed with the Grantor's jurisdiction
of organization.

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         3.6 FEDERAL EMPLOYER IDENTIFICATION NUMBER.. Each Grantor represents
and warrants that its Federal employer identification number is as set forth in
the Exhibit A attached to this Agreement.

                                    ARTICLE 4

                              AFFIRMATIVE COVENANTS

                  So long as this Agreement remains in effect, and to the extent
applicable, Grantors agree as follows:

                  (a) To the extent that the Collateral consists of the
Grantors' inventory, Grantors shall store and exhibit said inventory for the
purpose of sale or lease in the ordinary course of business. Grantors will not,
without having first obtained Administrative Agent's prior written consent, use
any items of Grantors' inventory for Grantors' own purposes except in the
ordinary course of business, or relinquish possession of any such inventory
items to third parties, whether for demonstration purposes or otherwise, except
in the ordinary course of business.

                  (b) Grantors will not, and will not permit others to, abandon,
waste or destroy the Collateral. Grantors will observe and abide by and cause
others to observe and abide by all laws, rules regulations and ordinances, as
well as all policies of insurance, affecting the Collateral or its use.

                  (c) Grantors will maintain adequate insurance on the
Collateral at Grantors' sole expense as required by the Credit Agreement.

                  (d) Grantors will promptly pay when due all taxes, local and
special assessments and governmental charges of every type and description that
may from time to time be imposed, assessed or levied against the Collateral
(other than those the amount or validity of which is currently being contested
in good faith by appropriate proceedings and with respect to which reserves in
accordance with generally accepted accounting principles have been provided on
the books of Grantors). Upon Administrative Agent's request, Grantors will
additionally provide Administrative Agent and Lenders with evidence that such
taxes, assessments and governmental charges have been paid in full and a timely
manner.

                  (e) Grantors will not make or permit to be made any
alterations to the Collateral that may unreasonably reduce or impair the
Collateral's use or value. The Administrative Agent or its agents may
periodically inspect the Collateral at all reasonable times and on reasonable
prior notice and obtain appraisals of the Collateral from time to time while
this Agreement remains in effect.

                  (f) Grantors will keep proper books and records with regard to
Grantors' business activities and the Collateral subject to this Agreement. The
Administrative Agent or its agents shall have the right to inspect and copy
Grantors' books and records, and to discuss Grantors' affairs and finances with
Grantor at reasonable times and on reasonable prior notice.

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                  (g) Grantors will keep and maintain, and cause others to keep
and maintain, the Collateral in good order, repair and condition at all times
while this Agreement remains in effect, ordinary wear and tear excepted.
Grantors will further pay when due all claims for work done, or services
rendered, or materials furnished in connection with the Collateral so that no
lien or encumbrance may ever attach to or be filed against the Collateral except
as permitted in the Credit Agreement.

                  (h) Should any Grantor for any reason fail to maintain
insurance on the Collateral as required by the Credit Agreement, or fail to pay
taxes, assessments and other governmental charges when due, or should any
Grantor fail to repair and maintain the Collateral as required under this
Agreement, then Administrative Agent on behalf of Secured Parties shall have the
right, at Administrative Agent's sole option and without responsibility to do
so, to make advances to purchase such insurance on Grantors' behalf (including
insurance protecting only the Secured Parties' interests in the Collateral), to
pay governmental charges, and to make necessary repairs to Collateral. Further,
Administrative Agent may from time to time make additional advances in order to
obtain current appraisals of the Collateral. Should any Grantor default under
any other loan or extension of credit secured by the Collateral, or should the
Collateral become subject to or threatened with seizure and/or sale, then
Administrative Agent shall have the additional right, again at Administrative
Agent's sole option and discretion and without any responsibility or liability
to do so, to cure such defaults or to cause such defaults to be cured, whether
by making payments on Grantors' behalf or by taking such other actions as
Administrative Agent may deem to be necessary and proper within its sole
discretion. All such additional sums that Administrative Agent on behalf of
Secured Parties or that any Secured Party may advance on Grantors' behalf, as
well as Administrative Agent's or Secured Parties' additional expense as
provided under this Agreement, shall be considered a part of the Secured
Obligations secured by this Agreement, and shall be treated as an additional
advance under the Credit Agreement. Grantors will reimburse Administrative Agent
or Secured Parties immediately for all such additional advances, together with
interest thereon as provided in the Credit Agreement.

                                    ARTICLE 5

        SPECIAL COVENANTS FOR ACCOUNTS, CHATTEL PAPER AND CONTRACT RIGHTS

                  Grantors further agree and covenant as follows:

                  (a) In addition to the representations and warranties set
forth above, Grantors represent and warrant to Administrative Agent for the
benefit of the Secured Parties with regard to Grantors' accounts, chattel paper
and contract rights on which Lenders have been granted a security interest that:
(A) such accounts, chattel paper and contract rights represent and/or will
continue to represent bona fide obligations of the obligor and obligors
thereunder, free of any offset, compensation, deduction and counterclaim, except
as reflected on the books of Grantors;

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and (B) such accounts, chattel paper, contracts and agreements are and will
continue to be in full compliance with all applicable state and federal laws and
regulations.

                  (b) Grantors shall faithfully perform any and all of its
obligations under any contracts or agreements that may give rise to Grantors'
accounts, chattel paper and/or contract rights on which Administrative Agent has
been granted a security interest. Grantors agree not to do, neglect to do, or
permit to be done, anything that might cause a modification or termination of
any such contract or agreement or the obligations of any obligor or to other
persons thereunder, which may diminish or impair the value of the Collateral or
the pro rata security rights and interests of Administrative Agent for the
benefit of the Secured Parties therein and hereunder.

                  (c) Upon reasonable request by Administrative Agent, upon the
occurrence of a Default or Unmatured Default, Grantors agree to notify
individual obligors under Grantors' accounts, chattel paper, contracts and other
agreements on which Administrative Agent for the benefit of the Secured Parties
has been granted a security interest, advising such obligors of the fact that
their obligations have been collaterally assigned and pledged to Administrative
Agent for the benefit of the Secured Parties. Should any Grantor fail to provide
such notices for any reason upon request by Administrative Agent, Administrative
Agent may forward appropriate notices to such obligors, either in Grantor's name
or in Administrative Agent's name. Grantors further agree that Administrative
Agent or Administrative Agent's representatives may periodically contact
individual obligors to verify their respective obligations, to determine whether
such obligors have any offsets or counterclaims against Grantors, and with
regard to such other matters about which Administrative Agent may inquire.

                  (d) Administrative Agent shall have the right, upon the
occurrence of a Default or Unmatured Default, to directly collect and receive
all monies, proceeds and/or payments of Grantors' accounts, chattel paper,
contracts and agreements subject hereto, as such amounts become due and payable.
Upon the occurrence of a Default or Unmatured Default, Administrative Agent
shall have the further right to notify individual obligors under such accounts,
chattel paper, contracts or agreements to pay such proceeds and payments
directly to Administrative Agent at an address to be designated by
Administrative Agent, and to do any and all other things as Administrative Agent
may deem to be necessary and proper, within its sole discretion. Administrative
Agent shall have the additional right, when appropriate and within
Administrative Agent's sole discretion, to file suit, either in its own name or
in the name of Grantors, to collect any and all such sums that may be due and
owing under such accounts, chattel paper, contracts or agreements, and to
enforce any guaranties and security therefore. Administrative Agent may also
take such other actions, either in Grantors' name or in the name of
Administrative Agent, as Administrative Agent may deem appropriate within its
reasonable judgment, with regard to collection and payment of the same,
including without limitation, making any compromise or settlement, or releasing
any parties or collateral security, without affecting the liability of Grantors
under this Agreement or under the Secured Obligations secured hereby.

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                                    ARTICLE 6

                                DEFAULT REMEDIES

        6.1 DEFAULT: Should a Default occur Administrative Agent shall have all
the rights of a secured party under the Uniform Commercial Code. In addition and
without limitation, Administrative Agent may exercise any one or more of the
following rights and remedies:

         ACCELERATE SECURED OBLIGATIONS. Administrative Agent may declare the
         entire Secured Obligations immediately due and payable, without notice.

