Document:

Tax Support Agreement

 Exhibit 10.4 
 EXECUTION COPY 
 TAX SUPPORT AGREEMENT 
 This TAX SUPPORT AGREEMENT (this “Agreement”) is entered into as of August 4, 2009, between Pride International,
Inc., a Delaware corporation (“Pride”), and Seahawk Drilling, Inc., a Delaware corporation (“Seahawk”). Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to such terms
in the Master Separation Agreement referred to below. 
 RECITALS 
 WHEREAS, the Board of Directors of Pride has determined that it would be appropriate and desirable for Pride to distribute (the “Distribution”) on a pro rata basis to the holders
of outstanding shares of common stock, par value $.01 per share, of Pride all of the outstanding shares of common stock, par value $.01 per share, of Seahawk owned by Pride; 
 WHEREAS, in order to effectuate the foregoing, Pride and Seahawk have entered into a Master Separation Agreement, dated as of the date hereof (the “Master Separation Agreement”),
which provides, among other things, upon the terms and subject to the conditions thereof, for the separation of the respective businesses of Pride and Seahawk and the Distribution, and the execution and delivery of certain other agreements,
including this Agreement, in order to facilitate and provide for the foregoing; 
 WHEREAS, Seahawk has received certain tax
assessments from the Mexican Hacienda (as defined below) for past tax years, and Seahawk is contesting such tax assessments pursuant to proceedings that are pending as of the date hereof; 
 WHEREAS, such tax assessments are Seahawk Liabilities, and Seahawk intends to continue to contest such tax assessments from and after
the Distribution Time; 
 WHEREAS, Seahawk is required to provide security in favor of the Mexican Hacienda while certain of
such contest proceedings are pending and is expected to be required to provide additional security in favor of the Mexican Hacienda at a future date; and 
 WHEREAS, Pride is willing to provide credit support for such required security on the terms and conditions contained herein. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements herein contained, the parties, intending to be legally bound, agree as follows: 
 ARTICLE I 
 DEFINITIONS

 Section 1.1 Definitions. As used in this Agreement, the following terms have the meanings specified below:

 “Aggregate Credit Support Exposure” means, at any time, the sum of the Credit Support Exposures under
all Pride Credit Support Instruments outstanding at such time. 

 “Cash Collateral Account” means a blocked deposit account or accounts
to be established and maintained in the name of Pride at the office of one or more financial institutions selected by Pride, as collateral security for all Obligations. 
 “Category 1 Tax Assessment Obligations” means all payment obligations of Seahawk and/or any of its Subsidiaries in respect of the Category 1 Tax Assessments. 
 “Category 2 Tax Assessment Obligations” means all payment obligations of Seahawk and/or any of its Subsidiaries in
respect of the Category 2 Tax Assessments. 
 “Category 3 Tax Assessment Obligations” means all payment
obligations of Seahawk and/or any of its Subsidiaries in respect of the Category 3 Tax Assessments. 
 “Category 4
Tax Assessment Obligations” means all payment obligations of Seahawk and/or any of its Subsidiaries in respect of the Category 4 Tax Assessments. 
 “Category 1 Tax Assessments” mean the Tax Assessments described under the heading “Category 1 Tax Assessments” on Schedule 1 hereto (including any ordinary course
increases for penalties and interest and other changes to such Tax Assessments as from time to time may be made by the Mexican Hacienda to the extent that such changes arise from the same statutory issues that formed the basis for the Mexican
Hacienda’s original imposition of such Tax Assessments), as such Tax Assessments may be renumbered from time to time after the date hereof. 
 “Category 2 Tax Assessments” mean the Tax Assessments described under the heading “Category 2 Tax Assessments” on Schedule 1 hereto (including any ordinary course increases for penalties and
interest and other changes to such Tax Assessments as from time to time may be made by the Mexican Hacienda to the extent that such changes arise from the same statutory issues that formed the basis for the Mexican Hacienda’s original
imposition of such Tax Assessments), as such Tax Assessments may be renumbered from time to time after the date hereof. 
 “Category 3 Tax Assessments” mean the Tax Assessments described under the heading “Category 3 Tax Assessments” on Schedule 1 hereto (including any ordinary course increases for penalties and interest and other
changes to such Tax Assessments as from time to time may be made by the Mexican Hacienda to the extent that such changes arise from the same statutory issues that formed the basis for the Mexican Hacienda’s original imposition of such Tax
Assessments), as such Tax Assessments may be renumbered from time to time after the date hereof. 
 “Category 4 Tax
Assessments” mean the Tax Assessments described under the heading “Category 4 Tax Assessments” on Schedule 1 hereto (including any ordinary course increases for penalties and interest and other changes to such Tax Assessments as
from time to time may be made by the Mexican Hacienda to the extent that such changes arise from the same statutory issues that formed the basis for the Mexican Hacienda’s original imposition of such Tax Assessments), as such Tax Assessments
may be renumbered from time to time after the date hereof. 
  

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 “Change in Circumstance” means, with respect to any Seahawk Credit
Support Instrument with respect to which Seahawk has requested pursuant to Section 2.2(a) that any Pride Credit Support Instrument be issued, any of the following events: (a) any of the events or conditions described in Section 3.1(f)
or (g) occurs with respect to the Seahawk Credit Support Provider that has issued or has proposed issuing such Seahawk Credit Support Instrument; (b) such Seahawk Credit Support Provider changes the terms on which it is willing to issue
such Seahawk Credit Support Instrument in any material respect, including a change to the type or types of Pride Credit Support Instruments that such Seahawk Credit Support Provider is willing to accept; or (c) there shall occur a material
disruption of, or a material adverse change in, financial, banking, surety or capital market conditions. 
 “Continuing Directors” means, as of any date of determination, any member of the board of directors (or persons, committees or other group performing similar functions) of Seahawk who (i) was a member of such board of
directors (or persons, committee or other group performing similar functions) on the Distribution Date or (ii) was nominated for election or elected to such board of directors (or persons, committees or other group performing similar functions)
with the approval of a majority of the Continuing Directors who were members of such board of directors (or persons, committees or other group performing similar functions) at the time of such nomination or election. 
 “Credit Support Availability Period” means the period from the Distribution Date to the date that is sixty
(60) days prior to the Credit Support Termination Date. 
 “Credit Support Exposure” means, with
respect to any outstanding Pride Credit Support Instrument provided in favor of any Seahawk Credit Support Provider at any time of determination, the maximum amount payable by Pride to such Seahawk Credit Support Provider under such Pride Credit
Support Instrument (or, in the case of any Pride Credit Support Instrument of the type described in clause (c) or, if applicable, clause (d) of the definition thereof, the maximum amount payable by Pride to the issuer of such Pride Credit
Support Instrument in order to reimburse such issuer for amounts it pays to such Seahawk Credit Support Provider) at such time. For the avoidance of doubt, Pride will have Credit Support Exposure under any Pride Credit Support Instrument provided in
favor of any Seahawk Credit Support Provider until either (i) such Seahawk Credit Support Provider agrees to the termination or cancellation of, and/or releases Pride from all of its obligations under, such Pride Credit Support Instrument (and,
in the case of any Pride Credit Support Instrument of the type described in clause (c) or, if applicable, clause (d) of the definition thereof, such Seahawk Credit Support Provider returns such Pride Credit Support Instruments to Pride),
or (ii) the Seahawk Credit Support Instrument with respect to which such Pride Credit Support Instrument has been provided has been canceled or terminated and returned by the Mexican Hacienda to such Seahawk Credit Support Provider. 

“Credit Support Fee” has the meaning set forth in Section 2.7(a). 
 “Credit Support Instrument” means any letter of credit, surety bond or other similar financial instrument. 

“Credit Support Termination Date” means the sixth anniversary of the Distribution Date. 
  

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 “Designated Subsidiaries” means, collectively, as of any date of
determination, (a) each of the entities identified in Schedule 1 hereto that is a Subsidiary of Seahawk and is subject to an unresolved Tax Assessment on such date, and (b) each Subsidiary of Seahawk that, on such date, would be a
“significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the date hereof. 
 “Event of Default” has the meaning set forth in Section 3.1. 
 “Existing Credit Support Instruments” means the letters of credit and surety bonds issued in favor of the Mexican
Hacienda that are outstanding as of the date hereof, as more fully described on Schedule 2 hereto. 
 “LIBO
Business Day” means any day that is (i) a Business Day and (ii) a day on which dealings in deposits in U.S. dollars are conducted by and between banks in the London interbank eurodollar market. 
 “LIBO Rate” means, for any date of determination, the rate per annum (expressed as a percentage) equal to the British
Bankers Association LIBOR Rate (“BBA LIBOR”), as published by Reuters (or other commercially available source providing quotations of BBA LIBOR from time to time), at approximately 11:00 a.m., London time, two LIBO Business Days
prior to such day, for deposits in U.S. dollars (for delivery on such day), with a term of six (6) months commencing on such day. If such rate is not commercially available as set forth above on any date of determination for any reason, then
the LIBO Rate for such day shall be the rate per annum (expressed as a percentage) for deposits in U.S. dollars that is described as the six-month “London interbank offered rate” in the Money Rates section of The Wall Street Journal
for the second LIBO Business Day immediately preceding such day. If neither of the preceding rates is available on any date of determination for any reason, then the LIBO Rate for such day shall be the product of (i) the rate per annum
(expressed as a percentage) for deposits in U.S. dollars that is described as the six-month “London interbank offered rate” in the Money Rates section of The Wall Street Journal most recently published on or prior to such day,
multiplied by (ii) 1.25. To the extent that the LIBO Rate is being determined on any date of determination by reference to the Money Rates section of The Wall Street Journal and more than one “London interbank offered rate” for
a six-month period is published in such section, the highest of such rates will be the rate used for such day. 
 “Mexican Hacienda” means the Servicio de Administración Tributaria, an agency of the Secretaría de Hacienda y Crédito Público of Mexico. 
 “Obligations” means all obligations (liquidated, contingent or otherwise) from time to time owed by Seahawk to Pride
pursuant to, or arising under, this Agreement, including all obligations to reimburse Pride for any Pride Payments, all accrued and unpaid interest (including interest which accrues during the pendency of any bankruptcy, insolvency, receivership or
other similar proceeding, regardless of whether allowed or allowable in such proceeding), all accrued and unpaid fees, and all obligations to pay expenses, reimbursements, indemnities and other amounts. 
  

