Document:

<PAGE>   1
                                                                  EXHIBIT 10.13

                             AMENDMENT NUMBER THREE
                         TO LOAN AND SECURITY AGREEMENT

         THIS AMENDMENT NUMBER THREE TO LOAN AND SECURITY AGREEMENT (this
"Amendment"), dated effective as of February 14, 2000, is entered into by and
among Grant Geophysical, Inc., a Delaware corporation ("Borrower"), Foothill
Capital Corporation, a California corporation ("Foothill"), and Elliott
Associates, L.P., a Delaware limited partnership ("EALP"), in light of the
following:

         WHEREAS, Borrower, EALP and Foothill are parties to that certain Loan
and Security Agreement (including any and all amendments, the "Loan and
Security Agreement"), dated as of May 11, 1999, as amended by Amendment Number
One to Loan and Security Agreement, dated to be effective as of August 13,
1999, by and among Borrower, Foothill and EALP, and Amendment Number Two to
Loan and Security Agreement, dated to be effective as of September 23, 1999, by
and among Borrower, Foothill and FALP; and

         WHEREAS, Borrower has requested that certain provisions of the Loan
and Security Agreement be amended, so as to provide for the following:

              (a)  an increase in the revolving credit commitment of Foothill
         from $6,000,000 to $10,000,000, subject to the limitations contained
         in the Loan and Security Agreement, as amended;

              (b)  a readvance of principal under the FCC Term Loan such
         that the aggregate outstanding principal balance as of the date of
         this Amendment will be $11,500,000, to be evidenced by an amendment
         and restatement of the FCC Term Note, including a revised amortization
         schedule and the deferral of the principal payments that otherwise
         would be due and payable on February 1, 2000, and March 1, 2000; and

              (c)  a temporary modification of the definition of "Eligible
         Domestic Accounts" to allow (i) certain Designated Account Debtors to
         represent up to 40% in the aggregate of all Eligible Accounts and (ii)
         either of two such Designated Account Debtors to represent up to 25%
         of all Eligible Accounts on an individual basis.

         WHEREAS, subject to the conditions set forth in this Amendment,
Borrower, Foothill, and EALP have agreed to amend the Loan and Security
Agreement as set forth below.

         NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants, conditions, and provisions as hereinafter set forth, the parties
hereto agree as follows:

         1.       DEFINITIONS.  Initially capitalized terms used herein have
the meanings defined in the Loan and Security Agreement unless otherwise
defined herein.

         2.       AMENDMENTS.

                                    PAGE 1

<PAGE>   2
         2.01 ADDITIONS TO SECTION 1.1 OF THE LOAN AND SECURITY AGREEMENT.
Section 1.1 of the Loan and Security Agreement is hereby amended by adding the
following definition of "Third Amendment to Loan and Security Agreement" to
such section in the appropriate alphabetical order, such definition to read in
its entirety as follows:

                  "'Third Amendment to Loan and Security Agreement' means that
         certain Amendment Number Three to Loan and Security Agreement, dated
         to be effective as of February 14, 2000, by and among Borrower,
         Foothill and EALP."

         2.02 AMENDMENT OF EXISTING DEFINITIONS CONTAINED IN SECTION 1.1
              OF THE LOAN AND SECURITY AGREEMENT.

              (a) Subsections (i) and (j) of the definition of "Eligible
         Domestic Accounts" are hereby amended and restated to read in their
         entirety as follows:

                        "(i)  Accounts with respect to which either of the
                  Designated Account Debtors is the Account Debtor, to the
                  extent that (i) during the period commencing January 1, 2000,
                  and extending through March 31, 2000, the Accounts owed by
                  either of such Designated Account Debtors exceed twenty-five
                  percent (25%) of all Eligible Accounts, or (ii) from and after
                  April 1, 2000, the Accounts owed by either such Designated
                  Account Debtors exceed twenty percent (20%) of all Eligible
                  Accounts;

                         (j)  Accounts with respect to which either of the
                  Designated Account Debtors is the Account Debtor, to the
                  extent that (i) during the period commencing January 1, 2000,
                  and continuing through March 31, 2000, the aggregate amount
                  of all such Accounts of the Designated Account Debtors
                  exceeds forty percent (40%) of all Eligible Accounts, or (ii)
                  from and after April 1, 2000, the aggregate amount of all such
                  Accounts of the Designated Account Debtors exceeds
                  thirty-five (35%) of all Eligible Accounts;"

              (b) The definition of "Maximum Revolving Amount" is hereby
amended and restated to read in its entirety as follows:

                  ""Maximum Revolving Amount" means Ten Million Dollars
($10,000,000.00)."

              (c) The definition of "Reference Rate" is hereby amended and
restated to read in its entirety as follows:

                  ""Reference Rate" means the variable rate of interest, per
                  annum, most recently announced by Wells Fargo Bank, National
                  Association, or any successor thereto, as its "base rate,"
                  irrespective of whether such announced rate is the best rate
                  available from such financial institution."

                                    PAGE 2

<PAGE>   3

         2.04 AMENDMENT OF SECTION 2.1(X)(1) OF THE LOAN AND SECURITY
AGREEMENT. Section 2.1(x)(1) of the Loan and Security Agreement is hereby
amended and restated in its entirety to read as follows:

                   "(x)  the least of:

                         (1)  Ten Million Dollars ($10,000,000.00), or"

         2.05 AMENDMENT AND RESTATEMENT OF SECTION 2.3 OF THE LOAN AND SECURITY
AGREEMENT. Effective as of the date hereof, Section 2.3 of the Loan and
Security Agreement is hereby amended and restated in its entirety to read as
follows:

                   "2.3  FCC TERM LOAN.

                         (a)  General. Foothill has agreed to make a term loan
         (the "FCC Term Loan") to Borrower in the stated principal amount not
         to exceed Eleven Million Five Hundred Thousand Dollars
         ($11,500,000.00). The FCC Term Loan shall be repaid in twenty-six
         monthly installments, and one final installment, of principal in the
         following amounts:

         ======================================================================
                     Month                        Installment Amount
         ======================================================================
         April 1, 2000, through May 1, 2002        $363,260.00/month
         ======================================================================
         May 11, 2002                              The outstanding principal
                                                   balance of the FCC Term Loan
         ======================================================================

         Each such principal installment shall be due and payable on the first
         day of each month commencing April 1, 2000, and continuing on the
         first day of each succeeding month until and including the date on
         which the unpaid balance of the FCC Term Loan is paid in full. The
         outstanding principal balance and all accrued and unpaid interest
         under the FCC Term Loan shall be due and payable upon the termination
         of this Agreement, whether by its terms, by prepayment, by
         acceleration, or otherwise. Subject to Section 3.6, the unpaid
         principal balance of the FCC Term Loan may be prepaid in whole or in
         part at any time during the term of this Agreement upon 30 days prior
         written notice by Borrower to Foothill, all such prepaid amounts to be
         applied to the installments due on the FCC Term Loan in the inverse
         order of their maturity. All amounts outstanding under the FCC Term
         Loan shall constitute Obligations.