         ASSEMBLE COLLATERAL. Administrative Agent may require Grantors to
         deliver to Administrative Agent all or any portion of the Collateral
         and any and all certificates of title and other documents relating to
         the Collateral. Administrative Agent may require Grantors to assemble
         the Collateral and make it available to Administrative Agent at a place
         to be designated by Administrative Agent. Administrative Agent also
         shall have full power to enter, provided it does so without a breach of
         the peace or a trespass, upon the property of Grantors to take
         possession of and remove the Collateral. If the Collateral contains
         other goods not covered by this Agreement at the time of repossession,
         Grantors agree Administrative Agent may take such other goods, provided
         that Administrative Agent makes reasonable efforts to return them to
         Grantors after repossession.

         SELL THE COLLATERAL. Administrative Agent shall have full power to
         sell, lease, transfer, or otherwise deal with the Collateral or
         proceeds thereof in its own name or that of Grantors. Administrative
         Agent or Lenders may sell the Collateral at public auction or private
         sale. Unless the Collateral threatens to decline speedily in value or
         is of a type customarily sold on a recognized market, Administrative
         Agent will give Grantors reasonable notice of the time after which any
         private sale or any other intended disposition of the Collateral is to
         be made. The requirements of reasonable notice shall be met if such
         notice is given at least ten (10) days before the time of the sale or
         disposition. All expenses relating to the disposition of the
         Collateral, including without limitation the expenses of retaking,
         holding, insuring, preparing for sale and selling the Collateral, shall
         become a part of the Secured Obligations secured by this Agreement and
         shall be payable on demand, with interest thereon until paid at the
         rate equal to the then highest rate of interest charged on the
         principal of any of the Secured Obligations plus two percent (2%).

         APPOINT RECEIVER. To the extent permitted by applicable law,
         Administrative Agent shall have the following rights and remedies
         regarding the appointment of a receiver: (a) Administrative Agent may
         have a receiver appointed as a matter or right, (b) the receiver may be
         an employee of Administrative Agent may serve without bond, and (c) all
         fees of the receiver and his or her attorney shall become part of the
         Secured Obligations secured by this Agreement and shall be payable on
         demand, with interest thereon until paid at the rate equal to the then
         highest rate of interest charged on the principal of any of the Secured
         Obligations plus two percent (2%) annum from date of expenditure until
         repaid.

                                      -11-
<PAGE>

         COLLECT REVENUES, APPLY ACCOUNTS. Administrative Agent, either itself
         or through a receiver, may collect the payments, rents, income, and
         revenues from the Collateral. Administrative Agent may at any time in
         its discretion transfer any Collateral into its own name or that of its
         nominee and receiver the payments, rents, income, and revenues
         therefrom and hold the same as security for the Secured Obligations or
         apply it to payment of the Secured Obligations in such order of
         preference as Administrative Agent may determine. Insofar as the
         Collateral consists of accounts, general intangibles, insurance
         policies, instruments, chattel paper, choses in action, or similar
         property, Administrative Agent may demand, collect, receive for,
         settle, compromise, adjust, sue for, foreclose, or realize on the
         Collateral as Administrative Agent may determine, whether or not
         Secured Obligations or Collateral is then due. For these purposes,
         Administrative Agent may, on behalf of and in the name of Grantors,
         receive, open and dispose of mail addressed to Grantors, change any
         address to which mail and payments are to be sent, and endorse notes,
         checks, drafts, money orders, documents of title, instruments and items
         pertaining to payment, shipment, or storage of any Collateral. To
         facilitate collection, Administrative Agent may notify account debtors
         and obligors on any Collateral to make payments directly to
         Administrative Agent.

         OBTAIN DEFICIENCY. If Administrative Agent choses to sell any or all of
         the Collateral, Administrative Agent may obtain a judgment against
         Grantors for any deficiency remaining on the Secured Obligations due to
         Administrative Agent after application of all amounts received from the
         exercise of the rights provided in this Agreement. Grantors shall be
         liable for a deficiency even if the transaction described in this
         subsection is a sale of accounts or chattel paper.

         OTHER RIGHTS AND REMEDIES. Administrative Agent shall have all the
         rights and remedies of a secured creditor under the provisions of the
         Uniform Commercial Code, as may be amended from time to time. In
         addition, Administrative Agent shall have and may exercise any or all
         other rights and remedies it may have available at law, in equity, or
         otherwise.

         SPECIAL LOUISIANA PROVISIONS. For purposes of foreclosure under
         Louisiana executory process procedures, Grantors confess judgment and
         acknowledges to be indebted to Secured Parties up to the full amount of
         the Secured Obligations, in principal, interest, costs, expenses,
         attorney's fees and other fees and charges, and all other amounts
         secured by this Agreement. To the extent permitted under applicable
         Louisiana law, Grantors additionally waive: (A) the benefit of
         appraisal as provided under Articles 2332, 2336, 2723 and 2724 of the
         Louisiana Code of Civil Procedure, and all other laws with regard to
         the appraisal upon judicial sale; (B) the demand and three days' delay
         as provided under Articles 2639 and 2721 of the Louisiana Code of Civil
         Procedure; (C) the notice of seizure as provided under Articles 2293
         and 2721 of the Louisiana Code of Civil Procedure; (D) for three (3)
         days' delay provided under Articles 2331 and 2722 of the Louisiana Code
         of Civil Procedure; and (E) all other benefits provided under Articles
         2331, 2722 and 2723 of the Louisiana Code of Civil Procedure and all
         other Articles not specifically mentioned above. Grantors further agree
         that any declaration of fact made by authentic act before a Notary
         Public and two witnesses by a person declaring that such facts are
         within his or her knowledge shall constitute authentic evidence of such

                                      -12-
<PAGE>

         facts for purposes of foreclosure under applicable Louisiana law.
         Grantors further agree that Administrative Agent may appoint a keeper
         of the Collateral in the event of foreclosure.

         6.2 EXPENSES: All expenses relating to the sale or other disposition of
the Collateral, including, without limitation, Administrative Agent's and
Secured Parties' reasonable attorney's fees and expenses of retaking, holding,
insuring, preparing for sale and selling the Collateral, shall become a part of
the Secured Obligations secured by this Agreement and shall be payable on
demand, with interest thereon until paid at the rate equal to the then highest
rate of interest charged on the principal of any of the Secured Obligations plus
two percent (2%) from the date of expenditure until Administrative Agent or
Secured Parties are repaid in full.

         6.3 NO RESTRICTION OF REMEDIES: Grantors agree that all of the remedies
provided herein are and shall be cumulative in nature and nothing under this
Agreement shall limit or restrict the remedies available to Administrative Agent
following any event of default.

         6.4 APPLICATION OF PROCEEDS: All payments received by the
Administrative Agent hereunder shall be applied by the Administrative Agent to
payment of the Secured Obligations in the following order unless a court of
competent jurisdiction shall otherwise direct:

                  (a) FIRST, to payment of all costs and expenses of the
         Administrative Agent incurred in connection with the collection and
         enforcement of the Secured Obligations or of any security interest
         granted to the Administrative Agent in connection with any collateral
         securing the Secured Obligations;

                  (b) SECOND, to payment of that portion of the Secured
         Obligations constituting accrued and unpaid interest and fees, pro rata
         among the Secured Parties in accordance with the amount of such accrued
         and unpaid interest and fees owing to each of them;

                  (c) THIRD, to payment of the principal of the Secured
         Obligations and the net early termination payments and any other Rate
         Management Obligations then due and unpaid from the Borrower to any of
         the Secured Parties, pro rata among the Secured Parties in accordance
         with the amount of such principal and such net early termination
         payments and other Rate Management Obligations then due and unpaid
         owing to each of them; and

                  (d) FOURTH, to payment of any Secured Obligations (other than
         those listed above) pro rata among those parties to whom such Secured
         Obligations are due in accordance with the amounts owing to each of
         them.