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 “Pride Credit Support Instrument” means, with respect to a Seahawk
Credit Support Instrument, any of the following: (a) a guarantee by Pride of all amounts payable by Seahawk or any of its Subsidiaries to the applicable Seahawk Credit Support Provider in the event such Seahawk Credit Support Provider makes any
payment under such Seahawk Credit Support Instrument, (b) an agreement by Pride to indemnify such Seahawk Credit Support Provider for any amounts paid by such Seahawk Credit Support Provider under such Seahawk Credit Support Instrument,
(c) a letter of credit, surety bond or other similar financial instrument issued by any third party for the account of Pride or any of its Subsidiaries, which backstops all or a portion of such Seahawk Credit Support Instrument, or (d) any
agreement or instrument that is similar to any of the foregoing which has the effect of assuring the applicable Seahawk Credit Support Provider of reimbursement for any amounts it pays under such Seahawk Credit Support Instrument. 
 “Pride Payment” has the meaning set forth in Section 2.3. 
 “Proposed Credit Support Delivery Date” has the meaning set forth in Section 2.2(a). 
 “Seahawk Change of Control” means the occurrence of any of the following events: 
 (a)   any acquisition pursuant to which any Person or group (as defined in Section 13(d)(3) or 14(d)(2) of the Exchange
Act) has become the direct or indirect beneficial owner (as defined in Rule 13d-3 under the Exchange Act) of more than 35% of the Voting Stock of Seahawk; 
 (b)   Seahawk is merged with or into or consolidated with another Person and, immediately after giving effect to the merger or consolidation, less than a majority of the outstanding
voting securities entitled to vote generally in the election of directors or persons who serve similar functions of the surviving or resulting Person are then beneficially owned (within the meaning of Rule 13d-3 of the Exchange Act) in the aggregate
by (i) the stockholders of Seahawk immediately prior to such merger or consolidation, or (ii) if the record date has been set to determine the stockholders of Seahawk entitled to vote on such merger or consolidation, the stockholders of
Seahawk as of such record date; 
 (c)   Seahawk, either individually or in conjunction with one or more of its
Subsidiaries, sells, conveys, transfers or leases, or its Subsidiaries sell, convey, transfer or lease, all or substantially all of the assets of Seahawk and its Subsidiaries, taken as a whole (either in one transaction or a series of related
transactions), including equity interests of its Subsidiaries, to any Person other than Seahawk of one or more or if Subsidiaries; 
 (d)   the liquidation or dissolution of Seahawk; or 
 (e)   a majority of the individuals who
constitute the board of directors of Seahawk are not Continuing Directors; 
 provided that, if the definition of “Change of
Control” (or any comparable term) in the Seahawk Credit Agreement (or any defined term used in such definition) is amended in a manner that results in events in addition to those described in clauses (a) through (e) above constituting
a 

  

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“Change of Control” (or any comparable term) under the Seahawk Credit Agreement, then the term Seahawk Change of Control shall automatically be
deemed to include, in addition to the events described in clauses (a) through (e) above, such additional events. 
 “Seahawk Credit Agreement” means that certain Revolving Credit Agreement dated as of August 4, 2009 among Seahawk as Borrower, certain subsidiaries thereof, as Guarantors, the Lenders from time to time party thereto,
as Lenders, and Natixis, New York Branch as Administrative Agent, Issuing Bank, Lead Arranger and Sole Bookrunner, as amended, supplemented, restated, modified, renewed, refunded, replaced or refinanced (including refinancing with any capital
markets transaction) from time to time. 
 “Seahawk Indebtedness” means Indebtedness of Seahawk or any of
its Subsidiaries in an aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit agreement) exceeding the Threshold Amount. 
 “Seahawk Credit Support Instrument” means any Credit Support Instrument (including the Existing Credit Support
Instruments) issued for the account of Seahawk or any of its Subsidiaries, which Credit Support Instrument is issued for the benefit of the Mexican Hacienda in connection with any Specified Tax Assessment Contest. 
 “Seahawk Credit Support Provider” means a financial institution or other Person not an Affiliate of Seahawk or Pride
that issues a Seahawk Credit Support Instrument (including the issuers of the Existing Credit Support Instruments). 
 “Specified Seahawk Indebtedness” means Indebtedness of Seahawk or any of its Subsidiaries in an aggregate outstanding principal amount (including amounts owing to all creditors under any combined or syndicated credit
agreement, but excluding undrawn committed or available amounts) exceeding the Threshold Amount. 
 “Specified Tax
Assessments” means the Category 1 Tax Assessments, the Category 2 Tax Assessments, the Category 3 Tax Assessments and the Category 4 Tax Assessments. 
 “Specified Tax Assessment Contests” means the contests by Seahawk and/or certain of its Subsidiaries of the Specified Tax Assessments, which are pending as of the date hereof.

 “Tax Assessment” means any of the tax assessments levied against Seahawk and/or certain of its
Subsidiaries in 2006, 2007 and February 2009 by the Mexican Hacienda related to the tax years 2001 through 2004. 
 “Threshold Amount” means $2,500,000; provided that, if the “cross-default threshold” in the Seahawk Credit Agreement is amended to be an amount other than $2,500,000, the Threshold Amount shall
automatically be deemed to be such other amount. 
 “Voting Stock” means, with respect to any entity,
equity interests of such entity of any class or classes, the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of members of the board of directors (or persons, committees or groups performing
similar functions) of such entity. 
  

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 Section 1.2   Terms Generally.   The definitions of terms
herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes”
and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. The word “or” is not
exclusive. Unless the context requires otherwise, (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time
amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and
assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, and (d) all
references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement. In the computation of periods of time from a specified date to a later specified
date, the word “from” means “from and including”; the words “to” and “until” each mean “to but excluding”; and the word “through” means “to and including”. 
 ARTICLE II 
 PRIDE CREDIT SUPPORT

 Section 2.1   Pride Credit Support Instruments.   Subject to the terms and conditions set
forth herein, in connection with any Specified Tax Assessment Contest, Pride agrees to provide, from time to time during the Credit Support Availability Period upon the request of Seahawk in accordance with Section 2.2, one or more Pride Credit
Support Instruments in favor of any Seahawk Credit Support Provider that has issued one or more Seahawk Credit Support Instruments in connection with such Specified Tax Assessment Contest; provided that: 
 (a)   Pride shall determine in its sole discretion the type or types of Pride Credit Support Instruments it
will provide in favor of such Seahawk Credit Support Provider, provided that such type or types of Pride Credit Support Instruments must be reasonably acceptable to such Seahawk Credit Support Provider; 
 (b)   the Credit Support Exposure with respect to such Pride Credit Support Instruments shall not exceed the
aggregate amount payable by such Seahawk Credit Support Provider to the Mexican Hacienda under the Seahawk Credit Support Instruments supported by such Pride Credit Support Instruments; 
 (c)   Pride shall have no obligation to provide any Pride Credit Support Instrument if the Credit Support
Exposure in respect thereof is not subject to a specified monetary cap; 
  

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 (d)   Seahawk shall not be entitled to request that any Pride
Credit Support Instruments be provided in support of any Seahawk Credit Support Instruments that secure any Category 1 Tax Assessment Obligations if the Proposed Credit Support Delivery Date therefor is on or after May 31, 2012; 
 (e)   Seahawk shall not be entitled to request that any Pride Credit Support Instruments be provided in support
of any Seahawk Credit Support Instruments that secure any Category 2 Tax Assessment Obligations if the Proposed Credit Support Delivery Date therefor is on or after May 31, 2013; 
 (f)   Seahawk shall not be entitled to request that any Pride Credit Support Instruments be provided in support
of any Seahawk Credit Support Instruments that secure any Category 3 Tax Assessment Obligations if the Proposed Credit Support Delivery Date therefor is on or after May 31, 2014. 
 For the avoidance of doubt, Pride has no obligation to provide any credit support for any Credit Support Instruments that Seahawk may post in favor of the Mexican Hacienda in connection with any
proceedings maintained by Seahawk or any of its Subsidiaries contesting tax assessments other than the Specified Tax Assessments. 
 Section 2.2   Requests for Pride Credit Support Instruments. 
 (a)   In
order to request that Pride provide a Pride Credit Support Instrument to a Seahawk Credit Support Provider, Seahawk shall submit a written request to Pride at least 45 days prior to the date on which Seahawk desires that Pride provide such Pride
Credit Support Instrument (the “Proposed Credit Support Delivery Date”), which written request shall include the following information: 
 (i)   an identification of the applicable Specified Tax Assessment Contest; 
 (ii)   a description of the Seahawk Credit Support Instrument or proposed Seahawk Credit Support Instrument with respect to which Seahawk requests that such Pride Credit Support
Instrument be issued, including a description of the type of such Seahawk Credit Support Instrument, the applicable Seahawk Credit Support Provider, the expiration or maturity date thereof, the amounts that may be payable by such Seahawk Credit
Support Provider to the Mexican Hacienda thereunder and any other material terms of such Seahawk Credit Support Instrument; 
 (iii)   an identification of the types of Pride Credit Support Instruments that the applicable Seahawk Credit Support Provider reasonably deems acceptable to be provided in its favor to support the
applicable Seahawk Credit Support Instrument it has issued or proposes to issue; and 
 (iv)   the
Proposed Credit Support Delivery Date, which shall be a Business Day during the Credit Support Availability Period and shall comply with the terms of Section 2.1. 
  