                         (b)  Prepayment Upon Disposition of Eligible Equipment.
         Except as otherwise expressly permitted by Section 7.4 of this
         Agreement, Borrower shall prepay the FCC Term Loan in an amount equal
         to the net proceeds of any disposition of Eligible Equipment,
         regardless of whether such disposition is permitted under Section 7.4
         of this Agreement (but without approving any such disposition not
         otherwise expressly permitted under Section 7.4 of this Agreement).The
         mandatory prepayment shall be due and payable immediately upon the
         corresponding disposition of

                                    PAGE 3

<PAGE>   4
         Eligible Equipment. Mandatory prepayments shall be applied to
         installments under the FCC Term Loan in inverse order of maturity.

                         (c)  FCC Term Note. The FCC Term Loan shall be
         evidenced by that certain Second Amended and Restated Secured
         Promissory Note, dated February 14, 2000, in the original principal
         amount of $11,500,000.00, executed by Borrower, payable to the order
         of Foothill, the form of which is attached as Exhibit A to the Third
         Amendment to Loan and Security Agreement (together with any and all
         renewals, extensions and modifications thereof, the "FCC Term Note")."

         2.06 REPLACEMENT OF SCHEDULE C-1 OF THE LOAN AND SECURITY AGREEMENT.
Schedule C-1 of the Loan and Security Agreement is hereby amended and restated
in its entirety to read as set forth in Schedule C-1 to this Amendment, and all
references in the Loan and Security Agreement to Schedule C-1, or any
information set forth therein, shall hereinafter be deemed to be references to
Schedule C-1 as so amended and restated.

         3.   CONDITIONS TO EFFECTIVENESS. This Amendment shall become effective
upon fulfillment of the following conditions, in each case to the satisfaction
of Foothill:

              (a)  a counterpart of this Amendment shall be executed by Borrower
         and delivered to Foothill;

              (b)  a counterpart of this Amendment shall be executed by EALP and
         delivered to Foothill;

              (c)  each of AST, GGC and GGII shall reaffirm its obligations
         under the Loan Documents to which it is a party, pursuant to an
         instrument in form and substance satisfactory to Foothill;

              (d)  Borrower shall execute and deliver to Foothill the "FCC Term
         Note" in the form  attached  hereto as Exhibit A;

              (e)  Foothill shall have received an Officer's Certificate, duly
         executed by Borrower in form and substance satisfactory to Foothill;

              (f)  Borrower shall pay all fees and expenses required to be paid
         by Borrower pursuant to Section 6.03 of this Amendment; and

              (g)  an interest payment equal to the accrued and unpaid interest
         in respect of the prior FCC Term Note to February 14, 2000.

         4.   REPRESENTATIONS, WARRANTIES AND COVENANTS OF BORROWER.

         4.01 REPRESENTATIONS AND WARRANTIES OF BORROWER. Borrower hereby
represents and warrants to Foothill as follows:

                                    PAGE 4

<PAGE>   5

              (a)  the execution, delivery and performance by Borrower of
         this Amendment have been duly authorized by all necessary corporate
         action of Borrower and do not and will not require any registration
         with, consent or approval of, notice to or action by, any Person in
         order to be effective and enforceable;

              (b)  the execution, delivery and performance by Borrower of
         this Amendment will not violate the articles of incorporation, bylaws
         or any other agreement to which Borrower is a party or by which the
         property of Borrower may be bound;

              (c)  the Loan and Security Agreement, as amended by this
         Amendment, constitutes the legal, valid and binding obligation of
         Borrower, enforceable against Borrower in accordance with its terms,
         without defense, counterclaim or offset;

              (d)  the representations and warranties contained in the Loan
         and Security Agreement (as amended by this Amendment) and each other
         Loan Document are true and correct on and as of the date hereof as
         though made on and as of the date hereof, except to the extent such
         representations and warranties relate to only a prior specified date;

              (e)  Borrower is in full compliance with all covenants and
         agreements contained in the Loan and Security Agreement, as amended by
         this Amendment, and all such covenants and agreements are, and shall
         remain, in full force and effect; and

              (f)  no Default or Event of Default is continuing as of the
         date hereof, nor shall any Default or Event of Default occur as a
         result of the execution and delivery hereof, or the Borrower's
         performance of the obligations herein or under the Loan and Security
         Agreement, as amended hereby.

         4.02 COVENANTS OF BORROWER. Within fifteen days of the date hereof,
Borrower shall, or shall cause each of GGBL, PTGI and SSGI to reaffirm its
obligations under each Loan Document to which it is a party. The failure of
Borrower, GGBL, PTGI or SSGI, as applicable, to comply with any portion of the
requirements of this Section 4.02 shall constitute an "Event of Default"
pursuant to Section 8 of the Loan and Security Agreement, as amended by this
Amendment.

         5. AGREEMENT OF EALP. EALP hereby joins in this Amendment for the
purpose of consenting to the terms hereof. EALP hereby agrees that all terms,
covenants and provisions of the Loan and Security Agreement and the other Loan
Documents are, and shall remain, in full force and effect, including (without
limitation) the subordination provisions set forth at Section 17.16 of the Loan
and Security Agreement and EALP's guaranty of the Obligations of Borrower
(other than the EALP Term Loan) pursuant to the EALP Guaranty, which EALP
Guaranty is hereby acknowledged and reaffirmed with respect to all Obligations
of Borrower (other than the EALP Term Loan) arising pursuant to the Loan and
Security Agreement and other Loan Documents, as amended and/or increase by this
Amendment.

                                    PAGE 5

<PAGE>   6

         6.   MISCELLANEOUS.

         6.01 SURVIVAL OF REPRESENTATIONS AND WARRANTIES. All representations
and warranties made herein and in the Loan and Security Agreement shall survive
the execution and delivery of this Amendment, and no investigation by Foothill
or any closing shall affect the representations and warranties or the right of
Foothill to rely upon them.

         6.02 REFERENCE TO LOAN AGREEMENT. The Loan and Security Agreement, as
amended hereby, and all other Loan Documents, whether now or hereafter executed
and delivered, are hereby amended so that any reference to the Loan and
Security Agreement shall mean a reference to the Loan and Security Agreement,
as amended by this Amendment.

         6.03 EXPENSES OF FOOTHILL AND WAIVER FEE. In consideration of
Foothill's execution and delivery of this Amendment, Borrower shall pay to
Foothill an amendment fee in the amount of $60,000, which fee shall be earned
by Foothill and shall be due and payable upon the execution by Foothill of a
counterpart of this Amendment. In addition to such waiver fee and as provided
in the Loan and Security Agreement, Borrower agrees to pay on demand all costs
and expenses incurred by Foothill in connection with the preparation,
negotiation and execution of this Amendment, including, without limitation, the
costs and fees of Foothill's legal counsel and appraiser, and all costs and
expenses incurred by Foothill in connection with the enforcement or
preservation of any rights under the Loan and Security Agreement, as amended
hereby, or any other Loan Document.