        6.5 PROTECTION OF SECURITY INTEREST: Grantors agrees to be fully
responsible for any losses that Administrative Agent or Secured Parties may
suffer as a result of anyone other than Administrative Agent or Secured Parties
asserting any rights or interest in the

                                      -13-
<PAGE>

Collateral. Grantors further agree to appear in and defend all actions and
proceedings purporting to affect Secured Parties' security rights and interest.
Should Grantors fail to do what is required of it under this agreement, or if
any action or proceeding is commenced naming Administrative Agent or Secured
Parties as a party, or affecting Secured Parties' security interest, or the
rights and powers granted under this Agreement, then Administrative Agent or
Secured Parties may, without releasing Grantors from any of its obligations, do
whatever Administrative Agent or Secured Parties believes is necessary and
proper within their reasonable discretion, including advancing additional sums
on Grantors' behalf as provided herein, to protect Secured Parties' security
rights and interests.

        6.6 INDEMNIFICATION OF ADMINISTRATIVE AGENT AND SECURED PARTIES:
Grantors further agree to indemnify, to defend and to hold Administrative Agent
and Secured Parties harmless from any and all claims, suits, obligations,
damages, loss, costs, and expenses (including the fees of Administrative Agent's
or Secured Parties' attorney), demand, liability, penalties, fines and
forfeitures of any nature and kind whatsoever, that may be asserted against or
incurred by Administrative Agent or any Secured Party, arising out of or in any
way occasioned by this Agreement or the rights and remedies granted to or in
favor of Administrative Agent or Secured Parties hereunder, except to the extent
such claims, suits, obligations, damages, loss, costs, and expenses (including
the fees of Administrative Agent's or Secured Parties' attorney), demand,
liability, penalties, fines and forfeitures of any nature and kind whatsoever
arise out of or are in any way occasioned by the intentional misconduct or gross
negligence of Administrative Agent or Secured Parties.

                                    ARTICLE 7

                                 DELAYED RIGHTS

                  If Grantors should ever make a payment on, or if any of
Grantors' Collateral or other property is ever used to pay a loan or other
obligation to any Secured Party of a company as to which any Grantor is or may
at any time be an "insider" within the context of Section 101(3) of the
Bankruptcy Code (11 U.S.C. Section 101(30)), Grantors agree that any rights that
it may have to collect from or be reimbursed by such a company or by any other
guarantor or surety, whether as a result of subrogation to Administrative
Agent's or Secured Parties' rights or otherwise, will be delayed until the
thirteen month anniversary date following full and final payment to Secured
Parties.

                                    ARTICLE 8

                                REVISED ARTICLE 9

                  Each Grantor hereby confirms that by signing this Agreement,
that Grantor has authenticated this Agreement, within the meaning of revised
Chapter 9 of the Louisiana Commercial Laws and Revised Article 9 of the Uniform
Commercial Code as now or hereafter in effect in any jurisdiction ("Revised
Article 9"). This Agreement shall constitute full authorization in favor of
Administrative Agent to file appropriate financing statements, initial or

                                      -14-
<PAGE>

"in lieu" financing statements, continuation statements, and statements of
amendment, with or without any Grantor's signature, as may be necessary or
advisable to perfect and maintain the perfection and priority of the security
interest granted to Administrative Agent in this Agreement, including any such
filings containing such information required by Part 5 of Revised Article 9 for
the sufficiency or filing office acceptance of any financing statement,
continuation statement or amendment, including whether any Grantor is an
organization, the type of organization and any organization number issued to the
Grantor. Each Grantor shall furnish such information to Administrative Agent
upon Administrative Agent's request. Any such financing statements, continuation
statements or amendments may be signed by Administrative Agent on Grantors'
behalf. Any such filings by an Administrative Agent may be by delivery of
originals or photocopies, by electronic communication, or such other authorized
form of communication as may be permitted under then applicable law.

                                    ARTICLE 9

                            MISCELLANEOUS PROVISIONS

                  In entering into this Agreement, Grantors are, to the extent
applicable, waiving any exemption from seizure with regard to the Collateral to
which Grantors may be entitled under applicable law.

        9.1 Each Grantor agrees to notify Administrative Agent in writing in
advance should Grantors ever change its name, legal status, or change or obtain
a new Federal employer identification number or entity organizational number.
Grantors further agree to notify Administrative Agent in writing in advance of
any change in Grantors' mailing address or the location of Grantors' principal
office.

        9.2 Grantors agree that any failure or delay on the part of
Administrative Agent or Secured Parties to exercise any of the rights and
remedies granted under this Agreement shall not constitute a waiver of such
rights or remedies. Any waiver or forbearance on the part of the Administrative
Agent or Secured Parties shall be effective against Grantors only if agreed to
in writing.

        9.3 THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF LOUISIANA AND APPLICABLE FEDERAL LAWS, EXCEPT TO THE
EXTENT PERFECTION AND THE EFFECT OR PERFECTION OR NON-PERFECTION OF THE SECURITY
INTEREST GRANTED HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL, ARE
GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF LOUISIANA. If any
provision of this Agreement is deemed to be invalid or unenforceable for any
reason, such invalidity or unenforceability will not affect the

                                      -15-
<PAGE>

validity and enforceability of the remaining provisions of this Agreement. The
caption headings of this Agreement are for convenient reference only and are not
to be construed as a summary of each provision of this Agreement.

         9.4 THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAW OF THE STATE OF LOUISIANA. EACH OF THE GRANTORS HEREBY SUBMITS TO
THE NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE
EASTERN DISTRICT OF LOUISIANA AND OF ANY LOUISIANA STATE COURT SITTING IN NEW
ORLEANS, LOUISIANA AND FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR
RELATING TO THIS AGREEMENT (INCLUDING, WITHOUT LIMITATION, ANY OF THE OTHER LOAN
DOCUMENTS) OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE GRANTORS
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH
ANY OF THEM MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH
PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING
BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. EACH OF THE
GRANTORS, AND THE ADMINISTRATIVE AGENT AND THE SECURED PARTIES ACCEPTING THIS
GUARANTY, HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY.

        9.5 Grantors agree that Administrative Agent may file a carbon,
photographic, facsimile or other type of copy of this Agreement, or of a UCC
financing statement, in lieu of filing an original containing the signature of
Grantors or of Grantors' duly authorized representative. Grantors further agree
to reimburse Administrative Agent for the costs of filing, amending, continuing,
terminating and releasing Grantors' UCC financing statement(s), to the extent
applicable, which costs shall be considered an additional Secured Obligations
secured under this Agreement.

                                   ARTICLE 10

                            THE ADMINISTRATIVE AGENT

                  Bank One, NA has been appointed Administrative Agent for the
Lenders hereunder pursuant to Article X of the Credit Agreement. It is expressly
understood and agreed by the parties to this Agreement that any authority
conferred upon the Administrative Agent hereunder is subject to the terms of the
delegation of authority made by the Secured Parties to the Administrative Agent
pursuant to the Credit Agreement, and that the Administrative Agent has agreed
to act (and any successor Administrative Agent shall act) as such hereunder only
on the express conditions contained in such Article X. Any successor
Administrative Agent appointed pursuant to Article X of the Credit Agreement
shall be entitled to all the rights, interests and benefits of the
Administrative Agent hereunder.

                                      -16-
<PAGE>

                  [Remainder of page intentionally left blank]

                                      -17-
<PAGE>

         This Agreement is executed by each Grantor and the Administrative Agent
as of the date written above.

                                GRANTORS:
                                NEWPARK RESOURCES, INC.