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 (b)   So long as (i) the type and terms of the Seahawk
Credit Support Instrument that Seahawk has posted or proposes to post are acceptable to Pride, (ii) the issuer thereof is acceptable to Pride, (iii) Seahawk has provided to Pride all the information specified in Section 2.2(a) and, if
any, all other information timely requested by Pride pursuant to Section 2.2(c) and (iv) no Event of Default then exists (and Seahawk certifies in writing that no Event of Default then exists), Pride shall deliver to the applicable Seahawk
Credit Support Provider on the Proposed Credit Support Delivery Date (or, if reasonably required by such Seahawk Credit Support Provider and if it is commercially reasonable for Pride to do so, on a day not more than three Business Days prior to the
Proposed Credit Support Delivery Date) one or more Pride Credit Support Instruments that support Seahawk’s or any of its Subsidiaries’ payment obligations in respect of such Seahawk Credit Support Instrument. 
 (c)   If (i) the type or terms of the Seahawk Credit Support Instrument that Seahawk has posted or
proposes to post are not acceptable to Pride, (ii) the issuer of such Seahawk Credit Support Instrument or Instruments is not acceptable to Pride and/or (iii) Pride requires any information other than as specified in Section 2.2(a)
which it reasonably believes is necessary for it to issue the requested Pride Credit Support Instrument, then Pride shall notify Seahawk (in writing or by way of a telephone call to an officer of Seahawk, which telephone call shall be promptly
followed by a confirmatory writing to Seahawk), within 10 days after Pride’s receipt of the applicable request made by Seahawk pursuant to Section 2.2(a), of the type of Seahawk Credit Support Instrument, or the changes in the terms
thereof, that would be acceptable to Pride, the names of potential issuers of Seahawk Credit Support Instruments that would be acceptable to Pride, and/or such other information that Pride reasonably believes is necessary for it to issue the
requested Pride Credit Support Instrument, as applicable. If (1)(x) Seahawk does not receive a writing or telephone call of the nature described in the preceding sentence within 10 days after Pride’s receipt of a request made by Seahawk
pursuant to Section 2.2(a), or (y) Seahawk timely receives such a writing or telephone call, and Seahawk is able to procure one or more Seahawk Credit Support Instruments that are acceptable to Pride from an issuer or issuers acceptable to
Pride and/or Seahawk furnishes all such information that Pride reasonably believes is necessary for it to issue the requested Pride Credit Support Instrument, as applicable, and (2) no Event of Default then exists (and Seahawk certifies in
writing that no Event of Default then exists), then Pride shall deliver to the applicable Seahawk Credit Support Provider on the Proposed Credit Support Delivery Date (or, if reasonably required by such Seahawk Credit Support Provider and if it is
commercially reasonable for Pride to do so, on a day not more than three Business Days prior to the Proposed Credit Support Delivery Date) one or more Pride Credit Support Instruments that support Seahawk’s or any of its Subsidiaries’
payment obligations in respect of such Seahawk Credit Support Instrument. 
 (d)   Notwithstanding
anything to the contrary contained herein, Pride shall have the right to refuse to provide any Pride Credit Support Instrument requested by Seahawk if the type, terms or issuer of the Seahawk Credit Support Instrument that Seahawk has posted or
proposes to post are not acceptable to Pride; provided that, if the conditions set forth in clauses (i) through (iii) of Section 2.2(b) have been satisfied with respect to any Pride Credit Support Instrument requested to be
provided to support any Seahawk Credit Support Instrument, Pride shall not be able subsequently to refuse to 

  

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provide such Pride Credit Support Instrument unless a Change in Circumstance has occurred (in which case Pride shall be able to refuse to provide such Pride
Credit Support Instrument). Seahawk acknowledges and agrees that the Seahawk Credit Support Instruments that are acceptable to Pride may be more expensive for Seahawk to procure than other types of Credit Support Instruments, and that the fees and
charges of issuers of Seahawk Credit Support Instruments that are acceptable to Pride may be greater than the fees and charges of other issuers of Credit Support Instruments. Pride acknowledges and agrees that the Existing Credit Support Instruments
are acceptable to Pride and that each issuer of an Existing Credit Support Instrument is acceptable to Pride (but only in its capacity as the issuer of such Existing Credit Support Instrument); provided that Pride shall have the right to
require Seahawk to provide one or more replacement Seahawk Credit Support Instruments for the Existing Credit Support Instruments on the terms and conditions set forth in Section 2.2(e). 
 (e)   Once a Pride Credit Support Instrument has been provided in support of a Seahawk Credit Support
Instrument, Pride shall have the right to require, upon not less than 45 days’ prior written notice, that Seahawk arrange for the replacement of such Seahawk Credit Support Instrument with a different type of Seahawk Credit Support
Instrument acceptable to Pride in its sole discretion on the date (or, if such date is not a Business Day, on the next succeeding Business Day) that is one year prior to the date on which Seahawk is required to ensure that Pride has no more Credit
Support Exposure under such Pride Credit Support Instrument pursuant to Section 2.4(a), (b), (c) or (d). The failure of Seahawk to arrange for the issuance of such a replacement Seahawk Credit Support Instrument on such date shall
constitute an Event of Default under Section 3.1(c). 
 Section 2.3   Reimbursement of Amounts Paid under
Pride Credit Support Instruments.   In the event that Pride makes any payment pursuant to or in connection with any Pride Credit Support Instrument (a “Pride Payment”), Seahawk shall immediately and unconditionally pay
to Pride upon demand the amount of such payment. If Seahawk shall fail to pay to Pride the amount of any such Pride Payment immediately upon demand, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal
to 7.50% plus the LIBO Rate. Such interest shall be payable in arrears on demand. 
 Section 2.4   Termination
of Pride Credit Support Instruments. 
 (a)   Seahawk shall take all actions necessary in order
to ensure that, on July 31, 2012 (or, if such day is not a Business Day, on the next succeeding Business Day), either (i) the applicable Seahawk Credit Support Providers have agreed to the termination or cancellation of, and/or have
released Pride from all of its obligations under, all Pride Credit Support Instruments provided in support of Seahawk Credit Support Instruments issued by such Seahawk Credit Support Providers that secure any Category 1 Tax Assessment Obligations
(and, in the case of any such Pride Credit Support Instruments of the type described in clause (c) or, if applicable, clause (d) of the definition thereof, such Seahawk Credit Support Providers have returned such Pride Credit Support
Instruments to Pride), or (ii) all such Seahawk Credit Support Instruments securing any Category 1 Tax Assessment Obligations with respect to which any Pride Credit Support Instruments have been provided have been canceled or terminated and
returned by the Mexican Hacienda to such Seahawk Credit Support Providers. 
  

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 (b)   Seahawk shall take all actions necessary in order to
ensure that, on July 31, 2013 (or, if such day is not a Business Day, on the next succeeding Business Day), either (i) the applicable Seahawk Credit Support Providers have agreed to the termination or cancellation of, and/or have released
Pride from all of its obligations under, all Pride Credit Support Instruments provided in support of Seahawk Credit Support Instruments issued by such Seahawk Credit Support Providers that secure any Category 2 Tax Assessment Obligations (and, in
the case of any such Pride Credit Support Instruments of the type described in clause (c) or, if applicable, clause (d) of the definition thereof, such Seahawk Credit Support Providers have returned such Pride Credit Support Instruments to
Pride), or (ii) all such Seahawk Credit Support Instruments securing any Category 2 Tax Assessment Obligations with respect to which any Pride Credit Support Instruments have been provided have been canceled or terminated and returned by the
Mexican Hacienda to such Seahawk Credit Support Providers. 
 (c)   Seahawk shall take all actions
necessary in order to ensure that, on July 31, 2014 (or, if such day is not a Business Day, on the next succeeding Business Day), either (i) the applicable Seahawk Credit Support Providers have agreed to the termination or cancellation of,
and/or have released Pride from all of its obligations under, all Pride Credit Support Instruments provided in support of Seahawk Credit Support Instruments issued by such Seahawk Credit Support Providers that secure any Category 3 Tax Assessment
Obligations (and, in the case of any such Pride Credit Support Instruments of the type described in clause (c) or, if applicable, clause (d) of the definition thereof, such Seahawk Credit Support Providers have returned such Pride Credit
Support Instruments to Pride), or (ii) all such Seahawk Credit Support Instruments securing any Category 3 Tax Assessment Obligations with respect to which any Pride Credit Support Instruments have been provided have been canceled or terminated
and returned by the Mexican Hacienda to such Seahawk Credit Support Providers. 
 (d)   Seahawk
shall take all actions necessary in order to ensure that, on the Credit Support Termination Date (or, if such day is not a Business Day, on the next succeeding Business Day), either (i) the applicable Seahawk Credit Support Providers have
agreed to the termination or cancellation of, and/or have released Pride from all of its obligations under, all Pride Credit Support Instruments provided in support of Seahawk Credit Support Instruments issued by such Seahawk Credit Support
Providers that secure any Category 4 Tax Assessment Obligations (and, in the case of any such Pride Credit Support Instruments of the type described in clause (c) or, if applicable, clause (d) of the definition thereof, such Seahawk Credit
Support Providers have returned such Pride Credit Support Instruments to Pride), or (ii) all such Seahawk Credit Support Instruments securing any Category 4 Tax Assessment Obligations with respect to which any Pride Credit Support Instruments
have been provided have been canceled or terminated and returned by the Mexican Hacienda to such Seahawk Credit Support Providers. 
  