         6.04 SEVERABILITY. Any provision of this Amendment held by a court of
competent jurisdiction to be invalid or unenforceable shall not impair or
invalidate the remainder of this Amendment and the effect thereof shall be
confined to the provision so held to be invalid or unenforceable.

         6.05 SUCCESSORS AND ASSIGNS. This Amendment is binding upon and shall
inure to the benefit of Foothill and Borrower and their respective successors
and assigns, except Borrower may not assign or transfer any of its rights or
obligations hereunder without the prior written consent of Foothill.

         6.06 COUNTERPARTS. This Amendment may be executed in one or more
counterparts, each of which when so executed shall be deemed to be an original,
but all of which when taken together shall constitute one and the same
instrument.

         6.07 HEADINGS. The headings, captions, and arrangements used in this
Amendment are for convenience only and shall not affect the interpretation of
this Amendment.

         6.08 APPLICABLE LAW. THIS AMENDMENT AND ALL OTHER LOAN DOCUMENTS
EXECUTED PURSUANT HERETO SHALL BE DEEMED TO HAVE BEEN MADE AND TO BE
PERFORMABLE IN AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE COMMONWEALTH OF MASSACHUSETTS.

                                    PAGE 6

<PAGE>   7

         6.09 FINAL AGREEMENT. THE LOAN AND SECURITY AGREMENT, AS AMENDED
HEREBY, AND THE OTHER LOAN DOCUMENTS REPRESENT THE ENTIRE EXPRESSION OF THE
PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF AND THEREOF ON THE DATE THIS
AMENDMENT IS EXECUTED. THE LOAN AND SECURITY AGREEMENT, AS AMENDED HEREBY, MAY
NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL
AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE
PARTIES. NO MODIFICATION, RESCISSION, WAIVER, RELEASE OR AMENDMENT OF ANY
PROVISION OF THIS AMENDMENT SHALL BE MADE, EXCEPT BY A WRITTEN AGREEMENT SIGNED
BY BORROWER AND FOOTHILL.

         6.10 RELEASE. BORROWER HEREBY ACKNOWLEDGES THAT IT HAS NO DEFENSE,
COUNTERCLAIM, OFFSET, CROSS-COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE
WHATSOEVER THAT CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF ITS
LIABILITY TO REPAY THE OBLIGATIONS (AS DEFINED IN THE LOAN AND SECURITY
AGREEMENT) OR TO SEEK AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND OR NATURE FROM
FOOTHILL. BORROWER HEREBY VOLUNTARILY AND KNOWINGLY RELEASES AND FOREVER
DISCHARGES FOOTHILL, ITS PREDECESSORS, AGENTS, EMPLOYEES, SUCCESSORS AND
ASSIGNS, FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES,
COSTS, EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR
UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR CONDITIONAL, AT
LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE DATE THIS
AMENDMENT IS EXECUTED, WHICH THE BORROWER MAY NOW OR HEREAFTER HAVE AGAINST
FOOTHILL, ITS PREDECESSORS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS, IF ANY,
AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT,
VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE, AND ARISING FROM ANY OBLIGATIONS
(AS DEFINED IN THE LOAN AGREEMENT), INCLUDING, WITHOUT LIMITATION, ANY
CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING OR RECEIVING INTEREST
IN EXCESS OF THE MAXIMUM RATE, THE EXERCISE OF ANY RIGHTS AND REMEDIES UNDER
THE LOAN AND SECURITY AGREEMENT OR ANY AGREEMENT, DOCUMENT OR INSTRUMENT
ENTERED INTO IN CONNECTION THEREWITH.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                    PAGE 7

<PAGE>   8

         IN WITNESS HEREOF, this Amendment has been executed and delivered as
of the date first set forth above.

                                    GRANT GEOPHYSICAL, INC.,
                                    a Delaware corporation

                                    By:
                                        ------------------------------------
                                        Richard Ward,
                                        President

                                    FOOTHILL CAPITAL CORPORATION,
                                    a California corporation, as Agent and
                                    as a Lender

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

                                    ELLIOTT ASSOCIATES, L.P.
                                    a Delaware limited partnership

                                    By:
                                        ------------------------------------
                                        Paul E. Singer,
                                        General Partner

                                    PAGE 8

<PAGE>   9

                                  Schedule C-1
                                       To
                          Loan and Security Agreement

                          Commitments on Closing Date

<TABLE>
<CAPTION>

                                                                          Percent of   Pro Rata
Lender                                Facility               Amount        Facility      Share
------                                --------               ------        --------      -----
<S>                                   <C>                  <C>             <C>         <C>

Foothill Capital Corporation          Revolving Facility   $10,000,000       100%         34%

Foothill capital Corporation          FCC Term Loan        $11,500,000       100%         40%

Elliott Associates, L.P.              EALP Term Loan       $ 7,500,000       100%         26%
                                                           -----------                   ----
Total                                                      $29,000,000                   100%
</TABLE>

                                    Page 1

<PAGE>   10

                                   EXHIBIT A

                            (FORM OF FCC TERM NOTE)

                          SECOND AMENDED AND RESTATED
                            SECURED PROMISSORY NOTE

$11,500,000.00                                           Boston, Massachusetts
                                                         February 14, 2000

         FOR VALUE RECEIVED, GRANT GEOPHYSICAL, INC., a Delaware
corporation ("Borrower"), promises to pay to the order of FOOTHILL CAPITAL
CORPORATION, a California corporation ("Foothill"), at its offices at 11111
Santa Monica Boulevard, Suite 1500, California 90025-3333, or at such other
place or places as Foothill may from time to time designate in writing, the
principal sum of Eleven Million Five Hundred Thousand and No/100 Dollars
($11,500,000.00), plus interest in the manner and upon the terms and conditions
set forth below. This Second Amended and Restated Secured Promissory Note (this
"Note") is made pursuant to that certain Loan and Security Agreement (as
amended, the "Loan Agreement"), dated as of May 11, 1999, among Borrower, the
lending entities from time to time party thereto (together with their
respective successors and assigns, the "Lenders"), and Foothill, as agent for
the Lenders (the "Agent"), the provisions of which are incorporated herein by
this reference, and evidences the FCC Term Loan, as defined and described in
the Loan Agreement. Capitalized terms herein, unless otherwise noted, shall
have the meaning set forth in the Loan Agreement.