                                By:
                                    --------------------------------------------
                                Name:      John R. Dardenne, Sr.
                                Title:     Treasurer

                                EXCALIBAR MINERALS INC.,
                                MALLARD & MALLARD OF LA., INC.,
                                NEWPARK HOLDINGS, INC.,
                                SUPREME CONTRACTORS, L.L.C.,
                                NEWPARK DRILLING FLUIDS, LLC,
                                NEWPARK ENVIRONMENTAL SERVICES, L.L.C.,
                                NEWPARK ENVIRONMENTAL MANAGEMENT COMPANY,
                                L.L.C., NEWPARK TEXAS, L.L.C.,
                                EXCALIBAR MINERALS OF LA., L.L.C., and
                                SOLOCO, L.L.C.

                                By:
                                    --------------------------------------------
                                Name:      John R. Dardenne, Sr.
                                Title:     Treasurer

                                BATSON MILL, L.P.,
                                NEWPARK ENVIRONMENTAL SERVICES OF TEXAS, L.P.,
                                NEWPARK SHIPHOLDING TEXAS, L.P.,
                                NID, L.P.,
                                SOLOCO TEXAS, L.P.,
                                NES PERMIAN BASIN, L.P. and
                                NEWPARK ENVIRONMENTAL SERVICES MISSISSIPPI, L.P.
                                By:    Newpark Holdings, Inc., the general
                                          partner of each

                                By:
                                    --------------------------------------------
                                Name:      John R. Dardenne, Sr.
                                Title:     Treasurer

                                      -18-
<PAGE>

                                ADMINISTRATIVE AGENT:
                                BANK ONE, NA
                                (MAIN OFFICE, CHICAGO, ILLINOIS)

                                By:
                                    --------------------------------------------
                                Name:      J. Charles Freel
                                Title:     Director, Capital Markets

                                      -19-
<PAGE>

                                   EXHIBIT "A"

<Table>
<Caption>

                                                                            Organizational No.          Tax ID No.
                                                                            ------------------          ----------
<S>                                                                         <C>                         <C>
NEWPARK RESOURCES, INC., a Delaware corporation                                        2162755          72-1123385
EXCALIBAR MINERALS INC., a Texas corporation                                         118846100          93-1055876
MALLARD & MALLARD OF LA., INC., a Louisiana corporation                              32703240D          74-2062791
NEWPARK HOLDINGS, INC., a Louisiana corporation                                      34482682D          72-1286594

SUPREME CONTRACTORS, L.L.C., a Louisiana limited liability company                   34725784K          72-1089713
NEWPARK DRILLING FLUIDS, LLC, a Texas limited liability company                      706080122          76-0294800
NEWPARK ENVIRONMENTAL SERVICES, L.L.C., a Louisiana limited liability                34871205K          72-1335837
     company
NEWPARK ENVIRONMENTAL MANAGEMENT COMPANY, L.L.C., a Louisiana limited                34513965K          72-0770718
     liability company
NEWPARK TEXAS, L.L.C., a Louisiana limited liability company                         34481667K          72-1286789
EXCALIBAR MINERALS OF LA., L.L.C., a Louisiana limited liability company             34555250K          72-1363543
SOLOCO, L.L.C., a Louisiana limited liability company                                34481693K          72-1286785

BATSON MILL, L.P., a Texas limited partnership                                         7869710          72-1284721
NEWPARK ENVIRONMENTAL SERVICES OF TEXAS, L.P., a Texas limited partnership             8598110          72-1312748
NEWPARK SHIPHOLDING TEXAS, L.P., a Texas limited partnership                           7858610          72-1286763
NID, L.P., a Texas limited partnership                                                 9570010          72-1347084
SOLOCO TEXAS, L.P., a Texas limited partnership                                        7858510          72-1284720
NES PERMIAN BASIN, L.P., a Texas limited partnership                                  10163210          72-1397586
NEWPARK ENVIRONMENTAL SERVICES MISSISSIPPI, L.P., a Mississippi limited                 642172          72-1373214
     partnership
</Table>

                                      -20-
<PAGE>

                                   SCHEDULE 1

Advanced Chemical Technologies, Inc.
Anchor Drilling Fluids USA, Inc.
Batson Mill, Inc.
BFC Oil Company
Bulkfleet Marine, Inc.
Cajun Oilfield Services, Inc.
Chem-Drill, Inc.
Chessher Construction, Inc.
FMI Wholesale Drilling Fluids, USA, L.P.
F&S Marine Services, Inc.
Fiber Products, Inc.
Iberia Barite, L.L.C.
J. Pouyer Interest, Inc.
Legend Construction, Inc.
Mallard & Mallard, Inc.
Mid-Continent Completion Fluids, Inc.
Newpark Drilling Fluids, Inc.
Newpark Environmental Services, Inc.
Newpark Environmental Services, LLC
Newpark Environmental Water Services, Inc.
Newpark Mill, Inc.
Newpark Texas Drilling Fluids, Inc.
Newpark Wellhead Services, Inc. (LA)
NOW Disposal Operating Co.
Oak Valley Ltd. Partnership
Permian Brine Sales, Inc.
Perry Trucking, Inc.
Quality Sites for Oil Industries, Inc.
Red Hill Disposal, Inc.
Sampey Bilbo Meschi Drilling Fluids Management, Inc.
Shamrock Drilling Fluids, Inc.
Smithey, Inc.
SOLOCO, INC.
Southwestern Universal Corp.
Supreme Contractors, Inc.
Supreme Contractors International, Inc.
OGS Laboratory, Inc.
Darcom International, LP
Sonnex, Inc.
Consolidated Mayflower Mines, Inc.
Bockmon Construction Company of LA, Inc.
George R Brown Services, Inc.
Gulf South Environmental Consultants, Inc.

                                      -21-
<PAGE>

Hydra Fluids, Inc.
Houston Prime Pipe & Supply, Inc.
NOW Disposal Holding Co.
O'Brien - Goins - Simpson & Associates, Inc.
Qualitex, Inc.
SBM Acquisition Corporation
Newpark Support Services
Newpark Transportation
Chesser Construction Company, Inc.
Florida Mat Rentals, Inc.
Bockmon Construction Company, Inc.
Chemical Technologies, Inc.
JPI Acquisition Corp.
NDF Mexico, Inc.
Newpark Performance Services, Inc.

                                      -22-<PAGE>
                                                                   EXHIBIT 10.13

                              AMENDED AND RESTATED
                             STOCK PLEDGE AGREEMENT

         THIS AMENDED AND RESTATED STOCK PLEDGE AGREEMENT (this "Agreement"),
dated as of January 31, 2002, is executed by and between Newpark Resources,
Inc., a Delaware corporation (the "Borrower"), and Bank One, NA, as
Administrative Agent (the "Administrative Agent") for the benefit of the
Administrative Agent, the Lenders and their Affiliates, and the LC Issuer
pursuant to the Credit Agreement referred to below.

                                    RECITALS

                  A. Pursuant to that certain Amended and Restated Credit
Agreement dated January 31, 2001 as amended (as so amended, the "Original Credit
Agreement") by and among Newpark Resources, Inc. as Borrower, certain
Guarantors, Bank One, NA, as Administrative Agent and LC Issuer, and the Lenders
party thereto, the Borrower executed a certain Amended and Restated Stock Pledge
Agreement dated January 31, 2001 (the "Original Pledge Agreement").

                  B. The Borrower, certain Guarantors, Bank One, NA as
Administrative Agent and the LC Issuer, and the Lenders party thereto are
amending and restating the Original Credit Agreement pursuant to that certain
Amended and Restated Credit Agreement dated as of January 31, 2002 (as the same
may be amended, modified or restated from time to time, the "Credit Agreement").

                  C. The Borrower and the Administrative Agent desire to amend
and restate the Original Pledge Agreement.

                                    AGREEMENT

         NOW, THEREFORE, in consideration of the premises, the Borrower and the
Administrative Agent do hereby amend and restate the Original Pledge Agreement
effective as of the Closing Date and agree and obligate themselves as follows:

         SECTION 1. DEFINITIONS. Any capitalized term defined in the Credit
Agreement and not otherwise defined herein shall have the meaning given to such
term in the Credit Agreement. In addition, the following terms shall have the
following meanings when used in this Agreement:

                  AGREEMENT. The term "Agreement" refers to this Amended and
                  Restated Stock Pledge Agreement as this agreement may be
                  modified, restated, or amended in writing from time to time,
                  and to any exhibits or attachments to this Agreement.