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 (e)   If at any time any Seahawk Credit Support Provider
notifies Seahawk or any of its Subsidiaries in writing (including by electronic mail) that such Seahawk Credit Support Provider no longer requires any Pride Credit Support Instrument provided in its favor to remain effective, Seahawk shall promptly,
and in any event within three Business Days after receiving such notification, notify Pride thereof and shall take all commercially reasonable actions necessary to ensure the prompt termination (and, if applicable, return to Pride) of such Pride
Credit Support Instrument. 
 Section 2.5   Reductions in Credit Support Exposure. 
 (a)   If at any time any Seahawk Credit Support Provider notifies Seahawk or any of its Subsidiaries in writing
(including by electronic mail) that such Seahawk Credit Support Provider no longer requires the full value of any Pride Credit Support Instrument provided in its favor to remain effective, Seahawk shall promptly, and in any event within three
Business Days after receiving such notification, notify Pride thereof and shall take all commercially reasonable actions necessary to ensure that the value of such Pride Credit Support Instrument is reduced by the amount that such Seahawk Credit
Support Provider no longer requires be maintained. 
 (b)   If, as a result of a settlement or
other disposition of all or any part of any Specified Tax Assessment Contest or otherwise, the maximum amount payable under any Seahawk Credit Support Instrument is reduced or any Seahawk Credit Support Instrument is terminated, then Seahawk shall
promptly, and in any event within three Business Days after such reduction or termination, notify Pride thereof and take all commercially reasonable actions necessary to ensure that the value of the Pride Credit Support Instrument or Instruments
supporting such Seahawk Credit Support Instrument is reduced by a corresponding amount or such Pride Credit Support Instrument or Instruments are terminated (and, if applicable, returned to Pride), as applicable. 
 Section 2.6   Modifications of Seahawk Credit Support Instruments.   At any time that a Pride Credit Support
Instrument is outstanding, Seahawk shall not make or consent to any increase in, amendment to or other modification of (in each case, that is not expressly contemplated herein) the Seahawk Credit Support Instrument or Instruments that are supported
by such Pride Credit Support Instrument without the prior written consent of Pride, which consent may not be unreasonably withheld, conditioned or delayed. For the avoidance of doubt, if Seahawk proposes to effect any increase in the amounts that
may be payable by the applicable Seahawk Credit Support Provider to the Mexican Hacienda under any such Seahawk Credit Support Instrument other than as expressly contemplated herein, Pride’s withholding of its consent to such increase shall be
deemed to be reasonable. 
 Section 2.7   Fees. 
 (a)   Seahawk agrees to pay to Pride a credit support fee (the “Credit Support Fee”), which
shall accrue at a rate equal to 5.25% per annum on the Aggregate Credit Support Exposure on each day during the period from the Distribution Date to the Credit Support Termination Date; provided that, if Pride continues to have any
Credit Support Exposure after the Credit Support Termination Date, then the Credit Support Fee shall continue to accrue on the Aggregate Credit Support Exposure on each day during the period from the Credit Support Termination Date to the date on
which Pride ceases to have any Credit Support Exposure. Accrued Credit Support Fees shall be payable in 

  

 12 

 
arrears on the last day of March, June, September and December of each year and on the Credit Support Termination Date (or, if any such day is not a Business
Day, on the next succeeding Business Day), commencing on the first such date to occur after the Distribution Date; provided that any Credit Support Fees accruing after the Credit Support Termination Date shall be payable on demand. All Credit
Support Fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). Once paid, Credit Support Fees shall not be refundable for any reason.

 (b)   If any Credit Support Fee is not paid when due, such overdue Credit Support Fee shall bear
interest, after as well as before judgment, at a rate per annum equal to 7.50% plus the LIBO Rate. Such interest shall be payable in arrears on demand. 
 Section 2.8   Information Regarding Specified Tax Assessment Contests.   Seahawk shall notify Pride in writing of any material developments with respect to any of the Specified Tax
Assessment Contests promptly after the occurrence thereof (each such notice to describe such developments in reasonable detail). In addition, Seahawk shall, promptly after any request therefor, provide Pride with all information regarding the
Specified Tax Assessment Contests as Pride may reasonably request from time to time. 
 Section 2.9   Settlement
of Specified Tax Assessment Contests.   Seahawk shall not enter into or agree to any settlement with the Mexican Hacienda in respect of any Specified Tax Assessment Contest unless (a) Seahawk reasonably believes that Seahawk is
able to pay the amount of such proposed settlement in accordance with the terms of such settlement (taking into account all availability under the Seahawk Credit Agreement and other financial sources available to Seahawk or its Subsidiaries) and
(b) Seahawk provides Pride not less than 15 days’ prior written notice of such settlement. 
 ARTICLE III 
 EVENTS OF DEFAULT 
 Section 3.1   Events of Default.   If any of the following events (“Events of Default”) shall occur: 
 (a)   Seahawk shall fail to pay any reimbursement obligation in respect of any Pride Payment when and as the same shall become due and payable; 
 (b)   Seahawk shall fail to pay any interest or any fee or any other amount (other than an amount referred to
in clause (a) of this Section 3.1) payable under this Agreement, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five Business Days; 
 (c)   Seahawk shall fail to observe or perform any covenant, condition or agreement contained in
(i) clause (a), (b), (c) or (d) of Section 2.4, (ii) Section 2.6 or (iii) Section 2.9; 
  

 13 

 (d)   Seahawk shall fail to observe or perform any covenant,
condition or agreement contained in this Agreement (other than those specified in clauses (a), (b) and (c) of this Section 3.1 and in Section 2.8) to be observed or performed by it pursuant to any of the provisions hereof,
and such failure continues unremedied for 15 days after Pride has given Seahawk written notice thereof; 
 (e)   Seahawk or any or its Subsidiaries shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Seahawk Indebtedness, when and as the same shall become due and payable (whether
by scheduled maturity, required prepayment, acceleration, demand or otherwise); 
 (f)   any event
or condition occurs that results in any Seahawk Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Seahawk Indebtedness
or any trustee or agent on its or their behalf to cause any Seahawk Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (f)
shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness; 
 (g)   an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of Seahawk or any of
its Designated Subsidiaries or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee,
custodian, sequestrator, conservator or similar official for Seahawk or any of its Designated Subsidiaries or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order
or decree approving or ordering any of the foregoing shall be entered; 
 (h)   Seahawk or any of
its Designated Subsidiaries shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or
hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (f) of this Section 3.1, (iii) apply for or consent to the appointment
of a receiver, trustee, custodian, sequestrator, conservator or similar official for Seahawk or any of its Designated Subsidiaries or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition
filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing; 
 (i)   Seahawk or any of its Subsidiaries shall generally not pay its debts as they become due, or admit in
writing its inability to pay its debts generally; or 
 (j)   a Seahawk Change of Control shall
occur; 
  

 14 

 then, and in every such event (other than any event described in clause (g) or (h) of this
Section), and at any time thereafter during the continuance of such event, Pride may terminate its obligation to provide any additional Credit Support Instruments in favor of any Seahawk Credit Support Provider, and thereupon such obligation shall
terminate immediately; and in case of any event described in clause (g) or (h) of this Section, the obligation of Pride to provide any additional Credit Support Instruments in favor of any Seahawk Credit Support Provider shall
automatically terminate. Upon the occurrence and during the continuance of an Event of Default, Pride may exercise any rights and remedies available to it under this Agreement or at law or equity. 
 Section 3.2   Events of Default Requiring Cash Collateralization.   If any of the following events shall
occur: 
 (a)   any Event of Default described in clause (a), (b), (c)(ii), (c)(iii), (g), (h),
(i) or (j) of Section 3.1 shall occur; 
 (b)   Seahawk or any or its Subsidiaries
shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Specified Seahawk Indebtedness, when and as the same shall become due and payable (whether by scheduled maturity, required prepayment,
acceleration, demand or otherwise); or 
 (c)   any event or condition occurs that results in any
Specified Seahawk Indebtedness becoming due prior to its scheduled maturity; provided that this clause (c) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets
securing such Indebtedness; 
 then, and in every such event (other than any event described in Section 3.1(g) or (h)), and at any time
thereafter during the continuance of such event, Pride may require Seahawk to cash collateralize the Aggregate Credit Support Exposure by paying to Pride immediately available funds in an amount equal to the then Aggregate Credit Support Exposure,
which funds shall be deposited into the Cash Collateral Account; and in case of any event described in Section 3.1(g) or (h), Seahawk shall forthwith, without any demand or the taking of any other action by Pride, cash collateralize the
Aggregate Credit Support Exposure by paying to Pride immediately available funds in an amount equal to the then Aggregate Credit Support Exposure, which funds shall be deposited into the Cash Collateral Account. 
 Section 3.3   Additional Events of Default Requiring Cash Collateralization. 
 (a)   If Seahawk shall fail to perform its obligations under Section 2.4(a), Seahawk shall forthwith,
without any demand or the taking of any other action by Pride, cash collateralize the aggregate Credit Support Exposures under all Pride Credit Support Instruments provided in support of Seahawk Credit Support Instruments that secure any Category 1
Tax Assessments by paying to Pride immediately available funds in an amount equal to such aggregate Credit Support Exposures, which funds shall be deposited into the Cash Collateral Account. If, by September 30, 2012, the items described in
clause (i) or (ii) of Section 2.4(a) have not been effected, Seahawk shall forthwith, without any demand or the taking of any other action by Pride, cash collateralize the aggregate Credit Support Exposures under all Pride Credit
Support 

  