1.0      SCHEDULE OF PAYMENTS; RATE AND PAYMENT OF INTEREST; PREPAYMENT.

            1.1   Except to the extent this Note may become due and
payable earlier in accordance with the Loan Agreement, this Note shall be due
and payable as follows:

            (a)   twenty-six (26) equal successive monthly installments of
         principal of Three Hundred Sixty-Three Thousand Two Hundred Sixty
         Dollars and No/100 ($363,260.00), each on the first day of each month,
         beginning April 1, 2000, and continuing through and including
         May 1, 2002;

            (b)   accrued interest on the principal balance from time to
         time remaining unpaid, payable monthly on the first day of each and
         every month, beginning March 1, 2000; and

            (c)   a final principal installment equal to the unpaid principal
         balance of this Note on May 11, 2002, together with accrued interest
         on the principal balance remaining unpaid.

            1.2   Prepayment may be made under this Note in whole or
in part, subject to the provisions of Section 3.6 set forth in the Loan
Agreement. Notwithstanding anything herein to the contrary, in the event that
the Loan Agreement is terminated by Borrower, by Foothill or by any other
person at any time, then the entire unpaid principal balance of this Note,
together with all accrued and unpaid interest hereon, shall become immediately
due and payable in full on the effective date of such termination, without
presentment, notice or demand of any kind.

            1.3   Interest shall be computed on the basis of a 360-day
year for the actual number of days elapsed, and shall be at the rate of one and
one-half (1-1/2) percentage points above the Reference Rate (as hereinafter
defined), computed on the basis of a 360-day year; provided, however, upon the
occurrence and during the continuance of an Event of Default (as hereinafter
defined), interest shall

                                    Page 1

<PAGE>   11

accrue on the outstanding principal balance of this Note at a default rate (the
"Default Rate") of five and one-half (5-1/2) percentage points above the
Reference Rate, and shall be payable on demand. "Reference Rate" means, for any
day, the rate of interest per annum (over a year of 360 days) announced by
Wells Fargo Bank, National Association, or any successor thereto (the "Bank"),
from time to time, as its "base rate" (or any successor thereto) in effect on
such day. The Reference Rate is not necessarily the lowest rate charged by the
Bank. The applicable rate of interest assessed hereunder will be increased or
decreased from time to time hereafter in an amount equal to any increase or
decrease hereafter made by the Bank in the Reference Rate. A change in the
Reference Rate shall be effective automatically and immediately on the
occurrence of such change.

2.0      EVENTS OF DEFAULTS; REMEDIES.

            2.1   The occurrence of an Event of Default under the Loan
Agreement shall constitute a default by Borrower under this Note (hereinafter
an "Event of Default").

            2.2   Upon the occurrence of any Event of Default hereunder,
the Lenders and the Agent shall have all rights and remedies as may be provided
under the Loan Agreement or applicable law.

3.0      GENERAL PROVISIONS.

            3.1   Borrower warrants and represents to the Agent and
the Lenders that Borrower has used and will continue to use the loans and
advances represented by this Note solely for proper business purposes, and
consistent with all applicable laws and statutes.

            3.2   This Note is secured by the Collateral described in the Loan
Agreement.

            3.3   Borrower waives presentment, demand and protest,
notice of protest, notice of presentment, notice of intention to accelerate,
notice of acceleration, and all other notices and demands in connection with
the enforcement of the Lenders', Foothill's or the Agent's rights hereunder or
under the Loan Agreement, except as specifically provided and called for by
this Note or the Loan Agreement, and hereby consents to, and waives notice of,
the release, addition, or substitution, with or without consideration, of any
collateral or of any person liable for payment of this Note or any other
Obligation. Any failure of the Lenders or the Agent to exercise any right
available hereunder, under the Loan Agreement or otherwise shall not be
construed as a waiver of the right to exercise the same or as a waiver of any
other right at any other time.

            3.4   If this Note is not paid when due or upon the
occurrence of an Event of Default, Borrower further promises to pay all costs
of collection, foreclosure fees, attorneys' fees and expert witness fees
incurred by the Lenders or the Agent, whether or not suit is filed hereon, and
the fees, costs and expenses as provided in the Loan Agreement.

            3.5   It is the intent of the parties to comply with applicable
usury laws (the "Applicable Usury Law"). Accordingly, it is agreed that
notwithstanding any provisions to the contrary in this Note, or in any of
the documents securing payment hereof or otherwise relating hereto, in no event
shall this Note or such documents require the payment or permit the collection
of interest in excess of the Maximum Interest Rate, then in any such event (1)
the provisions of the paragraph shall govern and control, (2) neither Borrower
nor any other person or entity now or hereafter liable for the payment hereof
shall be obligated to pay the amount of such interest to the extent that it is
in excess of the Maximum Interest Rate, (3) any such excess which may have been
collected shall be either applied as a credit against the then unpaid principal
amount hereof or refunded to Borrower, at Foothill's option, and (4) the
effective rate of interest shall be automatically reduced to the Maximum
Interest Rate. It is further

                                    Page 2

<PAGE>   12

agreed, without limiting the generality of the foregoing, that to the extent
permitted by the Applicable Usury Law, (x) all calculations of interest which
are made for the purpose of determining whether such rate would exceed the
Maximum Interest Rate shall be made by amortizing, prorating, allocating and
spreading during the period of the full stated term of the loan evidenced
hereby, all interest at any time contracted for, charged or received from
Borrower or otherwise in connection with such loan; and (y) in the event that
the effective rate of interest on the loan should at any time exceed the
Maximum Interest Rate, such excess interest that would otherwise have been
collected had there been no ceiling imposed by the Applicable Usury Law shall
be paid to Foothill from time to time, if and when the effective interest rate
on the loan otherwise falls below the Maximum Interest Rate, until the entire
amount of interest which would otherwise have been collected had there been no
ceiling imposed by the Applicable Usury Law has been paid in full. Borrower
further agrees that should the Maximum Interest Rate be increased at any time
hereafter because of a change in the Applicable Usury Law, then to the extent
not prohibited by the Applicable Usury Law, such increases shall apply to all
indebtedness evidenced hereby regardless of when incurred; but, again to the
extent not prohibited by the Applicable Usury Law, should the Maximum Interest
Rate be decreased because of a change in the Applicable Usury Law, such
decreases shall not apply to the indebtedness evidenced hereby regardless of
when incurred.

            3.6   Subject to the applicable provisions of the Loan
Agreement, Foothill may at any time transfer this Note and Foothill's rights in
any or all collateral securing this Note, and Foothill thereafter shall be
relieved from all liability with respect to such collateral arising after the
date of such transfer.

            3.7   This Note shall be binding upon Borrower and its
legal representatives, successors and assigns. Wherever possible, each
provision of this Note shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of the Note shall be
prohibited by or invalid under such law, such provision shall be severable, and
be ineffective to the extent of such prohibition or invalidity, without
invalidating the remaining provision of this Note.