                  BORROWER. The term "Borrower" refers to Newpark Resources,
                  Inc., a Delaware corporation, and its successors and assigns.

<PAGE>

                  COLLATERAL. The term "Collateral" refers individually,
                  collectively and interchangeably to the Collateral as more
                  fully described in Section 2 (A) of this Agreement.

                  LC ISSUER. The term "LC Issuer" refers to Bank One, NA, as LC
                  Issuer under the Credit Agreement and its successors and
                  assigns.

                  LENDERS. The term "Lenders" refers individually and
                  collectively to the Lenders now or hereafter party to the
                  Credit Agreement, their successors and assigns, and any
                  subsequent holder or holders of any portion of the Secured
                  Obligations.

                  NEWPARK CANADA. The term "Newpark Canada" is as defined in
                  Section 2 (A) of this Agreement.

                  OBLIGATIONS. The term "Obligations" means any and all existing
                  and future indebtedness, obligation and liability of every
                  kind, nature and character, direct or indirect, absolute or
                  contingent (including all renewals, extensions and
                  modifications thereof and all fees, costs and expenses
                  incurred by the Administrative Agent or the Lenders or the LC
                  Issuer in connection with the preparation, administration,
                  collection or enforcement thereof), of the Borrower to the
                  Administrative Agent or any Lender or the LC Issuer or any
                  branch, subsidiary or affiliate thereof, arising under or
                  pursuant to this Agreement, the Credit Agreement, any
                  promissory note or notes now or hereafter issued under the
                  Credit Agreement, and the other Loan Documents.

                  RATE MANAGEMENT TRANSACTION. The term "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. The term "Rate Management
                  Obligations" means any and all obligations of the Borrower,
                  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) without

                                      -2-
<PAGE>

                  duplication of (i), any and all cancellations, buy backs,
                  reversals, terminations or assignments of any Rate Management
                  Transactions.

                  SECURED OBLIGATIONS. Secured Obligations means the Obligations
                  and Rate Management Obligations entered into with one or more
                  of the Lenders or their Affiliates.

                  SECURED PARTIES. The term "Secured Parties" shall mean the
                  Administrative Agent, the Lenders and their Affiliates, the LC
                  Issuer, and their respective successors and assigns, and any
                  subsequent holder of any portion of the Secured Obligations.

                  UNIFORM COMMERCIAL CODE. The term "Uniform Commercial Code"
                  means the Uniform Commercial Code, Commercial Laws-Secured
                  Transactions (La. R.S. 10-9-101 et seq.) in the State of
                  Louisiana, as amended and in effect from time to time,
                  provided that if by reason of mandatory provisions of law, the
                  perfection or effect of perfection or non-perfection of a
                  security interest in the Collateral is governed by the Uniform
                  Commercial Code as in effect from time to time in a
                  jurisdiction other than the State of Louisiana, Uniform
                  Commercial Code means the Uniform Commercial Code as in effect
                  from time to time in such other jurisdiction for purpose of
                  the provisions hereof related to such perfection or effect of
                  perfection or non-perfection.

         SECTION 2. SECURITY INTEREST. (A) To secure the full and punctual
payment and performance of all present and future Secured Obligations to the
Secured Parties or any successor or transferee thereof, the Borrower hereby
pledges, pawns, transfers and grants to the Administrative Agent for the pro
rata benefit of the Secured Parties a continuing security interest in and to all
of the following property of the Borrower, whether now owned or existing or
hereafter acquired or arising (collectively the "Collateral"):

                  8,004,067 shares of the capital stock of Newpark Canada Inc.
                  ("Newpark Canada") represented by Certificate No. 2A, dated
                  January 2, 1999, registered in the Borrower's name, together
                  with any additional shares of Newpark Canada issued hereafter
                  as stock dividends, stock splits or otherwise, or shares
                  received as a result of any merger or consolidation of Newpark
                  Canada, all cash, liquidation and other dividends now or
                  hereafter declared thereon, all stock redemption payments and
                  all other monies due or to become due thereunder, all stock
                  warrants, options, pre-emptive rights, rights of first
                  refusal, and other rights to subscribe to, purchase or receive
                  any shares of common stock or other securities now or
                  hereafter incident thereto or declared or granted in
                  connection therewith, and all distributions (whether made in
                  cash, instruments, income, or other property) made or to be
                  made in connection therewith or incident

                                      -3-
<PAGE>

                  thereto, and all proceeds of all or any of the foregoing, in
                  whatever form, and all proceeds of such proceeds.

                  (B) The security interest is granted as security only and
shall not subject the Secured Parties to, or transfer or in any way affect or
modify, any obligation or liability of the Borrower with respect to any of the
Collateral or any transaction in connection therewith.

                  (C) The Borrower hereby acknowledges that the certificate
evidencing the 8,004,067 shares of capital stock of Newpark Canada was delivered
to Bank One, Louisiana, National Association, as agent, on or about January 2,
1999, and that the said certificate is now held by the Administrative Agent.

         SECTION 3. DELIVERY OF COLLATERAL. The Administrative Agent hereby
accepts the delivery of the Collateral on behalf of the Secured Parties and on
behalf of any future transferee of the Secured Obligations. The Borrower will
execute and deliver to the Administrative Agent all assignments, endorsements,
powers and other documents requested at any time and from time to time by the
Administrative Agent with respect to the Collateral and the rights and powers
granted to the Administrative Agent hereunder, and will deliver to the
Administrative Agent any stock certificates representing stock dividends on, or
stock splits of, any of the Collateral, together with a stock power fully
executed in blank.

         SECTION 4. REPRESENTATIONS. The Borrower has not performed any acts or
signed any agreements which might prevent the Secured Parties from enforcing any
of the terms of this Agreement or which would limit any of them in any such
enforcement. No security agreement or similar or equivalent document or
instrument covering all or any part of the Collateral has been executed by the
Borrower and remains in effect, except in favor of the Administrative Agent for
the benefit of the Secured Parties. No Collateral is in the possession of any
Person (other than the Borrower) asserting any claim thereto or security
interest therein, except that the Administrative Agent or its designee may have
possession of Collateral as contemplated hereby. The Borrower further represents
and warrants as follows:

         (a) There are no outstanding options, warrants or similar rights with
respect to the Collateral;

         (b) The Borrower has the full power and authority to grant to the
Administrative Agent for the benefit of the Secured Parties a valid and
enforceable perfected and continuing lien on and security interest in the
Collateral pursuant to this Agreement;

         (c) The Collateral delivered to the Administrative Agent is fully paid
and non-assessable, duly and validly authorized and issued and, upon execution
hereof, will be duly and validly pledged to the Administrative Agent in
accordance with all provisions of applicable law;

         (d) The Borrower has good and marketable title to, and is the legal and
registered owner of, the Collateral, free and clear of all liens, except for the
lien created pursuant to this Agreement;

                                      -4-
<PAGE>

         (e) Upon the execution and delivery of this Agreement and the delivery
to the Administrative Agent of the Collateral, the Secured Parties shall have a
valid and enforceable lien on and security interest in and to the Collateral;
such lien and security interest shall constitute a perfected security interest
in such Collateral, superior to the rights and equitable interests of all other
persons in the Collateral;

         (f) The execution, delivery and performance of this Agreement by the
Borrower and the granting of a valid and enforceable lien and security interest
in the Collateral will not (i) violate any provision of any law, any judgment,
order, rule or regulation of any court, arbitration panel, or other governmental
authority, domestic or foreign, or other person, (ii) violate any provision of
any indenture, agreement, mortgage, contract or other instrument to which the
Borrower is a party or by which any of its properties, assets or revenues are
bound, or be in conflict with, result in an acceleration of any obligation or a
breach of or constitute (with notice or lapse of time or both) a default under,
any such indenture, agreement, mortgage, contract or other instrument, or (iii)
result in the creation or imposition of any lien on any of the properties,
assets or revenues of the Borrower, except those in favor of the Administrative
Agent for the benefit of the Secured Parties as provided herein.