 15 

 
Instruments provided in support of Seahawk Credit Support Instruments that secure any Category 2 Tax Assessments, Category 3 Tax Assessments or Category 4
Tax Assessments by paying to Pride immediately available funds in an amount equal to such aggregate Credit Support Exposures, which funds shall be deposited into the Cash Collateral Account. 
 (b)   If Seahawk shall fail to perform its obligations under Section 2.4(b), Seahawk shall forthwith,
without any demand or the taking of any other action by Pride, cash collateralize the aggregate Credit Support Exposures under all Pride Credit Support Instruments provided in support of Seahawk Credit Support Instruments that secure any Category 2
Tax Assessments by paying to Pride immediately available funds in an amount equal to such aggregate Credit Support Exposures, which funds shall be deposited into the Cash Collateral Account. If, by September 30, 2013, the items described in
clause (i) or (ii) of Section 2.4(b) have not been effected, Seahawk shall forthwith, without any demand or the taking of any other action by Pride, cash collateralize the aggregate Credit Support Exposures under all Pride Credit
Support Instruments provided in support of Seahawk Credit Support Instruments that secure any Category 3 Tax Assessments or Category 4 Tax Assessments by paying to Pride immediately available funds in an amount equal to such aggregate Credit Support
Exposures, which funds shall be deposited into the Cash Collateral Account. 
 (c)   If Seahawk
shall fail to perform its obligations under Section 2.4(c), Seahawk shall forthwith, without any demand or the taking of any other action by Pride, cash collateralize the aggregate Credit Support Exposures under all Pride Credit Support
Instruments provided in support of Seahawk Credit Support Instruments that secure any Category 3 Tax Assessments by paying to Pride immediately available funds in an amount equal to such aggregate Credit Support Exposures, which funds shall be
deposited into the Cash Collateral Account. If, by September 30, 2014, the items described in clause (i) or (ii) of Section 2.4(c) have not been effected, Seahawk shall forthwith, without any demand or the taking of any other
action by Pride, cash collateralize the aggregate Credit Support Exposures under all Pride Credit Support Instruments provided in support of Seahawk Credit Support Instruments that secure any Category 4 Tax Assessments by paying to Pride immediately
available funds in an amount equal to such aggregate Credit Support Exposures, which funds shall be deposited into the Cash Collateral Account. 
 (d)   If Seahawk shall fail to perform its obligations under Section 2.4(d), Seahawk shall forthwith, without any demand or the taking of any other action by Pride, cash
collateralize the aggregate Credit Support Exposures under all Pride Credit Support Instruments provided in support of Seahawk Credit Support Instruments that secure any Category 4 Tax Assessments by paying to Pride immediately available funds in an
amount equal to such aggregate Credit Support Exposures, which funds shall be deposited into the Cash Collateral Account. 
 (e)   To the extent Seahawk is required to cash collateralize any Credit Support Exposures pursuant to any of clauses (a) through (d) above and Seahawk has previously cash collateralized all or a
portion of such Credit Support Exposures and such cash remains on deposit in the Cash Collateral Account, the amount of cash required to be provided to Pride in order to effect such cash collateralization shall be reduced by the amount of such cash
that is on deposit in the Cash Collateral Account at such time. 
  

 16 

 Section 3.4   Cash Collateral Account. 
 (a)   Seahawk hereby pledges to Pride, and hereby grants to Pride a first priority security interest in, all
funds held in the Cash Collateral Account from time to time and all proceeds thereof, as security for the payment of all Obligations. Pride shall have sole control over the Cash Collateral Account and shall from time to time withdraw funds then held
in the Cash Collateral Account to satisfy the payment of the Obligations as shall have become or shall become due and payable under this Agreement. Pride shall exercise reasonable care in the custody and preservation of any funds held in the Cash
Collateral Account and shall be deemed to have exercised such care if such funds are accorded treatment substantially equivalent to that which Pride accords its own property, it being understood that Pride shall not have any responsibility for
taking any necessary steps to preserve rights against any parties with respect to any such funds or for investing such funds. 
 (b)   If at any time the amount of funds on deposit in the Cash Collateral Account exceeds the sum of the Aggregate Credit Support Exposure at such time and Pride’s reasonable estimate of additional
penalties and interest that will be required to be secured during the pendency of all Specified Tax Assessment Contests, upon the request of Seahawk, Pride shall withdraw the amount of such excess from the Cash Collateral Account and turn over the
amount of such excess to Seahawk. 
 Section 3.5   Failure to Deposit Cash Collateral.   If
Seahawk fails to cash collateralize all or any part of the Aggregate Credit Support Exposure as required by Section 3.1 within five Business Days after the occurrence of any Event of Default, Seahawk shall pay interest on the portion of the
Aggregate Credit Support Exposure that has not been so cash collateralized at a rate per annum equal to 7.50% plus the LIBO Rate. Such interest shall be payable in arrears on demand. 
 ARTICLE IV 
 MISCELLANEOUS 
 Section 4.1   Entire Agreement.   This Agreement, the Master Separation Agreement, the other Ancillary
Agreements and the Schedules attached hereto and thereto constitute the entire agreement between the parties with respect to the subject matter hereof and shall supersede all prior written and oral and all contemporaneous oral agreements and
understandings with respect to the subject matter hereof. 
 Section 4.2   Governing Law.   This
Agreement shall be governed and construed and enforced in accordance with the laws of the State of Texas as to all matters regardless of the laws that might otherwise govern under the principles of conflicts of laws applicable thereto. 

Section 4.3   Termination.   This Agreement may be terminated at any time prior to the Distribution Date
upon the termination of the Master Separation Agreement. In the event of termination pursuant to this Section, neither party shall have any Liability of any kind to the other party. 
  

 17 

 Section 4.4   Notices. Except in the case of notices, requests, demands
and other communications expressly permitted to be given by telephone, all notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to be duly given (i) when personally delivered or (ii) if
mailed by registered or certified mail, postage prepaid, return receipt requested, on the date the return receipt is executed or the letter is refused by the addressee or its agent or (iii) if sent by overnight courier which delivers only upon
the signed receipt of the addressee, on the date the receipt acknowledgment is executed or refused by the addressee or its agent or (iv) if sent by facsimile or electronic mail, on the date confirmation of transmission is received (provided
that a copy of any notice delivered pursuant to this clause (iv) shall also be sent pursuant to clause (i), (ii) or (iii)), addressed as follows: 
  

	 	(a)	 if to Pride, to: 

 Pride International, Inc. 
 Attention: Chris Weber 
 5847 San Felipe, Suite 3300 
 Houston, Texas 77057 
 ; and 
  

	 	(b)	 if to Seahawk, to: 

 Seahawk Drilling, Inc. 
 Attention: Alejandro Cestero 
 5847 San Felipe, Suite 1600 
 Houston, Texas 77057. 
 Section 4.5   Costs and
Expenses.   Seahawk agrees to pay, upon demand by Pride, all legal and other costs and expenses of Pride incurred during the existence of an Event of Default in connection with the enforcement (whether through negotiations, legal
proceedings or otherwise) of this Agreement or the protection of Pride’s rights in connection with this Agreement. 
 Section 4.6   Counterparts.   This Agreement may be executed in counterparts, each of which shall be deemed to be an original but all of which together shall constitute one agreement binding on Seahawk and Pride.

 Section 4.7   Binding Effect; Assignment.   This Agreement shall inure to the benefit of and be
binding upon the parties hereto and their respective legal representatives and successors, and nothing in this Agreement, express or implied, is intended to confer upon any other Person any rights or remedies of any nature whatsoever under or by
reason of this Agreement. This Agreement may not be assigned by any party hereto. 
 Section 4.8   No Third
Party Beneficiaries.   This Agreement is solely for the benefit of the parties hereto and their respective Subsidiaries and is not intended to confer upon any other Person except the parties hereto and their respective Subsidiaries any
rights or remedies hereunder. 
  

 18 

 Section 4.9   Severability.   If any term or other provision
of this Agreement or the Schedules attached hereto is determined by a nonappealable decision by a court, administrative agency or arbitrator to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other
conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to either party. Upon
such determination that any term or other provision is invalid, illegal or incapable of being enforced, the court, administrative agency or arbitrator shall interpret this Agreement so as to effect the original intent of the parties as closely as
possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the fullest extent possible. If any sentence in this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only so
broad as is enforceable. 
 Section 4.10  Failure or Indulgence Not Waiver; Remedies Cumulative.   No
failure or delay on the part of either party hereto in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of any agreement herein, nor shall any single or partial exercise of
any such right preclude other or further exercise thereof or of any other right. All rights and remedies existing under this Agreement are cumulative and are not exclusive of any rights or remedies otherwise available. 
 Section 4.11  Amendment.   No change or amendment will be made to this Agreement except by an instrument in writing
signed on behalf of each of the parties to this Agreement. 
 Section 4.12  Arbitration; Dispute
Resolution.   The procedures for negotiation and binding arbitration set forth in Article V of the Master Separation Agreement shall apply to any dispute, controversy or claim (whether sounding in contract, tort or otherwise) that
arises out of or relates to this Agreement, the alleged breach hereof, or the transactions contemplated hereby (including all actions taken in furtherance of the transactions contemplated hereby on or prior to the date hereof). 
 Section 4.13  Interest Rate Limitation.   Notwithstanding anything herein to the contrary, if at any time the
interest rate applicable to any amount payable hereunder, together with all fees, charges and other amounts which are treated as interest on such amount under applicable law (collectively the “Charges”), shall exceed the maximum
lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved in accordance with applicable law, the rate of interest payable in respect of such amount hereunder, together with all Charges
payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such amount but were not payable as a result of the operation of this Section shall be
cumulated and the interest and Charges payable to Pride in respect of other amounts or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount shall have been received by Pride. 
 Section 4.14  Construction.   This Agreement shall be construed as if jointly drafted by Seahawk and Pride and no
rule of construction or strict interpretation shall be applied against either party. The parties represent that this Agreement is entered into with full consideration of 
  

 19 

 
any and all rights which the parties may have. The parties have relied upon their own knowledge and judgment and upon the advice of the attorneys of their
choosing. The parties have received independent legal advice, have conducted such investigations they and their counsel thought appropriate, and have consulted with such other independent advisors as they and their counsel deemed appropriate
regarding this Agreement and their rights and asserted rights in connection therewith. The parties are not relying upon any representations or statements made by any other party, or such other party’s employees, agents, representatives or
attorneys, regarding this Agreement, except to the extent such representations are expressly incorporated in this Agreement. The parties are not relying upon a legal duty, if one exists, on the part of any other party (or such other party’s
employees, agents, representatives or attorneys) to disclose any information in connection with the execution of this Agreement or its preparation, it being expressly understood that no party shall ever assert any failure to disclose information on
the part of the other party as a ground for challenging this Agreement. 
 Section 4.15  Headings.  
The headings contained in this Agreement, in any Schedule hereto and in the table of contents of this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 
 [Remainder of page intentionally left blank; signature page follows] 
  

 20 

 WHEREFORE, the parties have signed this Tax Support Agreement effective as of the date
first set forth above. 
  