            THIS NOTE HAS BEEN DELIVERED FOR ACCEPTANCE BY FOOTHILL IN BOSTON,
MASSACHUSETTS AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
INTERNAL LAWS (AS OPPOSED TO THE CONFLICTS OF LAW PROVISIONS) OF THE
COMMONWEALTH OF MASSACHUSETTS, AS THE SAME MAY FROM TIME TO TIME BE IN EFFECT,
INCLUDING, WITHOUT LIMITATION, THE UNIFORM COMMERCIAL CODE AS ADOPTED IN
MASSACHUSETTS. BORROWER HEREBY (i) IRREVOCABLY SUBMITS TO THE JURISDICTION OF
ANY STATE OR FEDERAL COURT LOCATED IN SUFFOLK COUNTY, MASSACHUSETTS OVER ANY
ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY MATTER ARISING FROM OR RELATED TO
THIS NOTE; (ii) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT BORROWER MAY
EFFECTIVELY DO SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF
ANY SUCH ACTION OR PROCEEDING; (iii) AGREES NOT TO INSTITUTE ANY LEGAL ACTION
OR PROCEEDING AGAINST FOOTHILL OR ANY OF FOOTHILL'S DIRECTORS, OFFICERS,
EMPLOYEES, AGENTS OR PROPERTY, CONCERNING ANY MATTER ARISING OUT OF OR RELATING
TO THIS NOTE IN ANY COURT OTHER THAN ONE LOCATED IN SUFFOLK COUNTY,
MASSACHUSETTS; AND (iv) IRREVOCABLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY
ACTION ARISING UNDER OR IN CONNECTION WITH THIS NOTE. NOTHING IN THIS PARAGRAPH
SHALL AFFECT OR IMPAIR FOOTHILL'S RIGHT TO SERVE LEGAL PROCESS IN ANY MANNER
PERMITTED BY LAW OR FOOTHILL'S RIGHT TO BRING ANY ACTION OR PROCEEDING AGAINST
BORROWER OR BORROWER'S PROPERTY IN THE COURTS OF ANY OTHER JURISDICTION.

                                    Page 3

<PAGE>   13

         This Note amends, modifies, restates and replaces, but does not
extinguish the indebtedness evidenced by, that certain Amended and Restated
Secured Promissory Note, dated September 23, 1999, executed by Borrower and
payable to the order of Foothill in the original stated principal amount of
$11,637,500.00 (the "Prior Note"), which Prior Note, in turn, amended,
modified, increased, restated and replaced, but did not extinguish the
indebtedness evidenced by, that certain Secured Promissory Note, dated May 11,
1999, executed by Borrower and payable to the order of Foothill in the original
stated principal amount of $11,500,000.00. All rights, titles, liens, security
interests and agreements securing or benefiting the Prior Note are preserved,
maintained and carried forward to secure and benefit this Note.

                                      GRANT GEOPHYSICAL, INC.,
                                      a Delaware corporation

                                      By:
                                          -----------------------------------
                                          Richard Ward,
                                          President

                                      "Borrower"

                                      Federal Taxpayer Identification
                                      Number:  76-0548468

                                      Address:
                                      16850 Park Row
                                      Houston, Texas  77084

                                     Page 4<PAGE>   1
                                                                  EXHIBIT 10.16

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

                              EMPLOYMENT AGREEMENT

                                    Between

                            GRANT GEOPHYSICAL, INC.

                                      And

                                 THOMAS EASLEY

                          dated as of January 27, 2000

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

<PAGE>   2

                              EMPLOYMENT AGREEMENT

         This EMPLOYMENT AGREEMENT (this "Agreement") is made and entered into
as of January 27, 2000, by and between Grant Geophysical, Inc., a Delaware
corporation (the "Company"), and Thomas Easley (the "Executive").

                              W I T N E S S E T H:

         WHEREAS, the Company is desirous of employing Executive on the terms
and conditions, and for the consideration hereinafter set forth, and Executive
is desirous of being employed by the Company on such terms and conditions and
for such consideration;

         NOW, THEREFORE, for and in consideration of the mutual promises,
covenants and obligations contained herein, the Company and Executive agree as
follows:

                                   ARTICLE 1
                             EMPLOYMENT AND DUTIES

         Section 1.1 Employment. Subject to the terms and conditions of this
Agreement, the Company hereby employs the Executive, and Executive hereby
agrees to be so employed by the Company, beginning on February 4, 2000 (the
"Commencement Date"), for the term set forth in Article 3. From and after the
Commencement Date, the Company shall employ the Executive in the position of
Executive Vice President Finance and Administration of the Company, or in such
other position or positions as the parties mutually may agree, and Executive
shall perform such duties, consistent with the Executive's job title or titles,
as may be prescribed from time to time by the Board of Directors of the Company
(the "Board").

         Section 1.2 Duties and Powers. Executive agrees to serve in the
position referred to in Section 1.1 and to perform diligently and to the best
of his abilities the duties and services of such office or offices. For so long
as Executive is employed by the Company, Executive agrees to devote his full
and exclusive business time and attention to the business of the Company and
its subsidiaries or affiliates (excluding reasonable vacations and sick leave
in accordance with the Company's policies consistent with his position), to
perform all duties in a professional and prudent manner, and to devote the best
of his skill, energy, experience and judgment to such duties. Executive shall
have the powers associated with his position, subject to all policies and
guidelines as may be established by the Board. Executive agrees to devote his
full business time to the performance of services hereunder and not to engage
in any other activity or own any interest that would conflict with the
interests of the Company or would interfere with his responsibilities to the
Company and the performance of his duties hereunder; provided, however, that
this Agreement shall not prohibit the Executive from: (a) serving as a member
of the board of directors, board of trustees or the like of any for profit or
non-profit entity, or performing services of any type for any civic or
community entity, whether or not the Executive receives compensation therefor;
(b) investing his assets in such form or manner as will require no more than
nominal services on the part of the Executive in the operation of the business
of the entity in which such investment is made; or (c) serving in various
capacities

                                       1

<PAGE>   3

with, and attending meetings of, industry, trade or governmental groups and
associations, including without limitation the industry, trade or governmental
groups and associations with which the Executive is currently involved, as long
as the Executive's engaging in activities permitted by virtue of clauses (a),
(b) and (c) above does not interfere with the ability of the Executive to
perform the services and discharge the responsibilities required of him under
this Agreement or conflict with any of the provisions hereof.

                                   ARTICLE 2
                           COMPENSATION AND BENEFITS

         Section 2.1 Salary. In consideration of the full and faithful
performance by Executive of his obligations hereunder, subject to the terms and
conditions set forth herein, the Company (or, at the Company's option, any
subsidiary or affiliate of the Company for which the Executive also provides
services hereunder) shall pay to the Executive an annual base salary of
$225,000 per year. Executive's annual base salary shall be paid in equal
installments in accordance with the Company's standard policy regarding payment
of compensation to executives (but no less frequently than monthly) and will be
prorated based upon the number of days elapsed in any partial year. The
Executive's salary shall be reviewed annually by the Board and may be increased
at the sole discretion of the Board.

         Section 2.2 Bonuses. Executive shall receive such bonuses, if any, as
the Board shall determine in its sole discretion.