         (g) This Agreement has been duly executed and delivered by the Borrower
and constitutes the legal, valid and binding obligation of the Borrower
enforceable against him in accordance with its terms;

         (h) No registration with or consent or approval of, or other action by,
any governmental authority, domestic or foreign, or other person is required
(other than such approvals or consents which may have been obtained) in
connection with the execution, delivery and performance of this Agreement and
the granting of the valid and enforceable lien and security interest in the
Collateral in favor of the Administrative Agent for the benefit of the Secured
Parties;

         (i) The Collateral constitutes not less than 66% of the issued and
outstanding stock of Newpark Canada;

         (j) Until the Secured Parties' security interest in the Collateral is
terminated by the Administrative Agent, that the Collateral shall at all times
constitute not less than 66% of the issued and outstanding stock of Newpark
Canada. To the extent necessary, the Borrower agrees that it shall not approve
or authorize any issuance of capital stock by Newpark Canada if such issuance
would reduce the Collateral below the 66% calculation mentioned in the preceding
sentence; and

         (k) The Borrower is a corporation organized under the laws of the State
of Delaware. Borrower's mailing address and the location of is its principal
place of business (if it only has one) or its chief executive office (if it has
more than one place of business) is at 3850 North Causeway Boulevard, Suite
1770, Metairie, LA 70002. Borrower also represents and warrants that it has not
conducted business under any name except the name in which it has executed this
Agreement, which is the exact name as it appears in the Borrower's
organizational documents, as amended, as filed with the Borrower's jurisdiction
of organization. Borrower represents and warrants that its Federal employer
identification number is 72-1123385 and its Delaware entity

                                      -5-
<PAGE>

organization number is 2162755. Borrower agrees that it will notify
Administrative Agent in writing should Borrower ever change its name, legal
status, or change or obtain a new Federal employer identification number or a
different Delaware organization number, or should it ever change its
jurisdiction of organization. Borrower further agrees to notify Administrative
Agent in writing of any change in Borrower's mailing address or the location of
Borrower's principal office.

         (l) Neither the Borrower nor Newpark Canada maintains or will maintain
any transfer agents in Canada other than in the province of Alberta.

         SECTION 5. VOTING RIGHTS. (A) So long as no Default or Unmatured
Default shall have occurred, the Borrower shall have the right, from time to
time, to exercise voting and other consensual rights to give approvals,
ratifications and waivers pertaining to the Collateral, and the Administrative
Agent upon receiving a written request from the Borrower accompanied by a
certificate stating that no Default or Unmatured Default has occurred will
deliver to the Borrower (or as specified in such request) such proxies,
approvals, ratifications, waivers and other instruments pertaining to the
Collateral as may be specified in such request and be in form and substance
satisfactory to the Administrative Agent.

                  (B) Upon the occurrence of a Default or Unmatured Default, the
Administrative Agent shall have the right, at the Administrative Agent's option,
to exercise the voting and other consensual rights to give approvals,
ratifications and waivers and to take any other action with respect to all the
Collateral with the same force and effect as if the Administrative Agent were
the absolute and sole owner thereof, and the Borrower's right to exercise such
voting and other consensual rights shall, at the Administrative Agent's option,
cease and become vested in the Administrative Agent.

         SECTION 6. REMEDIES UPON DEFAULT. (A) Upon the occurrence of a Default
(as defined in the Credit Agreement) the Administrative Agent may exercise all
rights of a secured party under the Louisiana Commercial Laws-Secured
Transactions and other applicable law (including the Uniform Commercial Code as
in effect from time to time in any applicable jurisdiction) and, in addition,
the Administrative Agent may, without being required to give any notice, except
as herein provided or as may be required by mandatory provisions of law, (i)
transfer the whole or any part of the Collateral into the name of any Secured
Party or its/their nominee(s); (ii) sell the Collateral or any part thereof at a
broker's board or on a securities exchange; or (iii) sell the Collateral or any
part thereof at public or private sale, for cash, upon credit or for future
delivery, and at such price or prices as the Administrative Agent may deem
satisfactory. Any Secured Party may be the purchaser of any or all of the
Collateral so sold at any public sale (or, if the Collateral is of a type
customarily sold in a recognized market or is of a type which is the subject of
widely distributed standard price quotations, at any private sale). The Borrower
will execute and deliver such documents and take such other action as the
Administrative Agent deems necessary or advisable in order that any such sale
may be made in compliance with law. Upon any such sale the Administrative Agent
shall have the right to deliver, assign and transfer to the purchaser thereof
the Collateral so sold. Each purchaser at any such sale shall hold the
Collateral so sold to it absolutely and free from any claim or right of
whatsoever kind, including any equity or right of redemption of the Borrower
which may be waived, and the Borrower, to the extent permitted by law, hereby
specifically waives all rights of redemption, stay or appraisal which it has or
may have under any law now existing or hereafter

                                      -6-
<PAGE>

adopted. The Borrower agrees that ten (10) days' prior written notice of the
time and place of any sale or other intended disposition of any of the
Collateral constitutes "reasonable notification" within the meaning of Sections
9-610, 611, 624, or similar provisions of the Uniform Commercial Code (or any
successor provision from time to time in effect) except that shorter or no
notice shall be reasonable as to any Collateral which is perishable or threatens
to decline speedily in value or is of a type customarily sold on a recognized
market. The notice (if any) of such sale shall (1) in case of a public sale,
state the time and place fixed for such sale, and (2) in the case of a private
sale, state the day after which such sale may be consummated. Any such public
sale shall be held at such time or times within ordinary business hours and at
such place or places as the Administrative Agent may fix in the notice of such
sale. At any such sale the Collateral may be sold in one lot as an entirety or
in separate parcels, as the Administrative Agent may determine. The
Administrative Agent shall not be obligated to make any such sale pursuant to
any such notice. The Administrative Agent may, without notice or publication,
adjourn any public or private sale or cause the same to be adjourned from time
to time by announcement at the time and place fixed for the sale, and such sale
may be made at any time or place to which the same may be so adjourned. In case
of any sale of all or any part of the Collateral on credit or for future
delivery, the Collateral so sold may be retained by the Administrative Agent
until the selling price is paid by the purchaser thereof, but the Administrative
Agent shall not incur any liability in case of the failure of such purchaser to
take up and pay for the Collateral so sold and, in case of any such failure,
such Collateral may again be sold upon like notice.

                  (B) The Administrative Agent, instead of exercising the power
of sale herein conferred upon it, may proceed by a suit or suits at law or in
equity to foreclose the security interests and sell the Collateral, or any
portion thereof, under a judgment or decree of a court or courts of competent
jurisdiction. For the purposes of Louisiana executory process procedures, the
Borrower does hereby confess judgment in favor of the Administrative Agent for
the benefit of the Secured Parties for the full amount of the Secured
Obligations. The Borrower does by these presents consent, agree and stipulate
that upon the occurrence of a Default it shall be lawful for the Administrative
Agent, and the Borrower does hereby authorize the Administrative Agent, to cause
all and singular the Collateral to be seized and sold under executory or
ordinary process, at the Administrative Agent's sole option, without
appraisement, appraisement being hereby expressly waived, as an entirety or in
parcels as the Administrative Agent may determine, to the highest bidder, and
otherwise exercise the rights, powers and remedies afforded herein and under
applicable Louisiana law. Any and all declarations of fact made by authentic act
before a Notary Public in the presence of two witnesses by a person declaring
that such facts lie within his knowledge shall constitute authentic evidence of
such facts for the purpose of executory process. The Borrower hereby waives in
favor of the Administrative Agent for the benefit of the Secured Parties: (a)
the benefit of appraisement as provided in Louisiana Code of Civil Procedure
Articles 2332, 2336, 2723 and 2724, and all other laws conferring the same; (b)
the demand and three days' delay accorded by Louisiana Code of Civil Procedure
Articles 2639 and 2721; (c) the notice of seizure required by Louisiana Code of
Civil Procedure Articles 2293 and 2721; (d) the three days' delay provided by
Louisiana Code of Civil Procedure Articles 2331 and 2722; and (e) the benefit of
the other provisions of Louisiana Code of Civil Procedure Articles 2331, 2722
and 2723, not specifically mentioned above.