					
	PRIDE INTERNATIONAL, INC.
		
	By:  	 	 /s/ Brian C. Voegele

		 	Name:  	 	Brian C. Voegele
		 	Title:	 	 Senior Vice President and Chief
 Financial Officer

  

					
	SEAHAWK DRILLING, INC.
		
	By:  	 	 /s/ Randall D. Stilley

		 	Name:  	 	Randall D. Stilley
		 	Title:	 	President and Chief Executive Officer

 Signature Page to Tax Support Agreement 

 Schedule 1 
 Specified Tax Assessments 
 Category 1 Tax Assessments 
  

							
	 Tax Year  
  
	  	 Company
  
	  	 Tax Assessment Number

  
	  	 Amount of Tax
Assessment
  

	  
 2001
  
	  	  
 Mexico Drilling Limited LLC
  
	  	 330-SAT-VII-1966

 
	  	28,361,723  

	  
 2002
  
	  	  
 Mexico Drilling Limited LLC
  
	  	 330-SAT-VII-14302

 
	  	71,610,374  

	  
 2002
  
	  	  
 Pride Central America, LLC
  
	  	 330-SAT-VII-14301

 
	  	214,591,219  

 Category 2 Tax Assessments 
  

							
	 Tax Year  
  
	  	 Company
  
	  	 Tax Assessment Number

  
	  	 Amount of Tax
Assessment
  

	  
 2003
  
	  	  
 Mexico Drilling Limited LLC
  
	  	 900 07
02-2009-20217
  
	  	225,339,353  

	  
 2003
  
	  	 Pride Drilling,
LLC
  
	  	 330-SAT-VII-14303

 
	  	240,366,626  

 Category 3 Tax Assessments 
  

							
	 Tax Year  
  
	  	 Company
  
	  	 Tax Assessment Number

  
	  	 Amount of Tax
Assessment
  

	  
 2004
  
	  	  
 Pride Drilling, LLC
  
	  	 900 07
02-2009-20215
  
	  	431,345,792  

 Category 4 Tax Assessments 
  

							
	 Tax Year  
  
	  	 Company
  
	  	 Tax Assessment Number

  
	  	 Amount of Tax
Assessment
  

	  
 2003
  
	  	  
 Pride Central America, LLC
  
	  	 900 07
02-2009-20218
  
	  	388,709,177  

 All assessment amounts as of June 30, 2009, in Mexican pesos. Assessment amounts include
amounts required to be secured for penalties and interest, where applicable. 

 Schedule 2 
 Existing Credit Support Instruments 
  

							
	 Issuer of Letter of Credit
or Surety Bond
  
	  	 Letter of Credit
or
Surety Bond Number
  
	  	 Issuance
Date
  
	  	 Expiration Date
  

	 Calyon
  
	  	 723537018
  
	  	 8/23/2007
  
	  	 8/31/2009

  

	 Fianzas Atlas, S.A.,
as fronting issuer
for Fidelity & Deposit
  
	  	III-381214-RC	  	11/12/2008	  	Evergreen
	 Fianzas Atlas, S.A.,
as fronting issuer
for Fidelity & Deposit
  
	  	III-381215-RC	  	11/12/2008	  	Evergreen
	 Fianzas Atlas, S.A.,
as fronting issuer
for Fidelity & Deposit
  
	  	III-381216-RC	  	11/12/2008	  	EvergreenForm of Indemnification for Non-Employee Directors

 Exhibit 10.10 
 INDEMNIFICATION AGREEMENT 
 This Indemnification Agreement
(“Agreement”) is made as of                     , 2009 by and between Seahawk Drilling, Inc., a Delaware corporation (the
“Company”), and                  (“Indemnitee”). 
 W I T N E S S E T H: 
 WHEREAS, highly competent persons have become more reluctant to serve publicly-held corporations as directors, officers or in other capacities unless they are provided with adequate protection through insurance and/or adequate
indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of a corporation; 
 WHEREAS, the uncertainties relating to such insurance and indemnification have increased the difficulty of attracting and retaining such persons; 
 WHEREAS, the Board of Directors of the Company (the “Board”) has determined that the increased difficulty in attracting
and retaining such persons is detrimental to the best interests of the Company’s stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future; 
 WHEREAS, although Indemnitee may be entitled to indemnification pursuant to the Company’s bylaws and the Delaware General
Corporation Law (“DGCL”), the DGCL expressly provides that the indemnification provisions set forth therein are not exclusive, and thereby contemplates that contracts may be entered into between the Company and members of the Board,
officers and other persons with respect to indemnification; 
 WHEREAS, it is reasonable, prudent and necessary for the
Company to contractually obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they
will not be so indemnified; 
 WHEREAS, this Agreement is a supplement to and in furtherance of the bylaws of the Company and
any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; and 
 WHEREAS, Indemnitee believes that this Agreement is desirable to augment the protection available under the Company’s bylaws and insurance, and may not be willing to serve as a director or
officer or in other capacities without the additional protection provided for under this Agreement, and the Company desires Indemnitee to serve in such capacity and Indemnitee is willing to serve and continue to serve on the condition that he or she
be so indemnified. 
 NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and
Indemnitee do hereby covenant and agree as follows: 
 1.     Services to the Company. Indemnitee
will serve or continue to serve, at the will of the Company in accordance with the Company’s bylaws or under separate contract, if any such contract exists, as a director or officer of one or more Entities for so long as Indemnitee is duly
elected, appointed or requested or until Indemnitee tenders his or her resignation from all Entities. 

 2.     Definitions. As used in this Agreement: 
 (a)     A “Change in Control” shall be deemed to occur upon the earliest to occur after the date of
this Agreement of any of the following events: (i) there shall have occurred an event that is or would be required to be reported with respect to the Company in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any
similar item on any similar schedule or form) promulgated under the Exchange Act, if the Company is or were subject to such reporting requirement; (ii) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange
Act) shall have become the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 40% or more of the combined voting power of the Company’s then
outstanding voting securities without prior approval of at least two-thirds of the members of the Board in office immediately prior to such person’s attaining such percentage interest; (iii) the Company is a party to a merger,
consolidation, sale of assets or other reorganization, or a proxy contest, as a consequence of which members of the Board in office immediately prior to such transaction or event constitute less than a majority of the Board thereafter; or
(iv) during any period of two consecutive years, individuals who at the beginning of such period constituted the Board (including, for this purpose, any new director whose election or nomination for election by the Company’s stockholders
was approved by a vote of at least two-thirds of the directors then still in office who were directors at the beginning of such period) cease for any reason to constitute at least a majority of the Board. 
 (b)     “Corporate Status” describes the status of an individual as a director, officer or other
designated legal representative of the Company or of any predecessor of the Company, or as a director, officer or other designated legal representative of any other corporation, partnership, limited liability company, association, joint venture,
trust, employee benefit plan or other entity or enterprise for which an individual is or was serving as a director, officer or other designated legal representative at the request of the Company. 
 (c)     “Court” means the Court of Chancery of the State of Delaware or any other court of competent
jurisdiction. 
 (d)     “Entity” shall mean the Company and any other corporation,
partnership, limited liability company, association, joint venture, trust, employee benefit plan or other entity or enterprise for which Indemnitee is or was serving at the request of the Company as a director, officer or other designated legal
representative. 
 (e)     “Exchange Act” shall mean the Securities Exchange Act of
1934, as amended. 
 (f)     “Expenses” shall include all reasonable attorneys’
fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types
customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, or being or preparing to be a witness in a Proceeding. 
  

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 (g)     “Independent Counsel” means a law firm, or a
member of a law firm, that is experienced in matters of corporate law and neither presently is, nor in the five years previous to his or her selection or appointment has been, retained to represent: (i) the Company, any Entity or Indemnitee in
any matter material to either such party or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. 
 (h)     “Matter” shall mean a claim, a material issue or a substantial request for relief. 
 (i)     “Proceeding” means any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation,
administrative hearing or any other threatened, pending, or completed proceeding, whether civil, criminal, administrative or investigative, except one initiated by Indemnitee to enforce his or her rights under this Agreement; provided that,
“Proceeding” shall not include any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, administrative hearing or any other actual, threatened or completed proceeding,
whether civil, criminal, administrative or investigative, by Indemnitee against the Company, including, without limitation, proceedings initiated by Indemnitee or involving a counterclaim by Indemnitee. 
 (j)     References to “fines” shall include any excise tax assessed with respect to any employee
benefit plan; references to “serving at the request of the Company” shall include any service as a director, officer, employee or agent of the Company which imposes duties on, or involves services by, such director, officer,
employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner he or she reasonably believed to be in the best interests of the participants and beneficiaries of an
employee benefit plan shall be deemed to have acted in manner “not opposed to the best interests of the Company” as referred to in this Agreement. 
 3.     Indemnity in Third-Party Proceedings. The Company shall indemnify Indemnitee in accordance with the provisions of this Section 3 if Indemnitee is, or is
threatened to be made, by reason of his or her Corporate Status a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 3, Indemnitee
shall be indemnified to the fullest extent permitted by applicable law against all Expenses, judgments, fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in
respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) incurred by Indemnitee or on his or her behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a
manner he or she reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal proceeding, he or she had no reasonable cause to believe that his or her conduct was unlawful. 
 4.     Indemnity in Proceedings by or in the Right of the Company. The Company shall indemnify Indemnitee in
accordance with the provisions of this Section 4 if Indemnitee is, or is threatened to be made, by reason of his or her Corporate Status a party to or a participant in any Proceeding by or in the right of the Company (direct or derivative
Proceeding) to procure a judgment in its favor. Pursuant to this Section 4, Indemnitee shall be indemnified to the fullest extent permitted by applicable law against all Expenses (including all interest, assessments and other 