         Section 2.3 Initial Stock Grant and Stock Options. The Company shall
grant to Executive, effective as of the Commencement Date, an option to
purchase 400,000 shares of the Company's common stock, $.001 par value per
share, pursuant to the Stock Option Agreement in the form attached hereto as
Exhibit "A."

         Section 2.4 Other Perquisites. During his employment hereunder,
Executive shall be afforded the following benefits as incidences of his
employment:

                  (a) Subject to compliance with the Company's standard
         policies and procedures with respect to expense reimbursement, the
         Company shall reimburse Executive for, or pay on behalf of Executive,
         reasonable and appropriate expenses incurred by Executive in
         connection with the performance of his duties hereunder.

                  (b) Executive and, to the extent applicable, Executive's
         spouse, dependents and beneficiaries, shall be allowed to participate
         in all benefits, plans and programs, including improvements or
         modifications, which are now, or may hereafter be, generally available
         to other executive employees of the Company.

                                       2

<PAGE>   4

                                   ARTICLE 3
                       TERM AND TERMINATION OF EMPLOYMENT

         Section 3.1  Term.

                  (a) Unless extended or sooner terminated pursuant to other
         provisions hereof, the Company agrees to employ Executive for the
         period (such period, prior to the conversion to an at-will
         relationship as provided herein, the "Term") beginning on the
         Commencement Date and ending two years thereafter. If the employment
         relationship is not terminated prior to the end of the Term, either
         the Company or Executive may elect, for any reason whatever, with or
         without cause, to cause the employment relationship to cease as of the
         expiration of the Term. This shall occur by either party giving a
         written notice to the other party at least 30 days prior to the end of
         the Term that the employment relationship shall cease as of the
         expiration of the Term. Should Executive serve the full Term and
         remain employed by the Company beyond the expiration of the Term, such
         employment shall convert to a month-to-month, at-will relationship.
         Such at-will relationship may be terminated at any time by either
         Executive or the Company for any reason whatsoever, with or without
         cause, upon 30 days' prior written notice to the other party.

                  (b) If a Change of Control (as defined below) occurs during
         the Term, the Term shall automatically be extended, without the
         necessity of any action on the part of the Company or Executive, to
         end on the date three years after the Commencement Date.

                  (c) For purposes of this Agreement, "Change of Control" shall
         mean the occurrence at any time after the Commencement Date of any of
         the following events: (1) the purchase or other acquisition by any
         person, entity or group (within the meaning of section 13(d) or 14(d)
         of the Securities Exchange Act of 1934, as amended, or any comparable
         successor provisions) of persons or entities (a "Group"), other then
         Elliott Associates, L.P., Westgate International, L.P., or any of
         their affiliates, of (i) ownership of fifty percent (50%) or more of
         the combined voting power of the Company's then outstanding voting
         securities entitled to vote generally or (ii) all or substantially all
         of the direct and indirect assets of the Company or (2) any merger,
         consolidation, reorganization or other business combination of the
         Company with or into any other entity which results in a person,
         entity or Group, other than Elliott Associates, L.P., Westgate
         International, L.P., or any of their affiliates, owning fifty percent
         (50%) or more of the combined voting power of the surviving or
         resulting corporation's then outstanding voting securities entitled to
         vote generally.

         Section 3.2  The Company's Right to Terminate. Notwithstanding the
provisions of Section 3.1, the Company shall have the right to terminate
Executive's employment during the Term at any time for any of the following
reasons:

                  (a) upon Executive's death;

                  (b) upon Executive's becoming incapacitated by accident,
         sickness or other circumstance which renders him mentally or
         physically incapable of performing, in the good

                                       3

<PAGE>   5

         faith determination of the Board, the duties and services required of
         him hereunder on a full-time basis for a period of at least 60
         consecutive days or for a period of 90 days in any 12 month period;

                  (c) for "Cause," which for purposes of this Agreement shall
         mean (i) the commission of a felony or any other act or omission
         involving dishonesty, disloyalty, or fraud with respect to the Company
         or any of its customers or suppliers, (ii) conduct tending to bring
         the Company into substantial public disgrace or disrepute, (iii)
         substantial and repeated failure to perform duties as reasonably
         requested by the Board or its designees, (iv) gross negligence or
         willful misconduct in connection with the performance of Executive's
         duties as an employee or (v) a material breach (which shall include,
         without limitation, all breaches of Article 4 hereof by Executive) or
         repeated violation of this Agreement; provided that in the case of a
         violation of his duties as described in Article 1, the violation, if
         correctable, remains uncorrected for 30 days following written notice
         to Executive by the Company of such breach or violation.

                  (d) without Cause, in which event the Company's obligation to
         Executive under this Agreement shall be limited solely to the payment,
         at the time and upon the terms provided for herein, of Executive's
         annual base salary payable pursuant to Section 2.1 for the remainder
         of the Term. Any amounts due to Executive pursuant to this Section
         3.2(d) shall be due and payable as and when they would have become due
         and payable had Executive not been so terminated.

         Section 3.3  Notice of Termination. If the Company desires to terminate
Executive's employment hereunder at any time prior to expiration of the Term,
it shall do so by giving written notice to Executive that it has elected to
terminate Executive's employment hereunder and stating the effective date of
such termination and the reason for such termination, provided that, except as
provided herein, no such action shall alter or amend any other provisions
hereof or rights arising hereunder, including, without limitation, the
provisions of Article 4 hereof. Any notice of termination from the Company to
Executive shall indicate the specific termination provision of this Agreement
relied upon and set forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of Executive's employment under the
provision so indicated. Except as provided in Sections 3.2(d) (if applicable),
upon any such termination, the Company shall cease paying Executive the
compensation and benefits set forth in Article 2 and have no further obligation
to Executive.

                                   ARTICLE 4
                           PROTECTION OF INFORMATION

         Section 4.1  Disclosure to Executive. The Company shall disclose to
Executive, or place Executive in a position to have access to or develop, trade
secrets or confidential information of the Company and/or its affiliates;
and/or shall entrust Executive with business opportunities of the Company
and/or its affiliates; and/or shall place Executive in a position to develop
business good will on behalf of the Company and/or its affiliates.

                                       4

<PAGE>   6

         Section 4.2  Disclosure to and Property of the Company. Executive
agrees not to disclose or utilize, for Executive's personal benefit or for the
direct or indirect benefit of any other person or entity, or for any other
reason, whether for consideration or otherwise, during the term of his
employment or at any time thereafter, any information, ideas, concepts,
improvements, discoveries or inventions, whether patentable or not, which are
conceived, made, developed, or acquired by Executive, individually or in
conjunction with others, during Executive's employment by the Company (whether
during business hours or otherwise and whether on the Company's premises or
otherwise) which relate to the business, products, or services of the Company
(including, without limitation, all such business ideas, prospects, proposals
or other opportunities which are developed by Executive during his employment,
or originated by any third party and brought to the attention of Executive
during his employment, together with information relating thereto (including,
without limitation, data, memoranda, opinions or other written, electronic or
charted means, or any other trade secrets or other confidential or proprietary
information of or concerning the Company)) (collectively, "Business
Information"). Moreover, all documents, drawings, notes, files, data, records,
correspondence, manuals, models, specifications, computer programs, E-mail,
voice mail, electronic databases, maps, and all other writings or materials of
any type embodying any such Business Information are and shall be the sole and
exclusive property of the Company. Upon termination of Executive's employment
by the Company, for any reason, Executive promptly shall deliver all Business
Information, and all copies thereof, to the Company.