                                      -7-
<PAGE>

                  (C) The Borrower recognizes that the Administrative Agent may
be unable to effect a public sale of all or part of the Collateral by reason of
certain prohibitions contained in the Securities Act of 1933, as amended, and
applicable state securities laws but may be compelled to resort to one or more
private sales to a restricted group of purchasers who will be obligated to
agree, among other things, to acquire all or a part of the Collateral for their
own account, for investment, and not with a view to the distribution or resale
thereof. If the Administrative Agent deems it advisable to do so for the
foregoing or for other reasons, the Administrative Agent is authorized to limit
the prospective bidders on or purchasers of any of the Collateral to such a
restricted group of purchasers and may cause to be placed on certificates for
any or all of the Collateral a legend to the effect that such security has not
been registered under the Securities Act of 1933, as amended, and may not be
disposed of in violation of the provision of said act, and to impose such other
limitations or conditions in connection with any such sale as the Administrative
Agent deems necessary or advisable in order to comply with said act or any other
securities or other laws. The Borrower acknowledges and agrees that any private
sale so made may be at prices and on other terms less favorable to the seller
than if such Collateral were sold at public sale and that the Administrative
Agent has no obligation to delay the sale of such Collateral for the period of
time necessary to permit the registration of such Collateral for public sale
under any securities laws. The Borrower agrees that a private sale or sales made
under the foregoing circumstances shall be deemed to have been made in a
commercially reasonable manner. If any consent, approval, or authorization of
any federal, state, municipal or other governmental department, agency or
authority should be necessary to effectuate any sale or other disposition of the
Collateral, or any partial sale or other disposition of the Collateral, the
Borrower will execute all applications and other instruments as may be required
in connection with securing any such consent, approval or authorization and will
otherwise use its best efforts to secure same. In addition, if the Collateral is
disposed of pursuant to Rule 144, the Borrower agrees to complete and execute a
Form 144, or comparable successor form, at the Administrative Agent's request;
and the Borrower agrees to provide any material adverse information in regard to
the current and prospective operations of any corporation whose stock
constitutes all or a portion of the Collateral of which the Borrower has
knowledge and which has not been publicly disclosed, and the Borrower hereby
acknowledges that the Borrower's failure to provide such information may result
in criminal and/or civil liability.

                  (D) In addition, to the extent permitted by applicable law,
the Borrower hereby unconditionally and irrevocably authorizes and instructs
Newpark Canada, upon the occurrence and continuance of a Default, to transfer
record ownership of the Collateral to the Administrative Agent. Notice of said
occurrence and continuance of a Default to Newpark Canada shall be the issuance
of a written notification thereof by the Administrative Agent to Newpark Canada.

                  (E) Application of Proceeds. All payments received by the
Administrative Agent hereunder shall be applied by the Administrative Agent to
payment of the Secured Obligations in the following order unless a court of
competent jurisdiction shall otherwise direct:

                        (i) FIRST, to payment of all costs and expenses of the
         Administrative Agent incurred in connection with the collection and
         enforcement of the Secured Obligations or of any security interest
         granted to the Administrative Agent in connection with any collateral
         securing the Secured Obligations;

                                      -8-
<PAGE>

                        (ii) SECOND, to payment of that portion of the Secured
         Obligations constituting accrued and unpaid interest and fees, pro rata
         among the Secured Parties in accordance with the amount of such accrued
         and unpaid interest and fees owing to each of them;

                        (iii) THIRD, to payment of the principal of the Secured
         Obligations and the net early termination payments and any other Rate
         Management Obligations then due and unpaid from the Borrower to any of
         the Secured Parties, pro rata among the Secured Parties in accordance
         with the amount of such principal and such net early termination
         payments and other Rate Management Obligations then due and unpaid
         owing to each of them; and

                        (iv) FOURTH, to payment of any Secured Obligations
         (other than those listed above) pro rata among those parties to whom
         such Secured Obligations are due in accordance with the amounts owing
         to each of them.

         SECTION 7. LIMITATION ON DUTY. Beyond the exercise of reasonable care
in the custody thereof, the Administrative Agent shall have no duty as to any
Collateral in its possession or control or in the possession or control of any
Administrative Agent or bailee or any income thereon. The Administrative Agent
shall be deemed to have exercised reasonable care in the custody of the
Collateral in its possession if the Collateral is accorded treatment
substantially equal to that which it accords its own property, and shall not be
liable or responsible for any loss or damage to any of the Collateral, or for
any diminution in the value thereof, by reason of the act or omission of any
broker or other Administrative Agent or bailee selected by the Administrative
Agent in good faith. The Administrative Agent shall be deemed to have exercised
reasonable care with respect to any of the Collateral in its possession if the
Administrative Agent takes such action for that purpose as the Borrower shall
reasonably request in writing; but no failure to comply with any such request
shall, of itself, be deemed a failure to exercise reasonable care.

         SECTION 8. APPOINTMENT OF AGENT. At any time or times, in order to
comply with any legal requirement in any jurisdiction, the Administrative Agent
may appoint a bank or trust company or one or more other Persons with such power
and authority as may be necessary for the effectual operation of the provisions
hereof and may be specified in the instrument of appointment.

         SECTION 9. REVISED ARTICLE 9. Borrower hereby confirms that by signing
this Agreement, that Borrower has authenticated this Agreement, within the
meaning of revised Chapter 9 of the Louisiana Commercial Laws and Revised
Article 9 of the Uniform Commercial Code as now or hereafter in effect in any
jurisdiction ("Revised Article 9"). This Agreement shall constitute full
authorization in favor of Administrative Agent to file appropriate financing
statements, initial or "in lieu" financing statements, continuation statements,
and statements of amendment, with or without Borrower's signature, as may be
necessary or advisable to perfect and maintain the perfection and priority of
the security interest granted to the Secured Parties in this Agreement,
including any such filings containing such information required by Part 5 of
Revised Article 9 for the sufficiency or filing office acceptance of any
financing statement, continuation statement or amendment, including whether
Borrower is an organization, the type of organization and any organization
number issued to the Borrower. Borrower shall furnish such information to

                                      -9-
<PAGE>

Administrative Agent upon Administrative Agent's request. Any such financing
statements, continuation statements or amendments may be signed by
Administrative Agent on Borrower's behalf. Any such filings by an Administrative
Agent may be by delivery of originals or photocopies, by electronic
communication, or such other authorized form of communication as may be
permitted under then applicable law.

         SECTION 10. EXPENSES. In the event that the Borrower fails to comply
with any provisions of the Credit Agreement or this Agreement, such that the
value of any Collateral or the validity, perfection, rank or value of any
security interest hereunder is thereby diminished or potentially diminished or
put at risk, the Administrative Agent may, but shall not be required to, effect
such compliance on behalf of the Borrower, and the Borrower shall reimburse the
Administrative Agent for the costs thereof on demand. All insurance expenses and
all expenses of protecting, storing, appraising, preparing for sale, handling,
maintaining and shipping the Collateral, any and all excise, property, sales,
and use taxes imposed by any federal, state or local authority on any of the
Collateral, all expenses in respect of periodic appraisals and inspections of
the Collateral to the extent the same maybe requested from time to time, and all
expenses in respect of the sale or other disposition thereof shall be borne and
paid by the Borrower, and if the Borrower fails to promptly pay any portion
thereof when due, the Administrative Agent may, at its option, but shall not be
required to, pay the same and charge the Borrower's account therefor, and the
Borrower agrees to reimburse the Administrative Agent therefor on demand. All
sums so paid or incurred by the Administrative Agent for any of the foregoing
and any and all other sums for which the Borrower may become liable hereunder
and all costs and expenses (including reasonable attorneys' fees, legal expenses
and court costs) incurred by the Administrative Agent and/or the Secured Parties
in enforcing or protecting any of the rights or remedies under this Agreement,
together with interest thereon until paid at the rate equal the then highest
rate of interest charged on the principal of any of the Secured Obligations plus
two percent (2%), shall be additional Secured Obligations hereunder and the
Borrower agrees to pay all of the foregoing sums promptly on demand.