  

 - 3 - 

 
charges paid or payable in connection with or in respect of such Expenses) incurred by Indemnitee or on his or her behalf in connection with such Proceeding
or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company. No indemnification for Expenses shall be made under this
Section 4 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the Company unless, and then only to the extent that, the Delaware Court of Chancery or any court in which the
Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification. 
 5.     Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other
provision of this Agreement, to the fullest extent permitted by applicable law and to the extent that Indemnitee is, by reason of his or her Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, he or she
shall be indemnified against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to
any Matter in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or her or on his or her behalf relating to such Matter. The termination of any Matter in such a Proceeding by
dismissal, with or without prejudice, shall be deemed to be a successful result as to such Matter. 
 6.     Indemnification for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the fullest extent permitted by applicable law and to the extent that Indemnitee is, by reason of his or
her Corporate Status, a witness in any Proceeding to which Indemnitee is not a party, he or she shall be indemnified against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection therewith. 
 7.     Additional Indemnification. 
 (a)     Notwithstanding any limitation in Sections 3, 4 or 5, the Company shall indemnify Indemnitee to the fullest extent permitted by applicable law if Indemnitee is a
party to or threatened to be made a party, by reason of his or her Corporate Status, to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments, fines, penalties
and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect to such Expenses, judgments, fines, penalties and amounts paid in settlement) incurred by Indemnitee in connection
with the Proceeding; provided, however, that the Company shall have the right to consent to any settlement, which consent shall not be unreasonably withheld. No indemnity shall be made under this Section 7(a) on account of
Indemnitee’s conduct which is finally adjudged in any Proceeding to have been knowingly fraudulent, deliberately dishonest or an act or omission not in good faith or involving willful misconduct. 
 (b)     For purposes of Section 7(a), the meaning of the phrase “to the fullest extent permitted by
applicable law” shall include, but not be limited to: (i) to the fullest extent permitted by the provision of the DGCL that authorizes or contemplates additional indemnification by agreement, or the corresponding provision of any
amendment to or replacement of the DGCL; and (ii) to the 

  

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fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the date of this Agreement that increase the extent to
which a corporation may indemnify its officers and directors and persons serving in certain other capacities at the request of a corporation. 
 8.     Exclusions. Notwithstanding any other provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnity in connection with any claim made
against Indemnitee: 
 (a)     for which payment has actually been made to or on behalf of Indemnitee
under any insurance policy or under another valid and enforceable indemnity provision, including any employment agreement or other contract with the Company, except with respect to any excess beyond the amount paid under any insurance policy or
other indemnity provision; or 
 (b)     for an accounting of profits made from the purchase and sale (or
sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act or similar provisions of other federal or state statutory law or common law or for any other payments required to be disgorged
by Indemnitee under applicable law; or 
 (c)     except as otherwise provided in Section 13(d), in
connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company’s directors, officers, employees or other indemnitees,
unless (i) such indemnification is expressly required to be made by applicable law, (ii) the Board authorized the Proceeding (or any part of the Proceeding) prior to its initiation or (iii) the Company provides the indemnification, in
its sole discretion, pursuant to the powers vested in the Company to the fullest extent permitted by applicable law. 
 9.     Advances of Expenses. Notwithstanding any provision of this Agreement to the contrary, in the event of any threatened or pending Proceeding in which Indemnitee is a party or is involved and that may give
rise to a right of indemnification under this Agreement, following written request to the Company by Indemnitee, the Company shall, to the fullest extent permitted by applicable law, promptly pay to Indemnitee amounts to cover Expenses reasonably
incurred by Indemnitee in such Proceeding in advance of its final disposition upon the receipt by the Company of (i) a written undertaking executed by or on behalf of Indemnitee providing that Indemnitee will repay the advance if it shall
ultimately be determined that Indemnitee is not entitled to be indemnified by the Company and (ii) satisfactory evidence as to the amount of such Expenses. Advances shall be unsecured and interest free. Advances shall be made without regard to
Indemnitee’s ability to repay the expenses and without regard to Indemnitee’s ultimate entitlement to indemnification under the other provisions of this Agreement. Advances shall include any and all reasonable Expenses incurred pursuing an
action to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Company to support the advances claimed. This Section 9 shall not apply to any claim made by Indemnitee for which indemnity is
excluded pursuant to Section 8. 
  

 - 5 - 

 10.     Procedure for Notification and Defense of Claim.

 (a)     Within thirty (30) days after service of process on Indemnitee relating to notice of the
commencement of any Proceeding that may give rise to a right of indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably
available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The omission to notify the Company within such thirty (30) day period will not relieve the Company from any
liability which it may have to Indemnitee under this Agreement. The omission to notify the Company will not relieve the Company from any liability which it may have to Indemnitee otherwise than under this Agreement. The Secretary of the Company
shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification. 
 (b)     With respect to any Proceeding that may give rise to a right of indemnification under this Agreement, except as otherwise provided below, to the extent that it may wish, the Company
(jointly with any other indemnifying party similarly notified) will be entitled to assume the defense thereof, with counsel reasonably satisfactory to Indemnitee. After receipt of notice from the Company to Indemnitee of the Company’s election
to assume the defense thereof, the Company will not be liable to Indemnitee under this Agreement for any legal or other expenses subsequently incurred by Indemnitee in connection with the defense thereof other than as otherwise provided below.
Indemnitee shall have the right to employ his or her own counsel in such action, suit, proceeding or investigation but the fees and expenses of such counsel incurred after notice from the Company of its assumption of the defense thereof shall be at
the expense of Indemnitee unless the employment of counsel by Indemnitee has been authorized by the Company, or Indemnitee shall have reasonably concluded that there is a conflict of interest between the Company and Indemnitee in the conduct of the
defense of such action, or the Company shall not in fact have employed counsel to assume the defense of such action, in each of which cases the fees and expenses of counsel employed by Indemnitee shall be subject to indemnification pursuant to the
terms of this Agreement. The Company shall not be entitled to assume the defense of any Proceeding brought in the name of or on behalf of the Company or as to which Indemnitee shall have reasonably concluded that there is a conflict of interest
between the Company and Indemnitee in the conduct of the defense of such action. 
 (c)     The Company
will be entitled to participate in any Proceeding that may give rise to a right of indemnification under this Agreement at its own expense. The Company shall not settle any action or claim in any manner which would impose any limitation or
unindemnified penalty on Indemnitee without Indemnitee’s written consent, which consent shall not be unreasonably withheld. 
 11.     Procedure Upon Application for Indemnification. 
 (a)    
Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 10(a), a determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case:
(i) if a Change in Control shall not have occurred, in accordance with Section 11(b) below, or (ii) if a Change in Control shall have occurred, in accordance with Section 11(c) below. 
  

 - 6 - 

 (b)     If there has been no Change of Control at the time the
request for indemnification is submitted, Indemnitee’s entitlement to indemnification shall be determined in accordance with Section 145(d) of the DGCL. If entitlement to indemnification is to be determined by Independent Counsel, the
Company shall furnish notice to Indemnitee within ten days after receipt of the request for indemnification notice specifying the identity and address of Independent Counsel. The Indemnitee may, within 14 days after receipt of such written notice,
deliver to the Company a written objection to such selection. Such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of Independent Counsel and the objection shall set forth with
particularity the factual basis for such assertion. If there is an objection to the selection of Independent Counsel, either the Company or Indemnitee may petition the Court for a determination that the objection is without a reasonable basis or for
the appointment of Independent Counsel selected by the Court. 
 (c)     If there has been a Change of
Control at the time the request for indemnification is submitted, Indemnitee’s entitlement to indemnification shall be determined in a written opinion by Independent Counsel selected by Indemnitee. Indemnitee shall give the Company written
notice advising of the identity and address of the Independent Counsel so selected. The Company may, within 14 days after receipt of such written notice of selection, deliver to the Indemnitee a written objection to such selection. Indemnitee may,
within 14 days after the receipt of such objection from the Company, submit the name of another Independent Counsel and the Company may, within seven days after receipt of such written notice, deliver to the Indemnitee a written objection to such
selection. Any objections referred to in this Section 11(c) may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of Independent Counsel and such objection shall set forth with particularity
the factual basis for such assertion. Indemnitee may petition the Court for a determination that the Company’s objection to the first or second selection of Independent Counsel is without a reasonable basis or for the appointment as Independent
Counsel selected by the Court. 
 (d)     Indemnitee shall cooperate with the person, persons or entity
making a determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise
protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or expenses (including attorneys’ fees and expenses and disbursements) incurred by Indemnitee in so cooperating
with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee
harmless therefrom. 
 (e)     The Company shall pay any and all reasonable fees and expenses of
Independent Counsel incurred acting pursuant to this Agreement and in any Proceeding to which it is a party or witness in respect of its investigation and written report and shall pay all reasonable fees and expenses incident to the procedures in
which such Independent Counsel was selected or appointed. No Independent Counsel may serve if a timely objection has been made to his or her selection until a Court has determined that such objection is without a reasonable basis. 
  