         Section 4.3  No Unauthorized Use or Disclosure. Executive will not, at
any time during or after Executive' s employment by the Company, make any
unauthorized disclosure of Business Information of the Company or its
affiliates, or make any use thereof, except in the carrying out of Executive's
employment responsibilities hereunder. Affiliates of the Company shall be third
party beneficiaries of Executive's obligations under this Article 4. As a
result of knowledge of confidential Business Information of third parties, such
as customers, suppliers, partners, joint ventures, and the like, of the Company
and its affiliates, Executive also agrees to preserve and protect the
confidentiality of such third party Business Information to the same extent,
and on the same basis, as the Company's Business Information.

         Section 4.4  Ownership by the Company. If during Executive's employment
by the Company, Executive creates any work of authorship fixed in any tangible
medium of expression which is the subject matter of copyright (such as written
presentations, computer programs, E-mail, voice mail, electronic databases,
drawings, maps, models, manuals, brochures, or the like) relating to the
Company's business, whether such work is created solely by Executive or jointly
with others (whether during business hours or otherwise and whether on the
Company's premises or otherwise), the Company shall be deemed the author of
such work if the work is prepared by Executive in the scope of Executive's
employment; or, if the work is not prepared by Executive within the scope of
Executive's employment but is specially ordered by the Company as a
contribution to a collective or compiled work then the work shall be considered
to be work made for hire and the Company shall be author of the work. If such
work is neither prepared by Executive within the scope of Executive's
employment nor a work specially ordered that is deemed to be a work made for
hire, then Executive hereby agrees to assign, and by these presents does
assign, to the Company all of Executive's worldwide right, title, and interest
in and to such work and all rights of copyright therein free and clear of any
liens, security interests or any other adverse claims.

                                       5

<PAGE>   7

         Section 4.5  Assistance by Executive. Both during the period of
Executive's employment by the Company and thereafter, Executive shall assist
the Company and its nominee, at any time, in the protection of the Company's
worldwide right, title, and interests in and to information, ideas, concepts,
improvements, discoveries, and inventions, and copyrighted works including
without limitation, the execution of all formal assignment documents requested
by the Company or its nominee and the execution of all lawful oaths and
applications for patents and registration of copyright in the United States or
foreign countries.

         Section 4.7  No Conflicts, Disclose. In keeping with Executive's duties
to the Company during the period of Executive' s employment by the Company,
Executive shall not, acting alone or in conjunction with others, directly or
indirectly, become involved in any conflict of interest, or upon discovery
thereof, allow such a conflict to continue. Executive shall promptly disclose
to the Company any facts that might involve any reasonable possibility of a
conflict of interest. It is agreed that any direct or indirect interest in,
connection with, or benefit from any outside activities, particularly
commercial activities, which interest might in any way adversely affect the
Company involves a possible conflict of interest. Circumstances in which a
conflict of interest on the part of Executive would or might arise, and which
should be reported immediately by Executive to the Company include, but are not
limited to, the following: (a) acceptance, directly or indirectly, of payments,
services or loans from a supplier, contractor, subcontractor, customer or other
entity with which the Company does business, including, but not limited to,
gifts, trips, entertainment or other favors of more than nominal value; (b)
misuse of information or facilities of the Company to which Executive has
access in a manner which is detrimental to the interests of the Company such as
utilization for Executive's own benefit of know-how or information developed
through the business or research activities of the Company; and (c) the
appropriation to Executive or the diversion to others, directly or indirectly,
of any business opportunity with respect to which it is known or could
reasonably be anticipated that the Company would be interested such as the
opportunity for the creation of a joint venture or other business relationship,
or the marketing of products, services or the like. Executive shall make full
disclosure to the Company of any and all business opportunities pertaining to
the Company's business.

         Section 4.8  Statements Concerning the Company. Executive shall
refrain, both during his employment relationship with the Company and after
such employment relationship terminates, from publishing any oral or written
statements about the Company, any of its affiliates, or any of such entities'
officers, executives, agents or representatives that are slanderous, libelous,
or defamatory; or that disclose private or confidential information about the
Company, any of its affiliates, or any of such entities' business affairs,
officers, executives, agents, or representatives; or that constitute an
intrusion into the seclusion or private lives of the Company, any of its
affiliates, or any of such entities' officers, executives, agents or
representatives or that give rise to unreasonable publicity about the private
lives of the Company, any of its affiliates, or any of such entities' officers,
executives, agents, or representatives; or that place the Company, any of its
affiliates, or any of such entities' officers, executives, agents, or
representatives in a false light before the public; or that constitute a
misappropriation of the name or likeness of the Company, any of its affiliates,
or any of such entities' officers, employees, agents, or representatives.

                                       6

<PAGE>   8

         Section 4.9  Covenants. In consideration of the acknowledgements and
agreements by Executive in Section 4.11 hereof, and in consideration of the
compensation and benefits to be paid or provided to Executive by the Company,
Executive covenants that he will not, directly or indirectly:

                  (a) if Executive's employment hereunder is terminated by the
         Company during the Term pursuant to Section 3.2(d), until the date on
         which the Company ceases paying the Executive pursuant to Section
         3.2(d), Executive shall not engage or invest in, manage, operate,
         finance, control, or participate in the ownership, management,
         operation, financing, or control of, be employed by, associated with,
         or in any manner connected with, lend Executive's name or any similar
         name to, lend Executive's credit to or render services or advice to,
         any business whose products or activities compete in whole or in part
         with the products or activities of the Company or any affiliate of the
         Company, which restriction, because of Executive's position, duties
         and responsibilities as Executive Vice President Finance and
         Administration of the Company, shall have effect and be enforceable
         anywhere within the geographic areas in which the Company or any such
         affiliate now or hereafter conducts its business; provided, however,
         that Executive may purchase or otherwise acquire up to (but not more
         than) one percent of any class of securities of any enterprise (but
         only as a passive investor and without otherwise participating in the
         activities of such enterprise) if such securities are listed on any
         national or regional securities exchange or have been registered under
         Section 12(g) of the Securities Exchange Act of 1934;

                  (b) at any time during Executive's employment hereunder and
         for a period beginning on the date of termination of Executive's
         employment with the Company and ending on the third anniversary of the
         Executive's termination of employment, whether for Executive's own
         account or for the account of any other person, solicit business of
         the same or similar type being carried out by the Company or any
         affiliate of the Company, from any customer of the Company or any such
         affiliate during or after Executive's employment hereunder, whether or
         not Executive had personal contact with such person; or

                  (c) at any time during Executive's employment hereunder and
         for a period beginning on the date of termination of Executive's
         employment with the Company and ending on the third anniversary of the
         Executive's termination of employment, whether for Executive's own
         account or the account of any other person, (i) solicit, employ, or
         otherwise engage as an employee, independent contractor, or otherwise,
         any person who is or was an employee of the Company or any affiliate
         of the Company at any time during or after Executive's employment with
         the Company or in any manner induce or attempt to induce any employee
         of the Company or any such affiliate to terminate his employment with
         the Company; or (ii) interfere with the Company's or any affiliate's
         relationship with any person, including any person who at any time
         during or after Executive's employment with the Company is or was an
         employee, contractor, supplier, or customer of the Company or such
         affiliate.