         SECTION 11. ADMINISTRATIVE AGENT. Bank One, NA has been appointed
Administrative Agent for the Secured Parties hereunder pursuant to Article X of
the Credit Agreement. It is expressly understood and agreed by the parties to
this Agreement that any authority conferred upon the Administrative Agent
hereunder is subject to the terms of the delegation of authority made by the
Secured Parties to the Administrative Agent pursuant to the Credit Agreement,
and that the Administrative Agent has agreed to act (and any successor
Administrative Agent shall act) as such hereunder only on the express conditions
contained in such Article X. Any successor Administrative Agent appointed
pursuant to Article X of the Credit Agreement shall be entitled to all the
rights, interests and benefits of the Administrative Agent hereunder.

         SECTION 12. TERMINATION. Upon the payment in full of the Secured
Obligations, the termination of the Credit Agreement (and all obligations of the
Administrative Agent and the Lenders thereunder), the termination of all
Lenders' obligations to extend Loans to the Borrower, the termination of all
Rate Management Transactions and the payment of all Rate Management Obligations,
and the termination or expiration of all Facility LCs and the payment of all

                                      -10-
<PAGE>

Reimbursement Obligations, this Agreement shall terminate. Upon request of the
Borrower, the Administrative Agent shall deliver the remaining Collateral (if
any) to the Borrower.

         SECTION 13. NOTICES. Any notice or demand which, by provision of this
Agreement, is required or permitted to be given or served to the Borrower, the
Administrative Agent, and the Secured Parties shall be deemed to have been
sufficiently given and served for all purposes if made in accordance with the
Credit Agreement.

         SECTION 14. AMENDMENT. Neither this Agreement nor any provisions hereof
may be changed, waived, discharged or terminated orally or in any manner other
than by an instrument in writing signed by the party against whom enforcement of
the change, waiver, discharge or termination is sought.

         SECTION 15. WAIVERS. No course of dealing on the part of the
Administrative Agent or the Secured Parties, its/their officers, employees,
consultants or agent, nor any failure or delay by the Administrative Agent or
the Secured Parties with respect to exercising any of its/their rights, powers
or privileges under this Agreement shall operate as a waiver thereof.

         SECTION 16. CUMULATIVE RIGHTS. The rights and remedies of the
Administrative Agent and the Secured Parties under this Agreement shall be
cumulative and the exercise or partial exercise of any such right or remedy
shall not preclude the exercise of any other right or remedy.

         SECTION 17. TITLES OF SECTIONS. All titles or headings to sections of
this Agreement are only for the convenience of the parties and shall not be
construed to have any effect or meaning with respect to the other content of
such sections, such other content being controlling as to the agreement between
the parties hereto.

         SECTION 18. GOVERNING LAW. This Agreement is a contract made under and
shall be construed in accordance with and governed by the laws of the United
States of America and the State of Louisiana.

         SECTION 19. SUCCESSORS AND ASSIGNS. All covenants and agreements made
by or on behalf of the Borrower in this Agreement shall bind Borrower's
successors and assigns and shall inure to the benefit of the Administrative
Agent, the Secured Parties, and their successors and assigns. This Agreement is
for the benefit of the Administrative Agent, the Secured Parties, and for such
other Person or Persons as may from time to time become or be the holders of any
of the Secured Obligations, and this Agreement shall be transferable with the
same force and effect and to the same extent as the Secured Obligations may be
transferable, it being understood that, upon the transfer or assignment by the
Secured Parties of any of the Secured Obligations, the legal holder of such

                                      -11-
<PAGE>

Secured Obligations shall have all of the rights granted to the Administrative
Agent (and the Secured Parties) under this Agreement. Borrower specifically
agrees that upon any transfer of the Secured Obligations, the Administrative
Agent may transfer and deliver the Collateral to the transferee of such Secured
Obligations and the Collateral shall secure any and all of the Secured
Obligations in favor of such a transferee, that such transfer of the Collateral
shall not affect the priority and ranking thereof, and that the Collateral shall
secure with retroactive rank the then existing Secured Obligations of the
Borrower to the transferee and any and all Secured Obligations thereafter
arising. After any such transfer has taken place, the Administrative Agent and
the Secured Parties shall be fully discharged from any and all future liability
and responsibility to the Borrower with respect to the Collateral and the
transferee thereafter shall be vested with all the powers, rights and duties
with respect to the Collateral.

         SECTION 20. COUNTERPARTS. This Agreement may be executed in two or more
counterparts, and it shall not be necessary that the signatures of all parties
hereto be contained on any one counterpart hereof, each counterpart shall be
deemed an original, but all of which when taken together shall constitute one
and the same instrument.

         SECTION 21. GOVERNING LAW; SUBMISSION TO JURISDICTION; WAIVER OF JURY
TRIAL. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAW OF THE STATE OF LOUISIANA. THE BORROWER HEREBY SUBMITS TO THE NONEXCLUSIVE
JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF
LOUISIANA AND OF ANY LOUISIANA STATE COURT SITTING IN NEW ORLEANS, LOUISIANA AND
FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS
AGREEMENT (INCLUDING, WITHOUT LIMITATION, ANY OF THE OTHER LOAN DOCUMENTS) OR
THE TRANSACTIONS CONTEMPLATED HEREBY. THE BORROWER IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER
HAVE TO THE LAYING OF THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT
AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT
IN AN INCONVENIENT FORUM. THE BORROWER AND THE ADMINISTRATIVE AGENT AND THE
SECURED PARTIES ACCEPTING THIS AGREEMENT, HEREBY IRREVOCABLY WAIVES ANY AND ALL
RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO
THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

         (The remainder of this page has been intentionally left blank)

                                      -12-
<PAGE>

         IN WITNESS WHEREOF, the Borrower and the Administrative Agent have
caused this Agreement to be duly executed as of the date first above written.

                                            BORROWER:

                                            NEWPARK RESOURCES, INC.

                                            By:
                                               ---------------------------------
                                               Name: John R. Dardenne, Sr.
                                               Title: Treasurer

                                      -13-
<PAGE>

                                           ADMINISTRATIVE AGENT:

                                           BANK ONE, NA
                                           (MAIN OFFICE, CHICAGO ILLINOIS)

                                           By:
                                               ---------------------------------
                                               Name: J. Charles Freel, Jr.
                                               Title: Director, Capital Markets

                                      -14-
<PAGE>

STATE OF LOUISIANA

PARISH OF JEFFERSON

         Be it known that on this 26th day of February, 2002, before me, the
undersigned Notary Public, personally came and appeared John R. Dardenne, Sr.,
the Treasurer of Newpark Resources, Inc., a Delaware corporation, who
acknowledged that he executed the foregoing Amended and Restated Stock Pledge
Agreement on behalf of the said corporation pursuant to resolutions authorizing
said execution by the corporation's Board of Directors.

                                         --------------------------
                                                Notary Public

                                      -15-
<PAGE>

STATE OF LOUISIANA

PARISH OF ORLEANS

         Be it known that on this __th day of February, 2002, before me, the
undersigned Notary Public, personally came and appeared J. Charles Freel, Jr.,
Director, Capital Markets of Bank One, NA, as Administrative Agent, who
acknowledged that he executed the foregoing Amended and Restated Stock Pledge
Agreement on behalf of the said bank pursuant to resolutions authorizing said
execution by the bank's Board of Directors.

                                                  ---------------------------
                                                         Notary Public

                                      -16-

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