 - 7 - 

 12.     Presumptions and Effect of Certain Proceedings.

 (a)     If a Change of Control shall have occurred before the request for indemnification is sent by
Indemnitee, Indemnitee shall be presumed (except as otherwise expressly provided in this Agreement) to be entitled to indemnification upon submission of a request for indemnification in accordance with Section 10(a) of this Agreement, and
thereafter the Company shall have the burden of proof to overcome the presumption in reaching a determination contrary to the presumption. The presumption shall be used by Independent Counsel as a basis for a determination of entitlement to
indemnification unless the Company provides information sufficient to overcome such presumption by clear and convincing evidence or the investigation, review and analysis of Independent Counsel convinces him or her by clear and convincing evidence
that the presumption should not apply. 
 (b)     Except in the event that the determination of
entitlement to indemnification is to be made by Independent Counsel, if the person, persons or entity empowered or selected under Section 11 of this Agreement to determine entitlement to indemnification shall not have made and furnished to
Indemnitee in writing a determination within 60 days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled to such
indemnification unless Indemnitee knowingly misrepresented a material fact in connection with the request for indemnification or such indemnification is prohibited by applicable law. 
 (c)     The termination of any Proceeding or of any Matter therein, by judgment, order, settlement or conviction, or
upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act
in good faith and in a manner that he or she reasonably believed to be in or not opposed to the best interests of the Company, or with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct was
unlawful. 
 (d)     For purposes of any determination hereunder, a person shall be deemed to have acted
in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company, or, with respect to any criminal Proceeding, to have had no reasonable cause to believe his or her conduct was unlawful, if his
or her action is based on the records or books of account of the Company or another Entity or on information, opinions, reports or statements presented to him or her or to the Company by any of the Company’s officers, employees or directors, or
by any other person as to matters the person reasonably believes are in such other person’s professional or expert competence and who has been selected with reasonable care by or on behalf of the Company or another Entity in the course of their
duties or on the advice of legal counsel for the Company or another Entity or on information or records given or reports made to the Company or another Entity by an independent certified public accountant or by an appraiser or other expert selected
with reasonable care by the Company or another Entity. The provisions of this paragraph shall not be deemed to be exclusive or to limit in any way the circumstances in which an Indemnitee may be deemed to have met the applicable standards of conduct
for determining entitlement to rights under this Agreement. 
  

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 13.     Remedies of Indemnitee. 
 (a)     In the event that (i) a determination is made pursuant to Section 11 of this Agreement that
Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 9 of this Agreement, (iii) Independent Counsel has not made and delivered a written opinion
determining the request for indemnification (a) within 90 days after being appointed by the Court, (b) within 90 days after objections to his or her selection have been overruled by the Court or (c) within 90 days after the time for
the Company or Indemnitee to object to his or her selection; or (iv) payment of indemnification is not made within five days after a determination of entitlement to indemnification has been made or is deemed to have been made pursuant to
Sections 11 or 12 of this Agreement, Indemnitee shall be entitled to an adjudication by the Court of his or her entitlement to such indemnification or advancement of Expenses. 
 (b)     In the event that a determination shall have been made pursuant to Section 11 of this Agreement that Indemnitee is not entitled to indemnification under this
Agreement, any judicial proceeding or arbitration commenced pursuant to this Section 13 shall be conducted in all respects as a de novo trial on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination.
If a Change of Control shall have occurred, in any judicial proceeding commenced pursuant to this Section 13, the Company shall have the burden of proving that Indemnitee is not entitled to indemnification or advancement of Expenses, as the
case may be. If a determination shall have been made or is deemed to have been made that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this
Section 13, unless Indemnitee knowingly misrepresented a material fact in connection with the request for indemnification, or such indemnification is prohibited by law. 
 (c)     The Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section 13 that the procedures and presumptions of this
Agreement are not valid, binding and enforceable or that there is insufficient consideration for this Agreement. 
 (d)     If the Indemnitee, pursuant to this Section 13, seeks a judicial adjudication to enforce his or her rights under, or to recover damages for breach of, this Agreement, and if he or she prevails therein, then
Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the Company against, any and all Expenses actually and reasonably incurred by him or her in such judicial adjudication. If it shall be determined in such judicial
adjudication that Indemnitee is entitled to receive part but not all of the indemnification or advancement of Expenses sought, then the Expenses incurred by Indemnitee in connection with such judicial adjudication or arbitration shall be prorated.

 14.     Non-Exclusivity; Survival of Rights; Subrogation. 
 (a)     The rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not
be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Company’s certificate of incorporation, as 

  

 - 9 - 

 
amended (“Certificate of Incorporation”), the Company’s bylaws, any agreement, a vote of stockholders or a resolution of directors, or
otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her Corporate
Status prior to such amendment, alteration or repeal. To the extent that a change in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently under the
Certificate of Incorporation, the Company’s bylaws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is
intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion
or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy. 
 (b)     To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, trustees, partners, managing members, fiduciaries, employees
or agents of the Company or of any other Entity which such person serves at the request of the Company, Indemnitee shall be an insured under such policy or policies in accordance with its or their terms to the maximum extent of the coverage
available for any such director, officer, trustee, partner, managing member, fiduciary, employee or agent under such policy or policies. To the extent requested by the Indemnitee and approved by the Board, the Company may, create a trust fund, grant
a security interest or use other means, including, without limitation, a letter of credit, to ensure the payment of such amounts as may be necessary to satisfy the obligations to indemnify and advance Expenses pursuant to this Agreement. If, at the
time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has directors’ and officers’ liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in
accordance with the procedures set forth in the respective policies. The Company and Indemnitee shall mutually cooperate and take all reasonable actions to cause such insurers to pay on behalf of the insureds, all amounts payable as a result of such
proceeding in accordance with the terms of all applicable policies. 
 (c)     In the event of any
payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action reasonably requested by the Company to secure such
rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. 
 (d)     The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder (or for which advancement is provided hereunder) if and to the extent that Indemnitee has
otherwise actually received such payment under any insurance policy, the Certificate of Incorporation, the Company’s bylaws, contract, agreement or otherwise. 
 (e)     The Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company as a director, officer,
trustee, partner, managing member, fiduciary, employee or agent of any other Entity shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of expenses from such other Entity. 
  

 - 10 - 

 15.     Duration of Agreement, Successors and Assigns. This
Agreement shall continue until and terminate upon the later of: (a) ten (10) years after Indemnitee has ceased to occupy any positions or have any relationships described in Section 1 of this Agreement; and (b) the final
termination of all actions, suits, proceedings or investigations pending or threatened during such ten (10) year period to which Indemnitee may be subject by reason of the fact that Indemnitee is or was a director or officer of the Company or
is or was serving at the request of the Company as a director, officer, or any other legal representative of any other Entity which Indemnitee served at the request of the Company or by reason of anything done or not done by Indemnitee in any such
capacity. This Agreement shall be binding upon the Company and its successors and assigns and shall inure to the benefit of and be enforceable by Indemnitee and his or her personal and legal representatives, heirs, executors, administrators,
distributees, legatees and other successors. 
 16.     Severability. If any provision or
provisions of this Agreement or any application of any provision hereof shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement
(including, without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or
impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of
the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or
unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby. In the event that any court shall decline to reform a provision of the Agreement held to be invalid,
unenforceable or otherwise illegal as contemplated by the preceding sentence, the parties hereto shall take all actions as may be necessary or appropriate to replace the provision so held to be invalid, unenforceable or otherwise illegal with one or
more alternative provisions that effectuate the purpose and intent of the original provisions of this Agreement as fully as possible without being invalid, unenforceable or otherwise illegal. 
 17.     Enforcement. 
 (a)     The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to
serve as a director or officer of one or more Entities, and the Company acknowledges that Indemnitee is relying upon this Agreement in agreeing to serve and continuing to serve as a director or officer of one or more Entities. 
 (b)     This Agreement constitutes the entire agreement between the parties hereto with respect to the subject
matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided, however, that this Agreement is a supplement to and in
furtherance of the Certificate of Incorporation, the bylaws of the Company and applicable law, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder. 
  

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 18.     Modification and Waiver. No supplement, modification
or amendment of this Agreement shall be binding unless executed in writing by the parties thereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement nor shall
any waiver constitute a continuing waiver. 
 19.     Notice by Indemnitee. Indemnitee agrees
promptly to notify the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification or advancement of
Expenses covered hereunder. The failure of Indemnitee to so notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement or otherwise. 
 20.     Notices. Any notices, requests, demands or other communications required or permitted under, or
otherwise in connection with this Agreement, shall be in writing and shall be deemed to have been duly given when delivered in person or upon confirmation of receipt when transmitted by facsimile transmission (but only if followed by transmittal by
national overnight courier or hand for delivery on the next business day) or on receipt after dispatch by registered or certified mail, postage prepaid, addressed, or on the next business day if transmitted by national overnight courier, in each
case as follows: (i) if to the Company, to Seahawk Drilling Inc., 5847 San Felipe, Suite 1600, Houston, Texas 77057, Attention: Legal Department, or to such other address as shall be furnished in writing to Indemnitee by the Company; and
(ii) if to Indemnitee, to such address as set forth below Indemnitee’s name on the signature page to this Agreement, or to such other addresses as shall be furnished in writing by Indemnitee to the Company. 
 21.     Contribution. To the fullest extent permissible by applicable law, if the indemnification provided for
in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or
to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order
to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers,
employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s). 
 22.    
Applicable Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of
laws rules. 
 23.     Counterparts. This Agreement may be executed in one or more counterparts,
each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to
evidence the existence of this Agreement. 
  

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 24.     Miscellaneous. Use of the masculine pronoun shall be
deemed to include usage of the feminine pronoun where appropriate. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

 * * * * * 
  

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 IN WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the day and
year first above written. 
  

			
	Seahawk Drilling, Inc.
		
	By:	 	 
	Name:
	Title:
	
	INDEMNITEE
	
	 
	Name:
	
	Address:

 [INDEMNIFICATION AGREEMENT SIGNATURE PAGE]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}]]