         If any covenant in this Section 4.9 is held to be unreasonable,
arbitrary, or against public policy, such covenant will be considered to be
divisible with respect to scope, time, and geographic

                                       7

<PAGE>   9

area, and such lesser scope, time, or geographic area, or all of them, as a
court of competent jurisdiction may determine to be reasonable, not arbitrary,
and not against public policy, will be effective, binding, and enforceable
against Executive.

         Executive will, while the covenant under this Section 4.9 is in
effect, give notice to the Company, within ten days of accepting any other
employment, of the identity of Executive's new employer. The Company may notify
such new employer that Executive is bound by this Agreement.

         Section 4.10  Remedies. Executive acknowledges that money damages would
not be sufficient remedy for any breach of this Article by Executive, and the
Company shall be entitled to enforce the provisions of this Article by specific
performance and injunctive relief as remedies for such breach or any threatened
breach. Such remedies shall not be deemed the exclusive remedies for a breach
of this Article, but shall be in addition to all remedies available at law or
in equity to the Company, including the recovery of damages from Executive and
his agents involved in such breach and remedies available to the Company
pursuant to any other agreement with Executive.

         Section 4.11  Reasonableness. Executive expressly acknowledges,
recognizes and agrees that the restraints imposed by this Article 4 are (a)
reasonable as to time, geographic limitation and scope of activity; (b)
reasonably necessary to the enjoyment by the Company of the value of its assets
and to protect its legitimate interests; and (c) not oppressive. Executive
further expressly recognizes and agrees that the restraints imposed by this
Article 4 represent a reasonable and necessary restriction for the protection
of the legitimate interests of the Company, that it is and will continue to be
difficult to ascertain the harm and damages to the Company that a failure by
Executive to comply with such restrictions would cause, that the consideration
received by Executive for entering into these covenants and agreements is fair,
that the covenants and agreements and their enforcement will not deprive
Executive of his ability to earn a reasonable living in the oil and gas
industry or otherwise, and that Executive has knowledge and skills in his field
that will allow him to obtain employment without violating these covenants and
agreements. Executive further expressly acknowledges that he has been
encouraged to and has consulted independent counsel, and has reviewed and
considered this Agreement with that counsel before executing this Agreement.

                                   ARTICLE 5
                                 MISCELLANEOUS

         Section 5.1  Notices. For purposes of this Agreement, notices and other
communications provided for herein shall be in writing and shall be deemed to
have been duly given when personally delivered or when mailed by United States
registered or certified mail, return receipt requested, postage prepaid,
addressed as follows:

         If to the Company to:       Grant Geophysical, Inc.
                                     Attention:  Chief Executive Officer
                                     16850 Park Row
                                     Houston, Texas  77084
                                     Phone:  281-398-9503

                                       8

<PAGE>   10

         If to Executive to:         Thomas Easley
                                     16850 Park Row
                                     Houston, Texas  77084

or to such other address as either party may furnish to the other in writing in
accordance herewith, except that notices of changes of address shall be
effective only upon receipt.

         Section 5.2  Applicable Law. This Agreement is entered into under, and
shall be governed for all purposes by, the laws of the State of Texas without
regard to its conflicts of law principles.

         Section 5.3  No Waiver. No failure by either party hereto at any time
to give notice of any breach by the other party of, or to require compliance
with, any condition or provision of this Agreement shall be deemed a wavier of
similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time.

         Section 5.4  Severability. If a court of competent jurisdiction
determines that any provision of this Agreement is invalid or unenforceable,
then the invalidity or unenforceability of that provision shall not affect the
validity or enforceability of any other provision of this Agreement, and all
other provisions shall remain in full force and effect.

         Section 5.5  Counterparts. This Agreement may be executed in one or
more counterparts, each of which shall be deemed to be an original, but all of
which together will constitute one and the same Agreement.

         Section 5.6  Withholding of Taxes and Other Employee Deductions. The
Company may withhold from any benefits and payments made pursuant to this
Agreement all federal, state, city and other taxes as may be required pursuant
to any law or governmental regulation or ruling and all other normal employee
deductions made with respect to the Company's employees generally.

         Section 5.7  Headings. The Section headings have been inserted for
purposes of convenience and shall not be used for interpretive purposes.

         Section 5.8  Gender and Plurals. Wherever the context so requires, the
masculine gender includes the feminine or neuter, and the singular number
includes the plural and conversely.

         Section 5.9  Affiliate. As used in this Agreement, the term "affiliate"
shall mean any entity which owns or controls, is owned or controlled by, or is
under common ownership or control with, the entity or person in question.

         Section 5.10 Assignment. This Agreement shall be binding upon and
inure to the benefit of the Company and any successor of the Company, by merger
or otherwise. Except as provided in the preceding sentence, this Agreement, and
the rights and obligations of the parties hereunder, are personal and neither
this Agreement, nor any right, benefit, or obligation of either party hereto,
shall

                                       9

<PAGE>   11

be subject to voluntary or involuntary assignment, alienation or transfer,
whether by operation of law or otherwise, without the prior written consent
of the other party.

         Section 5.11 Entire Agreement. Except as provided in any signed
written agreement contemporaneously or hereafter executed by the Company and
Executive, this Agreement constitutes the entire agreement of the parties with
regard to the subject matter hereof, and contains all the covenants, promises,
representations, warranties and agreements between the parties with respect to
employment of Executive by the Company. Without limiting the scope of the
preceding sentence, all prior understandings and agreements among the parties
hereto relating to the subject matter hereof are hereby null and void and of no
further force and effect. Any modification of this Agreement will be effective
only if it is in writing and signed by the party to be charged.

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement on
the date first written above.

                                    COMPANY:

                                    GRANT GEOPHYSICAL, INC.

                                    By:
                                        -------------------------------------
                                                 Richard H. Ward
                                        President and Chief Executive Officer

                                   EXECUTIVE:

                                        -------------------------------------
                                                   Thomas Easley

                                       10

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